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Bankwell Financial Group, Inc.(BWFG) has released its unaudited consolid ated financial statements for the first quarter of 2023, showing a net income of $10.4 million and revenue of $44.3 million. The financial statements reveal the company's assets, liabilities, shareholders' equity, and cash flows during the reporting period.**
Financial Statements
Assets
Bankwell Financial Group's total assets as of March 31, 2023, were $3.25 billion, remaining relatively unchanged from the previous year-end. Cash and cash equivalents decreased from $355.7 million to $277.2 million during the first quarter of 2023.
The company held investment securities worth $121.1 million, comprised of marketable equity securities, available-for-sale investment securities, and held-to-maturity investment securities.
Loans receivable, net of an allowance for credit losses, increased from $2.65 billion at December 31, 2022, to $2.72 billion at March 31, 2023.
Other assets, including Federal Home Loan Bank stock, premises and equipment, and deferred income taxes, amounted to $84.2 million at the end of the reporting period.
Liabilities and Shareholders' Equity
Total liabilities stood at $3.01 billion, primarily driven by deposits of $2.80 billion, including both noninterest-bearing and interest-bearing deposits.
The company had subordinated debentures of $69.0 million and advances from the Federal Home Loan Bank worth $90.0 million.
Bankwell Financial Group's shareholders' equity reached $242.3 million, with common stock valued at $115.9 million and retained earnings at $127.6 million. Accumulated other comprehensive loss amounted to $1.1 million.
During the first quarter of 2023, Bankwell Financial Group reported total interest and dividend income of $44.3 million, with interest and fees on loans accounting for $39.7 million.
Interest expenses amounted to $18.8 million, primarily resulting from interest on deposits and borrowings.
After accounting for provision for credit losses of $0.8 million, the company recorded a net interest income of $25.5 million.
Noninterest income reached $1.5 million, mainly from bank-owned life insurance, service charges and fees, and gains from sales of loans.
Noninterest expenses amounted to $12.7 million, including salaries, occupancy costs, professional services, and FDIC insurance.
As a result, Bankwell Financial Group reported a net income of $10.4 million for the first quarter of 2023.
The comprehensive income for the first quarter of 2023 was $9.4 million, which includes the net income of $10.4 million and other comprehensive losses of $0.9 million, primarily from unrealized gains and losses on securities and interest rate swaps.
Overall, Bankwell Financial Group had a stable financial performance during the first quarter of 2023, with net income of $10.4 million and revenue of $44.3 million, maintaining its position in the financial market.