Bankwell Financial Group Reports Operating Results for the Fourth Quarter and Full Year 2023; Declares First Quarter Dividend

About this update from Bankwell Financial Group, Inc.

[{"type":"text","content":" NEW CANAAN, Conn. --(BUSINESS WIRE)--\n Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $8.5 million , or $1.09 per share for the fourth quarter of 2023, versus $8.0 million , or $1.04 per share, for the same period in 2022. For the year ended 2023, net income totaled $36.7 million , or $4.67 per share, versus $37.4 million , or $4.79 per share, for the same period in 2022.\n\n \nThe Company's Board of Directors declared a $0.20 per share cash dividend, payable February 23, 2024 to shareholders of record on February 13, 2024 .\n\n \n We recommend reading this earnings release in conjunction with the Fourth Quarter 2023 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our January 24, 2024 Current Report on Form 8-K. \n\n \nNotes Bankwell Financial Group President and CEO, Christopher R. Gruseke :\n\n \n\"Thank you to my colleagues who helped the Company generate quality returns for our shareholders amidst a volatile economic backdrop in 2023. We achieved a total year Return on Average Tangible Common Equity (“ROATCE\") of 14.70% while generating a 1.13% Return on Average Assets (“ROAA”). Tangible Book Value grew to $33.39 per share, which represents a 15% Compounded Annual Growth Rate since December 31, 2020 .\n\n \nLooking to 2024, we expect low single digit loan growth as we grow capital and implement innovative deposit solutions. The Net Interest Margin is anticipated to trough in 3Q at approximately 250 to 260 basis points. Noninterest expense is estimated at $53 to $54 million , or approximately 1.65% of Average Assets, an amount consistent with our historical efficiency.\n\n \nThe Balance Sheet is well positioned for any future interest rate cuts taken by the Federal Reserve . We estimate that a hypothetical 50 basis point expansion of the Net Interest Margin would generate approximately $1.50 in incremental Earnings Per Share on an annualized basis.\"\n\n \n Fourth Quarter 2023 Highlights: \n\n \n \nNoninterest expense to average assets was 1.56% for the quarter ended December 31, 2023 and 1.55% for the year ended December 31, 2023 .\n\n \n \nAverage yield on 2023 funded loans was 7.70% compared to 6.24% for 2022.\n\n \n \nTotal gross loans were $2.7 billion , growing $43.2 million , or 1.6%, compared to December 31, 2022 .\n\n \n \nReturn on average assets was 1.03% for the quarter ended December 31, 2023 and 1.13% for the year ended December 31, 2023 .\n\n \n \nReturn on average tangible common equity was 12.95% for the quarter ended December 31, 2023 and 14.70% for the year ended December 31, 2023 .\n\n \n \nThe net interest margin was 2.81% for the quarter ended December 31, 2023 and 2.98% for the year ended December 31, 2023 .\n\n \n \nInvestment securities totaled $127.6 million and represent 4.0% of total assets.\n\n \n \nFully diluted tangible book value per share rose to $33.39 compared to $30.51 at December 31, 2022 .\n\n \n \n Earnings and Performance \n\n \nRevenues (net interest income plus noninterest income) for the quarter ended December 31, 2023 were $23.4 million , versus $27.3 million for the quarter ended December 31, 2022 . Revenues for the year ended December 31, 2023 were $99.3 million , versus $97.8 million for the year ended December 31, 2022 . The decrease in revenues for the quarter was primarily attributable to an increase in interest expense partially offset by an increase in interest on loans due to higher overall loan yields1. The increase in revenues for the year ended 2023 was primarily attributable to an increase in interest and fees on loans due to loan growth and higher overall loan yields1, an increase in gain on sales of loans, and an increase in servicing charges and fees. This increase was partially offset by an increase in interest expense.\n\n \n \n \n1 - The increase in overall loan yields were 71 bps and 100 bps, respectively, for the quarter and year ended December 31, 2023 .\n\n \n\n \n\n \n \nNet income for the quarter ended December 31, 2023 was $8.5 million , versus $8.0 million for the quarter ended December 31, 2022 . Net income for the year ended December 31, 2023 was $36.7 million , versus $37.4 million for the year ended December 31, 2022 . The increase in net income for the quarter ended 2023 was primarily due to the credit for loan losses, partially offset by an increase in noninterest expense, and the aforementioned decrease in revenues. The decrease in net income for the year ended 2023 was due to an increase in noninterest expense partially offset by the aforementioned increase in revenues and a decrease in the provision for loan losses.\n\n \nBasic and diluted earnings per share were $1.09 and $1.09 , respectively, for the quarter ended December 31, 2023 compared to basic and diluted earnings per share of $1.04 and $1.04 , respectively, for the quarter ended December 31, 2022 . Basic and diluted earnings per share were $4.71 and $4.67 , respectively, for the year ended December 31, 2023 compared to basic and diluted earnings per share of $4.84 and $4.79 , respectively, for the year ended December 31, 2022 .\n\n \nThe net interest margin (fully taxable equivalent basis) for the quarters ended December 31, 2023 and December 31, 2022 was 2.81% and 3.70%, respectively. The net interest margin (fully taxable equivalent basis) for the year ended December 31, 2023 and December 31, 2022 was 2.98% and 3.78%, respectively. The decrease in the net interest margin was due to an increase in funding costs partially offset by an increase in yields on earning assets.\n\n \n Allowance for Credit Losses (\"ACL\") - Loans \n\n \nThe ACL-Loans was $27.9 million as of December 31, 2023 compared to $29.3 million as of September 30, 2023 , for a reduction of $1.4 million for the quarter ended December 31, 2023 . The ACL-Loans as a percentage of total loans was 1.03% as of December 31, 2023 compared to 1.06% as of September 30, 2023 . The reduction for the quarter was primarily due to a decrease in loan balances and a release of specific reserves, partially offset by charge-offs.\n\n \nThe ACL-Loans was $27.9 million as of December 31, 2023 compared to $22.4 million as of December 31, 2022 , an increase of $5.5 million year to date, of which $5.1 million being the CECL transition adjustment to retained earnings. The ACL-Loans as a percentage of total loans was 1.03% as of December 31, 2023 compared to 0.84% as of December 31, 2022 . The increase in the ACL-Loans provision for credit losses was primarily driven by forward looking CECL macroeconomic factors.\n\n \n Financial Condition \n\n \nAssets totaled $3.22 billion at December 31, 2023 , compared to assets of $3.25 billion at December 31, 2022 . Gross loans totaled $2.7 billion at December 31, 2023 , an increase of $43.2 million or 1.6% compared to December 31, 2022 . Deposits totaled $2.7 billion at December 31, 2023 , compared to deposits of $2.8 billion at December 31, 2022 , a decrease of $64.1 million .\n\n \n Capital \n\n \nShareholders’ equity totaled $265.8 million as of December 31, 2023 , an increase of $27.3 million compared to December 31, 2022 , primarily a result of net income of $36.7 million for the year ended December 31, 2023 . The increase was partially offset by the Day 1 CECL adoption impact of $4.9 million , dividends paid of $6.2 million , and a $1.5 million unfavorable impact to accumulated other comprehensive income. The unfavorable impact to accumulated other comprehensive income was driven by fair value marks related to hedge positions involving interest rate swaps of $2.4 million partially offset by fair value marks on the Company's available for sale investment securities portfolio of $0.9 million . The Company's interest rate swaps are used to hedge interest rate risk.\n\n \n About Bankwell Financial Group \n\n \nBankwell 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.\n\n \nFor more information, visit www.mybankwell.com .\n\n \nThis 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 securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.\n\n \n Non-GAAP Financial Measures \n\n \nIn 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 non interest 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, 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.