BANKWELL FINANCIAL : REPORTS RECORD NET INCOME FOR THE FIRST QUARTER; DECLARES SECOND QUARTER DIVIDEND – Form 8-K







BANKWELL FINANCIAL GROUP REPORTS RECORD NET INCOME FOR THE FIRST QUARTER; DECLARES SECOND QUARTER DIVIDEND

New Canaan, CT – April 27, 2022 – Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported record GAAP net income of $8.2 million, or $1.04 per share, for the first quarter of 2022, versus $5.7 million, or $0.71 per share, for the same period in 2021.

The Company’s Board of Directors declared a $0.20 per share cash dividend, payable May 23, 2022 to shareholders of record on May 13, 2022.

We recommend reading this earnings release in conjunction with the First Quarter 2022 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our April 27, 2022 Current Report on Form 8-K.

Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:

“Our team has begun the year with continued high performance. Loan balances grew by almost 5% compared to year end 2021 and our financial results for the quarter were exceptionally strong. The Company achieved record ROAA and ROAE levels of 1.35% and 16.05%, respectively, while operating at an efficiency ratio of 48.5%.

“On the operational front, we have just completed a successful conversion of our core data processing system. This is the second major system conversion the team has successfully executed within the past twelve months as we invested in a new online banking platform during the 2nd half of 2021. We have also begun a systematic review of every operational process at the Bank. This process mapping project will help to identify opportunities to employ further technological solutions and increase efficiencies through the organization.

“Credit quality remains high and our loan pipeline is as vibrant as it has been for the last several quarters. We reaffirm prior guidance of year over year net interest income growth of 12%-14% for 2022.

“Most importantly, I’d like to congratulate and thank my Bankwell colleagues whose hard work and dedication have made the Company’s accomplishments possible.”

First Quarter 2022 Highlights:

•Return on average assets was 1.35% and return on average equity was 16.05% for the quarter ended March 31, 2022.

•The net interest margin was 3.30% for the quarter ended March 31, 2022.

•The efficiency ratio was 48.5% for the quarter ended March 31, 2022.

•Total gross loans were $2.0 billion, growing $90.4 million, or 4.8%, compared to December 31, 2021.

•Gains from loan sales totaled $0.6 million for the quarter ended March 31, 2022.

•Total deposits were $2.2 billion compared to $2.1 billion at December 31, 2021.

•Noninterest bearing deposits increased by $14.0 million, or 3.5% compared to December 31, 2021.

•The percentage of noninterest bearing deposits to total deposits increased to 19.1% compared to 18.8% at December 31, 2021.

•Investment securities totaled $116.8 million and represent 4.7% of total assets.

•Fully diluted tangible book value per share rose to $26.75 compared to $25.55 at December 31, 2021.

•Shares issued and outstanding were 7,761,338, reflecting repurchases of 112,829 shares of common stock at a weighted average price of $34.01 during the quarter ended March 31, 2022.

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Earnings and Performance

Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2022 were $20.5 million, versus $16.6 million for the quarter ended March 31, 2021. The increase was primarily attributable to an increase in interest and fees on loans due to loan growth and higher overall loan yields and from lower interest expense on deposits. The increase in revenues was partially offset by a decrease in noninterest income driven by a one-time federal payroll tax credit for COVID-19 of $0.9 million recognized in the quarter ended March 31, 2021.

Net income for the quarter ended March 31, 2022 was $8.2 million, versus $5.7 million for the quarter ended March 31, 2021. The increase in net income was primarily impacted by the aforementioned increases in revenues, partially offset by an increase in the provision for loan losses driven by loan growth and a slight increase in noninterest expense.

Basic and diluted earnings per share were $1.05 and $1.04, respectively, for the quarter ended March 31, 2022 compared to basic and diluted earnings per share of $0.72 and $0.71, respectively, for the quarter ended March 31, 2021.

