Bankwell Financial Group, Inc. (NASDAQ:BWFG) reported GAAP net
income of $4.6 million or $0.59 per share for the first quarter of
2018, versus $3.7 million or $0.48 per share for the same period in
2017.
The Company's Board of Directors declared a $0.12 per share cash
dividend, payable May 25, 2018 to shareholders of record on May 15,
2018.
Notes Bankwell Financial Group President and CEO, Christopher R.
Gruseke:
“We are happy to announce year over year earnings growth of 24%
for the first quarter of 2018. Acknowledging that the lower
corporate tax rate played a significant role, Bankwell nevertheless
achieved solid organic growth in the face of a more competitive
lending environment and several non-recurring charges.”
“The heightened volatility experienced across the capital
markets during the first quarter acted as a headwind against the
lending environment in general. Further, while too many banking
institutions have seemingly demonstrated how recent tax cuts will
impact their business models, Bankwell chose not to participate in
a race to the bottom in lending spreads. We will continue our
disciplined practice toward lending rates as we have never chosen
to compete on price. Thus far, our pipeline suggests improved
volume at more favorable spreads for the second quarter.”
“We note that our efficiency ratio took an uncharacteristic
increase this quarter versus Q1’17. Several factors contributed to
this increase: 1) non-recurring expenses, such as a $363 thousand
increase in professional fees, as well as approximately $300
thousand in loan origination costs, which could not be deferred due
to lower loan volume, 2) forgone interest income on approximately
$14 million in new non-performing loans (see below), and 3) planned
investment in people and infrastructure, primarily geared toward
deposit gathering activities.”
“The first quarter also saw an addition of approximately $14
million in non-performing loans due to two recently impaired
commercial loans with balances of approximately $10 million and $4
million, respectively. We are in the process of evaluating the
various pathways to repayment on these credits and will provide an
update in our next quarterly release.”
“Finally, the next quarter will also see three new Bankwell
branches open within our footprint in Fairfield County, CT. We are
excited to bring the Bankwell brand to these towns and expect those
new customers will agree with their neighboring communities who
have just voted Bankwell the “#1 Bank in Fairfield County for
Customer Service.”
First Quarter 2018 Highlights:
- First quarter total revenue (net
interest income plus non-interest income) was $15.0 million versus
$14.2 million in the same period last year, a 6% increase.
- First quarter diluted earnings per
share were $0.59, an increase of 23% compared to the first quarter
of 2017.
- Return on average assets reached 1.03%
for the quarter ended March 31, 2018 compared to 0.93% for the
quarter ended March 31, 2017.
- Return on average tangible common
equity reached 11.56% in the first quarter of 2018 compared to
10.33% for the quarter ended March 31, 2017.
- The tangible book value per common
share at March 31, 2018 was $21.12, a 9% increase over March 31,
2017.
- Tax equivalent net interest margin was
3.15% for the first quarter of 2018.
- Total gross loans approached $1.6
billion for the first quarter of 2018.
- Total assets surpassed $1.8 billion and
grew at an annualized rate of 8% during the first quarter of
2018.
- Total deposits exceeded $1.4 billion
and grew at an annualized rate of 8% during the first quarter of
2018.
- The allowance for loan losses was $18.8
million and represents 1.21% of total loans.
- Investment securities totaled $120.6
million and represent 7% of total assets.
Earnings
Net income for the quarter ended March 31, 2018 was $4.6
million, an increase of 24% compared to the quarter ended March 31,
2017. Revenues (net interest income plus non-interest income) for
the quarter ended March 31, 2018 were $15.0 million, an increase of
6% compared to the quarter ended March 31, 2017. Net interest
income for the quarter ended March 31, 2018 was $13.7 million, an
increase of 6% compared to the quarter ended March 31, 2017. The
increase in net income was driven by an increase in interest and
fees on loans and from a reduction in the corporate tax rate from
35% to 21% resulting from 2017 tax reform. The increase in interest
and fees on loans was a result of commercial real estate and
commercial business loan growth as compared to March 31, 2017.
