Bankwell reports on quarter

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $4.7 million or $0.60 per share for the second quarter of 2018, versus $3.8 million or $0.49 per share for the same period in 2017.

The company's board of directors declared a $0.12 per share cash dividend, payable August 27, 2018 to shareholders of record on August 17, 2018.

Christopher R. Gruseke, president and chief executive officer of the New Canaan-based bank, said during the second quarter Bankwell improved its operating metrics.

“We saw a return to more rational pricing, and loan origination exceeded $91 million, versus $55 million originated during Q1. Funded loans grew by $73 million in Q2, versus $28 million for Q1. Q2 performance represents annualized loan growth of approximately 10%,” he said in a statement.

On the expense side, Q2 results demonstrated that Q1 performance did not represent the start of an unfavorable trend, he said. The quarter’s efficiency ratio was 58.2%, versus 62.0% in Q1, bringing the year to date ratio down to 60.1%. “Our management team is committed to continue to drive the ratio down,” he said.

June also saw the successful opening of three new branches in Fairfield County. “We are excited about our growth prospects in these markets and are confident that these branches will have made a meaningful impact on deposit balances by this time next year,” he said.