FinWise Bancorp (NASDAQ:FINW) Q2 2022 Earnings Conference Call July 27, 2022 5:30 PM ET
Company Participants
Kent Landvatter – President and Chief Executive Officer
Javvis Jacobson – Chief Financial Officer
Conference Call Participants
Andrew Terrell – Stephens
Andrew Liesch – Piper Sandler
Operator
Greetings. Welcome to the FinWise Bancorp Second 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] Please note, this conference is being recorded.
The presentation will now begin.
Unidentified Company Representative
Good afternoon, and thank you for joining us today for FinWise Bancorp’s second 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.finwisebancorp.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. Kent 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 second quarter 2022 earnings conference call. Our results for the second quarter further validate the differentiated business model we have built over the past several years, including continued strength in our risk management and profitability.
Despite a very challenging economic environment that deteriorated rapidly throughout the quarter and also factoring in the typical seasonal slowdown in originations, the resilience of our business model was evident as during the quarter ended June 30, 2022, we generated total revenue of $21.4 million led by loan originations of $2.1 billion.
Our results for the quarter also included net income of $5.5 million or $0.41 per diluted share. Net income during the quarter was primarily impacted by a decline in non-interest income from lower gain on sale of loans due to a decrease in the number of SBA 7(a) loans sold and an impairment of the company’s SBA servicing asset.