KeyBank's SBA Loans Provide Capital To Fuel Small Business Growth
CLEVELAND, OH / / May 19, 2025 / Starting a small business takes a vision and resources that not every entrepreneur has at their fingertips. As the foundation of our communities, small businesses often require a full suite of financial of solutions* to meet their needs. That's why KeyBank's Small Business Administration (SBA) Specialists take the time to understand each business owner's needs and create tailored financial solutions that help them achieve their goals
KeyBank's SBA Loans Put Businesses First
As one of the nation's top SBA Preferred Lenders for over 20 years1, KeyBank offers a full suite of SBA loan programs, including the SBA 7(a) loan, the SBA 504 loan, the SBA Express Loan Program. We work closely with entrepreneurs to identify the right loan solution that fits their business goals, whether that's navigating ownership transitions or securing* growth financing to purchase new equipment, facilities, or inventory.
With a fully dedicated SBA lending platform, from loan origination through closing, KeyBank ensures that business owners can efficiently access the capital* they need while receiving the highest level of service from our specialized SBA lending staff. The goal is to provide custom support to make accessing capital easier, faster, and more personal for small business owners at every stage of growth.
"Getting capital* into the hands of more small businesses is a critical part of KeyBank's purpose of helping the communities we serve thrive," said Jim Fliss, National Manager of KeyBank's SBA Program. "These small businesses are the backbone of our economy and they have shown such resiliency in recent years. We are committed to helping more small businesses take advantage of the benefits the SBA lending programs have to offer."
KeyBank's SBA Loans Make Real Impact
SBA lending programs are pivotal to meeting the evolving needs of small business owners, and KeyBank's impact is evident in its reach. Since 2015, KeyBank has provided $2.8 billion in SBA-guaranteed financing to thousands of small business owners, with $1.2 billion financed within just the past four years.2 $11 billion in critical funding has also been dispersed through SBA-approved PPP loans.3
Visit www.key.com/small-business/banking/loans-lines/sba-loan-programs.htmlfor more information.
KeyBank's Commitment to Small Businesses
KeyBank is committed to investing in the communities we serve by helping the businesses that power them thrive, and Key's continued growth reflects the real impact of that commitment.
Complementing our industry-leading SBA offerings, Key is proud to be a true relationship bank that offers holistic financial solutions including treasury*, merchant*, and wealth management services for the company, the entrepreneur and the company employees.
By emphasizing an advice-driven philosophy, KeyBank aims to strengthen relationships with business owners and help them achieve long-term success in an increasingly complex financial landscape. To learn more about how KeyBank can serve your business, visit www.key.com/smallbusiness.
CFMA #250513-3215228
1Source: U.S. Small Business Administration (SBA) from August, 1997 to October, 2024.
2 Source:Statistics released by the U.S. Small Business Administration (SBA) October, 2024 for total approved loans through the SBA's 7(a) lending program during the federal fiscal year ending 9/30/2024.
3 Source: KeyBank Doubles SBA 7(a) Lending Volume, Remains a Top Small Business Lender in the Country
*All credit products, merchant services, treasury products are subject to collateral and/or credit approval, terms, conditions, availability and subject to change.
SBA loans subject to SBA eligibility.
View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.
