Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 47

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 8
Chunk 47
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69

Bankwell Financial Group, Inc.Consolidated Statements of Cash Flows(In thousands)Year Ended December 31,20242023Cash flows from operating activitiesNet income$9,770 $36,663 Adjustments to reconcile net income to net cash provided by operating activities:Net amortization of premiums and discounts on investment securities148 54 Provision for credit losses22,620 866 Credit for deferred income taxes(469)(191)Change in fair value of marketable equity securities13 (31)Depreciation and amortization3,775 3,623 Amortization of debt issuance costs246 246 Increase in cash surrender value of bank-owned life insurance(1,356)(1,192)Gains and fees from sales of loans(523)(1,972)Stock-based compensation2,998 3,074 Loss on sale of premises and equipment— 13 Net change in:Deferred loan fees(1,437)(1,431)Accrued interest receivable328 (1,793)Other assets(3,359)(2,941)Accrued expenses and other liabilities(2,818)(3,061)Net cash provided by operating activities29,936 31,927 Cash flows from investing activitiesProceeds from principal repayments on available for sale securities4,813 4,862 Proceeds from principal repayments on held to maturity securities263 223 Net proceeds from sales and calls of available for sale securities10,000 — Purchases of available for sale securities(10,000)(9,847)Purchases of marketable equity securities(62)(51)Purchases of held to maturity securities(21,125)(50)Net increase in loans(22,189)(65,942)Proceeds from sales of loans not originated for sale4,911 25,028 Purchases of premises and equipment, net(613)(2,045)Proceeds (purchases) of Federal Home Loan Bank stock41 (480)Net cash used in investing activities(33,961)(48,302)

See Notes to Consolidated Financial Statements70

Bankwell Financial Group, Inc.Consolidated Statements of Cash Flows - Continued(In thousands)Cash flows from financing activitiesNet change in time certificates of deposit$56,786 $88,683 Net change in other deposits(5,974)(152,744)Proceeds from exercise of options— 155 Divid