\n\n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n CONSOLIDATED BALANCE SHEETS (unaudited) \n\n \n\n \n (Dollars in thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n December 31 ,\n2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n2022 \n\n \n\n \n\n \n \n \n ASSETS \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and due from banks\n\n \n\n \n\n \n$\n\n \n\n \n\n \n267,521\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n256,973\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n207,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n249,812\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n344,925\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFederal funds sold\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,636\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,122\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,706\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,370\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,754\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n269,157\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n258,095\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n262,051\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n277,182\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n355,679\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInvestment securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMarketable equity securities, at fair value\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,070\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,975\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,017\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,028\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAvailable for sale investment securities, at fair value\n\n \n\n \n\n \n \n\n \n\n \n\n \n109,736\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97,907\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99,938\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n103,171\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n103,663\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nHeld to maturity investment securities, at amortized cost\n\n \n\n \n\n \n \n\n \n\n \n\n \n15,817\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,885\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,884\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,931\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,983\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal investment securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n127,623\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n115,767\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n117,839\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n121,130\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n121,634\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoans receivable (net of allowance for loan losses of $27,946 , $29,284 , $30,694 , $27,998 and $22,431 at December 31, 2023 , September 30, 2023 , June 30, 2023 , March 31, 2023 and December 31, 2022 , respectively)\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,685,301\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,735,242\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,736,607\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,724,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,646,384\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued interest receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n14,863\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,648\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,208\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,261\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,070\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Federal Home Loan Bank stock, at cost\n\n \n\n \n\n \n \n\n \n\n \n\n \n5,696\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,696\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,696\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,234\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPremises and equipment, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n27,018\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,658\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,619\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,199\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBank-owned life insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n51,435\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51,119\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,816\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,524\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,243\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n9,383\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,395\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,014\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,692\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,422\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n22,417\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,326\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,229\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,573\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,013\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total assets \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,215,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,249,776\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,707\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,318\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,449\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n LIABILITIES AND SHAREHOLDERS’ EQUITY \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest bearing deposits\n\n \n\n \n\n \n$\n\n \n\n \n\n \n346,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n345,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n367,635\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n377,667\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n404,559\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest bearing deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,390,585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,423,193\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,421,228\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,420,641\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,396,259\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,736,757\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,768,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,788,863\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,798,308\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,800,818\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdvances from the Federal Home Loan Bank \n\n \n\n \n\n \n \n\n \n\n \n\n \n90,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n90,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n90,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n90,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n90,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSubordinated debentures\n\n \n\n \n\n \n \n\n \n\n \n\n \n69,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69,143\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69,082\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69,020\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n68,959\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued expenses and other liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n53,768\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64,145\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55,949\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,683\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,203\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total liabilities \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,949,730\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,991,914\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,003,894\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,010,011\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,013,980\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShareholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon stock, no par value\n\n \n\n \n\n \n \n\n \n\n \n\n \n118,247\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n117,181\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n116,541\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n115,875\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n115,018\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRetained earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n149,169\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n142,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n133,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n127,566\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n123,640\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccumulated other comprehensive (loss) income\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,664\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,524\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,716\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,134\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(189\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Total shareholders’ equity \n\n \n\n \n\n \n \n\n \n\n \n\n \n265,752\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n257,862\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n248,813\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n242,307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n238,469\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total liabilities and shareholders’ equity \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,215,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,249,776\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,707\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,318\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,449\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n CONSOLIDATED STATEMENTS OF INCOME (unaudited) \n\n \n\n \n (Dollars in thousands, except share data) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Quarter Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Year Ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \n Interest and dividend income \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest and fees on loans\n\n \n\n \n\n \n$\n\n \n\n \n\n \n44,122\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n43,854\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n42,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n39,723\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,545\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n170,181\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n111,242\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest and dividends on securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,108\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,016\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,002\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,126\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,203\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest on cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,393\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,022\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,568\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,150\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,147\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal interest and dividend income\n\n \n\n \n\n \n \n\n \n\n \n\n \n49,394\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,263\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46,506\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44,291\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39,593\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n188,454\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n117,945\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Interest expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest expense on deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n25,307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,789\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,777\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,033\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,083\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n86,906\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,364\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest expense on borrowings\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,842\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,783\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,738\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,717\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,701\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,080\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,838\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal interest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n27,149\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,572\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,515\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,784\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n93,986\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,202\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net interest income \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,245\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,991\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,541\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n94,468\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n94,743\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (Credit) provision for loan losses \n\n \n\n \n\n \n \n\n \n\n \n\n \n(960\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,579\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,579\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n826\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,272\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n866\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,437\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net interest income after (credit) provision for loan losses \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,270\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,412\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,715\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n93,602\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n89,306\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest income \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBank owned life insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n316\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n303\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n292\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n281\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n273\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,192\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nService charges and fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n688\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n294\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n361\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n286\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n343\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,629\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,072\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGains (losses) and fees from sales of loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n79\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n237\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n725\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n931\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,972\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,236\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(48\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(337\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal noninterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,129\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n786\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,401\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,526\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n528\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,842\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,040\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSalaries and employee benefits\n\n \n\n \n\n \n \n\n \n\n \n\n \n6,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,036\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,390\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,081\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,595\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,237\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOccupancy and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,146\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,204\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,084\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,919\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,665\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,297\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProfessional services\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,033\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n491\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n692\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,322\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n912\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,538\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,887\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nData processing\n\n \n\n \n\n \n \n\n \n\n \n\n \n747\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n741\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n729\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n671\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n663\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,888\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,632\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDirector fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n605\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n362\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n453\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n392\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n378\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,812\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,394\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n FDIC insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,050\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,062\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,638\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMarketing\n\n \n\n \n\n \n \n\n \n\n \n\n \n139\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n177\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n151\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n112\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n651\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n366\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n995\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n946\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n928\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,601\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,912\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal noninterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n12,864\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,641\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,401\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44,363\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Income before income tax expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,470\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,851\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,550\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,594\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,043\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,983\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Income tax expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,946\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,074\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,189\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,171\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,573\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,380\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,554\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net income \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,524\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,777\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,983\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,379\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,021\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,663\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,429\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Earnings Per Common Share: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.09\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.34\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.04\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.71\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.84\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.09\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.33\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.04\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.67\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.79\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWeighted Average Common Shares Outstanding:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n \n\n \n\n \n\n \n7,603,938\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,598,230\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,593,417\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,554,689\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,507,540\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,587,768\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,563,363\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n \n\n \n\n \n\n \n7,650,451\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,633,934\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,601,562\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,616,671\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,563,116\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,647,411\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,640,218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDividends per common share\n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.80\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.80\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Quarter Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Year Ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \n Performance ratios: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn on average assets\n\n \n\n \n\n \n1.03\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.99\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.30\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.07\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.13\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.44\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nReturn on average shareholders' equity\n\n \n\n \n\n \n12.82\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n15.19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n12.91\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n17.48\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n13.38\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n14.55\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n16.72\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nReturn on average tangible common equity\n\n \n\n \n\n \n12.95\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n15.35\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n13.05\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n17.67\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n13.52\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n14.70\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n16.91\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNet interest margin\n\n \n\n \n\n \n2.81\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.85\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.07\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.24\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.70\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.98\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.78\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nEfficiency ratio(1)\n\n \n\n \n\n \n55.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n52.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n49.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n46.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n45.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n50.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n45.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNet loan charge-offs as a % of average loans\n\n \n\n \n\n \n0.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.02\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.03\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nDividend payout ratio(2)\n\n \n\n \n\n \n18.35\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n16.00\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n19.61\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n15.04\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n19.23\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n17.13\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n16.70\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n (1) \n \n \nEfficiency 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.\n\n \n\n \n\n \n \n \n \n \n \n \n (2) \n \n \nThe dividend payout ratio is calculated by dividing dividends per share by earnings per share.\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n As of \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \n Capital ratios: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Common Equity Tier 1 Capital to Risk-Weighted Assets(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n11.15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.82\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.34\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.17\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.28\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal Capital to Risk-Weighted Assets(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n12.15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.86\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.41\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.16\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.07\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Tier I Capital to Risk-Weighted Assets(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n11.15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.82\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.34\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.17\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.28\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Tier I Capital to Average Assets(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n9.81\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.60\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.41\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.22\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.88\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTangible common equity to tangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.86\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.58\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.38\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.26\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nFully diluted tangible book value per common share\n\n \n\n \n\n \n$\n\n \n\n \n\n \n33.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n32.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n31.45\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n30.56\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n30.51\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (1) \n \n \n Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.