Contact Info:Spokesperson: KeyBankWebsite: https://www.3blmedia.com/profiles/keybankEmail: info@3blmedia.com
SOURCE: KeyBank
View the original press release on ACCESS Newswire
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Bankwell Financial Group Reports Operating Results for the Second Quarter, Declares Third Quarter Dividend
NEW CANAAN, Conn.--(BUSINESS WIRE)--Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $9.1 million, or $1.15 per share for the second quarter of 2025, versus $6.9 million, or $0.87 per share, for the first quarter of 2025. The Company's Board of Directors declared a $0.20 per share cash dividend, payable August 22, 2025 to shareholders of record on August 11, 2025. Discussion of Outlook; Bankwell Financial Group Chief Executive Officer, Christopher R. Gruseke: "Our strong second quarter reflects an acceleration of positive trends which have been building over the past year. Notably, our net interest margin increased to 3.10% as a result of our improved funding costs. Loan originations accelerated in the quarter, resulting in $24 million net loan growth, which includes another robust quarter of SBA originations. Having already made the appropriate investments in risk, operations, and technology, the SBA business is on a path to achieve further scale and profitability. Year to date, it has contributed $1.5 million in non-interest income. The combined results of our efforts have increased the Company's return on average assets to 1.14% this quarter and we expect continued improvement in profitability as the year progresses. As we continue to improve the Company's funding with higher quality deposits, we have now welcomed a total of five new deposit-focused private banking teams the year, and we anticipate their contributions will boost deposit growth later this year, with greater impact in 2026. In light of this positive momentum, we are updating our 2025 guidance, to grow net interest income to $97 – $98 million. We reiterate our guidance of $7 - $8 million in noninterest income. We are increasing our noninterest expense guidance to $58 - $59 million, primarily a result of our investments in people. Despite the modestly higher run rate in operating expenses, we expect to see continued improvement to the Company's efficiency ratio in the quarters ahead." Key Points for Second Quarter and Bankwell's Outlook NIM Expansion on Improved Deposit Costs. Reported net interest margin was 3.10%, up 29 basis points from the first quarter of 2025, with reduced deposit costs on both time and non-maturity deposits contributing meaningfully to the linked-quarter expansion. Second quarter cost of deposits of 3.40% improved 20 basis points to linked quarter, with a June 2025 "exit" rate of 3.28%. During the first half of 2025, approximately $745 million of time deposits repriced approximately 80 basis points lower. Furthermore, rate cuts on approximately $1.0 billion of non-maturity interest-bearing deposits yielded a 23 basis point reduction in the same time period. Advancing Key Strategic Priorities. SBA loan sale gains increased to $1.1 million for the quarter ended June 30, 2025, compared to $0.4 million in the first quarter of 2025. The SBA lending vertical delivered $11.8 million in originations during the quarter ended June 30, 2025, with continued growth expected for the remainder of 2025. The Company continues to invest in its deposit gathering capabilities, with the addition of five deposit teams in the New York Metro area; two teams added in April were previously disclosed, one team added after June 30, 2025. For the quarter ended June 30, 2025, the Company realized an efficiency ratio of 56.1%, down from 59.9% for the quarter ended March 31, 2025. Investments in strategic priorities continue to be balanced with revenue generation and improved efficiency. Improving Credit. As of June 30, 2025, nonperforming assets as a percentage of total assets improved to 0.78%, compared to 0.83% as of March 31, 2025. Of the 0.78%, 0.17% is guaranteed by the SBA. ACL-loans as a % of nonperforming loans increased to 122.5%, compared to 111.8% as of March 31, 2025. Second Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs): March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Return on average assets (1)(6) 1.14 % 0.86 % 0.37 % 0.24 % 0.14 % Pre-tax, pre-provision net revenue return on average assets (1)(6) 1.43 % 1.18 % 1.13 % 1.22 % 1.10 % Return on average shareholders' equity (1)(6) 12.98 % 10.16 % 4.35 % 2.83 % 1.65 % Net interest margin (1)(6) 3.10 % 2.81 % 2.60 % 2.72 % 2.75 % Efficiency Ratio (1)(3) 56.1 % 59.9 % 56.4 % 58.8 % 45.6 % Noninterest expense to average assets (1)(6) 1.83 % 1.76 % 1.56 % 1.62 % 1.55 % Net loan charge-offs as a percentage of average loans (1)(6) 