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Bankwell Financial Group (BWFG)
NASDAQ:BWFG
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Earnings Data
Report Date
Jan 22, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.65Last Year’s EPS
$1.09Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 28, 2024
|% Change Since: 10.95%
|Next Earnings Date:Jan 22, 2025
Earnings Call Sentiment|Neutral
While the call highlighted strategic initiatives and improvements in deposit quality, significant challenges such as a major loan charge-off and decreased net interest margin impacted financial results. The focus on innovation and growth, though promising, is tempered by current credit performance issues.Company Guidance
During Bankwell Financial Group's third-quarter 2024 earnings call, the company's executives shared a comprehensive overview of their financial performance and strategic initiatives. The key financial metrics highlighted included a GAAP fully diluted earnings per share of $0.24, which was negatively impacted by a significant $8.2 million charge-off on an office loan, reducing the EPS by approximately $0.79. The pre-provision net revenue was reported at $9 million, with a net interest margin of 272 basis points, slightly down by 3 basis points from the previous quarter. The company's focus on improving the quality and diversity of the deposit base led to a $168 million reduction in brokered deposits since the start of the year. Additionally, the bank's office loan portfolio was reduced to $166 million, approximately 6% of the total portfolio, with a 16% allowance for credit losses. Looking forward, Bankwell anticipates margin expansion into 2025, driven by the repricing of $1.3 billion in time deposits and $0.5 billion in loans, contributing to a projected $0.33 increase in earnings per share. The firm also discussed strategic growth initiatives, including the development of digital products for small businesses, the establishment of a new business banking digital suite called Spire, and the launch of a national consumer digital bank, Bankwell Direct, which contributed $97 million in deposit growth.Deposit Base Improvement
Bankwell made significant progress in improving the quality and diversity of its deposit base, reducing broker deposits by $168 million since the beginning of the year.
Launch of Bankwell Direct
The online deposit channel, Bankwell Direct, was successfully launched, contributing to $97 million growth in customer deposits with low marketing costs.
Strategic Initiatives for Growth
Bankwell is focusing on innovation and strategic growth areas, including digital products for small business and a new business banking digital suite called Spire.
Positive Impact from SBA Program
Noninterest income benefited from higher SBA gain on sale revenue, with strategic investments in SBA lending leadership and technology partnerships.
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BWFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BWFG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 28, 2024 | $28.84 | $28.65 | -0.66% |
| Jul 24, 2024 | $26.09 | $26.00 | -0.34% |
| Apr 24, 2024 | $24.43 | $23.29 | -4.67% |
| Jan 24, 2024 | $28.68 | $29.09 | +1.43% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Bankwell Financial Group (BWFG) report earnings?
Bankwell Financial Group (BWFG) is schdueled to report earning on Jan 22, 2025, TBA Not Confirmed.
What is Bankwell Financial Group (BWFG) earnings time?
Bankwell Financial Group (BWFG) earnings time is at Jan 22, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BWFG EPS forecast?
BWFG EPS forecast for the fiscal quarter 2024 (Q4) is $0.65.
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