Bankwell Financial Group, Inc. (BWFG) Financial Statements (2024 and earlier)

Company Profile

Business Address 208 ELM STREET
NEW CANAAN, CT 06840
State of Incorp. CT
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments466,559400,007512,230200,216293,49570,545
Cash and cash equivalents344,925291,598405,34099,351176,91170,545
Short-term investments121,634108,409106,890100,865116,584 
Asset, held-for-sale, not part of disposal group  2,2682,613   
Total current assets:466,559402,275514,843200,216293,49570,545
Noncurrent Assets
Operating lease, right-of-use asset 12,80014,4008,60010,100
Property, plant and equipment    28,52219,77118,196
Intangible assets, net (including goodwill)2,5892,5892,6652,8032,8792,971
Goodwill2,5892,5892,5892,5892,5892,589
Intangible assets, net (excluding goodwill)   76214290382
Regulated entity, other noncurrent assets  559    
Deferred costs 2,4793,6672,1212,7632,6184,097
Deferred income tax assets7,4227,62111,3005,788
Total noncurrent assets:25,29028,83624,68649,97625,26825,264
Other undisclosed assets2,760,6002,025,1531,714,2181,631,9901,554,9021,700,798
TOTAL ASSETS:3,252,4492,456,2642,253,7471,882,1821,873,6651,796,607
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt    150,000135,000174,000
Liability for uncertainty in income taxes 500265394269193 
Total current liabilities: 500265394150,269135,193174,000
Noncurrent Liabilities
Long-term debt and lease obligation68,95934,44125,25825,20725,15525,103
Long-term debt, excluding current maturities68,95934,44125,25825,20725,15525,103
Total noncurrent liabilities:68,95934,44125,25825,20725,15525,103
Other undisclosed liabilities2,944,5212,219,5712,051,4931,524,3091,539,1211,436,477
Total liabilities:3,013,9802,254,2772,077,1451,699,7851,699,4691,635,580
Equity
Equity, attributable to parent238,469201,987176,602182,397174,196161,027
Common stock115,018118,148121,338120,589120,527118,301
Accumulated other comprehensive income (loss)(189)(8,561)(15,575)(7,516)(1,037)1,694
Retained earnings123,64092,40070,83969,32454,70641,032
Total equity:238,469201,987176,602182,397174,196161,027
TOTAL LIABILITIES AND EQUITY:3,252,4492,456,2642,253,7471,882,1821,873,6651,796,607

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues112,47880,73473,70879,13075,69969,275
Net investment income111,24278,04273,66577,33974,71566,841
Cost of revenue(5,437) (7,605)(437)(3,440)(1,341)
Provision for loan, lease, and other losses(5,437) (7,605)(437)(3,440)
Financial services costs(1,341)
Gross profit:107,04180,73466,10378,69372,25967,934
Operating expenses(15,182)(15,755)(16,882)(12,564)(12,605)(27,698)
Other operating income (expense), net
(Noninterest Income, Other Operating Income)
(337)1,0701,0671,448547938
Operating income:91,52266,04950,28867,57760,20141,174
Nonoperating income1,0691,023986 1,0571,092
Bank owned life insurance income1,0691,023967 1,0571,170
Interest and debt expense(23,202)(13,490)(22,652)(29,187)(23,738)(16,837)
Other undisclosed loss from continuing operations before equity method investments, income taxes   (21,321)(15,448)(16,367)(300)
Income from continuing operations before equity method investments, income taxes:69,38953,5827,30122,94221,15325,129
Other undisclosed loss from continuing operations before income taxes(21,406)(19,721)    
Income from continuing operations before income taxes:47,98333,8617,30122,94221,15325,129
Income tax expense(10,554)(7,275)(1,397)(4,726)(3,720)(11,299)
Income from continuing operations:37,42926,5865,90418,21617,43313,830
Income before gain (loss) on sale of properties:26,5865,90418,21617,43313,830
Net income attributable to parent:37,42926,5865,90418,21617,43313,830
Undistributed earnings (loss) allocated to participating securities, basic(680)(412)    
Other undisclosed net loss available to common stockholders, basic(133)(97)    
Net income available to common stockholders, diluted:36,61626,0775,90418,21617,43313,830

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:37,42926,5865,90418,21617,43313,830
Other comprehensive income (loss)    (6,479)(2,731)503
Comprehensive income:37,42926,5865,90411,73714,70214,333
Other undisclosed comprehensive income (loss), net of tax, attributable to parent8,3727,014(8,059)   
Comprehensive income (loss), net of tax, attributable to parent:45,80133,600(2,155)11,73714,70214,333

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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