Latest news with #SBA
Leaders
an hour ago
- Business
- Leaders
SBA, US Embassy Collaborate on English Media Training
Saudi Broadcasting Authority (SBA) CEO Mohammed Alharthi honored the participants of an English-language media content creation training program yesterday. The three-week initiative, held at SBA headquarters, was organized in partnership with the US Embassy in Riyadh as part of ongoing cooperation in media training and development. The program aimed to strengthen the capabilities of 25 SBA media professionals, with a focus on improving their skills in writing, editing, and producing media content in English, alongside enhancing their overall language proficiency. Related Topics: SAUDIA and Saudi Broadcasting Authority Sign MoU to Launch Quality Initiatives AI League: Saudi Arabia Revolutionizes Sports with Tech-based Competition Discover 'Symphony': First Documentary Film about Saudi Pro League Saudi Media Forum Concludes, Announces Award Winners Short link : Post Views: 17 Related Stories
Borneo Post
2 days ago
- Sport
- Borneo Post
New SBA leadership briefs state minister on Sarawak badminton revamp
Wan Lizozman (fifth right) presents souvenirs to Abdul Karim while Ting (third left), Wan Khalik (fourth right) and others look on. KUCHING (July 30): The Sarawak Badminton Association (SBA) council, led by president Dato Sri Dr Wan Lizozman Wan Omar, paid a courtesy call to State Youth, Sports and Entrepreneur Development Minister Dato Sri Abdul Karim Rahman Hamzah today at Bangunan Baitul Makmur II in Petra Jaya. The meeting introduced SBA's new leadership and outlined its recent restructuring and renewed focus on revitalising badminton in Sarawak. In a statement from SBA, Abdul Karim welcomed the association's efforts and expressed confidence in the new team. He encouraged unity and collaboration to raise the standard of badminton in the state, citing the recent gold medal achievement by Wong Ling Ching at Sukma XXI Sarawak as inspiration. He also urged SBA to strengthen its partnership with the Sarawak Sports Corporation (SSC) to improve training programmes, facilities, and grassroots development. Wan Lizozman thanked the minister for his support and reiterated the association's commitment to good governance, athlete development, and inclusive stakeholder engagement. He was joined by deputy president Ting Wei Ping, honorary secretary Datuk Dr Wan Khalik Wan Muhammad, and other council members. Abdul Karim Rahman Hamzah courtesy call Sarawak Badminton Association SBA
Business Insider
3 days ago
- Business
- Business Insider
The SBA's live-entertainment bailout was supposed to end two years ago. We still don't know how $1.5 billion was spent.
The Small Business Administration is still tracking down $1.5 billion in federal funds that it spent to keep the live entertainment industry afloat during the pandemic — two years after it was supposed to close out the program. The SBA inspector-general said in a new report that by June 2023 the agency was supposed to have made "every effort" to close out the Shuttered Venue Operators Grant, which doled out money to thousands of music venues, movie theaters, and other entertainment businesses. As of May 2025, however, 1,080 grants were still open, meaning the agency hadn't accounted for how those funds were used. About two-thirds of those grantees hadn't submitted audits or responded to questions about the use of funds, the report said. Business Insider revealed last year that at least $200 million from the program went to successful musicians, some of whom used the money for high-end hotels, private jets, and self-enrichment. By fall 2024, the SBA had identified $544 million in "potentially improper" payments that were supposed to be clawed back from hundreds of recipients, some of whom it determined were never supposed to get a grant in the first place. The SBA began moving earlier this summer to claw back hundreds of grants. Meredith Lynsey Schade, a theatrical producer who advocated for grantees, said the program has generally been a success, but some grantees were being pursued for clawbacks over issues with paperwork. "These recoupment letters are not necessarily about fraud," she said in an email. It's not clear whether any celebrities are among those whose grants are being clawed back. SBA emails that Business Insider received via a public information request last year said that about 70% of the grants spotlighted in BI reporting had already been closed out. Michael Strickland, who runs a lighting company and advocated for the program, said he's been contacted by "hundreds" of people who received clawback letters in recent months. "I've had managers, I've had agents, I've had venue owners, I've had production people, producers of shows," he said. "There's no single continuity to the rules they're being accused of tripping." The SBA has struggled to find a way to recover the money, the agency's internal watchdog said in its report. "As a result of not referring improper payments to the Treasury and not sending demand letters, there is an increased risk that the government will not be able to collect improperly paid SVOG funds." Sen. Joni Ernst, an Iowa Republican who leads the Senate's small business committee, said people who misused funds from the program should be held accountable. She is backing a bill that would give prosecutors an extra five years to bring charges in cases of SVOG fraud. "The Biden administration made almost no effort to recover more than $500 million in improper payments dispersed through the Shuttered Venue Operators Grant program," she said in a statement.
