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Bankwell Financial Group Reports Record Net Income for the First Quarter; Declares Second Quarter Dividend
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported record GAAP net income of $8.2 million, or $1.04 per share, for
About this update from Bankwell Financial Group, Inc.
[{"type":"text","content":" NEW CANAAN, Conn.--(BUSINESS WIRE)--\nBankwell 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.\n\nThe 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.\n\nWe 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.\n\nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke:\n\n\"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%.\n\n\"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.\n\n\"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.\n\n\"Most importantly, I’d like to congratulate and thank my Bankwell colleagues whose hard work and dedication have made the Company’s accomplishments possible.\"\n\nFirst Quarter 2022 Highlights:\n\n\nReturn on average assets was 1.35% and return on average equity was 16.05% for the quarter ended March 31, 2022.\n\n\nThe net interest margin was 3.30% for the quarter ended March 31, 2022.\n\n\nThe efficiency ratio was 48.5% for the quarter ended March 31, 2022.\n\n\nTotal gross loans were $2.0 billion, growing $90.4 million, or 4.8%, compared to December 31, 2021.\n\n\nG...