Bankwell reports record third quarter net

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported net income of $4.3 million or $0.55 per share for the third quarter of 2017, versus $3.1 million or $0.41 per share for the same period in 2016. It was a company record.

The board of directors declared a $0.07 per share cash dividend, payable Nov. 27 to shareholders of record on Nov. 17, 2017.

“I am pleased to announce that Bankwell has reached many milestones this quarter,” said Bankwell Financial Group President and CEO, Christopher R. Gruseke.

Total assets and loans also reached new highs, surpassing $1.8 billion and $1.5 billion, respectively.

“I’m also happy to announce that as Bankwell continues to execute on our strategic growth plan, we have received regulatory approval for two new branch locations with an additional branch application underway,” he said.

Third-quarter total revenue (net interest income plus non-interest income) reached $14.7 million versus $13.3 million in the same period last year, an 11% increase.

Bankwell has a branch in Wilton and is based in New Canaan.