Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 151

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 151
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 of the total loan portfolio. 89.0% of this portfolio is pass rated and current; these properties are all located in Connecticut, New York, or New Jersey, with eight properties, totaling $50.0 million, located in New York City. 78.3% of the New York City exposure is located in Brooklyn, 11.9% in Manhattan and the remaining 9.8% in Queens. 

The following table presents an analysis of the commercial real estate portfolio's loan to value at origination and by property type as of June 30, 2025.

Commercial Real EstateTotal CRE Portfolio(1)Percentage of Total CRE PortfolioLoan to Value %(Dollars in thousands)Property TypeResidential care(2)$650,844 36.1 %65.8 %Retail323,123 17.9 62.9 Multifamily244,778 13.6 61.5 Office149,687 8.3 63.8 Industrial / warehouse139,811 7.8 63.3 Mixed use110,141 6.1 60.4 Medical office81,489 4.5 62.8 1-4 family investment33,828 1.9 61.1 All other68,313 3.8 53.7 Total$1,802,014 100.0 %63.3 %

(1) Excludes the positive fair value effect of the portfolio layer swap of $210 thousand for Commercial Real Estate at June 30, 2025.

(2) Primarily consists of skilled nursing and assisted living facilities. 

59

Asset Quality

We actively manage asset quality through our underwriting practices and collection operations. Our Board of Directors monitors credit risk management. The Directors Loan Committee ("DLC") has primary oversight responsibility for the credit-granting function including approval authority for credit-granting policies, review of management’s credit-granting activities and approval of large exposure credit requests, as well as loan review and problem loan management and resolution. The committee reports the results of its respective oversight functions to our Board of Directors. In addition, our Board of Directors receives information concerning asset quality measurements and trends on a monthly basis. While we continue to adhere to prudent underwriting standards, our loan portfolio is not immune to potential negative consequences as a result of general economic weakness, such as a prolonged downturn in the housing market or commercial