Bankwell Financial Group reports record third-quarter earnings

Bankwell Financial Group, a Connecticut-based small-cap bank, reported record earnings per share of $1.58 on total revenue of approximately $35.3 million. This represents a year-over-year growth of over 25% for earnings per share and 24% for revenue.

CEO Chris Gruseke noted that the third quarter showed progress through margin expansion and the resolution of a major legacy credit problem. The company also announced a core conversion to strengthen its technological infrastructure.

Key financial metrics included a return on average assets (ROAA) of 1.45% and a return on average tangible common equity (ROATCE) of nearly 15.3%. Additionally, non-performing loans decreased from 0.54% to 0.24% of total loans during the period.