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Bankwell Financial Group Inc - BWFG STOCK NEWS

Welcome to our dedicated page for Bankwell Financial Group news (Ticker: BWFG), a resource for investors and traders seeking the latest updates and insights on Bankwell Financial Group stock.

Bankwell Financial Group Inc. (NASDAQ: BWFG) is a Connecticut-based bank holding company that holds Bankwell as its primary subsidiary. The company is dedicated to serving the banking and lending needs of both businesses and consumers throughout the state of Connecticut. Bankwell Financial Group offers a wide array of financial products and services tailored to various client needs.

Commercial Lending: Bankwell’s commercial lending portfolio includes loans for owner-occupied commercial real estate, commercial real estate investments, and businesses. They also offer real estate construction and development loans which are vital for builders and developers.

Retail Lending: On the retail side, Bankwell provides residential mortgage loans, home equity lines of credit, and consumer installment loans. These products are designed to help individuals manage their finances efficiently and purchase homes.

Depository Services: Bankwell boasts a range of depository products such as checking accounts, savings accounts, money market accounts, certificates of deposit, and noninterest-bearing demand and time deposits. These offerings cater to the diverse saving and transaction needs of their clients.

Bankwell Financial Group Inc. has been recognized for its robust financial condition and sustainable growth. The company continues to focus on strategic initiatives and partnerships that enhance its service offerings and ensure customer satisfaction. Recent achievements include expansion into new markets and enhancements in their digital banking services.

To stay updated with the latest news, financial performance, and developments about Bankwell Financial Group Inc., you can visit our news section.

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Bankwell Financial Group (NASDAQ: BWFG) reported Q3 2024 GAAP net income of $1.9 million ($0.24 per share), up from $1.1 million ($0.14 per share) in Q2 2024. Results include an $8.2 million charge-off against a $13.7 million office loan. Pre-tax, pre-provision net revenue was $9.0 million ($1.17 per share), down 7% from Q2. The Board declared a $0.20 per share dividend and authorized a new share repurchase plan for up to 250,000 shares. Net interest margin was 2.72%, with brokered deposits down $168.5 million since December 2023. The company expects margin improvement from $1.3 billion in maturing time deposits and $0.5 billion in repricing loans over the next 12 months.

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Bankwell Financial Group, Inc. (NASDAQ: BWFG), the holding company for Bankwell Bank, has announced its schedule for releasing third quarter 2024 earnings. The company will issue its earnings release on Monday, October 28, 2024, after market close. Following this, management will host an audio webcast and conference call on Tuesday, October 29, 2024, at 10:00 a.m. Eastern Time to review the company's financial performance and operating results.

The audio webcast link and corresponding presentation slides will be available on Bankwell's Investor Relations site prior to the webcast. For those unable to attend live, the webcast will be archived on the company's website for twelve months, accessible at any time during this period.

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Bankwell Financial Group, Inc. (NASDAQ: BWFG) has appointed Michael Johnston as Senior Vice President and Head of SBA Lending, a newly created position. Johnston, previously National Sales Director at Ready Capital, brings extensive experience from roles at Zions Bank, Bank of the West, CapitalSource, and Washington Mutual. Christopher R. Gruseke, President and CEO of Bankwell, emphasized that this appointment aligns with the bank's strategy to evolve as a relationship-driven, commercially focused institution supporting small businesses. Johnston expressed excitement about contributing to Bankwell's growth strategy, particularly in expanding its small business customer base.

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The North American Companies Council, Inc. (The NACC™) has launched the country's first fully vetted and transparent 401(k) Pooled Employer Plan (PEP) for legal cannabis companies. This groundbreaking initiative aims to provide retirement savings options for approximately 500,000 employees in the cannabis industry who previously faced barriers to such benefits. The NACC PEP combines expertise from industry leaders in ERISA and cannabis compliance, offering a unique solution for cannabis-related entities across the United States.

Key partners in this initiative include CuraFin Advisors as the 3(38) investment manager, Group Plan Systems, as the Pooled Plan Provider, AmericanTCS's American Trust Retirement for recordkeeping and administration, Bankwell (Nasdaq: BWFG) as the custodian, and Green Check Verified, Inc. for compliance services.

