Bankwell Financial Group Reports Operating Results for the Fourth Quarter, Declares First Quarter Dividend
Bankwell Financial Group (NASDAQ: BWFG) reported Q4 2024 GAAP net income of $2.5 million ($0.32 per share), up from $1.9 million ($0.24 per share) in Q3 2024. The company declared a $0.20 per share cash dividend payable February 21, 2025.
Pre-tax, pre-provision net revenue decreased 12% to $7.9 million compared to Q3 2024. The quarter included $3.0 million in charge-offs. The company has executed purchase agreements on two nonperforming assets totaling $35.4 million, which will reduce nonperforming assets ratio by 108 basis points in Q1 2025.
For 2025, Bankwell projects net interest income of $93-95 million, noninterest income of $7-8 million, and noninterest expense of $56-57 million. The company expects benefits from $1.3 billion in time deposits repricing at lower rates over the next 12 months, potentially contributing $4.4 million annually to net interest income.
Bankwell Financial Group (NASDAQ: BWFG) ha riportato un reddito netto GAAP di $2.5 milioni ($0.32 per azione) per il quarto trimestre del 2024, in aumento rispetto a $1.9 milioni ($0.24 per azione) nel terzo trimestre del 2024. L'azienda ha dichiarato un dividendo in contante di $0.20 per azione, pagabile il 21 febbraio 2025.
Il reddito netto ante imposte e accantonamenti è diminuito del 12%, raggiungendo $7.9 milioni rispetto al terzo trimestre del 2024. Nel trimestre sono stati inclusi $3.0 milioni in cancellazioni. L'azienda ha firmato contratti di acquisto su due attività non performanti per un totale di $35.4 milioni, il che ridurrà il rapporto delle attività non performanti di 108 punti base nel primo trimestre del 2025.
Per il 2025, Bankwell prevede un reddito netto da interessi di $93-95 milioni, un reddito da non interessi di $7-8 milioni e una spesa da non interessi di $56-57 milioni. L'azienda si aspetta benefici da $1.3 miliardi in depositi a tempo che verranno ri-prezzati a tassi inferiori nel prossimo anno, contribuendo potenzialmente con $4.4 milioni all'anno al reddito netto da interessi.
Bankwell Financial Group (NASDAQ: BWFG) reportó un ingreso neto GAAP de $2.5 millones ($0.32 por acción) en el cuarto trimestre de 2024, un aumento con respecto a $1.9 millones ($0.24 por acción) en el tercer trimestre de 2024. La compañía declaró un dividendo en efectivo de $0.20 por acción, pagadero el 21 de febrero de 2025.
Los ingresos netos antes de impuestos y provisiones disminuyeron un 12% a $7.9 millones en comparación con el tercer trimestre de 2024. El trimestre incluyó $3.0 millones en cancelaciones. La compañía ha ejecutado acuerdos de compra sobre dos activos no rentables por un total de $35.4 millones, lo que reducirá el ratio de activos no rentables en 108 puntos básicos en el primer trimestre de 2025.
Para 2025, Bankwell proyecta un ingreso neto por intereses de $93-95 millones, un ingreso no por intereses de $7-8 millones y un gasto no por intereses de $56-57 millones. La compañía espera beneficios de $1.3 mil millones en depósitos a plazo que se re-preciarán a tasas más bajas en los próximos 12 meses, contribuyendo potencialmente con $4.4 millones anuales al ingreso neto por intereses.
Bankwell Financial Group (NASDAQ: BWFG)는 2024년 4분기 GAAP 순이익이 250만 달러(주당 0.32달러)라고 보고했으며, 이는 2024년 3분기 190만 달러(주당 0.24달러)에서 증가한 수치입니다. 회사는 2025년 2월 21일 지급될 주당 0.20달러의 현금 배당금을 선언했습니다.
세전, 대손충당금을 고려하기 전의 순수익은 3분기 대비 12% 감소한 790만 달러에 달했습니다. 이번 분기에는 300만 달러의 대손상각분이 포함되었습니다. 회사는 총 3,540만 달러의 두 개의 비수익 자산에 대한 구매 계약을 체결하여 2025년 1분기 비수익 자산 비율을 108bp 감소시킬 것입니다.
2025년, Bankwell은 9300만~9500만 달러의 순이자 수익, 700만~800만 달러의 비이자 수익, 5600만~5700만 달러의 비이자 비용을 예상하고 있습니다. 회사는 향후 12개월 동안 낮은 금리로 재가격 조정되는 13억 달러의 정기예금에서 혜택을 볼 것으로 예상하며, 이는 연간 약 440만 달러를 순이자 수익에 기여할 수 있습니다.
Bankwell Financial Group (NASDAQ: BWFG) a annoncé un revenu net GAAP de 2,5 millions de dollars (0,32 dollar par action) pour le quatrième trimestre de 2024, en hausse par rapport à 1,9 million de dollars (0,24 dollar par action) au troisième trimestre 2024. La société a déclaré un dividende en espèces de 0,20 dollar par action, payable le 21 février 2025.
Les revenus nets avant impôts et provisions ont diminué de 12 % pour atteindre 7,9 millions de dollars par rapport au troisième trimestre 2024. Le trimestre comprenait 3,0 millions de dollars de créances douteuses. La société a exécuté des accords d'achat sur deux actifs non performants totalisant 35,4 millions de dollars, ce qui devrait réduire le ratio des actifs non performants de 108 points de base au premier trimestre 2025.
Pour 2025, Bankwell prévoit un revenu net d'intérêts de 93 à 95 millions de dollars, un revenu non lié aux intérêts de 7 à 8 millions de dollars et une dépense non liée aux intérêts de 56 à 57 millions de dollars. La société s'attend à bénéficier de 1,3 milliard de dollars en dépôts à terme qui seront révisés à des taux inférieurs au cours des 12 prochains mois, contribuant potentiellement à hauteur de 4,4 millions de dollars par an au revenu net d'intérêts.
Bankwell Financial Group (NASDAQ: BWFG) meldete für das vierte Quartal 2024 einen GAAP-Nettoertrag von 2,5 Millionen Dollar (0,32 Dollar pro Aktie), was einen Anstieg gegenüber 1,9 Millionen Dollar (0,24 Dollar pro Aktie) im dritten Quartal 2024 darstellt. Das Unternehmen kündigte eine Bardividende von 0,20 Dollar pro Aktie an, die am 21. Februar 2025 zahlbar ist.
