Bankwell Financial Group Reports Strong Operating Results for the First Quarter; Declares Second Quarter Dividend
Bankwell Financial Group, Inc. (NASDAQ:BWFG) reported GAAP net income of
The Company's Board of Directors declared a
We recommend reading this earnings release in conjunction with the First Quarter 2021 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our April 28, 2021 Current Report on Form 8-K.
Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:
"I am pleased to announce Bankwell’s financial results for the first quarter of 2021. Our team made meaningful progress in virtually all aspects of our business. Loans grew by
"I’d like to thank all of my colleagues who have worked tirelessly to achieve these results amidst such challenging circumstances. On behalf of everyone at Bankwell, I also wish to acknowledge our gratitude for all of our health care workers and scientists who have persevered in an effort to bring our health crisis to an end."
First Quarter 2021 Highlights:
-
PPNR of
$7.0 million ($6.1 million excluding the one-time payroll tax credit), a48% increase compared to the same period in 2020. -
Return on average assets was
1.02% and return on average equity was12.67% . -
Resumption of SBA loan sales with gains of
$0.5 million compared to no sales for the quarter ended March 31, 2020. -
Total gross loans were
$1.7 billion , growing$63.2 million , or4% , compared to December 31, 2020, excluding PPP loans. -
Total deposits were
$1.9 billion compared to$1.8 billion at December 31, 2020. -
Noninterest bearing deposits increased by
$112.5 million to15% of total deposits compared to10% at March 31, 2020. -
The cost of deposits decreased approximately 10 basis points to
0.67% when compared to the quarter ended December 31, 2020. -
The Bank's loan-to-deposit ratio was
89.0% , reflecting the above-mentioned increase in deposits. -
Investment securities totaled
$101.6 million and represent5% of total assets. -
Tangible book value per share rose to
$23.99 compared to$22.43 at December 31, 2020, benefiting from strong operating performance and favorable marks on interest rate swaps used to hedge interest rate risk. -
Shares issued and outstanding were 7,908,630, reflecting repurchases of 65,626 shares of common stock at a weighted average price of
$21.66 during the quarter ended March 31, 2021. -
Subsequent to March 31, 2021, the Company committed to retire
$10 million of existing subordinated debt on May 15, 2021.
Earnings and Performance
Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2021 were
Net income for the quarter ended March 31, 2021 was
Basic and diluted earnings per share were
The net interest margin (fully taxable equivalent basis) for the quarters ended March 31, 2021 and March 31, 2020 was
Financial Condition
Assets totaled
Capital
Shareholders’ equity totaled
About Bankwell Financial Group
Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout Fairfield and New Haven Count