Bankwell Financial Group Inc.
07/27/2022 | Press release | Archived content
Second Quarter 2022 Press Release
NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported record GAAP net income of $12.0 million, or $1.55 per share, for the second quarter of 2022, versus $6.2 million, or $0.79 per share, for the same period in 2021. During the quarter ended June 30, 2022 the Company experienced several non-recurring items that positively impacted reported earnings. Adjusting for these items, operating earnings per share totaled $1.15 for the second quarter of 2022. Please reference the table below for a reconciliation of reported earnings per share to operating earnings per share.
|
Earnings Per Common Share |
||
|
2Q'22 QTD Reported EPS |
$ 1.55 |
|
|
Elevated Loan Prepayments(1) |
(0.15 |
) |
|
Release of Specific Reserves(2) |
(0.16 |
) |
|
Historical Loss Update to Peer Group(3) |
(0.09 |
) |
|
2Q'22 QTD Operating EPS(4) |
$ 1.15 |
|
|
(1) 2Q'22 loan prepayments exceeded historical quarterly averages and are not reflective of run rate. |
||
|
(2) Specific reserve reduction as impaired loans exhibited improved performance or paid off. |
||
|
(3) Bankwell is not yet subject to CECL; reduction in general reserves due to annual update to historical loss data in our peer group-based, "incurred loss" model. |
||
|
(4) Non-gaap measure. |
The Company's Board of Directors declared a $0.20 per share cash dividend, payable August 25, 2022 to shareholders of record on August 15, 2022.
We recommend reading this earnings release in conjunction with the Second Quarter 2022 Investor Presentation, located at http://investor.mybankwell.com/Presentations and included as an exhibit to our July 27, 2022 Current Report on Form 8-K.
Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:
"I offer my thanks and congratulations to our entire team for their commitment to excellence. Even after discounting favorable one-time items, our Company has delivered outstanding results, including an operating ROAA of 1.45%, an ROAE of 16.4%, and an efficiency ratio of 46.6%. Several years ago we put forth a strategic plan to diversify and transform our business model. With careful planning and execution, we are now reaping the benefits of investing in that plan.
"As we look ahead, despite the backdrop of macroeconomic uncertainty, our third quarter loan pipeline remains at record levels. It is likely that the economy will experience further volatility in the coming quarters. Nevertheless, we are confident that the business we have built will enable us to continue to deliver above-peer group performance."
Second Quarter 2022 Highlights (performance metrics are impacted by the above mentioned one-time items - please refer to the table following the below highlights for adjusted performance metrics):
- Return on average assets was 1.96% and return on average equity was 22.09% for the quarter ended June 30, 2022.
- The net interest margin was 4.01% for the quarter ended June 30, 2022.
- The efficiency ratio was 43.8% for the quarter ended June 30, 2022.
- Total gross loans were $2.1 billion, growing $161.7 million, or 8.5%, compared to December 31, 2021.
- Average yield on 2022 funded loans was 4.88%.
- Gains from loan sales totaled $0.6 million for the quarter ended June 30, 2022.
- Total deposits decreased by 4.3% to $2.0 billion compared to $2.1 billion at December 31, 2021 as a result of seasonal fluctuations in several municipal and commercial deposit relationships.
- Investment securities totaled $113.0 million and represent 4.6% of total assets.
- Fully diluted tangible book value per share rose to $28.75 compared to $25.55 at December 31, 2021.
- Wilton branch closure announced July 8, 2022 (effective October 7, 2022).
- Shares issued and outstanding were 7,752,389 for the quarter ended June 30, 2022.
|
Quarter Ended June 30, 2022 |
Six Months Ended June 30, 2022 |
|||||||||||
|
Key metrics |
Reported |
Operating(1) |
Variance |
Reported |
Operating(1) |
Variance |
||||||
|
Net interest margin |
4.01 % |
3.75 % |
0.26 % |
3.65 % |
3.53 % |
0.12 % |
||||||
|
Efficiency ratio |
43.8 % |
46.6 % |
(2.8) % |
45.9 % |
47.5 % |
(1.6) % |
||||||
|
Return on average assets |
1.96 % |
1.45 % |
0.51 % |
1.65 % |
1.40 % |
0.25 % |
||||||
|
Return on average stockholders' equity |
22.09 % |
16.39 % |
5.70 % |
19.16 % |
16.22 % |
2.94 % |
||||||
|
(1) Operating metrics are non-gaap measures and have been adjusted for elevated loan prepayments, release of specific reserves, and the historical loss update to the Company's peer group as noted in the above EPS table. |
Earnings and Performance
Revenues (net interest income plus noninterest income) for the quarter ended June 30, 2022 were $25.0 million, versus $18.0 million for the quarter ended June 30, 2021. Revenues for the six months ended June 30, 2022 were $45.4 million, versus $34.6 million for the six months ended June 30, 2021. The increase in revenues 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 loan yields was aided by elevated loan prepayment fees, which totaled $1.8 million for the quarter ended June 30, 2022, compared to $0.8 million for the quarter ended June 30, 2021. The increase in revenues was partially offset by a decrease in noninterest income driven by the absence of rental income recognized during the quarter and six months ended June 30, 2021, as a result of the disposition of the Company's former headquarters building. In addition, the increase in revenues for the six months ended June 30, 2022 was also partially offset 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 June 30, 2022 was $12.0 million, versus $6.2 million for the quarter ended June 30, 2021. Net income for the six months ended June 30, 2022 was $20.2 million, versus $11.9 million for the six months ended June 30, 2021. The increase in net income was primarily impacted by the aforementioned increases in revenues and by a decrease in the provision for loan losses primarily driven by the release of specific reserves on impaired loans that showed improved performance or paid off.
