Bankwell Financial Group Reports Operating Results for the Fourth Quarter and Full Year 2023; Declares First Quarter Dividend
- Increase in Tangible Book Value
- Low single-digit loan growth anticipated for 2024
- Net Interest Margin expectations for 2024
- Consistent historical efficiency in noninterest expense
- Decrease in revenues for Q4 2023
- Increase in noninterest expense
- Decrease in net income for the year ended 2023
Insights
The reported GAAP net income and earnings per share (EPS) for Bankwell Financial Group indicate a stable financial performance, with a slight increase in net income for the fourth quarter of 2023 compared to the same period in 2022. The year-over-year decrease in net income and EPS for the full year, however, suggests a need to analyze underlying factors such as noninterest expenses and the impact of loan growth and yields. The declared dividend of $0.20 per share is a tangible return to shareholders and reflects the company's confidence in its financial health.
The Return on Average Tangible Common Equity (ROATCE) and Return on Average Assets (ROAA) are critical metrics for evaluating a bank's profitability. Bankwell's ROATCE of 14.70% and ROAA of 1.13% for the year indicate robust returns, particularly in a volatile economic environment. The anticipated Net Interest Margin (NIM) trough in the third quarter and the estimated noninterest expense ratio provide forward-looking insights into the bank's expected financial trajectory, which is crucial for investors evaluating the bank's future performance.
Bankwell's growth in tangible book value per share and the expansion of its total gross loans signify an underlying strength in its core banking operations. The 15% Compounded Annual Growth Rate in tangible book value since December 31, 2020, demonstrates a solid increase in shareholder equity over time. However, the projected low single-digit loan growth for 2024 may signal a conservative approach in a potentially uncertain economic climate, which could affect future revenue streams.
The bank's positioning for potential future interest rate cuts by the Federal Reserve is a strategic move that could mitigate risks associated with fluctuating interest rates. The hypothetical scenario of a 50 basis point expansion in the Net Interest Margin contributing to an increase in Earnings Per Share underscores the sensitivity of the bank's earnings to interest rate changes, a critical consideration for investors.
The net interest margin (NIM) is a vital indicator of a bank's financial health, representing the difference between the interest income generated and the amount of interest paid out to lenders relative to interest-earning assets. Bankwell's NIM of 2.81% for the quarter and 2.98% for the year, though decreased from the previous year, still reflects a healthy spread in the current economic context. The bank's anticipation of a NIM trough in the upcoming quarters suggests awareness of the challenges posed by the current interest rate environment.
An increase in the allowance for credit losses (ACL) indicates a prudent approach to potential credit risks, aligning with the Current Expected Credit Loss (CECL) accounting standard. This proactive stance on credit risk management is particularly relevant given the economic uncertainty and could reassure investors of the bank's commitment to maintaining a robust balance sheet.
The Company's Board of Directors declared a
We recommend reading this earnings release in conjunction with the Fourth Quarter 2023 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our January 24, 2024 Current Report on Form 8-K.
Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:
"Thank you to my colleagues who helped the Company generate quality returns for our shareholders amidst a volatile economic backdrop in 2023. We achieved a total year Return on Average Tangible Common Equity (“ROATCE") of