The net interest margin (fully taxable equivalent basis) for the quarters ended March 31, 2022 and March 31, 2021 was 3.30% and 2.74%, respectively. The increase in the net interest margin was due to lower interest expense from a decrease in rates on interest bearing deposits, a greater proportion of noninterest bearing deposits and, to a lesser extent, an increase in overall loan yields.

Financial Condition

Assets totaled $2.50 billion at March 31, 2022, compared to assets of $2.46 billion at December 31, 2021. The increase in assets was primarily due to loan growth, partially offset by a decrease in excess liquidity. Gross loans totaled $2.0 billion at March 31, 2022, an increase of $90.4 million compared to December 31, 2021. Deposits totaled $2.2 billion at March 31, 2022, compared to deposits of $2.1 billion at December 31, 2021.

Capital

Shareholders’ equity totaled $210.2 million as of March 31, 2022, an increase of $8.2 million compared to December 31, 2021, primarily a result of (i) net income of $8.2 million for the quarter ended March 31, 2022 and (ii) a $4.9 million favorable impact to accumulated other comprehensive income driven by fair value marks related to hedge positions involving interest rate swaps. The Company’s interest rate swaps are used to hedge interest rate risk. The Company’s current interest rate swap positions will cause a decrease to other comprehensive income in a falling interest rate environment and an increase in a rising interest rate environment. The increase in Shareholders’ equity was partially offset by dividends paid of $1.6 million and common stock repurchases of $3.8 million.

About Bankwell Financial Group

Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout Fairfield and New Haven Counties, Connecticut. For more information about this press release, interested parties may contact Christopher R. Gruseke, President and Chief Executive Officer or Penko Ivanov, Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166.

For more information, visit www.mybankwell.com.

This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include, but are not limited to, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, uncertain impacts of, or additional changes in, monetary, fiscal or tax

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policy to address the impact of COVID-19, which could further exacerbate the effects on the Company’s business and results of operations, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

Non-GAAP Financial Measures

In addition to evaluating the Company’s financial performance in accordance with U.S. generally accepted accounting principles (“GAAP”), management may evaluate certain non-GAAP financial measures, such as the efficiency ratio. A computation and reconciliation of certain non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. For example, the Company believes that the efficiency ratio is useful in the assessment of financial performance, including noninterest expense control. The Company believes that tangible common equity, tangible book value per share, and return on average tangible common equity are useful to evaluate the relative strength of the Company’s performance and capital position. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.

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BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(Dollars in thousands)

March 31,
2022
December 31,
2021
March 31,
2021
ASSETS
Cash and due from banks $ 280,471 $ 291,598 $ 351,194
Federal funds sold 19,022 53,084 10,811
Cash and cash equivalents 299,493 344,682 362,005
Investment securities
Marketable equity securities, at fair value 2,090 2,168 2,178
Available for sale investment securities, at fair value 98,733 90,198 83,218
Held to maturity investment securities, at amortized cost 15,979 16,043 16,225
Total investment securities 116,802 108,409 101,621
Loans receivable (net of allowance for loan losses of $17,141, $16,902 and $20,545 at March 31, 2022, December 31, 2021 and March 31, 2021, respectively) 1,964,567 1,875,167 1,650,127
Accrued interest receivable 7,733 7,512 7,306
Federal Home Loan Bank stock, at cost 2,870 2,814 6,446
Premises and equipment, net 25,661 25,588 33,386
Bank-owned life insurance 49,434 49,174 42,881
Goodwill 2,589 2,589 2,589
Other intangible assets 67
Deferred income taxes, net 6,879 7,621 8,908
Other assets 20,849 32,708 29,131
Total assets $ 2,496,877 $ 2,456,264 $ 2,244,467
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest bearing deposits $ 412,985 $ 398,956 $ 280,947
Interest bearing deposits 1,753,219 1,725,042 1,578,861
Total deposits 2,166,204 2,123,998 1,859,808
Advances from the Federal Home Loan Bank 50,000 50,000 125,000
Subordinated debentures 34,471 34,441 25,271
Accrued expenses and other liabilities 35,982 45,838 46,445
Total liabilities 2,286,657 2,254,277 2,056,524
Shareholders’ equity
Common stock, no par value 114,882 118,148 120,398
Retained earnings 99,047 92,400 75,418
Accumulated other comprehensive loss (3,709) (8,561) (7,873)
Total shareholders’ equity 210,220 201,987 187,943
Total liabilities and shareholders’ equity $ 2,496,877 $ 2,456,264 $ 2,244,467

