Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 63

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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ion are included in the respective interest income and interest expense amounts.

FTE net interest income for the three months ended March 31, 2025 and 2024 was $22.2 million and $21.2 million, respectively.

FTE interest income for the three months ended March 31, 2025 increased by $0.3 million, or 0.6%, to $48.6 million, compared to FTE interest income for the three months ended March 31, 2024. This increase was due to an increase in interest and fees on loans due to higher overall loan yields.

Interest expense for the three months ended March 31, 2025 decreased by $0.7 million compared to interest expense for the three months ended March 31, 2024. The decrease in interest expense for the three months ended March 31, 2025 was driven by a decrease in interest expense on deposits, resulting from a decrease in rates on interest bearing deposits.

48

Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential

The following table presents the average balances and yields earned on interest earning assets and average balances and weighted average rates paid on our funding liabilities for the three months ended March 31, 2025 and 2024.

For the Quarter EndedMarch 31, 2025March 31, 2024AverageBalanceInterestYield/Rate (4)AverageBalanceInterestYield/Rate (4)Assets:Cash and Fed funds sold$349,235 $3,557 4.13 %$292,662 $3,826 5.26 %Securities(1)150,650 1,477 3.92 134,737 1,060 3.15 Loans:Commercial real estate1,848,208 28,285 6.12 1,922,413 28,643 5.89 Residential real estate41,585 633 6.09 50,213 718 5.72 Construction178,878 3,468 7.76 161,047 2,973 7.30 Commercial business508,417 10,007 7.87 517,102 10,284 7.87 Consumer81,483 1,082 5.38 39,964 707 7.12 Total loans2,658,571 43,475