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Bankwell Financial Group Reports Operating Results for the Fourth Quarter and Full Year 2023; Declares First Quarter Dividend

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $8.5 million, or $1.09 per share for the fourth quarter of 2023, versus $8.0 million, or $1.04 per share, for the same period in 2022. For the year ended 2023, net income totaled $36.7 million, or $4.67 per share, versus $37.4 million, or $4.79 per share, for the same period in 2022.

The Company's Board of Directors declared a $0.20 per share cash dividend, payable February 23, 2024 to shareholders of record on February 13, 2024.

We recommend reading this earnings release in conjunction with the Fourth Quarter 2023 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our January 24, 2024 Current Report on Form 8-K.

Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:

"Thank you to my colleagues who helped the Company generate quality returns for our shareholders amidst a volatile economic backdrop in 2023. We achieved a total year Return on Average Tangible Common Equity (“ROATCE") of 14.70% while generating a 1.13% Return on Average Assets (“ROAA”). Tangible Book Value grew to $33.39 per share, which represents a 15% Compounded Annual Growth Rate since December 31, 2020.

Looking to 2024, we expect low single digit loan growth as we grow capital and implement innovative deposit solutions. The Net Interest Margin is anticipated to trough in 3Q at approximately 250 to 260 basis points. Noninterest expense is estimated at $53 to $54 million, or approximately 1.65% of Average Assets, an amount consistent with our historical efficiency.

The Balance Sheet is well positioned for any future interest rate cuts taken by the Federal Reserve. We estimate that a hypothetical 50 basis point expansion of the Net Interest Margin would generate approximately $1.50 in incremental Earnings Per Share on an annualized basis."

Fourth Quarter 2023 Highlights:

  • Noninterest expense to average assets was 1.56% for the quarter ended December 31, 2023 and 1.55% for the year ended December 31, 2023.
  • Average yield on 2023 funded loans was 7.70% compared to 6.24% for 2022.
  • Total gross loans were $2.7 billion, growing $43.2 million, or 1.6%, compared to December 31, 2022.
  • Return on average assets was 1.03% for the quarter ended December 31, 2023 and 1.13% for the year ended December 31, 2023.
  • Return on average tangible common equity was 12.95% for the quarter ended December 31, 2023 and 14.70% for the year ended December 31, 2023.
  • The net interest margin was 2.81% for the quarter ended December 31, 2023 and 2.98% for the year ended December 31, 2023.
  • Investment securities totaled $127.6 million and represent 4.0% of total assets.
  • Fully diluted tangible book value per share rose to $33.39 compared to $30.51 at December 31, 2022.

Earnings and Performance

Revenues (net interest income plus noninterest income) for the quarter ended December 31, 2023 were $23.4 million, versus $27.3 million for the quarter ended December 31, 2022. Revenues for the year ended December 31, 2023 were $99.3 million, versus $97.8 million for the year ended December 31, 2022. The decrease in revenues for the quarter was primarily attributable to an increase in interest expense partially offset by an increase in interest on loans due to higher overall loan yields1. The increase in revenues for the year ended 2023 was primarily attributable to an increase in interest and fees on loans due to loan growth and higher overall loan yields1, an increase in gain on sales of loans, and an increase in servicing charges and fees. This increase was partially offset by an increase in interest expense.

1 - The increase in overall loan yields were 71 bps and 100 bps, respectively, for the quarter and year ended December 31, 2023.

Net income for the quarter ended December 31, 2023 was $8.5 million, versus $8.0 million for the quarter ended December 31, 2022. Net income for the year ended December 31, 2023 was $36.7 million, versus $37.4 million for the year ended December 31, 2022. The increase in net income for the quarter ended 2023 was primarily due to the credit for loan losses, partially offset by an increase in noninterest expense, and the aforementioned decrease in revenues. The decrease in net income for the year ended 2023 was due to an increase in noninterest expense partially offset by the aforementioned increase in revenues and a decrease in the provision for loan losses.

Basic and diluted earnings per share were $1.09 and $1.09, respectively, for the quarter ended December 31, 2023 compared to basic and diluted earnings per share of $1.04 and $1.04, respectively, for the quarter ended December 31, 2022. Basic and diluted earnings per share were $4.71 and $4.67, respectively, for the year ended December 31, 2023 compared to basic and diluted earnings per share of $4.84 and $4.79, respectively, for the year ended December 31, 2022.

The net interest margin (fully taxable equivalent basis) for the quarters ended December 31, 2023 and December 31, 2022 was 2.81% and 3.70%, respectively. The net interest margin (fully taxable equivalent basis) for the year ended December 31, 2023 and December 31, 2022 was 2.98% and 3.78%, respectively. The decrease in the net interest margin was due to an increase in funding costs partially offset by an increase in yields on earning assets.

Allowance for Credit Losses ("ACL") - Loans

The ACL-Loans was $27.9 million as of December 31, 2023 compared to $29.3 million as of September 30, 2023, for a reduction of $1.4 million for the quarter ended December 31, 2023. The ACL-Loans as a percentage of total loans was 1.03% as of December 31, 2023 compared to 1.06% as of September 30, 2023. The reduction for the quarter was primarily due to a decrease in loan balances and a release of specific reserves, partially offset by charge-offs.

The ACL-Loans was $27.9 million as of December 31, 2023 compared to $22.4 million as of December 31, 2022, an increase of $5.5 million year to date, of which $5.1 million being the CECL transition adjustment to retained earnings. The ACL-Loans as a percentage of total loans was 1.03% as of December 31, 2023 compared to 0.84% as of December 31, 2022. The increase in the ACL-Loans provision for credit losses was primarily driven by forward looking CECL macroeconomic factors.

