BANKWELL FINANCIAL GROUP, INC. BWFG | LISTED | NASDAQ
1Q24 Investor Presentation
April 24th, 2024
BWFG
LISTEDBWFG LISTED
NASDAQNASDAQ
Safe Harbor
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 banking industry or
securities markets, and legislative and regulatory changes that could adversely affect the
business in which the Company and its subsidiaries are engaged.
2
LISTED NASDAQ | Table of Contents |
BWFG | |
BWFG LISTED | |
NASDAQ |
- 1Q24 Performance
- Deposits & Liquidity
- Loans
- Credit Quality & Capital
- Bankwell History & Overview
3
1Q24 Performance
BWFG | LISTED | NASDAQ
BWFG | BWFG | ||
LISTED | |||
LISTED | NASDAQ | ||
NASDAQ | |||
Dollars in millions, except per share data | |||
1Q24 | |||
Net Income | $3.8 | ||
Earnings Per Share (EPS) | $0.48 | ||
PPNR1 Return on Average Assets | 1.10% | ||
Return on Average Assets | 0.47% | ||
Return on Average Tangible Common Equity | 5.65% | ||
Non-Interest Expense / Assets | 1.66% | ||
Tangible Book Value Per Share | $33.57 | ||
Total Risk Based Capital (Bank) | 12.63% | ||
1Q24 Overview
Highlights
- $8.8 million pre-tax, pre provision net revenue1
- $3.8 million Net income reflects impact of $3.7 million of loan charge offs
- $120 million reduction in brokered deposits during the quarter
- 8.7% increase in noninterest bearing deposits from year-end 2023, to 14.1% of deposits
- $33.57 Tangible Book Value reflects a 14% CAGR since 2020
- 45,924 shares repurchased at average price of $25.33 through April 11, 2024
1 Pre-tax,pre-provision net revenue ("PPNR") is a non-GAAP metric & excludes provision for loan losses and income tax expense | 5 |
BWFG
LISTEDBWFG LISTED
NASDAQNASDAQ
Dollars in millions, except per share data
1Q24 Consolidated Financial Statements
Linked Quarter
Income Statement | 1Q24 | 4Q23 | Var1 | |
Total Interest Income | $48.3 | $49.4 | $(1.1) | |
Total Interest Expense | $27.1 | $27.1 | $0.0 | |
Net Interest Income | $21.1 | $22.2 | $(1.1) | |
Non-Interest Income | $0.9 | $1.1 | $(0.2) | |
Non-Interest Expense | $13.3 | $12.9 | $(0.4) | |
Pre-Tax,Pre-Provision Net Revenue | $8.8 | $10.5 | $(1.7) | |
Provision (credit) for Credit Losses | $3.7 | $(1.0) | $(4.6) | |
Pre-Tax Income | $5.1 | $11.5 | $(6.4) | |
Income Tax Expense | $1.3 | $2.9 | $1.6 | |
Reported Net Income | $3.8 | $8.5 | $(4.7) | |
EPS | $0.48 | $1.09 | $(0.61) | |
Pre-Tax,Pre-Provision | ||||
Net Revenue per share2 | $1.14 | $1.37 | $(0.23) |
Balance Sheet | 1Q24 | 4Q23 | Var1 | |
Cash & Cash Equivalents | $248 | $269 | $(21) | |
Investment Securities | $126 | $128 | $(2) | |
Loans Receivable, net | $2,647 | $2,685 | $(38) | |
All Other Assets | $135 | $133 | $2 | |
Total Assets | $3,155 | $3,215 | $(60) | |
Total Deposits | $2,674 | $2,737 | $(63) | |
Total Borrowings | $159 | $159 | $0 | |
Other Liabilities | $54 | $54 | $0 | |
Total Liabilities | $2,887 | $2,950 | $(63) | |
Equity | $268 | $265 | $3 | |
Total Liabilities & Equity | $3,155 | $3,215 | $(60) | |
1 Variances are rounded based on actual whole dollar amounts
2 Pre-tax,pre-provision net revenue per share is a non-GAAP metric & excludes provision for loan losses and income tax expense
6
BWFG
LISTEDBWFG LISTED
NASDAQNASDAQ
Diluted EPS
$4.79 $4.67
$3.36
Performance Trends
PPNR1 Return on Average Assets
2.05%
1.49%1.50%
1.10%
0.70%
$0.75
$0.48
2020 | 2021 | 2022 | 2023 | 1Q24 |
Return on Average Tangible Common Equity
16.91%
14.05%14.70%
5.65%
3.40%
2020 | 2021 | 2022 | 2023 | 1Q24 |
2020 2021 2022 2023 1Q24
Return on Average Assets
1.44%
1.17%1.13%
0.47%
0.28%
2020 | 2021 | 2022 | 2023 | 1Q24 |
1 Pre-tax,pre-provision net revenue is a non-GAAP metric & excludes provision for loan losses and income tax expense
7
BWFG
LISTEDBWFG LISTED
NASDAQNASDAQ
Building Book Value
Fully Diluted Tangible Book Value
$33.39$33.57
$30.51
$25.55
$21.96
2020 | 2021 | 2022 | 2023 | 1Q24 |
Consistently building book value
8
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
BWFG
LISTEDBWFG LISTED
NASDAQNASDAQ
73.9%
2.03%53.9%
45.4%
1.75%1.71%
Efficiency Trends
Efficiency Ratio1
Non-interest Expense / Average Assets
2.40%
60.3% 2.20%
50.8%2.00%
1.80%
1.66%
1.55%1.60%
1.40%
1.20%
1.00%
2020 | 2021 | 2022 | 2023 | 1Q24 |
1 A non-GAAP metric
9
Deposits & Liquidity
BWFG | LISTED | NASDAQ
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Bankwell Financial Group Inc. published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 20:51:07 UTC.