Der Nettoertrag vor Steuern und Rückstellungen sank um 12% auf 7,9 Millionen Dollar im Vergleich zum dritten Quartal 2024. Im Quartal waren 3,0 Millionen Dollar an Abschreibungen enthalten. Das Unternehmen hat Kaufverträge über zwei notleidende Vermögenswerte in Höhe von insgesamt 35,4 Millionen Dollar abgeschlossen, was die Quote der notleidenden Vermögenswerte im ersten Quartal 2025 um 108 Basispunkte senken wird.
Für 2025 prognostiziert Bankwell Nettozinsgewinne von 93 bis 95 Millionen Dollar, Nichtzinsgewinne von 7 bis 8 Millionen Dollar und Nichtzinsaufwendungen von 56 bis 57 Millionen Dollar. Das Unternehmen erwartet Vorteile aus 1,3 Milliarden Dollar an Termingeldern, die in den nächsten 12 Monaten zu niedrigeren Zinsen umgeschichtet werden, was potenziell jährlich 4,4 Millionen Dollar zu den Nettozinsgewinnen beitragen könnte.
- Net income increased from $1.9M in Q3 to $2.5M in Q4 2024
- Executed agreements to sell $35.4M in nonperforming assets
- CRE concentration reduced to 375% from 425% in two years
- Expected $4.4M annual benefit from deposit repricing
- Brokered deposits decreased by $246.8M year-over-year
- Pre-tax, pre-provision revenue fell 12% QoQ to $7.9M
- $3.0M in charge-offs during Q4
- Net interest margin declined 12 basis points to 2.60%
- Nonperforming assets ratio increased to 1.88% from 1.53% YoY
- Total loans decreased 0.5% YoY
Insights
Bankwell Financial Group's Q4 2024 performance presents a complex picture of strategic repositioning amid credit challenges. The quarter's GAAP net income of
Margin Compression & Deposit Strategy: The net interest margin contracted to
Credit Quality Developments: The
Strategic Initiatives: The launch of an SBA lending division and growth in the Bankwell Direct digital platform (reaching
Forward Outlook: Management's 2025 guidance of
Pre-tax, pre-provision net revenue (PPNR) of
Discussion of Outlook; Bankwell Financial Group Chief Executive Officer, Christopher R. Gruseke:
"Results for the fourth quarter of 2024 include
Regarding our liability sensitive balance sheet,
After investing in robust infrastructure and risk management in 2024, the Company’s new SBA lending division has begun to originate loans in the first quarter of 2025. Given stable market conditions, we expect material growth in noninterest income attributable to future gains on sale of the guaranteed portions of the new SBA loans.
Given the above, we are guiding to
On behalf of the Company’s Board of Directors, I’d also like to congratulate Matt McNeill on his promotion to President of Bankwell Financial Group and its wholly owned subsidiary, Bankwell Bank. We salute Matt for a job well done."
Key Points for Fourth Quarter and Bankwell’s Outlook
Brokered Deposits Decrease, Liability Sensitive Balance Sheet.
-
Brokered deposits declined
$78.4 million $246.8 million -
Reported net interest margin was
2.60% , down 12 basis points from the third quarter of 2024, primarily due to lower loan fees and elevated cash balances. Total deposit costs of3.72% declined 9 basis points from the third quarter of 2024. -
With
$1.3 billion 4.79% , the Company anticipates an annualized reduction in funding costs of$4.4 million $0.44 -
The Company anticipates
$0.5 billion
Credit Trends Stable, Material Improvement Expected in Early 2025.
-
The Company disposed of a previously disclosed non-performing C&I loan (pediatric dental practice), recognizing a
$0.7 million $1.7 million -
The Company took possession of the collateral securing a non-performing construction loan, creating a
$8.3 million $1.2 million $0.7 million -
During the third quarter of 2024, a
$27.1 million 1.88% nonperforming assets as a percentage of total assets.
Ongoing Investments with Continued Focus on Efficiency.
- The Company launched an SBA Lending division, which began originating loans in December of 2024.
-
The Company continues to grow Bankwell Direct, our digital deposit channel. Bankwell Direct balances have increased to
$136 million -
The Company continues to operate efficiently with a non-interest expense to average asset ratio of
1.63% for the quarter ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights and Key Performance Indicators (KPIs):
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Return on average assets(1)(6) |
|
0.31 |
% |
|
|
0.24 |
% |
|
|
0.14 |
% |
|
|
0.47 |
% |
|
|
1.03 |
% |
Pre-tax, pre-provision net revenue return on average assets(1)(6) |
|
0.98 |
% |
|
|
1.13 |
% |
|
|
1.22 |
% |
|
|
1.10 |
% |
|
|
1.27 |
% |
Return on average shareholders' equity(1)(6) |
|
3.68 |
% |
|
|
2.83 |
% |
|
|
1.65 |
% |
|
|
5.59 |
% |
|
|
12.82 |
% |
Net interest margin(1)(6) |
|
2.60 |
% |
|
|
2.72 |
% |
|
|
2.75 |
% |
|
|
2.71 |
% |
|
|
2.81 |
% |
Efficiency Ratio(1)(3) |
|
59.2 |
% |
|
|
58.8 |
% |
|
|
55.9 |
% |
|
|
60.3 |
% |
|
|
55.0 |
% |
Noninterest expense to average assets(1)(6) |
|
1.63 |
% |
|
|
1.62 |
% |
|
|
1.55 |
% |
|
|
1.66 |
% |
|
|
1.56 |
% |
Net loan charge-offs as a percentage of average loans(1)(6) |
