Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported record
GAAP net income of $8.2 million, or $1.04 per share, for the first
quarter of 2022, versus $5.7 million, or $0.71 per share, for the
same period in 2021.
The Company's Board of Directors declared a $0.20 per share cash
dividend, payable May 23, 2022 to shareholders of record on May 13,
2022.
We recommend reading this earnings release in conjunction with
the First Quarter 2022 Investor Presentation, located at
http://investor.mybankwell.com/Presentations and included as an
exhibit to our April 27, 2022 Current Report on Form 8-K.
Notes Bankwell Financial Group President and CEO, Christopher R.
Gruseke:
"Our team has begun the year with continued high performance.
Loan balances grew by almost 5% compared to year end 2021 and our
financial results for the quarter were exceptionally strong. The
Company achieved record ROAA and ROAE levels of 1.35% and 16.05%,
respectively, while operating at an efficiency ratio of 48.5%.
"On the operational front, we have just completed a successful
conversion of our core data processing system. This is the second
major system conversion the team has successfully executed within
the past twelve months as we invested in a new online banking
platform during the 2nd half of 2021. We have also begun a
systematic review of every operational process at the Bank. This
process mapping project will help to identify opportunities to
employ further technological solutions and increase efficiencies
through the organization.
"Credit quality remains high and our loan pipeline is as vibrant
as it has been for the last several quarters. We reaffirm prior
guidance of year over year net interest income growth of 12%-14%
for 2022.
"Most importantly, I’d like to congratulate and thank my
Bankwell colleagues whose hard work and dedication have made the
Company’s accomplishments possible."
First Quarter 2022 Highlights:
- Return on average assets was 1.35% and return on average equity
was 16.05% for the quarter ended March 31, 2022.
- The net interest margin was 3.30% for the quarter ended March
31, 2022.
- The efficiency ratio was 48.5% for the quarter ended March 31,
2022.
- Total gross loans were $2.0 billion, growing $90.4 million, or
4.8%, compared to December 31, 2021.
- Gains from loan sales totaled $0.6 million for the quarter
ended March 31, 2022.
- Total deposits were $2.2 billion compared to $2.1 billion at
December 31, 2021.
- Noninterest bearing deposits increased by $14.0 million, or
3.5% compared to December 31, 2021.
- The percentage of noninterest bearing deposits to total
deposits increased to 19.1% compared to 18.8% at December 31,
2021.
- Investment securities totaled $116.8 million and represent 4.7%
of total assets.
- Fully diluted tangible book value per share rose to $26.75
compared to $25.55 at December 31, 2021.
- Shares issued and outstanding were 7,761,338, reflecting
repurchases of 112,829 shares of common stock at a weighted average
price of $34.01 during the quarter ended March 31, 2022.
Earnings and Performance
Revenues (net interest income plus noninterest income) for the
quarter ended March 31, 2022 were $20.5 million, versus $16.6
million for the quarter ended March 31, 2021. The increase was
primarily attributable to an increase in interest and fees on loans
due to loan growth and higher overall loan yields and from lower
interest expense on deposits. The increase in revenues was
partially offset by a decrease in noninterest income driven by a
one-time federal payroll tax credit for COVID-19 of $0.9 million
recognized in the quarter ended March 31, 2021.
Net income for the quarter ended March 31, 2022 was $8.2
million, versus $5.7 million for the quarter ended March 31, 2021.
The increase in net income was primarily impacted by the
aforementioned increases in revenues, partially offset by an
increase in the provision for loan losses driven by loan growth and
a slight increase in noninterest expense.
Basic and diluted earnings per share were $1.05 and $1.04,
respectively, for the quarter ended March 31, 2022 compared to
basic and diluted earnings per share of $0.72 and $0.71,
respectively, for the quarter ended March 31, 2021.
