Bankwell Financial Group reported third-quarter 2026 net income of $12.7 million, or $1.58 per diluted share, and said the quarter included costs for a core systems conversion. The Connecticut-based bank holding company also declared a $0.20-per-share quarterly dividend.
Management described earnings as a record. It also reported stronger adjusted results excluding conversion-related expenses, an expanding net interest margin and a decline in nonperforming assets.
Third-quarter results
- GAAP net income was $12.7 million, compared with $12.4 million in the second quarter. Diluted earnings per share rose to $1.58 from $1.52.
- The company recorded about $3.0 million in pretax core-conversion expenses. Excluding that adjustment, operating net income was $15.0 million, or $1.86 per diluted share.
- On the same adjusted basis, the efficiency ratio was 47.5%, compared with 56.1% as reported. Return on average assets was 1.71%, versus 1.45% as reported.
- Net interest margin expanded to 3.71%, and nonperforming assets fell to 0.20% of total assets, according to the company.
- Bankwell said its SBA business continued to contribute meaningfully to non-interest income.
Dividend and investor materials
- The board declared a cash dividend of $0.20 per share, payable November 20 to shareholders of record on November 9.
- Bankwell also released a presentation reviewing its financial results and trends through September 30.
The operating figures are management-adjusted measures that exclude certain expenses; they are presented alongside, not in place of, GAAP results.