Business Wire
4 days ago
- Business
- Business Wire
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
Yahoo
25-07-2025
- Business
- Yahoo
Alternatives to getting a small business loan at a bank
Key takeaways You can look into speedy alternatives to bank business loans in the form of loans from an online lender, invoice financing or merchant cash advances The SBA offers community-based loan programs that are lenient with approvals Bootstrapping, grants and equity financing help startups avoid debt Banks may be one of the most popular sources of financing, but they aren't the only option for getting a small business loan. If you don't meet the lender requirements from a bank, need fast funding or simply are looking for different funding terms, you can still find alternatives to bank business loans elsewhere. Here are the alternatives to consider. Types of alternative business funding Type of funding Best for SBA loans Affordable loans, slow funding needs Credit unions Lower interest rates and fees, local lending needs Online lenders Speedy funding, bad credit loans Community development financial institutions Businesses in underserved communities, more accessible requirements Peer to peer lending Lower credit and revenue requirements, slower funding Invoice financing/factoring Speedy funding, high-invoice volume businesses Merchant cash advance Speedy funding, High credit and debit transaction volume Equity financing Need for mentorship, partial township Grants Debt-free funding, slower funding Crowdfunding Debt-free funding, businesses with established customer or support base Bootstrapping Now or low debt, Entrepreneurs with capital to invest SBA loans The Small Business Administration designed its SBA loan programs to help small businesses get access to business financing. It offers affordable interest rates capped by the SBA and long repayment terms like 10 years for working capital uses, and are offered exclusively to business owners who have exhausted other traditional funding options. SBA loans from a bank often have tighter lending criteria similar to conventional business loans, and come with additional requirements around US citizenship and residency. They also have longer approval times than standard business loans, making them a slow funding option. SBA loans might be a good option for you if: You've exhausted all other lending options. You're looking for a more affordable loan. You don't need funding in a hurry. Bankrate insight As of July 2025, the SBA has 64,231 and $29,191,186,900 in 7(a) loans, with an average loan size of $454,472, according to the SBA's Weekly Lender Report. Credit unions Credit unions are not-for-profit institutions. Instead of stockholders, a credit union's members own and control the organization. This can lead to credit unions offering lower interest rates or fewer business loan fees than you might find with banks. Membership requirements can vary between credit unions, with some requiring you be a member of the military or other qualifying organization. Credit unions also tend to be more limited in services, products and locations. A credit untion might be good for you if: You want to have a personal stake and ownership over your loan. Your local credit union offers better rates and terms than your bank. You're okay with limited services, products and locations. Bankrate insight The approval rate for loans at credit unions tends to be slightly higher than large banks, with 47 percent of applicants being fully approved and 27 percent partially approved for funding, compared to 45 percent full approval and 25 percent partial approval at large banks, according to the 2025 Small Business Credit Survey. Online lenders Online lenders offer a digital application and loan approval process, which offers more accessible funding process than lenders bound to a physical location. These lenders may use technology to determine whether you're eligible for a loan, and often offer lenient eligibility requirements compared to banks. They also can offer extremely fast funding, often in a matter of one or two business days after approval. Online lenders often have lower loan maximums and may charge higher rates for applicants who need a bad credit business loan. On top of standard loans, online lenders offer other types of business financing, like lines of credit, invoice-based loans and merchant cash advances. Online lenders might be a good option if: You want an accessible loan application process. You don't meet bank credit requirements. You need fast funding. Community development financial institutions Community development financial institutions (CDFIs) provide loans, banking and other financial services to low-income, minority or otherwise underserved communities. They are given backing from the US Department of Treasury in exchange for providing education, lending and equitable access to funding for their communities. A CDFI can be a bank, a credit union, a loan fund or a depository holding. While the types of funding offered by the institutions differ, they often come with more accessible requirements, alongside education and resources for businesses starting out. Depending on the CDFI, you may need to have residence in the area they serve, or be opening a business in an underserved community. A CDFI might be a good option if: You live in or are opening a business in an underserved community. You don't qualify for traditional