Bankwell Financial Group, Inc. (NASDAQ:BWFG) reported GAAP net income of
$2.6 million for the fourth quarter of 2015, a 260.1% increase over the
same period for 2014, and $9.0 million for the year ended 2015, an
increase of 97.7% compared to the year ended 2014.
The Company reported basic and diluted earnings per common share of
$0.35 for the quarter ended December 31, 2015 compared to $0.10 for the
quarter ended December 2014. Basic and diluted earnings per common share
for the year ended December 31, 2015 were $1.23 and $1.21, respectively,
compared to $0.78 for the year ended December 31, 2014.
The Company's Board of Directors declared a $0.05 per share cash
dividend, payable February 22, 2016 to shareholders of record on
February 12, 2016 and redeemed $10.98 million (10,980 shares) of
preferred stock issued pursuant to the United States Department of
Treasury under the Small Business Lending Fund Program (the “SBLF”).
Notes Bankwell Financial Group CEO, Christopher Gruseke:
“This was a record quarter and a strong finish to an outstanding year
for Bankwell. In addition to fourth quarter net income of $2.6 million,
our loan portfolio surpassed $1.1 billion as our lending team continues
to generate high quality assets for the Bank. At 0.38%, our
non-performing asset ratio is a testament to our disciplined growth
strategy, as is our improved efficiency ratio of 62.7% for the year
ended December 31, 2015, compared to 69.1% for the year ended December
31, 2014. This year, as part of our capital management strategy, which
included issuance of $25.5 million in subordinated notes, Bankwell’s
Board approved and paid our first cash dividend. Looking ahead to 2016,
we are enthusiastic about the opportunities to build on our performance
and to continue to deliver outstanding value to our shareholders,
customers, employees and the communities we serve.”
Earnings
Net income for the quarter ended December 31, 2015 was $2.6 million, an
increase of 260.1% compared to the quarter ended December 31, 2014. Net
income for the year ended December 31, 2015 was $9.0 million, an
increase of 97.7% compared to the year ended December 31, 2014. Revenues
(net interest income plus non-interest income) for the quarter ended
December 31, 2015 were $12.1 million, an increase of 13.9% compared to
the quarter ended December 31, 2014. Revenues for the year ended
December 31, 2015 were $46.3 million, an increase of 33.3% compared to
the year ended December 31, 2014. Net interest income for the quarter
ended December 31, 2015 was $11.2 million, an increase of 15.0% compared
to the quarter ended December 31, 2014. Our strong net interest income
was fueled by record earning asset growth.
The Company continues to focus on expense control as indicated by our
improving efficiency ratio. The Company’s efficiency ratio for the
quarters ended December 31, 2015 and December 31, 2014 were 62.8% and
65.4%, respectively. The Company’s efficiency ratio for the year ended
December 31, 2015 and December 31, 2014 were 62.7% and 69.1%,
respectively.
Financial Condition
Assets totaled $1.3 billion at December 31, 2015, an increase of 21.0%
compared to assets of $1.1 billion at December 31, 2014. This increase
reflects strong organic loan growth and capital raised as a result of
the issuance of $25.5 million in subordinated notes in the third quarter
of 2015. Total gross loans were $1.1 billion at December 31, 2015, an
increase of 23.4% compared to December 31, 2014. Deposits increased to
$1.0 billion, an increase of 25.3% over December 31, 2014, with core
deposits (total deposits less time deposits) showing an increase of
15.8% over December 31, 2014 to $610.2 million.
Asset Quality
Asset quality remained exceptionally strong at December 31, 2015.
Non-performing assets as a percentage of total assets was 0.38% at
December 31, 2015, down from 0.39% at December 31, 2014. The allowance
for loan losses at December 31, 2015 was $14.2 million, representing
1.33% of total loans, excluding acquired loans.
Capital
Shareholders’ equity continued to remain strong at $131.8 million as of
December 31, 2015, an increase of $2.6 million compared to December 31,
2014, primarily a result of net income for the year ended December 31,
2015 of $9.0 million and capital raised from the exercise of warrants in
the fourth quarter of 2015 of $3.8 million, offset by the redemption of
the SBLF preferred stock of $11.0 million. As of December 31, 2015, the
tangible common equity ratio and tangible book value per share were
9.68% and $17.43, respectively.
