Bankwell Financial Group Full Year 2023 Earnings: Beats Expectations
Bankwell Financial Group (NASDAQ:BWFG) Full Year 2023 Results
Key Financial Results
Revenue: US$98.4m (up 6.6% from FY 2022).
Net income: US$35.7m (down 2.5% from FY 2022).
Profit margin: 36% (down from 40% in FY 2022). The decrease in margin was driven by higher expenses.
EPS: US$4.71 (down from US$4.84 in FY 2022).
BWFG Banking Performance Indicators
Net interest margin (NIM): 2.98% (down from 3.78% in FY 2022).
Cost-to-income ratio: 50.8% (up from 45.4% in FY 2022).
Non-performing loans: 1.81% (up from 0.61% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Bankwell Financial Group Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%.
In the last 12 months, the only revenue segment was Banking contributing US$98.4m. The largest operating expense was General & Administrative costs, amounting to US$41.5m (66% of total expenses). Explore how BWFG's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's share price is broadly unchanged from a week ago.
Risk Analysis
You should learn about the 2 warning signs we've spotted with Bankwell Financial Group (including 1 which is concerning).
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