Operating cash flow remains sensitive to provisioning volatility, which swung from an $8.2 million charge in 2024Q2 to a $1.0 million benefit in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 32.07M | 28.27M | 29.94M | 31.93M | 82.67M | 34.56M | -1.51M | 6.63M | 19.98M | 20.57M | 17.37M | 13.15M | 9.17M | 2.95M | 8.17M | 6.46M | 843K | -3.92M | 37K | 3.6M | -858K | 1.65M |
| Operating CF Growth % | 1994.61% | -5.56% | -6.24% | -61.38% | 139.22% | 2385.58% | -122.8% | -66.81% | -2.89% | 18.42% | 32.13% | 43.38% | 210.95% | -63.89% | 26.33% | 666.9% | 121.52% | -10686.77% | -98.97% | 519.93% | -152.05% | - |
| Net Income | 39.59M | 35.2M | 9.77M | 36.66M | 37.43M | 26.59M | 5.9M | 18.22M | 17.43M | 13.83M | 12.35M | 9.03M | 4.57M | 5.16M | 1.21M | 2.2M | 507K | -830K | -443K | 684K | -380K | -870K |
| Depreciation & Amortization | 4.21M | 4.08M | 3.77M | 3.62M | 3.37M | 3.58M | 3.28M | 3.38M | 1.73M | 1.51M | 1.73M | 1.69M | 1.24M | 666K | 612K | 541K | 452.4K | 374K | 242K | 189K | 183.45K | 144.33K |
| Deferred Taxes | -1.58M | -1.41M | -469K | -191K | -1.96M | 1.7M | -3.52M | 276K | 1.28M | 3.91M | -1.1M | -966K | -696K | -357K | -777K | -404K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -8.83M | -5.32M | 21.15M | -2.02M | 3.8M | -2.92M | 8.77M | -2.63M | 1.46M | -211K | 4.36M | 2.19M | 1.95M | -1.54M | 3.14M | 3.17M | -260.4K | -2.17M | 1.34M | 692K | -439K | 2.35M |
| Working Capital Changes | -4.51M | -6.63M | -7.29M | -9.23M | 37.67M | 3.78M | -17.72M | -13.63M | -3.22M | 615K | -1.15M | 180K | 1.54M | -1.32M | 3.41M | 708K | 144K | -1.29M | -1.1M | 2.04M | -222K | 25K |
| Cash from Investing | -267.06M | -165.19M | -33.96M | -48.3M | -811.16M | -270.02M | -21.94M | 18.69M | -74.61M | -194.46M | -291.69M | -193.55M | -238.7M | -51.71M | -114.19M | -116.56M | -55.99M | -62.92M | -58.09M | -35.69M | -33.17M | -26.96M |
| Purchase of Investments | -132.26M | -86.43M | -31.19M | -9.95M | -37.23M | -33.59M | -20.67M | -12.31M | -26.38M | -75.31M | -117.32M | 0 | -53.77M | -7.62M | -7M | -69.03M | -47.83M | -41.21M | -36.1M | -28.77M | -26.41M | -14.93M |
| Sale/Maturity of Investments | 57.32M | 43.09M | 15.08M | 5.08M | 12.67M | 30.38M | 16.96M | 31.46M | 21.99M | 65.82M | 61.67M | 25.13M | 28.46M | 11.42M | 56.56M | 33.35M | 23.82M | 38.43M | 33.69M | 28.44M | 16.76M | 9.97M |
| Net Investment Activity | -74.94M | -43.33M | -16.11M | -4.86M | -24.56M | -3.22M | -3.71M | 19.15M | -4.39M | -9.48M | -55.65M | 25.13M | -25.31M | 3.79M | 49.56M | -35.67M | -24M | -2.78M | -2.41M | -328K | -9.65M | -4.96M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.55M | 30.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -190.6M | -120.71M | -17.24M | -41.39M | -781.64M | -271.07M | -21.57M | 182K | -66.87M | -183.1M | -227.64M | -217.74M | -213.89M | -85.48M | -163.06M | -80.79M | -30.56M | -59.89M | -54.56M | -35.07M | -23.34M | -21.75M |
| Cash from Financing | 147.96M | 54.31M | 42.39M | -70.15M | 739.49M | 170.55M | 355M | -25.38M | 62.02M | 148.27M | 282.08M | 220.44M | 196.07M | 101.84M | 127.85M | 77.73M | 66.82M | 81.07M | 57.46M | 38.39M | 24.78M | 33M |
| Dividends Paid | -6.28M | -6.27M | -6.28M | -6.24M | -6.19M | -5.03M | -4.39M | -4.08M | -3.76M | -2.15M | -1.66M | -501K | -110K | -111K | -132K | -206K | -261K | -187K | 0 | 0 | 0 | 0 |
| Share Repurchases | -572K | -1.33M | -2.14M | 0 | -5.54M | -5.08M | -1.04M | -988K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 3.78M | 44.7M | 13.18M | 0 | 0 | 4.16M | 4.78M | 1.64M | 15.42M | 0 | 0 |
| Net Stock Activity | -572K | -1.33M | -2.14M | 0 | -5.54M | -5.08M | -1.04M | -988K | 0 | 0 | 200K | 3.78M | 44.7M | 13.18M | 0 | 0 | 4.16M | 4.78M | 1.64M | 15.42M | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 0 | 0 | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 0 |
| Other Financing | 241.8M | 41.91M | 50.81M | -63.91M | 676.87M | 296.74M | 335.43M | -10.31M | 104.78M | 111.42M | 243.54M | 212.14M | 73.48M | 135.78M | 94.99M | 58M | 64.92M | 73.48M | 27.82M | 24.47M | 8.26M | 28.89M |
| Net Change in Cash | -87.03M | -82.6M | 38.37M | -86.52M | 11M | -64.92M | 331.55M | -61K | 7.38M | -25.62M | 7.76M | 40.04M | -33.45M | 53.09M | 21.84M | -32.36M | 0 | 0 | 0 | 0 | -9.25M | 7.69M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 224.92M | 307.52M | 269.16M | 355.68M | 344.68M | 409.6M | 78.05M | 78.11M | 70.73M | 96.36M | 88.6M | 48.56M | 82.01M | 28.93M | 7.09M | 39.45M | 0 | 0 | 0 | 0 | 13.37M | 5.68M |
