Bankwell Q2 net income falls to $8.0M from $12.0M YoY; guides NII decline to 5-6%

Bankwell Financial Group, Inc.

2023-Q2 EPS reported $2.34 revenue$647,000

GAAP EPS $1.02 versus $1.55 in Q2 2022; net interest margin compressed to 3.07% from 4.01%.
Revenue (NII + noninterest income) $25.4M vs $25.0M YoY; average loan yield 5.95%.
Provision for credit losses $2.6M in Q2 vs $0.8M in Q1; CECL macro factors cited.
Revised 2023 NII guidance: now expects 5-6% decline, prior was ~10% decline.
Declares $0.20 quarterly dividend payable Aug 24; loan book grew 3.7% from Dec 2022.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bankwell Financial Group, Inc. reported the second quarter of 2023 results: revenue $25.4 million, net income $8.0 million, EPS $1.02 per share. Guidance raised.

Period: the second quarter of 2023
Revenue: $25.4 million
Net income: $8.0 million
EPS: $1.02 per share
Guidance: raised
Result: reported results

Exact text from the filing

totaling $15.9 million, or 0.5% of total assets. 1 Earnings and Performance Revenues (net interest income plus noninterest income) for the quarter ended June 30, 2023 were $25.4 million, versus $25.0 million and for the quarter ended June 30, 2022. Revenues for the six months ended June 30, 2023 were $52.5 million , versus $45.4 million for the six months ended

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Source: SEC EDGAR

accession 0001505732-23-000198

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