Bankwell Financial Group, the parent company of New Canaan-based Bankwell Bank, is coming off a strong quarter after receiving national recognition.

The $1.8 billion asset bank reported net income in the third quarter of $4.3 million, or $0.55 per share, compared to $3.1 million, or $0.41 per share, for the same period in 2016, with an efficiency ratio around 55 percent, slightly down from one year ago.

Net interest income for the quarter ending Sept. 30 was $13.9 million, an increase of 11 percent compared to the same three months in 2016. Net interest income through nine months of 2017 was $40.5 million, an increase of 13 percent compared to the first nine months of 2016.

In addition, Sandler O’Neill named Bankwell Financial Group to its Sm-All Star Award list; the award is for banks with a market-cap below $2.5 billion that demonstrate exceptional growth, profitability, credit quality and capital strength.

The bank was the only one in Connecticut and one of two banks in New England to make the list.

“Bankwell has realized record earnings of $4.3 million, making it the first time we have exceeded $4 million of net income in a single quarter,” Bankwell Financial Group President and CEO Christopher R. Gruseke said in a statement. “Our performance driven culture has resulted in a year to date annualized ROAA of 0.92 percent and a year to date annualized ROAE of 10.27 percent.”

Bankwell Bank also received regulatory approval during the quarter for two new branches, with an additional branch application underway.

Noninterest income reached $824,000 for the quarter, an increase of $74,000 from the third quarter of 2016.

Total loans reached $1.52 billion, led by increases in the commercial real estate and commercial business categories.

Asset quality remained strong, with non-performing assets as a percentage of total assets at 0.25 percent at quarter’s end, and the allowance for loan losses representing 1.28 percent of total loans as of Sept. 30.