Business
Bankwell Financial Group Reports Record Net Income for the Fourth Quarter and Full Year 2021; Increases Dividend by 11%; Provides Guidance For 2022
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported record GAAP net income for the fourth quarter and year ended
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 for the fourth quarter and year ended 2021. For the fourth quarter of 2021 net income totaled $7.8 million, or $0.99 per share, versus $0.3 million, or $0.04 per share, for the same period in 2020. For the year ended 2021 net income totaled $26.6 million, or $3.36 per share, versus $5.9 million, or $0.75 per share, for the same period in 2020.\n\nThe Company's Board of Directors declared a $0.20 per share cash dividend, payable February 24, 2022 to shareholders of record on February 14, 2022, representing an 11% increase when compared to the prior quarter’s dividend.\n\nWe recommend reading this earnings release in conjunction with the Fourth Quarter 2021 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our January 26, 2022 Current Report on Form 8-K.\n\nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke:\n\n“We are proud to announce record performance for the fourth quarter and full year of 2021. In addition to generating a Return on Average Equity of 14% for the year, the Company made significant strides in all aspects of its business. While originating approximately $800 million in loans, we also continued to diversify our asset base. Core deposits grew by 31.7%, year over year, and non-interest bearing deposits increased by 47.6% over the same period.\n\n“I offer my heartfelt gratitude and sincere congratulations to every member of our team. Their hard work and commitment, during a time of historic disruption, has made these impressive achievements possible.\n\n“We enter the year ahead with confidence and momentum and look forward to another outstanding year. Loan and deposit pipelines remain strong. Inclusive of four expected rate hikes by the Federal Reserve, we expect net interest income to grow by 12-14% in 2022.”\n\nFourth Quarter 2021 Highlights:\n\n\nReturn on average assets was 1.32% and return on average equity was 15.44% for the quarter ended December 31, 2021.\n\n\nThe net interest margin improved to 3.43% for the quarter ended December 31, 2021 and 3.17% for the year ended December 31, 2021.\n\n\nTotal gross loans were $1.9 billion, growing $303.9 million excluding Paycheck Protection Program (\"PPP\") loans, or 19.1%...