About Bankwell Financial Group
Bankwell is a commercial bank that serves the banking and lending needs
of residents and businesses throughout Fairfield and New Haven Counties,
CT. For more information about this press release, interested parties
may contact Christopher R. Gruseke, President and Chief Executive
Officer or Ernest J. Verrico Sr., 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 increased competitive pressures, changes in the interest
rate environment, general economic conditions or conditions within the
securities markets, and legislative and regulatory changes that could
adversely affect the business in which the Company and its subsidiaries
are engaged.
|
|
|
|
|
|
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE
SHEETS (unaudited)
(Dollars in thousands, except share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2015
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
$
|
49,562
|
|
$
|
86,830
|
|
|
$
|
75,550
|
|
$
|
19,428
|
|
$
|
48,559
|
|
Federal funds sold
|
|
|
|
|
|
39,035
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Cash and cash equivalents
|
|
|
|
|
88,597
|
|
|
86,830
|
|
|
|
75,550
|
|
|
19,428
|
|
|
48,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to maturity investment securities, at amortized cost
|
|
10,226
|
|
|
11,282
|
|
|
|
11,341
|
|
|
11,398
|
|
|
11,454
|
|
Available for sale investment securities, at fair value
|
|
|
40,581
|
|
|
45,023
|
|
|
|
46,883
|
|
|
50,736
|
|
|
65,009
|
|
Loans held for sale
|
|
|
|
|
|
-
|
|
|
252
|
|
|
|
-
|
|
|
-
|
|
|
586
|
|
Loans receivable (net of allowance for loan losses of $14,169,
$13,720,
|
|
|
|
|
|
|
|
|
|
|
$12,230, $11,596, $10,860 at December 31, 2015, September 30, 2015,
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015, March 31, 2015 and December 31, 2014, respectively)
|
|
1,129,748
|
|
|
1,108,439
|
|
|
|
1,021,693
|
|
|
964,034
|
|
|
915,981
|
|
Foreclosed real estate
|
|
|
|
|
|
1,248
|
|
|
1,328
|
|
|
|
830
|
|
|
830
|
|
|
950
|
|
Accrued interest receivable
|
|
|
|
|
4,071
|
|
|
3,831
|
|
|
|
3,575
|
|
|
3,342
|
|
|
3,323
|
|
Federal Home Loan Bank stock, at cost
|
|
|
|
6,554
|
|
|
6,918
|
|
|
|
6,918
|
|
|
6,794
|
|
|
6,109
|
|
Premises and equipment, net
|
|
|
|
|
11,163
|
|
|
11,505
|
|
|
|
11,868
|
|
|
12,120
|
|
|
11,910
|
|
Bank-owned life insurance
|
|
|
|
|
23,755
|
|
|
23,578
|
|
|
|
23,395
|
|
|
23,211
|
|
|
23,028
|
|
Goodwill
|
|
|
|
|
|
|
2,589
|
|
|
2,589
|
|
|
|
2,589
|
|
|
2,589
|
|
|
2,589
|
|
Other intangible assets
|
|
|
|
|
|
652
|
|
|
694
|
|
|
|
745
|
|
|
797
|
|
|
848
|
|
Deferred income taxes, net
|
|
|
|
|
|
8,337
|
|
|
8,604
|
|
|
|
7,869
|
|
|
7,436
|
|
|
7,156
|
|
Other assets
|
|
|
|
|
|
|
2,851
|
|
|
2,472
|
|
|
|
1,418
|
|
|
1,748
|
|
|
2,029
|
|
Total assets
|
$
|
1,330,372
|
|
$
|
1,313,345
|
|
|
$
|
1,214,674
|
|
$
|
1,104,463
|
|
$
|
1,099,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
|
|
$
|
164,553
|
|
$
|
148,732
|
|
|
$
|
162,546
|
|
$
|
142,920
|
|
$
|
166,030
|
|
Interest-bearing
|
|
|
|
|
|
|
882,389
|
|
|
876,957
|
|
|
|
789,035
|
|
|
691,783
|
|
|
669,409
|
|
Total deposits
|
|
1,046,942
|
|
|
1,025,689
|
|
|
|
951,581
|
|
|
834,703
|
|
|
835,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advances from the Federal Home Loan Bank
|
|
|
120,000
|
|
|
120,000
|
|
|
|
124,000
|
|
|
133,000
|
|
|
129,000
|
|
Subordinated debentures
|
|
|
|
|
|
25,000
|
|
|
25,037
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Accrued expenses and other liabilities
|
|
|
|
6,661
|
|
|
6,831
|
|
|
|
5,424
|
|
|
5,352
|
|
|
5,882
|
|
Total liabilities
|
|
1,198,603
|
|
|
1,177,557
|
|
|
|
1,081,005
|
|
|
973,055
|
|
|
970,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, senior noncumulative perpetual, Series C, no par;
|
|
|
|
|
|
|
|
|
|
|
10,980 shares issued and outstanding at September 30, 2015, June 30,
2015,
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015 and December 31, 2014, respectively; liquidation
value of $1,000 per share.
