Bankwell Financial reports Q2 EPS $1.15, consensus 84c

Reports Q2 revenue $25.95M, consensus $24.31M. Reports Q2 tangible book value per share $35.65. Reports Q2 CET1 capital ratio 12.2%. The company said, “Our strong second quarter reflects an acceleration of positive trends which have been building over the past year. Notably, our net interest margin increased to 3.10% as a result of our improved funding costs. Loan originations accelerated in the quarter, resulting in $24 million net loan growth, which includes another robust quarter of SBA originations. Having already made the appropriate investments in risk, operations, and technology, the SBA business is on a path to achieve further scale and profitability. Year to date, it has contributed $1.5 million in non-interest income. The combined results of our efforts have increased the Company’s return on average assets to 1.14% this quarter and we expect continued improvement in profitability as the year progresses.”