Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 113

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 113
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,785 3.07 113,260 3,163 2.79 Time1,335,680 63,531 4.76 1,303,915 50,672 3.89 Total interest bearing deposits2,373,641 101,258 4.27 2,420,732 86,906 3.59 Borrowed money159,320 7,454 4.68 160,661 7,080 4.35 Total interest bearing liabilities2,532,961 $108,712 4.29 %2,581,393 $93,986 3.64 %Noninterest bearing deposits332,611 368,926 Other liabilities60,464 53,893 Total liabilities2,926,036 3,004,212 Shareholders’ equity271,201 252,061 Total liabilities and shareholders’ equity$3,197,237 $3,256,273 Net interest income(2)$83,665 $94,675 Interest rate spread1.80 %2.22 %Net interest margin(3)2.70 %2.98 %

(1)Average balances and yields for securities are based on amortized cost.

(2)The adjustment for securities and loans taxable equivalency was $383 thousand and $207 thousand, respectively, for the years ended December 31, 2024 and 2023. Tax exempt income was converted to a fully taxable equivalent basis at a 20 percent tax rate for 2024 and 2023.

(3)Net interest income as a percentage of total earning assets.

(4)Yields are calculated using the contractual day count convention for each respective product type.

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Effect of changes in interest rates and volume of average earning assets and average interest-bearing liabilities

The following table shows the extent to which changes in interest rates and changes in the volume of average earning assets and average interest-bearing liabilities have affected net interest income. For each category of earning assets and interest-bearing liabilities, information is provided relating to: changes in volume (changes in average balances multiplied by the prior year’s average interest rates); changes in rates (changes in average interest rates multiplied by the prior year’s average balances); and the total change. Changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of change in each.

Year