Basic and diluted earnings per share were each $0.59 for the
quarter ended March 31, 2018 compared to $0.49 and $0.48,
respectively, for the quarter ended March 31, 2017.
The Company’s efficiency ratio for the quarters ended March 31,
2018 and March 31, 2017 were 62.0% and 58.3%, respectively. The
increase in the efficiency ratio was driven by an increase in
noninterest expense. The temporary increase in noninterest expense
reflected a nonrecurring increase in audit related expenses and a
ramp up of costs associated with the opening of three new branch
locations, which are expected to open in the second quarter of
2018.
Noninterest Income and Expense
Noninterest income increased $67 thousand or 5% to $1.3 million
for the three months ended March 31, 2018 compared to the three
months ended March 31, 2017. The increase in noninterest income was
primarily driven by an increase in gains and fees from the sales of
loans and a net gain on the sale of available for sale securities.
Gain and fees from the sale of loans totaled $370 thousand for the
quarter ended March 31, 2018 compared to $324 thousand for the same
period in 2017, an increase of $46 thousand. The net gain on the
sale of available for sale securities totaled $222 thousand for the
quarter ended March 31, 2018 compared to a net gain on the sale of
available for sale securities of $165 thousand for the same period
in 2017.
Noninterest expense increased $969 thousand or 12% for the three
months ended March 31, 2018 compared to the three months ended
March 31, 2017. The increase was primarily driven by an increase in
salaries and employee benefits and an increase in professional
services. Salaries and employee benefits totaled $5.0 million for
the quarter ended March 31, 2018 compared to $3.9 million for the
same period in 2017, an increase of $1.1 million. The increase in
salaries and employee benefits was primarily driven by an increase
in full time equivalent employees and a reduction in deferred loan
origination costs resulting from lower loan volume. The increase in
full time equivalent employees is in line with year over year
business growth and to a lesser degree, buildup of staffing for the
three new branch locations expected to open in the second quarter
of 2018. Full time equivalent employees totaled 144 at March 31,
2018 compared to 127 at March 31, 2017. Professional services
totaled $775 thousand for the quarter ended March 31, 2018 compared
to $412 thousand for the same period in 2017, an increase of $363
thousand. The increase in professional services was primarily
driven by increases in audit related expenses.
Financial Condition
Assets totaled $1.83 billion at March 31, 2018, an annualized
increase of 8% compared to assets of $1.80 billion at December 31,
2017. Total gross loans were $1.6 billion at March 31, 2018, an
increase of $13.4 million compared to December 31, 2017, driven by
disciplined growth in commercial real estate loans. Deposits
increased to $1.43 billion, an annualized increase of 8% over
December 31, 2017.
Asset Quality
Non-performing assets as a percentage of total assets was 1.14%
at March 31, 2018, up from 0.31% at December 31, 2017. The increase
in non-performing assets is primarily driven by two recently
impaired commercial real estate loans. The allowance for loan
losses was $18.8 million, representing 1.21% of total loans and
$18.9 million, representing 1.23% of total loans at March 31, 2018
and December 31, 2017, respectively.
Capital
Shareholders’ equity totaled $165.9 million as of March 31,
2018, an increase of $4.9 million compared to December 31, 2017,
primarily a result of net income for the quarter ended March 31,
2018 of $4.6 million. As of March 31, 2018, the tangible common
equity ratio and tangible book value per share were 8.92% and
$21.12, respectively.
