Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 176

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 176
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 increase of $1.2 million compared to December 31, 2024, primarily a result of net income of $16.0 million for the six months ended June 30, 2025. The increase was partially offset by dividends paid of $3.1 million and share repurchases of $1.3 million.

57

Loan Portfolio

We originate commercial real estate loans, construction loans, commercial business loans and consumer loans in our market. We also pursue certain types of commercial lending opportunities outside our market, particularly where we have strong business relationships. Our loan portfolio is the largest category of our earning assets.

Total loans before deferred loan fees and the ACL-Loans were $2.7 billion at June 30, 2025 and $2.7 billion at December 31, 2024. Total gross loans decreased $36.9 million as of June 30, 2025 compared to the year ended December 31, 2024.

The following table compares the composition of our loan portfolio for the dates indicated:

(In thousands)At June 30, 2025At December 31, 2024ChangeReal estate loans:Residential$34,978 $42,766 $(7,788)Commercial1,802,224 1,899,134 (96,910)Construction203,758 173,555 30,203 2,040,960 2,115,455 (74,495)Commercial business559,221 515,125 44,096 Consumer68,801 75,308 (6,507)Total loans$2,668,982 $2,705,888 $(36,906)

The following table compares the composition of our commercial real estate loan portfolio by non-owner occupied and owner occupied loans at June 30, 2025 and December 31, 2024:

At June 30, 2025At December 31, 2024ChangeTotal%Total%Total(Dollars in thousands)Commercial real estate loans:Non-owner occupied$1,077,313 59.78 %$1,174,712 61.86 %$(97,399)Owner occupied724,701 40.22 724,203 38.14 498 Total commercial real estate loans(1)$1,802,014 100.00 %$1,898,915 100.00 %$(96,901)

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