Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 154

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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 and there was one relationship totaling $5.4 million on nonaccrual status. As of September 30, 2025, the Bank had $264.3 million of loans collateralized by multifamily properties, which represented 9.7% of the total loan portfolio. 89.5% of this portfolio is pass rated and current; these properties are all located in Connecticut, New York, or New Jersey, with eight properties, totaling $49.9 million, located in New York City. 78.3% of the New York City exposure is located in Brooklyn, 11.9% in Manhattan and the remaining 9.8% in Queens. 

The following table presents an analysis of the commercial real estate portfolio's loan to value at origination and by property type as of September 30, 2025.

Commercial Real EstateTotal CRE Portfolio(1)Percentage of Total CRE PortfolioOriginal Loan to Value %(Dollars in thousands)Property TypeResidential care(2)$736,501 38.8 %63.0 %Retail325,358 13.9 62.9 Multifamily264,284 13.9 62.3 Office144,479 7.6 63.9 Industrial / warehouse132,328 7.0 64.1 Mixed use118,865 6.3 58.2 Medical office73,627 3.9 62.1 1-4 family investment33,511 1.8 61.1 All other68,723 3.6 53.4 Total$1,897,676 100.0 %62.3 %

(1) Excludes the positive fair value effect of the portfolio layer swap of $220 thousand for Commercial Real Estate at September 30, 2025.

(2) Primarily consists of skilled nursing and assisted living facilities. 

60

Asset Quality

We actively manage asset quality through our underwriting practices and collection operations. Our Board of Directors monitors credit risk management. The Directors Loan Committee ("DLC") has primary oversight responsibility for the credit-granting function including approval authority for credit-granting policies, review of management’s credit-granting activities and approval of large exposure credit requests, as well as loan review and problem loan management and resolution. The committee reports the results of its respective oversight functions to our Board of Directors. In addition, our Board of Directors