Financial Condition

Assets totaled $3.22 billion at December 31, 2023, compared to assets of $3.25 billion at December 31, 2022. Gross loans totaled $2.7 billion at December 31, 2023, an increase of $43.2 million or 1.6% compared to December 31, 2022. Deposits totaled $2.7 billion at December 31, 2023, compared to deposits of $2.8 billion at December 31, 2022, a decrease of $64.1 million.

Capital

Shareholders’ equity totaled $265.8 million as of December 31, 2023, an increase of $27.3 million compared to December 31, 2022, primarily a result of net income of $36.7 million for the year ended December 31, 2023. The increase was partially offset by the Day 1 CECL adoption impact of $4.9 million, dividends paid of $6.2 million, and a $1.5 million unfavorable impact to accumulated other comprehensive income. The unfavorable impact to accumulated other comprehensive income was driven by fair value marks related to hedge positions involving interest rate swaps of $2.4 million partially offset by fair value marks on the Company's available for sale investment securities portfolio of $0.9 million. The Company's interest rate swaps are used to hedge interest rate risk.

About Bankwell Financial Group

Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout Fairfield and New Haven Counties, Connecticut. For more information about this press release, interested parties may contact Christopher R. Gruseke, President and Chief Executive Officer or Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166.

For more information, visit www.mybankwell.com.

This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

Non-GAAP Financial Measures

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as the efficiency ratio. A computation and reconciliation of certain non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. For example, the Company believes that the efficiency ratio is useful in the assessment of financial performance, including noninterest expense control. The Company believes that tangible common equity, tangible assets, tangible common equity to tangible assets, tangible common shareholders' equity, fully diluted tangible book value per common share, adjusted non interest expense, operating revenue, efficiency ratio, average tangible common equity, annualized return on average tangible common equity, return on average assets, return on average shareholders' equity, and the dividend payout ratio are useful to evaluate the relative strength of the Company's performance and capital position. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(Dollars in thousands)

 

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

ASSETS

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

267,521

 

 

$

256,973

 

 

$

207,345

 

 

$

249,812

 

 

$

344,925

 

Federal funds sold

 

1,636

 

 

 

1,122

 

 

 

54,706

 

 

 

27,370

 

 

 

10,754

 

Cash and cash equivalents

 

269,157

 

 

 

258,095

 

 

 

262,051

 

 

 

277,182

 

 

 

355,679

 

 

 

 

 

 

 

 

 

 

 

Investment securities

 

 

 

 

 

 

 

 

 

Marketable equity securities, at fair value

 

2,070

 

 

 

1,975

 

 

 

2,017

 

 

 

2,028

 

 

 

1,988

 

Available for sale investment securities, at fair value

 

109,736

 

 

 

97,907

 

 

 

99,938

 

 

 

103,171

 

 

 

103,663

 

Held to maturity investment securities, at amortized cost

 

15,817

 

 

 

15,885

 

 

 

15,884

 

 

 

15,931

 

 

 

15,983

 

Total investment securities

 

127,623

 

 

 

115,767

 

 

 

117,839

 

 

 

121,130

 

 

 

121,634

 

Loans receivable (net of allowance for loan losses of $27,946, $29,284, $30,694, $27,998 and $22,431 at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively)

 

2,685,301

 

 

 

2,735,242

 

 

 

2,736,607

 

 

 

2,724,514

 

 

 

2,646,384

 

Accrued interest receivable

 

14,863

 

 

 

15,648

 

 

 

14,208

 

 

 

14,261

 

 

 

13,070

 

Federal Home Loan Bank stock, at cost

 

5,696

 

 

 

5,696

 

 

 

5,696

 

 

 

5,234

 

 

 

5,216

 

Premises and equipment, net

 

27,018

 

 

 

26,899

 

 

 

27,658

 

 

 

27,619

 

 

 

27,199

 

Bank-owned life insurance

 

51,435

 

 

 

51,119

 

 

 

50,816

 

 

 

50,524

 

 

 

50,243

 

Goodwill

 

2,589

 

 

 

2,589

 

 

 

2,589

 

 

 

2,589

 

 

 

2,589

 

Deferred income taxes, net

 

9,383

 

 

 

9,395

 

 

 

10,014

 

 

 

8,692

 

 

 

7,422

 

Other assets

 

22,417

 

 

 

29,326

 

 

 

25,229

 

 

 

20,573

 

 

 

23,013

 

Total assets

$

3,215,482

 

 

$

3,249,776

 

 

$

3,252,707

 

 

$

3,252,318

 

 

$

3,252,449

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

Noninterest bearing deposits

$

346,172

 

 

$

345,433

 

 

$

367,635

 

 

$

377,667

 

 

$

404,559

 

Interest bearing deposits

 

2,390,585

 

 

 

2,423,193

 

 

 

2,421,228

 

 

 

2,420,641

 

 

 

2,396,259

 

Total deposits

 

2,736,757

 

 

 

2,768,626

 

 

 

2,788,863

 

 

 

2,798,308

 

 

 

2,800,818

 

 

 

 

 

 

 

 

 

 

 

Advances from the Federal Home Loan Bank

 

90,000

 

 

 

90,000

 

 

 

90,000

 

 

 

90,000

 

 

 

90,000

 

Subordinated debentures

 

