Bankwell posts record Q1 net income of $8.2M, EPS $1.04; declares $0.20 dividend

Bankwell Financial Group, Inc.

2022-Q1 EPS reported $1.04 revenue$240,000

Net income $8.2M ($1.04 diluted EPS) vs $5.7M ($0.71) in Q1 2021, a record quarter.
Revenue (NII + noninterest income) $20.5M, up from $16.6M YoY; NIM expanded to 3.30% from 2.74%.
Loan growth of $90.4M (4.8%) to $2.0B; deposits grew to $2.2B; noninterest-bearing deposits 19.1%.
Tangible book value per share rose to $26.75 from $25.55; repurchased 112,829 shares at $34.01 avg.
Company reaffirms 2022 NII growth guidance of 12-14%.

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