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BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Dollars in thousands, except share data)

For the Quarter Ended
March 31,
2022
December 31,
2021
March 31,
2021
Interest and dividend income
Interest and fees on loans $ 21,428 $ 21,081 $ 17,900
Interest and dividends on securities 720 722 769
Interest on cash and cash equivalents 154 90 108
Total interest and dividend income 22,302 21,893 18,777
Interest expense
Interest expense on deposits 2,206 2,198 3,114
Interest expense on borrowings 586 767 1,008
Total interest expense 2,792 2,965 4,122
Net interest income 19,510 18,928 14,655
Provision (credit) for loan losses 229 125 (296)
Net interest income after provision (credit) for loan losses 19,281 18,803 14,951
Noninterest income
Gains and fees from sales of loans 631 441 513
Bank owned life insurance 260 270 231
Service charges and fees 240 257 199
Other (173) (143) 1,013
Total noninterest income 958 825 1,956
Noninterest expense
Salaries and employee benefits 4,940 4,806 4,769
Occupancy and equipment 2,150 2,411 2,406
Professional services 981 628 587
Data processing 654 432 512
Director fees 352 335 317
FDIC insurance 223 231 403
Marketing 45 87 (9)
Other 580 749 653
Total noninterest expense 9,925 9,679 9,638
Income before income tax expense 10,314 9,949 7,269
Income tax expense 2,102 2,135 1,579
Net income $ 8,212 $ 7,814 $ 5,690
Earnings Per Common Share:
Basic $ 1.05 $ 1.00 $ 0.72
Diluted $ 1.04 $ 0.99 $ 0.71
Weighted Average Common Shares Outstanding:
Basic 7,637,077 7,660,307 7,758,540
Diluted 7,719,405 7,726,420 7,800,777
Dividends per common share $ 0.20 $ 0.18 $ 0.14

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BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

For the Quarter Ended
March 31,
2022
December 31,
2021
March 31,
2021
Performance ratios:
Return on average assets 1.35 % 1.32 % 1.02 %
Return on average stockholders’ equity 16.05 % 15.44 % 12.67 %
Return on average tangible common equity 16.25 % 15.65 % 12.86 %
Net interest margin 3.30 % 3.43 % 2.74 %

Efficiency ratio(1)

48.5 % 48.8 % 58.0 %
Net loan charge-offs as a % of average loans % % 0.01 %

Dividend payout ratio(2)

19.23 % 18.18 % 19.72 %

(1)Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business.

(2)The dividend payout ratio is calculated by dividing dividends per share by earnings per share.

As of
March 31,
2022
December 31,
2021
March 31,
2021
Capital ratios:

Total Common Equity Tier 1 Capital to Risk-Weighted Assets(1)

11.20 % 11.18 % 11.02 %

Total Capital to Risk-Weighted Assets(1)

12.00 % 12.00 % 12.17 %

Tier I Capital to Risk-Weighted Assets(1)

11.20 % 11.18 % 11.02 %

Tier I Capital to Average Assets(1)

9.80 % 9.94 % 8.82 %
Tangible common equity to tangible assets 8.32 % 8.13 % 8.27 %
Fully diluted tangible book value per common share $ 26.75 $ 25.55 $ 23.43

(1)Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.

