Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 25

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 bonds— — — 15,846 (1,154)6.79 15,846 (1,154)6.79 State agency and municipal obligations7,361 (254)3.33 3,802 (836)18.03 11,163 (1,090)8.89 Total investment securities$7,361 $(254)3.33 %$101,227 $(5,917)5.52 %$108,588 $(6,171)5.38 %There were thirty-four and thirty-seven available for sale securities or held to maturity securities as of March 31, 2025 and December 31, 2024, respectively, in which the fair value of the security was less than the amortized cost of the security.The U.S. Government and agency obligations owned are either direct obligations of the U.S. Government or guaranteed by the U.S. Government. Therefore, the contractual cash flows are guaranteed and as a result the unrealized losses in this portfolio are considered to be only temporarily impaired.The corporate bonds are investments in subordinated debt of federally insured banks, the majority of which are callable after five years of origination. The Company monitors its corporate bond, state agency and municipal bond portfolios and considers them to have minimal default risk.The Company has the intent and ability to retain its investment securities in an unrealized loss position at March 31, 2025 until the decline in value has recovered or the security has matured.

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3. Loans Receivable and ACL-Loans

The following table sets forth a summary of the loan portfolio at March 31, 2025 and December 31, 2024:(In thousands)March 31, 2025December 31, 2024Real estate loans:Residential$40,089 $42,766 Commercial1,810,923 1,899,134 Construction188,339 173,555 2,039,351 2,115,455 Commercial business529,000 515,125 Consumer76,552 75,308 Total loans2,644,903 2,705,888 ACL-Loans(29,485)(29,007)Deferred loan origination fees, net(3,923)(3,922)Loans receivable, net$2,611,495 $2,672,959 Lending activities primarily consist of commercial