Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 12

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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Salaries and employee benefits7,521 6,176 14,573 12,467 Occupancy and equipment2,505 2,238 5,080 4,561 Professional services1,632 989 3,161 2,054 Data processing712 755 1,597 1,495 Director fees333 306 681 1,206 FDIC insurance684 705 1,463 1,635 Marketing218 90 360 203 Other941 986 1,772 1,921 Total noninterest expense14,546 12,245 28,687 25,542 Income before income tax expense11,813 1,474 20,780 6,556 Income tax expense2,725 356 4,804 1,675 Net income$9,088 $1,118 $15,976 $4,881 Earnings Per Common Share:Basic$1.16 $0.14 $2.04 $0.62 Diluted$1.15 $0.14 $2.03 $0.62 Weighted Average Common Shares Outstanding:Basic7,777,469 7,747,675 7,724,143 7,705,598 Diluted7,819,828 7,723,888 7,795,820 7,721,880 Dividends per common share$0.20 $0.20 $0.40 $0.40 

See accompanying notes to consolidated financial statements (unaudited)

5

Bankwell Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Loss) – (unaudited)

(In thousands)

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net income$9,088 $1,118 $15,976 $4,881 Other comprehensive income:Unrealized gains on securities:Unrealized holding gains on available for sale securities660 398 1,857 182 Reclassification adjustment for gains realized in net income— — — — Net change in unrealized gains660 398 1,857 182 Income tax (expense) benefit(156)(94)(437)7 Unrealized gains on securities, net of tax504 304 1