Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net
income of $10.4 million, or $1.33 per share for the first quarter
of 2023, versus $8.2 million, or $1.04 per share, for the same
period in 2022.
The Company's Board of Directors declared a $0.20 per share cash
dividend, payable May 23, 2023 to shareholders of record on May 12,
2023.
We recommend reading this earnings release in conjunction
with the First Quarter 2023 Investor Presentation, located at
http://investor.mybankwell.com/Presentations and included as an
exhibit to our April 26, 2023 Current Report on Form 8-K.
Notes Bankwell Financial Group President and CEO, Christopher R.
Gruseke:
"Bankwell delivered excellent results this quarter. Against the
backdrop of a turbulent banking environment, we have maintained
strong capital and liquidity levels. Our disciplined risk
management practices have maintained outstanding credit quality and
have protected the Bank's capital against rising interest rates. We
have previously acknowledged and planned for the current
environment of increased pressure on deposit costs, and can
reiterate prior guidance for a year over year decline in Net
Interest Income of approximately 10% for fiscal year 2023."
First Quarter 2023 Highlights:
- Total gross loans were $2.8 billion, growing $83.8 million, or
3.1%, compared to December 31, 2022.
- Deposits of $2.8 billion for the quarter ended March 31, 2023,
unchanged from December 31, 2022.
- FDIC-insured deposits totaled $2.0 billion and represent 70.3%
of total deposits as of March 31, 2023.
- As of March 31, 2023, the Bank has $1.5 billion immediately
available liquidity, comprised of cash, AFS securities and
borrowing capacity with the FHLB of Boston and FRB.
- Immediately available liquidity provides 200% coverage of
uninsured deposits.
- Average yield on 2023 funded loans was 7.53% for the quarter
ended March 31, 2023.
- Return on average assets was 1.30% for the quarter ended March
31, 2023.
- Return on average shareholders' equity was 17.48% for the
quarter ended March 31, 2023.
- The net interest margin was 3.24% for the quarter ended March
31, 2023.
- The efficiency ratio was 46.9% for the quarter ended March 31,
2023.
- Investment securities totaled $121.1 million and represent 3.7%
of total assets, with HTM securities totaling $15.9 million, or
0.5% of total assets.
- CECL adopted on January 1, 2023, resulting in a $5.1 million
increase to the ACL-Loans and a $1.3 million adjustment to the
ACL-Unfunded Commitments.
Earnings and Performance
Revenues (net interest income plus noninterest income) for the
quarter ended March 31, 2023 were $27.1 million, versus $20.5
million for the quarter ended March 31, 2022. The increase in
revenues was primarily attributable to an increase in interest and
fees on loans due to loan growth and higher overall loan yields1
for the quarter ended March 31, 2023 and an increase in noninterest
income mainly driven by additional SBA loan sales. The increase in
revenues was partially offset by an increase in interest
expense.
1 - The increase in overall loan yields
was 138 bps for the quarter ended March 31, 2023
Net income for the quarter ended March 31, 2023 was $10.4
million, versus $8.2 million for the quarter ended March 31, 2022.
The increase in net income was a direct result of the
aforementioned increases in revenues. In addition, the increase in
net income was partially offset by an increase in the provision for
credit losses and an increase in noninterest expense for the
quarter ended March 31, 2023.
Basic and diluted earnings per share were $1.34 and $1.33,
respectively, for the quarter ended March 31, 2023 compared to
basic and diluted earnings per share of $1.05 and $1.04,
respectively, for the quarter ended March 31, 2022.
The net interest margin (fully taxable equivalent basis) for the
quarters ended March 31, 2023 and March 31, 2022 was 3.24% and
3.30%, respectively. The decrease in the net interest margin was
due to an increase in funding costs partially offset by an increase
in overall loan yields.
