Bankwell Financial Group Reports Operating Results for the First Quarter, Declares Second Quarter Dividend
NEW CANAAN, Conn.--(BUSINESS WIRE)--April 23, 2025--
Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $6.9 million, or $0.87 per share for the first quarter of 2025, versus $3.0 million, or $0.37 per share, for the fourth quarter of 2024. The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 20, 2025 to shareholders of record on May 9, 2025.
Pre-tax, pre-provision net revenue (PPNR) of $9.4 million, or $1.22 per share, increased 10.7% relative to the fourth quarter of 2024 of $8.5 million, or $1.11 per share.
Discussion of Outlook; Bankwell Financial Group Chief Executive Officer, Christopher R. Gruseke:
"We are happy to announce our first quarter financial results which are consistent with previously announced guidance. Net Interest Margin continues to expand and will continue to do so without further rate cuts by the Federal Reserve. Our SBA business has begun to make a growing contribution with gain-on-sale income expected to build over the course of the year. Asset quality improved materially with the successful resolution of two non-performing credits, bringing our non-performing asset ratio down to 83 basis points.
In early April we welcomed two new deposit teams, enabling our expansion into the New York City metro market. We will selectively look to take advantage of market disruptions to add talented professionals to the team.
We are operating in a time of unseen macroeconomic volatility, however, at this time we are reaffirming our financial guidance provided alongside fourth quarter earnings."
Key Points for First Quarter and Bankwell's Outlook
NIM Expansion on Improved Deposit Costs
-- Reported net interest margin was 2.81%, up 21 basis points from the
fourth quarter of 2024. While 9 basis points improvement is attributable
to non-recurring items, reduced deposit costs contributed meaningfully to
linked-quarter expansion.
-- First quarter cost of deposits of 3.60% down 12 basis points to linked
quarter, with a March 2025 rate of 3.52%. The primary driver of the
improvement was the repricing of time deposits, with additional benefit
realized from modest reductions in non-maturity deposit rates.
-- Brokered deposits declined $80.6 million in the first quarter of 2025,
with core deposits up $43.4 million, including $27.7 million growth in
non-interest bearing deposits.
Credit Improvement Given Nonperforming Assets Dispositions.
-- During the first quarter of 2025, the Company sold a $27.1 million
multifamily commercial real estate loan on nonperforming status at par
value.
-- During the first quarter of 2025, the Company sold a property that it had
acquired during the fourth quarter of 2024 and held as an Other Real
Estate Owned ("OREO") asset. The OREO asset had previously secured a
non-performing construction loan. The Company received net proceeds from
the sale of such OREO in the amount of $8.3 million.
-- As of March 31, 2025, nonperforming assets as a percentage of total
assets improved to 0.83% compared to 1.88% as of December 31, 2024.
Showing Progress on Several Strategic Initiatives.
-- Gains on sale of SBA loans were $442 thousand for the quarter ended March
31, 2025, which represented an average sale price of 110%. The SBA
Lending division originated $10 million during the quarter ended March
31, 2025 and continues with positive origination momentum into the second
quarter.
-- In April, the Company expanded its deposit-gathering capabilities by
hiring two deposit teams in the New York City metropolitan area, totaling
7 FTEs. We will balance expansion with continued attention to platform
efficiency, and our talent pipeline remains robust.
