Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 69

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 16,970 2,696 — — 15,244 137,089 Mixed use42,021 1,107 49,676 — — — — — 92,804 Medical office40,763 12,194 1,396 — — 4,764 3,900 20,111 83,128 1-4 family investment11,516 6,080 1,873 2,126 17,097 — — — 38,692 All other(3)19,930 23,937 22,998 — — — — — 66,865 $484,791 $246,174 $214,054 $86,103 $314,830 $70,443 $82,135 $312,045 $1,810,575 

(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. 

(3) Includes Special use, self storage, and land.

As of March 31, 2025, the Bank had $160.4 million of loans collateralized by offices, which represented 8.9% of the total loan portfolio. Most of the properties in this portfolio are in suburban locations. 96.6% of this portfolio was pass rated, and there were two relationships totaling $5.5 million on nonaccrual status. We also performed an additional review of our multifamily exposure. As of March 31, 2025, we had $253.6 million of loans collateralized by multifamily properties, which represented 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