Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 119

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 119
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 third-party loan review from 60% of the loan portfolio to include all new and renewed loans originated since September 2022, all residential care loans, all commercial real estate loans secured by office properties where the loan balance is greater than one million dollars, and all loans with addresses in New York City; and

•enhanced our covenant tracking and reporting to the Directors Loan Committee.

In addition to the enhancements made to monitoring and reporting, the Company has added resources to its Portfolio Management and Credit Departments.

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The following table compares the composition of our commercial real estate loan portfolio by property type, and collateral location as of December 31, 2024:

Commercial Real EstateCTAll Other NYNYCNJFLOHPAAll OtherTotal(1)(Dollars in thousands)Residential care(2)$— $78,974 $58,366 $10,170 $298,857 $78,971 $22,959 $124,163 $672,460 Retail103,450 83,648 7,372 19,375 12,765 3,435 34,280 89,185 353,510 Multifamily171,952 31,050 51,628 7,116 — — 21,883 — 283,629 Office 56,972 10,232 2,987 29,532 2,235 — — 58,451 160,409 Industrial / warehouse69,024 14,188 19,625 17,045 2,717 — — 15,357 137,956 Mixed use39,207 1,117 49,962 — — — — — 90,286 Medical office43,332 12,260 1,411 — — 4,794 3,900 20,271 85,968 1-4 family investment11,776 14,151 1,886 2,139 17,168 — — — 47,120 All other(3)19,659 22,396 23,097 — — — — 2,425 67,577 $515,372 $268,016 $216,334 $85,377 $333,742 $87,200 $83,022 $