First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):
March 31, December 31, September 30, June 30, March 31,
2025 2024 2024 2024 2024
-------------- -------------- -------------- -------------- --------------
Return on
average
assets(1)(6) 0.86% 0.37% 0.24% 0.14% 0.47%
Pre-tax,
pre-provision
net revenue
return on
average
assets(1)(6) 1.18% 1.05% 1.13% 1.22% 1.10%
Return on
average
shareholders'
equity(1)(6) 10.16% 4.35% 2.83% 1.65% 5.59%
Net interest
margin(1)(6) 2.81% 2.60% 2.72% 2.75% 2.71%
Efficiency
Ratio(1)(3) 59.9% 56.4% 58.8% 55.9% 60.3%
Noninterest
expense to
average
assets(1)(6) 1.76% 1.56% 1.62% 1.55% 1.66%
Net loan
charge-offs
as a
percentage of
average
loans(1)(6) 0.00% 0.11% 0.56% 0.01% 0.11%
Dividend
payout(1)(4) 22.99% 54.05% 82.30% 142.86% 41.67%
Fully diluted
tangible book
value per
common
share(1)(2) $ 34.56 $ 34.09 $ 33.76 $ 33.61 $ 33.57
Total capital
to
risk-weighted
assets(1)(5) 13.22% 12.70% 12.83% 12.98% 12.63%
Total common
equity tier 1
capital to
risk-weighted
assets(1)(5) 12.11% 11.64% 11.80% 11.73% 11.60%
Tier I Capital
to Average
Assets(1)(5) 10.13% 10.09% 10.24% 10.17% 10.09%
Tangible
common equity
to tangible
assets(1)(2) 8.57% 8.20% 8.40% 8.42% 8.42%
Earnings per
common share
- diluted $ 0.87 $ 0.37 $ 0.24 $ 0.14 $ 0.48
Common shares
issued and
outstanding 7,888,013 7,859,873 7,858,573 7,866,499 7,908,180
(1) Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures"
section of this document for additional detail.
(2) Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of
this document for additional detail.
(3) 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.
(4) The dividend payout ratio is calculated by dividing dividends per share
by earnings per share.
(5) Represents Bank ratios. Current period capital ratios are preliminary
subject to finalization of the FDIC Call Report.
(6) Return on average assets is calculated by dividing annualized net
income by average assets. Pre-tax, pre-provision net revenue return on
average is calculated by dividing PPNR (using the "Pre-Tax,
Pre-Provision Net Revenue (PPNR)) section of this document by average
assets. Return on average shareholders' equity is calculated by
dividing annualized net income by average shareholders' equity. Net
interest margin is calculated by dividing average annualized net
interest income by average total earning assets. Noninterest expense to
average assets is calculated by dividing annualized noninterest expense
by average total assets. Net loan charge-offs as a percentage of
average loans is calculated by dividing net loan (charge offs)
recoveries by average total loans.
Pre-Tax, Pre-Provision Net Revenue(1) ("PPNR")
PPNR for the first quarter ended March 31, 2025 was $9.4 million, an increase of 10.7% from $8.5 million recognized for the fourth quarter ended December 31, 2024.
For the Quarter Ended
-------------------------------------------------
March June March
31, December September 30, 31,
(Dollars in thousands) 2025 31, 2024 30, 2024 2024 2024
------- --------- ---------- ------- --------
Net interest income $22,066 $ 20,199 $ 20,717 $21,219 $ 21,147
Total noninterest
income 1,505 964 1,156 683 915
------ -------- --------- ------ -------
Total revenues 23,571 21,163 21,873 21,902 22,062
Total noninterest
expense 14,141 12,644 12,865 12,245 13,297
------ -------- --------- ------ -------
PPNR $ 9,430 $ 8,519 $ 9,008 $ 9,657 $ 8,765
(1) Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.
-- Revenues (net interest income plus noninterest income) for the quarter
ended March 31, 2025 were $23.6 million, versus $22.1 million for the
quarter ended December 31, 2024. The increase in revenues for the quarter
ended March 31, 2025 was mainly attributable to improved funding costs as
well as past due interest collected from the disposition of the $27.1
million multifamily commercial real estate nonperforming loan. Additional
favorability for the quarter ended March 31, 2025 attributed to growth in
gains on sale of SBA loans, which yielded an approximate 10% premium, on
average.
-- The net interest margin (fully taxable equivalent basis) for the quarters
ended March 31, 2025 and December 31, 2024 was 2.81% and 2.60%,
respectively. The increase in the net interest margin was mainly due to
improved funding costs as well as past due interest collected from the
disposition of the $27.1 million multifamily commercial real estate
nonperforming loan.
-- Total non-interest expense of $14.1 million increased 11.8% compared to
the fourth quarter which was mainly driven by increase in salaries and
employee benefits partially offset by reduced OREO expenses.
