Company Quick10K Filing
Bankwell Financial
Price27.98 EPS2
Shares8 P/E12
MCap219 P/FCF-71
Net Debt-83 EBIT51
TEV136 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-28
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10-K 2018-12-31 Filed 2019-03-04
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10-K 2015-12-31 Filed 2016-03-15
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10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-14
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10-Q 2014-03-31 Filed 2014-06-04
8-K 2020-08-12
8-K 2020-07-28
8-K 2020-04-29
8-K 2020-02-07
8-K 2020-01-27
8-K 2020-01-15
8-K 2019-10-31
8-K 2019-10-30
8-K 2019-07-30
8-K 2019-05-29
8-K 2019-05-29
8-K 2019-04-24
8-K 2019-01-30
8-K 2018-12-19
8-K 2018-11-09
8-K 2018-10-30
8-K 2018-07-26
8-K 2018-07-14
8-K 2018-05-30
8-K 2018-05-11
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-04-04
8-K 2018-01-31

BWFG 10Q Quarterly Report

Part 1 - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 bwfg06302020ex311.htm
EX-31.2 bwfg06302020ex312.htm
EX-32 bwfg06302020ex32.htm

Bankwell Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020

or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________to________

Commission File Number: 001-36448
Bankwell Financial Group, Inc.
(Exact Name of Registrant as specified in its Charter)
Connecticut20-8251355
(State or other jurisdiction of(I.R.S. Employer
Incorporation or organization)Identification No.)
220 Elm Street
New Canaan, Connecticut 06840
(203) 652-0166
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which
Registered
Common Stock, no par value per
share

BWFG
NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨
Accelerated filer þ
Non-accelerated filer ¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No

As of July 31, 2020, there were 7,887,503 shares of the registrant’s common stock outstanding.
2


Bankwell Financial Group, Inc.
Form 10-Q

Table of Contents
Certifications
3


PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements
Bankwell Financial Group, Inc.
Consolidated Balance Sheets - (unaudited)
(In thousands, except share data)
June 30, 2020December 31, 2019
ASSETS
Cash and due from banks$201,380  $78,051  
Federal funds sold5,886    
Cash and cash equivalents207,266  78,051  
Investment securities
Marketable equity securities, at fair value2,195  2,118  
Available for sale investment securities, at fair value82,220  82,439  
Held to maturity investment securities, at amortized cost (fair values of $19,750 and $18,307 at June 30, 2020 and December 31, 2019, respectively)
16,196  16,308  
Total investment securities100,611  100,865  
Loans receivable (net of allowance for loan losses of $19,662 at June 30, 2020 and $13,509 at December 31, 2019)
1,590,995  1,588,840  
Other real estate owned180    
Accrued interest receivable6,774  5,959  
Federal Home Loan Bank stock, at cost7,835  7,475  
Premises and equipment, net27,177  28,522  
Bank-owned life insurance42,167  41,683  
Goodwill2,589  2,589  
Other intangible assets178  214  
Deferred income taxes, net11,352  5,788  
Other assets46,511  22,196  
Total assets$2,043,635  $1,882,182  
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Noninterest bearing deposits$214,789  $191,518  
Interest bearing deposits1,405,175  1,300,385  
Total deposits1,619,964  1,491,903  
Advances from the Federal Home Loan Bank175,000  150,000  
Subordinated debentures ($25,500 face, less unamortized debt issuance costs of $267 and $293 at June 30, 2020 and December 31, 2019, respectively)
25,233  25,207  
Accrued expenses and other liabilities53,078  32,675  
Total liabilities1,873,275  1,699,785  
Commitments and contingencies
Shareholders' equity
Common stock, no par value; 10,000,000 shares authorized, 7,887,503 and 7,868,803 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
120,381  120,589  
Retained earnings69,712  69,324  
Accumulated other comprehensive loss(19,733) (7,516) 
Total shareholders' equity170,360  182,397  
Total liabilities and shareholders' equity$2,043,635  $1,882,182  