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BANKWELL FINANCIAL GROUP, INC.

ASSET QUALITY (unaudited)

(Dollars in thousands)

For the Quarter Ended
March 31,
2022
December 31,
2021
March 31,
2021
Allowance for loan losses:
Balance at beginning of period $ 16,902 $ 16,803 $ 21,009
Charge-offs:
Commercial real estate (163)
Commercial business (26)
Consumer (4) (5) (14)
Total charge-offs (4) (31) (177)
Recoveries:
Commercial business 13 2
Consumer 1 3 9
Total recoveries 14 5 9
Net loan recoveries (charge-offs) 10 (26) (168)
Provision (credit) for loan losses 229 125 (296)
Balance at end of period $ 17,141 $ 16,902 $ 20,545
As of
March 31,
2022
December 31,
2021
March 31,
2021
Asset quality:
Nonaccrual loans
Residential real estate $ 2,181 $ 2,380 $ 1,289
Commercial real estate 3,365 3,482 19,277
Commercial business 817 1,728 1,803
Construction 9,382 8,997 8,997
Total nonaccrual loans 15,745 16,587 31,366
Other real estate owned
Total nonperforming assets $ 15,745 $ 16,587 $ 31,366
Nonperforming loans as a % of total loans 0.79 % 0.88 % 1.87 %
Nonperforming assets as a % of total assets 0.63 % 0.68 % 1.40 %
Allowance for loan losses as a % of total loans 0.86 % 0.89 % 1.23 %
Allowance for loan losses as a % of nonperforming loans 108.87 % 101.90 % 65.50 %

Total nonaccrual loans declined $0.8 million to $15.7 million as of March 31, 2022 when compared to December 31, 2021. Nonperforming assets as a percentage of total assets was 0.63% at March 31, 2022, down from 0.68% at December 31, 2021. The allowance for loan losses at March 31, 2022 was $17.1 million, representing 0.86% of total loans.

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BANKWELL FINANCIAL GROUP, INC.

LOAN & DEPOSIT PORTFOLIO (unaudited)

(Dollars in thousands)

Period End Loan Composition March 31,
2022
December 31,
2021

% Change
Residential Real Estate $ 68,617 $ 79,987 (14.2) %

Commercial Real Estate(1)

1,425,758 1,356,709 5.1
Construction 115,514 98,341 17.5
Total Real Estate Loans 1,609,889 1,535,037 4.9
Commercial Business 370,166 350,975 5.5
Consumer 5,275 8,869 (40.5)
Total Loans $ 1,985,330 $ 1,894,881 4.8 %
(1) Includes owner occupied commercial real estate.

Gross loans totaled $2.0 billion at March 31, 2022, an increase of $90.4 million compared to December 31, 2021.

Period End Deposit Composition March 31,
2022
December 31,
2021

% Change
Noninterest bearing demand $ 412,985 $ 398,956 3.5 %
NOW 112,567 119,479 (5.8)
Money Market 996,458 954,674 4.4
Savings 197,961 193,631 2.2
Time 446,233 457,258 (2.4)
Total Deposits $ 2,166,204 $ 2,123,998 2.0 %

Total deposits were $2.2 billion at March 31, 2022, compared to $2.1 billion at December 31, 2021, an increase of $42.2 million, or 2.0%.

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BANKWELL FINANCIAL GROUP, INC.

NONINTEREST INCOME AND EXPENSE (unaudited)

(Dollars in thousands)

For the Quarter Ended
Noninterest income March 31,
2022
December 31,
2021
March 31,
2021
Mar 22 vs. Dec 21
% Change
Mar 22 vs. Mar 21
% Change
Gains and fees from sales of loans $ 631 $ 441 $ 513 43.1 % 23.0 %
Bank owned life insurance 260 270 231 (3.7) 12.6
Service charges and fees 240 257 199 (6.6) 20.6
Other (173) (143) 1,013 21.0 (117.1)
Total noninterest income $ 958 $ 825 $ 1,956 16.1 % (51.0) %

Noninterest income decreased by $1.0 million to $1.0 million for the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021. The decrease in noninterest income was driven by a one-time federal payroll tax credit for COVID-19 of $0.9 million recognized in the quarter ended March 31, 2021.

