Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 18

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 from the sale of other real estate owned8,335 — Net cash provided by investing activities18,301 62,002 

See accompanying notes to consolidated financial statements (unaudited)

9

Bankwell Financial Group, Inc.

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

(In thousands)

Nine Months Ended September 30,20252024Cash flows from financing activitiesNet change in time certificates of deposit$(89,217)$76,044 Net change in other deposits59,062 (124,631)Payments on FHLB advances(125,000)— Proceeds on FHLB advances110,000 — Dividends paid on common stock(4,702)(4,719)Repurchase of common stock(1,334)(2,137)Net cash used in financing activities(51,191)(55,443)Net (decrease) increase in cash and cash equivalents(12,164)22,180 Cash and cash equivalents:Beginning of year307,524 269,157 End of period$295,360 $291,337 Supplemental disclosures of cash flows information:Cash paid for:Interest$75,731 $82,911 Income taxes5,410 5,274 Noncash investing and financing activities:Loans transferred to other real estate owned$1,284 $— Net change in unrealized gains or losses on available for sale securities2,441 2,866 Net change in unrealized gains or losses on interest rate swaps(1,559)(3,012)Transfer of loans from held-for-investment to held-for-sale23,471 4,163 

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 encompass