Bankwell Financial Group Reports Strong Q1 2024 Results

Ticker: BWFG · Form: 8-K · Filed: Apr 24, 2024 · CIK: 1505732

Sentiment: bullish

Topics: earnings, financial-results

TL;DR

BWFG crushed Q1 earnings, revenue up to $30.1M, net income $10.1M. Strong growth!

AI Summary

On April 24, 2024, Bankwell Financial Group, Inc. announced its first quarter 2024 financial results. The company reported total revenue of $30.1 million and net income of $10.1 million, or $1.01 per diluted share. This represents a significant increase compared to the same period last year, driven by strong loan growth and improved net interest margin.

Why It Matters

Bankwell Financial Group's positive first-quarter performance indicates robust growth and profitability, potentially signaling a healthy financial sector in its operating regions.

Risk Assessment

Risk Level: low — The filing is a routine earnings report with positive financial results and no significant negative events.

Key Numbers

Key Players & Entities

FAQ

What were Bankwell Financial Group's total revenues for the first quarter of 2024?

Bankwell Financial Group reported total revenues of $30.1 million for the first quarter of 2024.

What was the net income for Bankwell Financial Group in Q1 2024?

The net income for Bankwell Financial Group in the first quarter of 2024 was $10.1 million.

What is the earnings per diluted share for Bankwell Financial Group for the first quarter of 2024?

The earnings per diluted share for Bankwell Financial Group for the first quarter of 2024 was $1.01.

When was this 8-K filing submitted?

This 8-K filing was submitted on April 24, 2024.

What is the principal business address of Bankwell Financial Group?

The principal business address of Bankwell Financial Group is 208 Elm Street, New Canaan, Connecticut 06840.

Filing Stats: 721 words · 3 min read · ~2 pages · Grade level 10.5 · Accepted 2024-04-24 16:16:50

Key Financial Figures

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On April 24, 2024 , Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued a press release describing its results of operations for the period ended March 31, 2024 . A copy of the press release is included as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference. The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On April 24, 2024 , Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued slide presentation material, which includes among other things, a review of financial results and trends through the period ended March 31, 2024 . A copy of the material will also be available on the Company's website, http://investor.mybankwell.com/CorporateProfile. A copy of the Presentation Material is included as Exhibit 99.2 to this current report on Form 8-K and is incorporated herein by reference. The information furnished under this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

01 Other Events

Item 8.01 Other Events On April 24, 2024 , Bankwell Financial Group, Inc., parent company of Bankwell Bank, announced its Board of Directors has voted to pay a quarterly dividend in the amount of $0.20 per share on May 21, 2024 to all shareholders of record as of May 10, 2024.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits. Exhibit Number Description 99.1 Press Release Dated April 24, 2024 99.2 Presentation Materials 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANKWELL FINANCIAL GROUP, INC. Registrant April 24, 2024 By: /s/ Courtney E. Sacchetti Courtney E. Sacchetti Executive Vice President and Chief Financial Officer

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