Bankwell Financial Group Reports Operating Results for the First Quarter and Declares Second Quarter Dividend

About this update from Bankwell Financial Group, Inc.

NEW CANAAN, Conn. --(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million , or $0.48 per share for the first quarter of 2024, versus $10.4 million , or $1.33 per share, for the same period in 2023. Pre-tax, pre-provision net revenue ("PPNR") was $8.8 million , or $1.14 per share, for the first quarter of 2024, versus $14.4 million , or $1.89 per share for the same period in 2023. The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 21, 2024 to shareholders of record on May 10, 2024 . We recommend reading this earnings release in conjunction with the First Quarter 2024 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our April 24, 2024 Current Report on Form 8-K. Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke : "Our first quarter earnings of $0.48 per share include the impact of $3.7 million in charge offs related to previously disclosed non-performing loans. The main components of the charge offs were approximately $2.8 million , attributable to a suburban Connecticut office building, and approximately $0.7 million , attributable to the non-guaranteed portions of 2 SBA loans. We encourage investors to review the accompanying Investor Presentation for further details regarding the Bank’s loan portfolio. Absent any action from the Federal Reserve , we expect our net interest margin to trough slightly higher and earlier than previously projected at approximately 255 to 265 basis points during 2Q 2024. This margin, coupled with the Company’s consistently efficient expense structure, provides a solid earnings base during this challenging interest rate environment. We also re-affirm prior guidance regarding non-interest expense of $53 to $54 million for the full year 2024." First Quarter 2024 Highlights: PPNR was $8.8 million for the quarter ended March 31, 2024 . Net income of $3.8 million reflects the impact of $3.7 million of loan charge offs. Total gross loans were $2.7 billion , decreasing $39.0 million , or 1.4%, compared to December 31, 2023 . Average yield on total loans was 6.37% for the quarter ended March 31, 2024 . Nonperforming loans as a percentage of total loans was 1.74% as of March 31, 2024 , down from 1.81% as of December 31, 2023 . Deposits were $2.7 billion , decreasing $63.2 million , or 2.3%, compared to December 31, 2023 . Brokered deposits decreased $120.0 million , when compared to December 31, 2023 . Noninterest bearing deposits increased 8.7% to $376.2 million , when compared to December 31, 2023 . FDIC -insured deposits totaled $1.9 billion and represent 71.4% of total deposits as of March 31, 2024 . Return on average assets was 0.47% for the quarter ended March 31, 2024 . Return on average tangible common equity was 5.65% for the quarter ended March 31, 2024 . The net interest margin was 2.71% for the quarter ended March 31, 2024 . Noninterest expense to average assets was 1.66% for the quarter ended March 31, 2024 . Investment securities totaled $126.2 million and represent 4.0% of total assets. The Company repurchased 45,924 shares at a weighted average price of $25.33 per share through April 11, 2024 . Earnings and Performance Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2024 were $22.1 million , versus $27.1 million for the quarter ended March 31, 2023 . The decrease in revenues for the quarter was attributable to an increase in interest expense and lower gains from loan sales partially offset by an increase in interest on loans, given higher loan yields1 and prepayment fees. Net income for the quarter ended March 31, 2024 was $3.8 million , versus $10.4 million for the quarter ended March 31, 2023 . The decrease in net income for the quarter ended 2024 was primarily due to the aforementioned decrease in revenues and an increase in provision for credit losses. Basic and diluted earnings per share were $0.48 and $0.48 , respectively, for the quarter ended March 31, 2024 compared to basic and diluted earnings per share of $1.34 and $1.33 , respectively, for the quarter ended March 31, 2023 . The net interest margin (fully taxable equivalent basis) for the quarters ended March 31, 2024 and March 31, 2023 was 