邦克威尔金融集团 (BWFG) 2026年第三季度业绩电话会议：利润创纪录并上调业绩指引

尽管吸收了300万美元的税前核心系统转换费用，Bankwell Financial Group（NASDAQ: BWFG）仍报告了创纪录的2026年第三季度GAAP净利润。净息差扩大、创纪录的SBA出售收益以及信贷指标改善对本季度业绩形成支撑，促使管理层调高了全年净利息收入和非利息收入指引。

核心要点

• GAAP净利润达到创纪录的1270万美元（或每股1.58美元），而第二季度为1240万美元（或每股1.52美元）。
• 扣除核心系统转换费用后，运营净利润为1500万美元（或每股1.86美元）。本季度包含300万美元的税前转换费用，主要是合同终止成本。
• 净息差环比扩大13个基点至3.71%，为连续第三个季度增长。净利息收入从2950万美元增至3140万美元。
• 非利息收入增长21%至400万美元，其中创纪录的280万美元SBA出售收益领涨。今年迄今的SBA出售收益共计760万美元，而2025年同期为290万美元。
• 在Bankwell出售其最大的历史不良贷款后，不良资产占总资产的比重降至0.20%。该交易带来了250万美元的前期核销收回款。
• 管理层将全年净利息收入指引上调至1.19亿美元-1.21亿美元，并将非利息收入指引上调至1400万美元-1500万美元。

关键财务数据

业务与运营表现

Bankwell在本季度发放了约2.22亿美元的贷款，其中包括3000万美元的SBA贷款。净贷款增加2300万美元，使今年迄今的增长达到1.43亿美元，即5%。

2026年发放的新贷款收益率比到期/流失贷款高出约90个基点。贷款收益率上升6个基点至6.72%，而收益资产收益率上升8个基点至6.34%。

核心存款较第二季度下降不到1%，但同比增加3.4亿美元，即18%。核心存款占总存款的76%，高于一年前的69%。总存款成本基本保持稳定，为2.92%。

资产负债表包含约13亿美元的浮动利率贷款，相当于贷款总额的44%。无息存款和低成本NOW账户余额占总存款的19%，而2024年底这一比例为15%。

在出售位于纽约州威斯特彻斯特县的一笔疫情时期的零售商业房地产贷款后，信贷质量有所改善。该收回贡献了140万美元的净收回额，并对利润产生了130万美元的信贷收益。剩余的主要不良风险敞口是新泽西州郊区的一笔写字楼参与贷款，在季度核销60万美元后，其账面价值为430万美元。

管理层指引

管理层将全年净利息收入预期从1.15亿美元-1.17亿美元上调至1.19亿美元-1.21亿美元。

受更强劲的SBA业务表现推动，全年非利息收入指引从1200万美元-1300万美元上调至1400万美元-1500万美元。公司维持了5%-7%的全年贷款增长目标以及6500万美元-6700万美元的非利息支出预期（不含核心系统转换成本）。

Bankwell预计在未来四个季度中，每季度将产生约40万至50万美元与转换相关的费用。这些成本预计将包括第三方顾问、临时资源和实施工作。管理层预计将在2027年下半年完成核心系统转换。

风险与关注点

管理层表示，未来的利率走势仍存在不确定性。若再加息25个基点，预计随着资产重新定价抵消更高的存款和批发融资成本，未来四个季度对利润的影响将大致呈中性。

未挂钩指数的计息活期存款的存款贝塔系数（deposit beta）可能在60%-70%左右。约6亿美元的零售定期存单正以比当前利率高出约50个基点水平进行重新定价，而经纪存单和FHLB借款也正转入更高的市场利率。

贷款竞争正压榨息差。管理层表示，Bankwell不打算主要靠价格竞争，并将继续在信贷发放和保留方面保持选择性。

核心系统转换将在整个2027年前带来实施和执行风险。管理层预计明年的运营费用支出速率（run rate）不会发生重大变化，因为平台节省的资金可能会被重新投资于新增功能和能力建设上。

