FinWise Bancorp (NASDAQ:FINW) Q3 2022 Earnings Conference Call October 26, 2022 5:30 PM ET
Company Participants
Kent Landvatter - President and Chief Executive Officer
Javvis Jacobson - Chief Financial Officer and Executive Vice President
James Noone - Chief Credit Officer and Executive Vice President
Conference Call Participants
Andrew Terrell - Stephens
Andrew Liesch - Piper Sandler
Operator
Greetings and welcome to the FinWise Bancorp Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.
I would now like to turn the conference over to management to begin.
Unidentified Company Representative
Good afternoon and thank you for joining us today for FinWise Bancorp third quarter 2022 conference call. In addition to this call, we issued an earnings press release earlier this afternoon and posted it to the Investor Relations section of our website at investors.finwisebank.com. Today's conference call is being recorded and webcast on the company's website, investors.finwisebancorp.com.
On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those discussed today. Forward-looking statements represent management's current estimates, and FinWise Bancorp assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to these forward-looking statements contained in the company's earnings press release and filings with the Securities and Exchange Commission.
Hosting the call today are Mr. Ken Landvatter, CEO and President of FinWise Bancorp; and Mr. Javvis Jacobson, Chief Financial Officer of FinWise Bancorp.
With that, I will turn the call over to Mr. Landvatter.
Kent Landvatter
Good afternoon, everyone, and thank you for joining us on our third quarter 2022 earnings conference call. Our differentiated business model allowed FinWise to generate solid top line results during the third quarter even as we faced an economic environment that is becoming increasingly challenging. We remain confident that our business model lends itself to flexibility in both weakening and strengthening economic conditions and we remain exceptionally proud of our team's unwavering dedication to providing our clients and customers with best-in-class value and service, particularly during more challenging market conditions.
During the third quarter, we generated total revenue of $20.3 million led by loan originations of $1.5 billion. We also walked back 20,000 shares for a total of approximately $0.2 million as part of our previously announced share repurchase program. The company's tangible book value per common share continued to grow increasing 32% year-over-year to $10.44 per share at the end of the third quarter. The overall environment for loan originations has decelerated this year across the industry and FinWise is not immune, even as the company's relationships with existing strategic platforms and interest from potential new platforms remains strong.