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Bankwell Financial Group Reports Strong Operating Results on Record Loan Growth for the Third Quarter; Declares Fourth Quarter Dividend
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $9.2 million, or $1.18 per share, for the
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 $9.2 million, or $1.18 per share, for the third quarter of 2022, versus $6.9 million, or $0.87 per share, for the same period in 2021. During the quarter ended September 30, 2022 the Company experienced another quarter of elevated loan prepayments that positively impacted reported earnings. Adjusting for this, operating earnings per share totaled $1.08 for the third quarter of 2022. Please reference the table below for a reconciliation of reported earnings per share to operating earnings per share.\n\n\n\n \n\n\n\nEarnings Per Common Share\n\n\n\n\n\n3Q'22 QTD Reported Diluted EPS\n\n\n\n$\n\n\n\n1.18\n\n\n\n \n\n\n\n\n\nElevated Loan Prepayments(1)\n\n\n\n \n\n\n\n(0.10\n\n\n\n)\n\n\n\n\n\n3Q'22 QTD Operating EPS(2)\n\n\n\n$\n\n\n\n1.08\n\n\n\n \n\n\n\n\n\n(1) 3Q'22 loan prepayments exceeded historical quarterly averages and are not reflective of run rate.\n\n\n\n\n\n(2) Non-gaap measure.\n\n\n\n\nThe Company's Board of Directors declared a $0.20 per share cash dividend, payable November 21, 2022 to shareholders of record on November 11, 2022.\n\nWe recommend reading this earnings release in conjunction with the Third Quarter 2022 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our October 26, 2022 Current Report on Form 8-K.\n\nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke:\n\n\"The Company had another very strong quarter, growing loans by $230 million. This represents an 11% increase over the prior quarter, and a year to date increase of 21%. Profitability remains strong, with a 1.47% Return on Average Assets and a 15.73% Return on Average Equity.\n\n\"The Company’s growth in 2021 and 2022 has created an exceptionally strong foundation to grow top line Interest Income in the coming year. We anticipate Interest Income to increase by more than 25% in 2023. The current cycle of tightening by the Federal Reserve will increase our cost of deposits in the quarters ahead. Based on forward market pricing we could expect Net Interest Income to decrease by 10% in 2023 versus 2022.\n\n\"We continue to build Book Value for our shareholders. Fully Diluted Book Value per share has increased by 3.2% this quarter and by 16.2% year to date. Impo...