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