Bankwell Financial Group Reports Operating Results for the First Quarter and Declares Second Quarter Dividend

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million, or $0.48 per share for the first quarter of 2024, versus $10.4 million, or $1.33 per share, for the same period in 2023. Pre-tax, pre-provision net revenue ("PPNR") was $8.8 million, or $1.14 per share, for the first quarter of 2024, versus $14.4 million, or $1.89 per share for the same period in 2023.

The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 21, 2024 to shareholders of record on May 10, 2024.

We recommend reading this earnings release in conjunction with the First Quarter 2024 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our April 24, 2024 Current Report on Form 8-K.

Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:

"Our first quarter earnings of $0.48 per share include the impact of $3.7 million in charge offs related to previously disclosed non-performing loans. The main components of the charge offs were approximately $2.8 million, attributable to a suburban Connecticut office building, and approximately $0.7 million, attributable to the non-guaranteed portions of 2 SBA loans. We encourage investors to review the accompanying Investor Presentation for further details regarding the Bank’s loan portfolio.

Absent any action from the Federal Reserve, we expect our net interest margin to trough slightly higher and earlier than previously projected at approximately 255 to 265 basis points during 2Q 2024. This margin, coupled with the Company’s consistently efficient expense structure, provides a solid earnings base during this challenging interest rate environment. We also re-affirm prior guidance regarding non-interest expense of $53 to $54 million for the full year 2024."

First Quarter 2024 Highlights:

• PPNR was $8.8 million for the quarter ended March 31, 2024.
• Net income of $3.8 million reflects the impact of $3.7 million of loan charge offs.
• Total gross loans were $2.7 billion, decreasing $39.0 million, or 1.4%, compared to December 31, 2023.
• Average yield on total loans was 6.37% for the quarter ended March 31, 2024.
• Nonperforming loans as a percentage of total loans was 1.74% as of March 31, 2024, down from 1.81% as of December 31, 2023.
• Deposits were $2.7 billion, decreasing $63.2 million, or 2.3%, compared to December 31, 2023.
• Brokered deposits decreased $120.0 million, when compared to December 31, 2023.
• Noninterest bearing deposits increased 8.7% to $376.2 million, when compared to December 31, 2023.
• FDIC-insured deposits totaled $1.9 billion and represent 71.4% of total deposits as of March 31, 2024.
• Return on average assets was 0.47% for the quarter ended March 31, 2024.
• Return on average tangible common equity was 5.65% for the quarter ended March 31, 2024.
• The net interest margin was 2.71% for the quarter ended March 31, 2024.
• Noninterest expense to average assets was 1.66% for the quarter ended March 31, 2024.
• Investment securities totaled $126.2 million and represent 4.0% of total assets.
• The Company repurchased 45,924 shares at a weighted average price of $25.33 per share through April 11, 2024.

Earnings and Performance

Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2024 were $22.1 million, versus $27.1 million for the quarter ended March 31, 2023. The decrease in revenues for the quarter was attributable to an increase in interest expense and lower gains from loan sales partially offset by an increase in interest on loans, given higher loan yields¹ and prepayment fees.

Net income for the quarter ended March 31, 2024 was $3.8 million, versus $10.4 million for the quarter ended March 31, 2023. The decrease in net income for the quarter ended 2024 was primarily due to the aforementioned decrease in revenues and an increase in provision for credit losses.

Basic and diluted earnings per share were $0.48 and $0.48, respectively, for the quarter ended March 31, 2024 compared to basic and diluted earnings per share of $1.34 and $1.33, respectively, for the quarter ended March 31, 2023.

The net interest margin (fully taxable equivalent basis) for the quarters ended March 31, 2024 and March 31, 2023 was 2.71% and 3.24%, respectively. The decrease in the net interest margin was due to an increase in funding costs partially offset by an increase in interest income on earning assets.

Allowance for Credit Losses - Loans ("ACL-Loans")

The ACL-Loans was $28.0 million as of March 31, 2024 compared to $27.9 million as of December 31, 2023. The ACL-Loans as a percentage of total loans was 1.04% as of March 31, 2024 compared to 1.03% as of December 31, 2023. Provision for credit losses was $3.7 million for the quarter ended March 31, 2024. The provision for credit losses for the quarter was primarily a result of net loan charge offs of $3.7 million.

Financial Condition

Assets totaled $3.2 billion at March 31, 2024, a decrease of $60.2 million or 1.9% compared to December 31, 2023. Gross loans totaled $2.7 billion at March 31, 2024, a decrease of $39.0 million, or 1.4% compared to December 31, 2023. Deposits totaled $2.7 billion at March 31, 2024, a decrease of $63.2 million, or 2.3% compared to December 31, 2023.

