Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 17

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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,137)— — (2,137)Balance at September 30, 20247,858,573 $118,429 $151,257 $(1,760)$267,926 

See accompanying notes to consolidated financial statements (unaudited)

8

Bankwell Financial Group, Inc.

Consolidated Statements of Cash Flows – (unaudited)

(In thousands)

Nine Months Ended September 30,20252024Cash flows from operating activitiesNet income$26,054 $6,807 Adjustments to reconcile net income to net cash provided by operating activities:Net amortization of premiums and discounts on investment securities76 131 Provision for credit losses424 18,162 (Credit) provision for deferred income taxes(48)132 Change in fair value of marketable equity securities(54)(33)Depreciation and amortization3,014 2,805 Amortization of debt issuance costs185 185 Increase in cash surrender value of bank-owned life insurance(1,055)(1,008)Gains and fees from sales of loans(2,894)(499)Stock-based compensation1,581 2,319 Loss on sale of other real estate owned, net103 — Change in other real estate owned(140)— Net change in:Deferred tax assets554 — Deferred loan fees267 (1,458)Accrued interest receivable(1,099)148 Other assets(5,000)(4,097)Accrued expenses and other liabilities(1,242)(7,973)Net cash provided by operating activities20,726 15,621 Cash flows from investing activitiesProceeds from principal repayments on available for sale securities3,307 3,743 Proceeds from principal repayments on held to maturity securities177 82 Net proceeds from sales and calls of available for sale securities20,000 — Net proceeds from calls of held to maturity securities7,500 — Purchases of marketable equity securities(51)(46)Purchases of available for sale securities(10,006)— Purchases of held to maturity securities(643)(19,289)Net (increase) decrease in loans(36,507)73,376 Proceeds from sales of loans26,364 4,662 Purchases of premises and equipment, net(879)(567)Reduction of Federal Home Loan Bank stock704 41 Proceeds