Allowance for Credit Losses
Provision for credit losses was $826 thousand for the quarter
ended March 31, 2023, bringing the ACL-Loans as a percentage of
total loans to 1.01%. Provision for credit losses was $4.3 million
for the quarter ended December 31, 2022. The decrease in the
provision for credit losses is attributable to lower loan
growth.
On January 1, 2023, the Company adopted ASC 326 Financial
Instruments - Credit Losses ("CECL"). Upon adoption of CECL, the
Company recorded a one-time cumulative effect, pre-tax adjustment
$5.1 million to the ACL-Loans and a corresponding net of tax
adjustment to beginning retained earnings. The Company also
recorded a one-time cumulative effect, pre-tax adjustment of $1.3
million to the ACL-Unfunded Commitments (which is reflected in
Accrued expenses and other liabilities on the Consolidated Balance
Sheets) and a corresponding net of tax adjustment to beginning
retained earnings.
Financial Condition
Assets totaled $3.25 billion at March 31, 2023 and remained flat
compared to December 31, 2022. Gross loans totaled $2.8 billion at
March 31, 2023, an increase of $83.8 million or 3.1% compared to
December 31, 2022. Deposits totaled $2.8 billion at March 31, 2023,
and remained flat compared to December 31, 2022.
Capital
Shareholders’ equity totaled $242.3 million as of March 31,
2023, an increase of $3.8 million compared to December 31, 2022,
primarily a result of net income of $10.4 million for the quarter
ended March 31, 2023. The increase was partially offset by the Day
1 CECL adoption of $4.9 million, dividends paid of $1.6 million,
and a $0.9 million unfavorable impact to accumulated other
comprehensive income. The unfavorable impact to accumulated other
comprehensive income was driven by fair value marks on the
Company's Available for sale investment securities portfolio of
$6.1 million partially offset by fair value marks related to hedge
positions involving interest rate swaps of $5.0 million. The
Company's interest rate swaps are used to hedge interest rate
risk.
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 Courtney E. Sacchetti,
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 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 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 assets, tangible
common equity to tangible assets, tangible common shareholders'
equity, fully diluted tangible book value per common share,
adjusted noninterest expense, operating revenue, efficiency ratio,
average tangible common equity, annualized return on average
tangible common equity, return on average assets, return on average
shareholders' equity, and the dividend payout ratio 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,
2023
December 31,
2022
March 31,
2022
ASSETS
Cash and due from banks
$
249,812
$
344,925
$
280,471
Federal funds sold
27,370
10,754
19,022
Cash and cash equivalents
277,182
355,679
299,493
Investment securities
Marketable equity securities, at fair
value
2,028
1,988
2,090
Available for sale investment securities,
at fair value
103,171
103,663
98,733
Held to maturity investment securities, at
amortized cost
15,931
15,983
15,979
Total investment securities
121,130
121,634
116,802
Loans receivable (net of ACL-Loans of
$27,998, $22,431, and $17,141 at March 31, 2023, December 31, 2022,
and March 31, 2022, respectively)
2,724,514
2,646,384
1,964,567
Accrued interest receivable
14,261
13,070
7,733
Federal Home Loan Bank stock, at cost
5,234
5,216
2,870
Premises and equipment, net
27,619
27,199
25,661
Bank-owned life insurance
50,524
50,243
49,434
Goodwill
2,589
2,589
2,589
Deferred income taxes, net
8,692
7,422
6,879
