Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 51

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 accounts, one-way buy CDARS, and one-way buy ICS.The following table summarizes interest expense on deposits by account type for the three and nine months ended September 30, 2025 and 2024:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(In thousands)NOW$124 $44 $311 $133 Money market8,479 8,597 25,579 26,294 Savings700 692 2,025 2,093 Time certificates of deposits13,282 16,246 42,525 47,098 Total interest expense on deposits$22,585 $25,579 $70,440 $75,618 

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9. Stock-Based Compensation

Equity award plansThe Company has unvested restricted stock outstanding under two equity award plans, which are collectively referred to as the “Stock Plans”. The current plan under which any future issuances of equity awards will be made is the 2022 Bankwell Financial Group, Inc. Stock Plan, or the “2022 Plan”. All equity awards made under the 2022 Plan are made by means of an award agreement, which contains the specific terms and conditions of the grant. To date, all equity awards have been in the form of  restricted stock. At September 30, 2025, there were 296,800 shares reserved for future issuance under the 2022 Plan.Restricted Stock: Restricted stock provides grantees with rights to shares of common stock upon completion of a service period. Shares of unvested restricted stock are considered participating securities. Restricted stock awards generally vest over one to five years.The following table presents the activity for restricted stock for the nine months ended September 30, 2025:Nine Months Ended September 30, 2025Number of SharesWeighted Average Grant Date Fair ValueUnvested at beginning of period223,875 (1)$28.50 Granted78,949 (2)31.32 Vested(101,673)(3)32.62 Forfeited(16,829)33.14 Unvested at end of period184,322 (1)    Includes 35,186 shares of performance based restricted stock.(2)    Includes 34,271 shares of performance based restricted stock.(3)    Includes 4,136 shares of performance based restricted stock.The total fair value