The net interest margin (fully taxable equivalent basis) for the
quarters ended March 31, 2022 and March 31, 2021 was 3.30% and
2.74%, respectively. The increase in the net interest margin was
due to lower interest expense from a decrease in rates on interest
bearing deposits, a greater proportion of noninterest bearing
deposits and, to a lesser extent, an increase in overall loan
yields.
Financial Condition
Assets totaled $2.50 billion at March 31, 2022, compared to
assets of $2.46 billion at December 31, 2021. The increase in
assets was primarily due to loan growth, partially offset by a
decrease in excess liquidity. Gross loans totaled $2.0 billion at
March 31, 2022, an increase of $90.4 million compared to December
31, 2021. Deposits totaled $2.2 billion at March 31, 2022, compared
to deposits of $2.1 billion at December 31, 2021.
Capital
Shareholders’ equity totaled $210.2 million as of March 31,
2022, an increase of $8.2 million compared to December 31, 2021,
primarily a result of (i) net income of $8.2 million for the
quarter ended March 31, 2022 and (ii) a $4.9 million favorable
impact to accumulated other comprehensive income driven by fair
value marks related to hedge positions involving interest rate
swaps. The Company's interest rate swaps are used to hedge interest
rate risk. The Company's current interest rate swap positions will
cause a decrease to other comprehensive income in a falling
interest rate environment and an increase in a rising interest rate
environment. The increase in Shareholders’ equity was partially
offset by dividends paid of $1.6 million and common stock
repurchases of $3.8 million.
About Bankwell Financial Group
Bankwell is a commercial bank that serves the banking needs of
residents and businesses throughout Fairfield and New Haven
Counties, Connecticut. For more information about this press
release, interested parties may contact Christopher R. Gruseke,
President and Chief Executive Officer or Penko Ivanov, Executive
Vice President and Chief Financial Officer of Bankwell Financial
Group at (203) 652-0166.
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, but are not limited to, increased competitive pressures,
changes in the interest rate environment, general economic
conditions or conditions within the securities markets, uncertain
impacts of, or additional changes in, monetary, fiscal or tax
policy to address the impact of COVID-19, which could further
exacerbate the effects on the Company’s business and results of
operations, 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 U.S. generally accepted accounting principles
("GAAP"), management may evaluate certain non-GAAP financial
measures, such as the efficiency ratio. A computation and
reconciliation of certain non-GAAP financial measures used for
these purposes is contained in the accompanying Reconciliation of
GAAP to Non-GAAP Measures tables. We believe that providing certain
non-GAAP financial measures provides investors with information
useful in understanding our financial performance, our performance
trends and financial position. For example, the Company believes
that the efficiency ratio is useful in the assessment of financial
performance, including noninterest expense control. The Company
believes that tangible common equity, tangible book value per
share, and return on average tangible common equity are useful to
evaluate the relative strength of the Company's performance and
capital position. We utilize these measures for internal planning
and forecasting purposes. These non-GAAP financial measures should
not be considered a substitute for GAAP basis measures and results,
and we strongly encourage investors to review our consolidated
financial statements in their entirety and not to rely on any
single financial measure.