About Bankwell Financial Group
Bankwell is a commercial bank that serves the banking and
lending needs of residents and businesses throughout Fairfield and
New Haven Counties, CT. For more information about this press
release, interested parties may contact Christopher R. Gruseke,
President and Chief Executive Officer or Penko Ivanov, 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 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 table. 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 non-interest expense control. The Company
believes that tangible common equity and tangible book value per
share is useful to evaluate the relative strength of the Company's
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, except
share data) March 31,
December 31, March 31, 2018 2017
2017 Assets Cash and due from banks $ 81,249 $ 70,545
$ 63,675 Federal funds sold 2,121 186 10,280
Cash and cash equivalents 83,370 70,731 73,955 Available for
sale investment securities, at fair value 99,050 92,188 87,434 Held
to maturity investment securities, at amortized cost 21,546 21,579
16,808 Loans receivable (net of allowance for loan losses of
$18,801, $18,904 and $18,511 at March 31, 2018, December 31, 2017
and March 31, 2017, respectively) 1,534,565 1,520,879 1,406,407
Foreclosed real estate 487 - 272 Accrued interest receivable 5,331
5,910 5,180 Federal Home Loan Bank stock, at cost 9,310 9,183 8,033
Premises and equipment, net 19,207 18,196 17,618 Bank-owned life
insurance 39,880 39,618 38,740 Goodwill 2,589 2,589 2,589 Other
intangible assets 358 382 469 Deferred income taxes, net 4,716
4,904 8,954 Other assets 10,834 10,448 5,783
Total assets $ 1,831,243 $ 1,796,607 $ 1,672,242
Liabilities & Shareholders' Equity Liabilities Deposits
Noninterest-bearing $ 161,641 $ 172,638 $ 170,572 Interest-bearing
1,264,886 1,225,767 1,156,888 Total deposits
1,426,527 1,398,405 1,327,460 Advances from the Federal Home
Loan Bank 199,000 199,000 160,000 Subordinated debentures 25,116
25,103 25,064 Accrued expenses and other liabilities 14,653
13,072 10,046
Total liabilities
1,665,296 1,635,580 1,522,570
Shareholders' equity Common stock, no par value; 10,000,000 shares
authorized, 7,831,804, 7,751,424 and 7,638,706 shares issued and
outstanding at March 31, 2018, December 31, 2017 and March 31,
2017, respectively 119,363 118,301 115,823 Retained earnings 44,695
41,032 32,820 Accumulated other comprehensive income 1,889
1,694 1,029
Total shareholders' equity
165,947 161,027 149,672
Total liabilities
and shareholders' equity $ 1,831,243 $ 1,796,607 $ 1,672,242
BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED
STATEMENTS OF INCOME (unaudited) (Dollars in thousands,
except per share data) For the
Quarter Ended March 31, December 31, March
31, 2018 2017 2017 Interest and
dividend income Interest and fees on loans $ 17,418 $ 17,493 $
15,513 Interest and dividends on securities 935 947 809 Interest on
cash and cash equivalents 254 289 114
Total interest income 18,607 18,729
16,436
Interest expense Interest expense on deposits
3,656 3,602 2,581 Interest on borrowings 1,246 1,213
907 Total interest expense 4,902 4,815
3,488
Net interest income 13,705 13,914
12,948
Provision (Credit) for loan losses 13
(495 ) 543
Net interest income after
provision for loan losses 13,692 14,409
12,405
Noninterest income Gains and fees from
sales of loans 370 868 324 Bank owned life insurance 263 289 291
