Bankwell Financial Group, Inc. operates as the bank holding company for Bankwell Bank that provides various banking services for individual and commercial customers. It provides various traditional depository products, including checking, savings, money market, and certificates of deposit. The company also offers 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, owner-occupied commercial real estate, 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 to finance insurance premiums; overdraft lines of credit; and personal loans. It operates branches in New Canaan, Stamford, Fairfield, 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $108M | - | $35M | $27M | 11.7% | 24.5% | 260.3% |
| 2024 | $87M | - | $10M | $29M | 3.6% | -12.4% | -73.4% |
| 2023 | $99M | - | $37M | $30M | 13.8% | 1.6% | -2.0% |
| 2022 | $98M | - | $37M | $78M | 15.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 97.78 | 99.31 | 87 | 108.32 |
| Operating Revenue | - | 97.78 | 99.31 | 87 | 108.32 |
| Selling General And Administration | - | 25.64 | 31.22 | 29.39 | 34.93 |
| Interest Income | - | 117.94 | 188.45 | 191.99 | 198.33 |
| Interest Expense | - | 23.20 | 93.99 | 108.71 | 99.39 |
| Net Interest Income | - | 94.74 | 94.47 | 83.28 | 98.94 |
| Pretax Income | - | 47.98 | 48.04 | 13.33 | 48.50 |
| Tax Provision | - | 10.55 | 11.38 | 3.56 | 13.30 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 37.43 | 36.66 | 9.77 | 35.20 |
| Net Income From Continuing And Discontinued Operation | - | 37.43 | 36.66 | 9.77 | 35.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 37.43 | 36.66 | 9.77 | 35.20 |
| Net Income | - | 37.43 | 36.66 | 9.77 | 35.20 |
| Net Income Common Stockholders | - | 36.62 | 35.70 | 9.53 | 34.79 |
| Net Income Including Noncontrolling Interests | - | 37.43 | 36.66 | 9.77 | 35.20 |
| Normalized Income | - | 37.43 | 36.66 | 9.77 | 35.20 |
| Diluted NI Availto Com Stockholders | - | 36.62 | 35.70 | 9.53 | 34.79 |
| Basic Average Shares | - | 7.56 | 7.59 | 7.71 | 7.75 |
| Diluted Average Shares | - | 7.64 | 7.65 | 7.74 | 7.83 |
| Reconciled Depreciation | - | 3.37 | 3.62 | 3.78 | 4.08 |
| Total Unusual Items | 0 | - | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | - | - | - | - |
| General And Administrative Expense | - | 25.27 | 30.57 | 28.94 | 34.32 |
| Other Gand A | 2.41 | - | - | - | - |
| Salaries And Wages | - | 23.63 | 26.41 | 25.59 | 31.64 |
| Insurance And Claims | - | 1.64 | 4.16 | 3.35 | 2.68 |
| Selling And Marketing Expense | - | 0.37 | 0.65 | 0.45 | 0.61 |
| Otherunder Preferred Stock Dividend | - | 0.81 | 0.96 | 0.24 | 0.41 |
| Occupancy And Equipment | - | 8.30 | 8.66 | 9.49 | 10.12 |
| Professional Expense And Contract Services Expense | - | 3.89 | 3.54 | 4.48 | 5.99 |
| Other Non Interest Expense | - | 6.54 | 6.98 | 7.69 | 7.75 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bankwell Financial Group, Inc.this co. | BWFG | $424M | 12.06 | 1.41 | 11.7% | - |
| Investors Title Company | ITIC | $445M | 12.64 | 1.66 | 13.1% | - |
| Colony Bankcorp, Inc. | CBAN | $425M | 15.03 | 1.13 | 7.5% | - |
| Bank7 Corp. | BSVN | $424M | 9.85 | 1.69 | 17.2% | - |
| GBank Financial Holdings Inc. | GBFH | $421M |
| - |
| - |
| - |
| - |
| - |
| - |
| 20.12 |
| 2.54 |
| 12.6% |
| - |
| Bank of Marin Bancorp | BMRC | $417M | -11.70 | 1.06 | -9.0% | - |
| West Bancorporation, Inc. | WTBA | $407M | 12.50 | 1.53 | 12.2% | - |
| RBB Bancorp | RBB | $406M | 12.71 | 0.78 | 6.1% | - |
| Commercial Bancgroup, Inc. | CBK | $400M | 10.75 | 1.40 | 13.0% | - |
| Peer Median | - | 12.57 | 1.47 | 12.4% | - | |