Allowance for Credit Losses - Loans ("ACL-Loans")
The ACL-Loans was $29.5 million as of March 31, 2025 compared to $29.0 million as of December 31, 2024. The ACL-Loans as a percentage of total loans was 1.11% as of March 31, 2025 compared to 1.07% as of December 31, 2024.
Provision for credit losses was $0.5 million for the quarter ended March 31, 2025. Total nonperforming loans decreased $26.9 million to $26.4 million as of March 31, 2025 when compared to the previous quarter. The decrease in nonperforming loans was mainly due to the sale of a $27.1 million multifamily commercial real estate loan in the first quarter of 2025. Nonperforming assets as a percentage of total assets decreased to 0.83% at March 31, 2025 from 1.88% at December 31, 2024.
BANKWELL FINANCIAL GROUP, INC.
ASSET QUALITY (unaudited)
(Dollars in thousands)
For the Quarter Ended
---------------------------------------------------
March December
31, 31, September June 30, March 31,
2025 2024 30, 2024 2024 2024
-------- -------- --------- -------- ----------
ACL-Loans:
Balance at
beginning of
period $29,007 $27,752 $ 36,083 $27,991 $27,946
Charge-offs:
Residential
real estate -- -- -- (9) (132)
Commercial real
estate (67) (1,100) (8,184) (522) (3,306)
Commercial
business -- (703) (7,010) -- (197)
Consumer (33) (5) (17) (12) (49)
Construction -- (1,155) (616) -- --
------ ------ ------- ------ ------
Total
charge-offs (100) (2,963) (15,827) $(543.SI)$ (3,684)
------ ------ ------- ------ ------
Recoveries:
Residential
real estate -- -- -- 141 --
Commercial real
estate -- -- 1,013 113 --
Commercial
business 4 4 (34) -- 27
Consumer 36 5 1 13 4
Construction -- -- -- -- --
------ ------ ------- ------ ------
Total
recoveries 40 9 980 267 31
------ ------ ------- ------ ------
Net loan
(charge-offs)
recoveries (60) (2,954) (14,847) (276) (3,653)
------ ------ ------- ------ ------
Provision (credit)
for credit losses
- loans 538 4,209 6,516 8,368 3,698
------ ------ ------- ------ ------
Balance at end of
period $29,485 $29,007 $ 27,752 $36,083 $27,991
====== ====== ======= ====== ======
As of
---------------------------------------------------------------
March 31, December September June 30, March 31,
2025 31, 2024 30, 2024 2024 2024
----------- ----------- ----------- ----------- -----------
Asset quality:
Nonaccrual loans
Residential real
estate $ 811 $ 791 $ 1,316 $ 1,339 $ 1,237
Commercial real
estate 17,946 44,814 46,360 28,088 19,083
Commercial
business 7,626 7,672 9,101 17,396 16,841
Construction -- -- 8,766 9,382 9,382
Consumer -- -- -- -- --
------ ------ ------ ------ ------
Total
nonaccrual
loans 26,383 53,277 65,543 56,205 46,543
Other real estate
owned -- 8,299 -- -- --
------ ------ ------ ------ ------
Total
nonperforming
assets $26,383 $61,576 $65,543 $56,205 $46,543
====== ====== ====== ====== ======
Nonperforming
loans as a % of
total loans 1.00% 1.97% 2.42% 2.12% 1.74%
Nonperforming
assets as a % of
total assets 0.83% 1.88% 2.07% 1.79% 1.48%
ACL-loans as a %
of total loans 1.11% 1.07% 1.07% 1.36% 1.04%
ACL-loans as a %
of nonperforming
loans 111.76% 54.44% 44.26% 64.20% 60.14%
Total past due
loans to total
loans 1.08% 1.63% 2.40% 0.84% 1.44%
Financial Condition & Capital
Assets totaled $3.2 billion at March 31, 2025, a decrease of $84.6 million, or 2.6% compared to December 31, 2024. Gross loans totaled $2.6 billion at March 31, 2025, a decrease of $61.0 million, or 2.3% compared to December 31, 2024. Deposits totaled $2.8 billion at March 31, 2025, a decrease of $37.1 million, or 1.3% compared to December 31, 2024. Brokered deposits have decreased $80.6 million or 11.4%, when compared to December 31, 2024.