|
0.11 |
% |
|
|
0.56 |
% |
|
|
0.01 |
% |
|
|
0.11 |
% |
|
|
0.01 |
% |
Dividend payout(1)(4) |
|
62.50 |
% |
|
|
82.30 |
% |
|
|
142.86 |
% |
|
|
41.67 |
% |
|
|
18.35 |
% |
Fully diluted tangible book value per common share(1)(2) |
$ |
34.03 |
|
|
$ |
33.76 |
|
|
$ |
33.61 |
|
|
$ |
33.57 |
|
|
$ |
33.39 |
|
Total capital to risk-weighted assets(1)(5) |
|
12.67 |
% |
|
|
12.83 |
% |
|
|
12.98 |
% |
|
|
12.63 |
% |
|
|
12.32 |
% |
Total common equity tier 1 capital to risk-weighted assets(1)(5) |
|
11.61 |
% |
|
|
11.80 |
% |
|
|
11.73 |
% |
|
|
11.60 |
% |
|
|
11.30 |
% |
Tier I Capital to Average Assets(1)(5) |
|
10.07 |
% |
|
|
10.24 |
% |
|
|
10.17 |
% |
|
|
10.09 |
% |
|
|
9.81 |
% |
Tangible common equity to tangible assets(1)(2) |
|
8.19 |
% |
|
|
8.40 |
% |
|
|
8.42 |
% |
|
|
8.42 |
% |
|
|
8.19 |
% |
Earnings per common share - diluted |
$ |
0.32 |
|
|
$ |
0.24 |
|
|
$ |
0.14 |
|
|
$ |
0.48 |
|
|
$ |
1.09 |
|
Common shares issued and outstanding |
|
7,859,873 |
|
|
|
7,858,573 |
|
|
|
7,866,499 |
|
|
|
7,908,180 |
|
|
|
7,882,616 |
|
(1) |
|
Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail. |
|
|
|
(2) |
|
Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of this document for additional detail. |
|
|
|
(3) |
|
Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business. |
|
|
|
(4) |
|
The dividend payout ratio is calculated by dividing dividends per share by earnings per share. |
|
|
|
(5) |
|
Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report. |
|
|
|
(6) |
|
Return on average assets is calculated by dividing annualized net income by average assets. Pre-tax, pre-provision net revenue return on average is calculated by dividing PPNR (using the "Pre-Tax, Pre-Provision Net Revenue (PPNR)) section of this document by average assets. Return on average shareholders' equity is calculated by dividing annualized net income by average shareholders' equity. Net interest margin is calculated by dividing average annualized net interest income by average total earning assets. Noninterest expense to average assets is calculated by dividing annualized noninterest expense by average total assets. Net loan charge-offs as a percentage of average loans is calculated by dividing net loan (charge offs) recoveries by average total loans. |
Pre-Tax, Pre-Provision Net Revenue(1) ("PPNR")
PPNR for the quarter and year ended December 31, 2024, were
|
For the Quarter Ended |
For the Year Ended |
|||||||||||||||||||||||||
(Dollars in thousands) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||
Net interest income |
$ |
20,199 |
|
|
$ |
20,717 |
|
|
$ |
21,219 |
|
|
$ |
21,147 |
|
|
$ |
22,245 |
|
|
$ |
83,282 |
|
|
$ |
94,468 |
|
Total noninterest income |
|
964 |
|
|
1,156 |
|
|
683 |
|
|
915 |
|
|
1,129 |
|
|
3,718 |
|
|
4,842 |
|||||||
Total revenues |
|
21,163 |
|
|
|
21,873 |
|
|
|
21,902 |
|
|
|
22,062 |
|
|
|
23,374 |
|
|
|
87,000 |
|
|
|
99,310 |
|
Total noninterest expense |
|
13,243 |
|
|
|
12,865 |
|
|
|
12,245 |
|
|
|
13,297 |
|
|
|
12,864 |
|
|
|
51,650 |
|
|
|
50,401 |
|
PPNR |
$ |
7,920 |
|
|
$ |
9,008 |
|
|
$ |
9,657 |
|
|
$ |
8,765 |
|
|
$ |
10,510 |
|
|
$ |
35,350 |
|
|
$ |
48,909 |
|
(1) |
|
Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail. |
-
Revenues (net interest income plus noninterest income) for the quarter ended December 31, 2024 were
$21.2 million $23.4 million $87.0 million $99.3 million -
The net interest margin (fully taxable equivalent basis) for the quarters ended December 31, 2024 and December 31, 2023 was
2.60% and2.81% , respectively. The decrease in the net interest margin was due to an increase in funding costs. -
Total non-interest expense of
$13.2 million 2.9% compared to the third quarter which was mainly driven by an increase in OREO expenses.
Allowance for Credit Losses - Loans ("ACL-Loans")
The ACL-Loans was
Provision for credit losses was
Total nonperforming loans decreased
BANKWELL FINANCIAL GROUP, INC. ASSET QUALITY (unaudited) (Dollars in thousands) |
|||||||||||||||||||
|
For the Quarter Ended |
||||||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
ACL-Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of period |
$ |
27,752 |
|
|
$ |
36,083 |
|
|
$ |
27,991 |
|
|
$ |
27,946 |
|
|
$ |
29,284 |
|
Charge-offs: |
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate |
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
(132 |
) |
|
|
— |
|
Commercial real estate |
|
(1,100 |
) |
|
|
(8,184 |
) |
|
|
(522 |
) |
|
|
(3,306 |
) |
|
|
(824 |
) |
Commercial business |
|
(703 |
) |
|
|
(7,010 |
) |
|
|
— |
|
|
|
(197 |
) |
|
|
— |
|
Consumer |
|
(5 |
) |
|
|
(17 |
) |
|
|
(12 |
) |
|
|
(49 |
) |
|
|
(15 |
) |
Construction |
|
(1,155 |
) |
|
|
(616 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total charge-offs |
|
(2,963 |
) |
|
|
(15,827 |
) |
|
|
(543 |
) |
|
|
(3,684 |
) |
|
|
(839 |
) |
Recoveries: |
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate |
|
— |
|
|
|
— |
|
|
|
141 |
|
|
|