0.00 % 0.00 % 0.11 % 0.56 % 0.01 % Dividend payout (1)(4) 17.39 % 22.99 % 54.05 % 82.30 % 142.86 % Fully diluted tangible book value per common share (1)(2) $ 35.65 $ 34.56 $ 34.09 $ 33.76 $ 33.61 Total capital to risk-weighted assets (1)(5) 13.28 % 13.22 % 12.70 % 12.83 % 12.98 % Total common equity tier 1 capital to risk-weighted assets (1)(5) 12.20 % 12.11 % 11.64 % 11.80 % 11.73 % Tier I Capital to Average Assets (1)(5) 10.57 % 10.13 % 10.09 % 10.24 % 10.17 % Tangible common equity to tangible assets (1)(2) 8.68 % 8.57 % 8.20 % 8.40 % 8.42 % Earnings per common share - diluted $ 1.15 $ 0.87 $ 0.37 $ 0.24 $ 0.14 Common shares issued and outstanding 7,888,013 7,859,873 7,858,573 7,866,499 (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 (using 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. 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. Expand Pre-Tax, Pre-Provision Net Revenue (1) ("PPNR") PPNR for the second quarter ended June 30, 2025 was $11.4 million, an increase of 20.9% from $9.4 million recognized for the first quarter ended March 31, 2025. Revenues (net interest income plus noninterest income) for the quarter ended June 30, 2025 were $25.9 million, versus $23.6 million from the previous quarter. The increase in revenues for the quarter ended June 30, 2025 was mainly attributable to reduced funding costs. Additional favorability for the quarter ended June 30, 2025 is attributed to growth in gains on sale of SBA loans. The net interest margin (fully taxable equivalent basis) for the quarters ended June 30, 2025 and March 31, 2025 was 3.10% and 2.81%, respectively. The increase in the net interest margin was mainly due to reduced funding costs. Total non-interest expense of $14.5 million increased 2.9% compared to the first quarter, which was mainly driven by increase in salaries and employee benefits. Allowance for Credit Losses - Loans ("ACL-Loans") The ACL-Loans was $29.3 million as of June 30, 2025 compared to $29.5 million as of March 31, 2025. The ACL-Loans as a percentage of total loans was 1.10% as of June 30, 2025 compared to 1.11% as of March 31, 2025. The credit for credit losses - loans was $0.3 million for the quarter ended June 30, 2025. Total nonperforming loans decreased $2.5 million to $23.9 million as of June 30, 2025 when compared to the previous quarter. Nonperforming assets as a percentage of total assets decreased to 0.78% as of June 30, 2025 compared to the previous quarter's ratio of 0.83%. As of June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Asset quality: Nonaccrual loans Residential real estate $ 617 $ 811 $ 791 $ 1,316 $ 1,339 Commercial real estate 16,387 17,946 44,814 46,360 28,088 Commercial business 6,871 7,626 7,672 9,101 17,396 Construction — — — 8,766 9,382 Consumer — — — — — Total nonaccrual loans 23,875 26,383 53,277 65,543 56,205 Other real estate owned 1,284 — 8,299 — — Total nonperforming assets $ 25,159 $ 26,383 $ 61,576 $ 65,543 $ 56,205 Nonperforming loans as a % of total loans 0.89 % 1.00 % 1.97 % 2.42 % 2.12 % Nonperforming assets as a % of total assets 0.78 % 0.83 % 1.88 % 2.07 % 1.79 % ACL-loans as a % of total loans 1.10 % 1.11 % 1.07 % 1.07 % 1.36 % ACL-loans as a % of nonperforming loans 122.54 % 111.76 % 54.44 % 44.26 % 64.20 % Total past due loans to total loans 0.91 % 1.08 % 1.63 % 2.40 % 0.84 % Expand Financial Condition & Capital Assets totaled $3.2 billion at June 30, 2025, a decrease of $31.9 million, or 1.0% compared to December 31, 2024. Gross loans totaled $2.7 billion at June 30, 2025, a decrease of $36.9 million, or 1.4% compared to December 31, 2024. Deposits totaled $2.8 billion at June 30, 2025, a decrease of $28.3 million, or 1.0% compared to December 31, 2024. Brokered deposits have decreased $81.2 million or 11.5%, when compared to December 31, 2024. Period End Deposit Composition June 30, 2025 December 31, 2024 June 30, 2024 Current YTD % Change Noninterest bearing demand $ 397,195 $ 321,875 $ 328,475 23.4 % 20.9 % NOW 118,019 105,090 122,112 12.3 (3.4 ) Money Market 875,457 899,413 825,599 (2.7 ) 6.0 Savings 91,612 90,220 91,870 1.5 (0.3 ) Time 1,276,998 1,370,972 1,294,319 (6.9 ) (1.3 ) Total Deposits $ 2,759,281 $ 2,787,570 $ 2,662,375 (1.0 )% 3.6 % Expand Shareholders' equity totaled $283.3 million as of June 30, 2025, an increase of $12.8 million compared to December 31, 2024, primarily a result of year to date net income of $16.0 million. The increase was partially offset by dividends paid of $3.1 million and share repurchases of $1.3 million. As of June 30, 2025, 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 13.28%, 12.20%, and 10.57%, respectively. The Company repurchased 14,626 shares at a weighted average price of $28.86 per share during the quarter ended June 30, 2025. We recommend reading this earnings release in conjunction with the Second Quarter 2025 Investor Presentation, located at and included as an exhibit to our July 28, 2025 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 July 28, 2025, at 11:00 a.m. E.T. The call will be accessible by telephone and webcast using /. 