Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 120

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 120
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309,852 $1,898,915 

(1) Excludes the positive fair value effect of the portfolio layer swap of $219 thousand for Commercial Real Estate at December 31, 2024.

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

(3) Includes Special use, self storage, and land.

During 2024, we conducted a detailed review of every general office loan in our portfolio.  As of December 31, 2024, the Bank had $160.4 million of loans collateralized by offices, which represented 5.9% of the total loan portfolio. Most of the properties in this portfolio are in suburban locations. 96.6% of this portfolio was pass rated, and there were two relationships totaling $5.5 million on nonaccrual status. We also performed an additional review of our multifamily exposure. As of December 31, 2024, we had $283.6 million of loans collateralized by multifamily properties, which represented 10.5% of the total loan portfolio. 89.0% of the portfolio is pass rated, and there was one relationship totaling $27.1 million on nonaccrual status. These properties are all located in Connecticut, New York, New Jersey, or Pennsylvania, with the majority in suburban locations. Nine properties totaling $51.6 million, with an average balance of $5.7 million, are in New York City. 

46

The following table presents an analysis of the commercial real estate portfolio's loan to value at origination and by property type as of December 31, 2024.

Commercial Real EstateTotal CRE Portfolio(1)Percentage of Total CRE PortfolioLoan to Value at Origination %(Dollars in thousands)Property TypeResidential care(2)$672,460 35.4 %66.6 %Retail353,510 18.6 63.5 Multifamily283,629 14.9 62.1 Office160,409 8.4 63.7 Industrial / warehouse137,956 7.3 63.3 Mixed use90,286 4.8 62.7 Medical office85,968 4.5 63.3 1-4 family investment47,120 2.5 57.7 All other67,577 3.6 53.4