Bankwell Financial Group, Inc.

Listed Company

BWFGCIK 0001505732NasdaqAcceleratedSmaller ReportingState Commercial BanksConnecticutFY ends Dec 31

Period

FY 2025

Revenue

$2.83M

Net Income

$35.20M

Total Assets

$3.36B

Equity

$301.49M

Shares Out

7.98M

Op. Cash Flow

$28.27M

Business

Bankwell Financial Group, Inc. is a bank holding company that provides a broad range of commercial banking and financial services through its banking subsidiary. It offers deposit products, commercial and consumer loans (including commercial real estate, construction and business loans), investment securities and online and mobile banking services. Its operations include the Bank as the primary operating segment, an investment/treasury function and a loan servicing subsidiary that manages real-estate collateralized loans. The company serves clients primarily across Connecticut through a network of branch locations and its Bankwell Direct online channel.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	181	173	170	111	78
Interest and dividends on securities	6	5	4	3	3
Interest on cash and cash equivalents	11	14	14	4	376,000
Total interest and dividend income	198	192	188	118	81
Interest expense on deposits	93	101	87	19	10
Interest expense on borrowings	7	7	7	4	3
Total interest expense	99	109	94	—	—
Net interest income	99	83	94	95	68
Provision for credit losses	1	23	866,000	5	−57,000
Net interest income after provision for credit losses	98	61	94	89	68
Gains and fees from sales of loans	5	523,000	2	1	3
Bank owned life insurance	1	1	1	1	1
Service charges and fees	3	2	2	1	872,000
Other	68,000	−124,000	49,000	−337,000	1
Total noninterest income	9	4	5	3	6
Salaries and employee benefits	30	24	25	22	18
Occupancy and equipment	10	9	9	8	11
Data processing	3	3	3	3	2
Professional services	6	4	4	4	2
Director fees	1	2	2	1	1
FDIC insurance	3	3	4	2	1
Marketing	608,000	452,000	651,000	366,000	404,000
Other	5	4	4	4	3
Total noninterest expense	59	51	50	44	40
Income before income tax expense	48	13	48	48	34
Income tax expense	13	4	11	11	7
Net income	35	10	37	37	27
Basic (in dollars per share)	4.49	1.24	4.71	4.84	3.38
Diluted (in dollars per share)	4.45	1.23	4.67	4.79	3.36
Basic (in shares)	8	8	8	8	8
Diluted (in shares)	8	8	8	8	8
Dividends per common share (in dollars per share)	0.8	0.8	0.8	0.8	0.64

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	215	294	268	345	292
Federal funds sold	10	14	2	11	53
Cash and cash equivalents	225	308	269	356	345
Marketable equity securities, at fair value	2	2	2	2	2
Available for sale investment securities, at fair value	160	107	110	104	90
Held to maturity investment securities, at amortized cost (fair values of $31,045 and $36,691 at December 31, 2025 and 2024, respectively)	29	37	16	16	—
Total investment securities	192	146	128	122	108
Loans receivable (net of ACL-Loans of $30,705 and $29,007 at December 31, 2025 and 2024, respectively)	2,804	2,673	2,685	2,646	1,875
Other real estate owned	0	8	0	—	—
Accrued interest receivable	16	15	15	13	8
Federal Home Loan Bank stock, at cost	6	6	6	5	3
Premises and equipment, net	22	24	27	27	26
Bank-owned life insurance	54	53	51	50	49
Goodwill	3	3	3	3	3
Deferred income taxes, net	11	10	9	7	8
Other assets	26	24	22	23	33
Total assets	3,360	3,268	3,215	3,252	2,456
Noninterest bearing deposits	404	322	346	405	399
Interest bearing deposits	2,426	2,466	2,391	2,396	1,725
Total deposits	2,829	2,788	2,737	2,801	2,124
Advances from the Federal Home Loan Bank	110	90	90	90	50
Subordinated debentures (face value of $70,000 and $70,000 at December 31, 2025 and 2024, respectively, less unamortized debt issuance costs of $303 and $549 at December 31, 2025 and 2024, respectively)	70	69	69	69	34
Accrued expenses and other liabilities	49	51	54	54	46
Total liabilities	3,058	2,998	2,950	3,014	2,254
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, no par value; 10,000,000 shares authorized, 7,899,943 and 7,859,873 shares issued and outstanding at December 31, 2025 and 2024, respectively	120	119	118	115	118
Retained earnings	182	153	149	124	92
Accumulated other comprehensive loss	−216,000	−1	−2	−189,000	−9
Total shareholders equity	301	271	266	238	202
Total liabilities and shareholders equity	3,360	3,268	3,215	3,252	2,456

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net amortization of premiums and discounts on investment securities	62,000	148,000	54,000	310,000	230,000
Credit for deferred income taxes	−1	−469,000	−191,000	−2	2
Change in fair value of marketable equity securities	−61,000	13,000	−31,000	212,000	63,000
Depreciation and amortization	4	4	4	3	4
Amortization of debt issuance costs	246,000	246,000	246,000	166,000	265,000
Increase in cash surrender value of bank-owned life insurance	−1	−1	−1	−1	−1
Stock-based compensation	2	3	3	2	2
Loss on sale of other real estate owned	−31,000	0	—	—	—
Change in other real estate owned	−140,000	0	—	—	—
Deferred tax assets	−527,000	0	—	—	—
Deferred loan fees	1	−1	−1	4	−134,000
Accrued interest receivable	−2	328,000	−2	−6	−933,000
Other assets	−4	−3	−3	18	9
Accrued expenses and other liabilities	−1	−3	−3	21	−4
Net cash provided by operating activities	28	30	32	83	35
Proceeds from principal repayments on available for sale securities	4	5	5	8	16
Proceeds from principal repayments on held to maturity securities	248,000	263,000	223,000	5	5
Net proceeds from sales and calls of available for sale securities	31	10	0	0	10
Net proceeds from sales and calls of held to maturity securities	8	0	—	—	—
Purchases of available for sale securities	−86	−10	−10	−32	−29
Purchases of marketable equity securities	−69,000	−62,000	−51,000	−31,000	−24,000
Purchases of held to maturity securities	−643,000	−21	−50,000	−5	−5
Net increase in loans	−179	−22	−66	−838	−273
Proceeds from sales of loans not originated for sale	49	5	25	59	23
Purchases of premises and equipment, net	−1	−613,000	−2	−5	—
Proceeds (purchases) of Federal Home Loan Bank stock	−552,000	41,000	−480,000	−2	5
Proceeds from the sale of other real estate owned	10	0	—	—	0
Net cash used in investing activities	−165	−34	−48	−811	−270
Net change in time certificates of deposit	−141	57	89	769	−170
Net change in other deposits	183	−6	−153	−92	467
Payments on FHLB advances	−170	0	—	—	—
Proceeds on FHLB advances	190	0	—	—	—
Dividends paid on common stock	−6	−6	−6	−6	−5
Repurchase of common stock	−1	−2	0	−6	−5
Net cash provided by financing activities	54	42	−70	739	171
Net increase (decrease) in cash and cash equivalents	−83	38	−87	11	−65
Interest	99	109	86	18	14
Federal	7	4	—	—	—
Loans transferred to other real estate owned	−1	−8	0	0	0
Net change in unrealized losses or gains on available-for-sale securities	3	3	1	−11	−1
Net change in unrealized losses or gains on interest rate swaps	−1	−2	−3	22	10
Transfer of loans from held-for-investment to held-for-sale	44	4	23	58	21

Filings

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