Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 64

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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 6.54 2,690,739 43,325 6.37 Federal Home Loan Bank stock4,596 110 9.71 5,702 121 8.51 Total earning assets3,163,052 $48,619 6.15 %3,123,840 $48,332 6.12 %Other assets89,743 90,905 Total assets$3,252,795 $3,214,745 Liabilities and shareholders' equity:Interest bearing liabilities:NOW$99,487 $109 0.45 %$91,674 $39 0.17 %Money market893,361 8,521 3.87 883,851 9,146 4.16 Savings88,167 658 3.03 92,972 714 3.09 Time1,378,468 15,484 4.56 1,317,069 15,463 4.72 Total interest bearing deposits2,459,483 24,772 4.10 2,385,566 25,362 4.28 Borrowed Money133,917 1,639 4.96 159,226 1,772 4.48 Total interest bearing liabilities2,593,400 $26,411 4.13 %2,544,792 $27,134 4.29 %Noninterest bearing deposits333,796 337,020 Other liabilities50,555 62,356 Total liabilities2,977,751 2,944,168 Shareholders' equity275,044 270,577 Total liabilities and shareholders' equity$3,252,795 $3,214,745 Net interest income(2)$22,208 $21,198 Interest rate spread2.02 %1.83 %Net interest margin(3)2.81 %2.71 %

(1)Average balances and yields for securities are based on amortized cost.

(2)The adjustment for securities and loans taxable equivalency amounted to $142 thousand and $51 thousand for the three months ended March 31, 2025 and 2024, respectively.

(3)Annualized net interest income as a percentage of earning assets.

(4)Yields are calculated using the contractual day count convention