分析师问答要点

管理层表示，贷款提前还款较上年有所放缓，但仍保持健康。预计强劲的项目储备（pipeline）将支撑替换还款并实现公司增长目标所需的发放量。

期末活期存款的下降被归因于季节性因素而非客户流失。管理层预计，随着新客户关系的增加，活期存款账户（DDA）将持续增长。

Bankwell的SBA项目储备依然强劲，可见度延伸至未来数月。管理层预计到2027年将保持温和、稳定的扩张，而非大幅加速。

关于利率敏感性，约16亿美元的资产将立即重新定价，而约6亿美元的固定利率贷款按计划到期（平均收益率接近5.80%），预计将按当前更高的利率重新定价。

新的核心平台预计将改善数据控制、API连接性以及添加产品或功能的速度。管理层表示，可比平台成本将会降低，但新增功能可能会使整体核心系统和支付支出基本持平。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Hello, everyone. Thank you for joining us, and welcome to the Bankwell Financial Group Third Quarter 2026 Earnings Call.[Operator Instructions] I will now hand the conference over to Courtney Sacchetti, Executive Vice President and Chief Financial Officer. Courtney, please go ahead.

Courtney Sacchetti

Thank you. Good morning, everyone. Welcome to Bankwell's Third Quarter 2026 Earnings Conference Call. To access the call over the Internet and review the presentation materials that we will reference on the call, please visit our website at investor.mybankwell.com and go to the Events and Presentations tab for supporting materials.

Our third quarter earnings release is also available on our website. Our remarks today may contain forward-looking statements and may refer to non-GAAP financial measures. All participants should refer to our SEC filings, including those found on Forms 8-K, 10-Q and 10-K for a complete discussion of forward-looking statements and any factors that could cause actual results to differ from those statements. And I will now turn the call over to Chris Gruseke, Bankwell's Chief Executive Officer.

Christopher Gruseke

Thanks, Courtney. Welcome, and thank you to everyone for joining Bankwell's quarterly earnings call. This morning, in addition to Courtney, we're joined by Matt McNeil, our President and Chief Banking Officer.

The third quarter was one of real progress for Bankwell. Margin expansion continued. We resolved our largest legacy problem credit. Our SBA platform had its best quarter yet, and we announced our core conversion, an important step in strengthening the infrastructure and technology that will support our future growth. For the third quarter, we reported record GAAP net income of $12.7 million or $1.58 per share compared to $12.4 million or $1.52 per share in the second quarter.

It's important to note that these record results include $3 million of pretax expenses tied to our core conversion. These expenses are primarily attributable to the termination of our existing core provider contracts. Courtney will address those items in a couple of minutes. Excluding those charges, operating net income was $15 million or $1.86 per share. Our earnings momentum is strong and continues to grow. Looking ahead, the core conversion will expand our capabilities and improve efficiency and scalability across the organization.

We anticipate completing the conversion in the second half of 2027, and we'll keep you updated as the project progresses. Lending activity was healthy. We originated approximately $222 million of loans in the quarter, including $30 million of SBA originations, resulting in net loan growth of $23 million. Year-to-date, loans have grown by $143 million or 5%.

We remain selective in the credits we originate and retain, supporting both margin and credit quality. Core deposits were down less than 1% from the second quarter, but remained well above prior year levels. Compared with a year ago, core deposits have increased by $340 million or 18% and now represent 76% of total deposits, up from 69% a year ago. Net interest margin increased 13 basis points to 3.71%, marking the third consecutive quarter of expansion. The improvements reflect higher earning asset yields, the cumulative benefit of deposit repricing in prior quarters and a more favorable funding mix. Funding costs were essentially stable compared with the second quarter. Noninterest income increased by 21% this quarter to $4 million, primarily attributable to a record $2.8 million of SBA gain on sale income during the quarter. Year-to-date, SDA gains totaled $7.6 million compared to $2.9 million generated through the same period of 2025.

Credit metrics improved meaningfully during the quarter. We sold the COVID era retail commercial real estate loan in Westchester County, New York, which had been our largest nonperforming asset. The sale resulted in a $2.5 million recovery of amounts previously charged off and contributed to net recoveries of $1.4 million for the quarter. Nonperforming loans declined to $7.1 million, while nonperforming assets fell 26 basis points to just 20 basis points of total assets.