Period End Current Year over
Loan March 31, December March 31, QTD % Year %
Composition 2025 31, 2024 2024 Change Change
---------- ---------- ---------- ---------- -----------
Residential
Real Estate $ 40,089 $ 42,766 $ 49,098 (6.3)% (18.3)%
Commercial
Real
Estate(1) 1,810,923 1,899,134 1,927,636 (4.6) (6.1)
Construction 188,339 173,555 151,967 8.5 23.9
--------- --------- --------- ---- ---- ----- ----
Total Real
Estate
Loans 2,039,351 2,115,455 2,128,701 (3.6) (4.2)
Commercial
Business 529,000 515,125 508,912 2.7 3.9
Consumer 76,553 75,308 41,946 1.7 82.5
--------- --------- --------- ---- ---- ----- ----
Total
Loans $2,644,904 $2,705,888 $2,679,559 (2.3)% (1.3)%
(1) Includes owner occupied commercial real estate of $0.7 billion at
March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
Period End Current Year over
Deposit March 31, December March 31, QTD % Year %
Composition 2025 31, 2024 2024 Change Change
---------- ---------- ---------- ---------- ----------
Noninterest
bearing
demand $ 349,525 $ 321,875 $ 376,248 8.6% (7.1)%
NOW 112,695 105,090 95,227 7.2 18.3
Money Market 900,352 899,413 818,408 0.1 10.0
Savings 91,378 90,220 92,188 1.3 (0.9)
Time 1,296,495 1,370,972 1,291,451 (5.4) 0.4
--------- --------- --------- ---- --- ---- ----
Total
Deposits $2,750,445 $2,787,570 $2,673,522 (1.3)% 2.9%
========= ========= =========
Shareholders' equity totaled $275.2 million as of March 31, 2025, an increase of $4.7 million compared to December 31, 2024, primarily a result of net income of $6.9 million for the year ended March 31, 2025. The increase was partially offset by dividends paid of $1.6 million and share repurchases of $0.9 million.
As of March 31, 2025, the Bank's regulatory capital ratios were all above 'well capitalized' values, with total risk-based capital, common-equity tier 1 capital and leverage ratios at 13.22%, 12.11%, and 10.13%, respectively. The Company repurchased 29,924 shares at a weighted average price of $30.46 per share during the quarter ended March 31, 2025.
We recommend reading this earnings release in conjunction with the First Quarter 2025 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our April 23, 2025 Current Report on Form 8-K.
Conference Call
Bankwell will host a conference call to discuss the Company's financial results and business outlook on April 24, 2025, at 10:00 a.m. E.T. The call will be accessible by telephone and webcast using https://investor.mybankwell.com/events-and-presentations/. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event.
About Bankwell Financial Group
Bankwell Financial Group, Inc. is the holding company for Bankwell Bank ("Bankwell"), a full-service commercial bank headquartered in New Canaan, CT. Bankwell offers its customers unmatched accessibility, expertise, and responsiveness through a range of commercial financing products including working capital lines of credit, SBA loans, acquisition loans, and commercial mortgages as well as treasury management and deposit services.
For more information about this press release, interested parties may contact Christopher R. Gruseke, Chief Executive Officer or Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166 or at ir@mybankwell.com.