2.71% and 3.24%, respectively. The decrease in the net interest margin was due to an increase in funding costs partially offset by an increase in interest income on earning assets. Allowance for Credit Losses - Loans ("ACL-Loans") The ACL-Loans was $28.0 million as of March 31, 2024 compared to $27.9 million as of December 31, 2023 . The ACL-Loans as a percentage of total loans was 1.04% as of March 31, 2024 compared to 1.03% as of December 31, 2023 . Provision for credit losses was $3.7 million for the quarter ended March 31, 2024 . The provision for credit losses for the quarter was primarily a result of net loan charge offs of $3.7 million . Financial Condition Assets totaled $3.2 billion at March 31, 2024 , a decrease of $60.2 million or 1.9% compared to December 31, 2023 . Gross loans totaled $2.7 billion at March 31, 2024 , a decrease of $39.0 million , or 1.4% compared to December 31, 2023 . Deposits totaled $2.7 billion at March 31, 2024 , a decrease of $63.2 million , or 2.3% compared to December 31, 2023 . Capital Shareholders’ equity totaled $268.0 million as of March 31, 2024 , an increase of $2.3 million compared to December 31, 2023 , primarily a result of net income of $3.8 million for the three months ended March 31, 2024 . The increase was partially offset by dividends paid of $1.6 million and share repurchases of $0.9 million . 1 - The increase in overall loan yields was 50 bps for the quarter ended March 31, 2024 . About Bankwell Financial Group Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout Fairfield and New Haven Counties, Connecticut . For more information about this press release, interested parties may contact Christopher R. Gruseke , President and Chief Executive Officer or Courtney E. Sacchetti , Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166. For more information, visit www.mybankwell.com . This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the banking industry or securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged. Non-GAAP Financial Measures In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as the efficiency ratio. A computation and reconciliation of certain non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. For example, the Company believes that the efficiency ratio is useful in the assessment of financial performance, including noninterest expense control. The Company believes that tangible common equity, tangible assets, tangible common equity to tangible assets, tangible common shareholders' equity, fully diluted tangible book value per common share, adjusted noninterest expense, operating revenue, efficiency ratio, average tangible common equity, annualized return on average tangible common equity, return on average assets, return on average shareholders' equity, pre-tax, pre-provision net revenue, and the dividend payout ratio are useful to evaluate the relative strength of the Company's performance and capital position. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars in thousands) March 31 , 2024 December 31 , 2023 March 31 , 2023 ASSETS Cash and due from banks $ 245,043 $ 267,521 $ 249,812 Federal funds sold 2,584 1,636 27,370 Cash and cash equivalents 247,627 269,157 277,182 Investment securities Marketable equity securities, at fair value 2,069 2,070 2,028 Available for sale investment securities, at fair value 108,417 109,736 103,171 Held to maturity investment securities, at amortized cost 15,739 15,817 15,931 Total investment securities 126,225 127,623 121,130 Loans receivable (net of ACL-Loans of $27,991 , $27,946 , and $27,998 at March 31, 2024 , December 31, 2023 , and March 31, 2023 , respectively) 2,646,686 2,685,301 2,724,514 Accrued interest receivable 15,104 14,863 14,261 Federal Home Loan Bank stock, at cost 5,655 5,696 5,234 Premises and equipment, net 26,161 27,018 27,619 Bank-owned life insurance 51,764 51,435 50,524 Goodwill 2,589 2,589 2,589 Deferred income taxes, net 9,137 9,383 8,692 Other assets 24,326 22,417 20,573 Total assets $ 3,155,274 $ 3,215,482 $ 3,252,318 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Deposits Noninterest bearing deposits $ 376,248 $ 346,172 $ 377,667 Interest bearing deposits 2,297,274 2,390,585 2,420,641 Total deposits 2,673,522 2,736,757 2,798,308 Advances from the Federal Home