Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 16

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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41 Proceeds from the sale of other real estate owned8,195 — Net cash provided by investing activities52,304 45,488 

See accompanying notes to consolidated financial statements (unaudited)

9

Bankwell Financial Group, Inc.

Consolidated Statements of Cash Flows - (unaudited) (Continued)

(In thousands)

Six Months Ended June 30,20252024Cash flows from financing activitiesNet change in time certificates of deposit$(94,637)$(20,754)Net change in other deposits66,348 (53,628)Net change in FHLB advances(15,000)— Dividends paid on common stock(3,137)(3,155)Repurchase of common stock(1,334)(1,906)Net cash used in financing activities(47,760)(79,443)Net increase (decrease) in cash and cash equivalents14,940 (17,777)Cash and cash equivalents:Beginning of year307,524 269,157 End of period$322,464 $251,380 Supplemental disclosures of cash flows information:Cash paid for:Interest$51,126 $54,003 Income taxes3,080 3,574 Noncash investing and financing activities:Net change in unrealized gains or losses on available for sale securities1,857 182 Net change in unrealized gains or losses on interest rate swaps(1,411)(583)Transfer of loans from held-for-investment to held-for-sale12,416 3,115 

See accompanying notes to consolidated financial statements (unaudited)

10

1. Nature of Operations and Summary of Significant Accounting Policies

Bankwell Financial Group, Inc. (the "Parent Corporation") is a bank holding company headquartered in New Canaan, Connecticut. The Parent Corporation offers a broad range of financial services through its banking subsidiary, Bankwell Bank (the "Bank" and, collectively with the Parent Corporation and the Parent Corporation's subsidiaries, "we", "our", "us", or the "Company").The Bank is a Connecticut state chartered commercial bank, founded in 2002, whose deposits are insured under the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation (“FDIC”). The Bank provides a wide range of services to clients in our market, an area encompassing approximately a 100 mile radius around our branch network. In addition, the Bank pursues certain types of commercial lending opportunities outside our