Bankwell Financial Group Files 8-K

Ticker: BWFG · Form: 8-K · Filed: Oct 28, 2024 · CIK: 1505732

Sentiment: neutral

Topics: financial-reporting, disclosure

Related Tickers: BWFG

TL;DR

BWFG filed an 8-K on Oct 28th detailing financial results and other events.

AI Summary

Bankwell Financial Group, Inc. filed an 8-K on October 28, 2024, to report on its results of operations and financial condition. The filing also includes disclosures related to Regulation FD, other events, and financial statements and exhibits. The company, formerly known as BNC Financial Group, Inc., is incorporated in Connecticut and headquartered in New Canaan.

Why It Matters

This 8-K filing provides an update on Bankwell Financial Group's financial performance and operational status, which is crucial for investors and stakeholders to assess the company's current health and future prospects.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of financial information and does not indicate any immediate or significant risks.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing for Bankwell Financial Group, Inc.?

The primary purpose is to report on the company's results of operations and financial condition, as well as to provide Regulation FD disclosures, report other events, and include financial statements and exhibits.

When was this 8-K report filed?

The report was filed on October 28, 2024.

What was Bankwell Financial Group, Inc.'s former name?

The company's former name was BNC Financial Group, Inc.

In which state is Bankwell Financial Group, Inc. incorporated?

Bankwell Financial Group, Inc. is incorporated in Connecticut.

What is the business address of Bankwell Financial Group, Inc.?

The business address is 258 Elm Street, New Canaan, Connecticut 06840.

Filing Stats: 974 words · 4 min read · ~3 pages · Grade level 11.2 · Accepted 2024-10-28 16:48:54

Key Financial Figures

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On October 28, 2024 , Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued a press release describing its results of operations for the period ended September 30, 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 October 28, 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 September 30, 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 Quarterly Dividend Announcement On October 28, 2024 , Bankwell Financial Group, Inc. (the Company), parent company of Bankwell Bank, announced that on October 23, 2024, its Board of Directors voted to pay a quarterly dividend in the amount of $0.20 per share on November 22, 2024 to all shareholders of record as of November 11, 2024. Stock Repurchase Plan On October 28, 2024 , the Company announced that on October 23, 2024, its Board of Directors authorized a share repurchase plan. Under the terms of the share repurchase plan, the Company is authorized to buy back up to 250,000 shares of its outstanding common stock. The Company intends to accomplish the share repurchases through open market transactions, though the Company could accomplish repurchases through other means, such as privately negotiated transactions. The timing, price and volume of repurchases will be based on market conditions, relevant securities laws (such as 10b-18 and 10b5-1 rules under the Securities Exchange Act of 1934) and other factors. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund any repurchases from cash on hand. In connection with the authorization of the new plan, the Company terminated the existing plan (the "Prior Plan"), which was originally approved on December 19, 2018 and authorized the repurchase of 400,000 shares of the Company's common stock. On October 27, 2021, the Company's Board of Directors voted to increase the number of shares authorized for repurchase under the Prior Plan by 200,000 shares (for a total of 600,000 shares of the Company's common stock). To date, the Company has purchased 535,802 shares of the Company's common stock pursuant to the Prior Plan.

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 October 2 8 , 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 October 28, 2024 By: /s/ Courtney E. Sacchetti Courtney E. Sacchetti Executive Vice President and Chief Financial Officer

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