Looking to 2024, we expect low single digit loan growth as we grow capital and implement innovative deposit solutions. The Net Interest Margin is anticipated to trough in 3Q at approximately 250 to 260 basis points. Noninterest expense is estimated at
The Balance Sheet is well positioned for any future interest rate cuts taken by the Federal Reserve. We estimate that a hypothetical 50 basis point expansion of the Net Interest Margin would generate approximately
Fourth Quarter 2023 Highlights:
-
Noninterest expense to average assets was
1.56% for the quarter ended December 31, 2023 and1.55% for the year ended December 31, 2023. -
Average yield on 2023 funded loans was
7.70% compared to6.24% for 2022. -
Total gross loans were
$2.7 billion $43.2 million 1.6% , compared to December 31, 2022. -
Return on average assets was
1.03% for the quarter ended December 31, 2023 and1.13% for the year ended December 31, 2023. -
Return on average tangible common equity was
12.95% for the quarter ended December 31, 2023 and14.70% for the year ended December 31, 2023. -
The net interest margin was
2.81% for the quarter ended December 31, 2023 and2.98% for the year ended December 31, 2023. -
Investment securities totaled
$127.6 million 4.0% of total assets. -
Fully diluted tangible book value per share rose to
$33.39 $30.51
Earnings and Performance
Revenues (net interest income plus noninterest income) for the quarter ended December 31, 2023 were
1 - The increase in overall loan yields were 71 bps and 100 bps, respectively, for the quarter and year ended December 31, 2023. |
Net income for the quarter ended December 31, 2023 was
Basic and diluted earnings per share were
The net interest margin (fully taxable equivalent basis) for the quarters ended December 31, 2023 and December 31, 2022 was
Allowance for Credit Losses ("ACL") - Loans
The ACL-Loans was
The ACL-Loans was
Financial Condition
Assets totaled
Capital
Shareholders’ equity totaled
About Bankwell Financial Group
Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout
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 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 |
$ |
267,521 |
|
|
$ |
256,973 |
|
|
$ |
207,345 |
|
|
$ |
249,812 |
|
|
$ |
344,925 |
|
Federal funds sold |
|
1,636 |
|
|
|
1,122 |
|
|
|
54,706 |
|
|
|
27,370 |
|
|
|
10,754 |
|
Cash and cash equivalents |
|
269,157 |
|
|
|
258,095 |
|
|
|
262,051 |
|
|
|
277,182 |
|
|
|
355,679 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
|
|
|
|
|
|
|
|
||||||||||
Marketable equity securities, at fair value |
|
2,070 |
|
|
|
1,975 |
|
|
|
2,017 |
|
|
|
2,028 |
|
|
|
1,988 |
|
Available for sale investment securities, at fair value |
|
109,736 |
|
|
|
97,907 |
|
|
|
99,938 |
|
|
|
103,171 |
|
|
|
103,663 |
|
Held to maturity investment securities, at amortized cost |
|
15,817 |
|
|
|
15,885 |
|
|
|
15,884 |
|
|
|
15,931 |
|
|
|
15,983 |
|
Total investment securities |
|
127,623 |
|
|
|
115,767 |
|
|
|
117,839 |
|
|
|
121,130 |
|
|
|
121,634 |
|
Loans receivable (net of allowance for loan losses of |
|
2,685,301 |
|
|
|
2,735,242 |
|
|
|
2,736,607 |
|
|
|
2,724,514 |
|
|
|
2,646,384 |
|
Accrued interest receivable |
|
14,863 |
|
|
|
15,648 |
|
|
|
14,208 |
|
|
|
14,261 |
|
|
|
13,070 |
|
Federal Home Loan Bank stock, at cost |
|
5,696 |
|
|
|
5,696 |
|
|
|
5,696 |
|
|
|
5,234 |
|
|
|
5,216 |
|
Premises and equipment, net |
|
27,018 |
|
|
|
26,899 |
|
|
|
27,658 |
|
|
|
27,619 |
|
|
|
27,199 |
|
Bank-owned life insurance |
|
51,435 |
|
|
|
51,119 |
|
|
|
50,816 |
|
|
|
50,524 |
|
|
|
50,243 |
|
Goodwill |
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
Deferred income taxes, net |
|
9,383 |
|
|
|
9,395 |
|
|
|
10,014 |
|
|
|
8,692 |
|
|
|
7,422 |
|
Other assets |
|
22,417 |
|
|
|
29,326 |
|
|
|
25,229 |
|
|
|
20,573 |
|
|
|
23,013 |
|
Total assets |
$ |
3,215,482 |
|
|
$ |
3,249,776 |
|
|
$ |
3,252,707 |
|
|
$ |
3,252,318 |
|
|
$ |
3,252,449 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing deposits |
$ |
346,172 |
|
|
$ |
345,433 |
|
|
$ |
367,635 |
|
|
$ |
377,667 |
|
|
$ |
404,559 |
|
Interest bearing deposits |
|
2,390,585 |
|
|
|
2,423,193 |
|
|
|
2,421,228 |
|
|
|