Tangible book value per share increased to $41.59, up $1.34 during the quarter and $3.75 since the beginning of the year. We understand and emphasize every day that growing tangible book value in a consistent and safe manner is our primary responsibility to our shareholders. And now I'll turn the call over to Courtney to cover the financials in greater detail.

Courtney Sacchetti

Thanks, Chris. I'll begin with this quarter's return. On a reported basis, return on average assets was 1.45% and return on average tangible common equity was 15.28%. Excluding conversion costs, return on average assets was 1.71% and return on average tangible common equity was 18.02%. Pre-provision net revenue was $15.5 million as reported or 1.76% of average assets.

On an operating basis, PPNR was $18.5 million or 2.11% of average assets. Net interest income reached $31.4 million, up from $29.5 million last quarter. Earning asset yields rose 8 basis points to 6.34%, while loan yields increased 6 basis points to 6.72%.

New loan pricing remains attractive with our 2026 origination yields running approximately 90 basis points above the yields on loans running off. Total deposit costs were essentially flat at 2.92% as the benefit from time deposit repricing moderated. Approximately $1.3 billion or 44% of our loans are now floating rate. At the same time, time deposits represent a shrinking share of our funding, while noninterest-bearing and low-cost now balances now represent 19% of total deposits, up from 15% at the end of 2024. Together, these changes on both sides of the balance sheet have reduced our earnings sensitivity to movements in short-term rates.

While the future path of rates remains uncertain, our earnings are less dependent on that path than they have been historically. Noninterest income was $4 million, including $2.8 million of SBA gains on sale. Service charges and fees also increased to $951,000. Noninterest income represented just over 11% of total revenue, reflecting continued progress in broadening our revenue mix.

Noninterest expense was $19.8 million compared to $15.3 million in the second quarter. The increase was primarily driven by $3 million of core conversion costs, including $2.7 million related to contract termination costs.

Looking ahead, we currently anticipate conversion-related expense of approximately $400,000 to $500,000 per quarter over the next 4 quarters as implementation activities progress. We expect these costs to primarily reflect third-party consulting support, temporary resources and other costs associated with the implementation. Importantly, the elevated expense this quarter was largely driven by onetime termination costs. As the project progresses, we will continue to refine our estimates and update our expectations accordingly. Additionally, salaries and employee benefits increased, reflecting targeted investments in talent to support our growth as well as higher performance-based compensation.

The reported efficiency ratio for the quarter was 56.1% and 53.1% year-to-date. Utilizing our operating noninterest expense of $16.8 million, our operating efficiency ratio was 47.5% for the quarter and 50% year-to-date. Credit performance resulted in a $1.3 million benefit to earnings driven by net recoveries during the quarter. NPA stand at 20 basis points of assets or $7.1 million.

The primary remaining component is our suburban New Jersey office participation, which has a carrying value of $4.3 million following a $0.6 million charge-off this quarter. We have now charged off approximately 64% of the original balance. The allowance held steady at 1.03% of total loans and coverage of nonperforming loans increased to 431%. Our capital position continues to strengthen. Total assets were $3.6 billion, deposits were $3 billion and shareholders' equity increased to $334.1 million. Tangible common equity to tangible assets rose to 9.33%. The company's consolidated common equity Tier 1 ratio was 10.8%, while the bank's total capital, common equity Tier 1 and leverage ratios were 12.67%, 11.64% and 10.25%, respectively. These levels provide meaningful capacity to support our continued growth. With that, I'll hand it back to Chris.

Christopher Gruseke

Thanks, Courtney. This quarter, we took an important step towards strengthening the platform that will support Bankwell's next phase of growth while continuing to deliver strong core results. Absorbing the conversion costs while reporting record earnings demonstrates the underlying momentum in our business.

Given our year-to-date performance, I'd like to make some minor updates to prior guidance we've given. We are increasing our full year net interest income outlook to $119 million to $121 million compared to our prior range of $115 million to $117 million. Given the strength of our SDA division, -- we're raising our noninterest income guidance to $14 million to $15 million from a prior range of $12 million to $13 million. We continue to expect full year loan growth of 5% to 7% and excluding core conversion costs, full year noninterest expense outlook remains stable at $65 million to $67 million. Before ending our prepared remarks, I'd like to thank our incredible team. None of these results were easy to achieve. They required hard work and a singular focus on our clients.