\n\n \n\n \n\n \n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n ASSET QUALITY (unaudited) \n\n \n\n \n (Dollars in thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Quarter Ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \n ACL-Loans: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBalance at beginning of period\n\n \n\n \n\n \n$\n\n \n\n \n\n \n29,284\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n30,694\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,998\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,431\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n18,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDay 1 CECL Adjustment on January 1, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,079\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBeginning balance January 1, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,284\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30,694\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,998\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,510\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCharge-offs:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nResidential real estate\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial real estate\n\n \n\n \n\n \n \n\n \n\n \n\n \n(824\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial business\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(440\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsumer\n\n \n\n \n\n \n \n\n \n\n \n\n \n(15\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(31\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(11\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal charge-offs\n\n \n\n \n\n \n \n\n \n\n \n\n \n(839\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(31\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(452\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(11\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRecoveries:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial real estate\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial business\n\n \n\n \n\n \n \n\n \n\n \n\n \n464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsumer\n\n \n\n \n\n \n \n\n \n\n \n\n \n3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal recoveries\n\n \n\n \n\n \n \n\n \n\n \n\n \n467\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n42\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet loan (charge-offs) recoveries\n\n \n\n \n\n \n \n\n \n\n \n\n \n(372\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(446\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n(Credit) provision for loan losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n(966\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,433\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,679\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n934\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,272\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Balance at end of period \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,946\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n29,284\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n30,694\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,998\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,431\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n As of \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \n Asset quality: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNonaccrual loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nResidential real estate\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,386\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,408\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,429\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,443\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,152\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial real estate\n\n \n\n \n\n \n \n\n \n\n \n\n \n23,009\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,905\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,912\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,781\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial business\n\n \n\n \n\n \n \n\n \n\n \n\n \n15,430\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,352\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,815\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,528\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,126\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConstruction\n\n \n\n \n\n \n \n\n \n\n \n\n \n9,382\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,382\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,382\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,382\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,382\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsumer\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,917\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal nonaccrual loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n49,207\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,957\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,531\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,265\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,441\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther real estate owned\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal nonperforming assets\n\n \n\n \n\n \n$\n\n \n\n \n\n \n49,207\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,957\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n15,531\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14,265\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n16,441\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNonperforming loans as a % of total loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.81\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.56\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.52\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.61\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNonperforming assets as a % of total assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.53\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.86\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.48\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.44\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.51\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nACL-loans as a % of total loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.03\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.06\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.11\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.84\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nACL-loans as a % of nonaccrual loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n56.79\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n104.75\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n197.63\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n196.27\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n136.43\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal past due loans to total loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.78\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.44\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.30\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.94\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.60\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \nTotal nonaccrual loans increased $32.8 million to $49.2 million as of December 31, 2023 when compared to December 31, 2022 . Nonperforming assets as a percentage of total assets increased to 1.53% at December 31, 2023 , when compared to 0.51% at December 31, 2022 . The ACL-Loans at December 31, 2023 was $27.9 million , representing 1.03% of total loans.\n\n \nPast due loans increased to $21.3 million , or 0.78% of total loans, as of December 31, 2023 , compared to $16.1 million , or 0.60% of total loans, as of December 31, 2022 .\n\n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n LOAN & DEPOSIT PORTFOLIO (unaudited) \n\n \n\n \n (Dollars in thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Period End Loan Composition \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Current QTD\n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n YTD\n % Change \n\n \n\n \n\n \n \n \n Residential Real Estate \n\n \n\n \n\n \n$\n\n \n\n \n\n \n50,931\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52,908\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n60,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.7\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n\n \n\n \n\n \n(15.9\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n Commercial Real Estate (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,947,648\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,955,992\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,921,252\n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConstruction\n\n \n\n \n\n \n \n\n \n\n \n\n \n183,414\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n199,972\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n155,198\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n18.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total Real Estate Loans \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,181,993 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,208,872 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,137,038 \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1.2 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2.1 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial Business\n\n \n\n \n\n \n \n\n \n\n \n\n \n500,569\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n508,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n520,447\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsumer\n\n \n\n \n\n \n \n\n \n\n \n\n \n36,045\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,612\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,963\n\n \n\n \n\n \n \n\n \n\n \n\n \n(31.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n100.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total Loans \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,718,607 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,770,110 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,675,448 \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1.9 \n\n \n\n \n\n \n ) % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1.6 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n \n (1) \n \n \nIncludes owner occupied commercial real estate.\n\n \n\n \n\n \n \nGross loans totaled $2.7 billion at December 31, 2023 , a increase of $43.2 million or 1.6% compared to December 31, 2022 .