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Finwise Bancorp (FINW) Announces New Share Repurchase Plan
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Finwise Bancorp (FINW - Free Report) announced a new share repurchase program. Per the plan, the company is authorized to buy back up to 641,832 shares, which is roughly 5% of its total outstanding shares, as of Mar 6, 2024. The program is set to expire on Mar 31, 2026.
FINW had announced a share repurchase program in August 2022, authorizing the buyback of up to 644,241 shares. The company completed this program during the third quarter of 2023.
Kent Landvatter, CEO of Finwise Bancorp, said, “Our differentiated business model and strong liquidity position allow us to return capital to shareholders via share buybacks while continuing to invest to become an integrated Fintech banking solutions provider.”
As of Dec 31, 2023, Finwise Bancorp’s leverage ratio was 20.7%, down from 25.1% in the prior year period. As of the same date, total deposits were $404.8 million, other liabilities were $16.6 million, and cash and cash equivalents (primarily consisting of cash and due from bank and interest-bearing deposits) totaled $117 million.
Given its strong balance sheet and liquidity position, Finwise Bancorp is expected to be able to sustain current capital distributions in the future. The company expects to fund repurchases under the newly announced program with its available cash balances. This will keep enhancing shareholder’s wealth. Notably, the company hasn’t paid any dividends since its inception.
Shares of FINW have gained 11.3% over the past six months, compared with the industry’s rally of 13.1%.
Deutsche Bank AG’s (DB - Free Report) new share repurchase program, approved by the European Central Bank, came into effect from Mar 4, 2024. The plan authorizes the company to repurchase shares worth up to €675 million. The program will be carried out through Jul 23, 2024.
The current buyback authorization is 50% higher than the bank’s €450 million program completed in 2023. DB repurchased 45.5 million shares at a weighted average price of €9.88 per share between Aug 2 and Dec 8 of 2023.
On Feb 27, 2024, South Plains Financial, Inc. (SPFI - Free Report) announced a new share repurchase plan. The plan authorizes the company to buy back up to $10 million worth of shares. The plan is set to expire on Feb 21, 2025.
Prior to this, SPFI completed a $15 million repurchase plan in 2023, repurchasing a total of 686,000 shares.
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Finwise Bancorp (FINW) Announces New Share Repurchase Plan
Finwise Bancorp (FINW - Free Report) announced a new share repurchase program. Per the plan, the company is authorized to buy back up to 641,832 shares, which is roughly 5% of its total outstanding shares, as of Mar 6, 2024. The program is set to expire on Mar 31, 2026.
FINW had announced a share repurchase program in August 2022, authorizing the buyback of up to 644,241 shares. The company completed this program during the third quarter of 2023.
Kent Landvatter, CEO of Finwise Bancorp, said, “Our differentiated business model and strong liquidity position allow us to return capital to shareholders via share buybacks while continuing to invest to become an integrated Fintech banking solutions provider.”
As of Dec 31, 2023, Finwise Bancorp’s leverage ratio was 20.7%, down from 25.1% in the prior year period. As of the same date, total deposits were $404.8 million, other liabilities were $16.6 million, and cash and cash equivalents (primarily consisting of cash and due from bank and interest-bearing deposits) totaled $117 million.
Given its strong balance sheet and liquidity position, Finwise Bancorp is expected to be able to sustain current capital distributions in the future. The company expects to fund repurchases under the newly announced program with its available cash balances. This will keep enhancing shareholder’s wealth. Notably, the company hasn’t paid any dividends since its inception.
Shares of FINW have gained 11.3% over the past six months, compared with the industry’s rally of 13.1%.
Image Source: Zacks Investment Research
Currently, FINW carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Share Buyback Plans of Other Banks
Deutsche Bank AG’s (DB - Free Report) new share repurchase program, approved by the European Central Bank, came into effect from Mar 4, 2024. The plan authorizes the company to repurchase shares worth up to €675 million. The program will be carried out through Jul 23, 2024.
The current buyback authorization is 50% higher than the bank’s €450 million program completed in 2023. DB repurchased 45.5 million shares at a weighted average price of €9.88 per share between Aug 2 and Dec 8 of 2023.
On Feb 27, 2024, South Plains Financial, Inc. (SPFI - Free Report) announced a new share repurchase plan. The plan authorizes the company to buy back up to $10 million worth of shares. The plan is set to expire on Feb 21, 2025.
Prior to this, SPFI completed a $15 million repurchase plan in 2023, repurchasing a total of 686,000 shares.