Our success demonstrates what is possible when a talented team works together on an intentionally designed plan. I also want to thank our clients and shareholders for giving us their confidence. We look forward to a strong finish to this year and to delivering even better results in the year ahead. Operator, we are ready to open the lines for questions.

Operator

[Operator Instructions] Your first question comes from the line of Feddie Strickland with Hovde.

分析师问答

Feddie Strickland

Just wanted to go ahead and start off on loans. It sounds like you're still pretty optimistic here on loan growth. Are slowing paydowns at all a part of that story? Or are you starting to see payoffs and paydowns slow a little bit as you get into the fourth quarter? Or have they been relatively consistent?

Matthew McNeill

We have seen them slow down a bit from last year. There's still -- we still have healthy payoffs coming. We're having to originate to backfill, but the pipeline has been strong. And so payoffs haven't been. We updated our assumption a couple of years ago and just assumed that the payoff number was going to be in the years to come. proven that, that was the right call. So is healthy to make up that backfill. It's reduced slightly, but it's still healthy payoffs.

Feddie Strickland

Great. And just on the deposit side, I saw end-of-period DDAs were a little lower this quarter, they kind of maybe spiked up in the second quarter. The average balances were pretty stable. Can you talk through some of the dynamics there, whether there's anything seasonal or end of quarter moves that drove the differences there?

Matthew McNeill

We think that the DDA balances, we're not losing customers and shrinking DDA balances. We think that these are seasonal changes. We expect to continue to grow DDA balances really just normal ebbs and flows.

Christopher Gruseke

It's important, Feddie, this is Chris. What's important is that we just keep signing up new customers and that continues to happen. So the flows of the business are the flows of the business.

Feddie Strickland

Got it. And just one question on the margin. Was there any onetime benefit this quarter on the interest income side from the loan recovery that we should think about as we look forward on the margin? Or was there not anything in there related to that? Freddie, there was nothing in there related to that.

Operator

Your next question comes from the line of Mark Shutley with KBW.

Mark Shutley

Maybe just a follow-up on the NIM. How should we think about the deposit beta for this cycle? I saw that the exit rate on deposits were maybe a couple of bps higher, and we have some -- maybe a little bit of remix going on as well. So just how should we think about that?

Christopher Gruseke

Mark, are you talking about prior results? Or are you asking about how we should look prospectively at another Fed hike?

Mark Shutley

Yes. Prospectively, just how should we think about the deposit beta through the cycle with -- yes, assuming Fed hike.

Courtney Sacchetti

So we have just recently increased our CD rates, our retail CD rates actually effective today. So we are starting to reprice some of our deposits up already. But for another 25 basis point increase, we do expect to be relatively neutral over the next 4 quarters. we've got $1.6 billion of assets that would reprice immediately plus we have $600 million of our existing loan book rolling off at a rate of approximately 580 basis points.

That should reprice materially higher based on today's rates. So those are our fixed rate loans maturing and repricing. But that benefit is going to be offset by higher funding costs, again, the increase in the retail CD rates. So we have $600 million of retail CDs that are now repricing roughly 50 basis points higher than their current rates.

Our brokered CDs and FHLB borrowings are rolling into higher market rates as well. We do have some indexed deposits to Fed funds, approximately $300 million. But overall, we view the puts and takes on both sides of the balance sheet to really be a net neutral position, a basis point or 2 each quarter. And I think on our interest-bearing non maturity deposits, we're probably looking north of a 50% beta, somewhere 60% to 70%, and that's on $1.1 billion of deposits that aren't indexed.

Christopher Gruseke

Right. That sounds right based on history. And then back to what Courtney said, Mark, we feel that will be more than offset by the repricing of fixed rate loans that are coming due.

Courtney Sacchetti

Yes. And we have a page in our investor deck that covers -- we have a few pages, but I think Page 16 covers our loan maturity yields, but then we also have a page that covers our asset and liability shifts since 2024, and we've really materially increased our floating rate loan book to help make us a bit more neutral for any sort of rate changes.

Mark Shutley

Great. That was really helpful. And then maybe just one on the SBA. SBA was really strong in the quarter and already at $90 million of your $100 million origination target. So maybe just talk about any visibility into that pipeline and how we should think about the SBA business into 2027.