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, operating revenue, efficiency ratio, noninterest expense to average assets, 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, net interest margin, net loan charge-offs as a percentage of average loans, pre-tax, pre-provision net revenue on average assets, 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, December September June 30, March 31,
2025 31, 2024 30, 2024 2024 2024
----------- ----------- ----------- ----------- -------------
ASSETS
Cash and due from banks $ 292,006 $ 293,552 $ 275,829 $ 234,277 $ 245,043
Federal funds sold 12,922 13,972 15,508 17,103 2,584
--------- --------- --------- --------- ---------
Cash and cash equivalents 304,928 307,524 291,337 251,380 247,627
Investment securities
Marketable equity securities, at
fair value 2,164 2,118 2,148 2,079 2,069
Available for sale investment
securities, at fair value 97,321 107,428 108,866 107,635 108,417
Held to maturity investment
securities, at amortized cost 36,478 36,553 34,886 28,286 15,739
--------- --------- --------- --------- ---------
Total investment securities 135,963 146,099 145,900 138,000 126,225
Loans receivable (net of ACL-Loans of
$29,485, $29,007, $27,752, $36,083,
and $27,991 at March 31, 2025,
December 31, 2024, September 30, 2024,
June 30, 2024, and March 31, 2024,
respectively) 2,611,495 2,672,959 2,591,551 2,616,691 2,646,686
Accrued interest receivable 15,409 14,535 14,714 14,675 15,104
Federal Home Loan Bank stock, at
cost 3,583 5,655 5,655 5,655 5,655
Premises and equipment, net 22,978 23,856 24,780 25,599 26,161
Bank-owned life insurance 53,136 52,791 52,443 52,097 51,764
Goodwill 2,589 2,589 2,589 2,589 2,589
Deferred income taxes, net 9,551 9,742 9,300 11,345 9,137
Other real estate owned -- 8,299 -- -- --
Other assets 24,261 24,427 22,811 23,623 24,326
--------- --------- --------- --------- ---------
Total assets $3,183,893 $3,268,476 $3,161,080 $3,141,654 $3,155,274
========= ========= ========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Noninterest bearing deposits $ 349,525 $ 321,875 $ 295,552 $ 328,475 $ 376,248
Interest bearing deposits 2,400,920 2,465,695 2,392,619 2,333,900 2,297,274
--------- --------- --------- --------- ---------
Total deposits 2,750,445 2,787,570 2,688,171 2,662,375 2,673,522
Advances from the Federal Home Loan
Bank 40,000 90,000 90,000 90,000 90,000
Subordinated debentures 69,513 69,451 69,389 69,328 69,266
Accrued expenses and other
liabilities 48,721 50,935 45,594 52,975 54,454
--------- --------- --------- --------- ---------
Total liabilities 2,908,679 2,997,956 2,893,154 2,874,678 2,887,242
--------- --------- --------- --------- ---------
Shareholders' equity
Common stock, no par value 118,439 119,108 118,429 118,037 118,401
Retained earnings 157,971 152,656 151,257 150,895 151,350
Accumulated other comprehensive
(loss) (1,196) (1,244) (1,760) (1,956) (1,719)
--------- --------- --------- --------- ---------
Total shareholders' equity 275,214 270,520 267,926 266,976 268,032
--------- --------- --------- --------- ---------
Total liabilities and
shareholders' equity $3,183,893 $3,268,476 $3,161,080 $3,141,654 $3,155,274
========= ========= ========= ========= =========
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars in thousands, except share data)
For the Quarter Ended
--------------------------------------------------------------
March 31, December September June 30, March 31,
2025 31, 2024 30, 2024 2024 2024
---------- ---------- ---------- ----------- -------------
Interest and
dividend income
Interest and
fees on loans $ 43,475 $ 42,851 $ 43,596 $ 43,060 $ 43,325
Interest and
dividends on
securities 1,445 1,482 1,390 1,190 1,130
Interest on
cash and cash
equivalents 3,557 3,510 3,205 3,429 3,826
--------- --------- --------- --------- ---------
Total
interest
and
dividend
income 48,477 47,843 48,191 47,679 48,281
--------- --------- --------- --------- ---------