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
10,980
|
|
|
|
10,980
|
|
|
10,980
|
|
|
10,980
|
|
Common stock, no par value; 10,000,000 shares authorized,
|
|
|
|
|
|
|
|
|
|
|
7,516,291, 7,252,429, 7,240,704, 7,243,252 and 7,185,482 shares
issued at
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
and December 31, 2014, respectively.
|
|
|
|
112,579
|
|
|
108,319
|
|
|
|
108,038
|
|
|
107,765
|
|
|
107,265
|
|
Retained earnings
|
|
|
|
|
|
18,963
|
|
|
16,764
|
|
|
|
14,538
|
|
|
12,280
|
|
|
10,434
|
|
Accumulated other comprehensive income
|
|
|
|
227
|
|
|
(275
|
)
|
|
|
113
|
|
|
383
|
|
|
531
|
|
Total shareholders' equity
|
|
131,769
|
|
|
135,788
|
|
|
|
133,669
|
|
|
131,408
|
|
|
129,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
$
|
1,330,372
|
|
$
|
1,313,345
|
|
|
$
|
1,214,674
|
|
$
|
1,104,463
|
|
$
|
1,099,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED
STATEMENTS OF INCOME (unaudited)
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Interest and dividend income
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
$
|
13,383
|
|
$
|
10,369
|
|
$
|
48,698
|
|
$
|
33,409
|
|
Interest and dividends on securities
|
|
489
|
|
|
635
|
|
|
1,958
|
|
|
2,052
|
|
Interest on cash and cash equivalents
|
|
36
|
|
|
12
|
|
|
98
|
|
|
128
|
|
Total interest income
|
|
13,908
|
|
|
11,016
|
|
|
50,754
|
|
|
35,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on deposits
|
|
1,776
|
|
|
1,038
|
|
|
5,681
|
|
|
3,295
|
|
Interest on borrowings
|
|
896
|
|
|
207
|
|
|
2,285
|
|
|
634
|
|
Total interest expense
|
|
2,672
|
|
|
1,245
|
|
|
7,966
|
|
|
3,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
11,236
|
|
|
9,771
|
|
|
42,788
|
|
|
31,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
|
|
354
|
|
|
1,305
|
|
|
3,230
|
|
|
2,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses
|
|
10,882
|
|
|
8,466
|
|
|
39,558
|
|
|
29,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
Service charges and fees
|
|
258
|
|
|
223
|
|
|
933
|
|
|
643
|
|
Gains and fees from sales of loans
|
|
228
|
|
|
305
|
|
|
1,113
|
|
|
1,313
|
|
Bank owned life insurance
|
|
178
|
|
|
192
|
|
|
727
|
|
|
497
|
|
Other
|
|
176
|
|
|
113
|
|
|
711
|
|
|
588
|
|
Total noninterest income
|
|
840
|
|
|
833
|
|
|
3,484
|
|
|
3,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
4,248
|
|
|
4,122
|
|
|
16,065
|
|
|
13,534
|
|
Occupancy and equipment
|
|
1,312
|
|
|
1,260
|
|
|
5,341
|
|
|
4,422
|
|
Professional services
|
|
414
|
|
|
159
|
|
|
1,447
|
|
|
1,194
|
|
Data processing
|
|
366
|
|
|
340
|
|
|
1,523
|
|
|
1,289
|
|
Marketing
|
|
278
|
|
|
211
|
|
|
985
|
|
|
