Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 44

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 8
Chunk 44
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,589 Deferred income taxes, net9,742 9,383 Other assets24,427 22,417 Total assets$3,268,476 $3,215,482 LIABILITIES AND SHAREHOLDERS’ EQUITYLiabilitiesDepositsNoninterest bearing deposits$321,875 $346,172 Interest bearing deposits2,465,695 2,390,585 Total deposits2,787,570 2,736,757 Advances from the Federal Home Loan Bank90,000 90,000 Subordinated debentures (face value of $70,000 and $70,000 at December 31, 2024 and 2023, respectively, less unamortized debt issuance costs of $549 and $795 at December 31, 2024 and 2023, respectively)69,451 69,205 Accrued expenses and other liabilities50,935 53,768 Total liabilities2,997,956 2,949,730 Commitments and contingencies (Note 12)Shareholders’ equityCommon stock, no par value; 10,000,000 shares authorized, 7,859,873 and 7,882,616 shares issued and outstanding at December 31, 2024 and 2023, respectively119,108 118,247 Retained earnings152,656 149,169 Accumulated other comprehensive loss(1,244)(1,664)Total shareholders’ equity270,520 265,752 Total liabilities and shareholders’ equity$3,268,476 $3,215,482 

See Notes to Consolidated Financial Statements

66

Bankwell Financial Group, Inc.

Consolidated Statements of Income

(In thousands, except share data)Year Ended December 31,20242023Interest and dividend incomeInterest and fees on loans$172,832 $170,181 Interest and dividends on securities5,192 4,126 Interest on cash and cash equivalents13,970 14,147 Total interest and dividend income191,994 188,454 Interest expenseInterest expense on deposits101,258 86,906 Interest expense on borrowings7,454 7,080 Total interest expense108,712 93,986 Net interest income83,282 94,468 Provision for credit losses22,620 866 Net interest income after provision for credit losses