Bankwell Financial Group, a small-cap bank based in Connecticut, reported record EPS of $1.58 on revenue of roughly $35.3 million, with EPS up over 25% and revenue up 24% year over year. Excluding core conversion costs, diluted EPS would have been $1.86. The bank posted a 1.45% ROAA and nearly 15.3% ROATCE in the third quarter, its net interest margin expanded 0.13% to 3.71%, and non-performing loans fell from 0.54% to 0.24% of total loans. Trading at 1.69x tangible book value, the stock may be slightly undervalued in the author's view, though this is based on only one quarter of results.
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