Loan Bank 90,000 90,000 90,000 Subordinated debentures 69,266 69,205 69,020 Accrued expenses and other liabilities 54,454 53,768 52,683 Total liabilities 2,887,242 2,949,730 3,010,011 Shareholders’ equity Common stock, no par value 118,401 118,247 115,875 Retained earnings 151,350 149,169 127,566 Accumulated other comprehensive (loss) (1,719 ) (1,664 ) (1,134 ) Total shareholders’ equity 268,032 265,752 242,307 Total liabilities and shareholders’ equity $ 3,155,274 $ 3,215,482 $ 3,252,318 BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Dollars in thousands, except share data) For the Quarter Ended March 31 , 2024 December 31 , 2023 March 31 , 2023 Interest and dividend income Interest and fees on loans $ 43,325 $ 44,122 $ 39,723 Interest and dividends on securities 1,130 1,108 1,000 Interest on cash and cash equivalents 3,826 4,164 3,568 Total interest and dividend income 48,281 49,394 44,291 Interest expense Interest expense on deposits 25,362 25,307 17,033 Interest expense on borrowings 1,772 1,842 1,717 Total interest expense 27,134 27,149 18,750 Net interest income 21,147 22,245 25,541 Provision (credit) for credit losses 3,683 (960 ) 826 Net interest income after provision for credit losses 17,464 23,205 24,715 Noninterest income Bank owned life insurance 329 316 281 Service charges and fees 304 688 286 Gains and fees from sales of loans 321 79 931 Other (39 ) 46 28 Total noninterest income 915 1,129 1,526 Noninterest expense Salaries and employee benefits 6,291 6,088 6,081 Occupancy and equipment 2,322 2,231 2,084 Professional services 1,065 1,033 1,322 Data processing 740 747 671 Director fees 900 605 392 FDIC insurance 930 1,026 1,062 Marketing 114 139 151 Other 935 995 928 Total noninterest expense 13,297 12,864 12,691 Income before income tax expense 5,082 11,470 13,550 Income tax expense 1,319 2,946 3,171 Net income $ 3,763 $ 8,524 $ 10,379 Earnings Per Common Share: Basic $ 0.48 $ 1.09 $ 1.34 Diluted $ 0.48 $ 1.09 $ 1.33 Weighted Average Common Shares Outstanding: Basic 7,663,521 7,603,938 7,554,689 Diluted 7,687,679 7,650,451 7,616,671 Dividends per common share $ 0.20 $ 0.20 $ 0.20 BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) For the Quarter Ended March 31 , 2024 December 31 , 2023 March 31 , 2023 Performance ratios: Return on average assets 0.47 % 1.03 % 1.30 % Return on average shareholders' equity 5.59 % 12.82 % 17.48 % Return on average tangible common equity 5.65 % 12.95 % 17.67 % Net interest margin 2.71 % 2.81 % 3.24 % Efficiency ratio(1) 60.3 % 55.0 % 46.9 % Net loan charge-offs as a % of average loans 0.11 % 0.01 % 0.02 % Dividend payout ratio(2) 41.67 % 18.35 % 15.04 % (1) Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business. (2) The dividend payout ratio is calculated by dividing dividends per share by earnings per share. As of March 31 , 2024 December 31 , 2023 March 31 , 2023 Capital ratios: Total Common Equity Tier 1 Capital to Risk-Weighted Assets(1) 11.60 % 11.30 % 10.00 % Total Capital to Risk-Weighted Assets(1) 12.63 % 12.32 % 10.98 % Tier I Capital to Risk-Weighted Assets(1) 11.60 % 11.30 % 10.00 % Tier I Capital to Average Assets(1) 10.09 % 9.81 % 9.22 % Tangible common equity to tangible assets 8.42 % 8.19 % 7.38 % Fully diluted tangible book value per common share $ 33.57 $ 33.39 $ 30.56 (1) Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report. BANKWELL FINANCIAL GROUP, INC. ASSET QUALITY (unaudited) (Dollars in thousands) For the Quarter Ended March 31 , 2024 December 31 , 2023 March 31 , 2023 ACL-Loans: Balance at beginning of period $ 27,946 $ 29,284 $ 22,431 Day 1 CECL Adjustment on January 1, 2023 — — 5,079 Beginning balance January 1, 2023 27,946 29,284 27,510 Charge-offs: Residential real estate (132 ) — — Commercial real estate (3,306 ) (824 ) — Commercial business (197 ) — (440 ) Consumer (49 ) (15 ) (12 ) Total charge-offs (3,684 ) (839 ) (452 ) Recoveries: Commercial real estate — — — Commercial business 27 464 — Consumer 4 3 6 Total recoveries 31 467 6 Net loan (charge-offs) recoveries (3,653 ) (372 ) (446 ) Provision (credit) for credit losses - loans 3,698 (966 ) 934 Balance at end of period $ 27,991 $ 27,946 $ 27,998 As of March 31 , 2024 December 31 , 2023 March 31 , 2023 Asset quality: Nonaccrual loans Residential real estate $ 1,237 $ 1,386 $ 