2,420,641 |
|
|
|
2,396,259 |
|
Total deposits |
|
2,736,757 |
|
|
|
2,768,626 |
|
|
|
2,788,863 |
|
|
|
2,798,308 |
|
|
|
2,800,818 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advances from the Federal Home Loan Bank |
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
Subordinated debentures |
|
69,205 |
|
|
|
69,143 |
|
|
|
69,082 |
|
|
|
69,020 |
|
|
|
68,959 |
|
Accrued expenses and other liabilities |
|
53,768 |
|
|
|
64,145 |
|
|
|
55,949 |
|
|
|
52,683 |
|
|
|
54,203 |
|
Total liabilities |
|
2,949,730 |
|
|
|
2,991,914 |
|
|
|
3,003,894 |
|
|
|
3,010,011 |
|
|
|
3,013,980 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock, no par value |
|
118,247 |
|
|
|
117,181 |
|
|
|
116,541 |
|
|
|
115,875 |
|
|
|
115,018 |
|
Retained earnings |
|
149,169 |
|
|
|
142,205 |
|
|
|
133,988 |
|
|
|
127,566 |
|
|
|
123,640 |
|
Accumulated other comprehensive (loss) income |
|
(1,664 |
) |
|
|
(1,524 |
) |
|
|
(1,716 |
) |
|
|
(1,134 |
) |
|
|
(189 |
) |
Total shareholders’ equity |
|
265,752 |
|
|
|
257,862 |
|
|
|
248,813 |
|
|
|
242,307 |
|
|
|
238,469 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liabilities and shareholders’ equity |
$ |
3,215,482 |
|
|
$ |
3,249,776 |
|
|
$ |
3,252,707 |
|
|
$ |
3,252,318 |
|
|
$ |
3,252,449 |
|
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 |
$ |
44,122 |
|
|
$ |
43,854 |
|
|
$ |
42,482 |
|
$ |
39,723 |
|
$ |
36,545 |
|
|
|
$ |
170,181 |
|
$ |
111,242 |
|
Interest and dividends on securities |
|
1,108 |
|
|
|
1,016 |
|
|
|
1,002 |
|
|
1,000 |
|
|
898 |
|
|
|
|
4,126 |
|
|
3,203 |
|
Interest on cash and cash equivalents |
|
4,164 |
|
|
|
3,393 |
|
|
|
3,022 |
|
|
3,568 |
|
|
2,150 |
|
|
|
|
14,147 |
|
|
3,500 |
|
Total interest and dividend income |
|
49,394 |
|
|
|
48,263 |
|
|
|
46,506 |
|
|
44,291 |
|
|
39,593 |
|
|
|
|
188,454 |
|
|
117,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest expense on deposits |
|
25,307 |
|
|
|
23,789 |
|
|
|
20,777 |
|
|
17,033 |
|
|
11,083 |
|
|
|
|
86,906 |
|
|
19,364 |
|
Interest expense on borrowings |
|
1,842 |
|
|
|
1,783 |
|
|
|
1,738 |
|
|
1,717 |
|
|
1,701 |
|
|
|
|
7,080 |
|
|
3,838 |
|
Total interest expense |
|
27,149 |
|
|
|
25,572 |
|
|
|
22,515 |
|
|
18,750 |
|
|
12,784 |
|
|
|
|
93,986 |
|
|
23,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income |
|
22,245 |
|
|
|
22,691 |
|
|
|
23,991 |
|
|
25,541 |
|
|
26,809 |
|
|
|
|
94,468 |
|
|
94,743 |
|
(Credit) provision for loan losses |
|
(960 |
) |
|
|
(1,579 |
) |
|
|
2,579 |
|
|
826 |
|
|
4,272 |
|
|
|
|
866 |
|
|
5,437 |
|
Net interest income after (credit) provision for loan losses |
|
23,205 |
|
|
|
24,270 |
|
|
|
21,412 |
|
|
24,715 |
|
|
22,537 |
|
|
|
|
93,602 |
|
|
89,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Bank owned life insurance |
|
316 |
|
|
|
303 |
|
|
|
292 |
|
|
281 |
|
|
273 |
|
|
|
|
1,192 |
|
|
1,069 |
|
Service charges and fees |
|
688 |
|
|
|
294 |
|
|
|
361 |
|
|
286 |
|
|
343 |
|
|
|
|
1,629 |
|
|
1,072 |
|
Gains (losses) and fees from sales of loans |
|
79 |
|
|
|
237 |
|
|
|
725 |
|
|
931 |
|
|
12 |
|
|
|
|
1,972 |
|
|
1,236 |
|
Other |
|
46 |
|
|
|
(48 |
) |
|
|
23 |
|
|
28 |
|
|
(100 |
) |
|
|
|
49 |
|
|
(337 |
) |
Total noninterest income |
|
1,129 |
|
|
|
786 |
|
|
|
1,401 |
|
|
1,526 |
|
|
528 |
|
|
|
|
4,842 |
|
|
3,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Salaries and employee benefits |
|
6,088 |
|
|
|
6,036 |
|
|
|
6,390 |
|
|
6,081 |
|
|
5,988 |
|
|
|
|
24,595 |
|
|
22,237 |
|
Occupancy and equipment |
|
2,231 |
|
|
|
2,146 |
|
|
|
2,204 |
|
|
2,084 |
|
|
1,919 |
|
|
|
|
8,665 |
|
|
8,297 |
|
Professional services |
|
1,033 |
|
|
|
491 |
|
|
|
692 |
|
|
1,322 |
|
|
912 |
|
|
|
|
3,538 |
|
|
3,887 |
|
Data processing |
|
747 |
|
|
|
741 |
|
|
|
729 |
|
|
671 |
|
|
663 |
|
|
|
|
2,888 |
|
|
2,632 |
|
Director fees |
|
605 |
|
|
|
362 |
|
|
|
453 |
|
|
392 |
|
|
378 |
|
|
|
|
1,812 |
|
|
1,394 |
|
FDIC insurance |
|
1,026 |
|
|
|
1,026 |
|
|
|
1,050 |
|
|
1,062 |
|
|
898 |
|
|
|
|
4,164 |
|
|
1,638 |
|
Marketing |
|
139 |
|
|
|
184 |
|
|
|
177 |