— |
|
|
|
— |
|
Commercial real estate |
|
— |
|
|
|
1,013 |
|
|
|
113 |
|
|
|
— |
|
|
|
— |
|
Commercial business |
|
4 |
|
|
|
(34 |
) |
|
|
— |
|
|
|
27 |
|
|
|
464 |
|
Consumer |
|
5 |
|
|
|
1 |
|
|
|
13 |
|
|
|
4 |
|
|
|
3 |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total recoveries |
|
9 |
|
|
|
980 |
|
|
|
267 |
|
|
|
31 |
|
|
|
467 |
|
Net loan (charge-offs) recoveries |
|
(2,954 |
) |
|
|
(14,847 |
) |
|
|
(276 |
) |
|
|
(3,653 |
) |
|
|
(372 |
) |
Provision (credit) for credit losses - loans |
|
4,209 |
|
|
|
6,516 |
|
|
|
8,368 |
|
|
|
3,698 |
|
|
|
(966 |
) |
Balance at end of period |
$ |
29,007 |
|
|
$ |
27,752 |
|
|
$ |
36,083 |
|
|
$ |
27,991 |
|
|
$ |
27,946 |
|
|
As of |
||||||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Asset quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans |
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate |
$ |
791 |
|
|
$ |
1,316 |
|
|
$ |
1,339 |
|
|
$ |
1,237 |
|
|
$ |
1,386 |
|
Commercial real estate |
|
44,814 |
|
|
|
46,360 |
|
|
|
28,088 |
|
|
|
19,083 |
|
|
|
23,009 |
|
Commercial business |
|
7,672 |
|
|
|
9,101 |
|
|
|
17,396 |
|
|
|
16,841 |
|
|
|
15,430 |
|
Construction |
|
— |
|
|
|
8,766 |
|
|
|
9,382 |
|
|
|
9,382 |
|
|
|
9,382 |
|
Consumer |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonaccrual loans |
|
53,277 |
|
|
|
65,543 |
|
|
|
56,205 |
|
|
|
46,543 |
|
|
|
49,207 |
|
Other real estate owned |
|
8,299 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
$ |
61,576 |
|
|
$ |
65,543 |
|
|
$ |
56,205 |
|
|
$ |
46,543 |
|
|
$ |
49,207 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans as a % of total loans |
|
1.97 |
% |
|
|
2.42 |
% |
|
|
2.12 |
% |
|
|
1.74 |
% |
|
|
1.81 |
% |
Nonperforming assets as a % of total assets |
|
1.88 |
% |
|
|
2.01 |
% |
|
|
1.79 |
% |
|
|
1.48 |
% |
|
|
1.53 |
% |
ACL-loans as a % of total loans |
|
1.07 |
% |
|
|
1.07 |
% |
|
|
1.36 |
% |
|
|
1.04 |
% |
|
|
1.03 |
% |
ACL-loans as a % of nonperforming loans |
|
54.44 |
% |
|
|
44.26 |
% |
|
|
64.20 |
% |
|
|
60.14 |
% |
|
|
56.79 |
% |
Total past due loans to total loans |
|
1.63 |
% |
|
|
2.40 |
% |
|
|
0.84 |
% |
|
|
1.44 |
% |
|
|
0.78 |
% |
Financial Condition & Capital
Assets totaled
Period End Loan Composition |
December 31,
|
|
September 30,
|
|
December 31,
|
|
Current QTD % Change |
|
YTD % Change |
||||||||
Residential Real Estate |
$ |
42,766 |
|
|
$ |
45,553 |
|
|
$ |
50,931 |
|
|
(6.1 |
)% |
|
(16.0 |
)% |
Commercial Real Estate(1) |
|
1,899,134 |
|
|
1,887,942 |
|
|
1,947,648 |
|
0.6 |
|
|
(2.5 |
) |
|||
Construction |
|
173,555 |
|
|
|
160,292 |
|
|
|
183,414 |
|
|
8.3 |
|
|
(5.4 |
) |
Total Real Estate Loans |
|
2,115,455 |
|
|
|
2,093,787 |
|
|
|
2,181,993 |
|
|
1.0 |
|
|
(3.0 |
) |
Commercial Business |
|
515,125 |
|
|
|
490,292 |
|
|
|
500,569 |
|
|
5.1 |
|
|
2.9 |
|
Consumer |
|
75,308 |
|
|
|
39,126 |
|
|
|
36,045 |
|
|
92.5 |
|
|
108.9 |
|
Total Loans |
$ |
2,705,888 |
|
|
$ |
2,623,205 |
|
|
$ |
2,718,607 |
|
|
3.2 |
% |
|
(0.5 |
)% |
(1) |
|
Includes owner occupied commercial real estate of |
| Period End Deposit Composition |
December 31,
|
|
September 30,
|
|
December 31,
|
|
Current QTD % Change |
|
YTD % Change |
||||||||
Noninterest bearing demand |
$ |
321,875 |
|
|
$ |
295,552 |
|
|
$ |
346,172 |
|
|
8.9 |
% |
|
(7.0 |
)% |
NOW |
|
105,090 |
|
|
76,413 |
|
|
90,829 |
|
37.5 |
|
|
15.7 |
|
|||
Money Market |
|
899,413 |
|
|
|
840,234 |
|
|
|
887,352 |
|
|
7.0 |
|
|
1.4 |
|
Savings |
|
90,220 |
|
|
|
87,212 |
|
|
|
97,331 |
|
|
3.4 |
|
|
(7.3 |
) |
Time |
|
1,370,972 |
|
|
|
1,388,760 |
|
|
|
1,315,073 |
|
|
(1.3 |
) |
|
4.3 |
|
Total Deposits |
$ |
2,787,570 |
|
|
$ |
2,688,171 |
|
|
$ |
2,736,757 |
|
|
3.7 |
% |
|
1.9 |
% |
Shareholders’ equity totaled
The Company's capital position was generally stable during the fourth quarter, with total risk-based capital, common-equity tier 1 capital and leverage ratios at
We recommend reading this earnings release in conjunction with the Fourth Quarter 2024 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our January 22, 2025 Current Report on Form 8-K.
Conference Call
Bankwell will host a conference call to discuss the Company’s financial results and business outlook on January 23, 2025, at 10:00 a.m. E.T. The call will be accessible by telephone and webcast using https://investor.mybankwell.com/events-and-presentations/. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event.
About Bankwell Financial Group
Bankwell Financial Group, Inc. is the holding company for Bankwell Bank ("Bankwell"), a full-service commercial bank headquartered in
For more information about this press release, interested parties may contact Christopher R. Gruseke, Chief Executive Officer or Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166 or at ir@mybankwell.com.
For more information, visit www.mybankwell.com.
This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the banking industry or securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.
