Consolidated Statements of Cash Flows – (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income	$ 26,054	$ 6,807
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums and discounts on investment securities	76	131
Provision for credit losses	424	18,162
(Credit) provision for deferred income taxes	(48)	132
Change in fair value of marketable equity securities	(54)	(33)
Depreciation and amortization	3,014	2,805
Amortization of debt issuance costs	185	185
Increase in cash surrender value of bank-owned life insurance	(1,055)	(1,008)
Gains and fees from sales of loans	(2,894)	(499)
Stock-based compensation	1,581	2,319
Loss on sale of other real estate owned, net	103	0
Change in other real estate owned	(140)	0
Net change in:
Deferred tax assets	554	0
Deferred loan fees	267	(1,458)
Accrued interest receivable	(1,099)	148
Other assets	(5,000)	(4,097)
Accrued expenses and other liabilities	(1,242)	(7,973)
Net cash provided by operating activities	20,726	15,621
Cash flows from investing activities
Proceeds from principal repayments on available for sale securities	3,307	3,743
Proceeds from principal repayments on held to maturity securities	177	82
Net proceeds from sales and calls of available for sale securities	20,000	0
Net proceeds from calls of held to maturity securities	7,500	0
Purchases of marketable equity securities	(51)	(46)
Purchases of available for sale securities	(10,006)	0
Purchases of held to maturity securities	(643)	(19,289)
Net (increase) decrease in loans	(36,507)	73,376
Proceeds from sales of loans	26,364	4,662
Purchases of premises and equipment, net	(879)	(567)
Reduction of Federal Home Loan Bank stock	704	41
Proceeds from the sale of other real estate owned	8,335	0
Net cash provided by investing activities	18,301	62,002
Cash flows from financing activities
Net change in time certificates of deposit	(89,217)	76,044
Net change in other deposits	59,062	(124,631)
Payments on FHLB advances	(125,000)	0
Proceeds on FHLB advances	110,000	0
Dividends paid on common stock	(4,702)	(4,719)
Repurchase of common stock	(1,334)	(2,137)
Net cash used in financing activities	(51,191)	(55,443)
Net (decrease) increase in cash and cash equivalents	(12,164)	22,180
Cash and cash equivalents:
Beginning of year	307,524	269,157
End of period	295,360	291,337
Cash paid for:
Interest	75,731	82,911
Income taxes	5,410	5,274
Noncash investing and financing activities:
Loans transferred to other real estate owned	1,284	0
Net change in unrealized gains or losses on available for sale securities	2,441	2,866
Net change in unrealized gains or losses on interest rate swaps	(1,559)	(3,012)
Transfer of loans from held-for-investment to held-for-sale	$ 23,471	$ 4,163

Bankwell Financial Group, Inc. 10-Q