See accompanying notes to consolidated financial statements (unaudited)
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Bankwell Financial Group, Inc.
Consolidated Statements of Income – (unaudited)
(In thousands, except share data)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Interest and dividend income
Interest and fees on loans$18,459  $19,540  $37,444  $39,636  
Interest and dividends on securities778  992  1,603  1,989  
Interest on cash and cash equivalents86  514  372  897  
Total interest and dividend income19,323  21,046  39,419  42,522  
Interest expense
Interest expense on deposits4,810  6,319  10,519  12,419  
Interest expense on borrowings876  1,132  1,977  2,235  
Total interest expense5,686  7,451  12,496  14,654  
Net interest income13,637  13,595  26,923  27,868  
Provision (credit) for loan losses2,999  (841) 6,184  (646) 
Net interest income after provision (credit) for loan losses10,638  14,436  20,739  28,514  
Noninterest income
Bank owned life insurance241  254  484  503  
Service charges and fees171  263  388  512  
Gains and fees from sales of loans  617    706  
Net gain on sale of available for sale securities  76    76  
Other165  126  777  847  
Total noninterest income577  1,336  1,649  2,644  
Noninterest expense
Salaries and employee benefits5,227  4,555  10,607  9,391  
Occupancy and equipment2,235  1,833  4,144  3,720  
Data processing493  551  1,029  1,063  
Professional services434  519  1,145  1,109  
Director fees287  215  582  404  
FDIC insurance283  76  353  199  
Marketing199  348  361  541  
Amortization of intangibles18  19  36  38  
Other546  639  1,124  1,265  
Total noninterest expense9,722  8,755  19,381  17,730  
Income before income tax expense1,493  7,017  3,007  13,428  
Income tax expense279  1,441  430  2,772  
Net income$1,214  $5,576  $2,577  $10,656  
Earnings Per Common Share:
Basic$0.16  $0.71  $0.33  $1.36  
Diluted$0.16  $0.71  $0.33  $1.35  
Weighted Average Common Shares Outstanding:
Basic7,715,094  7,773,466  7,732,615  7,766,999  
Diluted7,715,295  7,790,760  7,748,104  7,791,975  
Dividends per common share$0.14  $0.13  $0.28  $0.26  

See accompanying notes to consolidated financial statements (unaudited)
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Bankwell Financial Group, Inc.
Consolidated Statements of Comprehensive Income (Loss) – (unaudited)
(In thousands)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income$1,214  $5,576  $2,577  $10,656  
Other comprehensive loss:
Unrealized gains on securities:
Unrealized holding gains on available for sale securities534  1,279  2,758  2,670  
Reclassification adjustment for gain realized in net income  (76)   (76) 
Net change in unrealized gains534  1,203  2,758  2,594  
Income tax expense (116) (252) (610) (545) 
Unrealized gains on securities, net of tax418  951  2,148  2,049  
Unrealized losses on interest rate swaps:
Unrealized losses on interest rate swaps(1,044) (5,974) (18,470) (10,046) 
Income tax benefit227  1,254  4,105  2,109  
Unrealized losses on interest rate swaps, net of tax(817) (4,720) (14,365) (7,937) 
Total other comprehensive loss, net of tax(399) (3,769) (12,217) (5,888) 
Comprehensive income (loss)$815  $1,807  $(9,640) $4,768  

See accompanying notes to consolidated financial statements (unaudited)
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Bankwell Financial Group, Inc.
Consolidated Statements of Shareholders' Equity – (unaudited)
(In thousands, except share data)
Number of Outstanding SharesCommon StockRetained EarningsAccumulated Other Comprehensive LossTotal
Balance at March 31, 20207,871,419  $119,953  $69,595  $(19,334) $170,214  
Net income—  —  1,214  —  1,214  
Other comprehensive loss, net of tax—  —  —  (399) (399) 
Cash dividends declared ($0.14 per share)
—  —  (1,097) —  (1,097) 
Stock-based compensation expense—  428  —  —  428  
Forfeitures of restricted stock(75) —  —  —  —  
Issuance of restricted stock16,159  —  —  —  —  
Balance at June 30, 20207,887,503  $120,381  $69,712  $(19,733) $170,360  
Number of Outstanding SharesCommon StockRetained EarningsAccumulated Other Comprehensive LossTotal
Balance at March 31, 20197,873,471  $120,750  $59,247  $(3,156) $176,841  
Net income—  —  5,576  —  5,576  
Other comprehensive loss, net of tax—  —  —  (3,769) (3,769) 
Cash dividends declared ($0.13 per share)
—  —  (1,022) —  (1,022) 
Stock-based compensation expense—  279  —  —  279  
Forfeitures of restricted stock(50) —  —  —  —  
Stock options exercised1,850  23  —  —  23  
Repurchase of common stock(34,168) (988) —  —  (988) 
Balance at June 30, 20197,841,103  $120,064  $63,801  $(6,925) $176,940  

See accompanying notes to consolidated financial statements (unaudited)
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Bankwell Financial Group, Inc.
Consolidated Statements of Shareholders' Equity – (continued)
(In thousands, except share data)


Number of Outstanding SharesCommon StockRetained EarningsAccumulated Other Comprehensive LossTotal
Balance at December 31, 20197,868,803  $120,589  $69,324  $(7,516) $182,397  
Net income—  —  2,577  —  2,577  
Other comprehensive loss, net of tax—  —  —  (12,217) (12,217) 
Cash dividends declared ($0.28 per share)
—  —  (2,189) —  (2,189) 
Stock-based compensation expense—  813  —  —  813  
Forfeitures of restricted stock(1,500) —  —  —  —  
Issuance of restricted stock77,199  —  —  —  —  
Stock options exercised1,500  16  —  —  16  
Repurchase of common stock(58,499) (1,037) —  —  (