Bankwell Financial Group Files 8-K
Ticker: BWFG · Form: 8-K · Filed: Oct 11, 2024 · CIK: 1505732
Sentiment: neutral
Topics: sec-filing, 8-k, financial-statements
Related Tickers: BWFG
TL;DR
BWFG filed an 8-K on 10/11/24. Routine update.
AI Summary
Bankwell Financial Group, Inc. filed an 8-K on October 11, 2024, reporting other events and financial statements. The company, formerly known as BNC Financial Group, Inc., is incorporated in Connecticut and headquartered in New Canaan.
Why It Matters
This filing indicates a routine update or disclosure from Bankwell Financial Group, Inc. to the SEC, providing information on significant events or financial statements.
Risk Assessment
Risk Level: low — This is a standard SEC filing (8-K) for reporting events and financial statements, not indicating any immediate or significant risk.
Key Numbers
- 001-36448 — SEC File Number (Identifies the company's filing with the SEC.)
- 20-8251355 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Bankwell Financial Group, Inc. (company) — Registrant
- BNC Financial Group, Inc. (company) — Former company name
- October 11, 2024 (date) — Date of report
- 208 Elm Street (address) — Principal executive office address
- New Canaan, Connecticut (location) — Principal executive office location
FAQ
What is the primary purpose of this 8-K filing for Bankwell Financial Group, Inc.?
The filing is a Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, reporting 'Other Events' and 'Financial Statements and Exhibits'.
When was the report filed and what is the earliest event date reported?
The report was filed on October 11, 2024, and the earliest event reported is also October 11, 2024.
What was Bankwell Financial Group, Inc. previously known as?
The company was formerly known as BNC Financial Group, Inc.
In which state is Bankwell Financial Group, Inc. incorporated?
Bankwell Financial Group, Inc. is incorporated in Connecticut.
What is the principal executive office address and phone number for Bankwell Financial Group, Inc.?
The principal executive office is located at 258 Elm Street, New Canaan, Connecticut, 06840, and the telephone number is (203) 652-0166.
Filing Stats: 727 words · 3 min read · ~2 pages · Grade level 12.2 · Accepted 2024-10-11 16:09:45
Key Financial Figures
- $8.2 million — rmance will be adversely impacted by an $8.2 million charge off, to be taken against a $13.7
- $13.7 million — llion charge off, to be taken against a $13.7 million CRE loan. The loan is secured by a Clas
- $84 million — the Company is a 17% participant in an $84 million multi-bank club deal. The loan had bee
- $105.1 m — the then-current appraised valuation of $105.1 million, from April 2024. As of September
- $36.2 million — ich resulted in an updated valuation of $36.2 million. After the charge off, the Company's es
- $5.5 million — ted remaining exposure is approximately $5.5 million. Additional information will be provi
Filing Documents
- bwfg-20241011.htm (8-K) — 30KB
- 0001505732-24-000215.txt ( ) — 150KB
- bwfg-20241011.xsd (EX-101.SCH) — 2KB
- bwfg-20241011_lab.xml (EX-101.LAB) — 21KB
- bwfg-20241011_pre.xml (EX-101.PRE) — 12KB
- bwfg-20241011_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events Bankwell Financial Group, Inc.'s (the "Company") 3Q 2024 financial performance will be adversely impacted by an $8.2 million charge off, to be taken against a $13.7 million CRE loan. The loan is secured by a Class A suburban New Jersey office park, where the Company is a 17% participant in an $84 million multi-bank club deal. The loan had been reported as non-performing as of 2Q 2024 and had no previous reserve, given the then-current appraised valuation of $105.1 million, from April 2024. As of September 30, 2024, the borrower is in payment default and the bank group has commenced foreclosure. As a result, a new appraisal was procured, which resulted in an updated valuation of $36.2 million. After the charge off, the Company's estimated remaining exposure is approximately $5.5 million. Additional information will be provided on the Company's 3Q 2024 Earnings Call, scheduled for 10:00 a.m. Eastern Time, on Tuesday, October 29, 2024.
FORWARD LOOKING STATEMENTS
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.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits None
SIGNATURES
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 October 11, 2024 By: /s/ Courtney E. Sacchetti Courtney E. Sacchetti Executive Vice President and Chief Financial Officer