FinWise Bancorp (NASDAQ:FINW) Q2 2024 Earnings Conference Call July 25, 2024 5:30 PM ET
Company Participants
Kent Landvatter - CEO
Jim Noone - President
Bob Wahlman - CFO
Juan Arias - Corporate Development & IR
Conference Call Participants
Andrew Liesch - Piper Sandler
Andrew Terrell - Stephens
Operator
Good afternoon and thank you for joining us today for FinWise Bancorp's Second 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 continued its strong momentum in the second quarter, building on the positive results we achieved in the first quarter. Our performance this quarter was supported by continued growth in loan originations to nearly $1.2 billion, solid revenue, and stable credit quality. Importantly, our profitable results were achieved without any contribution from the recently announced new strategic programs and other initiatives, highlighting the strength and resiliency of our existing business.
In addition to our solid quarterly performance, it's worth mentioning the significant progress we have made since our November 2021 IPO in strengthening and diversifying our business. Our compliance and risk management first culture has positioned FinWise as a strong competitor in the FinTech lending space.
We've also enhanced our product offerings and improved our strategic program lending diversification as the percentage of originations from the top three FinTech programs has declined substantially in the past two years, leading to a more diversified revenue mix. Furthermore, our credit quality has performed relatively well, which is a testament to our rigorous underwriting and risk management practices and has led to a diversified and lower-risk loan portfolio. Turning to our Payments Hub initiative, we remain on track to become operational later this year, which should position us well for future growth and revenue diversification.