674
|
|
Director fees
|
|
198
|
|
|
190
|
|
|
622
|
|
|
650
|
|
FDIC insurance
|
|
185
|
|
|
143
|
|
|
672
|
|
|
488
|
|
Foreclosed real estate
|
|
95
|
|
|
15
|
|
|
168
|
|
|
36
|
|
Amortization of intangibles
|
|
43
|
|
|
53
|
|
|
196
|
|
|
133
|
|
Merger and acquisition related expenses
|
|
2
|
|
|
1,393
|
|
|
2
|
|
|
1,801
|
|
Other
|
|
540
|
|
|
457
|
|
|
2,150
|
|
|
1,591
|
|
Total noninterest expense
|
|
7,681
|
|
|
8,343
|
|
|
29,171
|
|
|
25,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
|
|
|
|
4,041
|
|
|
956
|
|
|
13,871
|
|
|
6,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
1,423
|
|
|
229
|
|
|
4,841
|
|
|
2,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
2,618
|
|
$
|
727
|
|
$
|
9,030
|
|
$
|
4,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders
|
$
|
2,575
|
|
$
|
700
|
|
$
|
8,905
|
|
$
|
4,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.35
|
|
$
|
0.10
|
|
$
|
1.23
|
|
$
|
0.78
|
|
Diluted
|
|
0.35
|
|
|
0.10
|
|
|
1.21
|
|
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
7,169,570
|
|
|
6,998,188
|
|
|
7,071,550
|
|
|
5,577,942
|
|
Diluted
|
|
7,234,431
|
|
|
7,033,660
|
|
|
7,140,558
|
|
|
5,605,512
|
|
Dividends per common share
|
$
|
0.05
|
|
$
|
-
|
|
$
|
0.05
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED
FINANCIAL HIGHLIGHTS (unaudited)
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
|
|
0.78
|
%
|
|
|
0.28
|
%
|
|
|
0.75
|
%
|
|
|
0.52
|
%
|
|
Return on average shareholders' equity
|
|
|
|
7.68
|
%
|
|
|
2.26
|
%
|
|
|
6.76
|
%
|
|
|
4.66
|
%
|
|
Return on average tangible common equity
|
|
|
7.74
|
%
|
|
|
2.45
|
%
|
|
|
6.83
|
%
|
|
|
5.34
|
%
|
|
Net interest margin
|
|
|
|
|
|
|
3.63
|
%
|
|
|
3.99
|
%
|
|
|
3.77
|
%
|
|
|
3.84
|
%
|
|
Efficiency ratio (1)
|
|
|
|
|
|
|
62.8
|
%
|
|
|
65.4
|
%
|
|
|
62.7
|
%
|
|
|
69.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan recoveries (charge-offs) as a % of average loans
|
|
|
|
0.01
|
%
|
|
|
0.00
|
%
|
|
|
0.01
|
%
|
|
|
0.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
|
|
|
December 31,
2015
|
September 30,
2015
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
|
Capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Equity Tier 1 Capital to Risk-Weighted Assets (2)
|
|
12.18
|
%
|
|
|
10.75
|
%
|
|
|
11.44
|
%
|
|
|
12.08
|
%
|
|
|
N/A
|
|
|
Total Capital to Risk-Weighted Assets (2)
|
|
13.39
|
%
|
|
|
11.94
|
%
|
|
|
12.59
|
%
|
|
|
13.26
|
%
|
|
|
13.55
|
%
|
|
Tier I Capital to Risk-Weighted Assets (2)
|
|
12.18
|
%
|
|
|
10.75
|
%
|
|
|
11.44
|
%
|
|
|
12.08
|
%
|
|
|
12.47
|
%
|
|
Tier I Capital to Average Assets (2)
|
|
10.84
|
%
|
|
|
