James Noone
About James Noone
James F. Noone (age 46) is President of FinWise Bancorp and President & CEO of FinWise Bank; he joined the Bank in February 2018, was EVP & Chief Credit Officer in June 2018, became Chief Strategy Officer in November 2022, President in March 2023, and was named CEO of the Bank in March 2025, with 20+ years’ experience across commercial and investment banking and private equity, and previously EVP at Prudent Lenders (2012–2018) . In Q2 2025 remarks as Bank CEO, Noone highlighted origination volume of ~$1.5B (up 17% QoQ and 27% YoY), scaling “credit enhanced” balance sheet assets to $12M with expectations for $50–$100M by year-end, and SBA 7(a) originations up 24% QoQ and >140% YoY, underscoring execution against growth initiatives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FinWise Bank | EVP & Chief Credit Officer | Jun 2018 – Nov 2022 | Led credit through growth; subsequently moved to strategy leadership . |
| FinWise Bank | Chief Strategy Officer | Nov 2022 – Mar 2023 | Transitioned to strategy oversight ahead of President/CEO roles . |
| FinWise Bancorp/Bank | President (Company) / President (Bank) | Mar 2023 – Mar 2025 | Senior operating leadership prior to CEO appointment . |
| FinWise Bank | Chief Executive Officer (Bank) | Mar 2025 – Present | Drove origination growth and balance sheet initiatives (credit-enhanced program) . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Prudent Lenders | Executive Vice President | 2012 – 2018 | SBA service provider leadership; foundation for later SBA/credit initiatives at FinWise . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus ($) | Actual Bonus Paid ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 470,833 | 400,000 (target under Cash Bonus Plan) | 300,000 | 19,494 (401k $14,192; health $5,302) | Annual cash bonus tied to pre-tax net income; Board retains discretion . |
| 2023 | 442,500 | Not disclosed | 428,980 | 18,027 | Cash Bonus Plan in effect for 2023+ . |
| 2022 | 360,609 | Not disclosed | 1,006,480 | 16,710 | 2022 comp includes significant cash bonus . |
| 2021 | 250,390 | Not disclosed | 320,323 | 15,813 | 2021 option awards vested immediately . |
Performance Compensation
Annual Cash Incentive (Plan Mechanics)
| Year | Metric | Weighting | Target | Actual | Payout | Design |
|---|---|---|---|---|---|---|
| 2024 | Company pre-tax net income | Not disclosed | Target amount set under pool (Noone target $400,000) | Not disclosed | 300,000 | Linear interpolation vs target; Board discretion; up to 25% reduction for risk concerns . |
| 2023 | Company pre-tax net income | Not disclosed | Not disclosed | Not disclosed | 428,980 | Cash Bonus Plan adopted Mar 21, 2023 . |
Equity Awards – Restricted Stock (RSUs/Performance Stock)
| Grant Date | Shares/Status at 12/31/24 | Vesting Schedule | Performance Condition | Notes |
|---|---|---|---|---|
| 5/28/2024 | 56,000 unvested | 5 equal annual installments on first five anniversaries of 5/28/2024 | Service-based (no specific metric disclosed for 2024 grant) | Market value at 12/31/24 uses $15.98 per share . |
| 7/3/2024 | 14,000 unvested (80% effective 5/28/24; 20% effective 7/3/24) | Same 5-year schedule as above (anniversaries of 5/28/2024) | Service-based | Market value at 12/31/24 uses $15.98 . |
| 4/18/2023 | 16,000 unvested | Ratable on first 3 anniversaries of 4/18/2023 | Based on specified levels of Bank ROAA | 2023 stock award grant-date fair value $8.63/share . |
| 6/09/2022 | 4,295 unvested | Ratable on first 3 anniversaries of 6/09/2022 | Based on specified levels of Bank ROAA | 2022 grants vest on ROAA achievement . |
In April 2025, Board determined all future equity awards will vest only if the Bank’s ROAA for the most recent year exceeds the FDIC industry average, increasing performance rigor .
