Bankwell Financial Group reports record gains from SBA loan sales
What happened
Bankwell Financial Group reported record third-quarter net income of $12.7 million, or $1.58 per share, compared with $12.4 million in the second quarter. The gains were attributed to strong sales of SBA loans and an expanding net interest margin. During the quarter, the company originated about $222 million in loans, including $30 million in SBA loans.
From themarketsdaily.com
Why it matters
The company's net interest margin increased 13 basis points to 3.71%. This growth was supported by rising earning-asset yields and loan yields. The results indicate that new loan pricing remained favorable compared to loans rolling off.
From themarketsdaily.com
Who's involved
- SBAThe Small Business Administration (SBA) is the subject of the loan sales reported by Bankwell Financial Group.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Small Business AdministrationSpeculative
Record loan-sale gains might confirm high utilization and success of Small Business Administration lending programs.