|
|
151 |
|
|
112 |
|
|
|
|
651 |
|
|
366 |
|
Other |
|
995 |
|
|
|
1,219 |
|
|
|
946 |
|
|
928 |
|
|
1,601 |
|
|
|
|
4,088 |
|
|
3,912 |
|
Total noninterest expense |
|
12,864 |
|
|
|
12,205 |
|
|
|
12,641 |
|
|
12,691 |
|
|
12,471 |
|
|
|
|
50,401 |
|
|
44,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income before income tax expense |
|
11,470 |
|
|
|
12,851 |
|
|
|
10,172 |
|
|
13,550 |
|
|
10,594 |
|
|
|
|
48,043 |
|
|
47,983 |
|
Income tax expense |
|
2,946 |
|
|
|
3,074 |
|
|
|
2,189 |
|
|
3,171 |
|
|
2,573 |
|
|
|
|
11,380 |
|
|
10,554 |
|
Net income |
$ |
8,524 |
|
|
$ |
9,777 |
|
|
$ |
7,983 |
|
$ |
10,379 |
|
$ |
8,021 |
|
|
|
$ |
36,663 |
|
$ |
37,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
1.09 |
|
|
$ |
1.25 |
|
|
$ |
1.02 |
|
$ |
1.34 |
|
$ |
1.04 |
|
|
|
$ |
4.71 |
|
$ |
4.84 |
|
Diluted |
$ |
1.09 |
|
|
$ |
1.25 |
|
|
$ |
1.02 |
|
$ |
1.33 |
|
$ |
1.04 |
|
|
|
$ |
4.67 |
|
$ |
4.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
|
7,603,938 |
|
|
|
7,598,230 |
|
|
|
7,593,417 |
|
|
7,554,689 |
|
|
7,507,540 |
|
|
|
|
7,587,768 |
|
|
7,563,363 |
|
Diluted |
|
7,650,451 |
|
|
|
7,633,934 |
|
|
|
7,601,562 |
|
|
7,616,671 |
|
|
7,563,116 |
|
|
|
|
7,647,411 |
|
|
7,640,218 |
|
Dividends per common share |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
$ |
0.20 |
|
|
|
$ |
0.80 |
|
$ |
0.80 |
|
BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) |
||||||||||||||||||||
|
For the Quarter Ended |
|
For the Year Ended |
|||||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|||||||
Performance ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Return on average assets |
1.03 |
% |
|
1.19 |
% |
|
0.99 |
% |
|
1.30 |
% |
|
1.07 |
% |
|
1.13 |
% |
|
1.44 |
% |
Return on average shareholders' equity |
12.82 |
% |
|
15.19 |
% |
|
12.91 |
% |
|
17.48 |
% |
|
13.38 |
% |
|
14.55 |
% |
|
16.72 |
% |
Return on average tangible common equity |
12.95 |
% |
|
15.35 |
% |
|
13.05 |
% |
|
17.67 |
% |
|
13.52 |
% |
|
14.70 |
% |
|
16.91 |
% |
Net interest margin |
2.81 |
% |
|
2.85 |
% |
|
3.07 |
% |
|
3.24 |
% |
|
3.70 |
% |
|
2.98 |
% |
|
3.78 |
% |
Efficiency ratio(1) |
55.0 |
% |
|
52.0 |
% |
|
49.8 |
% |
|
46.9 |
% |
|
45.6 |
% |
|
50.8 |
% |
|
45.4 |
% |
Net loan charge-offs as a % of average loans |
0.01 |
% |
|
— |
% |
|
— |
% |
|
0.02 |
% |
|
— |
% |
|
0.03 |
% |
|
— |
% |
Dividend payout ratio(2) |
18.35 |
% |
|
16.00 |
% |
|
19.61 |
% |
|
15.04 |
% |
|
19.23 |
% |
|
17.13 |
% |
|
16.70 |
% |
| (1) | 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. |
|
| (2) | The dividend payout ratio is calculated by dividing dividends per share by earnings per share. |
|
As of |
||||||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Capital ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Total Common Equity Tier 1 Capital to Risk-Weighted Assets(1) |
|
11.15 |
% |
|
|
10.82 |
% |
|
|
10.34 |
% |
|
|
10.17 |
% |
|
|
10.28 |
% |
Total Capital to Risk-Weighted Assets(1) |
|
12.15 |
% |
|
|
11.86 |
% |
|
|
11.41 |
% |
|
|
11.16 |
% |
|
|
11.07 |
% |
Tier I Capital to Risk-Weighted Assets(1) |
|
11.15 |
% |
|
|
10.82 |
% |
|
|
10.34 |
% |
|
|
10.17 |
% |
|
|
10.28 |
% |
Tier I Capital to Average Assets(1) |
|
9.81 |
% |
|
|
9.60 |
% |
|
|
9.41 |
% |
|
|
9.22 |
% |
|
|
9.88 |
% |
Tangible common equity to tangible assets |
|
8.19 |
% |
|
|
7.86 |
% |
|
|
7.58 |
% |
|
|
7.38 |
% |
|
|
7.26 |
% |
Fully diluted tangible book value per common share |
$ |
33.39 |
|
|
$ |
32.55 |
|
|
$ |
31.45 |
|
|
$ |
30.56 |
|
|
$ |
30.51 |
|
| (1) | Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report. |
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 |
$ |
29,284 |
|
|
$ |
30,694 |
|
|
$ |
27,998 |
|
|
$ |
22,431 |
|
|
$ |
18,167 |
|
Day 1 CECL Adjustment on January 1, 2023 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,079 |
|
|
|
— |
|
Beginning balance January 1, 2023 |
|
29,284 |
|
|
|
30,694 |
|
|
|
27,998 |
|
|
|
27,510 |
|
|
|
18,167 |
|
Charge-offs: |
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial real estate |
|
