Bankwell Financial Group Reports Operating Results for the First Quarter, Declares Second Quarter Dividend
NEW CANAAN, Conn.--( BUSINESS WIRE)--Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $11.3 million, or $1.41 per share for the first quarter of 2026, versus $9.1 million, or $1.15 per share, for the fourth quarter of 2025. The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 19, 2026 to shareholders of record on May 8, 2026.
Discussion of Outlook; Bankwell Financial Group Chief Executive Officer, Christopher R. Gruseke:
"We generated outstanding first quarter results while advancing our strategic priorities. Profitability increased during the quarter, reflected in a return on average assets of 1.35%, and the Company grew core deposits by $113 million sequentially. Our SBA division continues to execute measured, profitable growth, with originations this quarter of $34 million, and we have continued to improve our asset and liability mix as floating rate loans now comprise 42% of the loan portfolio.
Results for the quarter include a sequential increase to the Company’s non-interest expense of approximately $1.4 million. This increase reflects the timing of some expense recognition, and we believe current trends support our non-interest expense guidance previously provided of $64 to $65 million for the full year. We also affirm prior guidance regarding Net Interest Income and loan growth for 2026. Due to an improved outlook for SBA gains on sale and other commercial fees, however, we are increasing our guidance for Non-Interest Income to a range of $12 to $13 million.
As we enter the remainder of the year, we are confident in our credit quality and are well positioned to reduce NPAs in the quarters ahead."
Key Points for First Quarter and Bankwell’s Outlook
Core Deposit Growth Funds Loan Growth and Reduces Wholesale Reliance.
Funding Improvements Partially Offset Lower Portfolio Yields in Net Interest Margin.
Advancing Strategic Priorities.
(1) Wholesale Ratio is a Non-GAAP Financial Measure and is calculated as brokered deposits and FHLB borrowings divided by total assets. Refer to the "Non-GAAP Financial Measures" section of this document for additional detail.
First Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs):
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Return on average assets (1)(6)
1.35
%
1.11
%
1.24
%
1.14
%
0.86
%
Pre-tax, pre-provision net revenue return on average assets (1)(6)
1.60
%
1.80
%
1.70
%
1.43
%
1.18
%
Return on average shareholders' equity (1)(6)
14.88
%
12.20
%
13.84
%
12.98
%
10.16
%
Return on average tangible shareholders' equity (1)(6)
15.00
%
12.31
%
13.96
%
13.10
%
10.25
%
Net Interest Margin (1)(6)(7)
3.28
%
3.40
%
3.34
%
3.10
%
2.81
%
Efficiency Ratio (1)(3)
55.8
%
50.8
%
51.4
%
56.1
%
59.9
%
Noninterest expense to average assets (1)(6)
2.03
%
1.87
%
1.80
%
1.83
%
1.76
%
Net loan (recoveries) charge-offs as a percentage of average loans (1)(6)
0.01
%
0.00
%
(0.01
)%
0.00
%
0.00
%
Dividend payout (1)(4)
14.18
%
17.39
%
15.75
%
17.39
%
22.99
%
Fully diluted tangible book value per common share (1)(2)
$
38.79
$
37.84
$
36.84
$
35.65
$
34.56
Total capital to risk-weighted assets (1)(5)
12.99
%
12.94
%
13.48
%
13.28
%
13.22
%
Total common equity tier 1 capital to risk-weighted assets (1)(5)
11.96
%
11.87
%
12.39
%
12.20
%
12.11
%
Tier I Capital to Average Assets (1)(5)
10.31
%
10.55
%
10.71
%
10.57
%
10.13
%
Tangible common equity to tangible assets (1)(2)
9.17
%
8.90
%
8.95
%
8.68
%
8.57
%
Earnings per common share - diluted
$
1.41
$
1.15
$
1.27
$
1.15
$
0.87
Common shares issued and outstanding
7,973,180
7,899,943
7,877,443
7,873,387
7,888,013
(1)
Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.
(2)
Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of this document for additional detail.
(3)
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.
(4)
The dividend payout ratio is calculated by dividing dividends per share by earnings per share.
(5)
Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.
(6)
Return on average assets is calculated by dividing annualized net income by average assets. Pre-tax, pre-provision net revenue return on average is calculated by dividing PPNR (calculated as set forth in the "Pre-Tax, Pre-Provision Net Revenue (PPNR)" section of this document) by average assets. Return on average shareholders' equity is calculated by dividing annualized net income by average shareholders' equity. Return on average tangible shareholders' equity is calculated by dividing annualized net income by average shareholders' equity less average intangible assets. Net Interest Margin is calculated by dividing average annualized net interest income by average total earning assets. Noninterest expense to average assets is calculated by dividing annualized noninterest expense by average total assets. Net loan charge-offs as a percentage of average loans is calculated by dividing net loan (charge offs) recoveries by average total loans.
(7)
Based on a fully tax equivalent basis.
Pre-Tax, Pre-Provision Net Revenue (1) ("PPNR")
PPNR for the fourth quarter ended March 31, 2026 was $13.3 million, a decrease of 10.2% from $14.9 million recognized for the fourth quarter ended December 31, 2025.
For the Quarter Ended
(Dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Net interest income
$
26,886
$
26,946
$
25,987
$
23,936
$
22,066
Total noninterest income
3,343
3,376
2,495
2,012
1,505
Total revenues
30,229
30,322
28,482
25,948
23,571
Total noninterest expense
16,889
15,470
14,631
14,546
14,141
PPNR
$
13,340
$
14,852
$
13,851
$
11,402
$
9,430
(1) Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.
Allowance for Credit Losses - Loans ("ACL-Loans")
The ACL-Loans was $29.6 million as of March 31, 2026 compared to $30.7 million as of December 31, 2025. The ACL-Loans as a percentage of total loans was 1.03% as of March 31, 2026 compared to 1.08% as of December 31, 2025. The credit for credit losses - loans was $1.0 million for the quarter ended March 31, 2026.
Total nonperforming loans increased $2.7 million to $19.0 million as of March 31, 2026, when compared to the previous quarter. Nonperforming assets as a percentage of total assets increased to 0.56% at March 31, 2026, compared to the previous quarter's ratio of 0.49%. As of March 31, 2026, the ACL-Loans provided 155.39% coverage of total nonperforming loans.
BANKWELL FINANCIAL GROUP, INC.
ASSET QUALITY (unaudited)
(Dollars in thousands)
For the Quarter Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
ACL-Loans:
Balance at beginning of period
$
30,705
$
29,984
$
29,256
$
29,485
$
29,007
Charge-offs:
Residential real estate
—
—
—
—
—
Commercial real estate
—
—
—
—
(67
)
Commercial business
(148
)
—
(14
)
(15
)
—
Consumer
(73
)
—
(46
)
(5
)
(33
)
Construction
—
—
—
—
—
Total charge-offs
(221
)
—
(60
)
(20
)
(100
)
Recoveries:
Residential real estate
—
—
—
—
—
Commercial real estate
5
7
272
—
—
Commercial business
15
23
92
112
4
Consumer
33
10
4
10
36
Construction
—
—
—
—
—
Total recoveries
53
40
368
122
40
Net loan recoveries (charge-offs)
(168
)
40
308
102
(60
)
(Credit) provision for credit losses - loans
(957
)
681
420
(331
)
538
Balance at end of period
$
29,580
$
30,705
$
29,984
$
29,256
$
29,485
As of
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Asset quality:
Nonaccrual loans
Residential real estate
$
544
$
557
$
570
$
617
$
811
Commercial real estate
17,112
14,445
14,667
16,387
17,946
Commercial business
1,380
1,302
1,729
6,871
7,626
Construction
—
—
—
—
—
Consumer
—
—
—
—
—
Total nonaccrual loans
19,036
16,304
16,966
23,875
26,383
Other real estate owned
—
—
1,284
1,284
—
Total nonperforming assets
$
19,036
$
16,304
$
18,250
$
25,159
$
26,383
Nonperforming loans as a % of total loans
0.66
%
0.57
%
0.62
%
0.89
%
1.00
%
Nonperforming assets as a % of total assets
0.56
%
0.49
%
0.56
%
0.78
%
0.83
%
ACL-loans as a % of total loans
1.03
%
1.08
%
1.10
%
1.10
%
1.11
%
ACL-loans as a % of nonperforming loans
155.39
%
188.33
%
176.73
%
122.54
%
111.76
%
Total past due loans to total loans
0.62
%
0.31
%
0.76
%
0.91
%
1.08
%
Financial Condition & Capital
Assets totaled $3.4 billion at March 31, 2026, an increase of $14.0 million, or 0.4% compared to December 31, 2025. Gross loans totaled $2.9 billion at March 31, 2026, an increase of $26.5 million, or 0.9% compared to December 31, 2025. Deposits totaled $2.9 billion at March 31, 2026, an increase of $55.8 million, or 2.0% compared to December 31, 2025. Brokered deposits have decreased $44.5 million or 8.0%, when compared to December 31, 2025.
Period End Loan Composition
March 31,
2026
December 31,
2025
March 31,
2025
Current QTD
% Change
Year over Year
% Change
Residential Real Estate
$
30,128
$
33,139
$
40,089
(9.1
)%
(24.8
)%
Commercial Real Estate (1)
1,896,565
1,930,979
1,810,923
(1.8
)
4.7
Construction
155,826
153,778
188,339
1.3
(17.3
)
Total Real Estate Loans
2,082,519
2,117,896
2,039,351
(1.7
)
2.1
Commercial Business
723,272
645,321
529,000
12.1
36.7
Consumer
60,827
76,855
76,553
(20.9
)
(20.5
)
Total Loans
$
2,866,618
$
2,840,072
$
2,644,904
0.9
%
8.4
%
(1) Includes owner occupied commercial real estate of $0.8 billion at March 31, 2026, $0.8 billion at December 31, 2025, and $0.7 billion at March 31, 2025, respectively.
Period End Deposit Composition
March 31,
2026
December 31,
2025
March 31,
2025
Current QTD
% Change
Year over Year
% Change
Noninterest bearing demand
$
428,384
$
403,652
$
349,525
6.1
%
22.6
%
NOW
104,704
90,205
112,695
16.1
(7.1
)
Money Market
1,095,883
1,007,844
900,352
8.7
21.7
Savings
99,008
97,418
91,378
1.6
8.3
Time
1,157,270
1,230,362
1,296,495
(5.9
)
(10.7
)
Total Deposits
$
2,885,249
$
2,829,481
$
2,750,445
2.0
%
4.9
%
Shareholders’ equity totaled $311.9 million as of March 31, 2026, an increase of $10.4 million compared to December 31, 2025, primarily a result of year-to-date net income of $11.3 million. The increase was partially offset by dividends paid of $1.6 million.
As of March 31, 2026, the Bank's regulatory capital ratios were all above 'well capitalized' values, with total risk-based capital, common-equity tier 1 capital and leverage ratios at 12.99%, 11.96%, and 10.31%, respectively.
We recommend reading this earnings release in conjunction with the First Quarter 2026 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our April 22, 2026 Current Report on Form 8-K.
Conference Call
Bankwell will host a conference call to discuss the Company’s financial results and business outlook on April 23, 2026, at 9:00 a.m. E.T. The call will be accessible by telephone and webcast using https://investor.mybankwell.com/events-and-presentations/. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event.
About Bankwell Financial Group
Bankwell Financial Group, Inc. is the holding company for Bankwell Bank ("Bankwell"), a full-service commercial bank headquartered in New Canaan, CT. Bankwell provides businesses and professionals with a range of commercial financing solutions, including working capital lines of credit, SBA loans, acquisition financing, and commercial mortgages, along with treasury management and deposit services. Bankwell emphasizes accessibility, expertise, and responsiveness through experienced local banking teams serving its markets.
For more information about this press release, interested parties may contact Christopher R. Gruseke, Chief Executive Officer or Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer of Bankwell Financial Group, Inc. at (203) 652-0166 or at ir@mybankwell.com.
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 increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the banking industry or securities markets, 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 assets, tangible common equity to tangible assets, tangible common shareholders' equity, fully diluted tangible book value per common share, efficiency ratio, noninterest expense to average assets, average tangible common equity, annualized return on average tangible shareholders' equity, return on average shareholders' equity, return on average tangible shareholders' equity, pre-tax, pre-provision net revenue, net interest margin, net loan charge-offs as a percentage of average loans, pre-tax, pre-provision net revenue on average assets, wholesale ratio, and the dividend payout ratio 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. See "Reconciliation of GAAP to Non-GAAP Measures (unaudited)".
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
ASSETS
Cash and due from banks
$
208,904
$
214,567
$
289,628
$
313,998
$
292,006
Federal funds sold
8,997
10,354
5,732
8,466
12,922
Cash and cash equivalents
217,901
224,921
295,360
322,464
304,928
Investment securities
Marketable equity securities, at fair value
2,254
2,248
2,223
2,188
2,164
Available for sale investment securities, at fair value
155,934
160,409
96,473
103,930
97,321
Held to maturity investment securities, at amortized cost
29,386
29,465
29,538
36,434
36,478
Total investment securities
187,574
192,122
128,234
142,552
135,963
Loans receivable (net of ACL-Loans of $29,580, $30,705, $29,984, $29,256, and $29,485, at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively)
2,832,678
2,804,441
2,684,016
2,635,742
2,611,495
Accrued interest receivable
16,029
16,143
15,633
14,741
15,409
Federal Home Loan Bank stock, at cost
4,207
6,207
4,951
5,051
3,583
Premises and equipment, net
20,947
21,582
22,387
23,020
22,978
Bank-owned life insurance
54,566
54,207
53,846
53,488
53,136
Goodwill
2,589
2,589
2,589
2,589
2,589
Deferred income taxes, net
11,436
11,356
9,027
9,684
9,551
Other real estate owned
—
—
1,284
1,284
—
Other assets
25,932
26,291
26,636
25,978
24,261
Total assets
$
3,373,859
$
3,359,859
$
3,243,963
$
3,236,593
$
3,183,893
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest bearing deposits
$
428,384
$
403,652
$
397,408
$
397,195
$
349,525
Interest bearing deposits
2,456,865
2,425,829
2,360,007
2,362,086
2,400,920
Total deposits
2,885,249
2,829,481
2,757,415
2,759,281
2,750,445
Advances from the Federal Home Loan Bank
60,000
110,000
75,000
75,000
40,000
Subordinated debentures
69,759
69,697
69,636
69,574
69,513
Accrued expenses and other liabilities
46,985
49,192
49,121
49,448
48,721
Total liabilities
3,061,993
3,058,370
2,951,172
2,953,303
2,908,679
Shareholders’ equity
Common stock, no par value
121,060
120,118
119,353
118,698
118,439
Retained earnings
191,281
181,587
174,008
165,495
157,971
Accumulated other comprehensive (loss)
(475
)
(216
)
(570
)
(903
)
(1,196
)
Total shareholders’ equity
311,866
301,489
292,791
283,290
275,214
Total liabilities and shareholders’ equity
$
3,373,859
$
3,359,859
$
3,243,963
$
3,236,593
$
3,183,893
BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars in thousands, except share data)
For the Quarter Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Interest and dividend income
Interest and fees on loans
$
46,787
$
46,739
$
46,328
$
44,128
$
43,475
Interest and dividends on securities
1,784
1,834
1,410
1,478
1,445
Interest on cash and cash equivalents
1,965
2,037
2,853
3,043
3,557
Total interest and dividend income
50,536
50,610
50,591
48,649
48,477
Interest expense
Interest expense on deposits
21,930
22,388
22,585
23,083
24,772
Interest expense on borrowings
1,720
1,276
2,019
1,630
1,639
Total interest expense
23,650
23,664
24,604
24,713
26,411
Net interest income
26,886
26,946
25,987
23,936
22,066
(Credit) provision for credit losses
(1,029
)
616
372
(411
)
463
Net interest income after (credit) provision for credit losses
27,915
26,330
25,615
24,347
21,603
Noninterest income
Bank owned life insurance
358
361
359
352
344
Service charges and fees
780
771
779
674
602
Gains and fees from sales of loans
2,425
2,184
1,372
1,080
442
Other
(220
)
60
(15
)
(94
)
117
Total noninterest income
3,343
3,376
2,495
2,012
1,505
Noninterest expense
Salaries and employee benefits
9,830
7,717
7,995
7,521
7,052
Occupancy and equipment
2,705
2,575
2,469
2,505
2,575
Professional services
1,393
1,415
1,412
1,632
1,529
Data processing
716
877
633
712
885
Director fees
363
337
333
333
348
FDIC insurance
543
612
610
684
779
Marketing
126
108
140
218
142
Other
1,213
1,829
1,039
941
831
Total noninterest expense
16,889
15,470
14,631
14,546
14,141
Income before income tax expense
14,369
14,236
13,479
11,813
8,967
Income tax expense
3,094
5,092
3,401
2,725
2,079
Net income
$
11,275
$
9,144
$
10,078
$
9,088
$
6,888
Earnings Per Common Share:
Basic
$
1.42
$
1.16
$
1.28
$
1.16
$
0.88
Diluted
$
1.41
$
1.15
$
1.27
$
1.15
$
0.87
Weighted Average Common Shares Outstanding:
Basic
7,724,253
7,776,740
7,774,887
7,777,469
7,670,224
Diluted
7,800,935
7,858,047
7,844,785
7,819,829
7,740,521
Dividends per common share
$
0.20
$
0.20
$
0.20
$
0.20
$
0.20
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
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Total Equity
$
311,866
$
301,489
$
292,791
$
283,290
$
275,214
Less:
Goodwill
2,589
2,589
2,589
2,589
2,589
Other intangibles
—
—
—
—
—
Tangible Common Equity
$
309,277
$
298,900
$
290,202
$
280,701
$
272,625
Total Assets
$
3,373,859
$
3,359,859
$
3,243,963
$
3,236,593
$
3,183,893
Less:
Goodwill
2,589
2,589
2,589
2,589
2,589
Other intangibles
—
—
—
—
—
Tangible Assets
$
3,371,270
$
3,357,270
$
3,241,374
$
3,234,004
$
3,181,304
Tangible Common Equity to Tangible Assets
9.17
%
8.90
%
8.95
%
8.68
%
8.57
%
As of
Computation of Fully Diluted Tangible Book Value per Common Share
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Total shareholders' equity
$
311,866
$
301,489
$
292,791
$
283,290
$
275,214
Less:
Preferred stock
—
—
—
—
—
Common shareholders' equity
$
311,866
$
301,489
$
292,791
$
283,290
$
275,214
Less:
Goodwill
2,589
2,589
2,589
2,589
2,589
Other intangibles
—
—
—
—
—
Tangible common shareholders' equity
$
309,277
$
298,900
$
290,202
$
280,701
$
272,625
Common shares issued and outstanding
7,973,180
7,899,943
7,877,443
7,873,387
7,888,013
Fully Diluted Tangible Book Value per Common Share
$
38.79
$
37.84
$
36.84
$
35.65
$
34.56
BANKWELL FINANCIAL GROUP, INC.
EARNINGS PER SHARE ("EPS") (unaudited)
(Dollars in thousands, except share data)
For the Quarter Ended March 31,
2026
2025
(In thousands, except per share data)
Net income
$
11,275
$
6,888
Dividends to participating securities (1)
(26
)
(26
)
Undistributed earnings allocated to participating securities (1)
(248
)
(111
)
Net income for earnings per share calculation
11,001
6,751
Weighted average shares outstanding, basic
7,724,253
7,670,224
Effect of dilutive equity-based awards (2)
76,682
70,297
Weighted average shares outstanding, diluted
7,800,935
7,740,521
Net earnings per common share:
Basic earnings per common share
$
1.42
$
0.88
Diluted earnings per common share
$
1.41
$
0.87
(1)
Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends.
(2)
Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method.
BANKWELL FINANCIAL GROUP, INC.
NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited)
(Dollars in thousands)
For the Quarter Ended
March 31, 2026
March 31, 2025
Average
Balance
Interest
Yield/
Rate (4)
Average
Balance
Interest
Yield/
Rate (4)
Assets:
Cash and Fed funds sold
$
244,216
$
1,965
3.26
%
$
349,235
$
3,557
4.13
%
Securities (1)
192,116
1,829
3.81
150,650
1,477
3.92
Loans:
Commercial real estate
1,900,235
29,511
6.21
1,848,208
28,285
6.12
Residential real estate
32,293
464
5.75
41,585
633
6.09
Construction
163,728
2,939
7.18
178,878
3,468
7.76
Commercial business
682,398
12,815
7.51
508,417
10,007
7.87
Consumer
74,237
1,058
5.78
81,483
1,082
5.38
Total loans
2,852,891
46,787
6.56
2,658,571
43,475
6.54
Federal Home Loan Bank stock
5,789
64
4.49
4,596
110
9.71
Total earning assets
3,295,012
$
50,645
6.15
%
3,163,052
$
48,619
6.15
%
Other assets
86,396
89,743
Total assets
$
3,381,408
$
3,252,795
Liabilities and shareholders' equity:
Interest bearing liabilities:
NOW
$
98,330
$
48
0.20
%
$
99,487
$
109
0.45
%
Money market
1,058,395
9,065
3.47
893,361
8,521
3.87
Savings
97,719
672
2.79
88,167
658
3.03
Time
1,218,184
12,145
4.04
1,378,468
15,484
4.56
Total interest bearing deposits
2,472,628
21,930
3.60
2,459,483
24,772
4.10
Borrowed Money
156,441
1,720
4.46
133,917
1,639
4.96
Total interest bearing liabilities
2,629,069
$
23,650
3.65
%
2,593,400
$
26,411
4.13
%
Noninterest bearing deposits
400,021
333,796
Other liabilities
44,967
50,555
Total liabilities
3,074,057
2,977,751
Shareholders' equity
307,351
275,044
Total liabilities and shareholders' equity
$
3,381,408
$
3,252,795
Net interest income (2)
$
26,995
$
22,208
Interest rate spread
2.50
%
2.02
%
Net Interest Margin (3)
3.28
%
2.81
%
(1)
Average balances and yields for securities are based on amortized cost.
(2)
The adjustment for securities and loans taxable equivalency amounted to $109 thousand and $142 thousand for the quarters ended March 31, 2026 and 2025, respectively.
(3)
Annualized net interest income as a percentage of earning assets.
(4)
Yields are calculated using the contractual day count convention for each respective product type.