69,205

 

 

 

69,143

 

 

 

69,082

 

 

 

69,020

 

 

 

68,959

 

Accrued expenses and other liabilities

 

53,768

 

 

 

64,145

 

 

 

55,949

 

 

 

52,683

 

 

 

54,203

 

Total liabilities

 

2,949,730

 

 

 

2,991,914

 

 

 

3,003,894

 

 

 

3,010,011

 

 

 

3,013,980

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

Common stock, no par value

 

118,247

 

 

 

117,181

 

 

 

116,541

 

 

 

115,875

 

 

 

115,018

 

Retained earnings

 

149,169

 

 

 

142,205

 

 

 

133,988

 

 

 

127,566

 

 

 

123,640

 

Accumulated other comprehensive (loss) income

 

(1,664

)

 

 

(1,524

)

 

 

(1,716

)

 

 

(1,134

)

 

 

(189

)

Total shareholders’ equity

 

265,752

 

 

 

257,862

 

 

 

248,813

 

 

 

242,307

 

 

 

238,469

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

$

3,215,482

 

 

$

3,249,776

 

 

$

3,252,707

 

 

$

3,252,318

 

 

$

3,252,449

 

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Dollars in thousands, except share data)

 

 

For the Quarter Ended

 

For the Year Ended

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

 

 

December 31,

2023

 

December 31,

2022

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

$

44,122

 

 

$

43,854

 

 

$

42,482

 

$

39,723

 

$

36,545

 

 

 

$

170,181

 

$

111,242

 

Interest and dividends on securities

 

1,108

 

 

 

1,016

 

 

 

1,002

 

 

1,000

 

 

898

 

 

 

 

4,126

 

 

3,203

 

Interest on cash and cash equivalents

 

4,164

 

 

 

3,393

 

 

 

3,022

 

 

3,568

 

 

2,150

 

 

 

 

14,147

 

 

3,500

 

Total interest and dividend income

 

49,394

 

 

 

48,263

 

 

 

46,506

 

 

44,291

 

 

39,593

 

 

 

 

188,454

 

 

117,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on deposits

 

25,307

 

 

 

23,789

 

 

 

20,777

 

 

17,033

 

 

11,083

 

 

 

 

86,906

 

 

19,364

 

Interest expense on borrowings

 

1,842

 

 

 

1,783

 

 

 

1,738

 

 

1,717

 

 

1,701

 

 

 

 

7,080

 

 

3,838

 

Total interest expense

 

27,149

 

 

 

25,572

 

 

 

22,515

 

 

18,750

 

 

12,784

 

 

 

 

93,986

 

 

23,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

22,245

 

 

 

22,691

 

 

 

23,991

 

 

25,541

 

 

26,809

 

 

 

 

94,468

 

 

94,743

 

(Credit) provision for loan losses

 

(960

)

 

 

(1,579

)

 

 

2,579

 

 

826

 

 

4,272

 

 

 

 

866

 

 

5,437

 

Net interest income after (credit) provision for loan losses

 

23,205

 

 

 

24,270

 

 

 

21,412

 

 

24,715

 

 

22,537

 

 

 

 

93,602

 

 

89,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank owned life insurance

 

316

 

 

 

303

 

 

 

292

 

 

281

 

 

273

 

 

 

 

1,192

 

 

1,069

 

Service charges and fees

 

688

 

 

 

294

 

 

 

361

 

 

286

 

 

343

 

 

 

 

1,629

 

 

1,072

 

Gains (losses) and fees from sales of loans

 

79

 

 

 

237

 

 

 

725

 

 

931

 

 

12

 

 

 

 

1,972

 

 

1,236

 

Other

 

46

 

 

 

(48

)

 

 

23

 

 

28

 

 

(100

)

 

 

 

49

 

 

(337

)

Total noninterest income

 

1,129

 

 

 

786

 

 

 

1,401

 

 

1,526

 

 

528

 

 

 

 

4,842

 

 

3,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

6,088

 

 

 

6,036

 

 

 

6,390

 

 

6,081

 

 

5,988

 

 

 

 

24,595

 

 

22,237

 

Occupancy and equipment

 

2,231

 

 

 

2,146

 

 

 

2,204

 

 

2,084

 

 

1,919

 

 

 

 

8,665

 

 

8,297

 

Professional services

 

1,033

 

 

 

491

 

 

 

692

 

 

1,322

 

 

912

 

 

 

 

3,538

 

 

3,887

 

Data processing

 

747

 

 

 

741

 

 

 

729

 

 

671

 

 

663

 

 

 

 

2,888

 

 

2,632

 

Director fees

 

605

 

 

 

362

 

 

 

453

 

 

392

 

 

378

 

 

 

 

1,812

 

 

1,394

 

FDIC insurance

 

1,026

 

 

 

1,026

 

 

 

1,050

 

 

1,062

 

 

898

 

 

 

 

4,164

 

 

1,638

 

Marketing

 

139

 

 

 

184

 

 

 

177

 

 

151

 

 

112

 

 

 

 

651

 

 

366

 

Other

 

995

 

 

 

1,219

 

 

 

946

 

 

928

 

 

1,601

 

 

 

 

4,088

 

 

3,912

 

Total noninterest expense

 

12,864

 

 

 

12,205

 

 

 

12,641

 

 

12,691

 

 

12,471

 

 

 

 

50,401

 

 

44,363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

11,470

 

 

 

12,851

 

 

 

10,172

 

 

13,550

 

 

10,594

 

 

 

