Bankwell Q4 GAAP EPS $0.32; $3.0M charge-offs; guides FY25 NII $93-95M

Bankwell Financial Group, Inc.

2024-FY EPS reported $1.23 revenue$1,963,000

GAAP net income $2.5M ($0.32 diluted) vs $1.9M ($0.24) Q3; YoY EPS down from $1.09; dividend $0.20/sh.
Pre-tax pre-provision net revenue $7.9M, down 12% from Q3; net interest margin 2.60%, down 12 bps.
Credit: $3.0M charge-offs; two NPA sales totaling $35.4M signed, closing early Q1, reducing NPA ratio by 108bps.
FY2025 guidance: NII $93-95M; noninterest income $7-8M; noninterest expense $56-57M; SBA lending launched.
Matthew McNeill promoted to President of Bank and Company effective Jan 22; he was EVP & CBO since 2020.

item 2.02 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Role change

Matthew McNeill

President of Bankwell Bank and Bankwell Financial Group, Inc.

BWFG · Bankwell Financial Group, Inc.

Effective: 2025-01-22
Filed: January 22, 2025, 6:59 PM ET

Matthew McNeill, age 49, was elected to President of Bankwell Bank (the "Bank") and Bankwell Financial Group, Inc. (the "Company") as of January 22, 2025.

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Executive change SEC 8-K Item 5.02 confidence 1.0

Matthew McNeill was elected as President of Bankwell Bank and Bankwell Financial Group, Inc. at Bankwell Financial Group, Inc..

Action: elected
Role: President of Bankwell Bank and Bankwell Financial Group, Inc.

Exact text from the filing

Matthew McNeill, age 49, was elected to President of Bankwell Bank (the "Bank") and Bankwell Financial Group, Inc. (the "Company") as of January 22, 2025.

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Source: SEC EDGAR

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