BWFGHIGH SIGNALFINANCIAL10-K

BWFG experienced massive 305% increase in interest expense alongside 260% surge in net income, indicating significant balance sheet expansion and rising rate environment impact.

The dramatic rise in interest expense from $23.2M to $94.0M signals either substantial growth in interest-bearing liabilities or a significant shift in the rate environment affecting funding costs. However, the company maintained strong profitability with net income surging 260% to $35.2M, suggesting effective asset-liability management and loan growth offsetting higher funding costs.

Comparing 2026-03-04 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

BWFG demonstrated strong financial performance despite headwinds, with total assets growing to $3.4B and net income jumping 260% to $35.2M, though interest expense surged 305% to $94.0M reflecting higher funding costs. The dramatic 87% decline in credit loss provisions to just $437K indicates improving asset quality, while stockholders' equity grew 11.4% to $301.5M showing solid capital accumulation. Overall, the financial picture suggests a bank successfully navigating a rising rate environment through strong loan growth and credit discipline, though investors should monitor net interest margin sustainability given the massive increase in funding costs.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+305.1%
$23.2M→$94.0M

Interest expense surged 305.1% — significant debt increase or rising rates materially impacting earnings.

Net Income
P&L
+260.3%
$9.8M→$35.2M

Net income grew 260.3% — bottom-line growth signals improving overall business health.

Provision for Credit Losses
P&L
-87.3%
$3.4M→$437K

Provisions reduced 87.3% — improving credit quality or reserve release boosting reported earnings.

Capital Expenditure
Cash Flow
+86.6%
$613K→$1.1M

Capital expenditure jumped 86.6% — major investment cycle underway; assess returns on deployment.

Revenue
P&L
+44%
$2.0M→$2.8M

Strong top-line growth of 44% — accelerating demand or successful expansion into new markets.

Share Buybacks
Cash Flow
-37.6%
$2.1M→$1.3M

Buyback activity reduced 37.6% — capital being redeployed elsewhere or cash conservation underway.

Stockholders Equity
Balance Sheet
+11.4%
$270.5M→$301.5M

Equity base grew 11.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-03-05
ADDED
As of February 27, 2026, there were 7,976,788 shares of the registrant s common stock outstanding.
Form 10-K Summary 119 Signatures 120 BANKWELL FINANCIAL GROUP, INC.
In December 2025, the Bank received regulatory approvals from the Federal Deposit Insurance Corporation ( FDIC ), the Connecticut Department of Banking ( CT DOB ), and the New York Department of Financial Services ( NY DFS ) to establish a new, full-service branch located in Brooklyn, New York which opened during the first quarter of 2026.
Additionally, the Bank operates limited-service Domestic Representative Offices in New Canaan, Connecticut and Garden City, New York.
As of December 31, 2025, on a consolidated basis, we had total assets of approximately $3.4 billion, net loans of approximately $2.8 billion, total deposits of approximately $2.8 billion, and shareholders equity of approximately $301.5 million.
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REMOVED
As of February 28, 2025, there we re 7,907,311 sh ares of the registrant s common stock outstanding.
Form 10-K Summary 126 Signatures 127 BANKWELL FINANCIAL GROUP, INC.
As of December 31, 2024, on a consolidated basis, we had total assets of approximately $3.3 billion, net loans of approximately $2.7 billion, total deposits of approximately $2.8 billion, and shareholders equity of approximately $270.5 million.
We are focused on being the banking provider of choice and to serve as an alternative to our larger competitors.
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.
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