Basic and diluted earnings per share were $1.56 and $1.55, respectively, for the quarter ended June 30, 2022 compared to basic and diluted earnings per share of $0.79 each for the quarter ended June 30, 2021. Basic and diluted earnings per share were $2.61 and $2.58, respectively, for the six months ended June 30, 2022 compared to basic and diluted earnings per share of $1.51 and $1.50, respectively, for the six months ended June 30, 2021.
The net interest margin (fully taxable equivalent basis) for the quarters ended June 30, 2022 and June 30, 2021 was 4.01% and 3.12%, respectively. The net interest margin (fully taxable equivalent basis) for the six months ended June 30, 2022 and June 30, 2021 was 3.65% and 2.93%, respectively. The increase in the net interest margin was due to lower interest expense from a decrease in rates on interest bearing deposits, elevated loan prepayment fees, and an increase in overall loan yields.
Financial Condition
Assets totaled $2.44 billion at June 30, 2022, compared to assets of $2.46 billion at December 31, 2021. The decrease in assets was primarily due to a decrease in deposits while excess liquidity funded additional loan growth. Gross loans totaled $2.1 billion at June 30, 2022, an increase of $161.7 million compared to December 31, 2021. Deposits totaled $2.0 billion at June 30, 2022, compared to deposits of $2.1 billion at December 31, 2021.
Capital
Shareholders' equity totaled $225.5 million as of June 30, 2022, an increase of $23.5 million compared to December 31, 2021, primarily a result of (i) net income of $20.2 million for the six months ended June 30, 2022 and (ii) an $8.9 million favorable impact to accumulated other comprehensive income driven by fair value marks related to hedge positions involving interest rate swaps, partially offset by fair value marks on the Company's investment portfolio. The Company's interest rate swaps are used to hedge interest rate risk. The increase in Shareholders' equity was partially offset by dividends paid of $3.1 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)
|
June 30, |
March 31, |
December 31, |
June 30, |
|||||||||||
|
ASSETS |
||||||||||||||
|
Cash and due from banks |
$ |
149,522 |
$ |
280,471 |
$ |
291,598 |
$ |
297,851 |
||||||
|
Federal funds sold |
21,505 |
19,022 |
53,084 |
4,036 |
||||||||||
|
Cash and cash equivalents |
171,027 |
299,493 |
344,682 |
301,887 |
||||||||||
|
Investment securities |
||||||||||||||
|
Marketable equity securities, at fair value |
2,126 |
2,090 |
2,168 |
2,192 |
||||||||||
|
Available for sale investment securities, at fair value |
94,907 |
98,733 |
90,198 |
90,983 |
||||||||||
|
Held to maturity investment securities, at amortized cost |
15,917 |
15,979 |
16,043 |
16,166 |
||||||||||
|
Total investment securities |
112,950 |
116,802 |
108,409 |
109,341 |
||||||||||
|
Loans receivable (net of allowance for loan losses of $15,773, $17,141, $16,902 and $16,672 at June 30, 2022, March 31, 2022, December 31, 2021 and June 30, 2021, respectively) |
2,036,626 |
1,964,567 |
1,875,167 |
1,719,274 |
||||||||||
|
Accrued interest receivable |
8,047 |
7,733 |
7,512 |
6,661 |
||||||||||
|
Federal Home Loan Bank stock, at cost |
5,064 |
2,870 |
2,814 |
3,844 |
||||||||||
|
Premises and equipment, net |
27,768 |
25,661 |
25,588 |
33,916 |
||||||||||
|
Bank-owned life insurance |
49,699 |
49,434 |
49,174 |
48,632 |
||||||||||
|
Goodwill |
2,589 |
2,589 |
2,589 |
2,589 |
||||||||||
|
Other intangible assets |
- |
- |
- |
58 |
||||||||||
|
Deferred income taxes, net |
4,768 |
6,879 |
7,621 |
8,208 |
||||||||||
|
Other assets |
17,014 |
20,849 |
32,708 |
35,415 |
||||||||||
|
Total assets |
$ |
2,435,552 |
$ |
2,496,877 |
$ |
2,456,264 |
$ |
2,269,825 |
||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||||
|
Liabilities |
||||||||||||||
|
Deposits |
||||||||||||||
|
Noninterest bearing deposits |
$ |
372,584 |
$ |
412,985 |
$ |
398,956 |
$ |
328,473 |
||||||
|
Interest bearing deposits |
1,660,941 |
1,753,219 |
1,725,042 |
1,610,829 |
||||||||||
|
Total deposits |
2,033,525 |
2,166,204 |
2,123,998 |
1,939,302 |
||||||||||
|
Advances from the Federal Home Loan Bank |
105,000 |
50,000 |
50,000 |
75,000 |
||||||||||
|
Subordinated debentures |
34,500 |
34,471 |
34,441 |
15,366 |
||||||||||
|
Accrued expenses and other liabilities |
37,060 |
35,982 |
45,838 |
49,362 |
||||||||||
|
Total liabilities |
2,210,085 |
2,286,657 |
2,254,277 |
2,079,030 |
||||||||||
|
Shareholders' equity |
||||||||||||||
|
Common stock, no par value |
115,599 |
114,882 |
118,148 |
120,451 |
||||||||||
|
Retained earnings |
109,523 |
99,047 |
92,400 |
80,543 |
||||||||||
|
Accumulated other comprehensive income (loss) |
345 |
(3,709 |
) |
(8,561 |
) |
(10,199 |
