Bankwell Financial Group reports record year-end operating results
Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $2.1 million or $0.27 per share for the fourth quarter of 2017, versus $3.3 million or $0.43 per share for the same period in 2016 and GAAP net income of $13.8 million or $1.78 per share for the year ended 2017, versus $12.4 million or $1.62 per share for the year ended 2016.
The company's board of directors declared a $0.12 per share cash dividend, payable March 8, to shareholders of record as of Feb. 26, 2018, representing a 71% increase when compared to the last quarter’s dividend.
The reported GAAP net income for the quarter and the full year was impacted by several one-time, non-recurring items, the most significant of which was the tax reform of 2017. As a result of the tax law changes, the company recognized a write-down of its deferred tax asset in the amount of $3.3 million or $0.42 per share.
“The 2017 tax reform represents a unique opportunity for the bank and its shareholders. It will allow us to reward our shareholders, invest in the company’s growth initiatives and infrastructure, while giving back to the communities we serve,” Bankwell Financial Group President and CEO, Christopher R. Gruseke, said in a statement.