Bankwell Financial Group Inc.

04/27/2022 | Press release | Distributed by Public on 04/27/2022 14:45

Bankwell Financial Group Reports Record Net Income for the First Quarter; Declares Second Quarter Dividend

NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported record GAAP net income of $8.2 million, or $1.04 per share, for the first quarter of 2022, versus $5.7 million, or $0.71 per share, for the same period in 2021.

The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 23, 2022 to shareholders of record on May 13, 2022.

We recommend reading this earnings release in conjunction with the First Quarter 2022 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our April 27, 2022 Current Report on Form 8-K.

Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:

"Our team has begun the year with continued high performance. Loan balances grew by almost 5% compared to year end 2021 and our financial results for the quarter were exceptionally strong. The Company achieved record ROAA and ROAE levels of 1.35% and 16.05%, respectively, while operating at an efficiency ratio of 48.5%.

"On the operational front, we have just completed a successful conversion of our core data processing system. This is the second major system conversion the team has successfully executed within the past twelve months as we invested in a new online banking platform during the 2nd half of 2021. We have also begun a systematic review of every operational process at the Bank. This process mapping project will help to identify opportunities to employ further technological solutions and increase efficiencies through the organization.

"Credit quality remains high and our loan pipeline is as vibrant as it has been for the last several quarters. We reaffirm prior guidance of year over year net interest income growth of 12%-14% for 2022.

"Most importantly, I'd like to congratulate and thank my Bankwell colleagues whose hard work and dedication have made the Company's accomplishments possible."

First Quarter 2022 Highlights:

  • Return on average assets was 1.35% and return on average equity was 16.05% for the quarter ended March 31, 2022.
  • The net interest margin was 3.30% for the quarter ended March 31, 2022.
  • The efficiency ratio was 48.5% for the quarter ended March 31, 2022.
  • Total gross loans were $2.0 billion, growing $90.4 million, or 4.8%, compared to December 31, 2021.
  • Gains from loan sales totaled $0.6 million for the quarter ended March 31, 2022.
  • Total deposits were $2.2 billion compared to $2.1 billion at December 31, 2021.
  • Noninterest bearing deposits increased by $14.0 million, or 3.5% compared to December 31, 2021.
  • The percentage of noninterest bearing deposits to total deposits increased to 19.1% compared to 18.8% at December 31, 2021.
  • Investment securities totaled $116.8 million and represent 4.7% of total assets.
  • Fully diluted tangible book value per share rose to $26.75 compared to $25.55 at December 31, 2021.
  • Shares issued and outstanding were 7,761,338, reflecting repurchases of 112,829 shares of common stock at a weighted average price of $34.01 during the quarter ended March 31, 2022.

Earnings and Performance

Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2022 were $20.5 million, versus $16.6 million for the quarter ended March 31, 2021. The increase was primarily attributable to an increase in interest and fees on loans due to loan growth and higher overall loan yields and from lower interest expense on deposits. The increase in revenues was partially offset by a decrease in noninterest income driven by a one-time federal payroll tax credit for COVID-19 of $0.9 million recognized in the quarter ended March 31, 2021.

Net income for the quarter ended March 31, 2022 was $8.2 million, versus $5.7 million for the quarter ended March 31, 2021. The increase in net income was primarily impacted by the aforementioned increases in revenues, partially offset by an increase in the provision for loan losses driven by loan growth and a slight increase in noninterest expense.

Basic and diluted earnings per share were $1.05 and $1.04, respectively, for the quarter ended March 31, 2022 compared to basic and diluted earnings per share of $0.72 and $0.71, respectively, for the quarter ended March 31, 2021.

The net interest margin (fully taxable equivalent basis) for the quarters ended March 31, 2022 and March 31, 2021 was 3.30% and 2.74%, respectively. The increase in the net interest margin was due to lower interest expense from a decrease in rates on interest bearing deposits, a greater proportion of noninterest bearing deposits and, to a lesser extent, an increase in overall loan yields.

Financial Condition

Assets totaled $2.50 billion at March 31, 2022, compared to assets of $2.46 billion at December 31, 2021. The increase in assets was primarily due to loan growth, partially offset by a decrease in excess liquidity. Gross loans totaled $2.0 billion at March 31, 2022, an increase of $90.4 million compared to December 31, 2021. Deposits totaled $2.2 billion at March 31, 2022, compared to deposits of $2.1 billion at December 31, 2021.