For the Quarter Ended
Noninterest expense March 31,
2022
December 31,
2021
March 31,
2021
Mar 22 vs. Dec 21
% Change
Mar 22 vs. Mar 21
% Change
Salaries and employee benefits $ 4,940 $ 4,806 $ 4,769 2.8 % 3.6 %
Occupancy and equipment 2,150 2,411 2,406 (10.8) (10.6)
Professional services 981 628 587 56.2 67.1
Data processing 654 432 512 51.4 27.7
Director fees 352 335 317 5.1 11.0
FDIC insurance 223 231 403 (3.5) (44.7)
Marketing 45 87 (9) (48.3)

N/M(1)

Other 580 749 653 (22.6) (11.2)
Total noninterest expense $ 9,925 $ 9,679 $ 9,638 2.5 % 3.0 %
(1) Metric not meaningful

Noninterest expense increased by $0.3 million to $9.9 million for the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021. The increase in noninterest expense was primarily driven by an increase in professional services expense and data processing expense.

Professional services expense totaled $1.0 million for the quarter ended March 31, 2022, an increase of $0.4 million when compared to the same period in 2021. The increase in professional services expense was primarily driven by consulting fees associated with various projects, including our core system conversion.

Data processing expense totaled $0.7 million for the quarter ended March 31, 2022, an increase of $0.1 million when compared to the same period in 2021. The increase in data processing expense was primarily driven by costs associated with our new online banking system.

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BANKWELL FINANCIAL GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)

(Dollars in thousands, except share data)

As of
Computation of Tangible Common Equity to Tangible Assets March 31,
2022
December 31,
2021
March 31,
2021
Total Equity $ 210,220 $ 201,987 $ 187,943
Less:
Goodwill 2,589 2,589 2,589
Other intangibles 67
Tangible Common Equity $ 207,631 $ 199,398 $ 185,287
Total Assets $ 2,496,877 $ 2,456,264 $ 2,244,467
Less:
Goodwill 2,589 2,589 2,589
Other intangibles 67
Tangible Assets $ 2,494,288 $ 2,453,675 $ 2,241,811
Tangible Common Equity to Tangible Assets 8.32 % 8.13 % 8.27 %
As of
Computation of Fully Diluted Tangible Book Value per Common Share March 31,
2022
December 31,
2021
March 31,
2021
Total shareholders’ equity $ 210,220 $ 201,987 $ 187,943
Less:
Preferred stock
Common shareholders’ equity $ 210,220 $ 201,987 $ 187,943
Less:
Goodwill 2,589 2,589 2,589
Other intangibles 67
Tangible common shareholders’ equity $ 207,631 $ 199,398 $ 185,287
Common shares issued and outstanding 7,761,338 7,803,166 7,908,630
Fully Diluted Tangible Book Value per Common Share $ 26.75 $ 25.55 $ 23.43

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BANKWELL FINANCIAL GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) – Continued

(Dollars in thousands)

For the Quarter Ended
Computation of Efficiency Ratio March 31,
2022
December 31,
2021
March 31,
2021
Noninterest expense $ 9,925 $ 9,679 $ 9,638
Less:
Amortization of intangible assets 48 9
Other real estate owned expenses
Adjusted noninterest expense $ 9,925 $ 9,631 $ 9,629
Net interest income $ 19,510 $ 18,928 $ 14,655
Noninterest income 958 825 1,956
Less:
Net gain on sale of available for sale securities
Gain on sale of other real estate owned, net
Operating revenue $ 20,468 $ 19,753 $ 16,611
Efficiency ratio 48.5 % 48.8 % 58.0 %
For the Quarter Ended
Computation of Return on Average Tangible Common Equity March 31,
2021
December 31,
2020
March 31,
2021
Net Income Attributable to Common Shareholders $ 8,212 $ 7,814 $ 5,690
Total average shareholders’ equity $ 207,541 $ 200,752 $ 182,058
Less:
Average Goodwill 2,589 2,589 2,589
Average Other intangibles 45 73
Average tangible common equity $ 204,952 $ 198,118 $ 179,396
Annualized Return on Average Tangible Common Equity 16.25 % 15.65 % 12.86 %