 

48,043

 

 

47,983

 

Income tax expense

 

2,946

 

 

 

3,074

 

 

 

2,189

 

 

3,171

 

 

2,573

 

 

 

 

11,380

 

 

10,554

 

Net income

$

8,524

 

 

$

9,777

 

 

$

7,983

 

$

10,379

 

$

8,021

 

 

 

$

36,663

 

$

37,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.09

 

 

$

1.25

 

 

$

1.02

 

$

1.34

 

$

1.04

 

 

 

$

4.71

 

$

4.84

 

Diluted

$

1.09

 

 

$

1.25

 

 

$

1.02

 

$

1.33

 

$

1.04

 

 

 

$

4.67

 

$

4.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

7,603,938

 

 

 

7,598,230

 

 

 

7,593,417

 

 

7,554,689

 

 

7,507,540

 

 

 

 

7,587,768

 

 

7,563,363

 

Diluted

 

7,650,451

 

 

 

7,633,934

 

 

 

7,601,562

 

 

7,616,671

 

 

7,563,116

 

 

 

 

7,647,411

 

 

7,640,218

 

Dividends per common share

$

0.20

 

 

$

0.20

 

 

$

0.20

 

$

0.20

 

$

0.20

 

 

 

$

0.80

 

$

0.80

 

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

 

 

For the Quarter Ended

 

For the Year Ended

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

 

December 31,

2023

 

December 31,

2022

Performance ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

1.03

%

 

1.19

%

 

0.99

%

 

1.30

%

 

1.07

%

 

1.13

%

 

1.44

%

Return on average shareholders' equity

12.82

%

 

15.19

%

 

12.91

%

 

17.48

%

 

13.38

%

 

14.55

%

 

16.72

%

Return on average tangible common equity

12.95

%

 

15.35

%

 

13.05

%

 

17.67

%

 

13.52

%

 

14.70

%

 

16.91

%

Net interest margin

2.81

%

 

2.85

%

 

3.07

%

 

3.24

%

 

3.70

%

 

2.98

%

 

3.78

%

Efficiency ratio(1)

55.0

%

 

52.0

%

 

49.8

%

 

46.9

%

 

45.6

%

 

50.8

%

 

45.4

%

Net loan charge-offs as a % of average loans

0.01

%

 

%

 

%

 

0.02

%

 

%

 

0.03

%

 

%

Dividend payout ratio(2)

18.35

%

 

16.00

%

 

19.61

%

 

15.04

%

 

19.23

%

 

17.13

%

 

16.70

%

(1)

Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business.

 
(2)

The dividend payout ratio is calculated by dividing dividends per share by earnings per share.

 

As of

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

Capital ratios:

 

 

 

 

 

 

 

 

 

Total Common Equity Tier 1 Capital to Risk-Weighted Assets(1)

 

11.15

%

 

 

10.82

%

 

 

10.34

%

 

 

10.17

%

 

 

10.28

%

Total Capital to Risk-Weighted Assets(1)

 

12.15

%

 

 

11.86

%

 

 

11.41

%

 

 

11.16

%

 

 

11.07

%

Tier I Capital to Risk-Weighted Assets(1)

 

11.15

%

 

 

10.82

%

 

 

10.34

%

 

 

10.17

%

 

 

10.28

%

Tier I Capital to Average Assets(1)

 

9.81

%

 

 

9.60

%

 

 

9.41

%

 

 

9.22

%

 

 

9.88

%

Tangible common equity to tangible assets

 

8.19

%

 

 

7.86

%

 

 

7.58

%

 

 

7.38

%

 

 

7.26

%

Fully diluted tangible book value per common share

$

33.39

 

 

$

32.55

 

 

$

31.45

 

 

$

30.56

 

 

$

30.51

 

(1)

Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.

BANKWELL FINANCIAL GROUP, INC.

ASSET QUALITY (unaudited)

(Dollars in thousands)

 

 

For the Quarter Ended

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

ACL-Loans:

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

29,284

 

 

$

30,694

 

 

$

27,998

 

 

$

22,431

 

 

$

18,167

 

Day 1 CECL Adjustment on January 1, 2023

 

 

 

 

 

 

 

 

 

 

5,079

 

 

 

 

Beginning balance January 1, 2023

 

29,284

 

 

 

30,694

 

 

 

27,998

 

 

 

27,510

 

 

 

18,167

 

Charge-offs:

 

 

 

 

 

 

 

 

 

Residential real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

(824

)

 

 

 

 

 

 

 

 

 

 

 

 

Commercial business

 

 

 

 

 

 

 

 

 

 

(440

)

 

 

 

Consumer

 

(15

)

 

 

(31

)

 

 

(25

)

 

 

(12

)

 

 

(11

)

Total charge-offs

 

(839

)

 

 

(31

)

 

 

(25

)

 

 

(452

)

 

 

(11

)

Recoveries:

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial business

 

464

 

 

 

35

 

 

 

32

 

 

 

 

 

 

 

Consumer

 

3

 

 

 

19

 

 

 

10

 

 

 

6

 

 

 

3

 

Total recoveries

 

467

 

 

 

54

 

 

 

42

 

 

 

6

 

 

 

3

 

Net loan (charge-offs) recoveries

 

(372

)

 

 

23

 

 

 

17

 

 

 

(446

)

 

 

(8

)

(Credit) provision for loan losses

 

(966

)

 

 

(1,433

)

 

 

2,679

 

 

 

934

 

 

 

4,272

 

