Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 117

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 117
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 70.19 1,947,648 71.64 (48,514)Construction173,555 6.41 183,414 6.75 (9,859)2,115,455 78.18 2,181,993 80.26 (66,538)Commercial business515,125 19.04 500,569 18.41 14,556 Consumer75,308 2.78 36,045 1.33 39,263 Total loans$2,705,888 100.00 %$2,718,607 100.00 %$(12,719)

Primary loan categories

Residential real estate.   Residential real estate loans decreased by $8.2 million, or 16.0%, at December 31, 2024 compared to December 31, 2023 and amounted to $42.8 million, representing 2% of total loans at December 31, 2024. The Bank ceased originating residential mortgage loans in 2017.

Commercial real estate.   Commercial real estate loans were $1.9 billion and represented 70% of our total loan portfolio at December 31, 2024, a net decrease of $48.5 million, or 2.5%, from December 31, 2023. Commercial real estate loans are secured by a variety of property types, including healthcare facilities, office buildings, retail facilities, commercial mixed use and multi-family dwellings. 

The following table compares the composition of our commercial real estate loan portfolio by non-owner occupied and owner occupied loans at December 31, 2024 and December 31, 2023:

20242023ChangeTotal%Total%Total(Dollars in thousands)Commercial real estate loans:Non-owner occupied$1,174,712 61.86 %$1,228,126 63.08 %$(53,414)Owner occupied724,203 38.14 718,780 36.92 5,423 Total commercial real estate loans(1)$1,898,915 100.00 %$1,946,906 100.00 %$(47,991)

(1) Excludes the positive fair value effect of the portfolio layer swap of $219 thousand and $742 thousand for Commercial Real Estate at December 31, 2024 and 2023,