Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 147

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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187,377 Liabilities and shareholders' equity:Interest bearing liabilities:NOW$102,129 $311 0.41 %$97,970 $133 0.18 %Money market891,823 25,579 3.83 849,860 26,294 4.13 Savings91,313 2,025 2.97 91,135 2,093 3.07 Time1,301,450 42,525 4.37 1,319,031 47,098 4.77 Total interest bearing deposits2,386,715 70,440 3.95 2,357,996 75,618 4.28 Borrowed Money147,519 5,288 4.79 159,288 5,450 4.57 Total interest bearing liabilities2,534,234 $75,728 4.00 %2,517,284 $81,068 4.30 %Noninterest bearing deposits356,705 336,129 Other liabilities51,354 62,631 Total liabilities2,942,293 2,916,044 Shareholders' equity281,667 271,333 Total liabilities and shareholders' equity$3,223,960 $3,187,377 Net interest income(2)$72,416 $63,322 Interest rate spread2.24 %1.83 %Net interest margin(3)3.08 %2.73 %

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

(2)The adjustment for securities and loans taxable equivalency amounted to $427 thousand and $239 thousand for the nine months ended September 30, 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 for each respective product type.

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Effect of changes in interest rates and volume of average earning assets and average interest bearing liabilities

The following table shows the extent to which changes in interest rates and changes in the volume of average earning assets and average interest bearing liabilities have affected net interest income. For each category of earning assets and interest bearing liabilities, information is provided relating to: changes in volume (changes in average balances multiplied by the prior year’s average interest rates); changes in rates (