Other assets
20,573
23,013
20,849
Total assets
$
3,252,318
$
3,252,449
$
2,496,877
LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities
Deposits
Noninterest bearing deposits
$
377,667
$
404,559
$
412,985
Interest bearing deposits
2,420,641
2,396,259
1,753,219
Total deposits
2,798,308
2,800,818
2,166,204
Advances from the Federal Home Loan
Bank
90,000
90,000
50,000
Subordinated debentures
69,020
68,959
34,471
Accrued expenses and other liabilities
52,683
54,203
35,982
Total liabilities
3,010,011
3,013,980
2,286,657
Shareholders’ equity
Common stock, no par value
115,875
115,018
114,882
Retained earnings
127,566
123,640
99,047
Accumulated other comprehensive (loss)
income
(1,134
)
(189
)
(3,709
)
Total shareholders’ equity
242,307
238,469
210,220
Total liabilities and shareholders’
equity
$
3,252,318
$
3,252,449
$
2,496,877
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(Dollars in thousands, except share data)
For the Quarter Ended
March 31,
2023
December 31,
2022
March 31,
2022
Interest and dividend income
Interest and fees on loans
$
39,723
$
36,545
$
21,428
Interest and dividends on securities
1,000
898
720
Interest on cash and cash equivalents
3,568
2,150
154
Total interest and dividend income
44,291
39,593
22,302
Interest expense
Interest expense on deposits
17,033
11,083
2,206
Interest expense on borrowings
1,717
1,701
586
Total interest expense
18,750
12,784
2,792
Net interest income
25,541
26,809
19,510
Provision for credit losses
826
4,272
229
Net interest income after provision for
credit losses
24,715
22,537
19,281
Noninterest income
Bank owned life insurance
281
273
260
Service charges and fees
286
343
240
Gains and fees from sales of loans
931
12
631
Other
28
(100
)
(173
)
Total noninterest income
1,526
528
958
Noninterest expense
Salaries and employee benefits
6,081
5,988
4,940
Occupancy and equipment
2,084
1,919
2,150
Professional services
1,322
912
981
Data processing
671
663
654
Director fees
392
378
352
FDIC insurance
1,062
898
223
Marketing
151
112
45
Other
928
1,601
580
Total noninterest expense
12,691
12,471
9,925
Income before income tax
expense
13,550
10,594
10,314
Income tax expense
3,171
2,573
2,102
Net income
$
10,379
$
8,021
$
8,212
Earnings Per Common Share:
Basic
$
1.34
$
1.04
$
1.05
Diluted
$
1.33
$
1.04
$
1.04
Weighted Average Common Shares
Outstanding:
Basic
7,554,689
7,507,540
7,637,077
Diluted
7,616,671
7,563,116
7,719,405
Dividends per common share
$
0.20
$
0.20
$
0.20
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
For the Quarter Ended
March 31,
2023
December 31,
2022
March 31,
2022
Performance ratios:
Return on average assets
1.30
%
1.07
%
1.35
%
Return on average shareholders' equity
17.48
%
13.38
%
16.05
%
Return on average tangible common
equity
17.67
%
13.52
%
16.25
%
Net interest margin
3.24
%
3.70
%
3.30
%
Efficiency ratio(1)
46.9
%
45.6
%
48.5
%
Net loan charge-offs as a % of average
loans
0.02
%
—
%
—
%
Dividend payout ratio(2)
15.04
%
19.23
%
19.23
%
(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,
2023
December 31,
2022
March 31,
2022
Capital ratios:
Total Common Equity Tier 1 Capital to
Risk-Weighted Assets(1)
10.17
%
10.28
%
11.20
%
Total Capital to Risk-Weighted
Assets(1)
11.16
%
11.07
%
12.00
%
Tier I Capital to Risk-Weighted
Assets(1)
10.17
%
10.28
%
11.20
%
Tier I Capital to Average Assets(1)
9.22
%
9.88
%
9.80
%
Tangible common equity to tangible
assets
7.38
%
7.26
%
8.32
%
Fully diluted tangible book value per
common share
$
30.56
$
30.51
$
26.75
(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,
2023
December 31,
2022
March 31,
2022
ACL-Loans:
Balance at beginning of period
$
22,431
$
18,167
$
16,902