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(Dollars in thousands)
March 31, 2022
December 31,
2021
March 31, 2021
ASSETS
Cash and due from banks
$
280,471
$
291,598
$
351,194
Federal funds sold
19,022
53,084
10,811
Cash and cash equivalents
299,493
344,682
362,005
Investment securities
Marketable equity securities, at fair
value
2,090
2,168
2,178
Available for sale investment securities,
at fair value
98,733
90,198
83,218
Held to maturity investment securities, at
amortized cost
15,979
16,043
16,225
Total investment securities
116,802
108,409
101,621
Loans receivable (net of allowance for
loan losses of $17,141, $16,902 and $20,545 at March 31, 2022,
December 31, 2021 and March 31, 2021, respectively)
1,964,567
1,875,167
1,650,127
Accrued interest receivable
7,733
7,512
7,306
Federal Home Loan Bank stock, at cost
2,870
2,814
6,446
Premises and equipment, net
25,661
25,588
33,386
Bank-owned life insurance
49,434
49,174
42,881
Goodwill
2,589
2,589
2,589
Other intangible assets
—
—
67
Deferred income taxes, net
6,879
7,621
8,908
Other assets
20,849
32,708
29,131
Total assets
$
2,496,877
$
2,456,264
$
2,244,467
LIABILITIES AND SHAREHOLDERS’
EQUITY
Liabilities
Deposits
Noninterest bearing deposits
$
412,985
$
398,956
$
280,947
Interest bearing deposits
1,753,219
1,725,042
1,578,861
Total deposits
2,166,204
2,123,998
1,859,808
Advances from the Federal Home Loan
Bank
50,000
50,000
125,000
Subordinated debentures
34,471
34,441
25,271
Accrued expenses and other liabilities
35,982
45,838
46,445
Total liabilities
2,286,657
2,254,277
2,056,524
Shareholders’ equity
Common stock, no par value
114,882
118,148
120,398
Retained earnings
99,047
92,400
75,418
Accumulated other comprehensive loss
(3,709
)
(8,561
)
(7,873
)
Total shareholders’ equity
210,220
201,987
187,943
Total liabilities and shareholders’
equity
$
2,496,877
$
2,456,264
$
2,244,467
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(Dollars in thousands, except share
data)
For the Quarter Ended
March 31, 2022
December 31,
2021
March 31, 2021
Interest and dividend income
Interest and fees on loans
$
21,428
$
21,081
$
17,900
Interest and dividends on securities
720
722
769
Interest on cash and cash equivalents
154
90
108
Total interest and dividend income
22,302
21,893
18,777
Interest expense
Interest expense on deposits
2,206
2,198
3,114
Interest expense on borrowings
586
767
1,008
Total interest expense
2,792
2,965
4,122
Net interest income
19,510
18,928
14,655
Provision (credit) for loan
losses
229
125
(296
)
Net interest income after provision
(credit) for loan losses
19,281
18,803
14,951
Noninterest income
Gains and fees from sales of loans
631
441
513
Bank owned life insurance
260
270
231
Service charges and fees
240
257
199
Other
(173
)
(143
)
1,013
Total noninterest income
958
825
1,956
Noninterest expense
Salaries and employee benefits
4,940
4,806
4,769
Occupancy and equipment
2,150
2,411
2,406
Professional services
981
628
587
Data processing
654
432
512
Director fees
352
335
317
FDIC insurance
223
231
403
Marketing
45
87
(9
)
Other
580
749
653
Total noninterest expense
9,925
9,679
9,638
Income before income tax
expense
10,314
9,949
7,269
Income tax expense
2,102
2,135
1,579
Net income
$
8,212
$
7,814
$
5,690
Earnings Per Common Share:
Basic
$
1.05
$
1.00
$
0.72
Diluted
$
1.04
$
0.99
$
0.71
Weighted Average Common Shares
Outstanding:
Basic
7,637,077
7,660,307
7,758,540
Diluted
7,719,405
7,726,420
7,800,777
Dividends per common share
$
0.20
$
0.18
$
0.14
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
For the Quarter Ended
March 31,
