Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 112

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 112
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 2023 due to an interest expense on deposits, resulting from an increase in rates paid on interest bearing deposits.

40

Distribution of Assets, Liabilities and Stockholders’ Equity; Interest Rates and Interest Differential

The following table presents the average balances and yields earned on interest-earning assets and average balances and weighted average rates paid on our funding liabilities for the years ended December 31, 2024 and 2023.

Years Ended December 31,20242023AverageBalanceInterestYield/Rate(4)AverageBalanceInterestYield/Rate(4)(Dollars in thousands)Assets:Cash and fed funds sold$283,353 $13,970 4.93 %$289,582 $14,147 4.89 %Securities(1)142,744 5,098 3.57 129,785 3,906 3.01 Loans:Commercial real estate1,905,973 112,804 5.82 1,932,627 109,110 5.57 Residential real estate47,767 2,978 6.23 55,607 2,751 4.95 Construction162,180 12,197 7.40 195,773 14,268 7.19 Commercial business514,800 42,006 8.03 533,736 41,406 7.65 Consumer41,869 2,847 6.80 34,022 2,646 7.77 Total loans2,672,589 172,832 6.36 2,751,765 170,181 6.10 Federal Home Loan Bank stock5,666 477 8.41 5,570 427 7.68 Total earning assets3,104,352 $192,377 6.09 %3,176,702 $188,661 5.86 %Other assets92,885 79,571 Total assets$3,197,237 $3,256,273 Liabilities and shareholders’ equity:Interest bearing liabilities:NOW$96,091 $175 0.18 %$97,203 $170 0.17 %Money market851,283 34,767 4.08 906,354 32,901 3.63 Savings90,587 2