business bank loans. You're looking for a loan with additional educational and supportive resources. Peer-to-peer lending (P2P) Peer-to-peer lending involves borrowing money from individual people rather than traditional lenders like banks and credit unions. Usually, borrowers and lenders work through a platform like Kiva or LendingClub where borrowers can apply for loans, and people can invest their money into those loans. The benefit of peer-to-peer lenders is that they offer easier qualifications, allowing you to qualify even with no or poor credit and low revenue. The drawback is that rates and fees can be much higher for peer-to-peer loans than conventional or online loans if you have bad credit. There also may be limited funding availability based on demand, with some peer-to-peer lenders having waitlists. Peer-to-peer lending might be a good option if: You don't qualify for traditional bank loans. You're starting out with low revenue. You don't need funding quickly. Invoice financing/factoring If your company finds itself waiting on customers to pay the invoices you submit, you may turn to invoice financing to get cash quickly. With invoice financing, you use the money you're due based on the invoices you've submitted as collateral to get a loan. The lender will give you cash upfront with a set repayment plan and interest rate. As you get paid for those invoices, you can repay the debt. Invoice factoring also uses the invoices to determine eligibility and how much funding you receive. What makes it different is that the factoring company actually buys your invoices from you. When your customer pays the invoice, the money goes directly to the factoring company rather than you. The factoring company buys your invoices for between 70 and 90 percent of their face value, giving it room to make a profit. The company will then take out its fees and return any extra money to you once clients make good on the invoices. These loans tend to have low or no credit requirements, and instead are based on how many invoices you have and how much your customers owe you. Keep in mind that fees and interest rates tend to be much higher, and you may rack up high penalties if your customers fail to pay in a timely fashion. Invoice factoring or financing might be a good option if: You have a steady supply of invoices. You need funding quickly. You have low or limited credit and revenue. Merchant cash advances Merchant cash advances (MCAs) are an option for companies that make many sales through debit and credit card purchases. With an MCA, the lender gives you a lump sum of cash based on a percentage of your future card-based sales, which you then repay with your sales. MCAs are useful for companies that require fast funding and that don't meet traditional loan credit requirements. Keep in mind, however, that the factor rates and fees can be quite high – sometimes going into APRs in the 90s. Due to the high rates and aggressive daily or weekly repayments, you can easily get trapped in a cycle of debt until you make enough revenue to pay back the loan. An MCA might be a good option if: You make most of your sales through credit and debit card transactions. You need funding quickly. You have a low or no credit score. Equity financing Many small business owners turn to equity financing to finance building or expanding their business without going into traditional debt. Equity financing involves getting funding from investors, usually by giving away ownership of your company. You can get equity financing through: Angel investors: Individuals that provide financing and mentorship, Shark-Tank style. Venture capital firms: Financial organizations made up of investors aiming to finance high-potential startups. Initial Public Offering (IPO): Releasing shares of your company to the public as an entry into the stock market. Grants Grants are cash awards that you don't have to repay as long as you qualify for them, giving you a great alternative to business loans from a bank. Depending on the terms, you might have restrictions on how you can use the money or be free to spend it however your business wishes. There are many places to look for grants. Many local or state organizations and federal agencies offer grant programs that you can apply to. There are also privately run grant programs funded by businesses or non-profit organizations. Eligibility for these grants will vary, and funding can be competitive. You may want to look for grants in your industry or within community to increase your chances of getting the grant. Grants might be a good option for you if: You don't need funding in a hurry. You don't want to go into debt. You qualify for a specialized or local grant. Crowdfunding Crowdfunding is a way to raise money from everyday people rather than a traditional lender. You'll need a strong community network to make this form of financing successful or have a product that generates a lot of excitement. There are four primary types of crowdfunding: Donation-based crowdfunding asks people to donate money to your cause. There's no expectation that you'll repay the donors or offer them anything in return. Debt crowdfunding gets you financing from backers that you promise to repay in the future. Typically, these crowdfunding campaigns outline the repayment timeline and offer interest, giving the backers a chance to earn a return on their investment. Reward crowdfunding lets backers give your business money and receive something in return. For example, you might offer the product you're developing or digital content as an award for funds. Equity crowdfunding sells a share of the ownership in the business in exchange for funds. Because investors own part of your business, investors may have a say in how you run your business. Crowdfunding can be a good way to drum up both funding and publicity for your business. You will, however, need to be able to generate enough attention for your campaign in order to make it work. You'll also need to be able to fulfill the rewards, repayments or other conditions of the campaign in order to avoid both disappointing your backers and possibly violating the terms of the funding platform. Crowdfunding might be a good option if: You're able to attract enough attention to your campaign to gain backers. You're sure you'll be able to fulfill your campaign promises. You want to generate buzz for your business. Bootstrapping Bootstrapping is the act of starting a business using personal resources like savings or borrowing from friends and family. The term comes from the idea of 'pulling yourself up by the bootstraps.' This phrase means that business owners will put in time and effort to make their business successful. Bootstrapping is also characterized by limiting business expenses and using personal equipment when necessary to get the job done. Many businesses start by bootstrapping in order to establish revenue and a customer base and meet the requirements for a traditional loan, get a prototype going to show to investors or otherwise establish a solid foundation for their business. One option for bootstrapping is a rollover as business startup (ROBS), which allows you to draw funds from your 401(k) tax-free in order to start up your business. Bootstrapping is beneficial because it keeps costs low and is an alternative to getting a business loan before you can establish revenue. On the other hand, you are putting your own funds at risk with bootstrapping, and stand to lose whatever you've invested if your business fails. Bootstrapping might be a good alternative if: You want to start small with your business and grow over time. You're okay with putting your own funds on the line. You have savings to invest. When to choose a bank business loan alternative There are a few good reasons to explore alternatives to bank loans, including: You don't meet eligibility requirements for a bank loan. Alternative lending often has more lenient requirements than bank loans, and are more accessible for those with a lower credit score or revenue. You need fast funding. Alternative lenders can disburse funds within a matter of days instead of weeks. You can get better repayment terms or interest rates with an alternative. Alternative lenders can offer lower interest rates or more flexible repayment schedules. You get more flexibility in how you use the funding. Alternative lenders can offer funding to industries that banks may not lend to, such as cannabis growers or car dealership. You want to avoid debt. Some forms of alternative funding don't involve loans at all, and can fund your business without without the need to pay the money back. Bottom line If you want to get a small business loan, looking beyond loans from a major institution to alternative business loans may pay off in the long run. While traditional loans from big banks have strict requirements, alternative lenders and funding sources introduce solutions for new businesses or those with subprime credit. These alternative lenders and loan options may speed up the approval process, helping you make quick purchasing decisions or take advantage of a time-sensitive opportunity. Be sure to think through all your options to make the best decision for your business. Frequently asked questions What are examples of alternative lending? Alternative lending is technically any funding outside of traditional banking institutions. Examples of alternative lending are peer-to-peer lenders, crowdfunding and direct private lenders. Alternative lenders often offer more flexible terms and may be better for startups, businesses with bad credit and businesses in need of small loans. What is the most popular form of alternative financing? Loans from online lenders are popular, but so is crowdfunding. The global crowdfunding market is expected to grow to more than $28 billion by 2028. Crowdfunding allows small businesses to get small investments from individual donors that normally don't require repayment. Do alternative lenders give high or low interest rates? Alternative lenders offer a range of interest rates. They are often competitive with traditional loans and may depend on your credit score. However, many direct private lenders will base your interest rate on additional factors, including the perceived potential of your business. How do I qualify for alternative funding? Different lenders, investors and financial institutions will have different requirements. Some will require you have a certain level of annual revenue, while others will require you be part of a certain demographic or do business in a certain area. Keep in mind that, in general, the lower the requirements are, the higher the fees and interest rates will be, or the more work you'll have to put into raising money or applying for the funding in question. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
