This presentation may contain certain forward-looking statements about Bankwell Financial Group, Inc. (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," "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. The COVID-19 pandemic continues to affect Bankwell Financial Group, its customers, counterparties, employees, and third party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is unknown.
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LISTED NASDAQ
Table of Contents
BWFG
BWFG LISTED
NASDAQ
4Q21 & 2021 Performance
Trends
ALLL & Non-Performing Loans
Loan Portfolio
Capital
Bankwell History & Overview
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4Q21 & 2021 Performance
BWFG | LISTED | NASDAQ
BWFG
LISTEDBWFG LISTED
NASDAQNASDAQ
Summary
Record net income of $7.81 million, or $0.99 earnings per share for the quarter, and $26.59 million, or $3.36 earnings per share for the full year
Return on Average Assets and Return on Average Equity were 1.32% and 15.44%, respectively for the quarter, and 1.17% and 13.86% for the full year
4Q21 results includes:
~$0.4 million release of COVID-19 reserves in the Provision for Loan Losses, given improving economic trends
~$0.3 million negative mark on held-for-sale property for former Bankwell office building
~$0.2 million loss resulting from sale of former HQ building
Pre-tax,pre-provision net revenue ("PPNR")1 of $10.07 million, or 1.70% PPNR ROAA for the quarter, and $33.80 million, or 1.49% PPNR ROAA for the full year
2021 loan growth of $304 million, or 19%, excluding PPP loan balances
Quarterly loan growth of $72 million, or ~4%
Noninterest bearing deposits percentage increased to 18.8% from 14.8% versus December 31, 2020
During 4Q21, noninterest bearing deposits grew $60 million, or ~18%
6 basis point linked quarter deposit cost reduction to 44 basis points
4Q21 Net Interest Margin ("NIM") of 3.43%, 2021 NIM of 3.17%
Repurchased 59,338 shares at an average price of $31.29 per share during the quarter
Issued $35 million of subordinated notes at 3.25%, using $15.5 million to repay previously issued subordinated notes
Raising 1Q22 dividend by 11% from the prior quarter, to $0.20 per share
1 Pre-tax,pre-provision net revenue per share is a non-GAAP metric & excludes provision for loan losses and income tax expense
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Bankwell Financial Group Inc. published this content on 26 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2022 21:48:22 UTC.
Bankwell Financial Group, Inc. is a bank holding company. The Company offers a range of financial services through its banking subsidiary, Bankwell Bank (the Bank). The Bank is a Connecticut state chartered commercial bank. The Bank's commercial lending products include owner-occupied commercial real estate loans, commercial real estate investment loans, commercial loans (such as business term loans, equipment financing and lines of credit) to small and medium-sized businesses and real estate construction and development loans. Its depository products include checking, savings, money market and certificates of deposit at a variety of rates. The Bank operates nine branches in New Canaan, Stamford, Fairfield, Westport, Darien, Norwalk, and Hamden, Connecticut. The Bank provides a range of services to clients in its market, an area encompassing approximately a 100-mile radius around its branch network.