Japan PM Ishiba to announce resignation by August end – Mainichi
FinWise Bancorp (FINW), a Utah-based state commercial bank with a market capitalization of $192.54 million and annual revenue of $72 million, announced a change in its independent registered public accounting firm following a merger involving its previous auditor. According to InvestingPro analysis, the company currently trades at a P/E ratio of 15.75, though recent data suggests the stock may be overvalued at current levels. On June 3, 2025, Moss Adams LLP, which had been serving as the company’s auditor, merged with Baker Tilly US, LLP. As a result, Moss Adams resigned from its auditing duties at FinWise Bancorp, and the company’s Audit Committee approved the appointment of Baker Tilly US, LLP as the new independent auditor. InvestingPro data reveals the company has been rapidly burning through cash, with negative free cash flow in recent quarters - one of several key metrics available in the comprehensive Pro Research Report covering this stock.
The audit reports previously issued by Moss Adams on FinWise Bancorp’s consolidated financial statements for the years ending December 31, 2024, and 2023, were not modified or qualified in terms of opinion, audit scope, or accounting principles. During these periods, and up to the date of the merger, there were no disagreements between FinWise and Moss Adams regarding accounting principles, financial statement disclosures, or auditing procedures that would have necessitated mention in the audit reports.
Additionally, neither FinWise Bancorp nor its representatives consulted with Baker Tilly on any accounting matters or audit opinions before the merger. The company has provided Moss Adams with a copy of the SEC filing and requested a letter confirming agreement with the statements made. Moss Adams’ letter, dated June 3, 2025, is included as an exhibit in the SEC filing.
This information is based on a recent SEC Form 8-K filing by FinWise Bancorp, which is traded on the NASDAQ under the symbol FINW. The stock has experienced significant pressure, declining by 18.56% over the past six months, while three analysts have recently revised their earnings expectations downward. For deeper insights into FINW’s financial health and future prospects, including exclusive analyst recommendations and Fair Value estimates, explore the full suite of tools available on InvestingPro.
In other recent news, FinWise Bancorp reported its first-quarter 2025 earnings, exceeding analyst expectations with an earnings per share (EPS) of $0.23, compared to the forecasted $0.18. Despite this positive earnings surprise, the company’s revenue fell slightly short of expectations, coming in at $22.09 million against the anticipated $22.37 million. The company continues to focus on expanding its strategic partnerships and product offerings, with guidance indicating growth in credit-enhanced loan balances. Analysts note that FinWise anticipates an increase in credit-enhanced loan balances by $50 million to $100 million by the end of 2025. Additionally, FinWise has announced a new strategic program agreement with fintech company BACT to provide business installment loans. The company has also been actively managing its loan portfolio, with average loan balances increasing to $565 million from $522 million in the previous quarter. Despite the revenue miss, FinWise remains optimistic about its strategic initiatives and growth prospects, as highlighted by its ongoing efforts to diversify its loan portfolio and maintain a strong capital position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.