# Bankwell Financial Group, Inc. (BWFG)

Informational only - not investment advice.

CIK: 0001505732
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-04
SEC page: https://www.sec.gov/edgar/browse/?CIK=1505732
Filing source: https://www.sec.gov/Archives/edgar/data/1505732/000150573226000046/bwfg-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-04 · accession 0001505732-26-000046 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001505732.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 198,327,000 USD | 2025 | verified |
| Net income | 35,198,000 USD | 2025 | verified |
| Assets | 3,359,859,000 USD | 2025 | verified |
| Free cash flow | 27,129,000 USD | 2025 | computed |
| Net margin | 17.75% | 2025 | computed |
| Revenue YoY | +3.30% | 2025 | computed |
| ROE | 11.67% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BWFG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 17.7% | 21.9% | 30 | 149 |
| Revenue growth | 3.3% | 6.0% | 39 | 148 |
| FCF margin | 13.7% | 23.8% | 15 | 133 |
| ROE | 11.7% | 9.6% | 73 | 149 |
| ROA | 1.0% | 1.1% | 48 | 149 |
| Liabilities / equity | 10.14 | 8.04 | 85 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 198327000 | USD | 2025 | 2026-03-04 |
| Net income | 35198000 | USD | 2025 | 2026-03-04 |
| Assets | 3359859000 | USD | 2025 | 2026-03-04 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001505732.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 60,990,000 | 71,201,000 | 80,064,000 | 82,948,000 | 77,487,000 | 81,376,000 | 117,945,000 | 188,454,000 | 191,994,000 | 198,327,000 |
| Net income |  |  | 12,350,000 | 13,830,000 | 17,433,000 | 18,216,000 | 5,904,000 | 26,586,000 | 37,429,000 | 36,663,000 | 9,770,000 | 35,198,000 |
| Diluted EPS |  |  | 1.62 | 1.78 | 2.21 | 2.31 | 0.75 | 3.36 | 4.79 | 4.67 | 1.23 | 4.45 |
| Operating cash flow |  |  | 17,372,000 | 20,572,000 | 19,977,000 | 6,631,000 | -1,512,000 | 34,558,000 | 82,668,000 | 31,927,000 | 29,936,000 | 28,273,000 |
| Capital expenditures | 2,042,000 | 938,000 | 8,401,000 | 1,874,000 | 3,351,000 | 645,000 |  |  | 4,958,000 | 2,045,000 | 613,000 | 1,144,000 |
| Dividends paid |  |  | 1,661,000 | 2,149,000 | 3,759,000 | 4,079,000 | 4,389,000 | 5,025,000 | 6,189,000 | 6,241,000 | 6,283,000 | 6,267,000 |
| Share buybacks |  |  |  | 0.00 | 0.00 | 988,000 | 1,037,000 | 5,077,000 | 5,540,000 | 0.00 | 2,137,000 | 1,334,000 |
| Assets |  |  | 1,628,919,000 | 1,796,607,000 | 1,873,665,000 | 1,882,182,000 | 2,253,747,000 | 2,456,264,000 | 3,252,449,000 | 3,215,482,000 | 3,268,476,000 | 3,359,859,000 |
| Liabilities |  |  | 1,483,024,000 | 1,635,580,000 | 1,699,469,000 | 1,699,785,000 | 2,077,145,000 | 2,254,277,000 | 3,013,980,000 | 2,949,730,000 | 2,997,956,000 | 3,058,370,000 |
| Stockholders' equity |  |  | 145,895,000 | 161,027,000 | 174,196,000 | 182,397,000 | 176,602,000 | 201,987,000 | 238,469,000 | 265,752,000 | 270,520,000 | 301,489,000 |
| Free cash flow |  |  | 8,971,000 | 18,698,000 | 16,626,000 | 5,986,000 |  |  | 77,710,000 | 29,882,000 | 29,323,000 | 27,129,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 20.25% | 19.42% | 21.77% | 21.96% | 7.62% | 32.67% | 31.73% | 19.45% | 5.09% | 17.75% |
| Return on equity |  |  | 8.46% | 8.59% | 10.01% | 9.99% | 3.34% | 13.16% | 15.70% | 13.80% | 3.61% | 11.67% |
| Return on assets |  |  | 0.76% | 0.77% | 0.93% | 0.97% | 0.26% | 1.08% | 1.15% | 1.14% | 0.30% | 1.05% |
| Liabilities / equity |  |  | 10.17 | 10.16 | 9.76 | 9.32 | 11.76 | 11.16 | 12.64 | 11.10 | 11.08 | 10.14 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001505732.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.18 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.33 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.02 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 48,263,000 | 9,777,000 | 1.25 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 49,394,000 | 8,524,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 48,281,000 | 3,763,000 | 0.48 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 47,679,000 | 1,118,000 | 0.14 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 48,191,000 | 1,926,000 | 0.24 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 47,843,000 | 2,963,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 48,477,000 | 6,888,000 | 0.87 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 48,649,000 | 9,088,000 | 1.15 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 50,591,000 | 10,078,000 | 1.27 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 50,610,000 | 9,144,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 50,536,000 | 11,275,000 | 1.41 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 52,236,000 | 12,372,000 | 1.52 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BWFG's latest 10-K: [/company/BWFG/business/](/company/BWFG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BWFG's latest 10-K: [/company/BWFG/risk-factors/](/company/BWFG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1505732/000150573226000105/bwfg-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section presents management’s perspective on our financial condition and results of operations. The following discussion and analysis should be read in conjunction with the unaudited interim consolidated financial statements and related notes contained elsewhere in this report on Form 10-Q. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the Company’s Form 10-K filed for the year ended December 31, 2025 in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.” We assume no obligation to update any of these forward-looking statements.

