Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 15

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 Issuance of restricted stock62,903 — — — — Stock options exercised— — — — — Repurchase of common stock(76,320)(1,906)— — (1,906)Balance at June 30, 20247,866,499 $118,037 $150,895 $(1,956)$266,976 

See accompanying notes to consolidated financial statements (unaudited)

8

Bankwell Financial Group, Inc.

Consolidated Statements of Cash Flows – (unaudited)

(In thousands)

Six Months Ended June 30,20252024Cash flows from operating activitiesNet income$15,976 $4,881 Adjustments to reconcile net income to net cash provided by operating activities:Net amortization of premiums and discounts on investment securities67 87 Provision for credit losses52 11,866 Credit for deferred income taxes(48)(1,853)Change in fair value of marketable equity securities(36)21 Depreciation and amortization1,977 1,871 Amortization of debt issuance costs123 123 Increase in cash surrender value of bank-owned life insurance(696)(662)Gains and fees from sales of loans(1,522)(366)Stock-based compensation924 1,696 Loss on sale of other real estate owned, net103 — Change in other real estate owned(1,284)— Net change in:Deferred loan fees63 (948)Accrued interest receivable(206)188 Other assets(3,997)(66)Accrued expenses and other liabilities(1,100)(660)Net cash provided by operating activities10,396 16,178 Cash flows from investing activitiesProceeds from principal repayments on available for sale securities2,293 2,288 Proceeds from principal repayments on held to maturity securities119 81 Net proceeds from sales and calls of available for sale securities13,000 — Purchases of marketable equity securities(34)(30)Purchases of available for sale securities(10,006)— Purchases of held to maturity securities— (12,642)Net decrease in loans24,671 52,722 Proceeds from sales of loans13,938 3,480 Purchases of premises and equipment, net(475)(452)Reduction of Federal Home Loan Bank stock603