) |
|||||||
|
Total shareholders' equity |
225,467 |
210,220 |
201,987 |
190,795 |
||||||||||
|
Total liabilities and shareholders' equity |
$ |
2,435,552 |
$ |
2,496,877 |
$ |
2,456,264 |
$ |
2,269,825 |
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars in thousands, except share data)
|
For the Quarter Ended |
For the Six Months Ended |
||||||||||||||||||||||
|
June 30, |
March 31, |
December 31, |
June 30, |
June 30, |
June 30, |
||||||||||||||||||
|
Interest and dividend income |
|||||||||||||||||||||||
|
Interest and fees on loans |
$ |
25,141 |
$ |
21,428 |
$ |
21,081 |
$ |
19,266 |
$ |
46,569 |
$ |
37,166 |
|||||||||||
|
Interest and dividends on securities |
774 |
720 |
722 |
736 |
1,494 |
1,505 |
|||||||||||||||||
|
Interest on cash and cash equivalents |
449 |
154 |
90 |
90 |
603 |
198 |
|||||||||||||||||
|
Total interest and dividend income |
26,364 |
22,302 |
21,893 |
20,092 |
48,666 |
38,869 |
|||||||||||||||||
|
Interest expense |
|||||||||||||||||||||||
|
Interest expense on deposits |
1,983 |
2,206 |
2,198 |
2,744 |
4,189 |
5,858 |
|||||||||||||||||
|
Interest expense on borrowings |
558 |
586 |
767 |
769 |
1,144 |
1,777 |
|||||||||||||||||
|
Total interest expense |
2,541 |
2,792 |
2,965 |
3,513 |
5,333 |
7,635 |
|||||||||||||||||
|
Net interest income |
23,823 |
19,510 |
18,928 |
16,579 |
43,333 |
31,234 |
|||||||||||||||||
|
(Credit) provision for loan losses |
(1,445 |
) |
229 |
125 |
(20 |
) |
(1,216 |
) |
(316 |
) |
|||||||||||||
|
Net interest income after (credit) provision for loan losses |
25,268 |
19,281 |
18,803 |
16,599 |
44,549 |
31,550 |
|||||||||||||||||
|
Noninterest income |
|||||||||||||||||||||||
|
Gains and fees from sales of loans |
608 |
631 |
441 |
814 |
1,239 |
1,327 |
|||||||||||||||||
|
Bank owned life insurance |
265 |
260 |
270 |
251 |
525 |
482 |
|||||||||||||||||
|
Service charges and fees |
249 |
240 |
257 |
217 |
489 |
416 |
|||||||||||||||||
|
Other |
30 |
(173 |
) |
(143 |
) |
158 |
(143 |
) |
1,170 |
||||||||||||||
|
Total noninterest income |
1,152 |
958 |
825 |
1,440 |
2,110 |
3,395 |
|||||||||||||||||
|
Noninterest expense |
|||||||||||||||||||||||
|
Salaries and employee benefits |
5,433 |
4,940 |
4,806 |
3,960 |
10,373 |
8,729 |
|||||||||||||||||
|
Occupancy and equipment |
2,193 |
2,150 |
2,411 |
3,250 |
4,343 |
5,656 |
|||||||||||||||||
|
Professional services |
1,000 |
981 |
628 |
547 |
1,981 |
1,134 |
|||||||||||||||||
|
Data processing |
689 |
654 |
432 |
833 |
1,343 |
1,345 |
|||||||||||||||||
|
Director fees |
339 |
352 |
335 |
327 |
691 |
644 |
|||||||||||||||||
|
FDIC insurance |
262 |
223 |
231 |
300 |
485 |
703 |
|||||||||||||||||
|
Marketing |
107 |
45 |
87 |
140 |
152 |
131 |
|||||||||||||||||
|
Other |
913 |
580 |
749 |
695 |
1,493 |
1,348 |
|||||||||||||||||
|
Total noninterest expense |
10,936 |
9,925 |
9,679 |
10,052 |
20,861 |
19,690 |
|||||||||||||||||
|
Income before income tax expense |
15,484 |
10,314 |
9,949 |
7,987 |
25,798 |
15,255 |
|||||||||||||||||
|
Income tax expense |
3,462 |
2,102 |
2,135 |
1,759 |
5,564 |
3,338 |
|||||||||||||||||
|
Net income |
$ |
12,022 |
$ |
8,212 |
$ |
7,814 |
$ |
6,228 |
$ |
20,234 |
$ |
11,917 |
|||||||||||
|
Earnings Per Common Share: |
|||||||||||||||||||||||
|
Basic |
$ |
1.56 |
$ |
1.05 |
$ |
1.00 |
$ |
0.79 |
$ |
2.61 |
$ |
1.51 |
|||||||||||
|
Diluted |
$ |
1.55 |
$ |
1.04 |
$ |
0.99 |
$ |
0.79 |
$ |
2.58 |
$ |
1.50 |
|||||||||||
|
Weighted Average Common Shares Outstanding: |
|||||||||||||||||||||||
|
Basic |
7,556,645 |
7,637,077 |
7,660,307 |
7,722,481 |
7,596,639 |
7,744,368 |
|||||||||||||||||
|
Diluted |
7,614,243 |
7,719,405 |
7,726,420 |
7,768,026 |
7,683,305 |
7,792,600 |
|||||||||||||||||
|
Dividends per common share |
$ |
0.20 |
$ |
0.20 |
$ |
0.18 |
$ |
0.14 |
$ |
0.40 |
$ |
0.28 |
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
|
For the Quarter Ended |
For the Six Months |
||||||||||
|
June 30, |
March 31, |
December 31, |
June 30, |
June 30, |
June 30, |
||||||
|
Performance ratios: |
|||||||||||
|
Return on average assets |
1.96 % |
1.35 % |
1.32 % |
1.11 % |
1.65 % |
1.07 % |
|||||
|
Return on average stockholders' equity |
22.09 % |
16.05 % |
15.44 % |
13.06 % |
19.16 % |
12.87 % |
|||||
|
Return on average tangible common equity |
22.36 % |
16.25 % |
15.65 % |
13.25 % |
19.40 % |
13.06 % |
|||||
|
Net interest margin |
4.01 % |
3.30 % |
3.43 % |
3.12 % |
3.65 % |
2.93 % |
|||||
|
Efficiency ratio(1) |
43.8 % |
48.5 % |
48.8 % |
55.7 % |
45.9 % |
56.8 % |
|||||
|
Net loan charge-offs as a % of average loans |
- % |
- % |
- % |
0.23 % |
- % |
0.24 % |
|||||
|
Dividend payout ratio(2) |
12.90 % |
19.23 % |
18.18 % |
17.72 % |
15.50 % |
18.67 % |
- 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.
