Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 11

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 and other liabilities49,448 50,935 Total liabilities2,953,303 2,997,956 Commitments and contingenciesShareholders' equityCommon stock, no par value; 10,000,000 shares authorized, 7,873,387 and 7,859,873 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively118,698 119,108 Retained earnings165,495 152,656 Accumulated other comprehensive loss(903)(1,244)Total shareholders' equity283,290 270,520 Total liabilities and shareholders' equity$3,236,593 $3,268,476  

See accompanying notes to consolidated financial statements (unaudited)

4

Bankwell Financial Group, Inc.

Consolidated Statements of Income – (unaudited)

(In thousands, except share data)

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Interest and dividend incomeInterest and fees on loans$44,128 $43,060 $87,603 $86,385 Interest and dividends on securities1,478 1,190 2,923 2,320 Interest on cash and cash equivalents3,043 3,429 6,600 7,255 Total interest and dividend income48,649 47,679 97,126 95,960 Interest expenseInterest expense on deposits23,083 24,677 47,855 50,039 Interest expense on borrowings1,630 1,783 3,269 3,555 Total interest expense24,713 26,460 51,124 53,594 Net interest income23,936 21,219 46,002 42,366 (Credit) provision for credit losses(411)8,183 52 11,866 Net interest income after (credit) provision for credit losses24,347 13,036 45,950 30,500 Noninterest incomeBank-owned life insurance352 333 696 662 Service charges and fees674 495 1,276 799 Gains and fees from sales of loans1,080 45 1,522 366 Other(94)(190)23 (229)Total noninterest income2,012 683 3,517 1,598 Noninterest expense