Bankwell Financial Group, Inc. (BWFG) has reported 23.77 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.70 million, or $0.48 a share in the quarter, compared with $2.99 million, or $0.40 a share for the same period last year.
Revenue during the quarter grew 19.67 percent to $13.67 million from $11.42 million in the previous year period. Net interest income for the quarter rose 13.60 percent over the prior year period to $12.95 million. Non-interest income for the quarter rose 88.39 percent over the last year period to $1.27 million.
Bankwell Financial Group has made provision of $0.54 million for loan losses during the quarter, down 15.94 percent from $0.65 million in the same period last year.
Net interest margin contracted 19 basis points to 3.35 percent in the quarter from 3.54 percent in the last year period. Efficiency ratio for the quarter deteriorated to 58.30 percent from 57.70 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Notes Bankwell Financial Group president and chief executive officer, Christopher R. Gruseke: "Bankwell has begun the year with an outstanding first quarter performance. Our strategy of disciplined growth continues to succeed as we increased loan balances at an annualized rate of 18%. We also achieved an important goal by crossing the 10% ROE threshold. Further, we are honored to have been recognized as the only Connecticut bank to be included in the 'Top 100 Best Performing Community Banks of 2016' nationwide by S & P Global."
Liabilities outpace assets growthOn the other hand, total liabilities stood at $1,522.57 million as on Mar. 31, 2017, up 18.43 percent from $1,285.60 million on Mar. 31, 2016. Loans outpace deposit growthNet loans stood at $1,406.41 million as on Mar. 31, 2017, up 19.40 percent compared with $1,177.90 million on Mar. 31, 2016. Deposits stood at $1,327.46 million as on Mar. 31, 2017, up 21.37 percent compared with $1,093.73 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $170.57 million or 12.85 percent of total deposits on Mar. 31, 2017, compared with $165.97 million or 15.17 percent of total deposits on Mar. 31, 2016.
Investments stood at $104.24 million as on Mar. 31, 2017, down 3.96 percent or $4.30 million from year-ago. Shareholders equity stood at $149.67 million as on Mar. 31, 2017, up 11.19 percent or $15.06 million from year-ago.
Return on average assets moved up 4 basis points to 0.93 percent in the quarter from 0.89 percent in the last year period. At the same time, return on average equity increased 111 basis points to 10.12 percent in the quarter from 9.01 percent in the last year period.
Nonperforming assets moved up 10.06 percent or $0.43 million to $4.71 million on Mar. 31, 2017 from $4.28 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.28 percent in the quarter, down from 0.30 percent in the last year period.
Book value per share was $19.85 for the quarter, up 9.01 percent or $1.64 compared to $18.21 for the same period last year.
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