Bankwell Q3 net income $9.8M ($1.25 EPS) vs $9.2M a year ago; NIM drops to 2.85%

Bankwell Financial Group, Inc.

2023-Q3 EPS reported $3.58 revenue$941,000

GAAP net income $9.8M ($1.25 diluted EPS) vs $9.2M ($1.18) in Q3 2022; net interest margin narrowed to 2.85% from 4.12% YoY.
Total gross loans grew $94.7M (3.5%) to $2.8B; deposits decreased $32.2M (1.1%) to $2.8B; brokered deposits down $75.3M.
ACL-loans release of $1.4M in Q3; ACL as % of loans was 1.06% vs 1.11% prior quarter.
Board declares $0.20 per share quarterly dividend, payable Nov 20, 2023 to holders of record Nov 10, 2023.
Company highlights $1.7B immediately available liquidity, covering >2x uninsured deposits; FDIC-insured deposits 71.2% of total.

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 0.95

Bankwell Financial Group, Inc. reported the third quarter of 2023 results: net income $9.8 million, EPS $1.25 per share.

Period: the third quarter of 2023
Net income: $9.8 million
EPS: $1.25 per share
Result: reported results

Exact text from the filing

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $9.8 million, or $1.25 per share for the third quarter of 2023, versus $9.2 million, or $1.18 per share, for the same period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Bankwell Financial Group, Inc. reported the nine months ended September 30, 2023 results: net income $28.1 million.

Period: the nine months ended September 30, 2023
Net income: $28.1 million
Result: reported results

Exact text from the filing

Net income for the nine months ended September 30, 2023 was $28.1 million, versus $29.4 million for the nine months ended September 30, 2022.

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Bankwell Financial Group, Inc. filing history →

Source: SEC EDGAR

accession 0001505732-23-000252

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