Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 129

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 129
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 conditions, prepayment risk, rate fluctuations, liquidity, or capital requirements. Investment securities available for sale are reported at fair value, with any unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity, net of tax, until realized. Investment securities held to maturity are reported at amortized cost. Marketable equity securities are reported at fair value, with any changes in fair value recognized in earnings. 

The amortized cost and fair value of investment securities as of the dates indicated are presented in the following table:

At December 31,20242023AmortizedCostFairValueAmortizedCostFairValue(In thousands)Marketable equity securities$2,264 $2,118 $2,202 $2,070 Securities available for sale:U.S. Government and agency obligations95,443 91,582 100,276 95,226 Corporate bonds17,000 15,846 17,000 14,510 Total securities available for sale$112,443 $107,428 $117,276 $109,736 Securities held to maturity:State agency and municipal obligations36,525 36,662 $15,785 $15,870 Government mortgage-backed securities28 29 32 33 Total securities held to maturity$36,553 $36,691 $15,817 $15,903 

At December 31, 2024, the carrying value of our investment securities portfolio totaled $146.1 million and represented 4% of total assets, compared to $127.6 million and 4% of total assets at December 31, 2023. The increase of $18.5 million primarily reflects purchases of held to maturity securities. We purchase investment grade securities with a focus on liquidity, earnings and duration exposure.

The net unrealized losses on our investment portfolio at December 31, 2024 was $4.9 million and included $1.3 million of gross unrealized gains. The net unrealized loss position on our investment portfolio at December 31, 2023 was $7.5 million and included $0.8 million of gross unrealized gains. 

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The following tables summarize the amortized cost and weighted average yield of securities in our investment securities portfolio as of December 31, 2024 and 2023, based on remaining period to contractual maturity. Information for mortgage-backed securities is based on the final contractual