Day 1 CECL Adjustment on January 1,
2023
5,079
—
—
Beginning balance January 1, 2023
27,510
18,167
16,902
Charge-offs:
Commercial business
(440
)
—
—
Consumer
(12
)
(11
)
(4
)
Total charge-offs
(452
)
(11
)
(4
)
Recoveries:
Commercial real estate
—
—
—
Commercial business
—
—
13
Consumer
6
3
1
Total recoveries
6
3
14
Net loan (charge-offs) recoveries
(446
)
(8
)
10
Provision for credit losses - loans
934
4,272
229
Balance at end of period
$
27,998
$
22,431
$
17,141
As of
March 31,
2023
December 31,
2022
March 31,
2022
Asset quality:
Nonaccrual loans
Residential real estate
$
1,443
$
2,152
$
2,181
Commercial real estate
1,912
2,781
3,365
Commercial business
1,528
2,126
817
Construction
9,382
9,382
9,382
Total nonaccrual loans
14,265
16,441
15,745
Other real estate owned
—
—
—
Total nonperforming assets
$
14,265
$
16,441
$
15,745
Nonperforming loans as a % of total
loans
0.52
%
0.61
%
0.79
%
Nonperforming assets as a % of total
assets
0.44
%
0.51
%
0.63
%
ACL-loans as a % of total loans
1.01
%
0.84
%
0.86
%
ACL-loans as a % of nonperforming
loans
196.27
%
136.43
%
108.87
%
Total past due loans to total loans
0.94
%
0.60
%
0.85
%
Total nonaccrual loans decreased $2.2 million to $14.3 million
as of March 31, 2023 when compared to December 31, 2022.
Nonperforming assets as a percentage of total assets decreased to
0.44% at March 31, 2023, down from 0.51% at December 31, 2022. The
ACL-Loans at March 31, 2023 was $28.0 million, representing 1.01%
of total loans.
Past due loans increased to $26.1 million, or 0.94% of total
loans, as of March 31, 2023, compared to $16.1 million, or 0.60% of
total loans, as of December 31, 2022. Of the March 31, 2023 past
due loans, $10.0 million of loans were between 31 - 33 days past
due and have subsequently become current. As of April 19, 2023,
past due loans were $18.6 million or 0.67% of total loans.
BANKWELL FINANCIAL GROUP, INC.
LOAN & DEPOSIT PORTFOLIO
(unaudited)
(Dollars in thousands)
Period End Loan Composition
March 31,
2023
December 31,
2022
% Change
Residential Real Estate
$
58,541
$
60,588
(3.4
) %
Commercial Real Estate(1)
1,960,712
1,921,252
2.1
Construction
177,115
155,198
14.1
Total Real Estate Loans
2,196,368
2,137,038
2.8
Commercial Business
543,457
520,447
4.4
Consumer
19,464
17,963
8.4
Total Loans
$
2,759,289
$
2,675,448
3.1
%
(1)
Includes owner occupied commercial real
estate.
Gross loans totaled $2.8 billion at March 31, 2023, an increase
of $83.8 million or 3.1% compared to December 31, 2022.
Period End Deposit Composition
March 31,
2023
December 31,
2022
% Change
Noninterest bearing demand
$
377,667
$
404,559
(6.6
) %
NOW
89,896
104,057
(13.6
)
Money Market
874,202
913,868
(4.3
)
Savings
117,986
151,944
(22.3
)
Time
1,338,557
1,226,390
9.1
Total Deposits
$
2,798,308
$
2,800,818
(0.1
)%
Total deposits were $2.8 billion at March 31, 2023, a decrease
of $2.5 million, or 0.1%, when compared to December 31, 2022.
BANKWELL FINANCIAL GROUP, INC.
NONINTEREST INCOME (unaudited)
(Dollars in thousands)
For the Quarter Ended
Noninterest income
March 31, 2023
December 31,
2022
March 31, 2022
Mar 23 vs. Dec 22 %
Change
Mar 23 vs. Mar 22 %
Change
Bank owned life insurance
$
281
$
273
$
260
2.9
%
8.1
%
Service charges and fees
286
343
240
(16.6
)
19.2
Gains and fees from sales of loans
931
12
631
(7,658.3
)
47.5
Other
28
(100
)
(173
)
(128.0
)
116.2
Total noninterest income
$
1,526
$
528
$
958
189.0
%
59.3
%
Noninterest income increased by $0.6 million to $1.5 million for
the quarter ended March 31, 2023 compared to the quarter ended
March 31, 2022. The increase in noninterest income was driven by an
increase in SBA loan sales during the first quarter of 2023.
