Strong GAAP Net Income Growth
Bankwell delivered GAAP net income of $10.1 million or $1.27 per share, up from $9.1 million or $1.15 per share last quarter.
Expansion of Net Interest Margin
Net interest margin expanded to 3.34%, up 24 basis points over the prior quarter.
Reduction in Nonperforming Assets
Nonperforming assets as a percentage of total assets fell to 56 basis points compared to 78 basis points last quarter.
Strong Loan Origination
Funded $220 million of loans in the third quarter, bringing year-to-date fundings to just over $500 million.
Improvement in Efficiency Ratio
Efficiency ratio improved to 51.4% in the quarter, down from 56.1% last quarter.
Significant SBA Division Contribution
SBA division increased its gains on sale to $1.4 million for the quarter, with SBA originations totaling $22 million.