Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 178

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 178
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 2025.

(2) Primarily consists of skilled nursing and assisted living facilities. 

(3) Includes Special use, self storage, and land.

As of June 30, 2025, the Bank had $149.7 million of loans collateralized by offices, which represented 8.3% of the total loan portfolio. Most of the properties in this portfolio are in suburban locations. 95.2% of this portfolio was pass rated, and there was one relationship totaling $5.5 million on nonaccrual status. As of June 30, 2025, the Bank had $244.8 million of loans collateralized by multifamily properties, which represented 9.2% of the total loan portfolio. 89.0% of this portfolio is pass rated and current; these properties are all located in Connecticut, New York, or New Jersey, with eight properties, totaling $50.0 million, located in New York City. 78.3% of the New York City exposure is located in Brooklyn, 11.9% in Manhattan and the remaining 9.8% in Queens. 

The following table presents an analysis of the commercial real estate portfolio's loan to value at origination and by property type as of June 30, 2025.

Commercial Real EstateTotal CRE Portfolio(1)Percentage of Total CRE PortfolioLoan to Value %(Dollars in thousands)Property TypeResidential care(2)$650,844 36.1 %65.8 %Retail323,123 17.9 62.9 Multifamily244,778 13.6 61.5 Office149,687 8.3 63.8 Industrial / warehouse139,811 7.8 63.3 Mixed use110,141 6.1 60.4 Medical office81,489 4.5 62.8 1-4 family investment33,828 1.9 61.1 All other68,313 3.8 53.7 Total$1,802,014 100.0 %63.3 %

(1) Excludes the positive fair value effect of the portfolio layer swap of $210 thousand for Commercial Real Estate at June 30, 2025.

(2) Primarily consists of skilled nursing and assisted living facilities. 

59

Asset Quality

We actively manage asset quality through our underwriting practices and