Courtney Sacchetti
About Courtney Sacchetti
Courtney E. Sacchetti is Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Bankwell Financial Group (BWFG). She joined Bankwell in January 2017 as Director of Financial Planning & Analysis and was appointed CFO effective January 1, 2023; age 49 in 2025; she has more than 20 years of finance experience, including 18 years at GE Capital’s Financial Management Program; B.A. and MBA from Union College; trustee of Cheshire Academy . As CFO, she signs SOX 302 and 906 certifications and SEC reports, reflecting responsibility for disclosure controls and internal control over financial reporting . Company performance metrics used for 2024 incentive decisions included ROAA (0.31%), ROTCE (3.64%), NIM (2.70%), noninterest expense/average assets (1.60%), capital ratios (Bank total capital 12.70%; Company CET1 9.60%), and fully diluted tangible book value ($34.09) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| GE Capital | Finance leadership; FMP graduate | 18 years (prior to 2017) | Built deep corporate finance and planning expertise across GE Capital |
| Bankwell Financial Group | Director of Financial Planning & Analysis | Jan 2017–Dec 2022 | Established FP&A discipline; prepared for executive finance leadership |
| Bankwell Financial Group | EVP & Chief Financial Officer (Principal Financial Officer) | Jan 1, 2023–present | Leads finance, signs SOX certifications, and SEC filings; investor communications on earnings calls |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cheshire Academy | Board of Trustees | Ongoing | Community engagement and governance experience |
Fixed Compensation
| Component | FY 2024 | FY 2023 | Notes |
|---|---|---|---|
| Base salary ($) | Not disclosed (CFO not listed among NEOs in proxy) | Not disclosed (CFO not listed among NEOs in proxy) | 2025 proxy NEOs: CEO, President/CBO, CCO; CFO not included |
| Target bonus (%) | Not disclosed | Not disclosed | Executive agreements specify target percents for other NEOs; CFO’s target not specified in proxies |
| Actual bonus paid ($) | Not disclosed | Not disclosed | 2024 bonuses disclosed for certain NEOs; CFO not included |
| Equity grants (RSUs/PSUs) | Not disclosed for CFO | Not disclosed for CFO | Program mechanics disclosed; CFO-specific award data not itemized in tables |
• Company provides standard benefits (medical/dental, 401(k) match, supplemental disability) and split‑dollar life insurance up to $250,000 to NEOs; executive benefits framework applies firm‑wide; CFO‑specific values not itemized in proxies .
• No options outstanding for NEOs as of 12/31/2023; equity awards are restricted stock only .
Performance Compensation
Annual cash incentive framework and 2024 actuals used by Compensation Committee:
| Metric | Actual FY 2024 |
|---|---|
| Return on average assets (ROAA) | 0.31% |
| Return on average tangible common equity (ROTCE) | 3.64% |
| Noninterest expense to average assets | 1.60% |
| Net interest margin (NIM) | 2.70% |
| Total capital ratio (Bank) | 12.70% |
| CET1 ratio (Company) | 9.60% |
| Fully diluted tangible book value | $34.09 |
Payout outcomes for NEOs (not including CFO): CEO 0% of target; President/CBO 50%; CCO 50% .
CFO bonus outcomes are not disclosed in proxy NEO tables .
Long-term equity incentive plan mechanics:
- 2022 Stock Plan governs restricted stock awards; grants typically 50% time-vesting and 50% performance-vesting; time-based vesting in three annual installments; performance tranches can vest each year at 0–150% (post-2024 grants; previously 0–200%) based on financial metrics vs peers .
- 2024 grants to NEOs (not including CFO): CEO target value $337,392 with 6,852 time-based shares and 6,852 performance-based shares; President/CBO $265,108 with 5,384/5,384; CCO $120,490 with 2,447/2,447 .
- Performance shares vesting in 2024 (based on 2023 performance) vested at 100% of target for NEOs .
- Company-level restricted stock activity 9M’25: 78,949 granted; 101,673 vested; 184,322 unvested at period end (incl. 52,421 performance-based); 296,800 shares reserved for future issuance .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Stock ownership guidelines | Executives must hold Company stock equal to 1x base salary within 3 years of appointment; retain vested shares (net of taxes) until guideline met |
| Anti-hedging/anti-pledging | Company maintains anti‑hedging and anti‑pledging policy for executives |
| Options | No option awards outstanding for NEOs (as of 12/31/2023) |
| Restricted stock supply | Unvested restricted stock at 9/30/2025: 184,322; performance-based outstanding: 52,421; shares reserved: 296,800 |
| CFO beneficial ownership | Beneficial ownership tables list directors and named executive officers; CFO is not itemized among NEOs/directors in 2024/2025 tables; individual share count not disclosed there |
Employment Terms
| Term | Detail |
|---|---|
| Employment agreements | Bankwell states it has employment agreements with executives upon initial employment/promotion; base salary cannot be reduced; eligibility for incentive comp and benefits |
| Non-compete / non-solicit | Six‑month non‑compete/non‑solicit post-termination for executives; CEO at 12 months |
| Change‑in‑control (CIC) economics | Double‑trigger only (termination within 24 months of CIC required); CEO: 3x average annual compensation; President/CBO and CCO: 2x salary+target bonus plus prorated target bonus; CFO’s CIC terms not disclosed in proxies |
| Clawback policy | Adopted in October 2023 per Nasdaq Rule 10D‑1; incentive compensation subject to recovery in accordance with SEC/Nasdaq requirements |
| Governance practices | No tax gross‑ups; no option repricing/exchange; independent compensation consultant; executive share retention policy |
Performance & Track Record
- Compliance and controls: As Principal Financial Officer, Sacchetti signed SOX 302 and 906 certifications on the Q2 and Q3 2025 Form 10‑Qs, affirming fair presentation and internal control effectiveness .
- Investor communications: Signed the Q3 2025 Form 8‑K covering earnings release and investor presentation; reflects direct leadership in external reporting .
- Expense discipline commentary: On the Q2 2025 earnings call, she indicated compensation-related spending should “stay relatively flat,” referencing $15 million and adjustments as new teams came on, suggesting focus on cost control while integrating growth investments .
- Section 16 compliance note: Company disclosed a late Form 4 filing for Sacchetti (due Jan 5, 2023; filed Jan 17, 2023) for prior period, a minor timeliness lapse .
Investment Implications
- Pay-for-performance alignment: Bankwell’s program emphasizes variable pay, performance‑based equity, and double‑trigger CIC; anti‑hedging/pledging and clawback enforcement strengthen governance and alignment. CFO‑specific salary/bonus and equity grant amounts are not disclosed in 2024/2025 NEO tables, limiting direct pay-for-performance quantification for Sacchetti .
- Insider selling pressure: No options outstanding and equity awards are restricted stock; company-level unvested restricted stock and performance shares indicate a steady vesting pipeline, but CFO-specific holdings are not itemized; anti‑pledging policy reduces alignment risk .
- Retention risk: Employment agreements (base salary protection, non‑compete/non‑solicit) and ownership guidelines enhance retention incentives; CFO CIC terms are not disclosed, but firm-wide double‑trigger structure and lack of tax gross‑ups suggest balanced protections without excessive parachutes .
- Execution and controls: SOX certifications and leadership on earnings calls underscore Sacchetti’s operational accountability; the single late Section 16 filing is a minor process flag, not indicative of broader control issues given repeated certifications .