Interest expense
Interest
expense on
deposits 24,772 25,640 25,579 24,677 25,362
Interest
expense on
borrowings 1,639 2,004 1,895 1,783 1,772
--------- --------- --------- --------- ---------
Total
interest
expense 26,411 27,644 27,474 26,460 27,134
--------- --------- --------- --------- ---------
Net interest
income 22,066 20,199 20,717 21,219 21,147
Provision (credit)
for credit
losses 463 4,458 6,296 8,183 3,683
--------- --------- --------- --------- ---------
Net interest
income after
provision
(credit) for
credit losses 21,603 15,741 14,421 13,036 17,464
--------- --------- --------- --------- ---------
Noninterest income
Bank owned life
insurance 344 348 346 333 329
Service charges
and fees 602 589 575 495 304
Gains and fees
from sales of
loans 442 24 133 45 321
Other 117 3 102 (190) (39)
--------- --------- --------- --------- ---------
Total
noninterest
income 1,505 964 1,156 683 915
--------- --------- --------- --------- ---------
Noninterest
expense
Salaries and
employee
benefits 7,052 5,056 6,223 6,176 6,291
Occupancy and
equipment 2,575 2,600 2,334 2,238 2,322
Professional
services 1,529 1,286 1,142 989 1,065
Data processing 885 905 851 755 740
Director fees 348 342 292 306 900
FDIC insurance 779 862 853 705 930
Marketing 142 175 73 90 114
Other 831 1,418 1,097 986 935
--------- --------- --------- --------- ---------
Total
noninterest
expense 14,141 12,644 12,865 12,245 13,297
--------- --------- --------- --------- ---------
Income before
income tax
expense 8,967 4,061 2,712 1,474 5,082
Income tax expense 2,079 1,098 786 356 1,319
--------- --------- --------- --------- ---------
Net income $ 6,888 $ 2,963 $ 1,926 $ 1,118 $ 3,763
========= ========= ========= ========= =========
Earnings Per
Common Share:
Basic $ 0.88 $ 0.37 $ 0.24 $ 0.14 $ 0.48
Diluted $ 0.87 $ 0.37 $ 0.24 $ 0.14 $ 0.48
Weighted Average
Common Shares
Outstanding:
Basic 7,670,224 7,713,970 7,715,040 7,747,675 7,663,521
Diluted 7,740,521 7,727,412 7,720,895 7,723,888 7,687,679
Dividends per
common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20
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 March 31, December 31, September 30, June 30, March 31,
Assets 2025 2024 2024 2024 2024
-------------- -------------- -------------- -------------- --------------
Total Equity $ 275,214 $ 270,520 $ 267,926 $ 266,976 $ 268,032
Less:
Goodwill 2,589 2,589 2,589 2,589 2,589
Other
intangibles -- -- -- -- --
--------- --------- --------- --------- ---------
Tangible Common
Equity $ 272,625 $ 267,931 $ 265,337 $ 264,387 $ 265,443
========= ========= ========= ========= =========
Total Assets $3,183,893 $3,268,476 $3,161,080 $3,141,654 $3,155,274
Less:
Goodwill 2,589 2,589 2,589 2,589 2,589
Other
intangibles -- -- -- -- --
--------- --------- --------- --------- ---------
Tangible Assets $3,181,304 $3,265,887 $3,158,491 $3,139,065 $3,152,685
========= ========= ========= ========= =========
Tangible Common
Equity to
Tangible
Assets 8.57% 8.20% 8.40% 8.42% 8.42%
As of
----------------------------------------------------------
Computation of
Fully Diluted
Tangible Book
Value per March 31, December September June 30, March 31,
Common Share 2025 31, 2024 30, 2024 2024 2024
---------- ---------- ---------- ---------- ----------
Total
shareholders'
equity $ 275,214 $ 270,520 $ 267,926 $ 266,976 $ 268,032
Less:
Preferred
stock -- -- -- -- --
--------- --------- --------- --------- ---------
Common
shareholders'
equity $ 275,214 $ 270,520 $ 267,926 $ 266,976 $ 268,032
Less:
Goodwill 2,589 2,589 2,589 2,589 2,589
Other
intangibles -- -- -- -- --
--------- --------- --------- --------- ---------
Tangible common
shareholders'
equity $ 272,625 $ 267,931 $ 265,337 $ 264,387 $ 265,443
Common shares
issued and
outstanding 7,888,013 7,859,873 7,858,573 7,866,499 7,908,180
Fully Diluted
Tangible Book
Value per
Common Share $ 34.56 $ 34.09 $ 33.76 $ 33.61 $ 33.57
BANKWELL FINANCIAL GROUP, INC.
