Bankwell

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

Retrieved on: 
Wednesday, April 24, 2024
Banking, Professional Services, Finance, Federal Reserve, Federal, SBA, Bankwell, FDIC, GAAP, Airline

Average yield on total loans was 6.37% for the quarter ended March 31, 2024.

Key Points: 
  • Average yield on total loans was 6.37% for the quarter ended March 31, 2024.
  • 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.
  • Net income for the quarter ended March 31, 2024 was $3.8 million, versus $10.4 million for the quarter ended March 31, 2023.
  • 1 - The increase in overall loan yields was 50 bps for the quarter ended March 31, 2024.

Cascading AI Secures $3.9 Million in Pre-Seed Funding to Revolutionize the Banking Industry with its AI-native Loan Origination System

Retrieved on: 
Friday, February 9, 2024
Haffer, SAN, AI, Bankwell, Software as a service, Stanford University, Y Combinator, Casca

"The real game changer is our AI Loan Assistant, Sarah," says Lukas Haffer, CEO of Cascading AI.

Key Points: 
  • "The real game changer is our AI Loan Assistant, Sarah," says Lukas Haffer, CEO of Cascading AI.
  • "Imagine a small business owner applying for a loan on a Friday evening and waiting 72 hours for a response from a loan officer.
  • With Casca, they receive an email response within minutes from Sarah - who leads them through the entire application process.
  • Additional participation came from Y Combinator, The Sarah Smith Fund, and Clocktower Technology Ventures, who share Cascading AI's vision for the future of banking.

Bankwell Financial Group Reports Operating Results for the Fourth Quarter and Full Year 2023; Declares First Quarter Dividend

Retrieved on: 
Wednesday, January 24, 2024
Finance, Banking, Professional Services, Other Professional Services, Asset Management, CECL, Bankwell, ACL, Federal, Federal Reserve, Balance sheet, Sale, GAAP, Net interest margin, Common equity, Book value, Fourth

Noninterest expense to average assets was 1.56% for the quarter ended December 31, 2023 and 1.55% for the year ended December 31, 2023.

Key Points: 
  • Noninterest expense to average assets was 1.56% for the quarter ended December 31, 2023 and 1.55% for the year ended December 31, 2023.
  • Return on average assets was 1.03% for the quarter ended December 31, 2023 and 1.13% for the year ended December 31, 2023.
  • The net interest margin was 2.81% for the quarter ended December 31, 2023 and 2.98% for the year ended December 31, 2023.
  • Net income for the quarter ended December 31, 2023 was $8.5 million, versus $8.0 million for the quarter ended December 31, 2022.

Bankwell Financial Group Reports Operating Results for the Third Quarter and Declares Fourth Quarter Dividend

Retrieved on: 
Wednesday, October 25, 2023
Banking, Professional Services, Finance, Bankwell, Sale, Futures contract, FDIC, Bank, ACL, HTM, GAAP, Environment, W Holding Company, CECL, Total, Tetragon Financial Group, Cryptocurrency, Rare-earth element, Airline

Non-Interest Expense as a percentage Average Assets stands at 1.54% year-to date, putting Bankwell well ahead of industry peers on this key metric.

Key Points: 
  • Non-Interest Expense as a percentage Average Assets stands at 1.54% year-to date, putting Bankwell well ahead of industry peers on this key metric.
  • Return on average assets was 1.19% for the quarter ended September 30, 2023.
  • Revenues (net interest income plus noninterest income) for the quarter ended September 30, 2023 were $23.5 million, versus $25.0 million for the quarter ended September 30, 2022.
  • Net income for the quarter ended September 30, 2023 was $9.8 million, versus $9.2 million for the quarter ended September 30, 2022.

KBRA Releases Surveillance Report for Bankwell Financial Group, Inc.

Retrieved on: 
Wednesday, September 6, 2023
Banking, Professional Services, Insurance, Finance, KBRA, Outlook, Bankwell, BBB, Security (finance), Telescopic sight, K2

On August 2, 2023, KBRA downgraded the ratings for Bankwell Financial Group, Inc. (NASDAQ: BWFG) ("Bankwell" or "the company"), including the senior unsecured debt rating to BBB- from BBB and the subordinated debt rating to BB+ from BBB-, while affirming the short-term debt rating of K3.

Key Points: 
  • On August 2, 2023, KBRA downgraded the ratings for Bankwell Financial Group, Inc. (NASDAQ: BWFG) ("Bankwell" or "the company"), including the senior unsecured debt rating to BBB- from BBB and the subordinated debt rating to BB+ from BBB-, while affirming the short-term debt rating of K3.
  • KBRA also downgraded the ratings for the company’s subsidiary, Bankwell Bank ("the bank"), including the deposit and senior unsecured debt ratings to BBB from BBB+, the subordinated debt rating to BBB- from BBB, and the short-term deposit and debt ratings to K3 from K2.
  • The Outlook for all long-term ratings is Stable.
  • Click here to view the report.

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

Retrieved on: 
Wednesday, July 26, 2023
Banking, Professional Services, Finance, Insurance, Bankwell, Availability, Total, FHLB, NII, Federal, HTM, Policy, AFS, FDIC, GAAP, Aussie (financial group), Sale, Federal Reserve, Disposable household and per capita income, FRB, CECL, Capital, Bank, W Holding Company, Press release, Second, Cryptocurrency, Management, Life insurance, Gasoline

The Company's Board of Directors declared a $0.20 per share cash dividend, payable August 24, 2023 to shareholders of record on August 14, 2023.