Non-GAAP Financial Measures
In addition to evaluating the Company's financial performance in accordance with
BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars in thousands) |
|||||||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
293,552 |
|
|
$ |
275,829 |
|
|
$ |
234,277 |
|
|
$ |
245,043 |
|
|
$ |
267,521 |
|
Federal funds sold |
|
13,972 |
|
|
|
15,508 |
|
|
|
17,103 |
|
|
|
2,584 |
|
|
|
1,636 |
|
Cash and cash equivalents |
|
307,524 |
|
|
|
291,337 |
|
|
|
251,380 |
|
|
|
247,627 |
|
|
|
269,157 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
|
|
|
|
|
|
|
|
||||||||||
Marketable equity securities, at fair value |
|
2,118 |
|
|
|
2,148 |
|
|
|
2,079 |
|
|
|
2,069 |
|
|
|
2,070 |
|
Available for sale investment securities, at fair value |
|
107,428 |
|
|
|
108,866 |
|
|
|
107,635 |
|
|
|
108,417 |
|
|
|
109,736 |
|
Held to maturity investment securities, at amortized cost |
|
36,553 |
|
|
|
34,886 |
|
|
|
28,286 |
|
|
|
15,739 |
|
|
|
15,817 |
|
Total investment securities |
|
146,099 |
|
|
|
145,900 |
|
|
|
138,000 |
|
|
|
126,225 |
|
|
|
127,623 |
|
Loans receivable (net of ACL-Loans of |
|
2,672,959 |
|
|
|
2,591,551 |
|
|
|
2,616,691 |
|
|
|
2,646,686 |
|
|
|
2,685,301 |
|
Accrued interest receivable |
|
14,535 |
|
|
|
14,714 |
|
|
|
14,675 |
|
|
|
15,104 |
|
|
|
14,863 |
|
Federal Home Loan Bank stock, at cost |
|
5,655 |
|
|
|
5,655 |
|
|
|
5,655 |
|
|
|
5,655 |
|
|
|
5,696 |
|
Premises and equipment, net |
|
23,856 |
|
|
|
24,780 |
|
|
|
25,599 |
|
|
|
26,161 |
|
|
|
27,018 |
|
Bank-owned life insurance |
|
52,791 |
|
|
|
52,443 |
|
|
|
52,097 |
|
|
|
51,764 |
|
|
|
51,435 |
|
Goodwill |
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
Deferred income taxes, net |
|
9,742 |
|
|
|
9,300 |
|
|
|
11,345 |
|
|
|
9,137 |
|
|
|
9,383 |
|
Other real estate owned |
|
8,299 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other assets |
|
24,571 |
|
|
|
22,811 |
|
|
|
23,623 |
|
|
|
24,326 |
|
|
|
22,417 |
|
Total assets |
$ |
3,268,620 |
|
|
$ |
3,161,080 |
|
|
$ |
3,141,654 |
|
|
$ |
3,155,274 |
|
|
$ |
3,215,482 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing deposits |
$ |
321,875 |
|
|
$ |
295,552 |
|
|
$ |
328,475 |
|
|
$ |
376,248 |
|
|
$ |
346,172 |
|
Interest bearing deposits |
|
2,465,695 |
|
|
|
2,392,619 |
|
|
|
2,333,900 |
|
|
|
2,297,274 |
|
|
|
2,390,585 |
|
Total deposits |
|
2,787,570 |
|
|
|
2,688,171 |
|
|
|
2,662,375 |
|
|
|
2,673,522 |
|
|
|
2,736,757 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advances from the Federal Home Loan Bank |
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
Subordinated debentures |
|
69,451 |
|
|
|
69,389 |
|
|
|
69,328 |
|
|
|
69,266 |
|
|
|
69,205 |
|
Accrued expenses and other liabilities |
|
51,536 |
|
|
|
45,594 |
|
|
|
52,975 |
|
|
|
54,454 |
|
|
|
53,768 |
|
Total liabilities |
|
2,998,557 |
|
|
|
2,893,154 |
|
|
|
2,874,678 |
|
|
|
2,887,242 |
|
|
|
2,949,730 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock, no par value |
|
119,108 |
|
|
|
118,429 |
|
|
|
118,037 |
|
|
|
118,401 |
|
|
|
118,247 |
|
Retained earnings |
|
152,199 |
|
|
|
151,257 |
|
|
|
150,895 |
|
|
|
151,350 |
|
|
|
149,169 |
|
Accumulated other comprehensive (loss) |
|
(1,244 |
) |
|
|
(1,760 |
) |
|
|
(1,956 |
) |
|
|
(1,719 |
) |
|
|
(1,664 |
) |
Total shareholders’ equity |
|
270,063 |
|
|
|
267,926 |
|
|
|
266,976 |
|
|
|
268,032 |
|
|
|
265,752 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liabilities and shareholders’ equity |
$ |
3,268,620 |
|
|
$ |
3,161,080 |
|
|
$ |
3,141,654 |
|
|
$ |
3,155,274 |
|
|
$ |
3,215,482 |
|
BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Dollars in thousands, except share data) |
|||||||||||||||||||||||||||
|
For the Quarter Ended |
For the Year Ended |
|||||||||||||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest and fees on loans |
$ |
42,851 |
|
|
$ |
43,596 |
|
|
$ |
43,060 |
|
|
$ |
43,325 |
|
|
$ |
44,122 |
|
|
$ |
172,832 |
|
|
$ |
170,181 |
|
Interest and dividends on securities |
|
1,482 |
|
|
1,390 |
|
|
1,190 |
|
|
1,130 |
|
|
1,108 |
|
|
5,192 |
|
|
4,126 |
|||||||
Interest on cash and cash equivalents |
|
3,510 |
|
|
|
3,205 |
|
|
|
3,429 |
|
|
|
3,826 |
|
|
|
4,164 |
|
|
|
13,970 |
|
|
|
14,147 |
|
Total interest and dividend income |
|
47,843 |
|
|
|
48,191 |
|
|
|
47,679 |
|
|
|
48,281 |
|
|
|
49,394 |
|
|
|
191,994 |
|
|
|
188,454 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense on deposits |
|
25,640 |
|
|
|
25,579 |
|
|
|
24,677 |
|
|
|
25,362 |
|
|
|
25,307 |
|
|
|
101,258 |
|
|
|
86,906 |
|
Interest expense on borrowings |
|
2,004 |
|
|
|
1,895 |
|
|
|
1,783 |
|
|
|
1,772 |
|
|
|
1,842 |
|
|
|
7,454 |
|
|
