Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 45

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 8
Chunk 45
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60,662 93,602 Noninterest incomeGains and fees from sales of loans523 1,972 Bank owned life insurance1,356 1,192 Service charges and fees1,963 1,629 Other(124)49 Total noninterest income3,718 4,842 Noninterest expenseSalaries and employee benefits23,746 24,595 Occupancy and equipment9,494 8,665 Data processing3,251 2,888 Professional services4,482 3,538 Director fees1,840 1,812 FDIC insurance3,350 4,164 Marketing452 651 Other4,436 4,088 Total noninterest expense51,051 50,401 Income before income tax expense13,329 48,043 Income tax expense3,559 11,380 Net income$9,770 $36,663 Earnings Per Common Share:Basic$1.24 $4.71 Diluted$1.23 $4.67 Weighted Average Common Shares Outstanding:Basic7,710,076 7,587,768 Diluted7,737,952 7,647,411 Dividends per common share$0.80 $0.80 

See Notes to Consolidated Financial Statements

67

Bankwell Financial Group, Inc.

Consolidated Statements of Comprehensive Income

(In thousands)Year Ended December 31,20242023Net income$9,770 $36,663 Other comprehensive income:Unrealized gains on securities:Unrealized holding gains on available for sale securities2,525 1,149 Reclassification adjustment for gains realized in net income— — Net change in unrealized gains2,525 1,149 Income tax expense(547)(209)Unrealized gains on securities, net of tax1,978 940 Unrealized (losses) on interest rate swaps:Unrealized (losses) on interest rate swaps(1,995)(3,065)Income tax benefit437 650 Unrealized (losses) on interest rate swaps, net of tax(1,558)(2,415)Total other comprehensive income (loss), net of tax420 (1,475)Comprehensive income$10,190 $35,188 

See Notes to Consolidated Financial Statements

68