Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 13

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 — — — — Repurchase of common stock(29,924)(912)— — (912)Balance at March 31, 20257,888,013 $118,439 $157,971 $(1,196)$275,214 

Number of Outstanding SharesCommon StockRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotalBalance at December 31, 20237,882,616 $118,247 $149,169 $(1,664)$265,752 Net income— — 3,763 — 3,763 Other comprehensive (loss), net of tax— — — (55)(55)Cash dividends declared ($0.20 per share)— — (1,582)— (1,582)Stock-based compensation expense— 1,074 — — 1,074 Forfeitures of restricted stock(100)— — — — Issuance of restricted stock61,844 — — — — Repurchase of common stock(36,180)(920)— — (920)Balance at March 31, 20247,908,180 $118,401 $151,350 $(1,719)$268,032 

See accompanying notes to consolidated financial statements (unaudited)

7

Bankwell Financial Group, Inc.

Consolidated Statements of Cash Flows – (unaudited)

(In thousands)

Three Months Ended March 31,20252024Cash flows from operating activitiesNet income$6,888 $3,763 Adjustments to reconcile net income to net cash provided by operating activities:Net amortization of premiums and discounts on investment securities30 (5)Provision for credit losses463 3,683 Credit for deferred income taxes176 282 Change in fair value of marketable equity securities(31)16 Depreciation and amortization974 940 Amortization of debt issuance costs62 62 Increase in cash surrender value of bank-owned life insurance(344)(329)Gains and fees from sales of loans(442)(321)Stock-based compensation243 1,074 Changes in other real estate owned, net103 — Net change in:Deferred loan fees1 (478)Accrued interest receivable(874)(242)Other assets(1,685)(356)Accrued expenses and