Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 174

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 174
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347,857 16,246 4.79 Total interest bearing deposits2,330,695 22,585 3.84 2,364,708 25,579 4.30 Borrowed Money169,867 2,020 4.72 159,349 1,895 4.73 Total interest bearing liabilities2,500,562 $24,605 3.90 %2,524,057 $27,474 4.33 %Noninterest bearing deposits383,153 303,213 Other liabilities54,507 62,602 Total liabilities2,938,222 2,889,872 Shareholders' equity288,999 270,900 Total liabilities and shareholders' equity$3,227,221 $3,160,772 Net interest income(2)$26,128 $20,839 Interest rate spread2.44 %1.83 %Net interest margin(3)3.34 %2.72 %

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

(2)The adjustment for securities and loans taxable equivalency amounted to $141 thousand and $122 thousand for the three 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.

54

For the Nine Months EndedSeptember 30, 2025September 30, 2024AverageBalanceInterestYield/Rate (4)AverageBalanceInterestYield/Rate (4)Assets:Cash and Fed funds sold$307,737 $9,453 4.11 %$273,138 $10,460 5.12 %Securities(1)147,571 4,474 4.04 139,871 3,592 3.42 Loans:Commercial real estate1,830,934 85,371 6.15 1,909,390 84,582 5.82 Residential real estate37,838 1,740 6.13 48,912 2,226 6.07 Construction182,857 10,856 7.83 158,884 8,913 7.37 Commercial business546,700 32,