Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 14

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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interest expenseSalaries and employee benefits7,995 6,223 22,568 18,690 Occupancy and equipment2,469 2,334 7,549 6,894 Professional services1,412 1,142 4,573 3,196 Data processing633 851 2,230 2,346 Director fees333 292 1,014 1,498 FDIC insurance610 853 2,073 2,488 Marketing140 73 500 277 Other1,039 1,097 2,811 3,018 Total noninterest expense14,631 12,865 43,318 38,407 Income before income tax expense13,479 2,712 34,259 9,268 Income tax expense3,401 786 8,205 2,461 Net income$10,078 $1,926 $26,054 $6,807 Earnings Per Common Share:Basic$1.28 $0.24 $3.33 $0.86 Diluted$1.27 $0.24 $3.29 $0.86 Weighted Average Common Shares Outstanding:Basic7,774,887 7,715,040 7,741,244 7,708,768 Diluted7,844,785 7,720,895 7,819,609 7,731,454 Dividends per common share$0.20 $0.20 $0.60 $0.60 

See accompanying notes to consolidated financial statements (unaudited)

5

Bankwell Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Loss) – (unaudited)

(In thousands)

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income$10,078 $1,926 $26,054 $6,807 Other comprehensive income:Unrealized gains (losses) on securities:Unrealized holding gains on available for sale securities585 2,684 2,441 2,866 Reclassification adjustment for gains realized in net income— — — — Net change in unrealized gains585 2,684 2,441 2,866 Income tax expense(141)(634)(