Bankwell Financial Group Inc - BWFG STOCK NEWS

Bankwell Financial Group, Inc. (NASDAQ: BWFG), the holding company for Bankwell Bank, has announced its schedule for releasing third quarter 2024 earnings. The company will issue its earnings release on Monday, October 28, 2024, after market close. Following this, management will host an audio webcast and conference call on Tuesday, October 29, 2024, at 10:00 a.m. Eastern Time to review the company's financial performance and operating results.

The audio webcast link and corresponding presentation slides will be available on Bankwell's Investor Relations site prior to the webcast. For those unable to attend live, the webcast will be archived on the company's website for twelve months, accessible at any time during this period.

Bankwell Financial Group, Inc. (NASDAQ: BWFG) has appointed Michael Johnston as Senior Vice President and Head of SBA Lending, a newly created position. Johnston, previously National Sales Director at Ready Capital, brings extensive experience from roles at Zions Bank, Bank of the West, CapitalSource, and Washington Mutual. Christopher R. Gruseke, President and CEO of Bankwell, emphasized that this appointment aligns with the bank's strategy to evolve as a relationship-driven, commercially focused institution supporting small businesses. Johnston expressed excitement about contributing to Bankwell's growth strategy, particularly in expanding its small business customer base.

The North American Companies Council, Inc. (The NACC™) has launched the country's first fully vetted and transparent 401(k) Pooled Employer Plan (PEP) for legal cannabis companies. This groundbreaking initiative aims to provide retirement savings options for approximately 500,000 employees in the cannabis industry who previously faced barriers to such benefits. The NACC PEP combines expertise from industry leaders in ERISA and cannabis compliance, offering a unique solution for cannabis-related entities across the United States.

Key partners in this initiative include CuraFin Advisors as the 3(38) investment manager, Group Plan Systems, as the Pooled Plan Provider, AmericanTCS's American Trust Retirement for recordkeeping and administration, Bankwell (Nasdaq: BWFG) as the custodian, and Green Check Verified, Inc. for compliance services.

Bankwell Financial Group (NASDAQ: BWFG) reported Q2 2024 GAAP net income of $1.1 million, or $0.14 per share, down from $8.0 million, or $1.02 per share, in Q2 2023. The company's pre-tax, pre-provision net revenue (PPNR) was $9.7 million, or $1.25 per share. The Board declared a $0.20 per share cash dividend. Key highlights include:

- Net interest margin expanded to 2.75%
- PPNR Return on Average Assets grew to 1.22%
- Noninterest Expense to Average Assets ratio of 1.55%
- Total gross loans decreased 2.3% to $2.7 billion
- Deposits decreased 2.7% to $2.7 billion
- FDIC-insured deposits represent 72.9% of total deposits

The earnings were impacted by an $8.2 million provision for credit losses, including a $6.6 million specific reserve for a commercial business credit.

On May 29, 2024, Bankwell Financial Group and its subsidiary, Bankwell Bank, elected Kevin Leitão to the Board of Directors. Leitão, founder of Leitão Law , brings over 30 years of experience in legal counsel, compliance, and risk management. His expertise in integrating technology into banking services, along with deep knowledge in regulatory compliance and information risk management, is expected to support Bankwell's innovation and compliance initiatives. This strategic addition aims to bolster the company's governance and drive forward its technological and regulatory goals.

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million, or $0.48 per share for the first quarter of 2024, a decrease from $10.4 million, or $1.33 per share, in the same period in 2023. The company declared a $0.20 per share cash dividend. Net interest margin, total loans, and deposits saw changes. The company reaffirmed guidance on non-interest expenses for 2024.

Bankwell Financial Group, Inc. (BWFG) reported a GAAP net income of $8.5 million, or $1.09 per share for Q4 2023, versus $8.0 million, or $1.04 per share, for the same period in 2022. For the year ended 2023, net income totaled $36.7 million, or $4.67 per share, versus $37.4 million, or $4.79 per share, for the same period in 2022. The Board of Directors declared a $0.20 per share cash dividend. Tangible Book Value grew to $33.39 per share, representing a 15% Compounded Annual Growth Rate since December 31, 2020. The company anticipates low single-digit loan growth in 2024. Noninterest expense is estimated at $53 to $54 million, or approximately 1.65% of Average Assets. The Net Interest Margin is anticipated to trough in 3Q at approximately 250 to 260 basis points.

Bankwell Financial Group reports Q3 2023 net income of $9.8 million and declares $0.20 per share cash dividend. Total gross loans grow by $94.7 million. Return on average assets is 1.19% for the quarter.

KBRA downgraded ratings for Bankwell Financial Group, Inc. and its subsidiary Bankwell Bank. Senior unsecured debt rating for Bankwell Financial Group downgraded to BBB- from BBB, while subordinated debt rating downgraded to BB+ from BBB-. Deposit and senior unsecured debt ratings for Bankwell Bank downgraded to BBB from BBB+, subordinated debt rating downgraded to BBB- from BBB, and short-term deposit and debt ratings downgraded to K3 from K2. Outlook for all long-term ratings is Stable.