Capital

Shareholders’ equity totaled $268.0 million as of March 31, 2024, an increase of $2.3 million compared to December 31, 2023, primarily a result of net income of $3.8 million for the three months ended March 31, 2024. The increase was partially offset by dividends paid of $1.6 million and share repurchases of $0.9 million.

^{1 - The increase in overall loan yields was 50 bps for the quarter ended March 31, 2024.}

About Bankwell Financial Group

Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout Fairfield and New Haven Counties, Connecticut. For more information about this press release, interested parties may contact Christopher R. Gruseke, President and Chief Executive Officer or Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166.

For more information, visit www.mybankwell.com.

This press release may contain certain forward-looking statements about 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,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “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.

Non-GAAP Financial Measures

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as the efficiency ratio. A computation and reconciliation of certain non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. For example, the Company believes that the efficiency ratio is useful in the assessment of financial performance, including noninterest expense control. The Company believes that tangible common equity, tangible assets, tangible common equity to tangible assets, tangible common shareholders' equity, fully diluted tangible book value per common share, adjusted noninterest expense, operating revenue, efficiency ratio, average tangible common equity, annualized return on average tangible common equity, return on average assets, return on average shareholders' equity, pre-tax, pre-provision net revenue, and the dividend payout ratio are useful to evaluate the relative strength of the Company's performance and capital position. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.

BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars in thousands)
		March 31, 2024				December 31, 2023				March 31, 2023
ASSETS
Cash and due from banks		$	245,043			$	267,521			$	249,812
Federal funds sold			2,584				1,636				27,370
Cash and cash equivalents			247,627				269,157				277,182
Investment securities
Marketable equity securities, at fair value			2,069				2,070				2,028
Available for sale investment securities, at fair value			108,417				109,736				103,171
Held to maturity investment securities, at amortized cost			15,739				15,817				15,931
Total investment securities			126,225				127,623				121,130
Loans receivable (net of ACL-Loans of $27,991, $27,946, and $27,998 at March 31, 2024, December 31, 2023, and March 31, 2023, respectively)			2,646,686				2,685,301				2,724,514
Accrued interest receivable			15,104				14,863				14,261
Federal Home Loan Bank stock, at cost			5,655				5,696				5,234
Premises and equipment, net			26,161				27,018				27,619
Bank-owned life insurance			51,764				51,435				50,524
Goodwill			2,589				2,589				2,589
Deferred income taxes, net			9,137				9,383				8,692
Other assets			24,326				22,417				20,573
Total assets		$	3,155,274			$	3,215,482			$	3,252,318
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest bearing deposits		$	376,248			$	346,172			$	377,667
Interest bearing deposits			2,297,274				2,390,585				2,420,641
Total deposits			2,673,522				2,736,757				2,798,308
Advances from the Federal Home Loan Bank			90,000				90,000				90,000
Subordinated debentures			69,266				69,205				69,020
Accrued expenses and other liabilities			54,454				53,768				52,683
Total liabilities			2,887,242				2,949,730				3,010,011
Shareholders’ equity
Common stock, no par value			118,401				118,247				115,875
Retained earnings			151,350				149,169				127,566
Accumulated other comprehensive (loss)			(1,719	)			(1,664	)			(1,134	)
Total shareholders’ equity			268,032				265,752				242,307
Total liabilities and shareholders’ equity		$	3,155,274			$	3,215,482			$	3,252,318

BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Dollars in thousands, except share data)
	For the Quarter Ended
	March 31, 2024				December 31, 2023				March 31, 2023
Interest and dividend income
Interest and fees on loans	$	43,325			$	44,122			$	39,723
Interest and dividends on securities		1,130				1,108				1,000
Interest on cash and cash equivalents		3,826				4,164				3,568
Total interest and dividend income		48,281				49,394				44,291
Interest expense
Interest expense on deposits		25,362				25,307				17,033
Interest expense on borrowings		1,772				1,842				1,717
Total interest expense		27,134				27,149				18,750
Net interest income		21,147				22,245				25,541
Provision (credit) for credit losses		3,683				(960	)			826
Net interest income after provision for credit losses		17,464				23,205				24,715
Noninterest income
Bank owned life insurance		329				316				281
Service charges and fees		304				688				286
Gains and fees from sales of loans		321				79				931
Other		(39	)			46				28
Total noninterest income		915				1,129				1,526
Noninterest expense
Salaries and employee benefits		6,291				6,088				6,081
Occupancy and equipment		2,322				2,231				2,084
Professional services		1,065				1,033				1,322
Data processing		740				747				671
Director fees		900				605				392
FDIC insurance		930				1,026				1,062
Marketing		114				139				151
Other		935				995				928
Total noninterest expense		13,297				12,864				12,691
Income before income tax expense		5,082				11,470				13,550
Income tax expense		1,319				2,946				3,171
Net income	$	3,763			$	8,524			$	10,379
Earnings Per Common Share:
Basic	$	0.48			$	1.09			$	1.34
Diluted	$	0.48			$	1.09			$	1.33
Weighted Average Common Shares Outstanding:
Basic		7,663,521				7,603,938				7,554,689
Diluted		7,687,679				7,650,451				7,616,671
Dividends per common share	$	0.20			$	0.20			$	0.20

BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
	For the Quarter Ended
	March 31, 2024			December 31, 2023			March 31, 2023
Performance ratios:
Return on average assets	0.47	%		1.03	%		1.30	%
Return on average shareholders' equity	5.59	%		12.82	%		17.48	%
Return on average tangible common equity	5.65	%		12.95	%		17.67	%
Net interest margin	2.71	%		2.81	%		3.24	%
Efficiency ratio(1)	60.3	%		55.0	%		46.9	%
Net loan charge-offs as a % of average loans	0.11	%		0.01	%		0.02	%
Dividend payout ratio(2)	41.67	%		18.35	%		15.04	%

(1)		Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business.
(2)		The dividend payout ratio is calculated by dividing dividends per share by earnings per share.

	As of
	March 31, 2024				December 31, 2023				March 31, 2023
Capital ratios:
Total Common Equity Tier 1 Capital to Risk-Weighted Assets(1)		11.60	%			11.30	%			10.00	%
Total Capital to Risk-Weighted Assets(1)		12.63	%			12.32	%			10.98	%
Tier I Capital to Risk-Weighted Assets(1)		11.60	%			11.30	%			10.00	%
Tier I Capital to Average Assets(1)		10.09	%			9.81	%			9.22	%
Tangible common equity to tangible assets		8.42	%			8.19	%			7.38	%
Fully diluted tangible book value per common share	$	33.57			$	33.39			$	30.56

(1)		Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.

BANKWELL FINANCIAL GROUP, INC. ASSET QUALITY (unaudited) (Dollars in thousands)
	For the Quarter Ended
	March 31, 2024				December 31, 2023				March 31, 2023
ACL-Loans:
Balance at beginning of period	$	27,946			$	29,284			$	22,431
Day 1 CECL Adjustment on January 1, 2023		—				—				5,079
Beginning balance January 1, 2023		27,946				29,284				27,510
Charge-offs:
Residential real estate		(132	)			—				—
Commercial real estate		(3,306	)			(824	)			—
Commercial business		(197	)			—				(440	)
Consumer		(49	)			(15	)			(12	)
Total charge-offs		(3,684	)			(839	)			(452	)
Recoveries:
Commercial real estate		—				—				—
Commercial business		27				464				—
Consumer		4				3				6
Total recoveries		31				467				6
Net loan (charge-offs) recoveries		(3,653	)			(372	)			(446	)
Provision (credit) for credit losses - loans		3,698				(966	)			934
Balance at end of period	$	27,991			$	27,946			$	27,998

	As of
	March 31, 2024				December 31, 2023				March 31, 2023
Asset quality:
Nonaccrual loans
Residential real estate	$	1,237			$	1,386			$	1,443
Commercial real estate		19,083				23,009				1,912
Commercial business		16,841				15,430				1,528
Construction		9,382				9,382				9,382
Consumer		—				—				—
Total nonaccrual loans		46,543				49,207				14,265
Other real estate owned		—				—				—
Total nonperforming assets	$	46,543			$	49,207			$	14,265
Nonperforming loans as a % of total loans		1.74	%			1.81	%			0.52	%
Nonperforming assets as a % of total assets		1.48	%			1.53	%			0.44	%
ACL-loans as a % of total loans		1.04	%			1.03	%			1.01	%
ACL-loans as a % of nonperforming loans		60.14	%			56.79	%			196.27	%
Total past due loans to total loans		1.44	%			0.78	%			0.94	%

Total nonaccrual loans decreased $2.7 million to $46.5 million as of March 31, 2024 when compared to December 31, 2023. The reduction is primarily due to charge-offs taken during the quarter ended March 31, 2024.