(824 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(440 |
) |
|
|
— |
|
Consumer |
|
(15 |
) |
|
|
(31 |
) |
|
|
(25 |
) |
|
|
(12 |
) |
|
|
(11 |
) |
Total charge-offs |
|
(839 |
) |
|
|
(31 |
) |
|
|
(25 |
) |
|
|
(452 |
) |
|
|
(11 |
) |
Recoveries: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial business |
|
464 |
|
|
|
35 |
|
|
|
32 |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
3 |
|
|
|
19 |
|
|
|
10 |
|
|
|
6 |
|
|
|
3 |
|
Total recoveries |
|
467 |
|
|
|
54 |
|
|
|
42 |
|
|
|
6 |
|
|
|
3 |
|
Net loan (charge-offs) recoveries |
|
(372 |
) |
|
|
23 |
|
|
|
17 |
|
|
|
(446 |
) |
|
|
(8 |
) |
(Credit) provision for loan losses |
|
(966 |
) |
|
|
(1,433 |
) |
|
|
2,679 |
|
|
|
934 |
|
|
|
4,272 |
|
Balance at end of period |
$ |
27,946 |
|
|
$ |
29,284 |
|
|
$ |
30,694 |
|
|
$ |
27,998 |
|
|
$ |
22,431 |
|
|
As of |
||||||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Asset quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans |
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate |
$ |
1,386 |
|
|
$ |
1,408 |
|
|
$ |
1,429 |
|
|
$ |
1,443 |
|
|
$ |
2,152 |
|
Commercial real estate |
|
23,009 |
|
|
|
1,898 |
|
|
|
1,905 |
|
|
|
1,912 |
|
|
|
2,781 |
|
Commercial business |
|
15,430 |
|
|
|
7,352 |
|
|
|
2,815 |
|
|
|
1,528 |
|
|
|
2,126 |
|
Construction |
|
9,382 |
|
|
|
9,382 |
|
|
|
9,382 |
|
|
|
9,382 |
|
|
|
9,382 |
|
Consumer |
|
— |
|
|
|
7,917 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonaccrual loans |
|
49,207 |
|
|
|
27,957 |
|
|
|
15,531 |
|
|
|
14,265 |
|
|
|
16,441 |
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
$ |
49,207 |
|
|
$ |
27,957 |
|
|
$ |
15,531 |
|
|
$ |
14,265 |
|
|
$ |
16,441 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans as a % of total loans |
|
1.81 |
% |
|
|
1.01 |
% |
|
|
0.56 |
% |
|
|
0.52 |
% |
|
|
0.61 |
% |
Nonperforming assets as a % of total assets |
|
1.53 |
% |
|
|
0.86 |
% |
|
|
0.48 |
% |
|
|
0.44 |
% |
|
|
0.51 |
% |
ACL-loans as a % of total loans |
|
1.03 |
% |
|
|
1.06 |
% |
|
|
1.11 |
% |
|
|
1.01 |
% |
|
|
0.84 |
% |
ACL-loans as a % of nonaccrual loans |
|
56.79 |
% |
|
|
104.75 |
% |
|
|
197.63 |
% |
|
|
196.27 |
% |
|
|
136.43 |
% |
Total past due loans to total loans |
|
0.78 |
% |
|
|
1.44 |
% |
|
|
1.30 |
% |
|
|
0.94 |
% |
|
|
0.60 |
% |
Total nonaccrual loans increased
Past due loans increased to
BANKWELL FINANCIAL GROUP, INC. LOAN & DEPOSIT PORTFOLIO (unaudited) (Dollars in thousands) |
||||||||||||||
Period End Loan Composition |
December 31,
|
|
September 30,
|
|
December 31,
|
|
Current QTD
|
|
YTD
|
|||||
Residential Real Estate |
$ |
50,931 |
|
$ |
52,908 |
|
$ |
60,588 |
|
(3.7 |
) % |
|
(15.9 |
) % |
Commercial Real Estate(1) |
|
1,947,648 |
|
|
1,955,992 |
|
|
1,921,252 |
|
(0.4 |
) |
|
1.4 |
|
Construction |
|
183,414 |
|
|
199,972 |
|
|
155,198 |
|
(8.3 |
) |
|
18.2 |
|
Total Real Estate Loans |
|
2,181,993 |
|
|
2,208,872 |
|
|
2,137,038 |
|
(1.2 |
) |
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial Business |
|
500,569 |
|
|
508,626 |
|
|
520,447 |
|
(1.6 |
) |
|
(3.8 |
) |
|
|
|
|
|
|
|
|
|
|
|||||
Consumer |
|
36,045 |
|
|
52,612 |
|
|
17,963 |
|
(31.5 |
) |
|
100.7 |
|
Total Loans |
$ |
2,718,607 |
|
$ |
2,770,110 |
|
$ |
2,675,448 |
|
(1.9 |
) % |
|
1.6 |
% |
| (1) | Includes owner occupied commercial real estate. |
Gross loans totaled
Period End Deposit Composition |
December 31,
|
|
September 30,
|
|
December 31,
|
|
Current QTD
|
|
YTD
|
|||||
Noninterest bearing demand |
$ |
346,172 |
|
$ |
345,433 |
|
$ |
404,559 |
|
0.2 |
% |
|
(14.4 |
) % |
NOW |
|
90,829 |
|
|
101,719 |
|
|
104,057 |
|
(10.7 |
) |
|
(12.7 |
) |
Money Market |
|
887,352 |
|
|
879,978 |
|
|
913,868 |
|
0.8 |
|
|
(2.9 |
) |
Savings |
|
97,331 |
|
|
102,207 |
|
|
151,944 |
|
(4.8 |
) |
|
(35.9 |
) |
Time |
|
1,315,073 |
|
|
1,339,289 |
|
|
1,226,390 |
|
(1.8 |
) |
|
7.2 |
|
Total Deposits |
$ |
2,736,757 |
|
$ |
2,768,626 |
|
$ |
2,800,818 |
|
(1.2 |
) % |
|
(2.3 |
) % |
Total deposits were
BANKWELL FINANCIAL GROUP, INC. NONINTEREST INCOME (unaudited) (Dollars in thousands) |
