Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 23

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 23
---
     

14

The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2024 were as follows:December 31, 2024Amortized CostGross UnrealizedFair ValueGainsLosses(In thousands)Available for sale securities:U.S. Government and agency obligationsLess than one year$24,920 $66 $(92)$24,894 Due from one through five years47,541 — (2,117)45,424 Due from five through ten years16,038 — (906)15,132 Due after ten years6,944 — (812)6,132 Total U.S. Government and agency obligations95,443 66 (3,927)91,582 Corporate bondsDue from five through ten years15,500 — (929)14,571 Due after ten years1,500 — (225)1,275 Total corporate bonds17,000 — (1,154)15,846 Total available for sale securities$112,443 $66 $(5,081)$107,428 Held to maturity securities:State agency and municipal obligationsLess than one year$6,820 $37 $— $6,857 Due from one through five years2,808 — (77)2,731 Due after ten years26,897 1,190 (1,013)27,074 Total State agency and municipal obligations36,525 1,227 (1,090)36,662 Government-sponsored mortgage backed securitiesNo contractual maturity28 1 — 29 Total held to maturity securities$36,553 $1,228 $(1,090)$36,691 There was one sale of investment securities during the three months ended March 31, 2025. There were no sales of investment securities during the three months March 31, 2024.At March 31, 2025 and December 31, 2024, none of the Company's securities were pledged as collateral with the Federal Home Loan Bank ("FHLB") or any other institution.As of March 31, 2025 and December 31, 2024, the actual durations of the Company's available for sale securities were significantly shorter than the stated maturities.As of March 31,