- The dividend payout ratio is calculated by dividing dividends per share by earnings per share.
|
As of |
|||||||||||||||
|
June 30, |
March 31, |
December 31, |
June 30, |
||||||||||||
|
Capital ratios: |
|||||||||||||||
|
Total Common Equity Tier 1 Capital to Risk-Weighted Assets(1) |
11.10 |
% |
11.20 |
% |
11.18 |
% |
10.95 |
% |
|||||||
|
Total Capital to Risk-Weighted Assets(1) |
11.80 |
% |
12.00 |
% |
12.00 |
% |
11.84 |
% |
|||||||
|
Tier I Capital to Risk-Weighted Assets(1) |
11.10 |
% |
11.20 |
% |
11.18 |
% |
10.95 |
% |
|||||||
|
Tier I Capital to Average Assets(1) |
10.15 |
% |
9.80 |
% |
9.94 |
% |
9.19 |
% |
|||||||
|
Tangible common equity to tangible assets |
9.16 |
% |
8.32 |
% |
8.13 |
% |
8.30 |
% |
|||||||
|
Fully diluted tangible book value per common share |
$ |
28.75 |
$ |
26.75 |
$ |
25.55 |
$ |
23.83 |
- 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 |
|||||||||||||||
|
June 30, |
March 31, |
December 31, |
June 30, |
||||||||||||
|
Allowance for loan losses: |
|||||||||||||||
|
Balance at beginning of period |
$ |
17,141 |
$ |
16,902 |
$ |
16,803 |
$ |
20,545 |
|||||||
|
Charge-offs: |
|||||||||||||||
|
Commercial real estate |
- |
- |
- |
(3,814 |
) |
||||||||||
|
Commercial business |
- |
- |
(26 |
) |
(51 |
) |
|||||||||
|
Consumer |
- |
(4 |
) |
(5 |
) |
(4 |
) |
||||||||
|
Total charge-offs |
- |
(4 |
) |
(31 |
) |
(3,869 |
) |
||||||||
|
Recoveries: |
|||||||||||||||
|
Commercial real estate |
77 |
- |
- |
- |
|||||||||||
|
Commercial business |
- |
13 |
2 |
16 |
|||||||||||
|
Consumer |
- |
1 |
3 |
- |
|||||||||||
|
Total recoveries |
77 |
14 |
5 |
16 |
|||||||||||
|
Net loan recoveries (charge-offs) |
77 |
10 |
(26 |
) |
(3,853 |
) |
|||||||||
|
(Credit) provision for loan losses |
(1,445 |
) |
229 |
125 |
(20 |
) |
|||||||||
|
Balance at end of period |
$ |
15,773 |
$ |
17,141 |
$ |
16,902 |
$ |
16,672 |
|
As of |
|||||||||||||||
|
June 30, |
March 31, |
December 31, |
June 30, |
||||||||||||
|
Asset quality: |
|||||||||||||||
|
Nonaccrual loans |
|||||||||||||||
|
Residential real estate |
$ |
2,161 |
$ |
2,181 |
$ |
2,380 |
$ |
1,160 |
|||||||
|
Commercial real estate |
2,955 |
3,365 |
3,482 |
15,392 |
|||||||||||
|
Commercial business |
787 |
817 |
1,728 |
1,780 |
|||||||||||
|
Construction |
9,382 |
9,382 |
8,997 |
8,997 |
|||||||||||
|
Total nonaccrual loans |
15,285 |
15,745 |
16,587 |
27,329 |
|||||||||||
|
Other real estate owned |
- |
- |
- |
- |
|||||||||||
|
Total nonperforming assets |
$ |
15,285 |
$ |
15,745 |
$ |
16,587 |
$ |
27,329 |
|||||||
|
Nonperforming loans as a % of total loans |
0.74 |
% |
0.79 |
% |
0.88 |
% |
1.57 |
% |
|||||||
|
Nonperforming assets as a % of total assets |
0.63 |
% |
0.63 |
% |
0.68 |
% |
1.20 |
% |
|||||||
|
Allowance for loan losses as a % of total loans |
0.77 |
% |
0.86 |
% |
0.89 |
% |
0.96 |
% |
|||||||
|
Allowance for loan losses as a % of nonperforming loans |
103.19 |
% |
108.87 |
% |
101.90 |
% |
61.00 |
% |
|||||||
|
Total past due loans to total loans |
1.40 |
% |
0.85 |
% |
1.72 |
% |
1.65 |
% |
Total nonaccrual loans declined $1.3 million to $15.3 million as of June 30, 2022 when compared to December 31, 2021. Nonperforming assets as a percentage of total assets was 0.63% at June 30, 2022, down from 0.68% at December 31, 2021. The allowance for loan losses at June 30, 2022 was $15.8 million, representing 0.77% of total loans.
Past due loans decreased to $28.8 million, or 1.40% of total loans, as of June 30, 2022, compared to $32.6 million, or 1.72% of total loans, as of December 31, 2021. As of June 30, 2022, past due loans include one $10.5 million commercial real estate loan, representing 0.51% of total loans, that had reached maturity and is in active negotiations to be refinanced.
BANKWELL FINANCIAL GROUP, INC.