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Bankwell Financial Group (NASDAQ: BWFG) reported Q2 2024 GAAP net income of $1.1 million, or $0.14 per share, down from $8.0 million, or $1.02 per share, in Q2 2023. The company's pre-tax, pre-provision net revenue (PPNR) was $9.7 million, or $1.25 per share. The Board declared a $0.20 per share cash dividend. Key highlights include:

- Net interest margin expanded to 2.75%
- PPNR Return on Average Assets grew to 1.22%
- Noninterest Expense to Average Assets ratio of 1.55%
- Total gross loans decreased 2.3% to $2.7 billion
- Deposits decreased 2.7% to $2.7 billion
- FDIC-insured deposits represent 72.9% of total deposits

The earnings were impacted by an $8.2 million provision for credit losses, including a $6.6 million specific reserve for a commercial business credit.

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On May 29, 2024, Bankwell Financial Group and its subsidiary, Bankwell Bank, elected Kevin Leitão to the Board of Directors. Leitão, founder of Leitão Law , brings over 30 years of experience in legal counsel, compliance, and risk management. His expertise in integrating technology into banking services, along with deep knowledge in regulatory compliance and information risk management, is expected to support Bankwell's innovation and compliance initiatives. This strategic addition aims to bolster the company's governance and drive forward its technological and regulatory goals.

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Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million, or $0.48 per share for the first quarter of 2024, a decrease from $10.4 million, or $1.33 per share, in the same period in 2023. The company declared a $0.20 per share cash dividend. Net interest margin, total loans, and deposits saw changes. The company reaffirmed guidance on non-interest expenses for 2024.
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Bankwell Financial Group, Inc. (BWFG) reported a GAAP net income of $8.5 million, or $1.09 per share for Q4 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. The Board of Directors declared a $0.20 per share cash dividend. Tangible Book Value grew to $33.39 per share, representing a 15% Compounded Annual Growth Rate since December 31, 2020. The company anticipates low single-digit loan growth in 2024. Noninterest expense is estimated at $53 to $54 million, or approximately 1.65% of Average Assets. The Net Interest Margin is anticipated to trough in 3Q at approximately 250 to 260 basis points.
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Bankwell Financial Group reports Q3 2023 net income of $9.8 million and declares $0.20 per share cash dividend. Total gross loans grow by $94.7 million. Return on average assets is 1.19% for the quarter.
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KBRA downgraded ratings for Bankwell Financial Group, Inc. and its subsidiary Bankwell Bank. Senior unsecured debt rating for Bankwell Financial Group downgraded to BBB- from BBB, while subordinated debt rating downgraded to BB+ from BBB-. Deposit and senior unsecured debt ratings for Bankwell Bank downgraded to BBB from BBB+, subordinated debt rating downgraded to BBB- from BBB, and short-term deposit and debt ratings downgraded to K3 from K2. Outlook for all long-term ratings is Stable.
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FAQ

What is the current stock price of Bankwell Financial Group (BWFG)?

The current stock price of Bankwell Financial Group (BWFG) is $32.455 as of November 6, 2024.

What is the market cap of Bankwell Financial Group (BWFG)?

The market cap of Bankwell Financial Group (BWFG) is approximately 241.7M.

What services does Bankwell Financial Group Inc. offer?

Bankwell Financial Group Inc. provides commercial lending, retail lending, and depository services to businesses and consumers.

What types of loans does Bankwell offer?

Bankwell offers owner-occupied commercial real estate loans, commercial loans to small and mid-sized businesses, real estate construction and development loans, residential mortgage loans, home equity lines of credit, and consumer installment loans.

Where is Bankwell Financial Group Inc. located?

Bankwell Financial Group Inc. is based in Connecticut, serving the entire state.

What depository products are available at Bankwell?

Bankwell offers checking accounts, savings accounts, money market accounts, certificates of deposit, noninterest-bearing demand, and time deposits.

How can I stay updated about Bankwell Financial Group Inc.?

You can visit our news section for the latest updates and information about Bankwell Financial Group Inc.

Does Bankwell offer digital banking services?

Yes, Bankwell has enhanced its digital banking services to better serve its clients.

What is the stock symbol for Bankwell Financial Group Inc.?

The stock symbol for Bankwell Financial Group Inc. is BWFG.

Are there any recent achievements by Bankwell Financial Group Inc.?

Yes, recent achievements include expansion into new markets and improvements in digital banking services.

Who can benefit from Bankwell's commercial lending products?

Small and mid-sized businesses, as well as those involved in real estate construction and development, can benefit from Bankwell's commercial lending products.

What is the primary focus of Bankwell Financial Group Inc.?

Bankwell Financial Group Inc. focuses on providing comprehensive financial products and services to meet the banking and lending needs of Connecticut's businesses and consumers.

Bankwell Financial Group Inc

Nasdaq:BWFG

BWFG Rankings

BWFG Stock Data

241.65M
7.86M
11.64%
45.6%
1.35%
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