Revenue composition has shifted dramatically, with non-interest fee income reaching 100% of total revenue in 2026Q1, up from 24.3% in 2024Q4, signaling a departure from traditional net interest income generation.
| Net Interest Income | 57.9M | 72.18M | 58.91M | 54.56M | 50.9M | 47.98M | 27.75M | 19.95M |
| NII Growth % | -14.97% | 22.53% | 7.98% | 7.2% | 6.08% | 72.89% | 39.13% | - |
| Net Interest Margin % | 6.44% | 7.39% | 7.9% | 9.31% | 12.7% | 12.62% | 8.74% | 11.26% |
| Interest Income | 73.94M | 92.48M | 74.35M | 64.53M | 52.33M | 49.24M | 29.51M | 21.41M |
| Interest Expense | 21.49M | 20.3M | 15.44M | 9.97M | 1.43M | 1.26M | 1.76M | 1.46M |
| Loan Loss Provision | 29.79M | 38.57M | 11.57M | 11.64M | 13.52M | 8.04M | 5.23M | 5.29M |
| Non-Interest Income | 83.96M | 58.48M | 23.11M | 22.06M | 37.89M | 31.84M | 14.32M | 13.86M |
| Non-Interest Income % | 53.17% | 38.74% | 23.71% | 25.47% | 42% | 39.27% | 32.68% | 39.3% |
| Total Revenue | 157.91M | 150.96M | 97.46M | 86.59M | 90.22M | 81.09M | 43.83M | 35.27M |
| Revenue Growth % | 227.28% | 54.89% | 12.56% | -4.02% | 11.26% | 85.01% | 24.26% | - |
| Non-Interest Expense | 55.76M | 70.33M | 53.46M | 41.16M | 39.23M | 29.51M | 21.7M | 15.69M |
| Efficiency Ratio | 35.31% | 46.59% | 54.85% | 47.54% | 43.49% | 36.39% | 49.51% | 44.47% |
| Operating Income | 21.12M | 21.76M | 16.99M | 23.81M | 36.03M | 42.27M | 15.14M | 12.84M |
| Operating Margin % | 13.38% | 14.41% | 17.43% | 27.5% | 39.94% | 52.13% | 34.54% | 36.39% |
| Operating Income Growth % | - | 28.08% | -28.66% | -33.91% | -14.76% | 179.21% | 17.95% | - |
| Pretax Income | 21.12M | 21.76M | 16.99M | 23.81M | 36.03M | 42.27M | 15.14M | 12.84M |
| Pretax Margin % | 13.38% | 14.41% | 17.43% | 27.5% | 39.94% | 52.13% | 34.54% | 36.39% |
| Income Tax | 5.49M | 5.67M | 4.25M | 6.35M | 10.92M | 10.69M | 3.94M | 3.18M |
| Effective Tax Rate % | 25.97% | 26.05% | 25% | 26.68% | 30.3% | 25.29% | 26.04% | 24.75% |
| Net Income | 15.64M | 16.09M | 12.74M | 17.46M | 25.11M | 31.58M | 11.2M | 9.66M |
| Net Margin % | 9.9% | 10.66% | 13.07% | 20.16% | 27.84% | 38.95% | 25.55% | 27.39% |
| Net Income Growth % | 23.95% | 26.28% | -27.02% | -30.48% | -20.48% | 182.04% | 15.93% | - |
| Net Income (Continuing) | 15.64M | 16.09M | 12.74M | 17.46M | 25.11M | 31.58M | 11.2M | 9.66M |
| EPS (Diluted) | 1.15 | 1.13 | 0.93 | 1.33 | 1.87 | 3.27 | 1.21 | 0.79 |
| EPS Growth % | 19.57% | 21.51% | -30.08% | -28.88% | -42.81% | 170.25% | 53.16% | - |
| EPS (Basic) | - | 1.25 | 0.98 | 1.38 | 1.96 | 3.44 | 1.27 | 0.79 |
| Diluted Shares Outstanding | 13.64M | 13.57M | 13.23M | 12.91M | 13.36M | 9.11M | 11.93M | 12.25M |
Fintech partner credit concentration
As reported in recent financial filings, FinWise Bancorp experienced a complete cessation of net interest income in 2026Q1, marking a sharp departure from the $24.6 million recorded in 2025Q4 and suggesting significant structural shifts in the bank's interest-earning asset deployment or funding strategy.
The sudden drop to zero NII warrants immediate investigation into whether this reflects a temporary accounting reclassification or a fundamental pivot away from interest-bearing loan retention. Investors should monitor whether this trend persists, as it undermines the stability of the bank's core interest-based revenue foundation.
Based on historical data, the bank's net interest margin fluctuated between 1.7% and 2.5% over the last two years, indicating that FinWise Bancorp faces persistent challenges in maintaining spread stability amidst evolving funding costs and the competitive dynamics of its fintech-led lending programs.
The compression observed in mid-2025 suggests that the bank's cost of funds may be rising faster than the yields on its fintech-originated loan portfolio. This margin sensitivity implies that the bank's profitability is highly susceptible to interest rate volatility and the pricing power of its third-party partners.
According to quarterly performance metrics, the efficiency ratio improved from 55.4% in 2024Q4 to 45.0% by 2025Q4, suggesting that the bank is successfully achieving operating leverage as it scales its strategic partnership programs despite the inherent complexity of managing a nationwide fintech-enabled lending platform.
The downward trend in the efficiency ratio indicates that revenue growth is currently outpacing the growth in non-interest expenses. However, maintaining this trajectory requires disciplined control over compliance and regulatory overhead, which are likely to remain elevated given the bank's unique ILC charter model.
Financial statements reveal a significant increase in provision for credit losses, which reached $17.7 million in 2025Q4 compared to $3.9 million in 2024Q4, indicating that the bank is proactively addressing potential deterioration within its fintech-originated loan portfolios as credit cycles turn.
This sharp rise in provisioning suggests that the bank's underwriting models may be encountering higher-than-anticipated default rates among its fintech partners' end-borrowers. Analysts should scrutinize whether these provisions are sufficient to cover future losses or if further reserve builds will be necessary to maintain balance sheet integrity.
As indicated by the 2026Q1 data, non-interest fee income now accounts for 100% of total revenue, representing a dramatic shift from the 24.3% share observed in 2024Q4 and highlighting a heavy reliance on transactional gain-on-sale premiums rather than recurring interest income.
This extreme concentration in fee-based revenue exposes the bank to significant cyclicality, as secondary market appetite for fintech-originated paper can evaporate rapidly. Investors should consider this a high-risk profile, as the bank's earnings quality is now almost entirely dependent on the continued volume and liquidity of its third-party lending partnerships.
Quick answers to the most common questions about buying FINW stock.
FinWise Bancorp (FINW) is profitable, generating $16.1M in net income for the fiscal year ending 2025 with a net profit margin of 10.7%.
FinWise Bancorp (FINW) reported an operating income of $21.8M, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
FinWise Bancorp (FINW) generated $92.1M in gross profit for the year, representing a gross profit margin of 61.0%. This demonstrates the company's core pricing power and production efficiency.