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 offers its customers unmatched accessibility, expertise, and responsiveness through a range of commercial financing products including working capital lines of credit, SBA loans, acquisition loans, and commercial mortgages as well as treasury management and deposit services. 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 at (203) 652-0166 or at ir@ For more information, visit 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, operating revenue, efficiency ratio, noninterest expense to average assets, average tangible common equity, annualized return on average tangible common equity, return on average assets, return on average 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, 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. ASSETS Cash and due from banks $ 313,998 $ 292,006 $ 293,552 $ 275,829 $ 234,277 Federal funds sold 8,466 12,922 13,972 15,508 17,103 Cash and cash equivalents 322,464 304,928 307,524 291,337 251,380 Investment securities Marketable equity securities, at fair value 2,188 2,164 2,118 2,148 2,079 Available for sale investment securities, at fair value 103,930 97,321 107,428 108,866 107,635 Held to maturity investment securities, at amortized cost 36,434 36,478 36,553 34,886 28,286 Total investment securities 142,552 135,963 146,099 145,900 138,000 Loans receivable (net of ACL-Loans of $29,256, $29,485, $29,007, $27,752, and $36,083, at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively) 2,635,742 2,611,495 2,672,959 2,591,551 2,616,691 Accrued interest receivable 14,741 15,409 14,535 14,714 14,675 Federal Home Loan Bank stock, at cost 5,051 3,583 5,655 5,655 5,655 Premises and equipment, net 23,020 22,978 23,856 24,780 25,599 Bank-owned life insurance 53,488 53,136 52,791 52,443 52,097 Goodwill 2,589 2,589 2,589 2,589 2,589 Deferred income taxes, net 9,684 9,551 9,742 9,300 11,345 Other real estate owned 1,284 — 8,299 — — Other assets 25,978 24,261 24,427 22,811 23,623 Total assets $ 3,236,593 $ 3,183,893 $ 3,268,476 $ 3,161,080 $ 3,141,654 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest bearing deposits $ 397,195 $ 349,525 $ 321,875 $ 295,552 $ 328,475 Interest bearing deposits 2,362,086 2,400,920 2,465,695 2,392,619 2,333,900 Total deposits 2,759,281 2,750,445 2,787,570 2,688,171 2,662,375 Advances from the Federal Home Loan Bank 75,000 40,000 90,000 90,000 90,000 Subordinated debentures 69,574 69,513 69,451 69,389 69,328 Accrued expenses and other liabilities 49,448 48,721 50,935 45,594 52,975 Total liabilities 2,953,303 2,908,679 2,997,956 2,893,154 2,874,678 Shareholders' equity Common stock, no par value 118,698 118,439 119,108 118,429 118,037 Retained earnings 165,495 157,971 152,656 151,257 150,895 Accumulated other comprehensive (loss) (903 ) (1,196 ) (1,244 ) (1,760 ) (1,956 ) Total shareholders' equity 283,290 275,214 270,520 267,926 266,976 Total liabilities and shareholders' equity $ 3,236,593 $ 3,183,893 $ 3,268,476 $ 3,161,080 $ 3,141,654 Expand BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Dollars in thousands, except share data) For the Quarter Ended For the Six-Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Interest and dividend income Interest and fees on loans $ 44,128 $ 43,475 $ 42,851 $ 43,596 $ 43,060 $ 87,603 $ 86,385 Interest and dividends on securities 1,478 1,445 1,482 1,390 1,190 2,923 2,320 Interest on cash and cash equivalents 3,043 3,557 3,510 3,205 3,429 6,600 7,255 Total interest and dividend income 48,649 48,477 47,843 48,191 47,679 97,126 95,960 Interest expense Interest expense on deposits 23,083 24,772 25,640 25,579 24,677 47,855 50,039 Interest expense on borrowings 1,630 1,639 2,004 1,895 1,783 3,269 3,555 Total interest expense 24,713 26,411 27,644 27,474 26,460 51,124 53,594 Net interest income 23,936 22,066 20,199 20,717 21,219 46,002 42,366 (Credit) provision for credit losses (411 ) 463 4,458 6,296 8,183 52 11,866 Net interest income after (credit) provision for credit losses 24,347 21,603 15,741 14,421 13,036 45,950 30,500 Noninterest income Bank owned life insurance 352 344 348 346 333 696 662 Service charges and fees 674 602 589 575 495 1,276 799 Gains and fees from sales of loans 1,080 442 24 133 45 1,522 366 Other (94 ) 117 3 102 (190 ) 23 (229 ) Total noninterest income 2,012 1,505 964 1,156 683 3,517 1,598 Noninterest expense Salaries and employee benefits 7,521 7,052 5,056 6,223 6,176 14,573 12,467 