Matthew McNeill

SBA team is doing a great job. The pipeline is very robust. We're having a lot of success with the SBA program, and we expect to continue that into '27. -- pipeline is strong. We have visibility into a few more months, and we think we'll continue...

Christopher Gruseke

Yes, Mark, we've been at this now. We were -- we've been a preferred provider for a long time. But these last couple of years, we've grown it. And we've always talked about growth there is slow and steady. We're not trying to go and do 2x and 3x. It's just moderate growth every year and keep improving what we do.

Operator

Our last question comes from the line of Steve Moss with Raymond James.

Stephen Moss

Maybe just following up on loans here and just thinking about -- I know you guys mentioned new loans 90 basis points above roll-off yield. Just kind of curious what you guys are seeing for competition. Obviously, treasury rates are higher, but it feels like spreads are tighter. And so just kind of how you guys think about that going forward a little bit in that dynamic.

Matthew McNeill

We are seeing competition tightening spreads. It does impact us as far as trying to negotiate new loans. We are satisfied at where we're able to originate new business currently. I don't think that's going to change. We have a very large roster of relationships that we continue to lend to, and that tends to keep us out of the broker CRE market competing with folks on the lowest cost capital.

Christopher Gruseke

Yes, we will never compete on price, Steve. We said that before and reiterate that. If we have to compete on price, we're doing something wrong.

Stephen Moss

Right. Okay. Appreciate that color there. And then maybe just in terms of systems conversion here, kind of curious what are maybe some of the things you guys are looking forward to benefiting the franchise? And also just maybe kind of as we think about the investments and the cost saves, how to think about expenses into '27 there?

Christopher Gruseke

Courtney went through some of the additional charges that we have. So to begin with the charges that we just took this quarter were the breakage fees, so the big part is done. And then for the next few quarters, I think Courtney said $400,000 to $500,000, maybe for the next 3, 4 quarters, and that's things like consultants and temporary workers. But we got a big data project in the back. And once you have data organized and we own the data, we can work with that. We'll have further products that will enable us to add APIs to the system and build things that we want to build right now, and this is not knocking any one particular provider. Right now, the lead time, if we want to add a feature or build something, you got to get in the queue and wait a few months. We'll be in far better shape to be flexible and adapt as technology rolls out on our new platform.

Stephen Moss

Got it. And I think on the charges, just more curious like do you see any cost saves coming from this conversion? Or maybe there's just -- with the conversion, you add new investments or talent you might want to bring on in '27?

Christopher Gruseke

So I think that -- well, there's several layers to that. So first, apples-to-apples, if we took exactly what we had before and added the new technology, we would save money there. So there would be a cost save on the platform as it is, but what we'll end up doing is adding new features. And so our data -- I'm sorry, data processing, not the data. So our -- what we're spending on core and payments and things like that, we'll probably end up pretty flat because we'll then add some new features and things that we can do. And then as I said, what it really does is give us flexibility to add new features. And if there's a line of business or an API we want to install, we'll be able to do it quickly.

Stephen Moss

Okay, and then...

Christopher Gruseke

I don't see a material impact to our OpEx next year, Steve. Sorry to talk over you. There won't be a material impact to our OpEx run rate as a result of this. The impact is in the staffing for the conversion. And then go down further, we'll be able to be more efficient going forward once we have our data and we can use the systems in a way that enable us to scale. So we do see a payoff there as well.

Stephen Moss

Okay. Great. That's really helpful. And then maybe just kind of curious, you guys have had a really good run here in terms of business development. Kind of curious maybe just how do we -- any additional business lines you guys may want to add talent you guys may be recruiting kind of any potential or early thoughts on that for next year?

Matthew McNeill

We have already done a lot of recruiting. People are already here, getting more seasoned in the business. We expect that our business development efforts will continue to be the hiring is really already happened now just getting people in stride on their business development. So we feel pretty good. As far as new business lines, we're -- we're always thinking about where safety and economics lie and where we could take advantage of those things.

So we're open to new business lines. We always have a couple that are in development. They don't always pull through. And if they pan out, then we'll the maturity. So we're always thinking about new ways to diversify the balance sheet and expand our capabilities.

Operator

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.