Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 12

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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48 Diluted$0.87 $0.48 Weighted Average Common Shares Outstanding:Basic7,670,224 7,663,521 Diluted7,740,521 7,687,679 Dividends per common share$0.20 $0.20 

See accompanying notes to consolidated financial statements (unaudited)

5

Bankwell Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Loss) – (unaudited)

(In thousands)

Three Months Ended March 31,20252024Net income$6,888 $3,763 Other comprehensive income:Unrealized gains (losses) on securities:Unrealized holding gains (losses) on available for sale securities1,197 (218)Reclassification adjustment for gains realized in net income— — Net change in unrealized gains (losses)1,197 (218)Income tax (expense) benefit(283)102 Unrealized gains (losses) on securities, net of tax914 (116)Unrealized (losses) gains on interest rate swaps:Unrealized (losses) gains on interest rate swaps(1,134)125 Income tax benefit (expense)268 (64)Unrealized (losses) gains on interest rate swaps, net of tax(866)61 Total other comprehensive income (loss), net of tax48 (55)Comprehensive income$6,936 $3,708 

See accompanying notes to consolidated financial statements (unaudited)

6

Bankwell Financial Group, Inc.

Consolidated Statements of Shareholders' Equity - (unaudited)

(In thousands, except share data)

Number of Outstanding SharesCommon StockRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotalBalance at December 31, 20247,859,873 $119,108 $152,656 $(1,244)$270,520 Net income— — 6,888 — 6,888 Other comprehensive income, net of tax— — — 48 48 Cash dividends declared ($0.20 per share)— — (1,573)— (1,573)Stock-based compensation expense— 243 — — 243 Forfeitures of restricted stock(14,710)— — — — Issuance of restricted stock72,774