Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 38

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 business7,643 13,001 20 402 Construction— 9,382 — — Consumer54,249 25,523 569 336 Total individually evaluated loans without a valuation allowance83,124 99,784 701 1,335 Individually evaluated loans with a valuation allowance:Residential real estate$— $— $— $— Commercial real estate— — — — Commercial business— 8,698 — 161 Construction— — — — Consumer— — — — Total individually evaluated loans with a valuation allowance— 8,698 — 161 Total individually evaluated loans$83,124 $108,482 $701 $1,496 Loan ModificationsA loan will be considered modified as defined by ASU 326 when both of the following conditions are met: 1) the borrower is experiencing financial difficulties and 2) the modification constitutes a direct change in contractual cash flows for a significant period of time. Modified terms are dependent upon the financial position and needs of the individual borrower. There were no new loan modifications reportable under ASU 326 at March 31, 2025 and December 31, 2024. There were no nonaccrual modified loans at March 31, 2025 and December 31, 2024. There were no loans modified that re-defaulted during at March 31, 2025 and December 31, 2024.

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Allowance for credit losses (ACL)-Unfunded CommitmentsAs part of CECL, the Company has recorded ACL-Unfunded Commitments in Accrued expenses and other liabilities. The provision is recorded within the Provision for credit losses on the Company’s Consolidated Statements of Income. The following table presents a roll forward of the ACL-Unfunded Commitments for the three months ended March 31, 2025 and March 31, 2024:Three Months Ended March 31,20252024(In thousands)Balance at beginning of period$756 $926 (Credit) for credit losses (unfunded commitments)(75)(15)Balance at end of period$681 $911 Components of Provision for Credit LossesThe following table summarizes the Provision for credit losses for the three months ended  March 31, 2025 and March 31, 2024:Three Months Ended March 31,202520