Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 163

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 163
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 9.6% of the total loan portfolio. 89.7% of the portfolio is pass rated and current. These properties are all located in Connecticut, New York, New Jersey, or Pennsylvania, with eight properties, totaling $50.1 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 March 31, 2025.

Commercial Real EstateTotal CRE Portfolio(1)Percentage of Total CRE PortfolioLoan to Value %(Dollars in thousands)Property TypeResidential care(2)$642,301 35.5 %66.3 %Retail335,742 18.5 63.2 Multifamily253,576 14.0 61.6 Office160,378 8.9 63.6 Industrial / warehouse137,089 7.6 63.4 Mixed use92,804 5.1 62.6 Medical office83,128 4.6 62.9 1-4 family investment38,692 2.1 59.6 All other66,865 3.7 54.8 Total$1,810,575 100.0 %63.7 %

(1) Excludes the positive fair value effect of the portfolio layer swap of $348 thousand for Commercial Real Estate at March 31, 2025.

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

53

Asset Quality

We actively manage asset quality through our underwriting practices and collection operations. Our Board of Directors monitors credit risk management. The Directors Loan Committee ("DLC") has primary oversight responsibility for the credit-granting function including approval authority for credit-granting policies, review of management’s credit-granting activities and approval of large exposure credit requests, as well as loan review and problem loan management and resolution. The committee reports the results of its respective oversight functions to our Board of Directors. In addition, our Board of Directors receives information concerning asset quality measurements and trends on a monthly basis. While we continue to adhere to prudent underwriting standards, our loan portfolio is not immune to potential negative consequences as a result of general economic weakness, such as a prolonged