Bankwell reports record third-quarter net income

Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.1 million or $0.41 per share for the third quarter of 2016, versus $2.3 million or $0.31 per share for the same period last year.

The company's Board of Directors declared a $0.07 per share cash dividend, payable Nov. 28, 2016 to shareholders of record on Nov. 18, 2016, representing a 40% increase when compared to the last quarter.

For the third quarter: Total revenue (net interest income plus non-interest income) reached $13.3 million. Diluted earnings per share were $0.41; an increase of 32% compared to the third quarter of 2015. Tax equivalent net interest margin was 3.57% for the third quarter of 2016. Total non-interest income was $0.8 million, which is 6% of total revenue.

The company’s loan portfolio also increased at an annualized rate of 15% during the third quarter.