Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 141

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 141
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 2022 Notes have been structured to qualify for the Company as Tier 2 capital under regulatory guidelines.The Company incurred certain costs associated with the issuance of its subordinated debt. The Company capitalized these costs and they have been presented within subordinated debentures on the consolidated balance sheets. At September 30, 2025 and December 31, 2024, unamortized debt issuance costs were $0.4 million and $0.5 million, respectively. Debt issuance costs amortize over the expected life of the related debt. For the three months ended September 30, 2025 and 2024 the amortization 

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expense for debt issuance costs were $62 thousand and $62 thousand, respectively, and were recognized as an increase to interest expense on borrowings within the Consolidated Statements of Income. For the nine months ended September 30, 2025 and 2024 the amortization expense for debt issuance costs were $185 thousand and $185 thousand, respectively.The Company recognized $0.8 million and $0.8 million in interest expense related to its subordinated debt for the three-month periods ended September 30, 2025 and 2024, respectively. The Company recognized $2.4 million and $2.4 million in interest expense related to its subordinated debt for the nine-month periods ended September 30, 2025 and 2024, respectively.

14. Subsequent Events

On October 22, 2025, the Company’s Board of Directors declared a $0.20 per share cash dividend, payable on November 21, 2025, to shareholders of record on November 10, 2025.    

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section presents management’s perspective on our financial condition and results of operations. The following discussion and analysis should be read in conjunction with the unaudited interim consolidated financial statements and related notes contained elsewhere in this report on Form 10-Q. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the Company’s Form 10-K filed for the year ended December 31, 2024 in the