||||||||||||||||
|
For the Quarter Ended |
|
|
|
|
|||||||||||
Noninterest income |
December 31,
|
|
September 30,
|
|
December 31,
|
|
Dec 23 vs. Sep 23
|
|
Dec 23 vs. Dec 22
|
|||||||
Bank owned life insurance |
$ |
316 |
|
$ |
303 |
|
|
$ |
273 |
|
|
4.3 |
% |
|
15.8 |
% |
Service charges and fees |
|
688 |
|
|
294 |
|
|
|
343 |
|
|
134.0 |
|
|
100.6 |
|
Gains (losses) and fees from sales of loans |
|
79 |
|
|
237 |
|
|
|
12 |
|
|
(66.7 |
) |
|
558.3 |
|
Other |
|
46 |
|
|
(48 |
) |
|
|
(100 |
) |
|
Favorable |
|
Favorable |
||
Total noninterest income |
$ |
1,129 |
|
$ |
786 |
|
|
$ |
528 |
|
|
43.6 |
% |
|
113.8 |
% |
|
For the Year Ended |
|
|
||||||
Noninterest income |
December 31, 2023 |
|
December 31, 2022 |
|
% Change |
||||
Gains and fees from sales of loans |
$ |
1,972 |
|
$ |
1,236 |
|
|
59.5 |
% |
Bank owned life insurance |
|
1,192 |
|
|
1,069 |
|
|
11.5 |
|
Service charges and fees |
|
1,629 |
|
|
1,072 |
|
|
52.0 |
|
Other |
|
49 |
|
|
(337 |
) |
|
Favorable |
|
Total noninterest income |
$ |
4,842 |
|
$ |
3,040 |
|
|
59.3 |
% |
Noninterest income increased by
BANKWELL FINANCIAL GROUP, INC. NONINTEREST EXPENSE (unaudited) (Dollars in thousands) |
||||||||||||||
|
For the Quarter Ended |
|
|
|
|
|||||||||
Noninterest expense |
December 31,
|
|
September 30,
|
|
December 31,
|
|
Dec 23 vs. Sep 23
|
|
Dec 23 vs. Dec 22
|
|||||
Salaries and employee benefits |
$ |
6,088 |
|
$ |
6,036 |
|
$ |
5,988 |
|
0.9 |
% |
|
1.7 |
% |
Occupancy and equipment |
|
2,231 |
|
|
2,146 |
|
|
1,919 |
|
4.0 |
|
|
16.3 |
|
Professional services |
|
1,033 |
|
|
491 |
|
|
912 |
|
110.4 |
|
|
13.3 |
|
Data processing |
|
747 |
|
|
741 |
|
|
663 |
|
0.8 |
|
|
12.7 |
|
Director fees |
|
605 |
|
|
362 |
|
|
378 |
|
67.1 |
|
|
60.1 |
|
FDIC insurance |
|
1,026 |
|
|
1,026 |
|
|
898 |
|
— |
|
|
14.3 |
|
Marketing |
|
139 |
|
|
184 |
|
|
112 |
|
(24.5 |
) |
|
24.1 |
|
Other |
|
995 |
|
|
1,219 |
|
|
1,601 |
|
(18.4 |
) |
|
(37.9 |
) |
Total noninterest expense |
$ |
12,864 |
|
$ |
12,205 |
|
$ |
12,471 |
|
5.4 |
% |
|
3.2 |
% |
|
For the Year Ended |
|
|
|||||
Noninterest expense |
December 31, 2023 |
|
December 31, 2022 |
|
% Change |
|||
Salaries and employee benefits |
$ |
24,595 |
|
$ |
22,237 |
|
10.6 |
% |
Occupancy and equipment |
|
8,665 |
|
|
8,297 |
|
4.4 |
|
Professional services |
|
3,538 |
|
|
3,887 |
|
(9.0 |
) |
Data processing |
|
2,888 |
|
|
2,632 |
|
9.7 |
|
Director fees |
|
1,812 |
|
|
1,394 |
|
30.0 |
|
FDIC insurance |
|
4,164 |
|
|
1,638 |
|
154.2 |
|
Marketing |
|
651 |
|
|
366 |
|
77.9 |
|
Other |
|
4,088 |
|
|
3,912 |
|
4.5 |
|
Total noninterest expense |
$ |
50,401 |
|
$ |
44,363 |
13.6 |
% |
|
Noninterest expense increased by
FDIC insurance expense totaled
Salaries and employee benefits expense totaled
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 |
$ |
265,752 |
|
|
$ |
257,862 |
|
|
$ |
248,813 |
|
|
$ |
242,307 |
|
|
$ |
238,469 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill |
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
Other intangibles |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tangible Common Equity |
$ |
263,163 |
|
|
$ |
255,273 |
|
|
$ |
246,224 |
|
|
$ |
239,718 |
|
|
$ |
235,880 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets |
$ |
3,215,482 |
|
|
$ |
3,249,776 |
|
|
$ |
3,252,707 |
|
|
$ |
3,252,318 |
|
|
$ |
3,252,449 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill |
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
|
2,589 |
|
Other intangibles |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tangible Assets |
$ |
3,212,893 |
|
|
$ |
3,247,187 |
|
|
$ |
3,250,118 |
|
|
$ |
3,249,729 |
|
|
$ |
3,249,860 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible Common Equity to Tangible Assets |
|
8.19 |
% |
|
|
7.86 |
% |
|
|
7.58 |
% |
|
|
7.38 |
% |
|
|
7.26 |
% |
|
As of |
|||||||||||||
Computation of Fully Diluted Tangible Book Value per Common Share |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|||||
Total shareholders' equity |
$ |
265,752 |
