Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 182

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 182
---
369 $276,524 $104,322 $80,201 $438,384 $1,897,676 

(1) Excludes the positive fair value effect of the portfolio layer swap of $220 thousand for Commercial Real Estate at September 30, 2025.

(2) Primarily consists of skilled nursing and assisted living facilities. 

(3) Includes Special use, self storage, and land.

As of September 30, 2025, the Bank had $144.5 million of loans collateralized by offices, which represented 7.6% of the total loan portfolio. Most of the properties in this portfolio are in suburban locations. 95.1% of this portfolio was pass rated, and there was one relationship totaling $5.4 million on nonaccrual status. As of September 30, 2025, the Bank had $264.3 million of loans collateralized by multifamily properties, which represented 9.7% of the total loan portfolio. 89.5% of this portfolio is pass rated and current; these properties are all located in Connecticut, New York, or New Jersey, with eight properties, totaling $49.9 million, located in New York City. 78.3% of the New York City exposure is located in Brooklyn, 11.9% in Manhattan and the remaining 9.8% in Queens. 

The following table presents an analysis of the commercial real estate portfolio's loan to value at origination and by property type as of September 30, 2025.

Commercial Real EstateTotal CRE Portfolio(1)Percentage of Total CRE PortfolioOriginal Loan to Value %(Dollars in thousands)Property TypeResidential care(2)$736,501 38.8 %63.0 %Retail325,358 13.9 62.9 Multifamily264,284 13.9 62.3 Office144,479 7.6 63.9 Industrial / warehouse132,328 7.0 64.1 Mixed use118,865 6.3 58.2 Medical office73,627 3.9 62.1 1-4 family investment33,511 1.8 61.1 All other68,723 3.6 53.4 Total$1,897,676 100.0 %62.3 %

(1) Ex