NEW CANAAN, Conn.--(BUSINESS WIRE)--The fourth quarter of 2013 saw a continuation of strong, steady balance sheet growth for Bankwell Financial Group (“the Company”), the bank holding company for Bankwell Bank. For the year ended December 31, 2013, the Company reported earnings of $5.2 million, a 325% improvement year-over-year, continuing the Company’s streak of record profits.
At year end, assets totaled $780 million, a 28% increase over December 31, 2012; total loans were $632 million, a 19% increase year-over-year; and deposits grew to $662 million, a 43% increase year-over-year.
CEO Peyton R. Patterson notes, “The year 2013 was a transformational year for Bankwell. We unleashed the earnings potential of this growing company, while investing in our capabilities to better serve our clients’ needs. With the launch of our new Investment Services, Cash Management and Mobile Banking services, we are better positioned to be the bank of choice in Fairfield County.”
She added, “The acquisition of The Wilton Bank further underscores our parallel strategy to grow both organically and through acquisitions. A natural complement to our footprint, The Wilton Bank brought immediate accretion to our earnings streams.”
Revenues increased 39% from $21.5 million to $30.0 million, year-over-year. Non-interest income, a key engine of growth, increased $4.4 million year-over-year, resulting from gains on sales of loans, depositor service charge income and The Wilton Bank acquisition. The Company’s net interest margin remained an industry standout at 3.94%.
Bankwell increased deposit market share in each of the markets it serves -- and moved from a position of 17th to 13th overall in Fairfield County, as reported in the FDIC’s annual report of deposit market share. Patterson attributes this growth to “an overwhelming response to the bank’s commitment to provide a private-banking style experience and technology know-how.”
Bankwell is a commercial bank that serves the banking and lending needs of residents and businesses throughout Fairfield County, CT. For more information about this press release, interested parties can contact Peyton R. Patterson, CEO or Ernest J. Verrico, CFO of Bankwell Financial Group at (203) 972-3838. Additional information can be found at www.mybankwell.com.
This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.