9.84
|
%
|
|
|
10.71
|
%
|
|
|
10.99
|
%
|
|
|
11.12
|
%
|
|
Tangible common equity to tangible assets
|
|
9.68
|
%
|
|
|
9.28
|
%
|
|
|
9.85
|
%
|
|
|
10.63
|
%
|
|
|
10.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share (3)
|
$
|
17.43
|
|
|
$
|
17.25
|
|
|
$
|
16.95
|
|
|
$
|
16.62
|
|
|
$
|
16.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
|
3,791
|
|
|
$
|
2,367
|
|
|
$
|
2,205
|
|
|
$
|
2,451
|
|
|
$
|
3,362
|
|
|
Other real estate owned
|
|
|
1,248
|
|
|
|
1,328
|
|
|
|
830
|
|
|
|
830
|
|
|
|
950
|
|
|
Total non-performing assets
|
|
$
|
5,039
|
|
|
$
|
3,695
|
|
|
$
|
3,035
|
|
|
$
|
3,281
|
|
|
$
|
4,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days and still accruing
|
$
|
1,105
|
|
|
$
|
1,082
|
|
|
$
|
1,479
|
|
|
$
|
1,671
|
|
|
$
|
1,872
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans as a % of total loans
|
|
0.33
|
%
|
|
|
0.21
|
%
|
|
|
0.21
|
%
|
|
|
0.25
|
%
|
|
|
0.36
|
%
|
|
Nonperforming assets as a % of total assets
|
|
0.38
|
%
|
|
|
0.28
|
%
|
|
|
0.25
|
%
|
|
|
0.30
|
%
|
|
|
0.39
|
%
|
|
Allowance for loan losses as a % of total loans
|
|
1.23
|
%
|
|
|
1.22
|
%
|
|
|
1.18
|
%
|
|
|
1.18
|
%
|
|
|
1.17
|
%
|
|
Allowance for loan losses as a % of nonperforming loans
|
|
373.76
|
%
|
|
|
579.64
|
%
|
|
|
554.65
|
%
|
|
|
473.11
|
%
|
|
|
323.02
|
%
|
|
|
|
|
(1) Efficiency ratio is defined as non-interest expenses, less
merger and acquisition related expenses and other real estate owned
expenses, divided by our operating revenue, which is equal to net
interest income plus non-interest 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) Represents Bank ratios.
|
|
(3) Excludes preferred stock and unvested restricted stock awards of
143,323, 206,732, 198,414, 200,962, and 165,862 as of December 31,
2015, September 30, 2015, June 30, 2015, March 31, 2015 and December
31, 2014, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKWELL FINANCIAL GROUP, INC.
NET INTEREST MARGIN
ANALYSIS ON A FULLY TAX EQUIVALENT BASIS
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
|
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Fed funds sold
|
|
|
|
$
|
47,162
|
|
$
|
36
|
|
0.31
|
%
|
|
$
|
20,518
|
|
$
|
11
|
|
0.22
|
%
|
|
Securities (1)
|
|
|
|
|
|
52,405
|
|
|
544
|
|
4.15
|
%
|
|
|
84,676
|
|
|
727
|
|
3.43
|
%
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
|
|
|
687,447
|
|
|
8,358
|
|
4.76
|
%
|
|
|
486,311
|
|
|
5,992
|
|
4.82
|
%
|
|
Residential real estate
|
|
|
174,815
|
|
|
1,556
|
|
3.56
|
%
|
|
|
173,841
|
|
|
1,550
|
|
3.57
|
%
|
|
Construction (2)
|
|
|
89,338
|
|
|
996
|
|
4.36
|
%
|
|
|
57,886
|
|
|
685
|
|
4.63
|
