Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 118

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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,700 $4,519 Loan ModificationsA loan will be considered modified as defined by ASC 326 when both of the following conditions are met: 1) the borrower is experiencing financial difficulties and 2) the modification constitutes a direct change in contractual cash flows for a significant period of time. Modified terms are dependent upon the financial position and needs of the individual borrower. There were two new loan modifications reportable under ASC 326 for $0.2 million at September 30, 2025. There was one new loan modification reportable under ASC 326 for $4.0 million at December 31, 2024. There were no nonaccrual modified loans at September 30, 2025. There was one nonaccrual modified loan at December 31, 2024. There were no loans modified that re-defaulted at September 30, 2025 and December 31, 2024.

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Allowance for credit losses (ACL)-Unfunded CommitmentsThe Company has recorded ACL-Unfunded Commitments in Accrued expenses and other liabilities. The provision is recorded within the Provision for credit losses on the Company’s Consolidated Statements of Income. The following table presents a roll forward of the ACL-Unfunded Commitments for the three and nine months ended September 30, 2025 and September 30, 2024:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(In thousands)Balance at beginning of period$602 $726 $756 $926 (Credit) for credit losses (unfunded commitments)(48)(220)(202)(420)Balance at end of period$554 $506 $554 $506 Components of Provision for Credit LossesThe following table summarizes the Provision for credit losses for the three and nine months ended  September 30, 2025 and September 30, 2024:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(In thousands)(Credit) provision for credit losses (loans)$420 $6,516 $626 $18,582 (Credit) for credit losses (unfunded commitments)(48)(220)(202)(420)Provision for credit losses$372 $6,296 $424 $18,162 

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4. Shareholders' Equity

Common StockThe Company has 10,000,