Service charges and fees 256 252 240 Net gain on sale of available
for sale securities 222 - 165 Loss on sale of foreclosed real
estate, net - (78 ) - Other 222 210 246
Total noninterest income 1,333 1,541
1,266
Noninterest expense Salaries and employee
benefits 5,028 4,603 3,929 Occupancy and equipment 1,617 1,585
1,692 Professional services 775 457 412 Data processing 525 399 445
Marketing 297 321 266 Director fees 215 229 233 FDIC insurance 214
225 383 Amortization of intangibles 24 25 31 Foreclosed real estate
- - 7 Other 508 735 836 Total
noninterest expense 9,203 8,579 8,234
Income before income tax expense 5,822 7,371 5,437
Income tax expense 1,222 5,275
1,735
Net income $ 4,600 $ 2,096 $
3,702
Earnings Per Common Share: Basic $ 0.59
$ 0.27 $ 0.49 Diluted 0.59 0.27 0.48 Weighted Average Common
Shares Outstanding: Basic 7,676,813 7,624,931 7,525,268 Diluted
7,722,120 7,702,770 7,632,123 Dividends per common share $ 0.12 $
0.07 $ 0.07
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) (Dollars in
thousands, except per share data)
For the Quarter Ended March 31, December
31, March 31, 2018 2017 2017
Performance ratios: Return on average assets * 1.03% 0.46% 0.93%
Return on average stockholders' equity * 11.35% 5.15% 10.12% Return
on average tangible common equity * 11.56% 5.25% 10.33% Net
interest margin 3.15% 3.23% 3.35% Efficiency ratio (1) 62.0% 55.1%
58.3% Net loan charge-offs as a % of average loans 0.01%
0.01% 0.00%
* All metrics, as of December 31, 2017, measuring return were
significantly impacted by certain non-recurring items, including
$3.3 million for a write-down of our deferred tax asset resulting
from tax reform, ($0.9) million for a change in loan reserve
methodology, ($0.6) million resulting from income recognized from
servicing assets and $0.2 million resulting from charges due to
reductions in workforce. Excluding the non-recurring items, the
company's return on average assets, return on average stockholders'
equity and return on average tangible common equity would have been
approximately 0.90%, 10.05% and 10.24% for the quarter ended
December 31, 2017.
As of March 31,
2018
December 31,
2017
March 31,
2017
Capital ratios: Total Common Equity Tier 1 Capital to Risk-Weighted
Assets (2) 11.18% 10.99% 11.16% Total Capital to Risk-Weighted
Assets (2) 12.35% 12.19% 12.41% Tier I Capital to Risk-Weighted
Assets (2) 11.18% 10.99% 11.16% Tier I Capital to Average Assets
(2) 9.90% 9.61% 10.06% Tangible common equity to tangible assets
8.92% 8.81% 8.78% Tangible book value per common share (3) $
21.12 $ 20.59 $ 19.44 Asset quality: Nonaccrual loans $
20,374 $ 5,481 $ 4,434 Other real estate owned 487 - 272 Total
non-performing assets $ 20,861 $ 5,481 $ 4,706
Nonperforming loans as a % of total loans 1.31% 0.36% 0.31%
Nonperforming assets as a % of total assets 1.14% 0.31% 0.28%
Allowance for loan losses as a % of total loans 1.21% 1.23%
1.30% Allowance for loan losses as a % of nonperforming
loans 92.28% 344.90% 417.48% (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 non-interest
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) Represents Bank ratios.
Current period capital ratios are preliminary subject to
finalization of the FDIC Call Report. (3) Excludes unvested
restricted shares of 114,336, 75,186, and 98,176 as of March 31,
2018, December 31, 2017 and March 31, 2017, respectively.
