Bankwell Financial reports Q3 GAAP EPS 24c vs. 14c last year

Q3 results include an $8.2M previously disclosed charge-off taken against a $13.7M office loan participation as a 79c drag to EPS. Reports Q3 pre-tax, pre-provision net revenue $9.0M, or $1.17 per share, fell 7% relative to the Q2 at $9.7M, or $1.25 per share. “Although we were disappointed with the elevated charge-off in the Q3, the Company’s go-forward outlook remains favorable. Our liability sensitive balance sheet leaves us well positioned for accelerating margin expansion in the coming quarters, and we believe that strategic investments in our commercial lending platform will help us diversify our assets and improve our profitability.”