Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 70

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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ed Money136,161 3,269 4.84 159,257 3,555 4.49 Total interest bearing liabilities2,551,350 $51,124 4.04 %2,513,731 $53,594 4.29 %Noninterest bearing deposits343,261 352,768 Other liabilities49,752 62,775 Total liabilities2,944,363 2,929,274 Shareholders' equity277,940 271,551 Total liabilities and shareholders' equity$3,222,303 $3,200,825 Net interest income(2)$46,286 $42,484 Interest rate spread2.14 %1.83 %Net interest margin(3)2.95 %2.73 %

(1)Average balances and yields for securities are based on amortized cost.

(2)The adjustment for securities and loans taxable equivalency amounted to $285 thousand and $118 thousand for the six months ended June 30, 2025 and 2024, respectively.

(3)Annualized net interest income as a percentage of earning assets.

(4)Yields are calculated using the contractual day count convention for each respective product type.

54

Effect of changes in interest rates and volume of average earning assets and average interest bearing liabilities

The following table shows the extent to which changes in interest rates and changes in the volume of average earning assets and average interest bearing liabilities have affected net interest income. For each category of earning assets and interest bearing liabilities, information is provided relating to: changes in volume (changes in average balances multiplied by the prior year’s average interest rates); changes in rates (changes in average interest rates multiplied by the prior year’s average balances); and the total change. Changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of change in each.

Three Months Ended June 30, 2025 vs 2024Increase (Decrease)Six Months EndedJune 30, 2025 vs 2024Increase (Decrease)(In thousands)VolumeRateTotalVolumeRateTotalInterest and dividend income:Cash and Fed funds sold$270 $(656)$(386)$933 $(1,587)$(654)Securities107 289 396 243 569 812 Loans:Commercial real estate(1,688)1,461 (227)(2,822)