Bankwell Financial Group, Inc. (BWFG)

Bankwell Financial Group Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	174.1	170.18	111.24	78.04	73.67	77.34
Interest Income on Investments	19.44	18.27	6.7	3.33	3.82	5.61
Total Interest Income	193.55	188.45	117.95	81.38	77.49	82.95
Interest Paid on Deposits	100.93	86.91	19.36	10.44	18.18	24.7
Interest Paid on Borrowings	7.29	7.08	3.84	3.05	4.47	4.49
Total Interest Expense	108.22	93.99	23.2	13.49	22.65	29.19
Net Interest Income	85.33	94.47	94.74	67.89	54.84	53.76
Net Interest Income Growth (YoY)	-13.84%	-0.29%	39.56%	23.80%	2.00%	-4.55%
Gain (Loss) on Sale of Investments	-	-	-	-	-	0.08
Other Non-Interest Income	3.31	2.87	1.8	2.07	2.42	3.48
Total Non-Interest Income	3.88	4.84	3.04	4.76	2.48	5.24
Non-Interest Income Growth (YoY)	-8.44%	59.28%	-36.09%	91.51%	-52.63%	34.46%
Revenues Before Loan Losses	89.21	99.31	97.78	72.64	57.32	59.01
Provision for Loan Losses	17.2	0.87	5.44	-0.06	7.61	0.44
Revenue	72.01	98.44	92.35	72.7	49.71	58.57
Revenue Growth (YoY)	-25.90%	6.60%	27.02%	46.24%	-15.12%	3.14%
Salaries and Employee Benefits	21.39	21.52	19.88	16.48	19.59	18.41
Occupancy Expenses	6.63	6.17	5.7	7.58	6.87	5.49
Federal Deposit Insurance	3.51	4.16	1.64	1.23	0.79	0.07
Selling, General & Administrative	15.73	14.46	13.24	11.31	10.24	8.88
Other Non-Interest Expense	4.01	4.09	3.91	3.13	2.57	2.77
Total Non-Interest Expense	51.27	50.4	44.36	39.74	40.06	35.63
EBT Excluding Unusual Items	20.74	48.04	47.98	32.96	9.65	22.94
Asset Writedown	-	-	-	-	-1.65	-
Other Unusual Items	-	-	-	0.9	-0.7	-
Pretax Income	20.74	48.04	47.98	33.86	7.3	22.94
Income Tax Expense	5.41	11.38	10.55	7.28	1.4	4.73
Net Income	15.33	36.66	37.43	26.59	5.9	18.22
Preferred Dividends & Other Adjustments	0.39	0.96	0.81	0.51	0.09	0.21
Net Income to Common	14.94	35.71	36.62	26.08	5.81	18
Net Income Growth	-57.60%	-2.05%	40.78%	350.30%	-67.59%	4.49%
Basic Shares Outstanding	8	8	8	8	8	8
Diluted Shares Outstanding	8	8	8	8	8	8
Shares Change (YoY)	1.10%	0.09%	-1.57%	0.17%	-0.46%	0.12%
EPS (Basic)	1.94	4.71	4.84	3.38	0.75	2.32
EPS (Diluted)	1.94	4.67	4.79	3.36	0.75	2.31
EPS Growth	-57.92%	-2.51%	42.56%	348.00%	-67.53%	4.52%
Dividend Per Share	0.800	0.800	0.800	0.640	0.560	0.520
Dividend Growth	0%	0%	25.00%	14.29%	7.69%	8.33%
Effective Tax Rate	26.07%	23.69%	22.00%	21.48%	19.13%	20.60%

Source: S&P Capital IQ. Banks template. Financial Sources.