Bankwell Q3 GAAP EPS $1.18, revenue $25M, loans up 21% YTD; declares $0.20 dividend

Bankwell Financial Group, Inc.

2022-Q3 EPS reported $3.75 revenue$729,000

GAAP net income $9.2M ($1.18 diluted EPS) vs $6.9M ($0.87) in Q3 2021; operating EPS $1.08 excluding prepayments.
Revenue $25.0M, up 30% YoY; net interest margin expanded to 4.12% from 3.39%.
Gross loans grew $391.9M (20.7%) YTD to $2.3B; deposits rose to $2.3B.
Tangible book value per share $29.68 (+16.2% YTD); ROAA 1.47%, ROAE 15.73%.
CEO expects interest income up >25% but NII down 10% in 2023 due to deposit costs; quarterly dividend $0.20.

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