Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 156

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 156
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% and 99.6% of Risk Rated 6 loans are current on payments, 97.7% and 93.0% are guaranteed by ultra-high net worth sponsors as of September 30, 2025 and December 31, 2024, respectively.

Credit risk management involves a partnership between our relationship managers and our credit approval, portfolio management, credit administration and collections teams. Disciplined underwriting, portfolio monitoring and early problem recognition are important aspects of maintaining our high credit quality standards.

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Nonperforming assets. Nonperforming assets include nonaccrual loans and property acquired through foreclosures or repossession. The following table presents nonperforming assets and additional asset quality data for the dates indicated:

(In thousands)At September 30, 2025At December 31, 2024Nonaccrual loans:Real estate loans:Residential$570 $791 Commercial14,667 44,814 Commercial business1,729 7,672 Construction— — Consumer— — Total nonaccrual loans16,966 53,277 Other real estate owned1,284 8,299 Total nonperforming assets$18,250 $61,576 Nonperforming assets to total assets0.56 %1.88 %Nonaccrual loans to total loans0.62 %1.97 %ACL-loans as a % of total loans1.10 %1.07 %ACL-loans as a % of nonperforming loans176.73 %54.45 %Total past due loans to total loans0.76 %1.63 %

Nonaccrual loans totaled $17.0 million at September 30, 2025 and $53.3 million at December 31, 2024. In the first quarter of 2025, the Company sold a $27.1 million multifamily commercial real estate loan on nonperforming status at par value. 

There was $1.3 million Other Real Estate Owned ("OREO") at September 30, 2025 and $8.3 million of OREO at December 31, 2024. During the first quarter of 2025, the Company sold a property that it had acquired during the fourth quarter of 2024 and held as an OREO asset. The OREO asset had previously secured a non-performing construction loan. The Company received