Occupancy and equipment 2,505 2,575 2,600 2,334 2,238 5,080 4,561 Professional services 1,632 1,529 1,286 1,142 989 3,161 2,054 Data processing 712 885 905 851 755 1,597 1,495 Director fees 333 348 342 292 306 681 1,206 FDIC insurance 684 779 862 853 705 1,463 1,635 Marketing 218 142 175 73 90 360 203 Other 941 831 1,418 1,097 986 1,772 1,921 Total noninterest expense 14,546 14,141 12,644 12,865 12,245 28,687 25,542 Income before income tax expense 11,813 8,967 4,061 2,712 1,474 20,780 6,556 Income tax expense 2,725 2,079 1,098 786 356 4,804 1,675 Net income $ 9,088 $ 6,888 $ 2,963 $ 1,926 $ 1,118 $ 15,976 $ 4,881 Earnings Per Common Share: Basic $ 1.16 $ 0.88 $ 0.37 $ 0.24 $ 0.14 $ 2.04 $ 0.62 Diluted $ 1.15 $ 0.87 $ 0.37 $ 0.24 $ 0.14 $ 2.03 $ 0.62 Weighted Average Common Shares Outstanding: Basic 7,777,469 7,670,224 7,713,970 7,715,040 7,747,675 7,724,143 7,705,598 Diluted 7,819,829 7,740,521 7,727,412 7,720,895 7,723,888 7,795,820 7,721,880 Dividends per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.40 $ 0.40 Expand 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 June 30, 2 025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total Equity $ 283,290 $ 275,214 $ 270,520 $ 267,926 $ 266,976 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles — — — — — Tangible Common Equity $ 280,701 $ 272,625 $ 267,931 $ 265,337 $ 264,387 Total Assets $ 3,236,593 $ 3,183,893 $ 3,268,476 $ 3,161,080 $ 3,141,654 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles — — — — — Tangible Assets $ 3,234,004 $ 3,181,304 $ 3,265,887 $ 3,158,491 $ 3,139,065 Tangible Common Equity to Tangible Assets 8.68 % 8.57 % 8.20 % 8.40 % 8.42 % Expand As of Computation of Fully Diluted Tangible Book Value per Common Share June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total shareholders' equity $ 283,290 $ 275,214 $ 270,520 $ 267,926 $ 266,976 Less: Preferred stock — — — — — Common shareholders' equity $ 283,290 $ 275,214 $ 270,520 $ 267,926 $ 266,976 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles — — — — — Tangible common shareholders' equity $ 280,701 $ 272,625 $ 267,931 $ 265,337 $ 264,387 Common shares issued and outstanding 7,873,387 7,888,013 7,859,873 7,858,573 7,866,499 Fully Diluted Tangible Book Value per Common Share $ 35.65 $ 34.56 $ 34.09 $ 33.76 $ 33.61 Expand BANKWELL FINANCIAL GROUP, INC. EARNINGS PER SHARE ("EPS") (unaudited) (Dollars in thousands, except share data) For the Quarter Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (In thousands, except per share data) Net income $ 9,088 $ 1,118 $ 15,976 $ 4,881 Dividends to participating securities (1) 26 (40 ) 53 (79 ) Undistributed earnings allocated to participating securities (1) (125 ) 14 (241 ) (52 ) Net income for earnings per share calculation 8,989 1,092 15,788 4,750 Weighted average shares outstanding, basic 7,777,469 7,747,675 7,724,143 7,705,598 Effect of dilutive equity-based awards (2) 42,359 (24,787 ) 71,677 16,282 Weighted average shares outstanding, diluted 7,819,828 7,722,888 7,795,820 7,721,880 Net earnings per common share: Basic earnings per common share $ 1.16 $ 0.14 $ 2.04 $ 0.62 Diluted earnings per common share $ 1.15 $ 0.14 $ 2.03 $ 0.62 (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. Expand For the Quarter Ended June 30, 2025 June 30, 2024 Average B alance Interest Yield/ Rate (4) Average Balance Interest Yield/ Rate (4) Assets: Cash and Fed funds sold $ 296,054 $ 3,043 4.12 % $ 273,301 $ 3,429 5.05 % Securities (1) 149,475 1,535 4.11 137,360 1,139 3.32 Loans: Commercial real estate 1,788,354 27,427 6.07 1,901,189 27,654 5.75 Residential real estate 37,549 597 6.36 49,046 772 6.30 Construction 196,373 3,851 7.76 159,184 2,871 7.14 Commercial business 558,237 11,195 7.93 523,382 11,028 8.34 Consumer 72,137 1,058 5.88 42,335 735 6.98 Total loans 2,652,650 44,128 6.58 2,675,136 43,060 6.37 Federal Home Loan Bank stock 5,000 85 6.85 5,655 118 8.47 Total earning assets 3,103,179 $ 48,791 6.22 % 3,091,452 $ 47,746 6.11 % Other assets 88,967 95,453 Total assets $ 3,192,146 $ 3,186,905 Liabilities and shareholders' equity: Interest bearing liabilities: NOW $ 107,818 $ 77 0.29 % $ 107,310 $ 49 0.18 % Money market 898,777 8,579 3.83 833,489 8,552 4.13 Savings 91,415 667 2.93 90,987 688 3.04 Time 1,273,372 13,760 4.33 1,291,595 15,388 4.76 Total interest bearing deposits 2,371,382 23,083 3.90 2,323,381 24,677 4.27 Borrowed Money 138,380 1,629 4.72 159,288 1,783 4.50 Total interest bearing liabilities 2,509,762 $ 24,712 3.95 % 2,482,669 $ 26,460 4.29 % Noninterest bearing deposits 352,623 368,516 Other liabilities 48,956 63,177 Total liabilities 2,911,341 2,914,362 Shareholders' equity 280,805 272,543 Total liabilities and shareholders' equity $ 3,192,146 $ 3,186,905 Net interest income (2) $ 