Bankwell Financial Group Inc Stock Research

Market Summary

USD25.40+0.57

Delayed

2.30%

BWFG Alerts

2 major insider buys recently.

BWFG Stock Price

BWFG RSI Chart

BWFG Valuation

Market Cap

196.4M

Price/Earnings (Trailing)

5.25

Price/Sales (Trailing)

1.66

EV/EBITDA

-1.15

Price/Free Cashflow

2.53

BWFG Price/Sales (Trailing)

BWFG Profitability

EBT Margin

40.68%

Return on Equity

15.7%

Return on Assets

1.15%

Free Cashflow Yield

39.58%

BWFG Fundamentals

BWFG Revenue

Revenue (TTM)

117.9M

Revenue Y/Y

80.85%

Revenue Q/Q

33.37%

BWFG Earnings

Earnings (TTM)

37.4M

Earnings Y/Y

2.65%

Earnings Q/Q

-12.57%

Price Action

52 Week Range

24.3736.27

(Low)(High)

Last 7 days

-4.9%

Last 30 days

-16.5%

Last 90 days

-12.8%

Trailing 12 Months

-25.0%

BWFG Financial Health

BWFG Investor Care

Dividend Yield

3.15%

Dividend/Share (TTM)

0.8

Buy Backs (1Y)

0.93%

Diluted EPS (TTM)

4.79

Peers (Alternatives to Bankwell Financial Group)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
BNS	56.4B	40.0B	-8.98%	-31.24%	5.3	1.79	34.99%	-10.60%
MTB	20.1B	6.2B	-25.47%	-35.61%	14.56	3.21	58.61%	-25.85%
CFG	15.3B	7.1B	-25.67%	-34.02%	7.39	2.17	45.54%	-10.61%
MID-CAP
EWBC	7.7B	2.3B	-27.78%	-31.39%	6.84	3.32	43.40%	29.22%
CBSH	6.9B	999.0M	-12.47%	-19.22%	14.12	6.9	17.76%	-7.98%
SIVB	6.3B	5.7B	-67.21%	-80.32%	3.9	1.11	72.48%	-22.38%
PB	5.8B	1.1B	-15.03%	-9.45%	10.96	5.25	4.58%	1.01%
FFIN	4.6B	432.9M	-13.79%	-27.60%	19.55	10.59	15.00%	3.04%
BPOP	3.9B	2.5B	-23.06%	-34.29%	3.54	1.58	16.17%	17.94%
WAL	3.6B	2.7B	-54.27%	-60.94%	3.36	1.32	62.28%	17.58%
SMALL-CAP
BANR	1.9B	450.9M	-13.73%	-5.77%	9.54	4.13	1.16%	-2.82%
SBCF	1.7B	380.5M	-21.10%	-30.57%	16.27	4.55	51.31%	-14.39%
HTLF	1.6B	674.7M	-21.79%	-19.17%	7.78	2.45	14.59%	-3.52%
LKFN	1.6B	239.6M	-12.16%	-14.61%	15.6	6.76	23.99%	8.44%

Financials for Bankwell Financial Group

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	17.7%	118	100	91.00	85.00	81.00
EBITDA	0.5%	138	138	128	113	-
EBITDA Margin	-14.6%	1.17*	1.37*	1.40*	1.33*	-
Earnings Before Taxes	1.4%	48.00	47.00	44.00	37.00	34.00
EBT Margin	-13.8%	0.41*	0.47*	0.49*	0.43*	-
Interest Expenses	8.6%	87.00	80.00	73.00	68.00	-
Net Income	0.6%	37.00	37.00	35.00	29.00	27.00
Net Income Margin	-14.5%	0.32*	0.37*	0.38*	0.34*	-
Free Cahsflow	22.2%	78.00	64.00	58.00	37.00	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	19.4%	3,252	2,723	2,436	2,497	2,456
Cash Equivalents	59.4%	356	223	171	299	345
Goodwill	0%	3.00	3.00	3.00	3.00	3.00
Liabilities	21.0%	3,014	2,491	2,210	2,287	2,254
Shareholder's Equity	3.0%	238	232	225	210	202
Retained Earnings	5.5%	124	117	110	99.00	92.00
Shares Outstanding	0.2%	8.00	8.00	8.00	8.00	8.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	19.1%	83.00	69.00	63.00	40.00	35.00
Share Based Compensation	2.3%	2.00	2.00	2.00	2.00	2.00
Cashflow From Investing	-69.9%	-811	-477	-323	-329	-270
Cashflow From Financing	63.0%	739	454	130	227	171
Dividend Payments	2.1%	6.00	6.00	6.00	5.00	5.00
Buy Backs	-25.1%	6.00	7.00	7.00	7.00	5.00

Risks for BWFG

What is the probability of a big loss on BWFG?

