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Bankwell Financial Group Reports Strong Operating Results for the First Quarter ; Declares Second Quarter Dividend Company Release - 4/28/2021 4:18 PM ET NEW CANAAN , Conn .-- ( BUSINESS WIRE ) -- Bankwell Financial Group , Inc. ( NASDAQ : BWFG ) reported GAAP net income of $ 5.7 million , or $ 0.71 per share , for the first quarter of 2021 , versus $ 1.4 million , or $ 0.17 per share , for the same period in 2020. Pre - tax , pre - provision net revenue ( " PPNR " ) 1 grew 48 % to $ 7.0 million compared to the same period in 2020. Results include a $ 0.9 million one - time federal payroll tax credit for small businesses impacted by COVID - 192 . The Company's Board of Directors declared a $ 0.14 per share cash dividend , payable May 24 , 2021 to shareholders of record on May 14 , 2021 . We recommend reading this earnings release in conjunction with the First Quarter 2021 Investor Presentation , located at http://investor.mybankwell.com/Presentations and included as an exhibit to our April 28 , 2021 Current Report on Form 8 - K . Notes Bankwell Financial Group President and CEO , Christopher R. Gruseke : " I am pleased to announce Bankwell's financial results for the first quarter of 2021. Our team made meaningful progress in virtually all aspects of our business . Loans grew by 4 % on originations of $ 158 million and we continue to generate quality C & I business . Core commercial deposits grew by 8.6 % , or $ 63 million as we steadily improve both the mix and the cost of our deposits . We have also successfully implemented many of our previously announced expense reduction initiatives . The cumulative impact of the multiple successes we've experienced was to grow pre - tax , pre - provision net revenue by 48 % versus the previous year's first quarter and to deliver a return on average equity of 12.67 % . Importantly , we look to further improving profitability as the year proceeds . " I'd like to thank all of my colleagues who have worked tirelessly to achieve these results amidst such challenging circumstances . On behalf of everyone at Bankwell , I also wish to acknowledge our gratitude for all of our health care workers and scientists who have persevered in an effort to bring our health crisis to an end . " First Quarter 2021 Highlights : • PPNR of $ 7.0 million ( $ 6.1 million excluding the one - time payroll tax credit ) , a 48 % increase compared to the same period in 2020 . • Return on average assets was 1.02 % and return on average equity was 12.67 % . • Resumption of SBA loan sales with gains of $ 0.5 million compared to no sales for the quarter ended March 31 , 2020 . • Total gross loans were $ 1.7 billion , growing $ 63.2 million , or 4 % , compared to December 31 , 2020 , excluding PPP loans . • Total deposits were $ 1.9 billion compared to $ 1.8 billion at December 31 , 2020 . • Noninterest bearing deposits increased by $ 112.5 million to 15 % of total deposits command to 100 % at March 21 2020