WEX Bank Reports – 2700984

WEX Bank Financial Reports

Quarter Ended: 2024-09-30

Data Updated on: 11/22/2024

WEX Bank is a Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC) located in Sandy, UT. Established on 06/01/1998, the bank is regulated by the FDIC and has 1 domestic offices. It operates in the Salt Lake City, UT.

The bank has 83 employees and holds $7,717,549k in total assets. With a focus on community banking, the bank has been serving its customers since 06/01/1998.

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WEX Bank Institution Profile

Established Date06/01/1998Institution ClassCommercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC)
Primary RegulatorFDICNumber of Domestic Offices1
Number of Foreign Offices0Number of US Offices0
Number of Employees83Directly owned by another bank (CERT)No
Community BankNoZIP84070
Ownership TypeNot MutualCitySandy
State Alpha codeUTState and County Number49035
Subchapter S CorporationsNoTrust PowersTrust Powers Not Known
Federal Reserve ID Number12Federal Reserve ID Number DescriptionSAN FRANCISCO
Office of The Comptroller District:WESTERN DISTRICTOffice of Thrift Supervision RegionWest
Last Structure Change Effective Date08/31/2022Date of Deposit Insurance06/01/1998
Primary Insurance AgencyDIF

Institution Profile Overview

Delve into the foundational details of WEX Bank with our “Institution Profile” table. The 06/01/1998 marks the bank’s inception, providing historical context. Categorized as a Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC), the bank operates under the oversight of FDIC, ensuring compliance and regulatory adherence.

1 domestic offices reflect the bank’s physical footprint, while insights into ownership type, trust powers, and regulatory affiliations contribute to understanding its operational structure. Details such as Sandy, UT, and 84070 provide geographic context. Explore these attributes to gain a holistic view of WEX Bank in the financial landscape.

WEX Bank Financials

(USD, in thousands)

Total Assets$7,717,549Total Liabilities$7,062,210
Total Equity Capital$655,339Total Deposits$5,502,673
Net Loans and Leases$3,281,614Total Interest Income$264,782
Total Noninterest Income$126,710Total Interest Expense$69,769
Total Noninterest Expense$171,120Tier 1 Risk-Based Capital Ratio666,403.00%
Net Loans and Leases to Core DepositsN/AReturn on Assets5.72%
Return on Equity72.61%Efficiency Ratio53.10%

Financial Performance Overview

Gain a comprehensive perspective on WEX Bank’s financial landscape through our “Financials” table. The bank boasts total assets of $7,717,549k, showcasing its substantial scale and influential market presence. A nuanced breakdown reveals insights into the bank’s financial structure and stability, with total liabilities standing at $7,062,210k and total equity capital at $655,339k.

Delve into key operational metrics, including total deposits of $5,502,673k, net loans and leases at $3,282k, and a meticulous analysis of income and expense components. Explore vital ratios such as the Tier 1 Risk-Based Capital Ratio, standing at 666403, and Return on Assets at 5.72. These metrics provide valuable insights into the bank’s risk management strategies and overall profitability.

This detailed financial overview is designed to enhance your understanding of WEX Bank’s performance and competitive positioning within the financial industry.

WEX Bank Additional Financial Information

(USD, in thousands)

Earnings Coverage of Net Loan Charge-Offs(x)N/ANet Loans and Leases to Core DepositsN/A
Tier 1 Risk-Based Capital Ratio666,403.00%Securities Gains (Losses)$931
Goodwill and Other IntangiblesN/ACost of Funding Earning Assets0.00%
Yield on Earning Assets14.60%Total Interest Income$264,782
Applicable Income Taxes$35,693Loss Allowance to Loans and Leases1.42%
Net Loans and Leases$3,281,614Loss Allowance to Noncurrent Loans and Leases240.66%
Noncurrent Loans to Loans0.59%Net Income Attributable to Bank and Noncontrolling Interests$109,471
Net Interest Income$195,013Net Interest Margin10.75%
Net Operating Income to Assets5.68%Noninterest Income to Average Assets6.62%
Total Noninterest Income$126,710Noninterest Expense to Average Assets8.94%
Total Noninterest Expense$171,120Net Charge-Offs to Loans and Leases1.42%
All Other AssetsN/AOther Real Estate Owned$0
Other borrowed funds$1,137,228Pre-tax Net Operating Income$144,233
Pretax Return on Assets7.58%Return on Assets5.72%
Retained Earnings to Average Equity (YTD only)N/A

Insights into Financial Metrics

Enhance your understanding of WEX Bank‘s financial standing through our Additional Financial Information table. Explore key metrics such as Net Loans and Leases: $3,281,614k and Net Interest Income $195,013k to gain valuable insights into the bank’s core operations and revenue streams. Assess the Tier 1 Risk-Based Capital Ratio: 666403 for in-depth insights into capital adequacy and risk management strategies.

Delve into the intricacies of Net Charge-Offs to Loans and Leases: 1.42 to evaluate the bank’s asset quality and risk mitigation efforts. Examine the composition of income through Total Noninterest Income: $126,710k and evaluate operational efficiency using metrics like Efficiency Ratio: 53.1. This nuanced financial overview empowers a comprehensive analysis of WEX Bank‘s strategic financial position and performance in the industry.

Frequently Asked Questions (FAQs)

What is the asset size of WEX Bank?

The asset size of WEX Bank is approximately $7,717,549k, reflecting the bank’s scale and market presence.

How does the loan-to-deposit ratio of WEX Bank compare to industry benchmarks?

The loan-to-deposit ratio is a crucial measure of the bank’s financial health. For WEX Bank, this ratio stands at
59.64%
(please calculate and adjust this logic based on real data retrieval), compared to industry averages typically ranging from 80% to 90%.

What is the capital adequacy ratio for WEX Bank?

The Tier 1 Risk-Based Capital Ratio, a key indicator of the bank’s financial stability, is 666403.

What is the net interest margin of WEX Bank, and how has it trended over the past year?

The current net interest margin is 10.75. Historical trends would require a more detailed analysis over the past quarters, which can be provided upon request.

What is the percentage of non-performing loans on WEX Bank’s balance sheet?

The percentage of non-performing loans is an important metric indicating asset quality. For WEX Bank, this stands at 0.592.

Are there any recent regulatory changes that could impact WEX Bank’s operations?

Regulatory environments are dynamic. Specific recent changes would require further detailed scanning of regulatory updates impacting WEX Bank. For tailored insights, please consult our expert or access our detailed reports.

What is the history of WEX Bank?

WEX Bank was established on 06/01/1998. It has been serving the community for several decades, continuously adapting to the changing financial landscape. For a detailed history, please refer to the bank’s about page.

Is WEX Bank FDIC insured?

Yes, WEX Bank is FDIC insured, ensuring that deposits are protected up to the applicable limits. This underlines the bank’s commitment to maintaining customer trust and financial security.

What is the routing number for WEX Bank in OK?

The routing number for WEX Bank in Oklahoma is not available. It’s recommended to verify with the bank directly for transactions.

How big is WEX Bank?

WEX Bank is a significant player in the financial sector with total assets valued at $7,717,549k and a network of 1 domestic offices.

Is WEX Bank a local bank?

WEX Bank is often considered a local bank due to its strong community focus and local market presence, despite having a broader operational reach. This combination allows it to serve local communities effectively while benefiting from larger-scale operations.

This table provides key financial information about WEX Bank. Get more data about WEX Bank on Visbanking Report Portal.