LOAN & DEPOSIT PORTFOLIO (unaudited)
(Dollars in thousands)
|
Period End Loan Composition |
June 30, |
March 31, |
December 31, |
Current QTD % Change |
YTD % Change |
|||||||||
|
Residential Real Estate |
$ |
64,253 |
$ |
68,617 |
$ |
79,987 |
(6.4 |
) % |
(19.7 |
) % |
||||
|
Commercial Real Estate(1) |
1,499,364 |
1,425,758 |
1,356,709 |
5.2 |
10.5 |
|||||||||
|
Construction |
111,422 |
115,514 |
98,341 |
(3.5 |
) |
13.3 |
||||||||
|
Total Real Estate Loans |
1,675,039 |
1,609,889 |
1,535,037 |
4.0 |
9.1 |
|||||||||
|
Commercial Business |
372,361 |
370,166 |
350,975 |
0.6 |
6.1 |
|||||||||
|
Consumer |
9,196 |
5,275 |
8,869 |
74.3 |
3.7 |
|||||||||
|
Total Loans |
$ |
2,056,596 |
$ |
1,985,330 |
$ |
1,894,881 |
3.6 |
% |
8.5 |
% |
||||
|
(1) Includes owner occupied commercial real estate. |
Gross loans totaled $2.1 billion at June 30, 2022, an increase of $161.7 million compared to December 31, 2021.
|
Period End Deposit Composition |
June 30, |
March 31, |
December 31, |
Current QTD % Change |
YTD % Change |
|||||||||
|
Noninterest bearing demand |
$ |
372,584 |
$ |
412,985 |
$ |
398,956 |
(9.8 |
) % |
(6.6 |
) % |
||||
|
NOW |
155,026 |
112,567 |
119,479 |
37.7 |
29.8 |
|||||||||
|
Money Market |
833,730 |
996,458 |
954,674 |
(16.3 |
) |
(12.7 |
) |
|||||||
|
Savings |
196,075 |
197,961 |
193,631 |
(1.0 |
) |
1.3 |
||||||||
|
Time |
476,110 |
446,233 |
457,258 |
6.7 |
4.1 |
|||||||||
|
Total Deposits |
$ |
2,033,525 |
$ |
2,166,204 |
$ |
2,123,998 |
(6.1 |
) % |
(4.3 |
) % |
Total deposits were $2.0 billion at June 30, 2022, compared to $2.1 billion at December 31, 2021, a decrease of $90.5 million, or 4.3%. The decrease in deposits is primarily a result of seasonal fluctuations in several municipal and commercial deposit relationships.
BANKWELL FINANCIAL GROUP, INC.
NONINTEREST INCOME (unaudited)
(Dollars in thousands)
|
For the Quarter Ended |
|||||||||||||||
|
Noninterest income |
June 30, |
March 31, |
June 30, |
June 22 vs. March 22 |
June 22 vs. June 21 |
||||||||||
|
Gains and fees from sales of loans |
$ |
608 |
$ |
631 |
$ |
814 |
(3.6 |
) % |
(25.3 |
) % |
|||||
|
Bank owned life insurance |
265 |
260 |
251 |
1.9 |
5.6 |
||||||||||
|
Service charges and fees |
249 |
240 |
217 |
3.8 |
14.7 |
||||||||||
|
Other |
30 |
(173 |
) |
158 |
(117.3 |
) |
(81.0 |
) |
|||||||
|
Total noninterest income |
$ |
1,152 |
$ |
958 |
$ |
1,440 |
20.3 |
% |
(20.0 |
) % |
|
For the Six Months Ended |
|||||||||
|
Noninterest income |
June 30, 2022 |
June 30, 2021 |
% Change |
||||||
|
Gains and fees from sales of loans |
$ |
1,239 |
$ |
1,327 |
(6.6 |
) % |
|||
|
Bank owned life insurance |
525 |
482 |
8.9 |
||||||
|
Service charges and fees |
489 |
416 |
17.5 |
||||||
|
Other |
(143 |
) |
1,170 |
(112.2 |
) |
||||
|
Total noninterest income |
$ |
2,110 |
$ |
3,395 |
(37.8 |
) % |
Noninterest income decreased by $0.3 million to $1.2 million for the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021. Noninterest income decreased by $1.3 million to $2.1 million for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.
The decrease in noninterest income was driven by a reduction in loan sales for the quarter and six months ended June 30, 2022 when compared to the same periods in the prior year. Loan sales decreased $0.2 million and $0.1 million for the quarter and six months ended June 30, 2022, respectively. In addition, noninterest income declined due to the absence of rental income recognized during the quarter and six months ended June 30, 2021, as a result of the disposition of the Company's former headquarters building. Noninterest income also declined for the six months ended June 30, 2022 due to a one-time federal payroll tax credit for COVID-19 of $0.9 million recognized in the quarter ended March 31, 2021.
BANKWELL FINANCIAL GROUP, INC.