Capital

Shareholders' equity totaled $210.2 million as of March 31, 2022, an increase of $8.2 million compared to December 31, 2021, primarily a result of (i) net income of $8.2 million for the quarter ended March 31, 2022 and (ii) a $4.9 million favorable impact to accumulated other comprehensive income driven by fair value marks related to hedge positions involving interest rate swaps. The Company's interest rate swaps are used to hedge interest rate risk. The Company's current interest rate swap positions will cause a decrease to other comprehensive income in a falling interest rate environment and an increase in a rising interest rate environment. The increase in Shareholders' equity was partially offset by dividends paid of $1.6 million and common stock repurchases of $3.8 million.

About Bankwell Financial Group

Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout Fairfield and New Haven Counties, Connecticut. For more information about this press release, interested parties may contact Christopher R. Gruseke, President and Chief Executive Officer or Penko Ivanov, Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166.

For more information, visit 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, but are not limited to, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, uncertain impacts of, or additional changes in, monetary, fiscal or tax policy to address the impact of COVID-19, which could further exacerbate the effects on the Company's business and results of operations, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

Non-GAAP Financial Measures

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as the efficiency ratio. A computation and reconciliation of certain non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. For example, the Company believes that the efficiency ratio is useful in the assessment of financial performance, including noninterest expense control. The Company believes that tangible common equity, tangible book value per share, and return on average tangible common equity are useful to evaluate the relative strength of the Company's performance and capital position. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(Dollars in thousands)

March 31,
2022

December 31,
2021

March 31,
2021

ASSETS

Cash and due from banks

$

280,471

$

291,598

$

351,194

Federal funds sold

19,022

53,084

10,811

Cash and cash equivalents

299,493

344,682

362,005

Investment securities

Marketable equity securities, at fair value

2,090

2,168

2,178

Available for sale investment securities, at fair value

98,733

90,198

83,218

Held to maturity investment securities, at amortized cost

15,979

16,043

16,225

Total investment securities

116,802

108,409

101,621

Loans receivable (net of allowance for loan losses of $17,141, $16,902 and $20,545 at March 31, 2022, December 31, 2021 and March 31, 2021, respectively)

1,964,567

1,875,167

1,650,127

Accrued interest receivable

7,733

7,512

7,306

Federal Home Loan Bank stock, at cost

2,870

2,814

6,446

Premises and equipment, net

25,661

25,588

33,386

Bank-owned life insurance

49,434

49,174

42,881

Goodwill

2,589

2,589

2,589

Other intangible assets

-

-

67

Deferred income taxes, net

6,879

7,621

8,908

Other assets

20,849

32,708

29,131

Total assets

$

2,496,877

$

2,456,264

$

2,244,467

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Deposits

Noninterest bearing deposits

$

412,985

$

398,956

$

280,947

Interest bearing deposits

1,753,219

1,725,042

1,578,861

Total deposits

2,166,204

2,123,998

1,859,808

Advances from the Federal Home Loan Bank

50,000

50,000

125,000

Subordinated debentures

34,471

34,441

25,271

Accrued expenses and other liabilities

35,982

45,838

46,445

Total liabilities

2,286,657

2,254,277

2,056,524

Shareholders' equity

Common stock, no par value

114,882

118,148

120,398

Retained earnings

99,047

92,400

75,418

Accumulated other comprehensive loss

(3,709

)

(8,561

)

(7,873

)

Total shareholders' equity

210,220

201,987

187,943

Total liabilities and shareholders' equity

$

2,496,877

$

2,456,264

$

2,244,467

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Dollars in thousands, except share data)

For the Quarter Ended

March 31,
2022

December 31,
2021

March 31,
2021

Interest and dividend income

Interest and fees on loans

$

21,428

$

21,081

$

17,900

Interest and dividends on securities

720

722

769

Interest on cash and cash equivalents

154

90

108

Total interest and dividend income

22,302

21,893

18,777

Interest expense

Interest expense on deposits

2,206

2,198

3,114

Interest expense on borrowings

586

767

1,008

Total interest expense

2,792

2,965

4,122

Net interest income

19,510

18,928

14,655

Provision (credit) for loan losses

229

125

(296

)

Net interest income after provision (credit) for loan losses

19,281

18,803

14,951

Noninterest income

Gains and fees from sales of loans

631

441

513

Bank owned life insurance

260

270

231

Service charges and fees

240

257

199

Other

(173

)

(143

)

1,013

Total noninterest income

958

825

1,956

Noninterest expense

Salaries and employee benefits

4,940

4,806

4,769

Occupancy and equipment

2,150

2,411

2,406

Professional services

981

628

587

Data processing

654

432

512

Director fees

352

335

317

FDIC insurance

223

231

403

Marketing

45

87

(9

)

