Bankwell Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 28, 2016 at 03:41 am IST
Share
Bankwell Financial Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest income of $13,908,000 compared to $11,016,000 a year ago. Net interest income was $11,236,000 compared to $9,771,000 a year ago. Income before income tax expense was $4,041,000 compared to $956,000 a year ago. Net income was $2,618,000 compared to $727,000 a year ago. Net income attributable to common shareholders was $2,575,000 or $0.35 per diluted share compared to $700,000 or $0.10 per diluted share a year ago. Return on average assets was 0.78% compared to 0.28% a year ago. Return on average stockholders' equity was 7.68% compared to 2.26% a year ago.
For the year, the company reported total interest income of $50,754,000 compared to $35,589,000 a year ago. Net interest income was $42,788,000 compared to $31,660,000 a year ago. Income before income tax expense was $13,871,000 compared to $6,737,000 a year ago. Net income was $9,030,000 compared to $4,568,000 a year ago. Net income attributable to common shareholders was $8,905,000 or $1.21 per diluted share compared to $4,458,000 or $0.78 per diluted share a year ago. Return on average assets was 0.75% compared to 0.52% a year ago. Return on average stockholders' equity was 6.76% compared to 4.66% a year ago. Tangible book value per common share as on December 31, 2015 was $17.43 compared to $16.35 a year ago.
Bankwell Financial Group, Inc. is a bank holding company. The Company offers a range of financial services through its banking subsidiary, Bankwell Bank (the Bank). The Bank is a Connecticut state chartered commercial bank. The Bank's commercial lending products include owner-occupied commercial real estate loans, commercial real estate investment loans, commercial loans (such as business term loans, equipment financing and lines of credit) to small and medium-sized businesses and real estate construction and development loans. Its depository products include checking, savings, money market and certificates of deposit at a variety of rates. The Bank operates nine branches in New Canaan, Stamford, Fairfield, Westport, Darien, Norwalk, and Hamden, Connecticut. The Bank provides a range of services to clients in its market, an area encompassing approximately a 100-mile radius around its branch network.