Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 13

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 and other liabilities49,121 50,935 Total liabilities2,951,172 2,997,956 Commitments and contingenciesShareholders' equityCommon stock, no par value; 10,000,000 shares authorized, 7,877,443 and 7,859,873 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively119,353 119,108 Retained earnings174,008 152,656 Accumulated other comprehensive loss(570)(1,244)Total shareholders' equity292,791 270,520 Total liabilities and shareholders' equity$3,243,963 $3,268,476  

See accompanying notes to consolidated financial statements (unaudited)

4

Bankwell Financial Group, Inc.

Consolidated Statements of Income – (unaudited)

(In thousands, except share data)

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Interest and dividend incomeInterest and fees on loans$46,328 $43,596 $133,931 $129,981 Interest and dividends on securities1,410 1,390 4,333 3,710 Interest on cash and cash equivalents2,853 3,205 9,453 10,460 Total interest and dividend income50,591 48,191 147,717 144,151 Interest expenseInterest expense on deposits22,585 25,579 70,440 75,618 Interest expense on borrowings2,019 1,895 5,288 5,450 Total interest expense24,604 27,474 75,728 81,068 Net interest income25,987 20,717 71,989 63,083 Provision for credit losses372 6,296 424 18,162 Net interest income after provision for credit losses25,615 14,421 71,565 44,921 Noninterest incomeBank-owned life insurance359 346 1,055 1,008 Service charges and fees779 575 2,055 1,374 Gains and fees from sales of loans1,372 133 2,894 499 Other(15)102 8 (127)Total noninterest income2,495 1,156 6,012 2,754 Non