FinWise Bancorp (NASDAQ:FINW) Q1 2024 Earnings Conference Call April 29, 2024 5:30 PM ET
Corporate Participants
Kent Landvatter - Chief Executive Officer and President
Jim Noone - President
Bob Wahlman - Chief Financial Officer
Conference Call Participants
Andrew Liesch - Piper Sandler
Andrew Terrell - Stephens
Operator
Greetings, and welcome to the FinWise Bancorp First Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Juan Arias, Corporate Development & Investor Relations. Thank you, sir. You may begin.
Juan Arias
Good afternoon and thank you for joining us today for FinWise Bancorp's first quarter 2024 earnings conference call. Earlier today, we filed our earnings release and posted it to our investor 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, expectations and beliefs, 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 Kent Landvatter, CEO; Jim Noone, President; and Bob Wahlman, CFO.
With that, I will turn the call over to Kent.
Kent Landvatter
Good afternoon, everyone.
FinWise is off to a good start in 2024, with first quarter results that was supported by robust originations of nearly $1.1 billion and encouraging credit quality performance, evidenced by relatively flat net charge-offs and a modest drop in our NPL balances versus prior quarter.
We also remain laser-focused on executing on our strategic initiatives and to date, everything is coming together according to plan. We announced new program agreements during the quarter and are in the process of expanding our product offerings with certain of our existing relationships. We have also deepened our executive bench, importantly, the resiliency of our business model was demonstrated as we accomplished all of this while remaining profitable in a challenging macro backdrop for the past few quarters.
Turning to capital. We ended the quarter with a bank leverage ratio significantly above well-capitalized regulatory guidelines and our tangible book value per common share once again grew, ending the quarter at $12.70. Furthermore, our strong capital position and consistent profitability recently allowed us to initiate a new share repurchase program to buy up to 5% of our outstanding shares while continuing to invest for additional growth. At our stock's current price relative to tangible book value, we believe a share buyback is a very accretive use of capital that benefits all shareholders.