Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 11

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 liabilities48,721 50,935 Total liabilities2,908,679 2,997,956 Commitments and contingenciesShareholders' equityCommon stock, no par value; 10,000,000 shares authorized, 7,888,013 and 7,859,873 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively118,439 119,108 Retained earnings157,971 152,656 Accumulated other comprehensive loss(1,196)(1,244)Total shareholders' equity275,214 270,520 Total liabilities and shareholders' equity$3,183,893 $3,268,476 

See accompanying notes to consolidated financial statements (unaudited)

4

Bankwell Financial Group, Inc.

Consolidated Statements of Income – (unaudited)

(In thousands, except share data)

Three Months Ended March 31,20252024Interest and dividend incomeInterest and fees on loans$43,475 $43,325 Interest and dividends on securities1,445 1,130 Interest on cash and cash equivalents3,557 3,826 Total interest and dividend income48,477 48,281 Interest expenseInterest expense on deposits24,772 25,362 Interest expense on borrowings1,639 1,772 Total interest expense26,411 27,134 Net interest income22,066 21,147 Provision for credit losses463 3,683 Net interest income after provision for credit losses21,603 17,464 Noninterest incomeBank-owned life insurance344 329 Service charges and fees602 304 Gains and fees from sales of loans442 321 Other117 (39)Total noninterest income1,505 915 Noninterest expenseSalaries and employee benefits7,052 6,291 Occupancy and equipment2,575 2,322 Professional services1,529 1,065 Data processing885 740 Director fees348 900 FDIC insurance779 930 Marketing142 114 Other831 935 Total noninterest expense14,141 13,297 Income before income tax expense8,967 5,082 Income tax expense2,079 1,319 Net income$6,888 $3,763 Earnings Per Common Share:Basic$0.88 $0.