\n\n \n \n \n Period End Deposit Composition \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Current QTD\n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n YTD\n % Change \n\n \n\n \n\n \n \n \nNoninterest bearing demand\n\n \n\n \n\n \n$\n\n \n\n \n\n \n346,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n345,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n404,559\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(14.4\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \nNOW\n\n \n\n \n\n \n \n\n \n\n \n\n \n90,829\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n101,719\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n104,057\n\n \n\n \n\n \n \n\n \n\n \n\n \n(10.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(12.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nMoney Market\n\n \n\n \n\n \n \n\n \n\n \n\n \n887,352\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n879,978\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n913,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nSavings\n\n \n\n \n\n \n \n\n \n\n \n\n \n97,331\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n102,207\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n151,944\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(35.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTime\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,315,073\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,339,289\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,226,390\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n7.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total Deposits \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,736,757 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,768,626 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,800,818 \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1.2 \n\n \n\n \n\n \n ) % \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2.3 \n\n \n\n \n\n \n ) % \n\n \n\n \n\n \n \nTotal deposits were $2.7 billion at December 31, 2023 , compared to $2.8 billion at December 31, 2022 , a decrease of $64.1 million , or 2.3%. Brokered deposits have decreased $83.0 million , when compared to December 31, 2022 .\n\n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n NONINTEREST INCOME (unaudited) \n\n \n\n \n (Dollars in thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Quarter Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest income \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Dec 23 vs. Sep 23 \n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n Dec 23 vs. Dec 22 \n % Change \n\n \n\n \n\n \n \n \nBank owned life insurance\n\n \n\n \n\n \n$\n\n \n\n \n\n \n316\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n303\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n273\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n15.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nService charges and fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n688\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n294\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n343\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n134.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGains (losses) and fees from sales of loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n79\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n237\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(66.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n558.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(48\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nFavorable\n\n \n\n \n\n \n \n\n \n\n \n\n \nFavorable\n\n \n\n \n\n \n \n \n Total noninterest income \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 1,129 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 786 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 528 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 43.6 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 113.8 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Year Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest income \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n \nGains and fees from sales of loans\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,972\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,236\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nBank owned life insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,192\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nService charges and fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,629\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,072\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(337\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nFavorable\n\n \n\n \n\n \n \n \n Total noninterest income \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 4,842 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,040 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 59.3 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \nNoninterest income increased by $0.6 million to $1.1 million for the quarter ended December 31, 2023 compared to the quarter ended December 31, 2022 . Noninterest income increased by $1.8 million to $4.8 million for the year ended December 31, 2023 compared to the year ended December 31, 2022 . The increase in noninterest income for the quarter ended December 31, 2023 was mainly driven by an increase in service charges and fees. The increase for the year ended December 31, 2023 was mainly driven by an increase in gains on SBA loan sales and service charges and fees.\n\n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n NONINTEREST EXPENSE (unaudited) \n\n \n\n \n (Dollars in thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Quarter Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest expense \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Dec 23 vs. Sep 23 \n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n Dec 23 vs. Dec 22 \n % Change \n\n \n\n \n\n \n \n \nSalaries and employee benefits\n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,036\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOccupancy and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,146\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,919\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProfessional services\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,033\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n491\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n912\n\n \n\n \n\n \n \n\n \n\n \n\n \n110.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nData processing\n\n \n\n \n\n \n \n\n \n\n \n\n \n747\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n741\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n663\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDirector fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n605\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n362\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n378\n\n \n\n \n\n \n \n\n \n\n \n\n \n67.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n FDIC insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n898\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMarketing\n\n \n\n \n\n \n \n\n \n\n \n\n \n139\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n112\n\n \n\n \n\n \n \n\n \n\n \n\n \n(24.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n24.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n995\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,601\n\n \n\n \n\n \n \n\n \n\n \n\n \n(18.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(37.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Total noninterest expense \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 12,864 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 12,205 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 12,471 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5.4 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3.2 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n For the Year Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest expense \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n \nSalaries and employee benefits\n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,595\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,237\n\n \n\n \n\n \n \n\n \n\n \n\n \n10.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOccupancy and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n8,665\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,297\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProfessional services\n\n \n\n \n\n \n \n\n \n\n \n\n \n3,538\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,887\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nData processing\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,888\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,632\n\n \n\n \n\n \n \n\n \n\n \n\n \n9.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDirector fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,812\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,394\n\n \n\n \n\n \n \n\n \n\n \n\n \n30.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n FDIC insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,638\n\n \n\n \n\n \n \n\n \n\n \n\n \n154.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMarketing\n\n \n\n \n\n \n \n\n \n\n \n\n \n651\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n366\n\n \n\n \n\n \n \n\n \n\n \n\n \n77.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,912\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total noninterest expense \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 50,401 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 44,363 \n\n \n\n \n\n \n \n 13.6 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \nNoninterest expense increased by $0.4 million to $12.9 million for the quarter ended December 31, 2023 compared to the quarter ended December 31, 2022 . Noninterest expense increased by $6.0 million to $50.4 million for the year ended December 31, 2023 compared to the year ended December 31, 2022 . The increase in noninterest expense was primarily driven by an increase in FDIC insurance expense and salaries and employee benefits expense.