34.2%

Probability that Bankwell Financial Group stock will be more than 20% underwater in next one year

20%

Probability that Bankwell Financial Group stock will be more than 30% underwater in next one year.

19.2%

Probability that Bankwell Financial Group stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does BWFG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Bankwell Financial Group was unfortunately bought at previous high price.

Drawdowns

Returns for BWFG

Cumulative Returns on BWFG

2.8%

10-Year Cumulative Returns

5.6%

7-Year Cumulative Returns

-2.4%

5-Year Cumulative Returns

18.4%

3-Year Cumulative Returns

What are the long-term rolling returns for BWFG?

FIve years rolling returns for Bankwell Financial Group.

Annualized Returns

Which funds bought or sold BWFG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-02-15	MetLife Investment Management, LLC	new	-	88,378	88,378	-%
2023-02-15	PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	reduced	-34.00	-19,000	39,000	-%
2023-02-15	LAZARD ASSET MANAGEMENT LLC	added	4.53	3,000	65,000	-%
2023-02-15	CAPTRUST FINANCIAL ADVISORS	added	0.94	10,011	492,011	-%
2023-02-15	Metropolitan Life Insurance Co/NY	new	-	10,418	10,418	-%
2023-02-14	BRIDGEWAY CAPITAL MANAGEMENT, LLC	unchanged	-	17,878	1,606,880	0.04%
2023-02-14	STATE STREET CORP	added	0.5	30,758	1,934,760	-%
2023-02-14	ACADIAN ASSET MANAGEMENT LLC	added	23.15	477,000	2,423,000	0.01%
2023-02-14	D. E. Shaw & Co., Inc.	reduced	-25.34	-124,498	382,502	-%
2023-02-14	CITADEL ADVISORS LLC	added	13.1	112,612	892,612	-%

Latest Funds Activity

Are funds buying BWFG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own BWFG

No. of Funds

BWFG Alerts

2 major insider buys recently.

Bankwell Financial Group News

Schedule 13G FIlings of Bankwell Financial Group

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Jul 12, 2021	blackrock inc.	0.3%	26,281	SC 13G/A
Feb 09, 2021	banc funds co llc	0.0%	0	SC 13G/A
Feb 02, 2021	blackrock inc.	5.3%	418,322	SC 13G
Feb 12, 2020	banc funds co llc	0%	0	SC 13G/A
Feb 06, 2020	seidman lawrence b	2.00%	156,744	SC 13D/A

BWFG Fair Value

Bankwell Financial Group fair value in different scenarios

The table shows the Fair Value estimates for Bankwell Financial Group for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	41.40 62.99%	67.39 165.31%	113.19 345.63%	187.77 639.25%	240.88 848.35%
Current Inflation	37.04 45.83%	59.42 133.94%	98.38 287.32%	161.25 534.84%	205.54 709.21%
Very High Inflation	31.59 24.37%	49.78 95.98%	80.92 218.58%	130.58 414.09%	165.04 549.76%

Historical Bankwell Financial Group Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Bankwell Financial Group

View All Filings

Date Filed	Form Type	Document
Mar 23, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 09, 2023	3	Insider Trading
Mar 09, 2023	8-K	Current Report

Latest Insider Trading transactions for BWFG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-21	Garnett James M Jr	bought	265,000	26.5	10,000	-
2023-03-15	Garnett James M Jr	bought	5,034	25.17	200	-
2023-03-14	Porto Carl M	bought	6,812	27.36	249	-
2023-03-14	SEIDMAN LAWRENCE B	bought	4,980	27.67	180	-
2023-03-14	Garnett James M Jr	bought	817	27.25	30.00	-
2023-03-14	Drexler Blake S	bought	4,292	27.34	157	-
2023-03-14	Dale Eric J	bought	11,307	27.38	413	-
2023-03-14	Garnett James M Jr	bought	246,783	26.5187	9,306	-
2023-03-13	Garnett James M Jr	bought	21,252	25.21	843	-
2023-03-10	Garnett James M Jr	bought	814,982	27.497	29,639	-

