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Bankwell Financial Group Reports Record Net Income for the Third Quarter; Declares Fourth Quarter Dividend; and Authorizes an Additional 200 Thousand Shares for Its Share Repurchase Program
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported record GAAP net income of $6.9 million, or $0.87 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 $6.9 million, or $0.87 per share, for the third quarter of 2021, versus $3.0 million, or $0.38 per share, for the same period in 2020.\n\nThe Company's Board of Directors declared an $0.18 per share cash dividend, payable November 22, 2021 to shareholders of record on November 12, 2021.\n\nWe recommend reading this earnings release in conjunction with the Third Quarter 2021 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our October 27, 2021 Current Report on Form 8-K.\n\nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke:\n\n“On behalf of all of my colleagues at Bankwell, I am proud to announce our results for the most recent quarter. The Company achieved record levels in most performance categories of our business. Loan originations for the quarter totaled $200 million, with net loan growth of $92 million, excluding Paycheck Protection Program (\"PPP\") loans. Year to date, gross loan balances excluding PPP loans have grown by $232 million for an annualized growth rate of 19%. The Company’s ROAE and ROAA were 14.09% and 1.22%, respectively, for the quarter. Loan demand remains brisk; our healthy pipeline positions us for a strong finish to the year and lays the foundation for increased profitability in 2022.\n\n“Confident in the strength of our balance sheet and the prospect of growing earnings, the Company’s Board of Directors today authorized the repurchase of an additional 200,000 shares of its common stock.”\n\nThird Quarter 2021 Highlights:\n\n\nReturn on average assets was 1.22% and return on average equity was 14.09% for the quarter ended September 30, 2021.\n\n\nThe net interest margin improved to 3.39% for the quarter ended September 30, 2021.\n\n\nThe efficiency ratio improved to 54.1% for the quarter ended September 30, 2021.\n\n\nExcluding Paycheck Protection Program (\"PPP\") loans, total gross loans were $1.8 billion, growing $232.1 million, or 14.6%, compared to December 31, 2020. On a quarterly basis loans grew $92.3 million, or 5.3% compared to June 30, 2021.\n\n\nGains from loan sales totaled $0.9 million and $2.3 million for the quarter and nine months ended September 30, 2021, respectively, compared to $27 t...