Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 12

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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Item 1. Financial Statements

Bankwell Financial Group, Inc.

Consolidated Balance Sheets - (unaudited)

(In thousands, except share data)

September 30, 2025December 31, 2024ASSETSCash and due from banks$289,628 $293,552 Federal funds sold5,732 13,972 Cash and cash equivalents295,360 307,524 Investment securitiesMarketable equity securities, at fair value2,223 2,118 Available for sale investment securities, at fair value96,473 107,428 Held to maturity investment securities, at amortized cost (fair values of $30,793 and $36,691 at September 30, 2025 and December 31, 2024, respectively)29,538 36,553 Total investment securities128,234 146,099 Loans receivable (net of ACL-Loans of $29,984 at September 30, 2025 and $29,007 at December 31, 2024, respectively)2,684,016 2,672,959 Other real estate owned1,284 8,299 Accrued interest receivable15,633 14,535 Federal Home Loan Bank stock, at cost4,951 5,655 Premises and equipment, net22,387 23,856 Bank-owned life insurance53,846 52,791 Goodwill2,589 2,589 Deferred income taxes, net9,027 9,742 Other assets26,636 24,427 Total assets$3,243,963 $3,268,476 LIABILITIES AND SHAREHOLDERS' EQUITYLiabilitiesDepositsNoninterest bearing deposits$397,408 $321,875 Interest bearing deposits2,360,007 2,465,695 Total deposits2,757,415 2,787,570 Advances from the Federal Home Loan Bank75,000 90,000 Subordinated debentures (face value of $70,000 and $70,000 at September 30, 2025 and December 31, 2024, respectively, less unamortized debt issuance costs of $364 and $549 at September 30, 2025 and December 31, 2024, respectively)69,636 69,451 Accrued expenses