Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 180

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 180
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 2024. Deposits totaled $2.8 billion at September 30, 2025, a decrease of $30.2 million, or 1.1% compared to December 31, 2024.

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Shareholders’ equity totaled $292.8 million as of September 30, 2025, an increase of $22.3 million compared to December 31, 2024, primarily a result of net income of $26.1 million for the nine months ended September 30, 2025. The increase was partially offset by dividends paid of $4.7 million.

Loan Portfolio

We originate commercial real estate loans, construction loans, commercial business loans and consumer loans in our market. We also pursue certain types of commercial lending opportunities outside our market, particularly where we have strong business relationships. Our loan portfolio is the largest category of our earning assets.

Total loans before deferred loan fees and the ACL-Loans were $2.7 billion at September 30, 2025 and $2.7 billion at December 31, 2024. Total gross loans increased $12.3 million as of September 30, 2025 compared to the year ended December 31, 2024.

The following table compares the composition of our loan portfolio for the dates indicated:

(In thousands)At September 30, 2025At December 31, 2024ChangeReal estate loans:Residential$33,625 $42,766 $(9,141)Commercial1,897,896 1,899,134 (1,238)Construction170,888 173,555 (2,667)2,102,409 2,115,455 (13,046)Commercial business552,682 515,125 37,557 Consumer63,098 75,308 (12,210)Total loans$2,718,189 $2,705,888 $12,301 

The following table compares the composition of our commercial real estate loan portfolio by non-owner occupied and owner occupied loans at September 30, 2025 and December 31, 2024:

At September 30, 2025At December 31, 2024ChangeTotal%Total%Total(Dollars in thousands)Commercial real estate loans:Non-owner occupied$1,123,192 59.19 %$1,174,712 61.86 %$(51,520