Nonperforming assets as a percentage of total assets decreased to 1.48% at March 31, 2024 from 1.53% at December 31, 2023. The ACL-Loans at March 31, 2024 was $28.0 million, representing 1.04% of total loans.

BANKWELL FINANCIAL GROUP, INC. LOAN & DEPOSIT PORTFOLIO (unaudited) (Dollars in thousands)
Period End Loan Composition	March 31, 2024				December 31, 2023				Current QTD % Change
Residential Real Estate	$	49,098			$	50,931			(3.6	)%
Commercial Real Estate(1)		1,927,636				1,947,648			(1.0	)
Construction		151,967				183,414			(17.1	)
Total Real Estate Loans		2,128,701				2,181,993			(2.4	)
Commercial Business		508,912				500,569			1.7
Consumer		41,946				36,045			16.4
Total Loans	$	2,679,559			$	2,718,607			(1.4	)%
(1) Includes owner occupied commercial real estate.

Gross loans totaled $2.7 billion at March 31, 2024, a decrease of $39.0 million or 1.4% compared to December 31, 2023.

Period End Deposit Composition	March 31, 2024				December 31, 2023				Current QTD % Change
Noninterest bearing demand	$	376,248			$	346,172			8.7	%
NOW		95,227				90,829			4.8
Money Market		818,408				887,352			(7.8	)
Savings		92,188				97,331			(5.3	)
Time		1,291,451				1,315,073			(1.8	)
Total Deposits	$	2,673,522			$	2,736,757			(2.3	)%

Total deposits were $2.7 billion at March 31, 2024, a decrease of $63.2 million, or 2.3%, when compared to December 31, 2023. Brokered deposits have decreased $120.0 million, when compared to December 31, 2023.

BANKWELL FINANCIAL GROUP, INC. NONINTEREST EXPENSE (unaudited) (Dollars in thousands)
	For the Quarter Ended
Noninterest expense	March 31, 2024				December 31, 2023				March 31, 2023				Mar 24 vs. Dec 23 % Change			Mar 24 vs. Mar 23 % Change
Salaries and employee benefits	$	6,291			$	6,088			$	6,081			3.3	%		3.5	%
Occupancy and equipment		2,322				2,231				2,084			4.1			11.4
Professional services		1,065				1,033				1,322			3.1			(19.4	)
Data processing		740				747				671			(0.9	)		10.3
Director fees		900				605				392			48.8			129.6
FDIC insurance		930				1,026				1,062			(9.4	)		(12.4	)
Marketing		114				139				151			(18.0	)		(24.5	)
Other		935				995				928			(6.0	)		0.8
Total noninterest expense	$	13,297			$	12,864			$	12,691			3.4	%		4.8	%

Noninterest expense increased by $0.6 million to $13.3 million for the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023. The increase in noninterest expense was primarily driven by an increase in director fees related to timing of compensation and accelerated vestings in connection with the death of a director.

BANKWELL FINANCIAL GROUP, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) (Dollars in thousands, except share data)
	As of
Computation of Tangible Common Equity to Tangible Assets	March 31, 2024				December 31, 2023				March 31, 2023
Total Equity	$	268,032			$	265,752			$	242,307
Less:
Goodwill		2,589				2,589				2,589
Other intangibles		—				—				—
Tangible Common Equity	$	265,443			$	263,163			$	239,718
Total Assets	$	3,155,274			$	3,215,482			$	3,252,318
Less:
Goodwill		2,589				2,589				2,589
Other intangibles		—				—				—
Tangible Assets	$	3,152,685			$	3,212,893			$	3,249,729
Tangible Common Equity to Tangible Assets		8.42	%			8.19	%			7.38	%

	As of
Computation of Fully Diluted Tangible Book Value per Common Share	March 31, 2024				December 31, 2023				March 31, 2023
Total shareholders' equity	$	268,032			$	265,752			$	242,307
Less:
Preferred stock		—				—				—
Common shareholders' equity	$	268,032			$	265,752			$	242,307
Less:
Goodwill		2,589				2,589				2,589
Other intangibles		—				—				—
Tangible common shareholders' equity	$	265,443			$	263,163			$	239,718
Common shares issued and outstanding		7,908,180				7,882,616				7,843,438
Fully Diluted Tangible Book Value per Common Share	$	33.57			$	33.39			$	30.56

	For the Quarter Ended
Computation of PPNR	March 31, 2024				December 31, 2023				March 31, 2023
Income before income tax expense	$	5,082			$	11,470			$	13,550
Add:
Provision (credit) for credit losses		3,683				(960	)			826
PPNR	$	8,765			$	10,510			$	14,376