BANKWELL FINANCIAL GROUP, INC. LOAN & DEPOSIT
PORTFOLIO (unaudited) (Dollars in thousands)
March 31, December 31,
Current QTD Period End Loan Composition 2018
2017 % Change Residential Real Estate $ 195,638 $
193,524 1.1 % Commercial Real Estate 1,005,962 987,242 1.9 %
Construction 87,309 101,636 (14.1 %)
Total Real Estate Loans
1,288,909 1,282,402 0.5 %
Commercial Business 267,052 259,995 2.7 % Consumer
446 619 (27.9 %)
Total Loans $
1,556,407 $ 1,543,016 0.9 %
March 31, December 31, Current QTD
Period End Deposit Composition 2018 2017 %
Change Noninterest-bearing demand $ 161,641 $ 172,638 (6.4 %)
NOW 58,416 58,942 (0.9 %) Money Market 479,524 451,804 6.1 %
Savings 96,664 83,758 15.4 % Time 630,282 631,263
(0.2 %)
Total Deposits $ 1,426,527 $
1,398,405 2.0 % BANKWELL
FINANCIAL GROUP, INC. NONINTEREST INCOME & EXPENSE - QTD
(unaudited) (Dollars in thousands)
For the Quarter Ended Noninterest
income March 31, December 31, March 31,
Mar 18 vs. Dec 17 Mar 18 vs. Mar 17 2018
2017 2017 % Change % Change
Gains and fees from sales of loans $ 370 $ 868 $ 324 (57.4%) 14.2%
Bank owned life insurance 263 289 291 (9.0%) (9.6%) Service charges
and fees 256 252 240 1.6% 6.7% Net gain on sale of available for
sale securities 222 - 165 100.0% 34.5% Loss on sale of foreclosed
real estate, net - (78) - (100.0%) 0.0% Other 222 210
246 5.7% (9.8%)
Total noninterest income $
1,333 $ 1,541 $ 1,266
(13.5%) 5.3% For the Quarter
Ended Noninterest expense March 31, December
31, March 31, Mar 18 vs. Dec 17 Mar 18 vs. Mar
17 2018 2017 2017 % Change %
Change Salaries and employee benefits $ 5,028 $ 4,603 $ 3,929
9.2% 28.0% Occupancy and equipment 1,617 1,585 1,692 2.0% (4.4%)
Professional services 775 457 412 69.6% 88.1% Data processing 525
399 445 31.6% 18.0% Marketing 297 321 266 (7.5%) 11.7% Director
fees 215 229 233 (6.1%) (7.7%) FDIC insurance 214 225 383 (4.9%)
(44.1%) Amortization of intangibles 24 25 31 (4.0%) (22.6%)
Foreclosed real estate - - 7 0.0% (100.0%) Other 508
735 836 (30.9%) (39.2%)
Total noninterest expense
$ 9,203 $ 8,579 $ 8,234
7.3% 11.8% 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,
December 31, March 31, 2018 2017
2017 Total Equity $ 165,947 $ 161,027 $ 149,672 Less:
Goodwill 2,589 2,589 2,589 Other intangibles 358
382 469
Tangible Common Equity
$ 163,000 $ 158,056
$ 146,614 Total Assets $ 1,831,243 $
1,796,607 $ 1,672,242 Less: Goodwill 2,589 2,589 2,589 Other
intangibles 358 382 469
Tangible Assets $ 1,828,296 $
1,793,636 $ 1,669,184
Tangible Common Equity to Tangible Assets 8.92
% 8.81 % 8.78 %
As of Computation of Tangible Book Value per Common
Share March 31, December 31, March 31,
2018 2017 2017 Total shareholders' equity $
165,947 $ 161,027 $ 149,672 Less: Preferred stock -
- -
Common shareholders' equity
165,947 161,027 149,672 Less: Goodwill 2,589
2,589 2,589 Other intangibles 358 382
469
Tangible common shareholders' equity
163,000 158,056 146,614 Common shares issued
7,831,804 7,751,424 7,638,706 Less: Shares of unvested restricted
stock 114,336 75,186 98,176
Common shares outstanding 7,717,468
7,676,238 7,540,530 Book value per share $ 21.50 $
20.98 $ 19.85 Less: Effects of intangible assets $ 0.38 $ 0.39 $
0.41
Tangible Book Value per Common Share $
21.12 $ 20.59 $ 19.44
BANKWELL FINANCIAL GROUP,
INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)
- Continued (Dollars in thousands, except share data)
For the Quarter Ended Computation of Efficiency
Ratio March 31, December 31, March 31,
