FINWMEDIUM SIGNALFINANCIAL10-K

FINW shows strong balance sheet growth with assets expanding 31% to $977M while operating cash flow turned meaningfully more negative.

The substantial asset growth driven by deposit increases suggests successful business expansion, but the deteriorating operating cash flow warrants attention as it indicates potential operational headwinds. The combination of solid profitability growth alongside cash flow challenges creates a mixed signal that investors should monitor closely.

Comparing 2026-03-23 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

FINW demonstrated robust balance sheet expansion with total assets growing 31% to $977M, driven primarily by a 38% increase in deposits to $755M and stronger cash position rising 50% to $163M. Profitability metrics showed healthy improvement with net income up 26% to $16M and net interest income advancing 24% to $93M. However, operating cash flow deteriorated substantially, moving deeper into negative territory from -$15M to -$28M, while capital expenditures dropped sharply to just $219K, suggesting either completion of a major investment cycle or potential underinvestment in growth.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-95.5%
$4.9M→$219K

Capex reduced 95.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
-89.6%
-$15.0M→-$28.4M

Operating cash flow fell 89.6% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
+49.7%
$109.2M→$163.4M

Cash position surged 49.7% — strong cash generation or capital raise providing significant financial cushion.

Total Deposits
Balance Sheet
+38.5%
$545.0M→$754.6M

Deposits grew 38.5% — expanding customer base or increased trust in the institution.

Total Liabilities
Balance Sheet
+37%
$572.3M→$783.9M

Liabilities grew 37% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+31%
$746.0M→$977.1M

Asset base grew 31% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+26.3%
$12.7M→$16.1M

Net income grew 26.3% — bottom-line growth signals improving overall business health.

Net Interest Income
P&L
+24.4%
$74.4M→$92.5M

Net interest income grew 24.4% — benefiting from rate environment or loan book expansion.

Stockholders Equity
Balance Sheet
+11.2%
$173.7M→$193.2M

Equity base grew 11.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-23
PRIOR — 2025-03-26
ADDED
The registrant had 13,676,859 share s of common stock, $0.001 par value, outstanding as of March 16, 2026 .
Management s Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.
These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance.
s long-term credit rating; federal government shutdowns and other political impasses, including with respect to the U.S.
debt ceiling and federal budget and any reductions in staffing at U.S.
governmental agencies; and other factors listed from time to time in our filings with the Securities and Exchange Commission (the SEC ), including under Item 1A of this Report and subsequent quarterly reports on Form 10-Q.
Risk Factors and should be read together with this summary and considered along with other information contained in this annual report before investing in our securities.
Risks Related to Our Banking Business: Risks related to the loans we make, including the heightened risk associated with construction loans, loans to small-to-medium sized businesses, concentration of large loans to a limited number of borrowers and with respect to secured loans, the value of the assets collateralizing such loans Risks related to our SBA lending program including our dependency on the U.S.
Our business is conducted through three reportable segments: traditional banking, banking as a service ( BaaS ) and treasury administration.
The Company was formed in 2002 and acquired 100% of the stock of Utah Community Bank, a local community bank founded in 1999 focusing on real estate lending in and around the Salt Lake City, Utah metropolitan statistical area ( MSA ).
REMOVED
The registrant h ad 13,216,440 share s of common stock, $0.001 par value, outstanding as of March 20, 2025 .
Management s Discussion and Analysis of Financial Condition and Results of Opera tions 47 Item 7A.
These forward-looking statements reflect the Company s current views with respect to, among other things, future events and its financial performance.
The Company was formed in 2002 and acquired 100% of the stock of Utah Community Bank, a local community bank founded in 1999 focusing on real estate lending in and around the Salt Lake City, Utah MSA.
Our relationship with BFG is an important component of our diversification strategy.
Since the launch of our SBA lending program in 2014, BFG has been the primary source of SBA loan referrals for the Bank.
The methodology for determining such fees has been substantially consistent since 2019.
In January 2016, in contemplation of BFG acquiring voting securities of the Company, we entered into an agreement (the Standstill Agreement ) with BFG whereby BFG agreed to abstain from certain actions that may evidence control of the Company.
However, BFG did not and has not ever directly acquired voting securities of the Company, although four individuals associated with BFG did acquire shares of the Company as described below.
Between March 2018 and July 2018, in exchange for cash proceeds, we sold 1,476,090 shares representing approximately 23.4% of our issued and outstanding common stock at the time of such sale to four individuals associated with BFG and one individual not associated with BFG pursuant to change in control applications filed with the Federal Reserve Bank ( FRB ) and UDFI.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →