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Bankwell Financial Group Reports Record Operating Results for the Second Quarter ; Increases Dividend by 29 % Company Release - 7/28/2021 4:39 PM ET NEW CANAAN , Conn .-- ( BUSINESS WIRE ) -- Bankwell Financial Group , Inc. ( NASDAQ : BWFG ) reported record GAAP net income of $ 6.2 million , or $ 0.79 per share , for the second quarter of 2021 , versus $ 1.2 million , or $ 0.16 per share , for the same period in 2020 . The Company's Board of Directors declared a $ 0.18 per share cash dividend , payable August 26 , 2021 to shareholders of record on August 16 , 2021 , representing a 29 % increase when compared to the prior quarter's dividend . We recommend reading this earnings release in conjunction with the Second Quarter 2021 Investor Presentation , located at http://investor.mybankwell.com/Presentations and included as an exhibit to our July 28 , 2021 Current Report on Form 8 - K . Notes Bankwell Financial Group President and CEO , Christopher R. Gruseke : " I'd like to congratulate the entire Bankwell team for an outstanding job , not just this quarter , but over the last eighteen months . Not only have we navigated the challenges brought about by the global health crisis , but we are emerging from , what we hope to be , the closing stages of the pandemic as a stronger , more robust bank . Excluding PPP loans , we have grown our loan book 5 % for the quarter and 9 % year to date . We continue to improve our deposit structure and cost , growing non - interest bearing deposits by 17 % on a linked quarter basis , and increasing the quarterly net interest margin to 3.12 % . We expect to see further improvement in the NIM as 2021 progresses . Consistent with the Company's focus on improving its deposit base , we've just completed the conversion of our online banking product to offer a more robust and more competitive solution . We expect this added capability to help us further grow our business deposit franchise . Credit quality continues to improve . Any COVID impacted loans carry specific reserves or are well collateralized , and we expect these loans to return to accrual status over the coming quarters . " Confident in our earnings outlook , Bankwell's Board has just approved a 29 % increase in our quarterly dividend to $ 0.18 per share . We look forward to a strong finish to 2021 and are planning substantial growth and profitability in 2022. " Second Quarter 2021 Highlights : • Return on average assets was 1.11 % and return on average equity was 13.06 % for the quarter ended June 30 , 2021 . • The net interest margin improved to 3.12 % for the quarter ended June 30 , 2021 . • The efficiency ratio improved to 55.7 % for the quarter ended June 30 , 2021 . • Total gross loans were $ 1.7 billion , growing $ 139.8 million , or 8.8 % , compared to December 31 , 2020 , excluding Paycheck Protection Program ( " PPP " ) loans . • Resumption of SBA loan sales with gains of $ 0.8 million compared to no sales for