General

Bankwell Financial Group, Inc. is a bank holding company headquartered in New Canaan, Connecticut. Through our wholly-owned subsidiary, Bankwell Bank, or the Bank, we serve small and medium-sized businesses and retail clients. We have a history of building long-term client relationships and attracting new clients through what we believe is our superior service and our ability to deliver a diverse product offering.

The following discussion and analysis presents our results of operations and financial condition on a consolidated basis. However, because we conduct all of our material business operations through the Bank, the discussion and analysis relates to activities primarily conducted at the Bank.

We generate most of our revenue from interest on loans and investments and fee-based revenues. Our primary source of funding for our loans is deposits. Our largest expenses are interest on deposits and salaries and related employee benefits. We measure our performance primarily through our net interest margin, efficiency ratio, ratio of ACL-Loans to total loans, return on average assets and return on average equity, among other metrics, while maintaining appropriate regulatory leverage and risk-based capital ratios.

Executive Overview

We are focused on being the banking provider of choice and serving as an alternative to our larger competitors. We aim to do this through:

•Responsive, client-centric products and services;

•Organic growth and strategic acquisitions when market opportunities present themselves;

•Utilization of efficient and scalable infrastructure; and

•Disciplined focus on risk management.

Critical Accounting Policies and Estimates

The discussion and analysis of our results of operations and financial condition are based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from our current estimates, as a result of changing conditions and future events. We believe that accounting estimates related to the measurement of the ACL-Loans and ACL-Securities are particularly critical and susceptible to significant near-term change.

50

Earnings and Performance Overview

Revenues (net interest income plus noninterest income) for the three months ended June 30, 2026 were $32.8 million, versus $25.9 million for the three months ended June 30, 2025. Revenues for the six months ended June 30, 2026 were $63.0 million, versus $49.5 million for the six months ended June 30, 2025. The increase in revenues for the three months ended June 30, 2026 was attributable to a decrease in interest expense on deposits and higher interest income. The increase in revenues for the six months ended June 30, 2026 was attributable to a decrease in interest expense on deposits, higher interest income, and higher gains from loan sales.

Net income available to common shareholders was $12.4 million, or $1.52 per diluted share, and $9.1 million, or $1.14 per diluted share, for the three months ended June 30, 2026 and 2025, respectively. Net income available to common shareholders was $23.6 million, or $2.95 per diluted share, and $16.0 million, or $2.01 per diluted share, for the six months ended June 30, 2026 and 2025, respectively. The increase in net income for the quarter and six months ended June 30, 2026 was primarily due to the aforementioned increase in revenues partially offset by an increase in provision for credit losses.

