Bankwell Q3 net income $6.9M record ($0.87 EPS); NIM 3.39%; issues $35M sub notes; ups buyback

Bankwell Financial Group, Inc.

2021-Q3 EPS reported $2.37 revenue$615,000

Net income $6.9M, $0.87 diluted EPS vs $3.0M, $0.38 in Q3 2020; NIM improved to 3.39% from 2.67%.
Loan originations $200M; net loan growth $92M excl. PPP; YTD annualized loan growth 19%.
Tangible book value per share $25.25 vs $22.43 at Dec 2020; ROAE 14.09%, ROAA 1.22%.
Subsequent: issued $35M 3.25% fixed-to-floating sub notes due 2031; repaid $15.5M existing subnotes.
Board declared $0.18/share dividend payable Nov 22; authorized additional 200K shares for repurchase.

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