1,443 Commercial real estate 19,083 23,009 1,912 Commercial business 16,841 15,430 1,528 Construction 9,382 9,382 9,382 Consumer — — — Total nonaccrual loans 46,543 49,207 14,265 Other real estate owned — — — Total nonperforming assets $ 46,543 $ 49,207 $ 14,265 Nonperforming loans as a % of total loans 1.74 % 1.81 % 0.52 % Nonperforming assets as a % of total assets 1.48 % 1.53 % 0.44 % ACL-loans as a % of total loans 1.04 % 1.03 % 1.01 % ACL-loans as a % of nonperforming loans 60.14 % 56.79 % 196.27 % Total past due loans to total loans 1.44 % 0.78 % 0.94 % Total nonaccrual loans decreased $2.7 million to $46.5 million as of March 31, 2024 when compared to December 31, 2023 . The reduction is primarily due to charge-offs taken during the quarter ended March 31, 2024 . Nonperforming assets as a percentage of total assets decreased to 1.48% at March 31, 2024 from 1.53% at December 31, 2023 . The ACL-Loans at March 31, 2024 was $28.0 million , representing 1.04% of total loans. BANKWELL FINANCIAL GROUP, INC. LOAN & DEPOSIT PORTFOLIO (unaudited) (Dollars in thousands) Period End Loan Composition March 31 , 2024 December 31 , 2023 Current QTD % Change Residential Real Estate $ 49,098 $ 50,931 (3.6 )% Commercial Real Estate (1) 1,927,636 1,947,648 (1.0 ) Construction 151,967 183,414 (17.1 ) Total Real Estate Loans 2,128,701 2,181,993 (2.4 ) Commercial Business 508,912 500,569 1.7 Consumer 41,946 36,045 16.4 Total Loans $ 2,679,559 $ 2,718,607 (1.4 )% (1) Includes owner occupied commercial real estate. Gross loans totaled $2.7 billion at March 31, 2024 , a decrease of $39.0 million or 1.4% compared to December 31, 2023 . Period End Deposit Composition March 31 , 2024 December 31 , 2023 Current QTD % Change Noninterest bearing demand $ 376,248 $ 346,172 8.7 % NOW 95,227 90,829 4.8 Money Market 818,408 887,352 (7.8 ) Savings 92,188 97,331 (5.3 ) Time 1,291,451 1,315,073 (1.8 ) Total Deposits $ 2,673,522 $ 2,736,757 (2.3 )% Total deposits were $2.7 billion at March 31, 2024 , a decrease of $63.2 million , or 2.3%, when compared to December 31, 2023 . Brokered deposits have decreased $120.0 million , when compared to December 31, 2023 . BANKWELL FINANCIAL GROUP, INC. NONINTEREST EXPENSE (unaudited) (Dollars in thousands) For the Quarter Ended Noninterest expense March 31 , 2024 December 31 , 2023 March 31 , 2023 Mar 24 vs. Dec 23 % Change Mar 24 vs. Mar 23 % Change Salaries and employee benefits $ 6,291 $ 6,088 $ 6,081 3.3 % 3.5 % Occupancy and equipment 2,322 2,231 2,084 4.1 11.4 Professional services 1,065 1,033 1,322 3.1 (19.4 ) Data processing 740 747 671 (0.9 ) 10.3 Director fees 900 605 392 48.8 129.6 FDIC insurance 930 1,026 1,062 (9.4 ) (12.4 ) Marketing 114 139 151 (18.0 ) (24.5 ) Other 935 995 928 (6.0 ) 0.8 Total noninterest expense $ 13,297 $ 12,864 $ 12,691 3.4 % 4.8 % Noninterest expense increased by $0.6 million to $13.3 million for the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023 . The increase in noninterest expense was primarily driven by an increase in director fees related to timing of compensation and accelerated vestings in connection with the death of a director. BANKWELL FINANCIAL GROUP, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) (Dollars in thousands, except share data) As of Computation of Tangible Common Equity to Tangible Assets March 31 , 2024 December 31 , 2023 March 31 , 2023 Total Equity $ 268,032 $ 265,752 $ 242,307 Less: Goodwill 2,589 2,589 2,589 Other intangibles — — — Tangible Common Equity $ 265,443 $ 263,163 $ 239,718 Total Assets $ 3,155,274 $ 3,215,482 $ 3,252,318 Less: Goodwill 2,589 2,589 2,589 Other intangibles — — — Tangible Assets $ 3,152,685 $ 3,212,893 $ 3,249,729 Tangible Common Equity to Tangible Assets 8.42 % 8.19 % 7.38 % As of Computation of Fully Diluted Tangible Book Value per Common Share March 31 , 2024 December 31, 2023 March 31 , 2023 Total shareholders' equity $ 268,032 $ 265,752 $ 242,307 Less: Preferred stock — — — Common shareholders' equity $ 268,032 $ 265,752 $ 242,307 Less: Goodwill 2,589 2,589 2,589 Other intangibles — — — Tangible common shareholders' equity $ 265,443 $ 263,163 $ 239,718 Common shares issued and outstanding 7,908,180 7,882,616 7,843,438 Fully Diluted Tangible Book Value per Common Share $ 33.57 $ 33.39 $ 30.56 For the Quarter