Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 104

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 104
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,310 Net interest income before provision for credit losses83,282 94,468 Income before income tax expense13,329 48,043 Net income9,770 36,663 Basic earnings per share$1.24 $4.71 Diluted earnings per share$1.23 $4.67 

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Key Financial Measures(a)At or For the Years Ended December 31,20242023Other financial measures and ratios:Return on average assets0.31 %1.13 %Return on average common shareholders’ equity(c)3.60 %14.55 %Net interest margin(c)2.70 %2.98 %Efficiency ratio(c)57.9 %50.8 %Tangible book value per share (end of period)(c)(d)$35.09 $34.50 Net charge-offs to average loans(b)0.81 %0.03 %Nonperforming assets to total assets(e)1.88 %1.53 %ACL-Loans to nonperforming loans54.45 %56.79 %ACL-Loans to total loans(b)1.07 %1.03 %

(a)We derived the selected balance sheet measures as of December 31, 2024 and 2023 and the selected statement of income measures for the years ended December 31, 2024 and 2023 from our audited consolidated financial statements included elsewhere in this annual report. Average balances have been computed using daily averages. Our historical results may not be indicative of our results for any future period.

(b)Calculated using the principal amounts outstanding on loans.

(c)This measure is not a measure recognized under GAAP and is therefore considered to be a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a description of this measure and a reconciliation of this measure to its most directly comparable GAAP measure.

(d)Excludes unvested restricted stock awards.

(e)Nonperforming assets consist of nonperforming loans and other real estate owned.

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Critical Accounting Policies and Estimates

The discussion and analysis of our results of operations and financial condition are based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could