BANKWELL FINANCIAL GROUP, INC.
NONINTEREST EXPENSE (unaudited)
(Dollars in thousands)
For the Quarter Ended
Noninterest expense
March 31, 2023
December 31,
2022
March 31, 2022
Mar 23 vs. Dec 22 %
Change
Mar 23 vs. Mar 22 %
Change
Salaries and employee benefits
$
6,081
$
5,988
$
4,940
1.6
%
23.1
%
Occupancy and equipment
2,084
1,919
2,150
8.6
(3.1
)
Professional services
1,322
912
981
45.0
34.8
Data processing
671
663
654
1.2
2.6
Director fees
392
378
352
3.7
11.4
FDIC insurance
1,062
898
223
18.3
376.2
Marketing
151
112
45
34.8
235.6
Other
928
1,601
580
(42.0
)
60.0
Total noninterest expense
$
12,691
$
12,471
$
9,925
1.8
%
27.9
%
Noninterest expense increased by $2.8 million to $12.7 million
for the quarter ended March 31, 2023 compared to the quarter ended
March 31, 2022. The increase in noninterest expense was primarily
driven by an increase in salaries and employee benefits expense,
professional services expense, and FDIC insurance.
Salaries and employee benefits expense totaled $6.1 million for
the quarter ended March 31, 2023, an increase of $1.1 million when
compared to the same period in 2022. The increase in salaries and
employee benefits expense was driven by an increase in full time
equivalent employees, with full time equivalent employees totaling
135 at March 31, 2023 compared to 126 for the same period in 2022.
The increase in salaries and employee benefits expense was also due
to lower loan originations, which reduced the amount of the Bank's
ability to defer expenses.
Professional services expense totaled $1.3 million for the
quarter ended March 31, 2023, an increase of $0.3 million when
compared to the same period in 2022. The increase in professional
services expense was primarily driven by consulting fees.
FDIC insurance expense totaled $1.1 million for the quarter
ended March 31, 2023, an increase of $0.8 million when compared to
the same period in 2022. The increase in FDIC insurance expense is
attributed to the overall balance sheet growth, increased use of
brokered deposits, and an increase in FDIC insurance rates.
BANKWELL FINANCIAL GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES (unaudited)
(Dollars in thousands, except share
data)
As of
March 31,
December 31,
March 31,
Computation of Tangible Common Equity
to Tangible Assets
2023
2022
2022
Total Equity
$
242,307
$
238,469
$
210,220
Less:
Goodwill
2,589
2,589
2,589
Other intangibles
—
—
—
Tangible Common Equity
$
239,718
$
235,880
$
207,631
Total Assets
$
3,252,318
$
3,252,449
$
2,496,877
Less:
Goodwill
2,589
2,589
2,589
Other intangibles
—
—
—
Tangible Assets
$
3,249,729
$
3,249,860
$
2,494,288
Tangible Common Equity to Tangible
Assets
7.38
%
7.26
%
8.32
%
As of
March 31,
December 31,
March 31,
Computation of Fully Diluted Tangible
Book Value per Common Share
2023
2022
2022
Total shareholders' equity
$
242,307
$
238,469
$
210,220
Less:
Preferred stock
—
—
—
Common shareholders' equity
$
242,307
$
238,469
$
210,220
Less:
Goodwill
2,589
2,589
2,589
Other intangibles
—
—
—
Tangible common shareholders'
equity
$
239,718
$
235,880
$
207,631
Common shares issued and outstanding
7,843,438
7,730,699
7,761,338
Fully Diluted Tangible Book Value per
Common Share
$