Returns on average shareholders' equity and average assets for the three months ended June 30, 2026 were 15.49% and 1.46%, respectively, compared to 12.98% and 1.14%, respectively, for the three months ended June 30, 2025. Returns on average shareholders' equity and average assets for the six months ended June 30, 2026 were 15.19% and 1.41%, respectively, compared to 11.59% and 1.00%, respectively, for the six months ended June 30, 2025.

Results of Operations

Net Interest Income

Net interest income is the difference between interest earned on loans and securities and interest paid on deposits and other borrowings and is the primary source of our operating income. Net interest income is affected by the level of interest rates, changes in interest rates and changes in the amount and composition of interest earning assets and interest bearing liabilities. Included in interest income are certain loan fees, such as deferred origination fees and late charges. We convert tax-exempt income to a fully taxable equivalent ("FTE") basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. The average balances are principally daily averages. Interest income on loans includes the effect of deferred loan fees and costs accounted for as yield adjustments. Premium amortization and discount accretion are included in the respective interest income and interest expense amounts.

FTE net interest income for the three months ended June 30, 2026 and 2025 was $29.6 million and $24.1 million, respectively. FTE net interest income for the six months ended June 30, 2026 and 2025 was $56.6 million and $46.3 million, respectively.

FTE interest income for the three months ended June 30, 2026 increased by $3.6 million, or 7.3%, to $52.3 million, compared to FTE interest income for the three months ended June 30, 2025. FTE interest income for the six months ended June 30, 2026 increased by $5.6 million, or 5.7%, to $103.0 million, compared to FTE interest income for the six months ended June 30, 2025. This increase was due to an increase in average loan balances.

Interest expense for the three months ended June 30, 2026 decreased by $2.0 million compared to interest expense for the three months ended June 30, 2025. Interest expense for the six months ended June 30, 2026 decreased by $4.7 million compared to interest expense for the six months ended June 30, 2025. The decrease in interest expense for the three and six months ended June 30, 2026 was driven by a decrease in interest expense on deposits, resulting from a decrease in rates on interest bearing deposits and improved deposit mix.

51

Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables present the average balances and yields earned on interest earning assets and average balances and weighted average rates paid on our funding liabilities for the three and six months ended June 30, 2026 and 2025.

[[GREPCENT_TABLE]]
[["","For the Quarter Ended"],["","June 30, 2026","","June 30, 2025"],["","Average Balance","","Interest","","Yield/Rate (4)","","Average Balance","","Interest","","Yield/Rate (4)"],["Assets:"],["Cash and Fed funds sold","$","232,612","","","$","1,894","","","3.26","%","","$","296,054","","","$","3,043","","","4.12","%"],["Securities(1)","196,622","","","1,941","","","3.95","","","149,475","","","1,535","","","4.11"],["Loans:"],["Commercial real estate","1,908,622","","","30,597","","","6.34","","","1,788,354","","","27,427","","","6.07"],["Residential real estate","29,597","","","415","","","5.60","","","37,549","","","597","","","6.36"],["Construction","153,259","","","2,776","","","7.17","","","196,373","","","3,851","","","7.76"],["Commercial business","719,041","","","13,617","","","7.49","","","558,237","","","11,195","","","7.93"],["Consumer","65,680","","","1,018","","","6.22","","","72,137","","","1,058","","","5.88"],["Total loans","2,876,199","","","48,423","","","6.66","","","2,652,650","","","44,128","","","6.58"],["Federal Home Loan Bank stock","4,441","","","89","","","8.06","","","5,000","","","86","","","6.85"],["Total earning assets","3,309,874","","","$","52,347","","","6.26","%","","3,103,179","","","$","48,792","","","6.22","%"],["Other assets","92,463","","","","","","","88,967"],["Total assets","$","3,402,337","","","","","","","$","3,192,146"],["Liabilities and shareholders' equity:"],["Interest bearing liabilities:"],["NOW","$","109,018","","","$","59","","","0.22","%","","$","107,818","","","$","77","","","0.29","%"],["Money market","1,143,254","","","9,681","","","3.40","","","898,777","","","8,579","","","3.83"],["Savings","99,360","","","677","","","2.73","","","91,415","","","667","","","2.93"],["Time","1,110,658","","","10,850","","","3.92","","","1,273,372","","","13,760","","","4.33"],["Total interest bearing deposits","2,462,290","","","21,267","","","3.46","","","2,371,382","","","23,083","","","3.90"],["Borrowed Money","130,824","","","1,466","","","4.49","","","138,380","","","1,630","","","4.72"],["Total interest bearing liabilities","2,593,114","","","$","22,733","","","3.52","%","","2,509,762","","","$","24,713","","","3.95","%"],["Noninterest bearing deposits","443,870","","","","","","","352,623"],["Other liabilities","44,921","","","","","","","48,956"],["Total liabilities","3,081,905","","","","","","","2,911,341"],["Shareholders' equity","320,432","","","","","","","280,805"],["Total liabilities and shareholders' equity","$","3,402,337","","","","","","","$","3,192,146"],["Net interest income(2)","","","$","29,614","","","","","","","$","24,079"],["Interest rate spread","","","","","2.74","%","","","","","","2.27","%"],["Net interest margin(3)","","","","","3.58","%","","","","","","3.10","%"]]
[[/GREPCENT_TABLE]]

