Bankwell Q2 GAAP EPS $0.14 vs $1.02 YoY; $6.6M specific reserve on commercial credit

Bankwell Financial Group, Inc.

2024-Q2 EPS reported $0.62 revenue$799,000

GAAP net income $1.1M ($0.14 EPS) vs $8.0M ($1.02 EPS) in Q2 2023; PPNR $9.7M vs $12.8M.
Provision for credit losses $8.2M; $6.6M specific reserve on $8.7M commercial credit; remaining exposure $1.7M.
Net interest margin 2.75% (down from 3.07% YoY); loans and deposits each down ~2.3-2.7% from Dec 2023.
Board declared $0.20 per share dividend payable Aug 23, 2024 to record Aug 12.
Repurchased 40,140 shares at weighted avg $24.55 in Q2.

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