2018 2017 2017 Noninterest expense $ 9,203 $
8,579 $ 8,234 Less: Amortization of intangible assets 24 25 31
Foreclosed real estate expenses - -
7
Adjusted noninterest expense $
9,179 $ 8,554 $
8,196 Net interest income $ 13,705 $ 13,914 $ 12,948
Noninterest income 1,333 1,541 1,266 Less: Gains on sales of
securities 222 - 165 Loss on sale of foreclosed real estate
- (78 ) -
Adjusted operating
revenue $ 14,816 $ 15,533
$ 14,049 Efficiency ratio
62.0 % 55.1 % 58.3 %
For the Quarter Ended Computation of Return
on Average Tangible Common Equity March 31, December
31, March 31, 2018 2017 2017 Net
Income Attributable to Common Shareholders $ 4,600 $ 2,096
$ 3,702 Total average shareholders' equity $ 164,369
$ 161,477 $ 148,349 Less: Goodwill 2,589 2,589 2,589 Other
intangibles 358 382 469
Average tangible common equity $ 161,422 $ 158,506 $
145,291
Annualized Return on Average Tangible
Common Equity 11.56 % 5.25 %
10.33 % BANKWELL FINANCIAL GROUP,
INC. NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT
BASIS (Dollars in thousands)
For the Quarter Ended March
31, 2018 March 31, 2017 Average Yield/
Average Yield/ Balance Interest
Rate (5) Balance Interest Rate
(5) Assets: Cash and Fed funds sold $ 69,164 $ 254 1.49 % $
68,416 $ 114 0.68 % Securities (1) 117,084 888 3.04 % 101,857 861
3.38 % Loans: Commercial real estate 976,294 10,868 4.45 % 854,733
9,684 4.53 % Residential real estate 197,897 1,799 3.64 % 193,500
1,740 3.60 % Construction (2) 95,384 1,146 4.81 % 105,320 1,249
4.74 % Commercial business 280,812 3,597 5.12 % 228,422 2,826 4.95
% Consumer 637 8 4.97 % 1,690 14 3.47 %
Total loans 1,551,024 17,418 4.49 % 1,383,665 15,513 4.48 % Federal
Home Loan Bank stock 9,306 118 5.12 % 8,020
79 3.98 % Total earning assets 1,746,578 $ 18,678 4.28 %
1,561,958 $ 16,567 4.24 % Other assets 66,794 59,681
Total assets $ 1,813,372 $ 1,621,639 Liabilities and
shareholders' equity: Interest-bearing liabilities: NOW $ 58,329 $
19 0.13 % $ 54,593 $ 27 0.20 % Money market 466,653 1,162 1.01 %
343,992 566 0.67 % Savings 93,947 196 0.85 % 111,012 185 0.68 %
Time 625,728 2,280 1.48 % 595,452 1,803
1.23 % Total interest-bearing deposits 1,244,657 3,657 1.19 %
1,105,049 2,581 0.95 % Borrowed Money 224,108 1,246
2.22 % 182,053 907 1.99 % Total interest-bearing
liabilities 1,468,765 $ 4,903 1.35 % 1,287,102 $ 3,488 1.10 %
Noninterest-bearing deposits 166,289 174,795 Other liabilities
13,949 11,393 Total liabilities 1,649,003 1,473,290
Shareholders' equity 164,369 148,349 Total
liabilities and shareholders' equity $ 1,813,372 $ 1,621,639 Net
interest income (3) $ 13,775 $ 13,079 Interest rate spread 2.93 %
3.14 % Net interest margin (4) 3.15 % 3.35 % (1) Average
balances and yields for securities are based on amortized cost. (2)
Includes commercial and residential real estate construction. (3)
The adjustment for securities and loans taxable equivalency
amounted to $70 thousand and $131 thousand, respectively for the
quarters ended March 31, 2018 and 2017. (4) Net interest income as
a percentage of earning assets. (5) 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/20180425006861/en/
Bankwell Financial Group, Inc.Christopher R. Gruseke,
203-652-0166President and Chief Executive OfficerorPenko Ivanov,
203-652-0166Executive Vice President and Chief Financial
Officer
Bankwell Financial (NASDAQ:BWFG)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Bankwell Financial (NASDAQ:BWFG)
Historical Stock Chart
Von Apr 2023 bis Apr 2024