(1)Average balances and yields for securities are based on amortized cost.

(2)The adjustment for securities and loans taxable equivalency amounted to $111 thousand and $143 thousand for the three months ended June 30, 2026 and 2025, respectively.

(3)Annualized net interest income as a percentage of earning assets.

(4)Yields are calculated using the contractual day count convention for each respective product type.

52

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1505732/000150573226000046/bwfg-20251231.htm
Complete FY 2025 MD&A: /company/BWFG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-04
Report date: 2025-12-31

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section presents management’s perspective on our financial condition and results of operations. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes contained elsewhere in this annual report. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of future financial outcomes. In addition to historical information, this discussion contains forward looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. We assume no obligation to update any of these forward-looking statements.

General

Bankwell Financial Group, Inc. (the "Parent Corporation") is a bank holding company headquartered in New Canaan, Connecticut. The Parent Corporation offers a broad range of financial services through its banking subsidiary, Bankwell Bank (the "Bank" and, collectively with the Parent Corporation and the Parent Corporation's subsidiaries, "we", "our", "us", or the "Company").

The Bank is a Connecticut state chartered commercial bank, founded in 2002, whose deposits are insured under the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation (“FDIC”). The Bank provides a wide range of services to clients in our market, an area encompassing approximately a 100 mile radius around our branch network. In addition, the Bank pursues certain types of commercial lending opportunities outside our market, particularly where we have strong relationships. The Bank operates full-service branches in New Canaan, Stamford, Fairfield, Westport, Darien, Norwalk, and Hamden, Connecticut. The Bank also operates in a limited service Domestic Representative Office in New Canaan, Connecticut and in Garden City, New York. During 2025, the Bank received regulatory approval from the FDIC, the CT DOB, and the NY DFS to establish a new full-service branch in Brooklyn, New York, which opened during the first quarter of 2026.

The following discussion and analysis presents our results of operations and financial condition on a consolidated basis. However, because we conduct all of our material business operations through the Bank, the discussion and analysis relates to activities primarily conducted at the Bank.

We generate most of our revenue from interest on loans and investments and fee-based revenues. Our primary source of funding for our loans is deposits. Our largest expenses are interest on these deposits and salaries and related employee benefits. We measure our performance primarily through our net interest margin, efficiency ratio, ratio of ACL-Loans to total loans, return on average assets and return on average equity, among other metrics, while maintaining appropriate regulatory leverage and risk-based capital ratios.

Selected Financial Data

The following table sets forth selected consolidated financial data as of the dates and for the periods presented. The selected consolidated balance sheet data as of December 31, 2025 and 2024 and the selected consolidated statement of income data for the years ended December 31, 2025 and 2024 have been derived mainly from our audited consolidated financial statements and related notes that we have included elsewhere in this Annual Report. The selected consolidated balance sheet data as of December 31, 2023, 2022, and 2021 and the selected consolidated statement of income data for the years ended December 31, 2023, 2022, and 2021 has been derived mainly from audited consolidated financial statements that are not presented in this Annual Report.

