Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 49

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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49 $187 $88 Money market8,579 8,552 17,100 17,698 Savings667 688 1,325 1,402 Time certificates of deposits13,760 15,388 29,243 30,851 Total interest expense on deposits$23,083 $24,677 $47,855 $50,039 

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9. Stock-Based Compensation

Equity award plansThe Company has unvested restricted stock outstanding under two equity award plans, which are collectively referred to as the “Stock Plans”. The current plan under which any future issuances of equity awards will be made is the 2022 Bankwell Financial Group, Inc. Stock Plan, or the “2022 Plan”. All equity awards made under the 2022 Plan are made by means of an award agreement, which contains the specific terms and conditions of the grant. To date, all equity awards have been in the form of stock options or restricted stock. At June 30, 2025, there were 300,856 shares reserved for future issuance under the 2022 Plan.Restricted Stock: Restricted stock provides grantees with rights to shares of common stock upon completion of a service period. Shares of unvested restricted stock are considered participating securities. Restricted stock awards generally vest over one to five years.The following table presents the activity for restricted stock for the six months ended June 30, 2025:Six Months Ended June 30, 2025Number of SharesWeighted Average Grant Date Fair ValueUnvested at beginning of period223,875 (1)$28.50 Granted72,774 (2)32.66 Vested(96,838)(3)32.40 Forfeited(14,710)32.56 Unvested at end of period185,101 (1)    Includes 35,186 shares of performance based restricted stock.(2)    Includes 34,271 shares of performance based restricted stock.(3)    Includes 4,136 shares of performance based restricted stock.The total fair value of restricted stock awards vested during the six months ended June 30, 2025 was $3.1 million.The Company's restricted stock expense for the six months ended June 30, 2025 and June 30, 2024 was $0.9 million and $1.7 million, respectively. At June 30, 202