%
|
|
Commercial business
|
|
|
170,954
|
|
|
2,224
|
|
5.09
|
%
|
|
|
139,068
|
|
|
1,791
|
|
5.04
|
%
|
|
Home equity
|
|
|
16,011
|
|
|
155
|
|
3.83
|
%
|
|
|
17,997
|
|
|
194
|
|
4.28
|
%
|
|
Consumer
|
|
|
1,943
|
|
|
24
|
|
4.98
|
%
|
|
|
3,160
|
|
|
38
|
|
4.78
|
%
|
|
Acquired loans (net of mark)
|
|
|
2,058
|
|
|
70
|
|
13.43
|
%
|
|
|
2,345
|
|
|
120
|
|
20.35
|
%
|
|
Total loans
|
|
|
1,142,566
|
|
|
13,383
|
|
4.58
|
%
|
|
|
880,608
|
|
|
10,370
|
|
4.61
|
%
|
|
Federal Home Loan Bank stock
|
|
|
6,640
|
|
|
57
|
|
3.45
|
%
|
|
|
5,808
|
|
|
19
|
|
1.32
|
%
|
|
Total earning assets
|
|
|
1,248,773
|
|
$
|
14,020
|
|
4.39
|
%
|
|
|
991,610
|
|
$
|
11,127
|
|
4.39
|
%
|
|
Other assets
|
|
|
76,443
|
|
|
|
|
|
|
54,306
|
|
|
|
|
|
Total assets
|
|
$
|
1,325,216
|
|
|
|
|
|
$
|
1,045,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
|
|
$
|
51,778
|
|
|
15
|
|
0.11
|
%
|
|
$
|
54,532
|
|
|
15
|
|
0.11
|
%
|
|
Money market
|
|
|
294,219
|
|
|
404
|
|
0.54
|
%
|
|
|
211,219
|
|
|
272
|
|
0.51
|
%
|
|
Savings
|
|
|
101,590
|
|
|
201
|
|
0.78
|
%
|
|
|
84,238
|
|
|
86
|
|
0.41
|
%
|
|
Time
|
|
|
434,976
|
|
|
1,156
|
|
1.05
|
%
|
|
|
280,329
|
|
|
665
|
|
0.94
|
%
|
|
Total interest-bearing deposits
|
|
|
882,563
|
|
|
1,776
|
|
0.80
|
%
|
|
|
630,318
|
|
|
1,038
|
|
0.65
|
%
|
|
Borrowed Money
|
|
|
|
|
145,015
|
|
|
896
|
|
2.45
|
%
|
|
|
118,301
|
|
|
207
|
|
0.69
|
%
|
|
Total interest bearing liabilities
|
|
|
1,027,578
|
|
$
|
2,672
|
|
1.03
|
%
|
|
|
748,619
|
|
$
|
1,245
|
|
0.66
|
%
|
|
Noninterest-bearing deposits
|
|
|
|
155,276
|
|
|
|
|
|
|
159,772
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
|
7,051
|
|
|
|
|
|
|
9,785
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
1,189,905
|
|
|
|
|
|
|
918,176
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
135,311
|
|
|
|
|
|
|
127,740
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,325,216
|
|
|
|
|
|
$
|
1,045,916
|
|
|
|
|
|
Net interest income (3)
|
|
|
|
$
|
11,348
|
|
|
|
|
|
$
|
9,882
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
3.36
|
%
|
|
|
|
|
|
3.73
|
%
|
|
Net interest margin (4)
|
|
|
|
|
|
|
|
3.63
|
%
|
|
|
|
|
|
3.99
|
%
|
|
|
|
(1) Average balances and yields for securities are based on
amortized cost.
|
|
(2) Includes commercial and residential real estate construction.
|
|
(3) The adjustment for securities and loans taxable equivalency
amounted to $112 thousand and $111 thousand, respectively for the
three months ended December 31, 2015, and 2014.
|
|
(4) Net interest income as a percentage of earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKWELL FINANCIAL GROUP, INC.