Other

580

749

653

Total noninterest expense

9,925

9,679

9,638

Income before income tax expense

10,314

9,949

7,269

Income tax expense

2,102

2,135

1,579

Net income

$

8,212

$

7,814

$

5,690

Earnings Per Common Share:

Basic

$

1.05

$

1.00

$

0.72

Diluted

$

1.04

$

0.99

$

0.71

Weighted Average Common Shares Outstanding:

Basic

7,637,077

7,660,307

7,758,540

Diluted

7,719,405

7,726,420

7,800,777

Dividends per common share

$

0.20

$

0.18

$

0.14

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

For the Quarter Ended

March 31,

2022

December 31,

2021

March 31,
2021

Performance ratios:

Return on average assets

1.35 %

1.32 %

1.02 %

Return on average stockholders' equity

16.05 %

15.44 %

12.67 %

Return on average tangible common equity

16.25 %

15.65 %

12.86 %

Net interest margin

3.30 %

3.43 %

2.74 %

Efficiency ratio(1)

48.5 %

48.8 %

58.0 %

Net loan charge-offs as a % of average loans

- %

- %

0.01 %

Dividend payout ratio(2)

19.23 %

18.18 %

19.72 %

(1) Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business.

(2) The dividend payout ratio is calculated by dividing dividends per share by earnings per share.

As of

March 31,

2022

December 31,

2021

March 31,

2021

Capital ratios:

Total Common Equity Tier 1 Capital to Risk-Weighted Assets(1)

11.20 %

11.18 %

11.02 %

Total Capital to Risk-Weighted Assets(1)

12.00 %

12.00 %

12.17 %

Tier I Capital to Risk-Weighted Assets(1)

11.20 %

11.18 %

11.02 %

Tier I Capital to Average Assets(1)

9.80 %

9.94 %

8.82 %

Tangible common equity to tangible assets

8.32 %

8.13 %

8.27 %

Fully diluted tangible book value per common share

$ 26.75

$ 25.55

$ 23.43

(1) Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.

BANKWELL FINANCIAL GROUP, INC.

ASSET QUALITY (unaudited)

(Dollars in thousands)

For the Quarter Ended

March 31,

2022

December 31,

2021

March 31,

2021

Allowance for loan losses:

Balance at beginning of period

$

16,902

$

16,803

$

21,009

Charge-offs:

Commercial real estate

-

-

(163

)

Commercial business

-

(26

)

-

Consumer

(4

)

(5

)

(14

)

Total charge-offs

(4

)

(31

)

(177

)

Recoveries:

Commercial business

13

2

-

Consumer

1

3

9

Total recoveries

14

5

9

Net loan recoveries (charge-offs)

10

(26

)

(168

)

Provision (credit) for loan losses

229

125

(296

)

Balance at end of period

$

17,141

$

16,902

$

20,545

As of

March 31,

2022

December 31,

2021

March 31,

2021

Asset quality:

Nonaccrual loans

Residential real estate

$

2,181

$

2,380

$

1,289

Commercial real estate

3,365

3,482

19,277

Commercial business

817

1,728

1,803

Construction

9,382

8,997

8,997

Total nonaccrual loans

15,745

16,587

31,366

Other real estate owned

-

-

-

Total nonperforming assets

$

15,745

$

16,587

$

31,366

Nonperforming loans as a % of total loans

0.79

%

0.88

%

1.87

%

Nonperforming assets as a % of total assets

0.63

%

0.68

%

1.40

%

Allowance for loan losses as a % of total loans

0.86

%

0.89

%

1.23

%

Allowance for loan losses as a % of nonperforming loans

108.87

%

101.90

%

65.50

%

Total nonaccrual loans declined $0.8 million to $15.7 million as of March 31, 2022 when compared to December 31, 2021. Nonperforming assets as a percentage of total assets was 0.63% at March 31, 2022, down from 0.68% at December 31, 2021. The allowance for loan losses at March 31, 2022 was $17.1 million, representing 0.86% of total loans.

BANKWELL FINANCIAL GROUP, INC.