24,079 $ 21,286 Interest rate spread 2.27 % 1.82 % Net interest margin (3) 3.10 % 2.75 % (1) Average balances and yields for securities are based on amortized cost. (2) The adjustment for securities and loans taxable equivalency amounted to $143 thousand and $67 thousand for the quarters ended June 30, 2025 and 2024, 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. Expand For the Year Ended June 30, 2025 June 30, 2024 Average Balance Interest Yield/ Rate (4) Average Balance Interest Yield/ Rate (4) Assets: Cash and Fed funds sold $ 322,498 $ 6,600 4.13 % $ 282,981 $ 7,255 5.16 % Securities (1) 150,059 3,011 4.01 136,049 2,199 3.23 Loans: Commercial real estate 1,818,282 55,710 6.09 1,911,896 56,295 5.82 Residential real estate 39,544 1,230 6.22 49,624 1,490 6.01 Construction 187,674 7,320 7.76 160,080 5,844 7.22 Commercial business 533,310 21,204 7.91 520,188 21,314 8.10 Consumer 76,784 2,139 5.62 41,150 1,442 7.05 Total loans 2,655,594 87,603 6.56 2,682,938 86,385 6.37 Federal Home Loan Bank stock 4,799 196 8.21 5,678 239 8.49 Total earning assets 3,132,950 $ 97,410 6.18 % 3,107,646 $ 96,078 6.12 % Other assets 89,353 93,179 Total assets $ 3,222,303 $ 3,200,825 Liabilities and shareholders' equity: Interest bearing liabilities: NOW $ 103,675 $ 187 0.36 % $ 99,493 $ 88 0.18 % Money market 896,084 17,099 3.85 858,670 17,698 4.14 Savings 89,800 1,325 2.98 91,979 1,402 3.06 Time 1,325,630 29,244 4.45 1,304,332 30,851 4.76 Total interest bearing deposits 2,415,189 47,855 4.00 2,354,474 50,039 4.27 Borrowed Money 136,161 3,269 4.84 159,257 3,555 4.49 Total interest bearing liabilities 2,551,350 $ 51,124 4.04 % 2,513,731 $ 53,594 4.29 % Noninterest bearing deposits 343,261 352,768 Other liabilities 49,752 62,775 Total liabilities 2,944,363 2,929,274 Shareholders' equity 277,940 271,551 Total liabilities and shareholders' equity $ 3,222,303 $ 3,200,825 Net interest income (2) $ 46,286 $ 42,484 Interest rate spread 2.14 % 1.83 % Net interest margin (3) 2.95 % 2.73 % (1) Average balances and yields for securities are based on amortized cost. (2) The adjustment for securities and loans taxable equivalency amounted to $285 thousand and $118 thousand for the year ended June 30, 2025 and 2024, 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. Expand
Business Wire
4 days ago
- Business Wire
Theraclion Growth Up in S1 2025
MALAKOFF, France--(BUSINESS WIRE)--Regulatory News: THERACLION (ISIN: FR0010120402; Mnemo: ALTHE), an innovative company developing Sonovein®, a robotic platform for non-invasive High-Intensity Focused Ultrasound (HIFU) varicose vein treatment, reviews its business for S1 2025. Sales of consumables (recurring revenue) up 30% compared to 2024 New treatment centers opened in Bulgaria and Spain Appointment of a new business manager and acceleration of commercial activities On-schedule completion of the follow-up period for the pivotal FDA clinical trial Martin Deterre, CEO of Theraclion, states: "In early 2025, Theraclion stepped up Sonovein's activity. In June, the final 12-month follow-ups for patients in the pivotal FDA-approved clinical trial were completed on-schedule. We are now awaiting the final results, which we expect to publish in September. Theraclion has also entered a business development phase: building a sales and marketing team, opening two new Sonovein treatment centers, and achieving significant growth in recurring revenue — all of which promise the achievement of our ambitious goals." Commercial activity acceleration As part of its business development, Theraclion is actively building its sales and marketing team. In May 2025, Thibault Le Normand joined the company as Chief Business Officer to boost sales in the Middle East and product placements (PPUs) of Sonovein in Europe. With over a decade of experience in international development of medical devices, Thibault Le Normand brings valuable expertise to this strategic growth phase. At the same time, the technological credibility and clinical maturity of Sonovein have been further demonstrated by the publication of new scientific articles as well as by over a dozen presentations at major international congresses by renowned physicians using the device. Sonovein's international profile has also increased through Theraclion's participation in congresses, such as Vein in Venice (April, Venice), Venous Symposium (May, New York), and the European Venous Forum (June, Krakow). This outreach effort was supported by the launch of a new product identity and a new website, giving Sonovein a new brand image that reflects innovation, clinical excellence, and ambition. In addition, two new product placement (PPU) contracts for Sonovein have been signed in Bulgaria and Spain, stepping up Theraclion's presence in Europe and