|
7,080 |
|
Total interest expense |
|
27,644 |
|
|
|
27,474 |
|
|
|
26,460 |
|
|
|
27,134 |
|
|
|
27,149 |
|
|
|
108,712 |
|
|
|
93,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income |
|
20,199 |
|
|
|
20,717 |
|
|
|
21,219 |
|
|
|
21,147 |
|
|
|
22,245 |
|
|
|
83,282 |
|
|
|
94,468 |
|
Provision (credit) for credit losses |
|
4,458 |
|
|
|
6,296 |
|
|
|
8,183 |
|
|
|
3,683 |
|
|
|
(960 |
) |
|
|
22,620 |
|
|
|
866 |
|
Net interest income after provision (credit) for credit losses |
|
15,741 |
|
|
|
14,421 |
|
|
|
13,036 |
|
|
|
17,464 |
|
|
|
23,205 |
|
|
|
60,662 |
|
|
|
93,602 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Bank owned life insurance |
|
348 |
|
|
|
346 |
|
|
|
333 |
|
|
|
329 |
|
|
|
316 |
|
|
|
1,356 |
|
|
|
1,192 |
|
Service charges and fees |
|
589 |
|
|
|
575 |
|
|
|
495 |
|
|
|
304 |
|
|
|
688 |
|
|
|
1,963 |
|
|
|
1,629 |
|
Gains and fees from sales of loans |
|
24 |
|
|
|
133 |
|
|
|
45 |
|
|
|
321 |
|
|
|
79 |
|
|
|
523 |
|
|
|
1,972 |
|
Other |
|
3 |
|
|
|
102 |
|
|
|
(190 |
) |
|
|
(39 |
) |
|
|
46 |
|
|
|
(124 |
) |
|
|
49 |
|
Total noninterest income |
|
964 |
|
|
|
1,156 |
|
|
|
683 |
|
|
|
915 |
|
|
|
1,129 |
|
|
|
3,718 |
|
|
|
4,842 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Salaries and employee benefits |
|
5,656 |
|
|
|
6,223 |
|
|
|
6,176 |
|
|
|
6,291 |
|
|
|
6,088 |
|
|
|
24,346 |
|
|
|
24,595 |
|
Occupancy and equipment |
|
2,600 |
|
|
|
2,334 |
|
|
|
2,238 |
|
|
|
2,322 |
|
|
|
2,231 |
|
|
|
9,494 |
|
|
|
8,665 |
|
Professional services |
|
1,286 |
|
|
|
1,142 |
|
|
|
989 |
|
|
|
1,065 |
|
|
|
1,033 |
|
|
|
4,482 |
|
|
|
3,538 |
|
Data processing |
|
905 |
|
|
|
851 |
|
|
|
755 |
|
|
|
740 |
|
|
|
747 |
|
|
|
3,251 |
|
|
|
2,888 |
|
Director fees |
|
342 |
|
|
|
292 |
|
|
|
306 |
|
|
|
900 |
|
|
|
605 |
|
|
|
1,840 |
|
|
|
1,812 |
|
FDIC insurance |
|
862 |
|
|
|
853 |
|
|
|
705 |
|
|
|
930 |
|
|
|
1,026 |
|
|
|
3,350 |
|
|
|
4,164 |
|
Marketing |
|
175 |
|
|
|
73 |
|
|
|
90 |
|
|
|
114 |
|
|
|
139 |
|
|
|
452 |
|
|
|
651 |
|
Other |
|
1,417 |
|
|
|
1,097 |
|
|
|
986 |
|
|
|
935 |
|
|
|
995 |
|
|
|
4,435 |
|
|
|
4,088 |
|
Total noninterest expense |
|
13,243 |
|
|
|
12,865 |
|
|
|
12,245 |
|
|
|
13,297 |
|
|
|
12,864 |
|
|
|
51,650 |
|
|
|
50,401 |
|
Income before income tax expense |
|
3,462 |
|
|
|
2,712 |
|
|
|
1,474 |
|
|
|
5,082 |
|
|
|
11,470 |
|
|
|
12,730 |
|
|
|
48,043 |
|
Income tax expense |
|
955 |
|
|
|
786 |
|
|
|
356 |
|
|
|
1,319 |
|
|
|
2,946 |
|
|
|
3,416 |
|
|
|
11,380 |
|
Net income |
$ |
2,507 |
|
|
$ |
1,926 |
|
|
$ |
1,118 |
|
|
$ |
3,763 |
|
|
$ |
8,524 |
|
|
$ |
9,314 |
|
|
$ |
36,663 |
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic |
$ |
0.32 |
|
|
$ |
0.24 |
|
|
$ |
0.14 |
|
|
$ |
0.48 |
|
|
$ |
1.09 |
|
|
$ |
1.18 |
|
|
$ |
4.71 |
|
Diluted |
$ |
0.32 |
|
|
$ |
0.24 |
|
|
$ |
0.14 |
|
|
$ |
0.48 |
|
|
$ |
1.09 |
|
|
$ |
1.17 |
|
|
$ |
4.67 |
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic |
|
7,713,970 |
|
|
|
7,715,040 |
|
|
|
7,747,675 |
|
|
|
7,663,521 |
|
|
|
7,603,938 |
|
|
|
7,710,076 |
|
|
|
7,587,768 |
|
Diluted |
|
7,727,412 |
|
|
|
7,720,895 |
|
|
|
7,723,888 |
|
|
|
7,687,679 |
|
|
|
7,650,451 |
|
|
|
7,737,952 |
|
|
|
7,647,411 |
|
Dividends per common share |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.80 |
|
|
$ |
0.80 |
|
BANKWELL FINANCIAL GROUP, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) (Dollars in thousands, except share data) |
|||||||||||||||||||
|
As of |
||||||||||||||||||
Computation of Tangible Common Equity to Tangible Assets |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Total Equity |
$ |
270,063 |
|
|
$ |
267,926 |
|
|
$ |
266,976 |
|
|
$ |
268,032 |
|
|
$ |
265,752 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill |
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
Other intangibles |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tangible Common Equity |
$ |
267,474 |
|
|
$ |
265,337 |
|
|
$ |
264,387 |
|
|
$ |
265,443 |
|
|
$ |
263,163 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets |
$ |
3,268,620 |
|
|
$ |
3,161,080 |
|
|
$ |
3,141,654 |
|
|
$ |
3,155,274 |
|
|
$ |
3,215,482 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill |
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
Other intangibles |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tangible Assets |
$ |
3,266,031 |
|
|
$ |
3,158,491 |
|
|
$ |
3,139,065 |
|
|
$ |
3,152,685 |
|
|
$ |
3,212,893 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible Common Equity to Tangible Assets |
|
8.19 |
% |
|
|
8.40 |
% |
|
|
8.42 |
% |
|
|
8.42 |
% |
|
|
8.19 |
% |
|
As of |
||||||||||||||||||
