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

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

Bankwell Financial Group, Inc.

Consolidated Balance Sheets - (unaudited)

(In thousands, except share data)

March 31, 2025December 31, 2024ASSETSCash and due from banks$292,006 $293,552 Federal funds sold12,922 13,972 Cash and cash equivalents304,928 307,524 Investment securitiesMarketable equity securities, at fair value2,164 2,118 Available for sale investment securities, at fair value97,321 107,428 Held to maturity investment securities, at amortized cost (fair values of $36,763 and $36,691 at March 31, 2025 and December 31, 2024, respectively)36,478 36,553 Total investment securities135,963 146,099 Loans receivable (net of ACL-Loans of $29,485 at March 31, 2025 and $29,007 at December 31, 2024, respectively)2,611,495 2,672,959 Other real estate owned— 8,299 Accrued interest receivable15,409 14,535 Federal Home Loan Bank stock, at cost3,583 5,655 Premises and equipment, net22,978 23,856 Bank-owned life insurance53,136 52,791 Goodwill2,589 2,589 Deferred income taxes, net9,551 9,742 Other assets24,261 24,427 Total assets$3,183,893 $3,268,476 LIABILITIES AND SHAREHOLDERS' EQUITYLiabilitiesDepositsNoninterest bearing deposits$349,525 $321,875 Interest bearing deposits2,400,920 2,465,695 Total deposits2,750,445 2,787,570 Advances from the Federal Home Loan Bank40,000 90,000 Subordinated debentures (face value of $70,000 and $70,000 at March 31, 2025 and December 31, 2024, respectively, less unamortized debt issuance costs of $487 and $549 at March 31, 2025 and December 31, 2024, respectively)69,513 69,451 Accrued expenses and other