Bankwell Financial Group (BWFG) 2026 年第三季財報電話會議：獲利創新高並上調財測指引

Bankwell Financial Group (NASDAQ: BWFG) 公布 2026 財年第三季 GAAP 淨利創下歷史新高，儘管吸收了 300 萬美元的稅前核心系統轉換費用。淨息差擴張、創紀錄的 SBA 出售資產收益以及信貸指標改善支撐了本季表現，促使管理層上調全年淨利息收入與非利息收入指引。

核心要點

• GAAP 淨利達到創紀錄的 1,270 萬美元（或每股 1.58 美元），上一季則為 1,240 萬美元（或每股 1.52 美元）。
• 扣除核心系統轉換費用後，營運淨利為 1,500 萬美元（或每股 1.86 美元）。本季包含 300 萬美元的稅前轉換費用，主要是合約終止成本。
• 淨利息收益率季增 13 個基點至 3.71%，為連續第三個季度上升。淨利息收入從 2,950 萬美元增至 3,140 萬美元。
• 非利息收入成長 21% 至 400 萬美元，主要受創紀錄的 280 萬美元 SBA 出售資產收益推動。今年以來 SBA 出售收益累計達到 760 萬美元，而 2025 年同期為 290 萬美元。
• 在 Bankwell 出售其最大的歷史遺留不良信用資產後，不良資產佔總資產比例降至 0.20%。該交易回收了 250 萬美元先前已轉銷的金額。
• 管理層將全年淨利息收入指引上調至 1.19 億至 1.21 億美元，並將非利息收入指引上調至 1,400 萬至 1,500 萬美元。

關鍵財務數據

業務與營運表現

Bankwell 在本季發放了約 2.22 億美元的貸款，其中包括 3,000 萬美元的 SBA 貸款。淨貸款增加 2,300 萬美元，使今年以來的成長達到 1.43 億美元，即 5%。

2026 年新發放貸款的殖利率比到期貸款高出約 90 個基點。貸款殖利率上升 6 個基點至 6.72%，而收益資產殖利率上升 8 個基點至 6.34%。

核心存款較第二季微幅下降不到 1%，但較去年同期增加 3.4 億美元（即 18%）。核心存款佔總存款的 76%，高於一年前的 69%。總存款成本大致保持穩定在 2.92%。

資產負債表包含約 13 億美元的浮動利率貸款，相當於總貸款的 44%。無息及低成本 NOW 存款餘額佔總存款的 19%，而 2024 年底為 15%。

在出售位於紐約州威徹斯特郡的一筆疫情時期的零售商業不動產貸款後，信貸品質有所改善。該筆回收促成了 140 萬美元的淨回收額，並為盈餘帶來 130 萬美元的信貸效益。主要的剩餘不良風險暴險為位於紐澤西州郊區的一筆辦公室聯貸案，在季度轉銷 60 萬美元後，帳面價值為 430 萬美元。

管理層指引

管理層將全年淨利息收入預測從 1.15 億至 1.17 億美元上調至 1.19 億至 1.21 億美元。

全年非利息收入指引從 1,200 萬至 1,300 萬美元上調至 1,400 萬至 1,500 萬美元，反映出更強勁的 SBA 表現。公司維持全年貸款成長 5% 至 7% 的目標，以及不含核心系統轉換費用的非利息費用預測 6,500 萬至 6,700 萬美元。

Bankwell 預計未來四個季度每季將產生約 40 萬至 50 萬美元與轉換相關的費用。這些成本預計包括第三方顧問、臨時人力及導入實施工作。管理層預期將在 2027 年下半年完成核心系統轉換。

風險與觀察重點

管理層表示，未來的利率走向仍具不確定性。若進一步升息 25 個基點，由於資產重新定價可抵銷較高的存款與同業拆借資金成本，預計未來四個季度對盈餘的影響大致呈中性。

未連結指數的計息無到期日存款，其存款 Beta 值可能約為 60% 至 70%。約 6 億美元的零售定期存單將以高於當前利率約 50 個基點進行重新定價，而經紀商定存及聯邦住房貸款銀行 (FHLB) 借款也正轉入較高的市場利率。

貸款競爭正在壓縮利差。管理層表示，Bankwell 不打算主要在價格上競爭，將在發放與留存信貸方面保持選擇性。

核心系統轉換將帶來直至 2027 年的導入與執行風險。管理層預計明年的營運費用年化率不會出現重大變化，因為平台所節省的成本可能會重新投資於額外的功能與能力建置。

分析師問答亮點

管理層表示，貸款提前還款速度較前一年有所放緩，但仍保持健康。預計強勁的案件案源將支援所需的發放量，以補足還款缺口並達成公司的成長目標。

期末活期存款的下降被歸因於季節性因素而非客戶流失。管理層預計隨著新增客戶關係，活期存款 (DDA) 將持續成長。

Bankwell 的 SBA 業務案源依然強勁，能見度延伸至未來數月。管理層預計到 2027 年將保持溫和、穩健的擴展，而非急劇加速。

關於利率敏感度，約 16 億美元的資產將立即重新定價，而約 6 億美元的固定利率貸款預計將到期，平均殖利率接近 5.80%，並預期在當前利率下以更高的利率重新定價。

新的核心平台預計將改善數據控制、API 連線能力以及新增產品或功能的速度。管理層表示，可比平台成本將會降低，但新增的功能可能會使整體核心系統與支付支出大致保持平穩。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.