Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 123

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 from national listing services were $68.4 million and $109.1 million as of June 30, 2025 and December 31, 2024, respectively. There were no one-way buy Certificate of Deposit Account Registry Service ("CDARS") or one-way buy Insured Cash Sweep Service ("ICS") at June 30, 2025 or December 31, 2024. Brokered deposits are comprised of Brokered CDs, brokered money market 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 six months ended June 30, 2025 and 2024:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(In thousands)NOW$77 $49 $187 $88 Money market8,579 8,552 17,100 17,698 Savings667 688 1,325 1,402 Time certificates of deposits13,760 15,388 29,243 30,851 Total interest expense on deposits$23,083 $24,677 $47,855 $50,039 

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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 stock options or restricted stock. At June 30, 2025, there were 300,856 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 six months ended June 30, 2025:Six Months Ended June 30, 2025Number of SharesWeighted Average Grant Date Fair ValueUnvested at beginning of period223,875 (1)$28.50 Granted