|
$ |
257,862 |
|
$ |
248,813 |
|
$ |
242,307 |
|
$ |
238,469 |
Less: |
|
|
|
|
|
|
|
|
|
|||||
Preferred stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Common shareholders' equity |
$ |
265,752 |
|
$ |
257,862 |
|
$ |
248,813 |
|
$ |
242,307 |
|
$ |
238,469 |
Less: |
|
|
|
|
|
|
|
|
|
|||||
Goodwill |
|
2,589 |
|
|
2,589 |
|
|
2,589 |
|
|
2,589 |
|
|
2,589 |
Other intangibles |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Tangible common shareholders' equity |
$ |
263,163 |
|
$ |
255,273 |
|
$ |
246,224 |
|
$ |
239,718 |
|
$ |
235,880 |
|
|
|
|
|
|
|
|
|
|
|||||
Common shares issued and outstanding |
|
7,882,616 |
|
|
7,841,616 |
|
|
7,829,950 |
|
|
7,843,438 |
|
|
7,730,699 |
|
|
|
|
|
|
|
|
|
|
|||||
Fully Diluted Tangible Book Value per Common Share |
$ |
33.39 |
|
$ |
32.55 |
|
$ |
31.45 |
|
$ |
30.56 |
|
$ |
30.51 |
BANKWELL FINANCIAL GROUP, INC. EARNINGS PER SHARE ("EPS") (unaudited) (Dollars in thousands, except share data) |
|||||||||||||||
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(In thousands, except per share data) |
||||||||||||||
Net income |
$ |
8,524 |
|
|
$ |
8,021 |
|
|
$ |
36,663 |
|
|
$ |
37,429 |
|
Dividends to participating securities(1) |
|
(40 |
) |
|
|
(32 |
) |
|
|
(164 |
) |
|
|
(133 |
) |
Undistributed earnings allocated to participating securities(1) |
|
(181 |
) |
|
|
(154 |
) |
|
|
(794 |
) |
|
|
(680 |
) |
Net income for earnings per share calculation |
$ |
8,303 |
|
|
$ |
7,835 |
|
|
$ |
35,705 |
|
|
$ |
36,616 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding, basic |
|
7,604 |
|
|
|
7,508 |
|
|
|
7,588 |
|
|
|
7,563 |
|
Effect of dilutive equity-based awards(2) |
|
46 |
|
|
|
56 |
|
|
|
60 |
|
|
|
77 |
|
Weighted average shares outstanding, diluted |
|
7,650 |
|
|
|
7,564 |
|
|
|
7,648 |
|
|
|
7,640 |
|
Net earnings per common share: |
|
|
|
|
|
|
|
||||||||
Basic earnings per common share |
$ |
1.09 |
|
|
$ |
1.04 |
|
|
$ |
4.71 |
|
|
$ |
4.84 |
|
Diluted earnings per common share |
$ |
1.09 |
|
|
$ |
1.04 |
|
|
$ |
4.67 |
|
|
$ |
4.79 |
|
| (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, 2023 |
|
December 31, 2022 |
||||||||||||||
|
Average
|
|
Interest |
|
Yield/
|
|
Average
|
|
Interest |
|
Yield/
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and Fed funds sold |
$ |
314,950 |
|
$ |
4,164 |
|
5.25 |
% |
|
$ |
231,767 |
|
$ |
2,150 |
|
3.68 |
% |
Securities(1) |
|
133,440 |
|
|
989 |
|
2.97 |
|
|
|
123,274 |
|
|
887 |
|
2.88 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
1,933,736 |
|
|
28,546 |
|
5.78 |
|
|
|
1,828,306 |
|
|
24,998 |
|
5.35 |
|
Residential real estate |
|
52,026 |
|
|
718 |
|
5.52 |
|
|
|
61,057 |
|
|
599 |
|
3.92 |
|
Construction |
|
199,541 |
|
|
3,793 |
|
7.44 |
|
|
|
138,552 |
|
|
2,185 |
|
6.17 |
|
Commercial business |
|
496,476 |
|
|
9,944 |
|
7.84 |
|
|
|
499,030 |
|
|
8,549 |
|
6.70 |
|
Consumer |
|
43,639 |
|
|
1,120 |
|
10.18 |
|
|
|
16,875 |
|
|
214 |
|
5.05 |
|
Total loans |
|
2,725,418 |
|
|
44,121 |
|
6.33 |
|
|
|
2,543,820 |
|
|
36,545 |
|
5.62 |
|
Federal Home Loan Bank stock |
|
5,696 |
|
|
119 |
|
8.38 |
|
|
|
5,371 |
|
|
64 |
|
4.72 |
|
Total earning assets |
|
3,179,504 |
|
$ |
49,393 |
|
6.08 |
% |
|
|
2,904,232 |
|
$ |
39,646 |
|
5.34 |
% |
Other assets |
|
94,459 |
|
|
|
|
|
|
76,703 |
|
|
|
|
||||
Total assets |
$ |
3,273,963 |
|
|
|
|
|
$ |
2,980,935 |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
NOW |
$ |
95,603 |
|
$ |
42 |
|
0.17 |
% |
|
$ |
107,118 |
|
$ |
45 |
|
0.17 |
% |
Money market |
|
893,043 |
|
|
9,369 |
|
4.16 |
|
|
|
837,486 |
|
|
4,158 |
|
1.97 |
|
Savings |
|
99,242 |
|
|
759 |
|
3.04 |
|
|
|
170,903 |
|
|
581 |
|
1.35 |
|
Time |
|
1,341,871 |
|
|
15,136 |
|
4.48 |
|
|
|
1,002,012 |
|
|
6,299 |
|
2.49 |
|
Total interest bearing deposits |
|
2,429,759 |
|
|
25,306 |
|
4.13 |
|
|
|
2,117,519 |
|
|
11,083 |
|
2.08 |
|
Borrowed Money |
|
159,165 |
|
|
1,842 |
|
4.53 |
|
|
|
170,202 |
|
|
1,701 |
|
3.91 |
|
Total interest bearing liabilities |
|
2,588,924 |
|
$ |
27,148 |
|
4.16 |
% |
|
|
2,287,721 |
|
$ |