The selected historical consolidated financial data as of any date and for any period are not necessarily indicative of the results that may be achieved as of any future date or for any future period. You should read the following selected statistical and financial data in conjunction with the more detailed information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes that we have presented elsewhere in this Annual Report.

30

Selected Financial Data

[[GREPCENT_TABLE]]
[["","At or For the Years Ended December 31,"],["","2025","","2024","","2023","","2022","","2021"],["","(Dollars in thousands, except per share data)"],["Statements of Income:"],["Interest income","$","198,327","","","$","191,994","","","$","188,454","","","$","117,945","","","$","81,376"],["Interest expense","99,392","","","108,712","","","93,986","","","23,202","","","13,490"],["Net interest income","98,935","","","83,282","","","94,468","","","94,743","","","67,886"],["Provision (credit) for credit losses","1,040","","","22,620","","","866","","","5,437","","","(57)"],["Net interest income after provision for credit losses","97,895","","","60,662","","","93,602","","","89,306","","","67,943"],["Noninterest income","9,388","","","3,718","","","4,842","","","3,040","","","5,657"],["Noninterest expense","58,788","","","51,051","","","50,401","","","44,363","","","39,739"],["Income before income tax","48,495","","","13,329","","","48,043","","","47,983","","","33,861"],["Income tax expense","13,297","","","3,559","","","11,380","","","10,554","","","7,275"],["Net income","35,198","","","9,770","","","36,663","","","37,429","","","26,586"],["Per Share Data:"],["Basic earnings per share","$","4.49","","","$","1.24","","","$","4.71","","","$","4.84","","","$","3.38"],["Diluted earnings per share","$","4.45","","","$","1.23","","","$","4.67","","","$","4.79","","","$","3.36"],["Book value per share (end of period)(a)","39.19","","","35.43","","","34.84","","","31.73","","","26.53"],["Tangible book value per share (end of period)(a)(b)","38.85","","","35.09","","","34.50","","","31.39","","","26.19"],["Dividend payout ratio(b)(e)","17.98","%","","65.04","%","","17.13","%","","16.70","%","","19.05","%"],["Shares outstanding (end of period)(a)","7,693,121","","","7,635,998","","","7,628,288","","","7,516,699","","","7,612,807"],["Weighted average shares outstanding\u2013basic","7,750,191","","","7,710,076","","","7,587,768","","","7,563,363","","","7,706,407"],["Weighted average shares outstanding\u2013diluted","7,826,280","","","7,737,952","","","7,647,411","","","7,640,218","","","7,761,811"],["Performance Ratios:"],["Return on average assets(b)(f)","1.09","%","","0.31","%","","1.13","%","","1.44","%","","1.17","%"],["Return on average common shareholders\u2019 equity(b)(f)","12.32","%","","3.60","%","","14.55","%","","16.72","%","","13.86","%"],["Average shareholders\u2019 equity to average assets(b)(f)","8.82","%","","8.48","%","","7.74","%","","8.61","%","","8.46","%"],["Net interest margin(b)(f)","3.16","%","","2.70","%","","2.98","%","","3.78","%","","3.17","%"],["Efficiency ratio(b)","54.1","%","","57.9","%","","50.8","%","","45.4","%","","53.9","%"],["Asset Quality Ratios:"],["Total past due loans to total loans(c)","0.31","%","","1.63","%","","0.78","%","","0.60","%","","1.72","%"],["Nonperforming loans to total loans(c)","0.57","%","","1.97","%","","1.81","%","","0.61","%","","0.88","%"],["Nonperforming assets to total assets(d)","0.49","%","","1.88","%","","1.53","%","","0.51","%","","0.68","%"],["ACL-Loans to nonperforming loans","188.33","%","","54.45","%","","56.79","%","","136.43","%","","101.90","%"],["ACL-Loans to total loans(c)","1.08","%","","1.07","%","","1.03","%","","0.84","%","","0.89","%"],["Net (recoveries) charge-offs to average loans(b)(f)","(0.01)","%","","0.81","%","","0.03","%","","\u2014","%","","0.23","%"],["Statements of Financial Condition:"],["Total assets","$","3,359,859","","","$","3,268,476","","","$","3,215,482","","","$","3,252,449","","","$","2,456,264"],["Gross portfolio loans(c)","2,840,072","","","2,705,888","","","2,718,607","","","2,675,448","","","1,894,881"],["Investment securities","192,122","","","146,099","","","127,623","","","121,634","","","108,409"],["Deposits","2,829,481","","","2,787,570","","","2,736,757","","","2,800,818","","","2,123,998"],["FHLB borrowings","110,000","","","90,000","","","90,000","","","90,000","","","50,000"],["Subordinated debt","69,697","","","69,451","","","69,205","","","68,959","","","34,441"],["Total equity","301,489","","","270,520","","","265,752","","","238,469","","","201,987"],["Capital Ratios:"],["Tier 1 capital to average assets"],["Bankwell Bank","10.56","%","","10.09","%","","9.81","%","","9.88","%","","9.94","%"],["Tier 1 capital to risk-weighted assets"],["Bankwell Bank","11.87","%","","11.64","%","","11.30","%","","10.28","%","","11.18","%"],["Total capital to risk-weighted assets"],["Bankwell Bank","12.94","%","","12.70","%","","12.32","%","","11.07","%","","12.00","%"],["Total shareholders\u2019 equity to total assets","8.97","%","","8.28","%","","8.26","%","","7.33","%","","8.22","%"],["Tangible common equity ratio(b)","8.90","%","","8.20","%","","8.19","%","","7.26","%","","8.13","%"]]
[[/GREPCENT_TABLE]]