expanding the installed base of the technology. Revenue for S1 2025 Theraclion's revenue for S1 2025 was €835K, up 89% compared to 2024 (€442K) (prior to the non-recurring adjustment of €680K related to the cancellation of Echopulse system sales in 2024). Consumables, which include recurring revenues from PPUs, was up 30% compared to S1 2024. Service revenues were up 232% over the same period. This strong momentum is a key indicator of increasing use of Sonovein by treatment centers and reflects the technology's sustained traction in the field. Combined, consumables and services — representing recurring revenue — was up 57% compared to 2024. Progress of the pivotal FDA clinical trial In the USA, the pivotal FDA-approved study for SONOVEIN® reached a major milestone in June 2025 with the on-schedule completion of the 12-month post-treatment patient follow-ups. Data analysis is currently underway, with results expected in September. Submission of the marketing authorization application to the FDA is planned for Fall 2025, with potential approval estimated for Q2 2026, subject to the FDA's processing time. This progress marks a critical strategic milestone in the work to access the world's largest market for venous disease treatment. Next financial publication: Theraclion will publish its interim financial results on October 29, 2025. About Theraclion Theraclion is a French MedTech company committed to developing a non-invasive alternative to surgery through the innovative use of focused ultrasound. High Intensity Focused Ultrasound (HIFU) does not require incisions or an operating room, leaves no scars, and patients can immediately resume their routines. HIFU treatment concentrates therapeutic ultrasounds on an internal focal point from outside the body. Theraclion is developing SONOVEIN®, a CE-marked, a robotic platform for HIFU varicose vein treatment, which could replace millions of surgical procedures every year. In the USA, SONOVEIN® is an investigational device limited to investigational use; it is not available for sale in the USA. Based in Malakoff (Paris), the Theraclion team comprises some 30 people, most of them involved in technological and clinical development. Theraclion is listed on Euronext Growth Paris Eligible for the PEA-PME scheme Mnemonic: ALTHE - ISIN code: FR0010120402 LEI: 9695007X7HA7A1GCYD29
Yahoo
4 days ago
- Yahoo
ImmunityBio, Inc. Announces Execution of $80 Million Equity Financing from Multiple Institutional Investors
CULVER CITY, Calif., July 25, 2025--(BUSINESS WIRE)--ImmunityBio, Inc. (NASDAQ: IBRX), a leading immunotherapy company, today announced that it has executed financing to provide further working capital and support its ongoing business operations. The Company entered into a securities purchase agreement for a registered direct offering with two institutional investors, providing for the issuance of common stock of ImmunityBio as well as warrants for the purchase of additional shares of common stock of ImmunityBio that is expected to result in gross proceeds at closing of approximately $80 million before deducting placement agent fees and other offering-related expenses, subject to customary closing conditions. If fully exercised, the warrants could result in additional gross proceeds of up to approximately $96 million. Piper Sandler & Co. is acting as the exclusive placement agent for the registered direct offering. The securities to be sold by the Company are offered under its automatic shelf registration statement on Form S-3 (Registration No. 333-278770). A final prospectus supplement, which contains additional information relating to the offering, will be filed with the SEC and will be available on the SEC's website at Electronic copies of the prospectus supplement may be obtained for free by contacting Piper Sandler & Co., 350 North 5th Street, Suite 1300, Minneapolis, MN 55402, Attention: Prospectus Department, or by telephone at (800) 747-3924, or by email at prospectus@ Before investing in this offering, interested parties should read the prospectus supplement, the accompanying prospectus and the other documents that are incorporated by reference in such prospectus supplement and the accompanying prospectus in their entirety. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About ImmunityBio, Inc. ImmunityBio is a vertically-integrated commercial stage biotechnology company developing next-generation therapies that bolster the natural immune system to defeat cancers and infectious diseases. The Company's range of immunotherapy and cell therapy platforms, alone and together, act to drive and sustain an immune response with the goal of creating durable and safe protection against disease. Designated an FDA Breakthrough Therapy, ANKTIVA® is the first FDA-approved immunotherapy for non-muscle invasive bladder cancer CIS that activates natural killer cells, T cells, and memory T cells for a long-duration response. The Company is applying its science and platforms to treating cancers, including the development of potential cancer vaccines, as well as developing immunotherapies and cell therapies that we believe sharply reduce or eliminate the need for standard high-dose chemotherapy. These platforms and their associated product candidates are designed to be more effective, accessible, and easily administered than current standards of care in oncology and infectious diseases. For more information, visit (Founder's Vision) and connect with us on X (Twitter), Facebook, LinkedIn, and Instagram. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the timing and size of the proposed offering, the potential exercise of the warrants being offered and resulting additional proceeds to the Company, the anticipated closing of the equity financing described herein and use of proceeds to be received from such financing, the application of the Company's science and platforms to treat cancers or develop cancer vaccines, immunotherapies and cell therapies that reduce or eliminate the need for standard high-dose chemotherapy. Statements in this press release that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as "anticipates," "believes," "continues," "goal," "could," "estimates," "scheduled," "expects," "intends," "may," "plans," "potential," "predicts," "indicate," "projects," "seeks," "should," "will," "strategy," and variations of such words or similar expressions. Statements of past performance, efforts, or results of our preclinical and clinical trials, about which inferences or assumptions may be made, can also be forward-looking statements and are not indicative of future performance or results. Forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of ImmunityBio's management as well as assumptions made by and information currently available to ImmunityBio. Such information may be limited or incomplete, and ImmunityBio's statements should not be read to indicate that it has conducted a thorough inquiry into, or review of, all potentially available relevant information. Such statements reflect the current views of ImmunityBio with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about ImmunityBio, including, without limitation, (i) whether the equity financing transaction described herein will close on the timeline anticipated, if at all, (ii) those related to the regulatory submission, filing and review process and the timing thereof, (iii) the ability of ImmunityBio to fund its ongoing and anticipated clinical trials, (iv) whether clinical trials will result in registrational pathways, (v) whether clinical trial data will be accepted by regulatory agencies, (vi) the ability of ImmunityBio to continue its planned preclinical and clinical development of its development programs through itself and/or its investigators, and the timing and success of any such continued preclinical and clinical development, patient enrollment and planned regulatory submissions, (vii) potential delays in product availability, regulatory approvals, and reimbursement decisions, (viii) ImmunityBio's ability to retain and hire key personnel, (ix) ImmunityBio's ability to obtain additional financing to fund its operations and complete the development and commercialization of its various product candidates, (x) potential product shortages or manufacturing disruptions that may impact the availability and timing of product, (xi) ImmunityBio's ability to successfully commercialize its approved product and product candidates, (xii) ImmunityBio's ability to scale its manufacturing and commercial supply operations for its approved product and future approved products, and (xiii) ImmunityBio's ability to obtain, maintain, protect, and enforce patent protection and other proprietary rights for its product candidates and technologies. More details about these and other risks that may impact ImmunityBio's business are described under the heading "Risk Factors" in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 3, 2025, and the Company's Form 10-Q filed with the SEC on May 12, 2025, and in subsequent filings made by ImmunityBio with the SEC, which are available on the SEC's website at ImmunityBio cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. ImmunityBio does not undertake any duty to update any forward-looking statement or other information in this press release, except to the extent required by law. View source version on Contacts Investors Hemanth Ramaprakash, PhD, MBA ImmunityBio, Inc. +1 Media Sarah Singleton ImmunityBio +1 Sign in to access your portfolio