Computation of Fully Diluted Tangible Book Value per Common Share |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
Total shareholders' equity |
$ |
270,063 |
|
|
$ |
267,926 |
|
|
$ |
266,976 |
|
|
$ |
268,032 |
|
|
$ |
265,752 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|||||
Common shareholders' equity |
$ |
270,063 |
|
|
$ |
267,926 |
|
|
$ |
266,976 |
|
|
$ |
268,032 |
|
|
$ |
265,752 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill |
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
Other intangibles |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tangible common shareholders' equity |
$ |
267,474 |
|
|
$ |
265,337 |
|
|
$ |
264,387 |
|
|
$ |
265,443 |
|
|
$ |
263,163 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares issued and outstanding |
|
7,859,873 |
|
|
|
7,858,573 |
|
|
|
7,866,499 |
|
|
|
7,908,180 |
|
|
|
7,882,616 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fully Diluted Tangible Book Value per Common Share |
$ |
34.03 |
|
|
$ |
33.76 |
|
|
$ |
33.61 |
|
|
$ |
33.57 |
|
|
$ |
33.39 |
|
BANKWELL FINANCIAL GROUP, INC. EARNINGS PER SHARE ("EPS") (unaudited) (Dollars in thousands, except share data) |
|||||||||||||||
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(In thousands, except per share data) |
||||||||||||||
Net income |
$ |
2,507 |
|
|
$ |
8,524 |
|
|
$ |
9,314 |
|
|
$ |
36,663 |
|
Dividends to participating securities(1) |
|
(39 |
) |
|
|
(40 |
) |
|
|
(156 |
) |
|
|
(164 |
) |
Undistributed earnings allocated to participating securities(1) |
|
(23 |
) |
|
|
(181 |
) |
|
|
(76 |
) |
|
|
(794 |
) |
Net income for earnings per share calculation |
|
2,445 |
|
|
|
8,303 |
|
|
|
9,082 |
|
|
|
35,705 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding, basic |
|
7,714 |
|
|
|
7,604 |
|
|
|
7,710 |
|
|
|
7,588 |
|
Effect of dilutive equity-based awards(2) |
|
13 |
|
|
|
46 |
|
|
|
28 |
|
|
|
60 |
|
Weighted average shares outstanding, diluted |
|
7,727 |
|
|
|
7,650 |
|
|
|
7,738 |
|
|
|
7,648 |
|
Net earnings per common share: |
|
|
|
|
|
|
|
||||||||
Basic earnings per common share |
$ |
0.32 |
|
|
$ |
1.09 |
|
|
$ |
1.18 |
|
|
$ |
4.71 |
|
Diluted earnings per common share |
$ |
0.32 |
|
|
$ |
1.09 |
|
|
$ |
1.17 |
|
|
$ |
4.67 |
|
(1) |
|
Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends. |
(2) |
|
Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method. |
BANKWELL FINANCIAL GROUP, INC. NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited) (Dollars in thousands) |
|||||||||||||||||||||
|
For the Quarter Ended |
||||||||||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||||
|
Average Balance |
|
Interest |
|
Yield/ Rate (4) |
|
Average Balance |
|
Interest |
|
Yield/ Rate (4) |
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Fed funds sold |
$ |
313,777 |
|
|
$ |
3,510 |
|
|
4.45 |
% |
|
$ |
314,950 |
|
|
$ |
4,164 |
|
|
5.25 |
% |
Securities(1) |
|
151,300 |
|
|
1,506 |
|
3.98 |
|
|
|
133,440 |
|
|
1,041 |
|
3.12 |
|
||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
1,896,551 |
|
|
|
28,222 |
|
|
5.82 |
|
|
|
1,933,736 |
|
|
|
28,546 |
|
|
5.78 |
|
Residential real estate |
|
44,329 |
|
|
|
753 |
|
|
6.79 |
|
|
|
52,026 |
|
|
|
718 |
|
|
5.52 |
|
Construction |
|
171,244 |
|
|
|
3,281 |
|
|
7.50 |
|
|
|
199,541 |
|
|
|
3,793 |
|
|
7.44 |
|
Commercial business |
|
505,655 |
|
|
|
9,911 |
|
|
7.67 |
|
|
|
496,476 |
|
|
|
9,944 |
|
|
7.84 |
|
Consumer |
|
43,315 |
|
|
|
684 |
|
|
6.29 |
|
|
|
43,639 |
|
|
|
1,120 |
|
|
10.18 |
|
Total loans |
|
2,661,094 |
|
|
|
42,851 |
|
|
6.30 |
|
|
|
2,725,418 |
|
|
|
44,121 |
|
|
6.33 |
|
Federal Home Loan Bank stock |
|
5,655 |
|
|
|
119 |
|
|
8.36 |
|
|
|
5,696 |
|
|
|
119 |
|
|
8.31 |
|
Total earning assets |
|
3,131,826 |
|
|
$ |
47,986 |
|
|
6.00 |
% |
|
|
3,179,504 |
|
|
$ |
49,445 |
|
|
6.08 |
% |
Other assets |
|
94,781 |
|
|
|
|
|
|
|
94,459 |
|
|
|
|
|
||||||
Total assets |
$ |
3,226,607 |
|
|
|
|
|
|
$ |
3,273,963 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW |
$ |
90,497 |
|
|
$ |
42 |
|
|
0.18 |
% |
|
$ |
95,603 |
|
|
$ |
42 |
|
|
0.17 |
% |
Money market |
|
855,522 |
|
|
|
8,472 |
|
|
3.94 |
|
|
|
893,043 |
|
|
|
9,369 |
|
|
4.16 |
|
Savings |
|
88,956 |
|
|
|
692 |
|
|
3.10 |
|
|
|
99,242 |
|
|
|
759 |
|
|
3.04 |
|
Time |
|
1,385,264 |
|
|
|
16,434 |
|
|
4.72 |
|
|
|
1,341,871 |
|
|
|
15,136 |
|
|
4.48 |
|
Total interest bearing deposits |
|
2,420,239 |
|
|
|
25,640 |
|
|
4.21 |
|
|
|
2,429,759 |
|
|
|
25,306 |
|
|
4.13 |
|
Borrowed Money |
|
159,416 |
|
|
|
2,004 |
|
|
5.00 |
|
|
|
159,165 |
|
|
|
1,842 |
|
|
4.59 |
|
Total interest bearing liabilities |
|
2,579,655 |
|
|
$ |
27,644 |
|
|
4.27 |
% |
|
|
2,588,924 |
|
|
$ |
27,148 |
|
|