NET INTEREST MARGIN
ANALYSIS ON A FULLY TAX EQUIVALENT BASIS
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
|
|
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
|
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Fed funds sold
|
|
|
|
$
|
39,632
|
|
$
|
97
|
|
0.25
|
%
|
|
$
|
49,152
|
|
$
|
127
|
|
0.26
|
%
|
|
Securities (1)
|
|
|
|
|
|
59,009
|
|
|
2,243
|
|
3.80
|
%
|
|
|
61,398
|
|
|
2,424
|
|
3.95
|
%
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
|
|
|
611,289
|
|
|
29,835
|
|
4.81
|
%
|
|
|
378,345
|
|
|
18,515
|
|
4.83
|
%
|
|
Residential real estate
|
|
|
174,527
|
|
|
6,282
|
|
3.60
|
%
|
|
|
164,598
|
|
|
5,911
|
|
3.59
|
%
|
|
Construction (2)
|
|
|
76,292
|
|
|
3,505
|
|
4.53
|
%
|
|
|
49,212
|
|
|
2,300
|
|
4.61
|
%
|
|
Commercial business
|
|
|
156,039
|
|
|
8,089
|
|
5.11
|
%
|
|
|
109,121
|
|
|
5,496
|
|
4.97
|
%
|
|
Home equity
|
|
|
17,163
|
|
|
649
|
|
3.78
|
%
|
|
|
14,529
|
|
|
564
|
|
3.88
|
%
|
|
Consumer
|
|
|
2,350
|
|
|
115
|
|
4.88
|
%
|
|
|
1,270
|
|
|
81
|
|
6.35
|
%
|
|
Acquired loans (net of mark)
|
|
|
2,672
|
|
|
225
|
|
8.42
|
%
|
|
|
2,707
|
|
|
545
|
|
20.14
|
%
|
|
Total loans
|
|
|
1,040,332
|
|
|
48,700
|
|
4.62
|
%
|
|
|
719,782
|
|
|
33,412
|
|
4.59
|
%
|
|
Federal Home Loan Bank stock
|
|
|
|
|
6,715
|
|
|
168
|
|
2.50
|
%
|
|
|
5,078
|
|
|
73
|
|
1.45
|
%
|
|
Total earning assets
|
|
|
1,145,688
|
|
$
|
51,208
|
|
4.41
|
%
|
|
|
835,410
|
|
$
|
36,036
|
|
4.25
|
%
|
|
Other assets
|
|
|
|
|
|
60,191
|
|
|
|
|
|
|
43,535
|
|
|
|
|
|
Total assets
|
|
|
|
|
$
|
1,205,879
|
|
|
|
|
|
$
|
878,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
|
|
|
|
|
$
|
55,696
|
|
|
62
|
|
0.11
|
%
|
|
$
|
53,041
|
|
|
58
|
|
0.11
|
%
|
|
Money market
|
|
|
|
|
|
263,900
|
|
|
1,411
|
|
0.53
|
%
|
|
|
182,676
|
|
|
836
|
|
0.46
|
%
|
|
Savings
|
|
|
|
|
|
96,841
|
|
|
693
|
|
0.72
|
%
|
|
|
91,058
|
|
|
302
|
|
0.33
|
%
|
|
Time
|
|
|
|
|
|
365,179
|
|
|
3,515
|
|
0.96
|
%
|
|
|
238,710
|
|
|
2,099
|
|
0.88
|
%
|
|
Total interest-bearing deposits
|
|
|
781,616
|
|
|
5,681
|
|
0.73
|
%
|
|
|
565,485
|
|
|
3,295
|
|
0.58
|
%
|
|
Borrowed Money
|
|
|
|
|
|
129,390
|
|
|
2,285
|
|
1.77
|
%
|
|
|
65,953
|
|
|
634
|
|
0.96
|
%
|
|
Total interest bearing liabilities
|
|
|
911,006
|
|
$
|
7,966
|
|
0.87
|
%
|
|
|
631,438
|
|
$
|
3,929
|
|
0.62
|
%
|
|
Noninterest-bearing deposits
|
|
|
|
|
154,950
|
|
|
|
|
|
|
136,748
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
|
6,370
|
|
|
|
|
|
|
12,838
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
1,072,326
|
|
|
|
|
|
|
781,024
|
|
|
|
|
|
Shareholders' equity
|
|
|
133,553
|
|
|
|
|
|
|
97,921
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,205,879
|
|
|
|
|
|
$
|
878,945
|
|
|
|
|
|
Net interest income (3)
|
|
|
|
|
|
$
|
43,242
|
|
|
|
|
|
$
|
32,107
|
|
|
|
Interest rate spread
|
|
|
|
|
|
3.54
|
%
|
|
|
|
|
|
3.63
|
%
|
|
Net interest margin (4)
|
|
|
|
|
|
|
|
3.77
|
%
|
|
|
|
|
|
3.84
|
%
|
|
|
|
(1) Average balances and yields for securities are based on
amortized cost.
|
|
(2) Includes commercial and residential real estate construction.
|
|
(3) The adjustment for securities and loans taxable equivalency
amounted to $454 thousand and $447 thousand, respectively for the
twelve months ended December 31, 2015, and 2014.
|
|
(4) Net interest income as a percentage of earning assets.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160127006432/en/
Copyright Business Wire 2016