Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 180

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 180
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 30, 2025December 31, 2024(In thousands)Pass$2,522,889 $2,557,136 Special Mention(1)119,989 93,214 Substandard26,078 54,083 Doubtful26 1,455 Loss— — Total loans$2,668,982 $2,705,888 

(1) 99.6% and 99.6% of Risk Rated 6 loans are current on payments, 96.5% and 93.0% are guaranteed by ultra-high net worth sponsors as of June 30, 2025 and December 31, 2024, respectively.

Credit risk management involves a partnership between our relationship managers and our credit approval, portfolio management, credit administration and collections teams. Disciplined underwriting, portfolio monitoring and early problem recognition are important aspects of maintaining our high credit quality standards.

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Nonperforming assets. Nonperforming assets include nonaccrual loans and property acquired through foreclosures or repossession. The following table presents nonperforming assets and additional asset quality data for the dates indicated:

(In thousands)At June 30, 2025At December 31, 2024Nonaccrual loans:Real estate loans:Residential$617 $791 Commercial16,387 44,814 Commercial business6,871 7,672 Construction— — Consumer— — Total nonaccrual loans23,875 53,277 Other real estate owned1,284 8,299 Total nonperforming assets$25,159 $61,576 Nonperforming assets to total assets0.78 %1.88 %Nonaccrual loans to total loans0.89 %1.97 %ACL-loans as a % of total loans1.10 %1.07 %ACL-loans as a % of nonperforming loans122.54 %54.45 %Total past due loans to total loans0.91 %1.63 %

Nonaccrual loans totaled $23.9 million at June 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. 

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