31

(a)Excludes unvested restricted stock awards.

(b)This measure is not a measure recognized under Generally Accepted Accounting Principles ("GAAP") and is therefore considered to be a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a description of this measure and a reconciliation of this measure to its most directly comparable GAAP measure.

(c)Calculated using the principal amounts outstanding on loans.

(d)Nonperforming assets consist of nonperforming loans and other real estate owned.

(e)The dividend payout ratio is the dividends per share divided by diluted earnings per share.

(f)Return on average assets is calculated by dividing net income by average assets. Return on average common shareholders' equity is calculated by dividing net income by average shareholders' equity. Average shareholders' equity to average assets is calculated by dividing average shareholders' equity by average assets. Net interest margin is calculated by dividing net interest income (interest income minus interest expense) by average earning assets. Net loan charge-offs as a percentage of average loans is calculated by dividing net loan (charge offs) recoveries by average total loans.

NON-GAAP FINANCIAL MEASURES

We identify “efficiency ratio”, “net interest margin”, “tangible common equity ratio”, “tangible book value per share”, “total revenue”, “return on average assets”, and “return on average common shareholders’ equity” as “non-GAAP financial measures.” In accordance with the SEC’s rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles as in effect from time to time in the United States in our statements of income, balance sheet or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios or statistical measures calculated using exclusively either financial measures calculated in accordance with GAAP, operating measures or other measures that are not non-GAAP financial measures or both.

The non-GAAP financial measures that we discuss in this annual report should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this annual report may d

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BWFG/mda/fy2025/
All MD&A years: /company/BWFG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BWFG/mda/fy2024/): filed 2025-03-05; accession 0001505732-25-000052 (https://www.sec.gov/Archives/edgar/data/1505732/000150573225000052/bwfg-20241231.htm)
- [FY 2023 MD&A](/company/BWFG/mda/fy2023/): filed 2024-03-12; accession 0001505732-24-000067 (https://www.sec.gov/Archives/edgar/data/1505732/000150573224000067/bwfg-20231231.htm)
- [FY 2022 MD&A](/company/BWFG/mda/fy2022/): filed 2023-03-08; accession 0001505732-23-000109 (https://www.sec.gov/Archives/edgar/data/1505732/000150573223000109/bwfg-20221231.htm)
- [FY 2021 MD&A](/company/BWFG/mda/fy2021/): filed 2022-03-08; accession 0001505732-22-000096 (https://www.sec.gov/Archives/edgar/data/1505732/000150573222000096/bwfg-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BWFG.md · JSON record: /company/BWFG.json · verified financials: /company/BWFG/financials.json / /company/BWFG/financials.csv · machine TOC for the whole site: /llms.txt