Balance at end of period

$

27,946

 

 

$

29,284

 

 

$

30,694

 

 

$

27,998

 

 

$

22,431

 

 

 

As of

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

Asset quality:

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

 

 

 

 

 

 

 

 

Residential real estate

$

1,386

 

 

$

1,408

 

 

$

1,429

 

 

$

1,443

 

 

$

2,152

 

Commercial real estate

 

23,009

 

 

 

1,898

 

 

 

1,905

 

 

 

1,912

 

 

 

2,781

 

Commercial business

 

15,430

 

 

 

7,352

 

 

 

2,815

 

 

 

1,528

 

 

 

2,126

 

Construction

 

9,382

 

 

 

9,382

 

 

 

9,382

 

 

 

9,382

 

 

 

9,382

 

Consumer

 

 

 

 

7,917

 

 

 

 

 

 

 

 

 

 

Total nonaccrual loans

 

49,207

 

 

 

27,957

 

 

 

15,531

 

 

 

14,265

 

 

 

16,441

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets

$

49,207

 

 

$

27,957

 

 

$

15,531

 

 

$

14,265

 

 

$

16,441

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans as a % of total loans

 

1.81

%

 

 

1.01

%

 

 

0.56

%

 

 

0.52

%

 

 

0.61

%

Nonperforming assets as a % of total assets

 

1.53

%

 

 

0.86

%

 

 

0.48

%

 

 

0.44

%

 

 

0.51

%

ACL-loans as a % of total loans

 

1.03

%

 

 

1.06

%

 

 

1.11

%

 

 

1.01

%

 

 

0.84

%

ACL-loans as a % of nonaccrual loans

 

56.79

%

 

 

104.75

%

 

 

197.63

%

 

 

196.27

%

 

 

136.43

%

Total past due loans to total loans

 

0.78

%

 

 

1.44

%

 

 

1.30

%

 

 

0.94

%

 

 

0.60

%

Total nonaccrual loans increased $32.8 million to $49.2 million as of December 31, 2023 when compared to December 31, 2022. Nonperforming assets as a percentage of total assets increased to 1.53% at December 31, 2023, when compared to 0.51% at December 31, 2022. The ACL-Loans at December 31, 2023 was $27.9 million, representing 1.03% of total loans.

Past due loans increased to $21.3 million, or 0.78% of total loans, as of December 31, 2023, compared to $16.1 million, or 0.60% of total loans, as of December 31, 2022.

BANKWELL FINANCIAL GROUP, INC.

LOAN & DEPOSIT PORTFOLIO (unaudited)

(Dollars in thousands)

 

Period End Loan Composition

December 31,

2023

 

September 30,

2023

 

December 31,

2022

 

Current QTD

% Change

 

YTD

% Change

Residential Real Estate

$

50,931

 

$

52,908

 

$

60,588

 

(3.7

) %

 

(15.9

) %

Commercial Real Estate(1)

 

1,947,648

 

 

1,955,992

 

 

1,921,252

 

(0.4

)

 

1.4

 

Construction

 

183,414

 

 

199,972

 

 

155,198

 

(8.3

)

 

18.2

 

Total Real Estate Loans

 

2,181,993

 

 

2,208,872

 

 

2,137,038

 

(1.2

)

 

2.1

 

 

 

 

 

 

 

 

 

 

 

Commercial Business

 

500,569

 

 

508,626

 

 

520,447

 

(1.6

)

 

(3.8

)

 

 

 

 

 

 

 

 

 

 

Consumer

 

36,045

 

 

52,612

 

 

17,963

 

(31.5

)

 

100.7

 

Total Loans

$

2,718,607

 

$

2,770,110

 

$

2,675,448

 

(1.9

) %

 

1.6

%

(1)

Includes owner occupied commercial real estate.

Gross loans totaled $2.7 billion at December 31, 2023, a increase of $43.2 million or 1.6% compared to December 31, 2022.

Period End Deposit Composition

December 31,

2023

 

September 30,

2023

 

December 31,

2022

 

Current QTD

% Change

 

YTD

% Change

Noninterest bearing demand

$

346,172

 

$

345,433

 

$

404,559

 

0.2

%

 

(14.4

) %

NOW

 

90,829

 

 

101,719

 

 

104,057

 

(10.7

)

 

(12.7

)

Money Market

 

887,352

 

 

879,978

 

 

913,868

 

0.8

 

 

(2.9

)

Savings

 

97,331

 

 

102,207

 

 

151,944

 

(4.8

)

 

(35.9

)

Time

 

1,315,073

 

 

1,339,289

 

 

1,226,390

 

(1.8

)

 

7.2

 

Total Deposits

$

2,736,757

 

$

2,768,626

 

$

2,800,818

 

(1.2

) %

 

(2.3

) %

Total deposits were $2.7 billion at December 31, 2023, compared to $2.8 billion at December 31, 2022, a decrease of $64.1 million, or 2.3%. Brokered deposits have decreased $83.0 million, when compared to December 31, 2022.

BANKWELL FINANCIAL GROUP, INC.