LOAN & DEPOSIT PORTFOLIO (unaudited)

(Dollars in thousands)

Period End Loan Composition

March 31,

2022

December 31,

2021

% Change

Residential Real Estate

$

68,617

$

79,987

(14.2

) %

Commercial Real Estate(1)

1,425,758

1,356,709

5.1

Construction

115,514

98,341

17.5

Total Real Estate Loans

1,609,889

1,535,037

4.9

Commercial Business

370,166

350,975

5.5

Consumer

5,275

8,869

(40.5

)

Total Loans

$

1,985,330

$

1,894,881

4.8

%

(1) Includes owner occupied commercial real estate.

Gross loans totaled $2.0 billion at March 31, 2022, an increase of $90.4 million compared to December 31, 2021.

Period End Deposit Composition

March 31,

2022

December 31,

2021

% Change

Noninterest bearing demand

$

412,985

$

398,956

3.5

%

NOW

112,567

119,479

(5.8

)

Money Market

996,458

954,674

4.4

Savings

197,961

193,631

2.2

Time

446,233

457,258

(2.4

)

Total Deposits

$

2,166,204

$

2,123,998

2.0

%

Total deposits were $2.2 billion at March 31, 2022, compared to $2.1 billion at December 31, 2021, an increase of $42.2 million, or 2.0%.

BANKWELL FINANCIAL GROUP, INC.

NONINTEREST INCOME AND EXPENSE (unaudited)

(Dollars in thousands)

For the Quarter Ended

Noninterest income

March 31,

2022

December 31,

2021

March 31,

2021

Mar 22 vs. Dec 21

% Change

Mar 22 vs. Mar 21

% Change

Gains and fees from sales of loans

$

631

$

441

$

513

43.1

%

23.0

%

Bank owned life insurance

260

270

231

(3.7

)

12.6

Service charges and fees

240

257

199

(6.6

)

20.6

Other

(173

)

(143

)

1,013

21.0

(117.1

)

Total noninterest income

$

958

$

825

$

1,956

16.1

%

(51.0

) %

Noninterest income decreased by $1.0 million to $1.0 million for the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021. The decrease in noninterest income was driven by a one-time federal payroll tax credit for COVID-19 of $0.9 million recognized in the quarter ended March 31, 2021.

For the Quarter Ended

Noninterest expense

March 31,

2022

December 31,

2021

March 31,

2021

Mar 22 vs. Dec 21

% Change

Mar 22 vs. Mar 21

% Change

Salaries and employee benefits

$

4,940

$

4,806

$

4,769

2.8

%

3.6

%

Occupancy and equipment

2,150

2,411

2,406

(10.8

)

(10.6

)

Professional services

981

628

587

56.2

67.1

Data processing

654

432

512

51.4

27.7

Director fees

352

335

317

5.1

11.0

FDIC insurance

223

231

403

(3.5

)

(44.7

)

Marketing

45

87

(9

)

(48.3

)

N/M(1)

Other

580

749

653

(22.6

)

(11.2

)

Total noninterest expense

$

9,925

$

9,679

$

9,638

2.5

%

3.0

%

(1) Metric not meaningful

Noninterest expense increased by $0.3 million to $9.9 million for the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021. The increase in noninterest expense was primarily driven by an increase in professional services expense and data processing expense.

Professional services expense totaled $1.0 million for the quarter ended March 31, 2022, an increase of $0.4 million when compared to the same period in 2021. The increase in professional services expense was primarily driven by consulting fees associated with various projects, including our core system conversion.

Data processing expense totaled $0.7 million for the quarter ended March 31, 2022, an increase of $0.1 million when compared to the same period in 2021. The increase in data processing expense was primarily driven by costs associated with our new online banking system.

BANKWELL FINANCIAL GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)

(Dollars in thousands, except share data)

As of

Computation of Tangible Common Equity to Tangible Assets

March 31,

2022

December 31,

2021

March 31,

2021

Total Equity

$

210,220

$

201,987

$

187,943

Less:

Goodwill

2,589

2,589

2,589

Other intangibles

-

-

67

Tangible Common Equity

$

207,631

$

199,398

$

185,287

Total Assets

$

2,496,877

$

2,456,264

$

2,244,467

Less:

Goodwill

2,589

2,589

2,589

Other intangibles

-

-

67

Tangible Assets

$

2,494,288

$

2,453,675

$

2,241,811

Tangible Common Equity to Tangible Assets

8.32

%

8.13

%

8.27

%

As of

Computation of Fully Diluted Tangible Book Value per Common Share

March 31,

2022

December 31,

2021

March 31,

2021

Total shareholders' equity

$

210,220

$

201,987

$

187,943

Less:

Preferred stock

-

-

-

Common shareholders' equity

$

210,220

$

201,987

$

187,943

Less:

Goodwill

2,589

2,589

2,589

Other intangibles

-

-

67

Tangible common shareholders' equity

$

207,631

$

199,398

$

185,287

Common shares issued and outstanding

7,761,338

7,803,166

7,908,630

Fully Diluted Tangible Book Value per Common Share

$

26.75

$

25.55

$

23.43

BANKWELL FINANCIAL GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) - Continued

(Dollars in thousands)

For the Quarter Ended

Computation of Efficiency Ratio

March 31,

2022

December 31,

2021

March 31,

2021

Noninterest expense

$

9,925

$

9,679

$

9,638

Less:

Amortization of intangible assets

-

48

9

Other real estate owned expenses

-

-

-

Adjusted noninterest expense

$

9,925

$

9,631

$

9,629

Net interest income

$

19,510

$

18,928

$

14,655

Noninterest income

958

825

1,956

Less:

Net gain on sale of available for sale securities

-

-

-

Gain on sale of other real estate owned, net

-

-

-

Operating revenue

$

20,468

$

19,753

$

16,611

Efficiency ratio

48.5

%

48.8

%

58.0

%

For the Quarter Ended

Computation of Return on Average Tangible Common Equity

March 31,

2021

December 31,

2020

March 31,

2021

Net Income Attributable to Common Shareholders

$

8,212

$

7,814

$

5,690

Total average shareholders' equity

$

207,541

$

200,752

$

182,058

Less:

Average Goodwill

2,589

2,589

2,589

Average Other intangibles

-

45

73

Average tangible common equity

$

204,952

$

198,118

$

179,396

Annualized Return on Average Tangible Common Equity

16.25

%

15.65

%

12.86

%

BANKWELL FINANCIAL GROUP, INC.

NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited)

(Dollars in thousands)

For the Quarter Ended

March 31, 2022

March 31, 2021

Average

Balance

Interest

Yield/

Rate (4)

Average

Balance

Interest

Yield/

Rate (4)

Assets:

Cash and Fed funds sold

$

346,183

$

154

0.18

%

$

401,900

$

108

0.11

%

Securities(1)

112,337

754

2.69

101,176

788

3.11

Loans:

Commercial real estate

1,343,565

14,997

4.46

1,129,224

12,731

4.51

Residential real estate

73,835

671

3.64

112,053

964

3.44

Construction

102,179

1,033

4.04

94,075

885

3.76

Commercial business

383,115

4,625

4.83

294,756

3,271

4.44

Consumer

6,054

102

6.85

5,039

49

3.94

Total loans

1,908,748

21,428

4.49

1,635,147

17,900

4.38

Federal Home Loan Bank stock

2,835

15

2.10

6,508

31

1.96

Total earning assets

2,370,103

$

22,351

3.77

%

2,144,731

$

18,827

3.51

%

Other assets

100,469

113,561

Total assets

$

2,470,572

$

2,258,292

Liabilities and shareholders' equity:

Interest bearing liabilities:

NOW

$

112,199

$

47

0.17

%

$

101,057

$

43

0.17

%

Money market

969,527

1,180

0.49

736,659

950

0.52

Savings

194,463

101

0.21

160,347

125

0.32

Time

453,805

878

0.78

611,153

1,996

1.32

Total interest bearing deposits

1,729,994

2,206

0.52

1,609,216

3,114

0.78

Borrowed Money

84,452

586

2.77

152,485

1,008

2.64

Total interest bearing liabilities

1,814,446

$

2,792

0.62

%

1,761,701

$

4,122

0.95

%

Noninterest bearing deposits

405,400

269,863

Other liabilities

43,185

44,670

Total liabilities

2,263,031

2,076,234

Shareholders' equity

207,541

182,058

Total liabilities and shareholders' equity

$

2,470,572

$

2,258,292

Net interest income(2)

$

19,559

$

14,705

Interest rate spread

3.15

%

2.56

%

Net interest margin(3)

3.30

%

2.74

%

(1) Average balances and yields for securities are based on amortized cost.

(2) The adjustment for securities and loans taxable equivalency amounted to $49 thousand and $50 thousand for the quarters ended March 31, 2022 and 2021, respectively.

(3) Annualized net interest income as a percentage of earning assets.

(4) Yields are calculated using the contractual day count convention for each respective product type.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220427006100/en/

Christopher R. Gruseke, President and Chief Executive Officer
Penko Ivanov, Executive Vice President and Chief Financial Officer
Bankwell Financial Group
(203) 652-0166

Source: Bankwell Financial Group, Inc.