Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 81

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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 quality data for the dates indicated:

(In thousands)At September 30, 2025At December 31, 2024Nonaccrual loans:Real estate loans:Residential$570 $791 Commercial14,667 44,814 Commercial business1,729 7,672 Construction— — Consumer— — Total nonaccrual loans16,966 53,277 Other real estate owned1,284 8,299 Total nonperforming assets$18,250 $61,576 Nonperforming assets to total assets0.56 %1.88 %Nonaccrual loans to total loans0.62 %1.97 %ACL-loans as a % of total loans1.10 %1.07 %ACL-loans as a % of nonperforming loans176.73 %54.45 %Total past due loans to total loans0.76 %1.63 %

Nonaccrual loans totaled $17.0 million at September 30, 2025 and $53.3 million at December 31, 2024. In the first quarter of 2025, the Company sold a $27.1 million multifamily commercial real estate loan on nonperforming status at par value. 

There was $1.3 million Other Real Estate Owned ("OREO") at September 30, 2025 and $8.3 million of OREO at December 31, 2024. During the first quarter of 2025, the Company sold a property that it had acquired during the fourth quarter of 2024 and held as an OREO asset. The OREO asset had previously secured a non-performing construction loan. The Company received net proceeds from the sale of such OREO in the amount of $8.3 million. In the second quarter of 2025, the Company took title to an industrial property, resulting in an OREO asset of $1.3 million. Efforts to market the property for sale are ongoing.   

Allowance for Credit Losses - Loans ("ACL-Loans")

Our Board of Directors has adopted an Allowance for Credit Losses policy designed to provide management with a methodology for determining and documenting the allowance for credit losses for each reporting period. We evaluate the adequacy of the ACL-Loans at least quarterly, and in determining our ACL-Loans, we estimate losses on specific loans