Business
Bankwell Financial Group Reports Operating Results for the Fourth Quarter and Declares an Increase to the First Quarter Dividend
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.5 million or $0.44 per share for the fourth
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 $3.5 million or $0.44 per share for the fourth quarter of 2019, versus $3.3 million or $0.41 per share for the same period in 2018 and GAAP net income of $18.2 million or $2.31 per share for the year ended 2019, versus $17.4 million or $2.21 per share for the year ended 2018.\n\n\nThe Company's Board of Directors declared a $0.14 per share cash dividend, payable February 24, 2020 to shareholders of record on February 14, 2020, representing an 8% increase when compared to the prior quarter’s dividend.\n\n\nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke:\n\n\n\"We finished the year with excellent momentum, growing loan balances $40 million during the fourth quarter on originations of $92 million. We are particularly pleased at the results of our investment in Bankwell’s Treasury Management (“TM”) business. New non-interest bearing deposits from TM grew by 31% during 2019. Importantly, we begin 2020 with our cost of deposits down approximately 20 basis points from the peak in Q2, and expect a further 10-15 basis point reduction this year based on currently prevailing interest rates.\"\n\n\nFourth Quarter and Year Ended 2019 Highlights:\n\n\n\nFourth quarter diluted earnings per share were $0.44, an increase of 7% compared to the fourth quarter of 2018.\n\n\nTotal gross loans were $1.6 billion at December 31, 2019 and grew at an annualized rate of 10% during the quarter.\n\n\nReturn on average assets for the year ended December 31, 2019 totaled 0.97% compared to 0.94% for the same period in 2018.\n\n\nTotal deposits were $1.5 billion at December 31, 2019 and grew at an annualized rate of 6% during the quarter.\n\n\nNoninterest bearing deposits totaled $191.5 million for the year ended December 31, 2019, up 7% when compared to the third quarter of 2019.\n\n\nThe allowance for loan losses was $13.5 million and represents 0.84% of total loans.\n\n\nInvestment securities totaled $100.9 million and represent 5% of total assets.\n\n\nTotal noninterest income was $5.2 million for the year ended December 31, 2019, or 9% of total revenue.\n\n\nThe tangible common equity ratio and tangible book value per share, as of December 31, 2019, were 9.56% and $23.15, respectively.\n\n\nThe efficiency ratio was 60.2...