Bankwell Q1 net income $10.4M, EPS $1.33; declares $0.20 dividend

Bankwell Financial Group, Inc.

2023-Q1 EPS reported $1.33 revenue$286,000

GAAP net income $10.4M ($1.33 diluted EPS) vs $8.2M ($1.04) YoY, up 27%.
Revenue (net interest income + noninterest income) $27.1M vs $20.5M YoY on loan growth and higher yields.
Gross loans $2.8B (+3.1% from Dec 2022); deposits $2.8B flat; 70.3% FDIC-insured; $1.5B liquidity covers 200% of uninsured deposits.
Net interest margin 3.24% vs 3.30% YoY; guidance reiterated: NII expected down ~10% in FY2023.
Quarterly dividend $0.20/share payable May 23, record May 12; CECL adoption increased ACL-loans by $5.1M.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Bankwell Financial Group, Inc. reported the quarter ended March 31, 2023 results: revenue $27.1 million, net income $10.4 million, EPS $1.33 per share. Guidance reaffirmed.

Period: the quarter ended March 31, 2023
Revenue: $27.1 million
Net income: $10.4 million
EPS: $1.33 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

million adjustment to the ACL-Unfunded Commitments. Earnings and Performance Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2023 were $27.1 million, versus $20.5 million for the quarter ended March 31, 2022. The increase in revenues was primarily attributable to an increase in interest and fees on loans due to loan growth

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Source: SEC EDGAR

accession 0001505732-23-000140

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