Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 125

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 125
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 Days or Greater Past DueTotal Past Due(In thousands)As of December 31, 2024Residential real estate$130 $226 $652 $1,008 Commercial real estate359 — 35,585 35,944 Construction— — — — Commercial business4 11 7,143 7,158 Consumer— — — — Total loans$493 $237 $43,380 $44,110 As of December 31, 2023Residential real estate$— $1,220 $132 $1,352 Commercial real estate195 282 1,851 2,328 Construction— — 9,382 9,382 Commercial business6,568 1,648 — 8,216 Consumer— — — — Total loans$6,763 $3,150 $11,365 $21,278 

Total past due loans totaled $44.1 million and represented 1.63% of total loans as of December 31, 2024, increasing $22.8 million from December 31, 2023.

Modifications.   Loans are considered restructured when the borrower is experiencing financial difficulties and the Bank has granted concessions to a borrower due to the borrower’s financial condition that we otherwise would not have considered. These concessions may include modifications of the terms of the debt such as reduction of the stated interest rate other than normal market rate adjustments, extension of maturity dates, or reduction of principal balance or accrued interest. The decision to restructure a loan, rather than aggressively enforcing the collection of the loan, may benefit us by increasing the ultimate probability of collection.

Restructured loans are classified as accruing or nonaccruing based on management’s assessment of the collectability of the loan. Loans which are already on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately six months before management considers such loans for return to accruing status. Accruing restructured loans are placed into nonaccrual status if and when the borrower fails to comply with the restructured terms and management deems it unlikely that the borrower will return to a status of compliance in the near term.  There were no nonaccrual loans modified during the years ended December 31, 2024 and 2023.

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The following table presents