30.56
$
30.51
$
26.75
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,
2023
December 31,
2022
March 31,
2022
Noninterest expense
$
12,691
$
12,471
$
9,925
Less:
Amortization of intangible assets
—
—
—
Other real estate owned expenses
—
—
—
Adjusted noninterest expense
$
12,691
$
12,471
$
9,925
Net interest income
$
25,541
$
26,809
$
19,510
Noninterest income
1,526
528
958
Less:
Net gain on sale of available for sale
securities
—
—
—
Gain on sale of other real estate owned,
net
—
—
—
Operating revenue
$
27,067
$
27,337
$
20,468
Efficiency ratio
46.9
%
45.6
%
48.5
%
For the Quarter Ended
Computation of Return on Average
Tangible Common Equity
March 31,
2023
December 31,
2022
March 31,
2022
Net Income Attributable to Common
Shareholders
$
10,379
$
8,021
$
8,212
Total average shareholders' equity
$
240,833
$
237,922
$
207,541
Less:
Average Goodwill
2,589
2,589
2,589
Average Other intangibles
—
—
—
Average tangible common equity
$
238,244
$
235,333
$
204,952
Annualized Return on Average Tangible
Common Equity
17.67
%
13.52
%
16.25
%
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, 2023
March 31, 2022
Average
Balance
Interest
Yield/ Rate (4)
Average
Balance
Interest
Yield/ Rate (4)
Assets:
Cash and Fed funds sold
$
315,566
$
3,568
4.59
%
$
346,183
$
154
0.18
%
Securities(1)
129,881
956
2.49
112,337
754
2.69
Loans: Commercial real estate
1,918,551
25,585
5.33
1,343,565
14,997
4.46
Residential real estate
59,444
643
4.33
73,835
671
3.64
Construction
166,254
2,825
6.80
102,179
1,033
4.04
Commercial business
542,399
10,421
7.68
383,115
4,625
4.83
Consumer
18,536
249
5.45
6,054
102
6.85
Total loans
2,705,184
39,723
5.87
1,908,748
21,428
4.49
Federal Home Loan Bank stock
5,271
94
7.27
2,835
15
2.10
Total earning assets
3,155,902
$
44,341
5.62
%
2,370,103
$
22,351
3.77
%
Other assets
84,063
100,469
Total assets
$
3,239,965
$
2,470,572
Liabilities and shareholders' equity: Interest bearing
liabilities:
NOW
$
92,918
$
37
0.16
%
$
112,199
$
47
0.17
%
Money market
907,739
6,385
2.85
969,527
1,180
0.49
Savings
136,333
727
2.16
194,463
101
0.21
Time
1,252,564
9,883
3.20
453,805
878
0.78
Total interest bearing
deposits
2,389,554
17,032
2.89
1,729,994
2,206
0.52
Borrowed Money
161,202
1,717
4.26
84,452
586
2.77
Total interest bearing
liabilities
2,550,756
$
18,749
2.98
%
1,814,446
$
2,792
0.62
%
Noninterest bearing deposits
403,920
405,400
Other liabilities
44,406
43,185
Total liabilities
2,999,082
2,263,031
Shareholders' equity
240,883
207,541
Total liabilities and shareholders'
equity
$
3,239,965
$
2,470,572
Net interest income(2)
$
25,592
$
19,559
Interest rate spread
2.64
%
3.15
%
Net interest margin(3)
3.24
%
3.30
%
(1)
Average balances and yields for securities
are based on amortized cost.
(2)
The adjustment for securities and loans
taxable equivalency amounted to $51 thousand and $49 thousand for
the quarters ended March 31, 2023 and 2022, 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/20230426005615/en/
Bankwell Financial Group Christopher R. Gruseke, President and
Chief Executive Officer Courtney E. Sacchetti, Executive Vice
President and Chief Financial Officer (203) 652-0166
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