Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 146

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 146
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 Total liabilities and shareholders' equity$3,227,221 $3,160,772 Net interest income(2)$26,128 $20,839 Interest rate spread2.44 %1.83 %Net interest margin(3)3.34 %2.72 %

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

(2)The adjustment for securities and loans taxable equivalency amounted to $141 thousand and $122 thousand for the three months ended September 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

For the Nine Months EndedSeptember 30, 2025September 30, 2024AverageBalanceInterestYield/Rate (4)AverageBalanceInterestYield/Rate (4)Assets:Cash and Fed funds sold$307,737 $9,453 4.11 %$273,138 $10,460 5.12 %Securities(1)147,571 4,474 4.04 139,871 3,592 3.42 Loans:Commercial real estate1,830,934 85,371 6.15 1,909,390 84,582 5.82 Residential real estate37,838 1,740 6.13 48,912 2,226 6.07 Construction182,857 10,856 7.83 158,884 8,913 7.37 Commercial business546,700 32,839 7.92 517,880 32,097 8.14 Consumer72,350 3,125 5.78 41,383 2,163 6.98 Total loans2,670,679 133,931 6.61 2,676,449 129,981 6.38 Federal Home Loan Bank stock5,522 286 6.90 5,670 357 8.43 Total earning assets3,131,509 $148,144 6.24 %3,095,128 $144,390 6.13 %Other assets92,451 92,249 Total assets$3,223,960 $3,