0001505732FALSE00015057322025-02-032025-02-03



SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):  February 3, 2025
Bankwell Financial Group, Inc.
(Exact name of registrant as specified in its charter)
Connecticut001-3644820-8251355
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

258 Elm Street
New Canaan, Connecticut 06840
(203) 652-0166
(Address of Principal Executive Officers and Telephone Number)

N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which
Registered
Common Stock, no par value per
share

BWFG
NASDAQ Global Market



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company☐
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Item 8.01Other Events
 
On January 24, 2025, Bankwell Financial Group, Inc. ("the Company") sold a property that it had acquired in the fourth quarter of 2024 that it held as an Other Real Estate Owned (“OREO”) asset as of December 31, 2024. The OREO asset had previously secured a non-performing construction loan and was acquired by the Company out of the borrower’s bankruptcy for $8.3 million. The Company received net proceeds from the sale of such OREO in the amount of $8.3 million.
On January 31, 2025, the Company closed the sale of a $27.1 million multifamily commercial real estate loan that it had put on nonperforming status during the third quarter of 2024. The Company received the full principal amount as well as all past due interest and late fees.

As of December 31, 2024, the nonperforming assets as a percentage of total assets was 1.88%. Included in the 1.88% are the two disposed assets, totaling $35.4 million, or 108 basis points.

FORWARD LOOKING STATEMENTS.

In addition to historical information, this current report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “could,” “may,” “view,” “opportunity,” “potential,” or similar expressions. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the banking industry or securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under Item 1A - Risk Factors and elsewhere, and should be considered in evaluating forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
                        None



SIGNATURES
  
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  
 BANKWELL FINANCIAL GROUP, INC.
 Registrant
  
  
  
February 3, 2025
By:  /s/ Courtney E. Sacchetti
 Courtney E. Sacchetti
 Executive Vice President
 and Chief Financial Officer


v3.25.0.1
Cover
Feb. 03, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 03, 2025
Entity Registrant Name Bankwell Financial Group, Inc.
Entity Incorporation, State CT
Entity File Number 001-36448
Entity Tax Identification Number 20-8251355
Entity Address, Street Name 258 Elm Street
Entity Address, City New Canaan
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06840
City Area Code 203
Local Phone Number 652-0166
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of Each Class Common Stock, no par value pershare
Trading Symbol(s) BWFG
Name of Each Exchange on Which Registered NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001505732
Amendment Flag false
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