12,784 |
|
2.22 |
% |
Noninterest bearing deposits |
|
351,071 |
|
|
|
|
|
|
407,923 |
|
|
|
|
||||
Other liabilities |
|
70,181 |
|
|
|
|
|
|
47,369 |
|
|
|
|
||||
Total liabilities |
|
3,010,176 |
|
|
|
|
|
|
2,743,013 |
|
|
|
|
||||
Shareholders' equity |
|
263,787 |
|
|
|
|
|
|
237,922 |
|
|
|
|
||||
Total liabilities and shareholders' equity |
$ |
3,273,963 |
|
|
|
|
|
$ |
2,980,935 |
|
|
|
|
||||
Net interest income(2) |
|
|
$ |
22,245 |
|
|
|
|
|
$ |
26,862 |
|
|
||||
Interest rate spread |
|
|
|
|
1.92 |
% |
|
|
|
|
|
3.12 |
% |
||||
Net interest margin(3) |
|
|
|
|
2.81 |
% |
|
|
|
|
|
3.70 |
% |
||||
| (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, 2023 |
|
December 31, 2022 |
||||||||||||||
|
Average
|
|
Interest |
|
Yield/
|
|
Average
|
|
Interest |
|
Yield/
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and Fed funds sold |
$ |
289,582 |
|
$ |
14,147 |
|
4.89 |
% |
|
$ |
238,233 |
|
$ |
3,500 |
|
1.47 |
% |
Securities(1) |
|
129,785 |
|
|
3,699 |
|
2.85 |
|
|
|
118,591 |
|
|
3,280 |
|
2.77 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
1,932,627 |
|
|
109,110 |
|
5.57 |
|
|
|
1,532,971 |
|
|
76,103 |
|
4.90 |
|
Residential real estate |
|
55,607 |
|
|
2,751 |
|
4.95 |
|
|
|
66,028 |
|
|
2,408 |
|
3.65 |
|
Construction |
|
195,773 |
|
|
14,268 |
|
7.19 |
|
|
|
115,902 |
|
|
6,666 |
|
5.67 |
|
Commercial business |
|
533,736 |
|
|
41,406 |
|
7.65 |
|
|
|
427,178 |
|
|
25,561 |
|
5.90 |
|
Consumer |
|
34,022 |
|
|
2,645 |
|
7.77 |
|
|
|
10,121 |
|
|
504 |
|
4.98 |
|
Total loans |
|
2,751,765 |
|
|
170,180 |
|
6.10 |
|
|
|
2,152,200 |
|
|
111,242 |
|
5.10 |
|
Federal Home Loan Bank stock |
|
5,570 |
|
|
428 |
|
7.68 |
|
|
|
4,132 |
|
|
124 |
|
3.00 |
|
Total earning assets |
|
3,176,702 |
|
$ |
188,454 |
|
5.85 |
% |
|
|
2,513,156 |
|
$ |
118,146 |
|
4.64 |
% |
Other assets |
|
79,571 |
|
|
|
|
|
|
86,485 |
|
|
|
|
||||
Total assets |
$ |
3,256,273 |
|
|
|
|
|
$ |
2,599,641 |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
NOW |
$ |
97,203 |
|
$ |
170 |
|
0.17 |
% |
|
$ |
118,837 |
|
$ |
203 |
|
0.17 |
% |
Money market |
|
906,354 |
|
|
32,901 |
|
3.63 |
|
|
|
891,095 |
|
|
8,830 |
|
0.99 |
|
Savings |
|
113,260 |
|
|
3,163 |
|
2.79 |
|
|
|
188,186 |
|
|
1,259 |
|
0.67 |
|
Time |
|
1,303,915 |
|
|
50,672 |
|
3.89 |
|
|
|
617,480 |
|
|
9,072 |
|
1.47 |
|
Total interest bearing deposits |
|
2,420,732 |
|
|
86,906 |
|
3.59 |
|
|
|
1,815,598 |
|
|
19,364 |
|
1.07 |
|
Borrowed Money |
|
160,661 |
|
|
7,080 |
|
4.35 |
|
|
|
118,960 |
|
|
3,838 |
|
3.18 |
|
Total interest bearing liabilities |
|
2,581,393 |
|
$ |
93,986 |
|
3.64 |
% |
|
|
1,934,558 |
|
$ |
23,202 |
|
1.20 |
% |
Noninterest bearing deposits |
|
368,926 |
|
|
|
|
|
|
401,005 |
|
|
|
|
||||
Other liabilities |
|
53,893 |
|
|
|
|
|
|
40,204 |
|
|
|
|
||||
Total liabilities |
|
3,004,212 |
|
|
|
|
|
|
2,375,767 |
|
|
|
|
||||
Shareholders' equity |
|
252,061 |
|
|
|
|
|
|
223,874 |
|
|
|
|
||||
Total liabilities and shareholders' equity |
$ |
3,256,273 |
|
|
|
|
|
$ |
2,599,641 |
|
|
|
|
||||
Net interest income(2) |
|
|
$ |
94,468 |
|
|
|
|
|
$ |
94,944 |
|
|
||||
Interest rate spread |
|
|
|
|
2.21 |
% |
|
|
|
|
|
3.44 |
% |
||||
Net interest margin(3) |
|
|
|
|
2.98 |
% |
|
|
|
|
|
3.78 |
% |
||||
| (1) | Average balances and yields for securities are based on amortized cost. |
|
| (2) |
The adjustment for securities and loans taxable equivalency amounted to |
|
| (3) | 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/20240124761345/en/
Christopher R. Gruseke, President and Chief Executive Officer
or
Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer
(203) 652-0166
Source: Bankwell Financial Group, Inc
FAQ
What is the GAAP net income reported by Bankwell Financial Group, Inc. for Q4 2023?
What is the cash dividend declared by the Board of Directors?
What is the tangible book value per share for Bankwell Financial Group, Inc.?
What is the estimated noninterest expense for Bankwell Financial Group, Inc. for 2024?
What is the net interest margin anticipated for 3Q 2024?