| Cash at End | 217.9M | 224.92M | 307.52M | 269.16M | 355.68M | 344.68M | 409.6M | 78.05M | 78.11M | 70.73M | 96.36M | 88.6M | 48.56M | 82.01M | 28.93M | 7.09M | 0 | 0 | 0 | 0 | 4.12M | 13.37M |
| Interest Paid | 96.63M | 99.39M | 108.71M | 86.04M | 17.79M | 14.01M | 23.04M | 23.94M | 18.66M | 16.58M | 11.79M | 7.54M | 3.98M | 2.53M | 3.21M | 2.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 11.71M | 11.94M | 5.38M | 12.1M | 11.52M | 5.09M | 4.03M | 2.89M | 3.69M | 8.02M | 8.58M | 6.14M | 2.22M | 2.87M | 1.98M | 866K | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 30.55M | 27.13M | 29.32M | 29.88M | 77.71M | 38.81M | 1.82M | 5.99M | 16.63M | 18.7M | 8.97M | 12.21M | 7.13M | 2.04M | 7.48M | 6.37M | -591K | -4.17M | -1.08M | 3.31M | -1.03M | 1.4M |
| FCF Growth % | 26.23% | -7.48% | -1.87% | -61.55% | 100.21% | 2026.85% | -69.51% | -64% | -11.08% | 108.43% | -26.53% | 71.3% | 249.24% | -72.72% | 17.49% | 1177.66% | 85.83% | -287.73% | -132.53% | 419.92% | -173.83% | - |
CRE concentration and funding
Based on reported financial data, Bankwell Financial Group has demonstrated a consistent ability to generate positive net income, with quarterly earnings reaching $11.3 million in 2026Q1, providing a stable foundation for organic capital growth despite the inherent volatility of the bank's provision for credit losses.
The bank's ability to retain earnings appears to be the primary driver of its capital adequacy, as dividend payouts have remained fixed at $1.6 million per quarter. This disciplined approach to capital distribution suggests management is prioritizing the preservation of regulatory capital buffers to support ongoing commercial lending activities.
As indicated by recent SEC filings, the bank has actively managed its investment securities portfolio, with significant purchase activity of $45.8 million in 2026Q1 offset by $25.6 million in sales, reflecting a tactical approach to liquidity and duration management in a shifting interest rate environment.
The fluctuation in investment activity suggests that management is utilizing the securities portfolio as a secondary liquidity tool to balance loan demand against deposit inflows. Investors should monitor whether these portfolio adjustments are intended to optimize yield or simply to provide the necessary cash flow to fund loan originations.
According to the provided cash flow statements, Bankwell Financial Group has maintained a steady quarterly dividend of $1.6 million over the last ten quarters, signaling a commitment to shareholder returns that remains well-covered by the bank's recurring net income and operational cash flow generation.
While buyback activity has been sporadic and relatively minor, the consistency of the dividend suggests a conservative capital return strategy. This approach appears designed to balance the need for capital retention in a CRE-heavy portfolio with the desire to provide a predictable yield to the bank's investor base.
Based on the reported figures, the provision for credit losses has exhibited significant volatility, ranging from a $8.2 million charge in 2024Q2 to a $1.0 million benefit in 2026Q1, which directly influences the bank's reported operating cash flow and complicates the assessment of core earnings quality.
The wide swings in provisioning suggest that management is frequently adjusting its outlook on credit risk, likely in response to the specific performance of the CRE loan book. This variability warrants further investigation into whether these adjustments reflect actual credit deterioration or merely shifts in the bank's CECL modeling assumptions.
Quick answers to the most common questions about buying BWFG stock.
Bankwell Financial Group, Inc. (BWFG) generated $28.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bankwell Financial Group, Inc. (BWFG) generated $27.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bankwell Financial Group, Inc. (BWFG) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bankwell Financial Group, Inc. (BWFG) returned $6.3M to shareholders via cash dividends and spent $1.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.