NONINTEREST EXPENSE (unaudited)
(Dollars in thousands)
|
For the Quarter Ended |
||||||||||||||
|
Noninterest expense |
June 30, |
March 31, |
June 30, |
June 22 vs. March 22 |
June 22 vs. June 21 |
|||||||||
|
Salaries and employee benefits |
$ |
5,433 |
$ |
4,940 |
$ |
3,960 |
10.0 |
% |
37.2 |
% |
||||
|
Occupancy and equipment |
2,193 |
2,150 |
3,250 |
2.0 |
(32.5 |
) |
||||||||
|
Professional services |
1,000 |
981 |
547 |
1.9 |
82.8 |
|||||||||
|
Data processing |
689 |
654 |
833 |
5.4 |
(17.3 |
) |
||||||||
|
Director fees |
339 |
352 |
327 |
(3.7 |
) |
3.7 |
||||||||
|
FDIC insurance |
262 |
223 |
300 |
17.5 |
(12.7 |
) |
||||||||
|
Marketing |
107 |
45 |
140 |
137.8 |
(23.6 |
) |
||||||||
|
Other |
913 |
580 |
695 |
57.4 |
31.4 |
|||||||||
|
Total noninterest expense |
$ |
10,936 |
$ |
9,925 |
$ |
10,052 |
10.2 |
% |
8.8 |
% |
|
For the Six Months Ended |
||||||||
|
Noninterest expense |
June 30, 2022 |
June 30, 2021 |
% Change |
|||||
|
Salaries and employee benefits |
$ |
10,373 |
$ |
8,729 |
18.8 |
% |
||
|
Occupancy and equipment |
4,343 |
5,656 |
(23.2 |
) |
||||
|
Professional services |
1,981 |
1,134 |
74.7 |
|||||
|
Data processing |
1,343 |
1,345 |
(0.1 |
) |
||||
|
Director fees |
691 |
644 |
7.3 |
|||||
|
FDIC insurance |
485 |
703 |
(31.0 |
) |
||||
|
Marketing |
152 |
131 |
16.0 |
|||||
|
Other |
1,493 |
1,348 |
10.8 |
|||||
|
Total noninterest expense |
$ |
20,861 |
$ |
19,690 |
5.9 |
% |
Noninterest expense increased by $0.9 million to $10.9 million for the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021. Noninterest expense increased by $1.2 million to $20.9 million for the six months ended June 30, 2022 compared to the six months ended June 30, 2021. The increase in noninterest expense was primarily driven by an increase in salaries and employee benefits expense and professional services expense, partially offset by a decrease in occupancy and equipment expense.
Salaries and employee benefits expense totaled $5.4 million for the quarter ended June 30, 2022, an increase of $1.5 million when compared to the same period in 2021. Salaries and employee benefits expense totaled $10.4 million for the six months ended June 30, 2022, an increase of $1.6 million when compared to the same period in 2021. The increase in salaries and employee benefits expense was primarily driven by an increase in full time equivalent employees. Full time equivalent employees totaled 132 at June 30, 2022 compared to 125 for the same period in 2021. Average full time equivalent employees totaled 128 for the six months ended June 30, 2022 compared to 124 for the same period in 2021. The increase in salaries and employee benefits expense was also impacted by an increase in variable compensation accruals as a result of the Bank's overall improved performance. The increase in salaries and employee benefits expense was partially offset by higher loan originations, which enabled the bank to defer a greater amount of expenses.
Professional services expense totaled $1.0 million for the quarter ended June 30, 2022, an increase of $0.5 million when compared to the same period in 2021. Professional services expense totaled $2.0 million for the six months ended June 30, 2022, an increase of $0.8 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.
Occupancy and equipment expense totaled $2.2 million for the quarter ended June 30, 2022, a decrease of $1.1 million when compared to the same period in 2021. Occupancy and equipment expense totaled $4.3 million for the six months ended June 30, 2022, a decrease of $1.3 million when compared to the same period in 2021. The decrease in occupancy and equipment expense was primarily driven by the curtailment of additional cleaning costs associated with precautions taken to prevent the spread of COVID-19 during the six months ended June 30, 2021.
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 |
June 30, |
March 31, |
December 31, |
June 30, |
|||||||||||
|
Total Equity |
$ |
225,467 |
$ |
210,220 |
$ |
201,987 |
$ |
190,795 |
|||||||
|
Less: |
|||||||||||||||
|
Goodwill |
2,589 |
2,589 |
2,589 |
2,589 |
|||||||||||
|
Other intangibles |
- |
- |
- |
58 |
|||||||||||
|
Tangible Common Equity |
$ |
222,878 |
$ |
207,631 |
$ |
199,398 |
$ |
188,148 |
|||||||
|
Total Assets |
$ |
2,435,552 |
$ |
2,496,877 |
$ |
2,456,264 |
$ |
2,269,825 |
|||||||
|
Less: |
|||||||||||||||
|
Goodwill |
2,589 |
2,589 |
2,589 |
2,589 |
|||||||||||
|
Other intangibles |
- |
- |
- |
58 |
|||||||||||
|
Tangible Assets |
$ |
2,432,963 |
$ |
2,494,288 |
$ |
2,453,675 |
$ |
2,267,178 |
|||||||
|
Tangible Common Equity to Tangible Assets |
9.16 |
% |
8.32 |
% |
8.13 |
% |
8.30 |
% |
|
As of |
|||||||||||
|
Computation of Fully Diluted Tangible Book Value per Common Share |
June 30, |
March 31, |
December 31, |
June 30, |
|||||||
|
Total shareholders' equity |
$ |
225,467 |
$ |
210,220 |
$ |
201,987 |
$ |
190,795 |
|||
|
Less: |
|||||||||||
|
Preferred stock |
- |
- |
- |
- |
|||||||
|
Common shareholders' equity |
$ |
225,467 |
$ |
210,220 |
$ |
201,987 |
$ |
190,795 |
|||
|
Less: |
|||||||||||
|
Goodwill |
2,589 |
2,589 |
2,589 |
2,589 |
|||||||
|
Other intangibles |
- |
- |
- |
58 |
|||||||
|
Tangible common shareholders' equity |