2022
December 31,
2021
March 31, 2021
Performance ratios:
Return on average assets
1.35 %
1.32 %
1.02 %
Return on average stockholders' equity
16.05 %
15.44 %
12.67 %
Return on average tangible common
equity
16.25 %
15.65 %
12.86 %
Net interest margin
3.30 %
3.43 %
2.74 %
Efficiency ratio(1)
48.5 %
48.8 %
58.0 %
Net loan charge-offs as a % of average
loans
— %
— %
0.01 %
Dividend payout ratio(2)
19.23 %
18.18 %
19.72 %
(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
March 31,
2022
December 31,
2021
March 31,
2021
Capital ratios:
Total Common Equity Tier 1 Capital to
Risk-Weighted Assets(1)
11.20 %
11.18 %
11.02 %
Total Capital to Risk-Weighted
Assets(1)
12.00 %
12.00 %
12.17 %
Tier I Capital to Risk-Weighted
Assets(1)
11.20 %
11.18 %
11.02 %
Tier I Capital to Average Assets(1)
9.80 %
9.94 %
8.82 %
Tangible common equity to tangible
assets
8.32 %
8.13 %
8.27 %
Fully diluted tangible book value per
common share
$ 26.75
$ 25.55
$ 23.43
(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
March 31,
2022
December 31,
2021
March 31,
2021
Allowance for loan losses:
Balance at beginning of period
$
16,902
$
16,803
$
21,009
Charge-offs:
Commercial real estate
—
—
(163
)
Commercial business
—
(26
)
—
Consumer
(4
)
(5
)
(14
)
Total charge-offs
(4
)
(31
)
(177
)
Recoveries:
Commercial business
13
2
—
Consumer
1
3
9
Total recoveries
14
5
9
Net loan recoveries (charge-offs)
10
(26
)
(168
)
Provision (credit) for loan losses
229
125
(296
)
Balance at end of period
$
17,141
$
16,902
$
20,545
As of
March 31,
2022
December 31,
2021
March 31,
2021
Asset quality:
Nonaccrual loans
Residential real estate
$
2,181
$
2,380
$
1,289
Commercial real estate
3,365
3,482
19,277
Commercial business
817
1,728
1,803
Construction
9,382
8,997
8,997
Total nonaccrual loans
15,745
16,587
31,366
Other real estate owned
—
—
—
Total nonperforming assets
$
15,745
$
16,587
$
31,366
Nonperforming loans as a % of total
loans
0.79
%
0.88
%
1.87
%
Nonperforming assets as a % of total
assets
0.63
%
0.68
%
1.40
%
Allowance for loan losses as a % of total
loans
0.86
%
0.89
%
1.23
%
Allowance for loan losses as a % of
nonperforming loans
108.87
%
101.90
%
65.50
%
Total nonaccrual loans declined $0.8 million to $15.7 million as
of March 31, 2022 when compared to December 31, 2021. Nonperforming
assets as a percentage of total assets was 0.63% at March 31, 2022,
down from 0.68% at December 31, 2021. The allowance for loan losses
at March 31, 2022 was $17.1 million, representing 0.86% of total
loans.
BANKWELL FINANCIAL GROUP, INC.
LOAN & DEPOSIT PORTFOLIO
(unaudited)
(Dollars in thousands)
Period End Loan Composition
March 31,
2022
December 31,
2021
% Change
Residential Real Estate
$
68,617
$
79,987
(14.2
) %
Commercial Real Estate(1)
1,425,758
1,356,709
5.1
Construction
115,514
98,341
17.5
Total Real Estate Loans
1,609,889
1,535,037
4.9
Commercial Business
370,166
350,975
5.5
Consumer
5,275
8,869
(40.5
)
Total Loans
$
1,985,330
$
1,894,881
4.8
%
(1) Includes owner occupied commercial
real estate.
Gross loans totaled $2.0 billion at March 31, 2022, an increase
of $90.4 million compared to December 31, 2021.
Period End Deposit Composition
March 31,
2022
December 31,
2021
% Change
Noninterest bearing demand
$
412,985
$
398,956
3.5
%
NOW
112,567
119,479
(5.8
)
Money Market
996,458
954,674
4.4
Savings
197,961
193,631
2.2
Time
446,233
457,258
(2.4
)
Total Deposits
$
2,166,204
$
2,123,998
2.0
%
Total deposits were $2.2 billion at March 31, 2022, compared to
$2.1 billion at December 31, 2021, an increase of $42.2 million, or
2.0%.
BANKWELL FINANCIAL GROUP, INC.