Ended Computation of PPNR March 31 , 2024 December 31 , 2023 March 31 , 2023 Income before income tax expense $ 5,082 $ 11,470 $ 13,550 Add: Provision (credit) for credit losses 3,683 (960 ) 826 PPNR $ 8,765 $ 10,510 $ 14,376 BANKWELL FINANCIAL GROUP, INC. EARNINGS PER SHARE ("EPS") (unaudited) (Dollars in thousands, except share data) Three Months Ended March 31 , 2024 2023 (In thousands, except per share data) Net income $ 3,763 $ 10,379 Dividends to participating securities(1) (40 ) (42 ) Undistributed earnings allocated to participating securities(1) (66 ) (230 ) Net income for earnings per share calculation $ 3,657 $ 10,107 Weighted average shares outstanding, basic 7,664 7,555 Effect of dilutive equity-based awards(2) 24 62 Weighted average shares outstanding, diluted 7,688 7,617 Net earnings per common share: Basic earnings per common share $ 0.48 $ 1.34 Diluted earnings per common share $ 0.48 $ 1.33 (1) Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends. (2) Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method. BANKWELL FINANCIAL GROUP, INC. NONINTEREST INCOME (unaudited) (Dollars in thousands) For the Quarter Ended Noninterest income March 31 , 2024 December 31 , 2023 March 31 , 2023 Mar 24 vs. Dec 23 % Change Mar 24 vs. Mar 23 % Change Bank owned life insurance $ 329 $ 316 $ 281 4.1 % 17.1 % Service charges and fees 304 688 286 (55.8 ) 6.3 Gains and fees from sales of loans 321 79 931 306.3 Unfavorable Other (39 ) 46 28 Unfavorable Unfavorable Total noninterest income $ 915 $ 1,129 $ 1,526 (19.0 )% (40.0 )% Noninterest income decreased $0.6 million for the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023 . The decrease in noninterest income was driven by lower gains as a result of fewer SBA loan sales for the quarter ended March 31, 2024 . BANKWELL FINANCIAL GROUP, INC. NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited) (Dollars in thousands) For the Quarter Ended March 31, 2024 March 31, 2023 Average Balance Interest Yield/ Rate (4) Average Balance Interest Yield/ Rate (4) Assets: Cash and Fed funds sold $ 292,662 $ 3,826 5.26 % $ 315,566 $ 3,568 4.59 % Securities(1) 134,737 1,060 3.15 129,881 956 2.49 Loans: Commercial real estate 1,922,413 28,643 5.89 1,918,551 25,585 5.33 Residential real estate 50,213 718 5.72 59,444 643 4.33 Construction 161,047 2,973 7.30 166,254 2,825 6.80 Commercial business 517,102 10,284 7.87 542,399 10,421 7.68 Consumer 39,964 707 7.12 18,536 249 5.45 Total loans 2,690,739 43,325 6.37 2,705,184 39,723 5.87 Federal Home Loan Bank stock 5,702 121 8.51 5,271 94 7.27 Total earning assets 3,123,840 $ 48,332 6.12 % 3,155,902 $ 44,341 5.62 % Other assets 90,905 84,063 Total assets $ 3,214,745 $ 3,239,965 Liabilities and shareholders' equity: Interest bearing liabilities: NOW $ 91,674 $ 39 0.17 % $ 92,918 $ 37 0.16 % Money market 883,851 9,146 4.16 907,739 6,385 2.85 Savings 92,972 714 3.09 136,333 727 2.16 Time 1,317,069 15,463 4.72 1,252,564 9,883 3.20 Total interest bearing deposits 2,385,566 25,362 4.28 2,389,554 17,032 2.89 Borrowed Money 159,226 1,772 4.48 161,202 1,717 4.26 Total interest bearing liabilities 2,544,792 $ 27,134 4.29 % 2,550,756 $ 18,749 2.98 % Noninterest bearing deposits 337,020 403,920 Other liabilities 62,356 44,406 Total liabilities 2,944,168 2,999,082 Shareholders' equity 270,577 240,883 Total liabilities and shareholders' equity $ 3,214,745 $ 3,239,965 Net interest income(2) $ 21,198 $ 25,592 Interest rate spread 1.83 % 2.64 % Net interest margin(3) 2.71 % 3.24 % (1) Average balances and yields for securities are based on amortized cost. (2) The adjustment for securities and loans taxable equivalency amounted to $51 thousand and $50 thousand for the quarters ended March 31, 2024 and 2023, respectively. (3) Annualized net interest income as a percentage of earning assets. (4) Yields are calculated using the contractual day count convention for each respective product type. View source version on businesswire.com : https://www.businesswire.com/news/home/20240424641573/en/ Bankwell Financial Group Christopher R. Gruseke , President and Chief Executive Officer or Courtney E. Sacchetti , Executive Vice President and Chief Financial Officer (203) 652-0166 Source: Bankwell Financial Group, Inc

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