Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 67

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 the six months ended June 30, 2025 increased by $1.3 million, or 1.4%, to $97.4 million, compared to FTE interest income for the six months ended June 30, 2024. This increase was due to an increase in interest and fees on loans due to higher overall loan yields.

Interest expense for the three months ended June 30, 2025 decreased by $1.7 million compared to interest expense for the three months ended June 30, 2024. Interest expense for the six months ended June 30, 2025 decreased by $2.5 million compared to interest expense for the six months ended June 30, 2024. The decrease in interest expense for the three and six months ended June 30, 2025 was driven by a decrease in interest expense on deposits, resulting from a decrease in rates on interest bearing deposits and improved deposit mix.

52

Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables present the average balances and yields earned on interest earning assets and average balances and weighted average rates paid on our funding liabilities for the three and six months ended June 30, 2025 and 2024.

For the Quarter EndedJune 30, 2025June 30, 2024AverageBalanceInterestYield/Rate (4)AverageBalanceInterestYield/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 estate1,788,354 27,427 6.07 1,901,189 27,654 5.75 Residential real estate37,549 597 6.36 49,046 772 6.30 Construction196,373 3,851 7.76 159,184 2,871 7.14 Commercial business558,237 11,195 7.93 523,382 11,028 8.34 Consumer72,137 1,058 5.88 42,335 735 6.98 Total loans2,652,650 44,128 6.58 2,675