NONINTEREST INCOME (unaudited)

(Dollars in thousands)

 

 

For the Quarter Ended

 

 

 

 

Noninterest income

December 31,

2023

 

September 30,

2023

 

December 31,

2022

 

Dec 23 vs. Sep 23

% Change

 

Dec 23 vs. Dec 22

% Change

Bank owned life insurance

$

316

 

$

303

 

 

$

273

 

 

4.3

%

 

15.8

%

Service charges and fees

 

688

 

 

294

 

 

 

343

 

 

134.0

 

 

100.6

 

Gains (losses) and fees from sales of loans

 

79

 

 

237

 

 

 

12

 

 

(66.7

)

 

558.3

 

Other

 

46

 

 

(48

)

 

 

(100

)

 

Favorable

 

Favorable

Total noninterest income

$

1,129

 

$

786

 

 

$

528

 

 

43.6

%

 

113.8

%

 

 

For the Year Ended

 

 

Noninterest income

December 31, 2023

 

December 31, 2022

 

% Change

Gains and fees from sales of loans

$

1,972

 

$

1,236

 

 

59.5

%

Bank owned life insurance

 

1,192

 

 

1,069

 

 

11.5

 

Service charges and fees

 

1,629

 

 

1,072

 

 

52.0

 

Other

 

49

 

 

(337

)

 

Favorable

Total noninterest income

$

4,842

 

$

3,040

 

 

59.3

%

Noninterest income increased by $0.6 million to $1.1 million for the quarter ended December 31, 2023 compared to the quarter ended December 31, 2022. Noninterest income increased by $1.8 million to $4.8 million for the year ended December 31, 2023 compared to the year ended December 31, 2022. The increase in noninterest income for the quarter ended December 31, 2023 was mainly driven by an increase in service charges and fees. The increase for the year ended December 31, 2023 was mainly driven by an increase in gains on SBA loan sales and service charges and fees.

BANKWELL FINANCIAL GROUP, INC.

NONINTEREST EXPENSE (unaudited)

(Dollars in thousands)

 

 

For the Quarter Ended

 

 

 

 

Noninterest expense

December 31,

2023

 

September 30,

2023

 

December 31,

2022

 

Dec 23 vs. Sep 23

% Change

 

Dec 23 vs. Dec 22

% Change

Salaries and employee benefits

$

6,088

 

$

6,036

 

$

5,988

 

0.9

%

 

1.7

%

Occupancy and equipment

 

2,231

 

 

2,146

 

 

1,919

 

4.0

 

 

16.3

 

Professional services

 

1,033

 

 

491

 

 

912

 

110.4

 

 

13.3

 

Data processing

 

747

 

 

741

 

 

663

 

0.8

 

 

12.7

 

Director fees

 

605

 

 

362

 

 

378

 

67.1

 

 

60.1

 

FDIC insurance

 

1,026

 

 

1,026

 

 

898

 

 

 

14.3

 

Marketing

 

139

 

 

184

 

 

112

 

(24.5

)

 

24.1

 

Other

 

995

 

 

1,219

 

 

1,601

 

(18.4

)

 

(37.9

)

Total noninterest expense

$

12,864

 

$

12,205

 

$

12,471

 

5.4

%

 

3.2

%

 

For the Year Ended

 

 

Noninterest expense

December 31, 2023

 

December 31, 2022

 

% Change

Salaries and employee benefits

$

24,595

 

$

22,237

 

10.6

%

Occupancy and equipment

 

8,665

 

 

8,297

 

4.4

 

Professional services

 

3,538

 

 

3,887

 

(9.0

)

Data processing

 

2,888

 

 

2,632

 

9.7

 

Director fees

 

1,812

 

 

1,394

 

30.0

 

FDIC insurance

 

4,164

 

 

1,638

 

154.2

 

Marketing

 

651

 

 

366

 

77.9

 

Other

 

4,088

 

 

3,912

 

4.5

 

Total noninterest expense

$

50,401

 

$

44,363

13.6

%

Noninterest expense increased by $0.4 million to $12.9 million for the quarter ended December 31, 2023 compared to the quarter ended December 31, 2022. Noninterest expense increased by $6.0 million to $50.4 million for the year ended December 31, 2023 compared to the year ended December 31, 2022. The increase in noninterest expense was primarily driven by an increase in FDIC insurance expense and salaries and employee benefits expense.

FDIC insurance expense totaled $1.0 million for the quarter ended December 31, 2023, an increase of $0.1 million when compared to the same period in 2022. FDIC insurance expense totaled $4.2 million for the year ended December 31, 2023, an increase of $2.5 million when compared to the same period in 2022. The higher FDIC insurance expense is attributed to the overall balance sheet growth and increased use of brokered deposits.

Salaries and employee benefits expense totaled $6.1 million for the quarter ended December 31, 2023, an increase of $0.1 million when compared to the same period in 2022. Salaries and employee benefits expense totaled $24.6 million for the year ended December 31, 2023, an increase of $2.4 million when compared to the same period in 2022. The increase in salaries and employee benefits expense was mainly driven by lower loan originations, which reduces the Bank's ability to defer expenses.

