Bankwell Financial Group (BWFG) has reported 26.93 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $3.32 million, or $0.43 a share in the quarter, compared with $2.62 million, or $0.35 a share for the same period last year.
Revenue during the quarter grew 10.40 percent to $12.94 million from $11.72 million in the previous year period. Net interest income for the quarter rose 18.26 percent over the prior year period to $13.29 million. Non-interest income for the quarter fell 52.26 percent over the last year period to $0.40 million.
Bankwell Financial Group has made provision of $0.75 million for loan losses during the quarter, up 111.30 percent from $0.35 million in the same period last year.
Net interest margin contracted 8 basis points to 3.55 percent in the quarter from 3.63 percent in the last year period. Efficiency ratio for the quarter improved to 55.60 percent from 62.40 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Notes Bankwell Financial Group President and chief executive officer, Christopher R. Gruseke: "I am proud to announce 2016's results as Bankwell continues to improve its financial performance on behalf of its shareholders." "We organically originated well over $400 million in loans again this year while maintaining top tier asset quality. Further, we've made key executive hires which have positioned us well for the next phase of our successful growth."
Liabilities outpace assets growthTotal assets stood at $1,628.92 million as on Dec. 31, 2016, up 22.44 percent compared with $1,330.37 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,483.02 million as on Dec. 31, 2016, up 23.73 percent from $1,198.60 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $1,343.90 million as on Dec. 31, 2016, up 18.96 percent compared with $1,129.75 million on Dec. 31, 2015. Deposits stood at $1,289.04 million as on Dec. 31, 2016, up 23.12 percent compared with $1,046.94 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $187.59 million or 14.55 percent of total deposits on Dec. 31, 2016, compared with $164.55 million or 15.72 percent of total deposits on Dec. 31, 2015.
Investments stood at $104.61 million as on Dec. 31, 2016, up 105.90 percent or $53.80 million from year-ago. Shareholders equity stood at $145.90 million as on Dec. 31, 2016, up 10.72 percent or $14.13 million from year-ago.
Return on average assets moved up 6 basis points to 0.84 percent in the quarter from 0.78 percent in the last year period. At the same time, return on average equity increased 155 basis points to 9.23 percent in the quarter from 7.68 percent in the last year period.
Nonperforming assets moved down 36.32 percent or $1.83 million to $3.21 million on Dec. 31, 2016 from $5.04 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.20 percent in the quarter, down from 0.38 percent in the last year period.
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