4.16 |
% |
Noninterest bearing deposits |
|
322,135 |
|
|
|
|
|
|
|
351,071 |
|
|
|
|
|
||||||
Other liabilities |
|
54,013 |
|
|
|
|
|
|
|
70,181 |
|
|
|
|
|
||||||
Total liabilities |
|
2,955,803 |
|
|
|
|
|
|
|
3,010,176 |
|
|
|
|
|
||||||
Shareholders' equity |
|
270,804 |
|
|
|
|
|
|
|
263,787 |
|
|
|
|
|
||||||
Total liabilities and shareholders' equity |
$ |
3,226,607 |
|
|
|
|
|
|
$ |
3,273,963 |
|
|
|
|
|
||||||
Net interest income(2) |
|
|
$ |
20,342 |
|
|
|
|
|
|
$ |
22,297 |
|
|
|
||||||
Interest rate spread |
|
|
|
|
1.73 |
% |
|
|
|
|
|
1.92 |
% |
||||||||
Net interest margin(3) |
|
|
|
|
2.60 |
% |
|
|
|
|
|
2.81 |
% |
||||||||
(1) |
|
Average balances and yields for securities are based on amortized cost. |
(2) |
|
The adjustment for securities and loans taxable equivalency amounted to |
(3) |
|
Annualized net interest income as a percentage of earning assets. |
(4) |
|
Yields are calculated using the contractual day count convention for each respective product type. |
BANKWELL FINANCIAL GROUP, INC. NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - YTD (unaudited) (Dollars in thousands) |
|||||||||||||||||||||
|
For the Year Ended |
||||||||||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||||
|
Average Balance |
|
Interest |
|
Yield/ Rate (4) |
|
Average Balance |
|
Interest |
|
Yield/ Rate (4) |
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Fed funds sold |
$ |
283,353 |
|
|
$ |
13,970 |
|
|
4.93 |
% |
|
$ |
289,582 |
|
|
$ |
14,147 |
|
|
4.89 |
% |
Securities(1) |
|
142,744 |
|
|
5,098 |
|
3.57 |
|
|
|
129,785 |
|
|
3,906 |
|
3.01 |
|
||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
1,905,973 |
|
|
|
112,804 |
|
|
5.82 |
|
|
|
1,932,627 |
|
|
|
109,110 |
|
|
5.57 |
|
Residential real estate |
|
47,767 |
|
|
|
2,978 |
|
|
6.23 |
|
|
|
55,607 |
|
|
|
2,751 |
|
|
4.95 |
|
Construction |
|
162,180 |
|
|
|
12,197 |
|
|
7.40 |
|
|
|
195,773 |
|
|
|
14,268 |
|
|
7.19 |
|
Commercial business |
|
514,800 |
|
|
|
42,006 |
|
|
8.03 |
|
|
|
533,736 |
|
|
|
41,406 |
|
|
7.65 |
|
Consumer |
|
41,869 |
|
|
|
2,847 |
|
|
6.80 |
|
|
|
34,022 |
|
|
|
2,646 |
|
|
7.77 |
|
Total loans |
|
2,672,589 |
|
|
|
172,832 |
|
|
6.36 |
|
|
|
2,751,765 |
|
|
|
170,181 |
|
|
6.10 |
|
Federal Home Loan Bank stock |
|
5,666 |
|
|
|
477 |
|
|
8.41 |
|
|
|
5,570 |
|
|
|
427 |
|
|
7.68 |
|
Total earning assets |
|
3,104,352 |
|
|
$ |
192,377 |
|
|
6.09 |
% |
|
|
3,176,702 |
|
|
$ |
188,661 |
|
|
5.86 |
% |
Other assets |
|
92,886 |
|
|
|
|
|
|
|
79,571 |
|
|
|
|
|
||||||
Total assets |
$ |
3,197,238 |
|
|
|
|
|
|
$ |
3,256,273 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW |
$ |
96,091 |
|
|
$ |
175 |
|
|
0.18 |
% |
|
$ |
97,203 |
|
|
$ |
170 |
|
|
0.17 |
% |
Money market |
|
851,283 |
|
|
|
34,767 |
|
|
4.08 |
|
|
|
906,354 |
|
|
|
32,901 |
|
|
3.63 |
|
Savings |
|
90,587 |
|
|
|
2,785 |
|
|
3.07 |
|
|
|
113,260 |
|
|
|
3,163 |
|
|
2.79 |
|
Time |
|
1,335,680 |
|
|
|
63,531 |
|
|
4.76 |
|
|
|
1,303,915 |
|
|
|
50,672 |
|
|
3.89 |
|
Total interest bearing deposits |
|
2,373,641 |
|
|
|
101,258 |
|
|
4.27 |
|
|
|
2,420,732 |
|
|
|
86,906 |
|
|
3.59 |
|
Borrowed Money |
|
159,320 |
|
|
|
7,454 |
|
|
4.68 |
|
|
|
160,661 |
|
|
|
7,080 |
|
|
4.35 |
|
Total interest bearing liabilities |
|
2,532,961 |
|
|
$ |
108,712 |
|
|
4.29 |
% |
|
|
2,581,393 |
|
|
$ |
93,986 |
|
|
3.64 |
% |
Noninterest bearing deposits |
|
332,611 |
|
|
|
|
|
|
|
368,926 |
|
|
|
|
|
||||||
Other liabilities |
|
60,466 |
|
|
|
|
|
|
|
53,893 |
|
|
|
|
|
||||||
Total liabilities |
|
2,926,038 |
|
|
|
|
|
|
|
3,004,212 |
|
|
|
|
|
||||||
Shareholders' equity |
|
271,200 |
|
|
|
|
|
|
|
252,061 |
|
|
|
|
|
||||||
Total liabilities and shareholders' equity |
$ |
3,197,238 |
|
|
|
|
|
|
$ |
3,256,273 |
|
|
|
|
|
||||||
Net interest income(2) |
|
|
$ |
83,665 |
|
|
|
|
|
|
$ |
94,675 |
|
|
|
||||||
Interest rate spread |
|
|
|
|
1.80 |
% |
|
|
|
|
|
2.22 |
% |
||||||||
Net interest margin(3) |
|
|
|
|
2.70 |
% |
|
|
|
|
|
2.98 |
% |
||||||||
(1) |
|
Average balances and yields for securities are based on amortized cost. |
(2) |
|
The adjustment for securities and loans taxable equivalency amounted to |
(3) |
|
Annualized net interest income as a percentage of earning assets. |
(4) |
|
Yields are calculated using the contractual day count convention for each respective product type. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250122185628/en/
Christopher R. Gruseke, Chief Executive Officer
or
Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer
Bankwell Financial Group
(203) 652-0166
ir@mybankwell.com
Source: Bankwell Financial Group, Inc
FAQ
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