Bankwell Q1 net income $3.8M ($0.48) vs $10.4M ($1.33) YoY; $3.7M charge-offs

Bankwell Financial Group, Inc.

2024-Q1 EPS reported $0.48 revenue$304,000

PPNR fell to $8.8M from $14.4M YoY; net interest margin 2.71% vs 3.24%.
Charge-offs of $3.7M linked to a suburban CT office building and two SBA loans.
Dividend of $0.20/share declared, payable May 21, record May 10.
Guidance: NIM expected to trough at 255-265 bps in Q2 2024; FY 2024 noninterest expense reaffirmed at $53-54M.
Repurchased 45,924 shares at weighted avg $25.33 through April 11.

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 0.9

Bankwell Financial Group, Inc. reported the first quarter of 2024 results: net income $3.8 million, or $0.48 per share, EPS $0.48 and $0.48, respectively. Guidance reaffirmed.

Period: the first quarter of 2024
Net income: $3.8 million, or $0.48 per share
EPS: $0.48 and $0.48, respectively
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million, or $0.48 per share for the first quarter of 2024, versus $10.4 million, or $1.33 per share, for the same period in 2023.

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Bankwell Financial Group, Inc. filing history →

Source: SEC EDGAR

accession 0001505732-24-000078

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