$ |
222,878 |
$ |
207,631 |
$ |
199,398 |
$ |
188,148 |
|||
|
Common shares issued and outstanding |
7,752,389 |
7,761,338 |
7,803,166 |
7,895,101 |
|||||||
|
Fully Diluted Tangible Book Value per Common Share |
$ |
28.75 |
$ |
26.75 |
$ |
25.55 |
$ |
23.83 |
BANKWELL FINANCIAL GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) - Continued
(Dollars in thousands)
|
For the Quarter Ended |
For the Six Months Ended |
||||||||||||||||||||||
|
Computation of Efficiency Ratio |
June 30, |
March 31, |
December 31, |
June 30, |
June 30, |
June 30, |
|||||||||||||||||
|
Noninterest expense |
$ |
10,936 |
$ |
9,925 |
$ |
9,679 |
$ |
10,052 |
$ |
20,861 |
$ |
19,690 |
|||||||||||
|
Less: |
|||||||||||||||||||||||
|
Amortization of intangible assets |
- |
- |
48 |
9 |
- |
19 |
|||||||||||||||||
|
Other real estate owned expenses |
- |
- |
- |
- |
- |
- |
|||||||||||||||||
|
Adjusted noninterest expense |
$ |
10,936 |
$ |
9,925 |
$ |
9,631 |
$ |
10,043 |
$ |
20,861 |
$ |
19,671 |
|||||||||||
|
Net interest income |
$ |
23,823 |
$ |
19,510 |
$ |
18,928 |
$ |
16,579 |
$ |
43,333 |
$ |
31,234 |
|||||||||||
|
Noninterest income |
1,152 |
958 |
825 |
1,440 |
2,110 |
3,395 |
|||||||||||||||||
|
Less: |
|||||||||||||||||||||||
|
Net gain on sale of available for sale securities |
- |
- |
- |
- |
- |
- |
|||||||||||||||||
|
Gain on sale of other real estate owned, net |
- |
- |
- |
- |
- |
- |
|||||||||||||||||
|
Operating revenue |
$ |
24,975 |
$ |
20,468 |
$ |
19,753 |
$ |
18,019 |
$ |
45,443 |
$ |
34,629 |
|||||||||||
|
Efficiency ratio |
43.8 |
% |
48.5 |
% |
48.8 |
% |
55.7 |
% |
45.9 |
% |
56.8 |
% |
|
For the Quarter Ended |
For the Six Months Ended |
||||||||||||||||||||||
|
Computation of Return on Average Tangible Common Equity |
June 30, |
March 31, |
December 31, |
June 30, |
June 30, |
June 30, |
|||||||||||||||||
|
Net Income Attributable to Common Shareholders |
$ |
12,022 |
$ |
8,212 |
$ |
7,814 |
$ |
6,228 |
$ |
20,234 |
$ |
11,917 |
|||||||||||
|
Total average shareholders' equity |
$ |
218,250 |
$ |
207,541 |
$ |
200,752 |
$ |
191,224 |
$ |
212,932 |
$ |
186,664 |
|||||||||||
|
Less: |
|||||||||||||||||||||||
|
Average Goodwill |
2,589 |
2,589 |
2,589 |
2,589 |
2,589 |
2,589 |
|||||||||||||||||
|
Average Other intangibles |
- |
- |
45 |
64 |
- |
68 |
|||||||||||||||||
|
Average tangible common equity |
$ |
215,661 |
$ |
204,952 |
$ |
198,118 |
$ |
188,571 |
$ |
210,343 |
$ |
184,007 |
|||||||||||
|
Annualized Return on Average Tangible Common Equity |
22.36 |
% |
16.25 |
% |
15.65 |
% |
13.25 |
% |
19.40 |
% |
13.06 |
% |
BANKWELL FINANCIAL GROUP, INC.
NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited)
(Dollars in thousands)
|
For the Quarter Ended |
|||||||||||||||||
|
June 30, 2022 |
June 30, 2021 |
||||||||||||||||
|
Average Balance |
Interest |
Yield/ Rate (4) |
Average Balance |
Interest |
Yield/ Rate (4) |
||||||||||||
|
Assets: |
|||||||||||||||||
|
Cash and Fed funds sold |
$ |
247,013 |
$ |
449 |
0.73 |
% |
$ |
336,073 |
$ |
90 |
0.11 |
% |
|||||
|
Securities(1) |
118,534 |
809 |
2.73 |
103,297 |
761 |
2.95 |
|||||||||||
|
Loans: |
|||||||||||||||||
|
Commercial real estate |
1,443,239 |
17,278 |
4.74 |
1,163,134 |
13,678 |
4.65 |
|||||||||||
|
Residential real estate |
66,460 |
553 |
3.33 |
105,975 |
958 |
3.62 |
|||||||||||
|
Construction |
106,285 |
1,938 |
7.21 |
110,780 |
1,036 |
3.70 |
|||||||||||
|
Commercial business |
393,318 |
5,327 |
5.36 |
296,613 |
3,506 |
4.68 |
|||||||||||
|
Consumer |
5,298 |
45 |
3.43 |
8,851 |
88 |
3.98 |
|||||||||||
|
Total loans |
2,014,600 |
25,141 |
4.94 |
1,685,353 |
19,266 |
4.52 |
|||||||||||
|
Federal Home Loan Bank stock |
3,263 |
15 |
1.79 |
4,219 |
25 |
2.34 |
|||||||||||
|
Total earning assets |
2,383,410 |
$ |
26,414 |
4.38 |
% |
2,128,942 |
$ |
20,142 |
3.74 |
% |
|||||||
|
Other assets |
79,380 |
117,334 |
|||||||||||||||
|
Total assets |
$ |
2,462,790 |
$ |
2,246,276 |
|||||||||||||
|
Liabilities and shareholders' equity: |
|||||||||||||||||
|
Interest bearing liabilities: |
|||||||||||||||||
|
NOW |
$ |
136,414 |
$ |
59 |
0.17 |
% |
$ |
118,806 |
$ |
54 |
0.18 |
% |
|||||
|
Money market |
931,101 |
1,146 |
0.49 |
782,079 |
941 |
0.48 |
|||||||||||
|
Savings |
198,304 |
103 |
0.21 |
168,870 |
92 |
0.22 |
|||||||||||
|
Time |
451,508 |
675 |
0.60 |
538,915 |
1,657 |
1.23 |
|||||||||||
|
Total interest bearing deposits |
1,717,327 |
1,983 |
0.46 |
1,608,670 |
2,744 |
0.68 |
|||||||||||
|
Borrowed Money |
85,092 |
558 |
2.59 |
101,586 |
769 |
3.00 |
|||||||||||
|
Total interest bearing liabilities |
1,802,419 |
$ |
2,541 |
0.57 |
% |
1,710,256 |
$ |
3,513 |
0.82 |
% |
|||||||
|
Noninterest bearing deposits |
407,890 |
298,467 |
|||||||||||||||
|
Other liabilities |
34,231 |
46,329 |
|||||||||||||||
|
Total liabilities |
2,244,540 |
2,055,052 |
|||||||||||||||
|
Shareholders' equity |
218,250 |
191,224 |
|||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
2,462,790 |
$ |
2,246,276 |
|||||||||||||
|
Net interest income(2) |
$ |
23,873 |
$ |
16,629 |
|||||||||||||
|
Interest rate spread |
3.81 |
% |
2.92 |
% |
|||||||||||||
|
Net interest margin(3) |
4.01 |
% |
3.12 |
% |
- Average balances and yields for securities are based on amortized cost.