Equity Awards – Options
| Grant Date | Exercisable (#) | Unearned/Unexercisable (#) | Strike ($) | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| 12/24/2019 | 45,774 | — | 3.64 | 12/24/2029 | 20% immediate; remainder monthly over 38 months . |
| 1/01/2021 | 60,000 | — | 4.50 | 1/01/2031 | Fully vested at grant under separate NSO agreement (not under the Plans) . |
| 6/09/2022 | 4,470 | 2,236 | 13.04 | 6/09/2032 | Vesting based on specified ROAA levels . |
| 4/18/2023 | 4,124 | 8,247 | 8.63 | 4/18/2033 | Vesting based on specified ROAA levels . |
Option grant-date fair values disclosed: 2023 options valued at $4.11 per share; 2022 options at $6.26 per share (per ASC 718) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 450,877 shares; 3.4% of shares outstanding . |
| Vested vs unvested | Includes 120,728 shares underlying vested options ; unvested stock awards: 56,000 (5/28/24), 14,000 (7/3/24), 16,000 (4/18/23), 4,295 (6/9/22) as of 12/31/24 . |
| Option profile | Significant exercisable options at $3.64, $4.50, $8.63, $13.04 with expirations 2029–2033 . |
| Pledging/hedging | Board discourages hedging, margining, or pledging of unvested stock; no outright prohibition on directors/officers engaging in derivative or speculative transactions (policy-level disclosure) . |
| Clawback | Compensation Recoupment Policy adopted Nov 28, 2023 pursuant to Nasdaq listing standards . |
| Ownership guidelines | Not disclosed in the proxy materials reviewed. |
Vesting Cadence (Potential Supply Overhang)
- 2024 RSUs vest on 5 equal installments each May 28 from 2025–2029 (56,000 and 14,000 grants) .
- 2023 RSUs vest ratably on April 18 in 2024, 2025, 2026 subject to ROAA .
- 2022 RSUs vest ratably on June 9 in 2023, 2024, 2025 subject to ROAA .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreements | Company states no employment agreements with named executive officers (except specific agreements noted) . |
| Noone NSO Agreement | Non-qualified Stock Option Agreement dated Jan 1, 2021 for 60,000 options at $4.50, fully vested at grant; expires Jan 1, 2031; not under the Plans . |
| Retention bonus | $520,000 retention bonus approved May 17, 2022; paid in two equal cash installments on Apr 1, 2022 and Mar 31, 2023; condition to be employed through Jan 15, 2023 disclosed in 2023 proxy . |
| Severance/CIC | No severance multiples, change-in-control cash benefits, or double-trigger vesting terms disclosed for Noone in reviewed materials; CIC full vesting referenced for Landvatter only in prior filings . |
| Perquisites | Company covers 100% of health and dental for named execs and reimburses certain healthcare expenses; broader benefits for all employees via 401(k) and standard welfare benefits . |
Performance & Track Record
| Indicator | Evidence |
|---|---|
| Origination growth | Q2 2025 origination volume ~$1.5B (+17% QoQ, +27% YoY); SBA 7(a) originations +24% QoQ and >140% YoY . |
| Balance sheet initiatives | Launch and initial scaling of credit-enhanced assets to $12M by end of Q2 2025 with guidance to $50–$100M by year-end 2025 . |
Compensation Committee & Peer Framework
- Committee retained Hunt Financial as independent consultant; used fintech-focused peer group rather than traditional community banks .
- Committee discretion to adjust outcomes and reduce Cash Bonus Plan payouts by up to 25% for risk considerations; 2025 tightened equity vesting to require above-FDIC-average ROAA .
Related Party and Historical Transactions
- Company repurchased 20,598 of Noone’s shares on 4/6/2020 for $74,942 at $3.64 per share as part of pre-IPO repurchases .
Investment Implications
- Alignment: Noone holds 3.4% beneficial ownership, with substantial vested options and multi-year unvested RSUs tied to service and ROAA metrics; future equity awards require ROAA above FDIC average, increasing pay-for-performance rigor .
- Retention: Multi-year vesting across 2025–2029 (with ROAA gates on 2022/2023 awards and stricter gates on future grants) creates meaningful retention hooks; absence of broad severance/CIC guarantees reduces fixed downside for shareholders but may heighten mobility risk in adverse scenarios .
- Trading signals: Annual RSU vest dates (primarily around May 28; plus April 18 and June 9 for legacy awards) could create periodic liquidity events; sizable exercisable options span strikes of $3.64–$13.04 with expirations through 2033, influencing potential exercise/sale behavior depending on market conditions .
- Governance risk checks: Company adopted a clawback policy, but hedging/derivative transactions by executives are not categorically prohibited (discouraged only), and pledging policy specifically references unvested stock—areas to monitor for alignment and risk posture .