About Bankwell Financial Group

Christopher R. Gruseke

www.mybankwell.com

120

Bankwell Financial Group, Inc. operates as the bank holding company for Bankwell Bank that provides various banking services for individual and commercial customers. It offers various traditional depository products, including checking, savings, money market, and certificates of deposit. The company also provides first mortgage loans secured by one-to-four family owner occupied residential properties for personal use; home equity loans and home equity lines of credit secured by owner occupied one-to-four family residential properties; loans secured by commercial real estate, multi-family dwellings, and investor-owned one-to-four family dwellings; commercial construction loans for commercial development projects, including apartment buildings and condominiums, as well as office buildings, retail, and other income producing properties; land loans; commercial business loans secured by assignments of corporate assets and personal guarantees of the business owners; loans secured by savings or certificate accounts and automobiles; and unsecured personal loans and overdraft lines of credit. It operates branches in New Canaan, Stamford, Fairfield, Wilton, Westport, Darien, Norwalk, and Hamden, Connecticut. The company was formerly known as BNC Financial Group, Inc. and changed its name to Bankwell Financial Group, Inc. in September 2013. Bankwell Financial Group, Inc. was founded in 2002 and is headquartered in New Canaan, Connecticut.

BWFG Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Interest and dividend income
Interest and fees on loans	$ 111,242	$ 78,042
Interest and dividends on securities	3,203	2,958
Interest on cash and cash equivalents	3,500	376
Total interest and dividend income	117,945	81,376
Interest expense
Interest expense on deposits	19,364	10,443
Interest expense on borrowings	3,838	3,047
Total interest expense	23,202	13,490
Net interest income	94,743	67,886
Provision (credit) provision for loan losses	5,437	(57)
Net interest income after provision (credit) for loan losses	89,306	67,943
Noninterest income
Gains and fees from sales of loans	1,236	2,692
Bank owned life insurance	1,069	1,023
Service charges and fees	1,072	872
Other	(337)	1,070
Total noninterest income	3,040	5,657
Noninterest expense
Salaries and employee benefits	22,237	18,317
Occupancy and equipment	8,297	10,682
Data processing	2,632	2,409
Professional services	3,887	2,260
Director fees	1,394	1,303
FDIC insurance	1,638	1,232
Marketing	366	404
Other	3,912	3,132
Total noninterest expense	44,363	39,739
Income before equity in undistributed earnings of subsidiaries	47,983	33,861
Income tax expense	10,554	7,275
Net income	$ 37,429	$ 26,586
Earnings Per Common Share:
Basic (in dollars per share)	$ 4.84	$ 3.38
Diluted (in dollars per share)	$ 4.79	$ 3.36
Weighted Average Common Shares Outstanding:
Basic (in shares)	7,563,363	7,706,407
Diluted (in shares)	7,640,218	7,761,811
Dividends per common share (in dollars per share)	$ 0.80	$ 0.64

BWFG Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 344,925	$ 291,598
Federal funds sold	10,754	53,084
Cash and cash equivalents	355,679	344,682
Investment securities
Marketable equity securities, at fair value	1,988	2,168
Available for sale investment securities, at fair value	103,663	90,198
Held to maturity investment securities, at amortized cost (fair values of $15,435 and $18,445 at December 31, 2022 and 2021, respectively)	15,983	16,043
Total investment securities	121,634	108,409
Loans receivable (net of allowance for loan losses of $22,431 and $16,902 at December 31, 2022 and 2021, respectively)	2,646,384	1,875,167
Accrued interest receivable	13,070	7,512
Federal Home Loan Bank stock, at cost	5,216	2,814
Premises and equipment, net	27,199	25,588
Bank-owned life insurance	50,243	49,174
Goodwill	2,589	2,589
Deferred income taxes, net	7,422	7,621
Other assets	23,013	32,708
Total assets	3,252,449	2,456,264
Deposits
Noninterest bearing deposits	404,559	398,956
Interest bearing deposits	2,396,259	1,725,042
Total deposits	2,800,818	2,123,998
Advances from the Federal Home Loan Bank	90,000	50,000
Subordinated debentures (face value of $70,000 and $35,000 at December 31, 2022 and 2021, respectively, less unamortized debt issuance costs of $1,041 and $559 at December 31, 2022 and 2021, respectively)	68,959	34,441
Accrued expenses and other liabilities	54,203	45,838
Total liabilities	3,013,980	2,254,277
Commitments and contingencies (Note 12)
Shareholders’ equity
Common stock, no par value; 10,000,000 shares authorized, 7,730,699 and 7,803,166 shares issued and outstanding at December 31, 2022 and 2021, respectively	115,018	118,148
Retained earnings	123,640	92,400
Accumulated other comprehensive loss	(189)	(8,561)
Total shareholders’ equity	238,469	201,987
Total liabilities and shareholders’ equity	$ 3,252,449	$ 2,456,264