- The adjustment for securities and loans taxable equivalency amounted to $50 thousand and $50 thousand for the quarters ended June 30, 2022 and 2021, respectively.
- Annualized net interest income as a percentage of earning assets.
- Yields are calculated using the contractual day count convention for each respective product type.
BANKWELL FINANCIAL GROUP, INC.
NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - YTD (unaudited)
(Dollars in thousands)
|
For the Six Months Ended |
|||||||||||||||||
|
June 30, 2022 |
June 30, 2021 |
||||||||||||||||
|
Average Balance |
Interest |
Yield/ Rate (4) |
Average Balance |
Interest |
Yield/ Rate (4) |
||||||||||||
|
Assets: |
|||||||||||||||||
|
Cash and Fed funds sold |
$ |
296,239 |
$ |
603 |
0.41 |
% |
$ |
368,779 |
$ |
198 |
0.11 |
% |
|||||
|
Securities(1) |
115,452 |
1,563 |
2.71 |
% |
102,252 |
1,549 |
3.03 |
% |
|||||||||
|
Loans: |
|||||||||||||||||
|
Commercial real estate |
1,393,836 |
32,273 |
4.61 |
% |
1,146,258 |
26,354 |
4.57 |
% |
|||||||||
|
Residential real estate |
70,125 |
1,224 |
3.49 |
% |
109,003 |
1,996 |
3.66 |
% |
|||||||||
|
Construction |
104,176 |
2,971 |
5.67 |
% |
102,459 |
1,916 |
3.72 |
% |
|||||||||
|
Commercial business |
388,249 |
9,954 |
5.10 |
% |
295,682 |
6,763 |
4.55 |
% |
|||||||||
|
Consumer |
5,666 |
147 |
5.25 |
% |
6,956 |
137 |
3.96 |
% |
|||||||||
|
Total loans |
1,962,052 |
46,569 |
4.72 |
% |
1,660,358 |
37,166 |
4.45 |
% |
|||||||||
|
Federal Home Loan Bank stock |
3,051 |
29 |
1.94 |
% |
5,356 |
56 |
2.11 |
% |
|||||||||
|
Total earning assets |
2,376,794 |
$ |
48,764 |
4.08 |
% |
2,136,745 |
$ |
38,969 |
3.64 |
% |
|||||||
|
Other assets |
89,866 |
115,718 |
|||||||||||||||
|
Total assets |
$ |
2,466,660 |
$ |
2,252,463 |
|||||||||||||
|
Liabilities and shareholders' equity: |
|||||||||||||||||
|
Interest bearing liabilities: |
|||||||||||||||||
|
NOW |
$ |
124,361 |
$ |
106 |
0.17 |
% |
$ |
109,990 |
$ |
97 |
0.18 |
% |
|||||
|
Money market |
950,131 |
2,326 |
0.49 |
% |
759,435 |
1,891 |
0.50 |
% |
|||||||||
|
Savings |
196,400 |
204 |
0.21 |
% |
164,630 |
217 |
0.27 |
% |
|||||||||
|
Time |
452,676 |
1,553 |
0.69 |
% |
574,876 |
3,653 |
1.28 |
% |
|||||||||
|
Total interest bearing deposits |
1,723,568 |
4,189 |
0.49 |
% |
1,608,931 |
5,858 |
0.73 |
% |
|||||||||
|
Borrowed Money |
84,770 |
1,144 |
2.68 |
% |
126,886 |
1,777 |
2.79 |
% |
|||||||||
|
Total interest bearing liabilities |
1,808,338 |
$ |
5,333 |
0.59 |
% |
1,735,817 |
$ |
7,635 |
0.89 |
% |
|||||||
|
Noninterest bearing deposits |
406,707 |
284,226 |
|||||||||||||||
|
Other liabilities |
38,683 |
45,756 |
|||||||||||||||
|
Total liabilities |
2,253,728 |
2,065,799 |
|||||||||||||||
|
Shareholders' equity |
212,932 |
186,664 |
|||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
2,466,660 |
$ |
2,252,463 |
|||||||||||||
|
Net interest income(2) |
$ |
43,431 |
$ |
31,334 |
|||||||||||||
|
Interest rate spread |
3.49 |
% |
2.75 |
% |
|||||||||||||
|
Net interest margin(3) |
3.65 |
% |
2.93 |
% |
- Average balances and yields for securities are based on amortized cost.
- The adjustment for securities and loans taxable equivalency amounted to $98 thousand and $100 thousand for the six months ended June 30, 2022 and 2021, respectively.
- Annualized net interest income as a percentage of earning assets.
- Yields are calculated using the contractual day count convention for each respective product type.
Christopher R. Gruseke
President and Chief Executive Officer
Penko Ivanov
Executive Vice President and Chief Financial Officer
(203) 652-0166