NEW CANAAN, Conn.--(BUSINESS WIRE)--
The fourth quarter of 2013 saw a continuation of strong, steady balance
sheet growth for Bankwell Financial Group (“the Company”), the bank
holding company for Bankwell Bank. For the year ended December 31, 2013,
the Company reported earnings of $5.2 million, a 325% improvement
year-over-year, continuing the Company’s streak of record profits.
At year end, assets totaled $780 million, a 28% increase over December
31, 2012; total loans were $632 million, a 19% increase year-over-year;
and deposits grew to $662 million, a 43% increase year-over-year.
CEO Peyton R. Patterson notes, “The year 2013 was a transformational
year for Bankwell. We unleashed the earnings potential of this growing
company, while investing in our capabilities to better serve our
clients’ needs. With the launch of our new Investment Services, Cash
Management and Mobile Banking services, we are better positioned to be
the bank of choice in Fairfield County.”
She added, “The acquisition of The Wilton Bank further underscores our
parallel strategy to grow both organically and through acquisitions. A
natural complement to our footprint, The Wilton Bank brought immediate
accretion to our earnings streams.”
Revenues increased 39% from $21.5 million to $30.0 million,
year-over-year. Non-interest income, a key engine of growth, increased
$4.4 million year-over-year, resulting from gains on sales of loans,
depositor service charge income and The Wilton Bank acquisition. The
Company’s net interest margin remained an industry standout at 3.94%.
Bankwell increased deposit market share in each of the markets it serves
-- and moved from a position of 17th to 13th
overall in Fairfield County, as reported in the FDIC’s annual report of
deposit market share. Patterson attributes this growth to “an
overwhelming response to the bank’s commitment to provide a
private-banking style experience and technology know-how.”
Bankwell is a commercial bank that serves the banking and lending needs
of residents and businesses throughout Fairfield County, CT. For more
information about this press release, interested parties can contact
Peyton R. Patterson, CEO or Ernest J. Verrico, CFO of Bankwell Financial
Group at (203) 972-3838. Additional information can be found at www.mybankwell.com.
This press release may contain certain forward-looking statements
about the Company. Forward-looking statements include statements
regarding anticipated future events and can be identified by the fact
that they do not relate strictly to historical or current facts. They
often include words such as “believe,” “expect,” “anticipate,”
“estimate,” and “intend” or future or conditional verbs such as “will,”
“would,” “should,” “could,” or “may.” Forward-looking statements, by
their nature, are subject to risks and uncertainties. Certain factors
that could cause actual results to differ materially from expected
results include increased competitive pressures, changes in the interest
rate environment, general economic conditions or conditions within the
securities markets, and legislative and regulatory changes that could
adversely affect the business in which the Company and its subsidiaries
are engaged.
Bankwell Financial Group
Peyton R. Patterson, CEO
Ernest J.
Verrico, CFO
203-972-3838
www.mybankwell.com
Source: Bankwell Financial Group