Key Points: 
  • The Company's Board of Directors declared a $0.20 per share cash dividend, payable August 24, 2023 to shareholders of record on August 14, 2023.
  • Deposits of $2.8 billion for the quarter ended June 30, 2023, decreasing $12.0 million, or 0.4% from December 31, 2022.
  • Revenues (net interest income plus noninterest income) for the quarter ended June 30, 2023 were $25.4 million, versus $25.0 million and for the quarter ended June 30, 2022.
  • Net income for the quarter ended June 30, 2023 was $8.0 million, versus $12.0 million for the quarter ended June 30, 2022.

Bankwell Hires Chief Innovation Officer

Retrieved on: 
Tuesday, July 25, 2023
Banking, Professional Services, Finance, Neobank, Cross River Bank, Bankwell, Promontory Financial Group, Strategic Innovation Fund, Sale, Senior, BBVA, Bank, Management, Simple

Bankwell Financial Group, Inc. (NASDAQ: BWFG), parent company of Bankwell Bank, today announced that Ryan J. Hildebrand has been appointed Executive Vice President in the newly created role of Chief Innovation Officer at Bankwell.

Key Points: 
  • Bankwell Financial Group, Inc. (NASDAQ: BWFG), parent company of Bankwell Bank, today announced that Ryan J. Hildebrand has been appointed Executive Vice President in the newly created role of Chief Innovation Officer at Bankwell.
  • Mr. Hildebrand will join Bankwell's Executive Team and report to Christopher R. Gruseke, President and CEO of Bankwell.
  • Mr. Hildebrand will oversee growth strategies through innovation and technology.
  • Mr. Hildebrand recently served as the Strategic Innovation Officer at Lincoln Savings Bank.

RealTruck adds talent and expertise in key executive positions

Retrieved on: 
Thursday, May 11, 2023
Western Michigan University, Lear Corporation, Bankwell, Senior, General counsel, ANN, University of Michigan, Economics, Manufacturing, Clark University, Supply chain, SVP Worldwide, Heidelberg University, IRobot, Michigan State University, Knowledge, Nielsen, Johnson & Johnson, Supply, SVP, Whirlpool Corporation, NYSE, New York Law School, Management

ANN ARBOR, Mich., May 11, 2023 /PRNewswire/ -- RealTruck, Inc., the premier manufacturer and online retailer of aftermarket truck parts and accessories, welcomes four new additions to its executive team, under the leadership of CEO Carl-Martin Lindahl. Tammy Bohen joins RealTruck as Chief Human Resources Officer; Eric Dale is the new General Counsel; Ken Hossler is RealTruck's new Senior Vice President of Manufacturing and Kelly Szatkowski joins as the company's Senior Vice President of Supply Chain.

Key Points: 
  • "In the last month, we've been able to bolster our executive leadership team with a strong roster of experts in their respective disciplines," said Lindahl.
  • Bohen joins RealTruck after years of developing best-in-class employee experiences, engagement, and business performance in global leadership positions for industry-leading companies including SVP Worldwide, Whirlpool Corporation, Johnson & Johnson and Lear Corporation.
  • Hossler comes to RealTruck from SVP Worldwide, where he served as Vice President of Global Manufacturing.
  • Szatkowski is a graduate of Western Michigan University, where she earned her bachelor's degree with a double major in German and Spanish.

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

Retrieved on: 
Wednesday, April 26, 2023
Banking, Other Professional Services, Professional Services, Finance, Pressure, Bankwell, ASC, Availability, Total, FHLB, HTM, Current Expected Credit Losses, Net interest income, Risk management, AFS, FDIC, GAAP, Tetragon Financial Group, Sale, FRB, CECL, SBA, Bank, ACL, W Holding Company, Environment, Cryptocurrency, Life insurance, Airline, Real estate

Deposits of $2.8 billion for the quarter ended March 31, 2023, unchanged from December 31, 2022.

Key Points: 
  • Deposits of $2.8 billion for the quarter ended March 31, 2023, unchanged from December 31, 2022.
  • FDIC-insured deposits totaled $2.0 billion and represent 70.3% of total deposits as of March 31, 2023.
  • Average yield on 2023 funded loans was 7.53% for the quarter ended March 31, 2023.
  • Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2023 were $27.1 million, versus $20.5 million for the quarter ended March 31, 2022.

Jeffrey Dunne Elected to the Board of Directors of Bankwell Financial Group, Inc. and Bankwell Bank

Retrieved on: 
Thursday, March 9, 2023
Banking, Professional Services, Trustee, Pennsylvania State University, Bankwell, The Company, Business, Multimedia, University, CBRE, Edward, Property management, New York University

Effective March 9, 2023, the Boards of Directors of Bankwell Financial Group, Inc. (the "Company") and its wholly-owned subsidiary, Bankwell Bank (together with the Company, “Bankwell”) elected Jeffrey Dunne to serve as a Director of the Company and Bankwell Bank.

Key Points: 
  • Effective March 9, 2023, the Boards of Directors of Bankwell Financial Group, Inc. (the "Company") and its wholly-owned subsidiary, Bankwell Bank (together with the Company, “Bankwell”) elected Jeffrey Dunne to serve as a Director of the Company and Bankwell Bank.
  • The team’s business is largely transacted in the New York Region, though the group also sells portfolios throughout the United States.
  • Bankwell’s Chairman Blake Drexler states, “We are excited to welcome Jeff to Bankwell’s Board of Directors.
  • Bankwell was founded on the principles of providing an exceptional banking experience and adding value to the communities it serves.