\n\n \n FDIC insurance expense totaled $1.0 million for the quarter ended December 31, 2023 , an increase of $0.1 million when compared to the same period in 2022. FDIC insurance expense totaled $4.2 million for the year ended December 31, 2023 , an increase of $2.5 million when compared to the same period in 2022. The higher FDIC insurance expense is attributed to the overall balance sheet growth and increased use of brokered deposits.\n\n \nSalaries and employee benefits expense totaled $6.1 million for the quarter ended December 31, 2023 , an increase of $0.1 million when compared to the same period in 2022. Salaries and employee benefits expense totaled $24.6 million for the year ended December 31, 2023 , an increase of $2.4 million when compared to the same period in 2022. The increase in salaries and employee benefits expense was mainly driven by lower loan originations, which reduces the Bank's ability to defer expenses.\n\n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) \n\n \n\n \n (Dollars in thousands, except share data) \n\n \n\n \n\n \n \n \n \n \n \n \n \n\n \n\n \n\n \n As of \n\n \n\n \n\n \n \n \n Computation of Tangible Common Equity to Tangible Assets \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \nTotal Equity\n\n \n\n \n\n \n$\n\n \n\n \n\n \n265,752\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n257,862\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n248,813\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n242,307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n238,469\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther intangibles\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Tangible Common Equity \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 263,163 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 255,273 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 246,224 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 239,718 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 235,880 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Assets\n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,215,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,249,776\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,707\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,318\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,252,449\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther intangibles\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Tangible Assets \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,212,893 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,247,187 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,250,118 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,249,729 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,249,860 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Tangible Common Equity to Tangible Assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n 8.19 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 7.86 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 7.58 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 7.38 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 7.26 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n As of \n\n \n\n \n\n \n \n \n Computation of Fully Diluted Tangible Book Value per Common Share \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \nTotal shareholders' equity\n\n \n\n \n\n \n$\n\n \n\n \n\n \n265,752\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n257,862\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n248,813\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n242,307\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n238,469\n\n \n\n \n\n \n \n \nLess:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPreferred stock\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n \n Common shareholders' equity \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 265,752 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 257,862 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 248,813 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 242,307 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 238,469 \n\n \n\n \n\n \n \n \nLess:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,589\n\n \n\n \n\n \n \n \nOther intangibles\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n \n Tangible common shareholders' equity \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 263,163 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 255,273 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 246,224 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 239,718 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 235,880 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon shares issued and outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n7,882,616\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,841,616\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,829,950\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,843,438\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,730,699\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Fully Diluted Tangible Book Value per Common Share \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 33.39 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 32.55 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 31.45 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 30.56 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 30.51 \n\n \n\n \n\n \n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n EARNINGS PER SHARE (\"EPS\") (unaudited) \n\n \n\n \n (Dollars in thousands, except share data) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Quarter Ended\n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Year Ended\n December 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n (In thousands, except per share data) \n\n \n\n \n\n \n \n \nNet income\n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,524\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,021\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,663\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,429\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDividends to participating securities(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(40\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(32\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(164\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(133\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nUndistributed earnings allocated to participating securities(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(181\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(794\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(680\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Net income for earnings per share calculation \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,303\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n35,705\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,616\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWeighted average shares outstanding, basic\n\n \n\n \n\n \n \n\n \n\n \n\n \n7,604\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,508\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,563\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEffect of dilutive equity-based awards(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n77\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Weighted average shares outstanding, diluted \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,650\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,564\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,648\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,640\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earnings per common share:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic earnings per common share\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.09\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.04\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.71\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.84\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted earnings per common share\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.09\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.04\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.67\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.79\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (1) \n \n \nRepresents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends.\n\n \n\n \n\n \n \n (2) \n \n \nRepresents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method.\n\n \n\n \n\n \n \n \n \n BANKWELL FINANCIAL GROUP, INC. \n\n \n\n \n NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited) \n\n \n\n \n (Dollars in thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n \n\n \n\n \n\n \n For the Quarter Ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Average\n Balance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Interest \n\n \n\n \n\n \n \n\n \n\n \n\n \n Yield/\n Rate (4) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Balance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Interest \n\n \n\n \n\n \n \n\n \n\n \n\n \n Yield/\n Rate (4) \n\n \n\n \n\n \n \n \nAssets:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and Fed funds sold\n\n \n\n \n\n \n$\n\n \n\n \n\n \n314,950\n\...

View stock analysis, news, and events for Bankwell Financial Group, Inc.