NONINTEREST INCOME AND EXPENSE
(unaudited)
(Dollars in thousands)
For the Quarter Ended
Noninterest income
March 31,
2022
December 31,
2021
March 31,
2021
Mar 22 vs. Dec 21
% Change
Mar 22 vs. Mar 21
% Change
Gains and fees from sales of loans
$
631
$
441
$
513
43.1
%
23.0
%
Bank owned life insurance
260
270
231
(3.7
)
12.6
Service charges and fees
240
257
199
(6.6
)
20.6
Other
(173
)
(143
)
1,013
21.0
(117.1
)
Total noninterest income
$
958
$
825
$
1,956
16.1
%
(51.0
) %
Noninterest income decreased by $1.0 million to $1.0 million for
the quarter ended March 31, 2022 compared to the quarter ended
March 31, 2021. The decrease in noninterest income was driven by a
one-time federal payroll tax credit for COVID-19 of $0.9 million
recognized in the quarter ended March 31, 2021.
For the Quarter Ended
Noninterest expense
March 31,
2022
December 31,
2021
March 31,
2021
Mar 22 vs. Dec 21
% Change
Mar 22 vs. Mar 21
% Change
Salaries and employee benefits
$
4,940
$
4,806
$
4,769
2.8
%
3.6
%
Occupancy and equipment
2,150
2,411
2,406
(10.8
)
(10.6
)
Professional services
981
628
587
56.2
67.1
Data processing
654
432
512
51.4
27.7
Director fees
352
335
317
5.1
11.0
FDIC insurance
223
231
403
(3.5
)
(44.7
)
Marketing
45
87
(9
)
(48.3
)
N/M(1)
Other
580
749
653
(22.6
)
(11.2
)
Total noninterest expense
$
9,925
$
9,679
$
9,638
2.5
%
3.0
%
(1) Metric not meaningful
Noninterest expense increased by $0.3 million to $9.9 million
for the quarter ended March 31, 2022 compared to the quarter ended
March 31, 2021. The increase in noninterest expense was primarily
driven by an increase in professional services expense and data
processing expense.
Professional services expense totaled $1.0 million for the
quarter ended March 31, 2022, an increase of $0.4 million when
compared to the same period in 2021. The increase in professional
services expense was primarily driven by consulting fees associated
with various projects, including our core system conversion.
Data processing expense totaled $0.7 million for the quarter
ended March 31, 2022, an increase of $0.1 million when compared to
the same period in 2021. The increase in data processing expense
was primarily driven by costs associated with our new online
banking system.
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
March 31,
2022
December 31,
2021
March 31,
2021
Total Equity
$
210,220
$
201,987
$
187,943
Less:
Goodwill
2,589
2,589
2,589
Other intangibles
—
—
67
Tangible Common Equity
$
207,631
$
199,398
$
185,287
Total Assets
$
2,496,877
$
2,456,264
$
2,244,467
Less:
Goodwill
2,589
2,589
2,589
Other intangibles
—
—
67
Tangible Assets
$
2,494,288
$
2,453,675
$
2,241,811
Tangible Common Equity to Tangible
Assets
8.32
%
8.13
%
8.27
%
As of
Computation of Fully Diluted Tangible
Book Value per Common Share
March 31,
2022
December 31,
2021
March 31,
2021
Total shareholders' equity
$
210,220
$
201,987
$
187,943
Less:
Preferred stock
—
—
—
Common shareholders' equity
$
210,220
$
201,987
$
187,943
Less:
Goodwill
2,589
2,589
2,589
Other intangibles
—
—
67
Tangible common shareholders'
equity
$
207,631
$
199,398
$
185,287
Common shares issued and outstanding
7,761,338
7,803,166
7,908,630
Fully Diluted Tangible Book Value per
Common Share
$
26.75
$
25.55
$
23.43
BANKWELL FINANCIAL GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES (unaudited) - Continued
(Dollars in thousands)
For the Quarter Ended
Computation of Efficiency Ratio
March 31,
2022
December 31,
2021
March 31,
2021
Noninterest expense
$
9,925
$
9,679
$
9,638
Less:
Amortization of intangible assets
—
48
9
Other real estate owned expenses
—
—
—
Adjusted noninterest expense
$
9,925
$
9,631
$
9,629
Net interest income
$
19,510
$
18,928
$
14,655
Noninterest income
958
825
1,956
Less:
Net gain on sale of available for sale
securities
—
—
—
Gain on sale of other real estate owned,
net
—
—
—
Operating revenue
$
20,468
$
19,753
$
16,611
Efficiency ratio
48.5
%
48.8
%
58.0
%
For the Quarter Ended
Computation of Return on Average
Tangible Common Equity
March 31,
2021
December 31,
2020
March 31,
2021
Net Income Attributable to Common
Shareholders
$
8,212
$
7,814
$
5,690
Total average shareholders' equity
$
207,541
$
200,752
$
182,058
Less:
Average Goodwill
2,589
2,589
2,589
Average Other intangibles
—
45
73
Average tangible common equity
$
204,952
$
198,118
$
179,396
Annualized Return on Average Tangible
Common Equity
16.25
%
15.65
%
12.86
%
BANKWELL FINANCIAL GROUP, INC.
