Bankwell Financial Group(US:BWFG)2025-01-22 21:10Financial Performance - Bankwell Financial Group reported GAAP net income of $2.5 million, or $0.32 per share for Q4 2024, an increase from $1.9 million, or $0.24 per share in Q3 2024[1]. - Total revenues for Q4 2024 were $21.2 million, down from $23.4 million in Q4 2023, primarily due to lower loan fees[18]. - Net income for the quarter was $2,507 thousand, reflecting an increase of 30.1% from $1,926 thousand in the prior quarter[32]. - Basic earnings per common share for the quarter ended December 31, 2024, is $0.32, down from $1.09 in the same quarter of 2023[34]. - For the year ended December 31, 2024, net interest income was $83,665 thousand, compared to $94,675 thousand for the year ended December 31, 2023[38]. Revenue and Income Sources - Bankwell anticipates $93-$95 million in net interest income and $7-$8 million in noninterest income for the full year 2025[6]. - Net interest income for the quarter ended December 31, 2024, was $20,199 thousand, a decrease of 4.7% compared to $22,245 thousand in the same quarter of the previous year[32]. - The average yield on total earning assets increased from 5.86% in 2023 to 6.09% in 2024[38]. - Commercial real estate loans generated an interest income of $112,804 thousand with a yield of 5.82% in 2024, compared to $109,110 thousand and 5.57% in 2023[38]. Asset and Liability Management - Total assets increased by $53.1 million, or 1.7%, to $3.3 billion as of December 31, 2024, compared to December 31, 2023[20]. - Total deposits increased by $50.8 million, or 1.9%, reaching $2.8 billion as of December 31, 2024, compared to December 31, 2023[20]. - Brokered deposits decreased by $78.4 million in Q4 2024, totaling a decline of $246.8 million since December 31, 2023[10]. - Total loans for the quarter ended December 31, 2024, amount to $2,661,094,000, with a total interest yield of 6.30%[36]. Nonperforming Assets and Credit Losses - The allowance for credit losses on loans was $29.0 million as of December 31, 2024, compared to $27.9 million a year earlier[15]. - Nonperforming assets as a percentage of total assets increased to 1.88% as of December 31, 2024, from 1.53% a year prior[17]. - Provision for credit losses was $4,458 thousand for the quarter, compared to a credit of $(960) thousand in the same quarter last year, indicating a significant increase in provisions[32]. - Nonperforming loans as a percentage of total loans decreased to 1.97% as of December 31, 2024, from 2.42% as of September 30, 2024[21]. Shareholder Information - Shareholders' equity increased by $4.3 million to $270.1 million as of December 31, 2024, primarily due to net income of $9.3 million for the year[22]. - The company repurchased 85,990 shares at a weighted average price of $24.82 per share during the year ended December 31, 2024[23]. - The company declared dividends of $0.20 per common share for the quarter, consistent with the previous quarter's dividend[32]. - Total equity as of December 31, 2024, is $270,063,000, an increase from $267,926,000 as of September 30, 2024[33]. Operational Efficiency - The company recorded total noninterest expense of $13.2 million in Q4 2024, a 2.9% increase compared to Q3 2024[18]. - Noninterest expense totaled $13,243 thousand for the quarter, an increase of 2.9% from $12,864 thousand in the same quarter of the previous year[32]. - The efficiency ratio and other non-GAAP financial measures are used to assess financial performance and trends[29]. Future Outlook - The company will host a conference call on January 23, 2025, to discuss financial results and business outlook[24].