Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 170

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 170
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33 1,291,595 15,388 4.76 Total interest bearing deposits2,371,382 23,083 3.90 2,323,381 24,677 4.27 Borrowed Money138,380 1,630 4.72 159,288 1,783 4.50 Total interest bearing liabilities2,509,762 $24,713 3.95 %2,482,669 $26,460 4.29 %Noninterest bearing deposits352,623 368,516 Other liabilities48,956 63,177 Total liabilities2,911,341 2,914,362 Shareholders' equity280,805 272,543 Total liabilities and shareholders' equity$3,192,146 $3,186,905 Net interest income(2)$24,079 $21,286 Interest rate spread2.27 %1.82 %Net interest margin(3)3.10 %2.75 %

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

(2)The adjustment for securities and loans taxable equivalency amounted to $143 thousand and $67 thousand for the three months ended June 30, 2025 and 2024, respectively.

(3)Annualized net interest income as a percentage of earning assets.

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

53

For the Six Months EndedJune 30, 2025June 30, 2024AverageBalanceInterestYield/Rate (4)AverageBalanceInterestYield/Rate (4)Assets:Cash and Fed funds sold$322,498 $6,600 4.13 %$282,981 $7,255 5.16 %Securities(1)150,059 3,011 4.01 136,049 2,199 3.23 Loans:Commercial real estate1,818,282 55,710 6.09 1,911,896 56,295 5.82 Residential real estate39,544 1,230 6.22 49,624 1,490 6.01 Construction187,674 7,320 7.76 160,080 5,844 7.22 Commercial business533,