NET INTEREST MARGIN ANALYSIS ON A FULLY
TAX EQUIVALENT BASIS - QTD (unaudited)
(Dollars in thousands)
For the Quarter Ended
March 31, 2022
March 31, 2021
Average
Balance
Interest
Yield/
Rate (4)
Average
Balance
Interest
Yield/
Rate (4)
Assets:
Cash and Fed funds sold
$
346,183
$
154
0.18
%
$
401,900
$
108
0.11
%
Securities(1)
112,337
754
2.69
101,176
788
3.11
Loans:
Commercial real estate
1,343,565
14,997
4.46
1,129,224
12,731
4.51
Residential real estate
73,835
671
3.64
112,053
964
3.44
Construction
102,179
1,033
4.04
94,075
885
3.76
Commercial business
383,115
4,625
4.83
294,756
3,271
4.44
Consumer
6,054
102
6.85
5,039
49
3.94
Total loans
1,908,748
21,428
4.49
1,635,147
17,900
4.38
Federal Home Loan Bank stock
2,835
15
2.10
6,508
31
1.96
Total earning assets
2,370,103
$
22,351
3.77
%
2,144,731
$
18,827
3.51
%
Other assets
100,469
113,561
Total assets
$
2,470,572
$
2,258,292
Liabilities and shareholders' equity:
Interest bearing liabilities:
NOW
$
112,199
$
47
0.17
%
$
101,057
$
43
0.17
%
Money market
969,527
1,180
0.49
736,659
950
0.52
Savings
194,463
101
0.21
160,347
125
0.32
Time
453,805
878
0.78
611,153
1,996
1.32
Total interest bearing deposits
1,729,994
2,206
0.52
1,609,216
3,114
0.78
Borrowed Money
84,452
586
2.77
152,485
1,008
2.64
Total interest bearing liabilities
1,814,446
$
2,792
0.62
%
1,761,701
$
4,122
0.95
%
Noninterest bearing deposits
405,400
269,863
Other liabilities
43,185
44,670
Total liabilities
2,263,031
2,076,234
Shareholders' equity
207,541
182,058
Total liabilities and shareholders'
equity
$
2,470,572
$
2,258,292
Net interest income(2)
$
19,559
$
14,705
Interest rate spread
3.15
%
2.56
%
Net interest margin(3)
3.30
%
2.74
%
(1) Average balances and yields for
securities are based on amortized cost.
(2) The adjustment for securities and
loans taxable equivalency amounted to $49 thousand and $50 thousand
for the quarters ended March 31, 2022 and 2021, respectively.
(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/20220427006100/en/
Christopher R. Gruseke, President and Chief Executive Officer
Penko Ivanov, Executive Vice President and Chief Financial Officer
Bankwell Financial Group (203) 652-0166
Bankwell Financial (NASDAQ:BWFG)
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