BANKWELL FINANCIAL GROUP, INC. EARNINGS PER SHARE ("EPS") (unaudited) (Dollars in thousands, except share data)
	Three Months Ended March 31,
		2024				2023
	(In thousands, except per share data)
Net income	$	3,763			$	10,379
Dividends to participating securities(1)		(40	)			(42	)
Undistributed earnings allocated to participating securities(1)		(66	)			(230	)
Net income for earnings per share calculation	$	3,657			$	10,107
Weighted average shares outstanding, basic		7,664				7,555
Effect of dilutive equity-based awards(2)		24				62
Weighted average shares outstanding, diluted		7,688				7,617
Net earnings per common share:
Basic earnings per common share	$	0.48			$	1.34
Diluted earnings per common share	$	0.48			$	1.33

(1)		Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends.
(2)		Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method.

BANKWELL FINANCIAL GROUP, INC. NONINTEREST INCOME (unaudited) (Dollars in thousands)
	For the Quarter Ended
Noninterest income	March 31, 2024				December 31, 2023				March 31, 2023				Mar 24 vs. Dec 23 % Change			Mar 24 vs. Mar 23 % Change
Bank owned life insurance	$	329			$	316			$	281			4.1	%		17.1	%
Service charges and fees		304				688				286			(55.8	)		6.3
Gains and fees from sales of loans		321				79				931			306.3			Unfavorable
Other		(39	)			46				28			Unfavorable			Unfavorable
Total noninterest income	$	915			$	1,129			$	1,526			(19.0	)%		(40.0	)%

Noninterest income decreased $0.6 million for the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023. The decrease in noninterest income was driven by lower gains as a result of fewer SBA loan sales for the quarter ended March 31, 2024.

BANKWELL FINANCIAL GROUP, INC. NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited) (Dollars in thousands)
	For the Quarter Ended
	March 31, 2024									March 31, 2023
	Average Balance			Interest			Yield/ Rate (4)			Average Balance			Interest			Yield/ Rate (4)
Assets:
Cash and Fed funds sold	$	292,662		$	3,826		5.26	%		$	315,566		$	3,568		4.59	%
Securities(1)		134,737			1,060		3.15				129,881			956		2.49
Loans:
Commercial real estate		1,922,413			28,643		5.89				1,918,551			25,585		5.33
Residential real estate		50,213			718		5.72				59,444			643		4.33
Construction		161,047			2,973		7.30				166,254			2,825		6.80
Commercial business		517,102			10,284		7.87				542,399			10,421		7.68
Consumer		39,964			707		7.12				18,536			249		5.45
Total loans		2,690,739			43,325		6.37				2,705,184			39,723		5.87
Federal Home Loan Bank stock		5,702			121		8.51				5,271			94		7.27
Total earning assets		3,123,840		$	48,332		6.12	%			3,155,902		$	44,341		5.62	%
Other assets		90,905									84,063
Total assets	$	3,214,745								$	3,239,965
Liabilities and shareholders' equity:
Interest bearing liabilities:
NOW	$	91,674		$	39		0.17	%		$	92,918		$	37		0.16	%
Money market		883,851			9,146		4.16				907,739			6,385		2.85
Savings		92,972			714		3.09				136,333			727		2.16
Time		1,317,069			15,463		4.72				1,252,564			9,883		3.20
Total interest bearing deposits		2,385,566			25,362		4.28				2,389,554			17,032		2.89
Borrowed Money		159,226			1,772		4.48				161,202			1,717		4.26
Total interest bearing liabilities		2,544,792		$	27,134		4.29	%			2,550,756		$	18,749		2.98	%
Noninterest bearing deposits		337,020									403,920
Other liabilities		62,356									44,406
Total liabilities		2,944,168									2,999,082
Shareholders' equity		270,577									240,883
Total liabilities and shareholders' equity	$	3,214,745								$	3,239,965
Net interest income(2)				$	21,198								$	25,592
Interest rate spread							1.83	%								2.64	%
Net interest margin(3)							2.71	%								3.24	%

(1)		Average balances and yields for securities are based on amortized cost.
(2)		The adjustment for securities and loans taxable equivalency amounted to $51 thousand and $50 thousand for the quarters ended March 31, 2024 and 2023, respectively.
(3)		Annualized net interest income as a percentage of earning assets.
(4)		Yields are calculated using the contractual day count convention for each respective product type.

 

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