EARNINGS PER SHARE ("EPS") (unaudited)
(Dollars in thousands, except share data)
For the Three Months
Ended March 31,
---------------------------------------------
2025 2024
---------------- ---------------
(In thousands, except per share data)
Net income $ 6,888 $ 3,763
Dividends to participating
securities(1) (26) (40)
Undistributed earnings
allocated to participating
securities(1) (111) (66)
---------------- ---------------
Net income for earnings per
share calculation 6,751 3,657
---------------- ---------------
Weighted average shares
outstanding, basic 7,670,224 7,663,521
Effect of dilutive
equity-based awards(2) 70,297 24,158
---------------- ---------------
Weighted average shares
outstanding, diluted 7,740,521 7,687,679
---------------- ---------------
Net earnings per common
share:
Basic earnings per
common share $ 0.88 $ 0.48
Diluted earnings per
common share $ 0.87 $ 0.48
(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.
NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited)
(Dollars in thousands)
For the Quarter Ended
--------------------------------------------------------------------
March 31, 2025 March 31, 2024
--------------------------------- ---------------------------------
Average Yield/ Average Yield/
Balance Interest Rate (4) Balance Interest Rate (4)
---------- ---------- --------- ---------- ---------- ---------
Assets:
Cash and Fed
funds sold $ 349,235 $ 3,557 4.13% $ 292,662 $ 3,826 5.26%
Securities(1) 150,650 1,477 3.92 134,737 1,060 3.15
Loans:
Commercial
real estate 1,848,208 28,285 6.12 1,922,413 28,643 5.89
Residential
real estate 41,585 633 6.09 50,213 718 5.72
Construction 178,878 3,468 7.76 161,047 2,973 7.30
Commercial
business 508,417 10,007 7.87 517,102 10,284 7.87
Consumer 81,483 1,082 5.38 39,964 707 7.12
--------- ------ ---- --- --------- ------ ---- ---
Total loans 2,658,571 43,475 6.54 2,690,739 43,325 6.37
Federal Home Loan
Bank stock 4,596 110 9.71 5,702 121 8.51
--------- ------ ---- --- --------- ------ ---- ---
Total earning
assets 3,163,052 $ 48,619 6.15% 3,123,840 $ 48,332 6.12%
====== ======
Other assets 89,743 90,905
--------- ---------
Total assets $3,252,795 $3,214,745
========= =========
Liabilities and
shareholders'
equity:
Interest bearing
liabilities:
NOW $ 99,487 $ 110 0.45% $ 91,674 $ 39 0.17%
Money market 893,361 8,521 3.87 883,851 9,146 4.16
Savings 88,167 658 3.03 92,972 714 3.09
Time 1,378,468 15,484 4.56 1,317,069 15,463 4.72
--------- ------ ---- --- --------- ------ ---- ---
Total
interest
bearing
deposits 2,459,483 24,773 4.08 2,385,566 25,362 4.28
Borrowed Money 133,917 1,639 4.96 159,226 1,772 4.48
--------- ------ ---- --- --------- ------ ---- ---
Total interest
bearing
liabilities 2,593,400 $ 26,412 4.13% 2,544,792 $ 27,134 4.29%
====== ======
Noninterest
bearing
deposits 333,796 337,020
Other liabilities 50,555 62,356
--------- ---------
Total liabilities 2,977,751 2,944,168
Shareholders'
equity 275,044 270,577
--------- ---------
Total
liabilities
and
shareholders'
equity $3,252,795 $3,214,745
========= ---------- ========= ----------
Net interest
income(2) $ 22,207 $ 21,198
====== ======
Interest rate
spread 2.02% 1.83%
Net interest
margin(3) 2.81% 2.71%
(1) Average balances and yields for securities are based on amortized cost.
(2) The adjustment for securities and loans taxable equivalency amounted to
$141 thousand and $51 thousand for the quarters ended March 31, 2025
and 2024, 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/20250422530252/en/
CONTACT: Christopher R. Gruseke, Chief Executive Officer
Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer
Bankwell Financial Group
(203) 652-0166
ir@mybankwell.com
(END) Dow Jones Newswires
April 23, 2025 16:01 ET (20:01 GMT)
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