BANKWELL FINANCIAL GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)

(Dollars in thousands, except share data)

 

 

As of

Computation of Tangible Common Equity to Tangible Assets

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

Total Equity

$

265,752

 

 

$

257,862

 

 

$

248,813

 

 

$

242,307

 

 

$

238,469

 

Less:

 

 

 

 

 

 

 

 

 

Goodwill

 

2,589

 

 

 

2,589

 

 

 

2,589

 

 

 

2,589

 

 

 

2,589

 

Other intangibles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity

$

263,163

 

 

$

255,273

 

 

$

246,224

 

 

$

239,718

 

 

$

235,880

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

3,215,482

 

 

$

3,249,776

 

 

$

3,252,707

 

 

$

3,252,318

 

 

$

3,252,449

 

Less:

 

 

 

 

 

 

 

 

 

Goodwill

 

2,589

 

 

 

2,589

 

 

 

2,589

 

 

 

2,589

 

 

 

2,589

 

Other intangibles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Assets

$

3,212,893

 

 

$

3,247,187

 

 

$

3,250,118

 

 

$

3,249,729

 

 

$

3,249,860

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity to Tangible Assets

 

8.19

%

 

 

7.86

%

 

 

7.58

%

 

 

7.38

%

 

 

7.26

%

 

As of

Computation of Fully Diluted Tangible Book Value per Common Share

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

Total shareholders' equity

$

265,752

 

$

257,862

 

$

248,813

 

$

242,307

 

$

238,469

Less:

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

Common shareholders' equity

$

265,752

 

$

257,862

 

$

248,813

 

$

242,307

 

$

238,469

Less:

 

 

 

 

 

 

 

 

 

Goodwill

 

2,589

 

 

2,589

 

 

2,589

 

 

2,589

 

 

2,589

Other intangibles

 

 

 

 

 

 

 

 

 

Tangible common shareholders' equity

$

263,163

 

$

255,273

 

$

246,224

 

$

239,718

 

$

235,880

 

 

 

 

 

 

 

 

 

 

Common shares issued and outstanding

 

7,882,616

 

 

7,841,616

 

 

7,829,950

 

 

7,843,438

 

 

7,730,699

 

 

 

 

 

 

 

 

 

 

Fully Diluted Tangible Book Value per Common Share

$

33.39

 

$

32.55

 

$

31.45

 

$

30.56

 

$

30.51

BANKWELL FINANCIAL GROUP, INC.

EARNINGS PER SHARE ("EPS") (unaudited)

(Dollars in thousands, except share data)

 

 

For the Quarter Ended

December 31,

 

For the Year Ended

December 31,

 

2023

 

2022

 

2023

 

2022

 

(In thousands, except per share data)

Net income

$

8,524

 

 

$

8,021

 

 

$

36,663

 

 

$

37,429

 

Dividends to participating securities(1)

 

(40

)

 

 

(32

)

 

 

(164

)

 

 

(133

)

Undistributed earnings allocated to participating securities(1)

 

(181

)

 

 

(154

)

 

 

(794

)

 

 

(680

)

Net income for earnings per share calculation

$

8,303

 

 

$

7,835

 

 

$

35,705

 

 

$

36,616

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

7,604

 

 

 

7,508

 

 

 

7,588

 

 

 

7,563

 

Effect of dilutive equity-based awards(2)

 

46

 

 

 

56

 

 

 

60

 

 

 

77

 

Weighted average shares outstanding, diluted

 

7,650

 

 

 

7,564

 

 

 

7,648

 

 

 

7,640

 

Net earnings per common share:

 

 

 

 

 

 

 

Basic earnings per common share

$

1.09

 

 

$

1.04

 

 

$

4.71

 

 

$

4.84

 

Diluted earnings per common share

$

1.09

 

 

$

1.04

 

 

$

4.67

 

 

$

4.79

 

(1)

Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends.

(2)

Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method.

BANKWELL FINANCIAL GROUP, INC.

NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited)

(Dollars in thousands)

 

 

For the Quarter Ended

 

December 31, 2023

 

December 31, 2022

 

Average

Balance

 

Interest

 

Yield/

Rate (4)

 

Average

Balance

 

Interest

 

Yield/

Rate (4)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and Fed funds sold

$

314,950

 

$

4,164

 

5.25

%

 

$

231,767

 

$

2,150

 

3.68

%

Securities(1)

 

133,440

 

 

989

 

2.97

 

 

 

123,274

 

 

887

 

2.88

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

1,933,736

 

 

28,546

 

5.78

 

 

 

1,828,306

 

 

24,998

 

5.35

 

Residential real estate

 

52,026

 

 

718

 

5.52

 

 

 

61,057

 

 

599

 

3.92

 

Construction

 

199,541

 

 

3,793

 

7.44

 

 

 

138,552

 

 

2,185

 

6.17

 

Commercial business

 

496,476

 

 

9,944

 

7.84

 

 

 

499,030

 

 

8,549

 

6.70

 

Consumer

 

43,639

 

 

1,120

 

10.18

 

 

 

16,875

 

 

214

 

5.05

 

Total loans

 

2,725,418

 

 

44,121

 

6.33

 

 

 

2,543,820

 

 

36,545

 

5.62

 

Federal Home Loan Bank stock

 

5,696

 

 

119

 

8.38

 

 

 

5,371

 

 

64

 

4.72

 

Total earning assets

 

3,179,504

 

$

49,393

 

6.08

%

 

 

2,904,232

 

$

39,646

 

5.34

%

Other assets

 

94,459

 

 

 

 

 

 

76,703

 

 

 

 

Total assets

$

3,273,963

 

 

 

 

 

$

2,980,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

NOW

$

95,603

 

$

42

 

0.17

%

 

$

107,118

 

$

45

 

0.17

%

Money market

 

893,043

 

 

9,369

 

4.16

 

 

 

837,486

 

 

4,158

 

1.97

 

Savings

 

99,242

 

 

759

 

3.04

 

 

 

170,903

 

 

581

 

1.35

 

Time

 

1,341,871

 

 

15,136

 

4.48

 

 

 

1,002,012

 

 

6,299

 

2.49

 

Total interest bearing deposits

 

2,429,759

 

 

25,306

 

4.13

 

 

 

2,117,519

 

