Bankwell Financial Group Reports Record Third Quarter Earnings and Improved Credit Quality
Bankwell Financial Group (BWFG) reported record third-quarter earnings per share of $1.58 on total revenue of approximately $35.3 million, representing year-over-year growth of 25% for EPS and 24% for revenue. The bank's performance was bolstered by margin expansion and the resolution of its largest legacy non-performing credit via a $2.5 million recovery from a Westchester, New York property sale. Key efficiency metrics showed strength, with a Return on Average Assets (ROAA) of 1.45% and a Return on Average Tangible Common Equity (ROATCE) of 15.3%. While the bank is investing heavily in core technology conversion, its operating-basis ROATCE reached 18%. Despite a $27 million increase in 'special mention' loans, management noted that these borrowers remain current and are largely backed by high-net-worth sponsors.
Tickers: $BWFG
Topics: banking credit quality earnings report net interest margin revenue growth