$BWFG

Bankwell Financial Group, Inc.

CIK:0001505732|SEC Filings

Consolidated Statements of Income – (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income
Interest and fees on loans	$ 48,423	$ 44,128	$ 95,210	$ 87,603
Interest and dividends on securities	1,919	1,478	3,703	2,923
Interest on cash and cash equivalents	1,894	3,043	3,859	6,600
Total interest and dividend income	52,236	48,649	102,772	97,126
Interest expense
Interest expense on deposits	21,267	23,083	43,197	47,855
Interest expense on borrowings	1,466	1,630	3,186	3,269
Total interest expense	22,733	24,713	46,383	51,124
Net interest income	29,503	23,936	56,389	46,002
Provision (credit) for credit losses	1,228	(411)	199	52
Net interest income after provision (credit) for credit losses	28,275	24,347	56,190	45,950
Noninterest income
Bank-owned life insurance	366	352	724	696
Service charges and fees	665	674	1,445	1,276
Gains and fees from sales of loans	2,398	1,080	4,823	1,522
Other	(149)	(94)	(369)	23
Total noninterest income	3,280	2,012	6,623	3,517
Noninterest expense
Salaries and employee benefits	8,678	7,521	18,508	14,573
Occupancy and equipment	2,816	2,505	5,521	5,080
Professional services	1,364	1,632	2,757	3,161
Data processing	694	712	1,410	1,597
Director fees	357	333	720	681
FDIC insurance	530	684	1,073	1,463
Marketing	129	218	255	360
Other	687	941	1,900	1,772
Total noninterest expense	15,255	14,546	32,144	28,687
Income before income tax expense	16,300	11,813	30,669	20,780
Income tax expense	3,928	2,725	7,022	4,804
Net income	$ 12,372	$ 9,088	$ 23,647	$ 15,976
Earnings Per Common Share:
Basic (in dollars per share)	$ 1.55	$ 1.15	$ 2.99	$ 2.03
Diluted (in dollars per share)	$ 1.52	$ 1.14	$ 2.95	$ 2.01
Weighted Average Common Shares Outstanding:
Basic (in shares)	7,856,210	7,777,469	7,790,596	7,724,143
Diluted (in shares)	7,980,973	7,819,828	7,877,158	7,795,820
Dividends per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.40	$ 0.40

Consolidated Statements of Cash Flows – (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 23,647	$ 15,976
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums and discounts on investment securities	88	67
Provision for credit losses	199	52
Change in deferred income taxes	1,474	(48)
Change in fair value of marketable equity securities	35	(36)
Depreciation and amortization	2,175	1,977
Amortization of debt issuance costs	123	123
Increase in cash surrender value of bank-owned life insurance	(724)	(696)
Gains and fees from sales of loans	(4,823)	(1,522)
Stock-based compensation	2,029	924
Loss on sale of other real estate owned, net	0	103
Gain on sale of other real estate owned, net	0	(1,284)
Net change in:
Deferred loan fees	(750)	63
Accrued interest receivable	(127)	(206)
Other assets	(7,877)	(3,997)
Accrued expenses and other liabilities	2,480	(1,100)
Net cash provided by operating activities	17,949	10,396
Cash flows from investing activities
Proceeds from principal repayments on available for sale securities	1,961	2,293
Proceeds from principal repayments on held to maturity securities	157	119
Proceeds from sales and calls of available for sale securities	13,000	13,000
Purchases of marketable equity securities	(50)	(34)
Purchases of available for sale securities	(29,438)	(10,006)
Net (increase) decrease in loans	(166,889)	24,671
Proceeds from sales of loans	51,644	13,938
Purchases of premises and equipment, net	(661)	(475)
Reduction of Federal Home Loan Bank stock	3,064	603
Proceeds from the sale of other real estate owned	0	8,195
Net cash (used in) provided by investing activities	(127,212)	52,304
Cash flows from financing activities
Net change in time certificates of deposit	(109,034)	(94,637)
Net change in other deposits	280,083	66,348
Payments on FHLB advances	(200,000)	(50,000)
Proceeds on FHLB advances	120,000	35,000
Dividends paid on common stock	(3,161)	(3,137)
Repurchase of common stock	(150)	(1,334)
Net cash provided by (used in) financing activities	87,738	(47,760)
Net (decrease) increase in cash and cash equivalents	(21,525)	14,940
Cash and cash equivalents:
Beginning of year	224,921	307,524
End of period	203,396	322,464
Cash paid for:
Interest	46,382	51,126
Income taxes:
Federal	5,990	2,000
Noncash investing and financing activities:
Net change in unrealized gains or losses on available for sale securities	(754)	1,857
Net change in unrealized gains or losses on interest rate swaps	291	(1,411)
Transfer of loans from held-for-investment to held-for-sale	46,820	12,416
New York City
Income taxes:
State	211	98
New York State
Income taxes:
State	553	397
Pennsylvania
Income taxes:
State	150	0
Florida
Income taxes:
State	260	150
New Jersey
Income taxes:
State	210	200
Other
Income taxes:
State	$ 218	$ 235

Consolidated Balance Sheets - (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 191,378	$ 214,567
Federal funds sold	12,018	10,354
Cash and cash equivalents	203,396	224,921
Investment securities
Marketable equity securities, at fair value	2,263	2,248
Available for sale investment securities, at fair value	174,036	160,409
Held to maturity investment securities, at amortized cost (fair values of $30,814 and $31,045 at June 30, 2026 and December 31, 2025, respectively)	29,314	29,465
Total investment securities	205,613	192,122
Loans receivable (net of ACL-Loans of $30,627 at June 30, 2026 and $30,705 at December 31, 2025, respectively)	2,924,890	2,804,441
Accrued interest receivable	16,270	16,143
Federal Home Loan Bank stock, at cost	3,143	6,207
Premises and equipment, net	20,068	21,582
Bank-owned life insurance	54,931	54,207
Goodwill	2,589	2,589
Deferred income taxes, net	9,992	11,356
Other assets	34,678	26,291
Total assets	3,475,570	3,359,859
Deposits
Noninterest bearing deposits	472,008	403,652
Interest bearing deposits	2,528,522	2,425,829
Total deposits	3,000,530	2,829,481
Advances from the Federal Home Loan Bank	30,000	110,000
Subordinated debentures (face value of $70,000 and $70,000 at June 30, 2026 and December 31, 2025, respectively, less unamortized debt issuance costs of $180 and $303 at June 30, 2026 and December 31, 2025, respectively)	69,820	69,697
Accrued expenses and other liabilities	51,720	49,192
Total liabilities	3,152,070	3,058,370
Commitments and contingencies
Shareholders' equity
Common stock, no par value; 10,000,000 shares authorized, 7,973,180 and 7,899,943 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	121,997	120,118
Retained earnings	202,073	181,587
Accumulated other comprehensive loss	(570)	(216)
Total shareholders' equity	323,500	301,489
Total liabilities and shareholders' equity	$ 3,475,570	$ 3,359,859