 

11,083

 

2.08

 

Borrowed Money

 

159,165

 

 

1,842

 

4.53

 

 

 

170,202

 

 

1,701

 

3.91

 

Total interest bearing liabilities

 

2,588,924

 

$

27,148

 

4.16

%

 

 

2,287,721

 

$

12,784

 

2.22

%

Noninterest bearing deposits

 

351,071

 

 

 

 

 

 

407,923

 

 

 

 

Other liabilities

 

70,181

 

 

 

 

 

 

47,369

 

 

 

 

Total liabilities

 

3,010,176

 

 

 

 

 

 

2,743,013

 

 

 

 

Shareholders' equity

 

263,787

 

 

 

 

 

 

237,922

 

 

 

 

Total liabilities and shareholders' equity

$

3,273,963

 

 

 

 

 

$

2,980,935

 

 

 

 

Net interest income(2)

 

 

$

22,245

 

 

 

 

 

$

26,862

 

 

Interest rate spread

 

 

 

 

1.92

%

 

 

 

 

 

3.12

%

Net interest margin(3)

 

 

 

 

2.81

%

 

 

 

 

 

3.70

%

(1)

Average balances and yields for securities are based on amortized cost.

(2)

The adjustment for securities and loans taxable equivalency amounted to $52 thousand and $52 thousand for the quarters ended December 31, 2023 and 2022, respectively.

(3)

Annualized net interest income as a percentage of earning assets.

(4)

Yields are calculated using the contractual day count convention for each respective product type.

BANKWELL FINANCIAL GROUP, INC.

NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - YTD (unaudited)

(Dollars in thousands)

 

 

For the Year Ended

 

December 31, 2023

 

December 31, 2022

 

Average

Balance

 

Interest

 

Yield/

Rate (4)

 

Average

Balance

 

Interest

 

Yield/

Rate (4)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and Fed funds sold

$

289,582

 

$

14,147

 

4.89

%

 

$

238,233

 

$

3,500

 

1.47

%

Securities(1)

 

129,785

 

 

3,699

 

2.85

 

 

 

118,591

 

 

3,280

 

2.77

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

1,932,627

 

 

109,110

 

5.57

 

 

 

1,532,971

 

 

76,103

 

4.90

 

Residential real estate

 

55,607

 

 

2,751

 

4.95

 

 

 

66,028

 

 

2,408

 

3.65

 

Construction

 

195,773

 

 

14,268

 

7.19

 

 

 

115,902

 

 

6,666

 

5.67

 

Commercial business

 

533,736

 

 

41,406

 

7.65

 

 

 

427,178

 

 

25,561

 

5.90

 

Consumer

 

34,022

 

 

2,645

 

7.77

 

 

 

10,121

 

 

504

 

4.98

 

Total loans

 

2,751,765

 

 

170,180

 

6.10

 

 

 

2,152,200

 

 

111,242

 

5.10

 

Federal Home Loan Bank stock

 

5,570

 

 

428

 

7.68

 

 

 

4,132

 

 

124

 

3.00

 

Total earning assets

 

3,176,702

 

$

188,454

 

5.85

%

 

 

2,513,156

 

$

118,146

 

4.64

%

Other assets

 

79,571

 

 

 

 

 

 

86,485

 

 

 

 

Total assets

$

3,256,273

 

 

 

 

 

$

2,599,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

NOW

$

97,203

 

$

170

 

0.17

%

 

$

118,837

 

$

203

 

0.17

%

Money market

 

906,354

 

 

32,901

 

3.63

 

 

 

891,095

 

 

8,830

 

0.99

 

Savings

 

113,260

 

 

3,163

 

2.79

 

 

 

188,186

 

 

1,259

 

0.67

 

Time

 

1,303,915

 

 

50,672

 

3.89

 

 

 

617,480

 

 

9,072

 

1.47

 

Total interest bearing deposits

 

2,420,732

 

 

86,906

 

3.59

 

 

 

1,815,598

 

 

19,364

 

1.07

 

Borrowed Money

 

160,661

 

 

7,080

 

4.35

 

 

 

118,960

 

 

3,838

 

3.18

 

Total interest bearing liabilities

 

2,581,393

 

$

93,986

 

3.64

%

 

 

1,934,558

 

$

23,202

 

1.20

%

Noninterest bearing deposits

 

368,926

 

 

 

 

 

 

401,005

 

 

 

 

Other liabilities

 

53,893

 

 

 

 

 

 

40,204

 

 

 

 

Total liabilities

 

3,004,212

 

 

 

 

 

 

2,375,767

 

 

 

 

Shareholders' equity

 

252,061

 

 

 

 

 

 

223,874

 

 

 

 

Total liabilities and shareholders' equity

$

3,256,273

 

 

 

 

 

$

2,599,641

 

 

 

 

Net interest income(2)

 

 

$

94,468

 

 

 

 

 

$

94,944

 

 

Interest rate spread

 

 

 

 

2.21

%

 

 

 

 

 

3.44

%

Net interest margin(3)

 

 

 

 

2.98

%

 

 

 

 

 

3.78

%

(1)

Average balances and yields for securities are based on amortized cost.

(2)

The adjustment for securities and loans taxable equivalency amounted to $206 thousand and $200 thousand for the year ended December 31, 2023 and 2022, respectively.

(3)

Yields are calculated using the contractual day count convention for each respective product type.

 

Contacts

Christopher R. Gruseke, President and Chief Executive Officer

or

Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer

(203) 652-0166

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