Bankwell Financial : First Quarter Investor Presentation 2023
April 26, 2023 at 05:15 pm EDT
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BWFG | LISTED | NASDAQ
1Q23 Investor Presentation
April 26th, 2023
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Safe Harbor
This presentation may contain certain forward-looking statements about Bankwell Financial Group, Inc. (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," "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 banking industry or
securities markets, and legislative and regulatory changes that could adversely affect the
business in which the Company and its subsidiaries are engaged.
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Table of Contents
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1Q23 Performance
Deposits & Liquidity
Loans
Credit Quality & ALLL
Capital
Bankwell History & Overview
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1Q23 Performance
BWFG | LISTED | NASDAQ
LISTED NASDAQ
1Q23 Summary
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Net Income of $10.38 million, or $1.33 earnings per share (EPS)
Return on Average Assets (ROAA) and Return on Average Equity (ROAE) were 1.30% and 17.48%, respectively
Pre-tax,Pre-provision Net Revenue ("PPNR")1 of $14.38 million, or 1.80% PPNR ROAA
1.59% Non-interest Expense as a percent of Average Assets
Year-to-datenet interest margin ("NIM") of 3.24%; March NIM of 3.16%
Net loan growth of $84 million, with new fundings at a weighted average yield of 7.53%
$1.5 billion immediately available liquidity providing ~2X coverage of uninsured deposits
27% uninsured deposits; insured deposits include 70% FDIC-insured & 3% insured by FHLB SBLOCs
HTM securities represent 0.5% of total assets; unrealized net loss $48 thousand2
AFS securities valuations hedged with interest rate swaps; net AOCI impact of $(1.1) million
No NYC office exposure
The Bank remains well capitalized with an 11.16% Total Capital ratio and 7.38% Tangible Common Equity
$30.56 Tangible Book Value; 16% CAGR since year-end 2020 (including one-time CECL impact)
CECL implemented 1/1/2023; reserve increases of $5.1 million ACL-Loans & $1.3 million ACL-Unfunded commitments
$37 million deposit growth3 since March 31, 2023
1 Pre-tax,pre-provision net revenue per share is a non-GAAP metric & excludes provision for loan losses and income tax expense
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2 HTM securities not recorded in Book Value
3 As of April 21, 2023
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Bankwell Financial Group Inc. published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2023 21:12:29 UTC.
Bankwell Financial Group, Inc. is a bank holding company. The Company offers a range of financial services through its banking subsidiary, Bankwell Bank (the Bank). The Bank is a Connecticut state chartered commercial bank. The Bank's commercial lending products include owner-occupied commercial real estate loans, commercial real estate investment loans, commercial loans (such as business term loans, equipment financing and lines of credit) to small and medium-sized businesses and real estate construction and development loans. Its depository products include checking, savings, money market and certificates of deposit at a variety of rates. The Bank operates nine branches in New Canaan, Stamford, Fairfield, Westport, Darien, Norwalk, and Hamden, Connecticut. The Bank provides a range of services to clients in its market, an area encompassing approximately a 100-mile radius around its branch network.
BANKWELL FINANCIAL GROUP, INC. 
