Bankwell Financial Group(US:BWFG)2025-01-24 00:46Financial Performance - The company reported a net interest margin of 2.60%, a decrease of 12 bps compared to the previous quarter, driven by lower loan fees and asset mix[6] - Fully diluted EPS was $0.32, including $0.29 from charge-offs and $0.07 from one-time OREO expenses[7] - PPNR was $7.9 million, or $1.02 per share, a decrease of 12% compared to the previous quarter[7] - Net interest income was $20.2 million, adversely impacted by reduced loan fee income[7] - Deposits increased by $99 million, with core deposits up $169 million and brokered deposits down $78 million (both compared to the previous quarter)[6, 7] Balance Sheet Strength - Tangible book value was $34.03, up $0.27 versus the previous quarter and up $0.64 versus the prior year quarter[7] - The consolidated CET1 ratio was 9.57%, and the Bank Total Capital ratio was 12.67%[7] - The company has $1,505 million in unencumbered securities, $662 million in unencumbered cash, and $307 million in borrowing capacity[10] - Brokered deposit balances have fallen by $247 million in 2024, with total deposits stable between approximately $2.7 and $2.8 billion[19] Credit Quality - Non-performing assets decreased by $4 million compared to the previous quarter[6] - Non-performing loans were $53.3 million, representing 1.97% of total loans[26] - Non-performing assets were $61.6 million, representing 1.88% of total assets[26]