New Canaan-based Bankwell Financial Group Inc. reported a net income of $3.8 million, or 49 cents per share, for the second quarter, and the company’s board of directors declared a cash dividend of 7 cents per share payable to shareholders of record on Aug. 15.
In comparison, the company saw $2.9 million in net income, or 38 cents per share, in the second quarter of 2016.
Bankwell reported $14.6 million in second quarter total revenue, a 15 percent increase from the $12.7 million in revenue in the same period last year. The second quarter return on average assets was 0.88 percent, up from 0.82 percent for the second quarter of 2016.
The company”™s total gross loans approached $1.5 billion and grew at an annualized rate of 16 percent during the second quarter and 18 percent for the first six months of the year. The allowance for loan losses was $19.5 million and represented 1.31 percent of Bankwell”™s total loans.
Total assets approached $1.8 billion and grew at an annualized rate of 20 percent during the second quarter and 16 percent in the first half of 2017.
Total deposits exceeded $1.4 billion and grew at an annualized rate of 26 percent in the second quarter and 19 percent for the first half of the year.
“Bankwell has sustained steady momentum in all aspects of our business as we achieved a fourth consecutive quarter of record earnings,” said Bankwell Financial Group President and CEO Christopher Gruseke. “Loan demand remains robust, with gross loan fundings of $83 million for the second quarter. Meanwhile, our credit quality continues to be exceptional as nonperforming assets stood at just 0.31 percent of total assets.”
