Bankwell Financial Group Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
BWFG$70.73+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets as of March and December 31,
Consolidated Balance Sheets - (unaudited)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Cash and due from banks | $245,043 | $267,521 |
| Federal funds sold | 2,584 | 1,636 |
| Cash and cash equivalents | 247,627 | 269,157 |
| Investment securities | ||
| Marketable equity securities, at fair value | 2,069 | 2,070 |
| Available for sale investment securities, at fair value | 108,417 | 109,736 |
| Held to maturity investment securities, at amortized cost (fair values of $15,488 and $15,903 at March 31, 2024 and December 31, 2023, respectively) | 15,739 | 15,817 |
| Total investment securities | 126,225 | 127,623 |
| Loans receivable (net of ACL-Loans of $27,991 at March 31, 2024 and $27,946 at December 31, 2023, respectively) | 2,646,686 | 2,685,301 |
| Accrued interest receivable | 15,104 | 14,863 |
| Federal Home Loan Bank stock, at cost | 5,655 | 5,696 |
| Premises and equipment, net | 26,161 | 27,018 |
| Bank-owned life insurance | 51,764 | 51,435 |
| Goodwill | 2,589 | 2,589 |
| Deferred income taxes, net | 9,137 | 9,383 |
| Other assets | 24,326 | 22,417 |
| Total assets | $3,155,274 | $3,215,482 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Liabilities | ||
| Deposits | ||
| Noninterest bearing deposits | $376,248 | $346,172 |
| Interest bearing deposits | 2,297,274 | 2,390,585 |
| Total deposits | 2,673,522 | 2,736,757 |
| Advances from the Federal Home Loan Bank | 90,000 | 90,000 |
| Subordinated debentures (face value of $70,000 and $70,000 at March 31, 2024 and December 31, 2023, respectively, less unamortized debt issuance costs of $734 and $795 at March 31, 2024 and December 31, 2023, respectively) | 69,266 | 69,205 |
| Accrued expenses and other liabilities | 54,454 | 53,768 |
| Total liabilities | 2,887,242 | 2,949,730 |
| Commitments and contingencies | ||
| Shareholders' equity | ||
| Common stock, no par value; 10,000,000 shares authorized, 7,908,180 and 7,882,616 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 118,401 | 118,247 |
| Retained earnings | 151,350 | 149,169 |
| Accumulated other comprehensive loss | (1,719) | (1,664) |
| Total shareholders' equity | 268,032 | 265,752 |
| Total liabilities and shareholders' equity | $3,155,274 | $3,215,482 |
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