Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 132

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 132
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 are received from other participating banks that do the same with their client deposits, and, we also execute one-way buy transactions. CDARS one-way and ICS one-way buy transactions are considered to be brokered deposits for bank regulatory purposes.

Time deposits may also be generated through the use of a listing service. We subscribe to a listing service, accessible to financial institutions, in which we may advertise our time deposit rates. Interested financial institutions then contact us directly to acquire a time certificate of deposit. There is no third party brokerage service involved in this transaction.

The following table sets forth the composition of our deposits for the dates indicated:

At December 31,20242023AmountPercentWeightedAverageRateAmountPercentWeightedAverageRate(Dollars in thousands)Noninterest-bearing demand$321,875 11.54 %— %$346,172 12.65 %— %NOW105,090 3.77 0.18 90,829 3.32 0.17 Money market899,413 32.27 4.08 887,352 32.42 3.63 Savings90,220 3.24 3.07 97,331 3.56 2.79 Time1,370,972 49.18 4.76 1,315,073 48.05 3.89 Total deposits$2,787,570 100.00 %4.27 %$2,736,757 100.00 %3.59 %

Total deposits were $2.8 billion at December 31, 2024, an increase of $50.8 million, or 2%, from December 31, 2023. 

Brokered certificates of deposits ("Brokered CDs") totaled $651.5 million and $860.5 million at December 31, 2024 and December 31, 2023, respectively. Brokered money market accounts totaled $53.5 million and $91.4 million at December 31, 2024 and 2023, respectively. There were no certificates of deposits from national listing services, one-way buy CDARS or one-way buy ICS at December 31, 2024 or December 31, 2023. Brokered deposits are comprised of Brokered CDs, brokered money market accounts, one-way buy CDARS, and one-way buy ICS. 

As of December 31