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Bankwell Financial Group Reports Operating Results for the Third Quarter and Declares Fourth Quarter Dividend
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $9.8 million, or $1.25 per share for the third
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 $9.8 million, or $1.25 per share for the third quarter of 2023, versus $9.2 million, or $1.18 per share, for the same period in 2022.\n\n\nThe Company's Board of Directors declared a $0.20 per share cash dividend, payable November 20, 2023 to shareholders of record on November 10, 2023.\n\n\nWe recommend reading this earnings release in conjunction with the Third Quarter 2023 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our October 25, 2023 Current Report on Form 8-K.\n\n\nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke:\n\n\n\"We continue to generate quality returns for our shareholders in a complex interest rate environment. Despite the compression of our Net Interest Margin during the current tightening cycle, our team has delivered a 1.16% Return on Average Assets and a 15.16% Return on Average Equity thus far this year. Our commitment to rigorous expense management lays a solid foundation for our financial success. Non-Interest Expense as a percentage Average Assets stands at 1.54% year-to date, putting Bankwell well ahead of industry peers on this key metric. I applaud the efforts and hard work of our team who enable the Company to perform at this level of efficiency.\"\n\n\nThird Quarter 2023 Highlights:\n\n\n\nTotal gross loans were $2.8 billion, growing $94.7 million, or 3.5%, compared to December 31, 2022.\n\n\n\nDeposits were $2.8 billion, decreasing $32.2 million, or 1.1%, compared to December 31, 2022.\n\n\n\nBrokered deposits decreased $75.3 million, when compared to December 31, 2022.\n\n\n\nFDIC-insured deposits totaled $2.0 billion and represent 71.2% of total deposits as of September 30, 2023.\n\n\n\nAs of September 30, 2023, the Bank has $1.7 billion immediately available liquidity, more than two times coverage of uninsured deposits.\n\n\n\nAverage yield on 2023 funded loans was 7.23% as of September 30, 2023.\n\n\n\nReturn on average assets was 1.19% for the quarter ended September 30, 2023.\n\n\n\nReturn on average shareholders' equity was 15.19% for the quarter ended September 30, 2023.\n\n\n\nThe net interest margin was 2.85% for the quarter ended September 30, 2023.\n\n\n\nNoninterest expense to average ass...