Bankwell to take additional $6.6M reserve on C&I loan, impacting Q2 2024 results

Bankwell Financial Group, Inc.

Additional $6.6M specific reserve on an $8.7M non-performing C&I credit; prior reserve was $0.4M.
Remaining estimated exposure after reserve is $1.7M.
Loan originated in 2022 as senior secured tranche of $28M financing for sponsor-owned pediatric dental practice.
Sponsor and seller engaged in ongoing litigation causing billing issues and restricted cash flows.
Further details will be provided in the Company's 2Q 2024 earnings release and investor presentation.

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