Bankwell Financial reports $8.2M charge off on NJ office CRE loan; remaining exposure $5.5M

Bankwell Financial Group, Inc.

Charge off of $8.2M on a $13.7M CRE loan secured by a Class A suburban NJ office park.
Company is 17% participant in an $84M multi-bank club deal; loan had no prior reserve.
New appraisal reduced valuation from $105.1M to $36.2M; bank group commenced foreclosure.
After charge off, estimated remaining exposure is approximately $5.5M.
3Q 2024 earnings call scheduled for Oct 29, 2024; additional details expected then.

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