Bankwell Financial Group Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Declares First Quarter Dividend, Payable on February 27, 2017
January 25, 2017 at 10:05 pm
Share
Bankwell Financial Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company total interest income of $16,642,000, net interest income of $13,288,000, income before income tax expense of $5,173,000, net income and net income attributable to common shareholders of $3,323,000 or $0.43 per diluted share against total interest income of $13,908,000, net interest income of $11,236,000, income before income tax expense of $4,041,000, net income of $2,618,000 and net income attributable to common shareholders of $2,575,000 or $0.35 per diluted share a year ago. Return on average assets of 0.84%, return on average stockholders' equity of 9.23%, return on average tangible common equity of 9.44% against return on average assets of 0.78%, return on average stockholders' equity of 7.68%, return on average tangible common equity of 7.74% a year ago.
For the full year, the company total interest income of $60,990,000, net interest income of $49,092,000, income before income tax expense of $18,310,000, net income and net income attributable to common shareholders of $12,350,000 or $1.62 per diluted share against total interest income of $50,754,000, net interest income of $42,788,000, income before income tax expense of $13,871,000, net income of $9,030,000 and net income attributable to common shareholders of $8,905,000 or $1.21 per diluted share a year ago. Return on average assets of 0.85%, return on average stockholders' equity of 8.94%, return on average tangible common equity of 9.15% against return on average assets of 0.75%, return on average stockholders' equity of 6.76%, return on average tangible common equity of 6.83% a year ago. Book value as at December 31, 2016 was $19.39 per share.
The company's board of directors declared a $0.07 per share cash dividend, payable February 27, 2017 to shareholders of record on February 17, 2017.
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.
Bankwell Financial Group Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Declares First Quarter Dividend, Payable on February 27, 2017