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BANKWELL FINANCIAL GROUP, INC.

NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS – QTD (unaudited)

(Dollars in thousands)

For the Quarter Ended
March 31, 2022 March 31, 2021
Average
Balance
Interest

Yield/

Rate (4)

Average
Balance
Interest

Yield/

Rate (4)

Assets:
Cash and Fed funds sold $ 346,183 $ 154 0.18 % $ 401,900 $ 108 0.11 %

Securities(1)

112,337 754 2.69 101,176 788 3.11
Loans:
Commercial real estate 1,343,565 14,997 4.46 1,129,224 12,731 4.51
Residential real estate 73,835 671 3.64 112,053 964 3.44
Construction 102,179 1,033 4.04 94,075 885 3.76
Commercial business 383,115 4,625 4.83 294,756 3,271 4.44
Consumer 6,054 102 6.85 5,039 49 3.94
Total loans 1,908,748 21,428 4.49 1,635,147 17,900 4.38
Federal Home Loan Bank stock 2,835 15 2.10 6,508 31 1.96
Total earning assets 2,370,103 $ 22,351 3.77 % 2,144,731 $ 18,827 3.51 %
Other assets 100,469 113,561
Total assets $ 2,470,572 $ 2,258,292
Liabilities and shareholders’ equity:
Interest bearing liabilities:
NOW $ 112,199 $ 47 0.17 % $ 101,057 $ 43 0.17 %
Money market 969,527 1,180 0.49 736,659 950 0.52
Savings 194,463 101 0.21 160,347 125 0.32
Time 453,805 878 0.78 611,153 1,996 1.32
Total interest bearing deposits 1,729,994 2,206 0.52 1,609,216 3,114 0.78
Borrowed Money 84,452 586 2.77 152,485 1,008 2.64
Total interest bearing liabilities 1,814,446 $ 2,792 0.62 % 1,761,701 $ 4,122 0.95 %
Noninterest bearing deposits 405,400 269,863
Other liabilities 43,185 44,670
Total liabilities 2,263,031 2,076,234
Shareholders’ equity 207,541 182,058
Total liabilities and shareholders’ equity $ 2,470,572 $ 2,258,292

Net interest income(2)

$ 19,559 $ 14,705
Interest rate spread 3.15 % 2.56 %

Net interest margin(3)

3.30 % 2.74 %

(1)Average balances and yields for securities are based on amortized cost.

(2)The adjustment for securities and loans taxable equivalency amounted to $49 thousand and $50 thousand for the quarters ended March 31, 2022 and 2021, respectively.

(3)Annualized net interest income as a percentage of earning assets.

(4)Yields are calculated using the contractual day count convention for each respective product type.

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Disclaimer

Bankwell Financial Group Inc. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 23:32:09 UTC.

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Analyst Recommendations on BANKWELL FINANCIAL GROUP, INC.

Sales 2022 81,7 M

Net income 2022 28,5 M

Net Debt 2022

P/E ratio 2022 9,10x
Yield 2022 2,39%
Capitalization 253 M
253 M
Capi. / Sales 2022 3,10x
Capi. / Sales 2023 2,96x
Nbr of Employees 124
Free-Float 81,6%

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Number of Analysts 2
Last Close Price 33,41 $
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Spread / Average Target 18,2%


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