Following this transaction, Brunner retains direct ownership of 3,002 shares of Bankwell Financial Group (NASDAQ:BWFG). This sale was conducted as part of the company's cashless stock exercise program, designed to cover tax liabilities associated with the vesting of restricted shares. The $249.46 million market cap company maintains a 2.42% dividend yield and has consistently paid dividends for 10 consecutive years, according to InvestingPro analysis, which reveals 5 additional key insights about the company's financial health. The $249.46 million market cap company maintains a 2.42% dividend yield and has consistently paid dividends for 10 consecutive years, according to InvestingPro analysis, which reveals 5 additional key insights about the company's financial health.
Following this transaction, Brunner retains direct ownership of 3,002 shares of Bankwell Financial Group. This sale was conducted as part of the company's cashless stock exercise program, designed to cover tax liabilities associated with the vesting of restricted shares.
In other recent news, Bankwell Financial Group reported a rise in net income for the third quarter of 2024 to $1.9 million. However, this was impacted by an $8.2 million charge-off against a $13.7 million office loan participation. The company's board also declared a cash dividend of $0.20 per share and authorized a new share repurchase plan, allowing the repurchase of up to 250,000 shares of its common stock.
In addition, Bankwell Financial Group is set to record another $8.2 million charge-off related to a non-performing commercial real estate loan. This charge-off is tied to a defaulted loan for a Class A office park in suburban New Jersey.
The company has also made significant amendments to its bylaws, altering the month for the annual shareholders' meeting and adjusting the requirement for the number of inspectors of elections at these meetings. Revisions to titles and membership requirements of various Board committees were also made. These recent developments reflect Bankwell Financial Group's ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards.
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