Bankwell Financi Stock Price, News & Analysis

Bankwell Financial Group reported a GAAP net income of $10.4 million ($1.33 per share) for Q1 2023, compared to $8.2 million ($1.04 per share) in Q1 2022. The Board declared a $0.20 per share dividend, payable on May 23, 2023. Total gross loans reached $2.8 billion, growing by 3.1% from the previous quarter. Deposits remained stable at $2.8 billion, with FDIC-insured deposits comprising 70.3% of total deposits. The company reported a net interest margin of 3.24% and an efficiency ratio of 46.9%. Revenue for Q1 2023 was $27.1 million, up from $20.5 million the prior year. However, net interest income is forecasted to decline by about 10% for the fiscal year due to increased deposit costs. Capital remains strong with $1.5 billion in available liquidity.

Bankwell Financial Group, effective March 9, 2023, has elected Jeffrey Dunne as a Director for both the Company and its subsidiary, Bankwell Bank. With over 30 years of experience, Mr. Dunne serves as Vice Chairman at CBRE, Inc. and leads the New York Capital Markets team. His extensive expertise in real estate and financial services, alongside his community involvement, is expected to enhance Bankwell's leadership. According to Chairman Blake Drexler, Dunne's experience makes him a valuable asset to the board.

Bankwell Financial Group reported a GAAP net income of $8.0 million or $1.04 per share for Q4 2022, compared to $7.8 million or $0.99 per share in Q4 2021. For the full year 2022, net income was $37.4 million or $4.79 per share, up from $26.6 million or $3.36 per share in 2021. The Board declared a $0.20 cash dividend, payable on February 23, 2023, to shareholders of record on February 13, 2023. Total gross loans reached $2.7 billion, a growth of 41.2%. However, anticipated net interest income for 2023 is expected to decline by 10% compared to 2022.

Bankwell Financial Group has appointed Courtney E. Sacchetti as Executive Vice President and Chief Financial Officer, effective January 1, 2023. Previously, she served as Director of Financial Planning & Analysis for six years. Christopher R. Gruseke, President and CEO, praised her exceptional performance and predicted a smooth transition into her new role. Bankwell, with assets exceeding $2.7 billion, is committed to delivering exceptional banking experiences and serving its community.

Bankwell Financial Group (NASDAQ: BWFG) reported a GAAP net income of $9.2 million, or $1.18 per share, for Q3 2022, up from $6.9 million or $0.87 per share in Q3 2021. The quarter saw a significant loan growth of $230 million (11% increase), resulting in a 1.47% return on average assets. The Board declared a $0.20 per share cash dividend payable on November 21, 2022. However, net interest income is expected to decline by 10% in 2023 due to rising deposit costs. Fully diluted book value per share rose 3.2% quarter-over-quarter, reflecting strong growth.

Bankwell Financial Group (NASDAQ: BWFG) reported a record GAAP net income of $12.0 million, or $1.55 per share, for Q2 2022, up from $6.2 million, or $0.79 per share, in Q2 2021. Adjusted for non-recurring items, operating EPS was $1.15. The Board declared a $0.20 per share cash dividend, payable on August 25, 2022. Key metrics included a return on average assets of 1.96% and a net interest margin of 4.01%. Loan growth contributed to a revenue increase to $25.0 million from $18.0 million year-over-year.

On May 25, 2022, shareholders of Bankwell Financial Group (NASDAQ: BWFG) appointed Darryl Demos as a Director. Demos brings over 30 years of experience, previously serving as Executive Vice President at Curinos and General Manager at Novantas and Verint. His expertise in banking advisory and technology is expected to strengthen the board's capabilities. CEO Chris Gruseke expressed enthusiasm for the addition, highlighting Demos' unique skill set as beneficial for Bankwell's ongoing growth and community-focused banking services.

Bankwell Financial Group reported a record GAAP net income of $8.2 million, or $1.04 per share, for Q1 2022, compared to $5.7 million or $0.71 per share in Q1 2021. The Board declared a $0.20 per share cash dividend, payable on May 23, 2022. Total gross loans rose by 4.8% to $2.0 billion, while deposits increased to $2.2 billion. Return on average assets and equity improved to 1.35% and 16.05%, respectively. The net interest margin was 3.30%, supported by growth and a better yield on loans.