Business
Bankwell Financial Group Reports Operating Results for the First Quarter and Declares Second Quarter Dividend
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million, or $0.48 per share for the first
About this update from Bankwell Financial Group, Inc.
[{"type":"text","content":" NEW CANAAN, Conn.--(BUSINESS WIRE)--\nBankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million, or $0.48 per share for the first quarter of 2024, versus $10.4 million, or $1.33 per share, for the same period in 2023. Pre-tax, pre-provision net revenue (\"PPNR\") was $8.8 million, or $1.14 per share, for the first quarter of 2024, versus $14.4 million, or $1.89 per share for the same period in 2023.\n\n\nThe Company's Board of Directors declared a $0.20 per share cash dividend, payable May 21, 2024 to shareholders of record on May 10, 2024.\n\n\nWe recommend reading this earnings release in conjunction with the First Quarter 2024 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our April 24, 2024 Current Report on Form 8-K.\n\n\nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke:\n\n\n\"Our first quarter earnings of $0.48 per share include the impact of $3.7 million in charge offs related to previously disclosed non-performing loans. The main components of the charge offs were approximately $2.8 million, attributable to a suburban Connecticut office building, and approximately $0.7 million, attributable to the non-guaranteed portions of 2 SBA loans. We encourage investors to review the accompanying Investor Presentation for further details regarding the Bank’s loan portfolio.\n\n\nAbsent any action from the Federal Reserve, we expect our net interest margin to trough slightly higher and earlier than previously projected at approximately 255 to 265 basis points during 2Q 2024. This margin, coupled with the Company’s consistently efficient expense structure, provides a solid earnings base during this challenging interest rate environment. We also re-affirm prior guidance regarding non-interest expense of $53 to $54 million for the full year 2024.\"\n\n\nFirst Quarter 2024 Highlights:\n\n\n\nPPNR was $8.8 million for the quarter ended March 31, 2024.\n\n\n\nNet income of $3.8 million reflects the impact of $3.7 million of loan charge offs.\n\n\n\nTotal gross loans were $2.7 billion, decreasing $39.0 million, or 1.4%, compared to December 31, 2023.\n\n\n\nAverage yield on total loans was 6.37% for the quarter ended March 31, 2024.\n\n\n\nNonperforming loans as a percentage of total loans was 1.74% as of March 31, 2024, dow...