Bankwell Financial (BWFG) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	Bankwell Financial Group, Inc.
Entity Central Index Key	0001505732
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,871,419
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false

CONSOLIDATED BALANCE SHEETS - (

CONSOLIDATED BALANCE SHEETS - (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and due from banks	$ 203,569	$ 78,051
Federal funds sold	6,427	0
Cash and cash equivalents	209,996	78,051
Investment securities
Marketable equity securities, at fair value	2,289	2,118
Available for sale investment securities, at fair value	82,342	82,439
Held to maturity investment securities, at amortized cost (fair values of $18,771 and $18,307 at March 31, 2020 and December 31, 2019, respectively)	16,252	16,308
Total investment securities	100,883	100,865
Loans receivable (net of allowance for loan losses of $16,686 at March 31, 2020 and $13,509 at December 31, 2019)	1,602,146	1,588,840
Accrued interest receivable	5,867	5,959
Federal Home Loan Bank stock, at cost	6,507	7,475
Premises and equipment, net	27,835	28,522
Bank-owned life insurance	41,926	41,683
Goodwill	2,589	2,589
Other intangible assets	196	214
Deferred income taxes, net	10,009	5,788
Other assets	45,671	22,196
Total assets	2,053,625	1,882,182
Deposits
Noninterest bearing deposits	168,448	191,518
Interest bearing deposits	1,512,684	1,300,385
Total deposits	1,681,132	1,491,903
Advances from the Federal Home Loan Bank	125,000	150,000
Subordinated debentures ($25,500 face, less unamortized debt issuance costs of $280 and $293 at March 31, 2020 and December 31, 2019, respectively)	25,220	25,207
Accrued expenses and other liabilities	52,059	32,675
Total liabilities	1,883,411	1,699,785
Commitments and contingencies
Shareholders' equity
Common stock, no par value; 10,000,000 shares authorized, 7,871,419 and 7,868,803 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	119,953	120,589
Retained earnings	69,595	69,324
Accumulated other comprehensive loss	(19,334)	(7,516)
Total shareholders' equity	170,214	182,397
Total liabilities and shareholders' equity	$ 2,053,625	$ 1,882,182

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - (UNAUDITED) (Parentheticals) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Held to maturity investment securities, fair value	$ 18,771,000	$ 18,307,000
Allowance for loan losses	$ 16,686,000	$ 13,509,000
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (shares)	10,000,000	10,000,000
Common stock, shares issued (shares)	7,871,419	7,868,803
Common stock, shares outstanding (shares)	7,871,419	7,868,803
Subordinated debentures
Debt instrument face value of debt	$ 25,500,000	$ 25,500,000
Unamortized debt issuance costs	$ 280,000	$ 293,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest and dividend income
Interest and fees on loans	$ 18,985	$ 20,096
Interest and dividends on securities	825	997
Interest on cash and cash equivalents	286	383
Total interest and dividend income	20,096	21,476
Interest expense
Interest expense on deposits	5,709	6,100
Interest expense on borrowings	1,101	1,103
Total interest expense	6,810	7,203
Net interest income	13,286	14,273
Provision for loan losses	3,185	195
Net interest income after provision for loan losses	10,101	14,078
Noninterest income
Bank owned life insurance	243	249
Service charges and fees	217	249
Gains and fees from sales of loans	0	89
Other	612	721
Total noninterest income	1,072	1,308
Noninterest expense
Salaries and employee benefits	5,380	4,836
Occupancy and equipment	1,909	1,887
Professional services	711	590
Data processing	536	512
Director fees	295	189
Marketing	162	193
FDIC insurance	70	123
Amortization of intangibles	18	19
Other	578	626
Total noninterest expense	9,659	8,975
Income before income tax expense	1,514	6,411
Income tax expense	151	1,331
Net income	$ 1,363	$ 5,080
Earnings Per Common Share:
Basic (in dollars per share)	$ 0.17	$ 0.65
Diluted (in dollars per share)	$ 0.17	$ 0.65
Weighted Average Common Shares Outstanding:
Basic (in shares)	7,750,135	7,760,460
Diluted (in shares)	7,778,762	7,776,378
Dividends per common share (in dollars per share)	$ 0.14	$ 0.13

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 1,363	$ 5,080
Unrealized gains on securities:
Unrealized holding gains on available for sale securities	2,224	1,392
Net change in unrealized gains	2,224	1,392
Income tax expense	(494)	(294)
Unrealized gains on securities, net of tax	1,730	1,098
Unrealized losses on interest rate swaps:
Unrealized losses on interest rate swaps	(17,426)	(4,072)
Income tax benefit	3,878	855
Unrealized losses on interest rate swaps, net of tax	(13,548)	(3,217)
Total other comprehensive loss, net of tax	(11,818)	(2,119)
Comprehensive (loss) income	$ (10,455)	$ 2,961

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings
Beginning balance at Dec. 31, 2018	$ 174,196	$ 120,527	$ 54,706	$ (1,037)	$ 481	$ 481
Beginning balance (in shares) at Dec. 31, 2018		7,842,271
Increase (Decrease) in Stockholders' Equity
Net income	5,080		5,080
Other comprehensive (loss) income, net of tax	(2,119)			(2,119)
Cash dividends declared	(1,020)		(1,020)
Stock-based compensation expense	216	$ 216
Forfeitures of restricted stock (in shares)		(3,750)
Issuance of restricted stock		34,450
Stock options exercised	7	$ 7
Stock options exercised (in shares)		500
Ending balance at Mar. 31, 2019	176,841	$ 120,750	59,247	(3,156)
Ending balance (in shares) at Mar. 31, 2019		7,873,471
Beginning balance at Dec. 31, 2018	174,196	$ 120,527	54,706	(1,037)	$ 481	$ 481
Beginning balance (in shares) at Dec. 31, 2018		7,842,271
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock (in shares)		(34,168)
Ending balance at Dec. 31, 2019	182,397	$ 120,589	69,324	(7,516)
Ending balance (in shares) at Dec. 31, 2019		7,868,803
Increase (Decrease) in Stockholders' Equity
Net income	1,363		1,363
Other comprehensive (loss) income, net of tax	(11,818)			(11,818)
Cash dividends declared	(1,092)		(1,092)
Stock-based compensation expense	385	$ 385
Forfeitures of restricted stock (in shares)		(1,425)
Issuance of restricted stock		61,040
Stock options exercised	16	$ 16
Stock options exercised (in shares)		1,500
Repurchase of common stock	(1,037)	$ (1,037)
Repurchase of common stock (in shares)		(58,499)
Ending balance at Mar. 31, 2020	$ 170,214	$ 119,953	$ 69,595	$ (19,334)
Ending balance (in shares) at Mar. 31, 2020		7,871,419

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.14	$ 0.13

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 1,363	$ 5,080
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net amortization (accretion) of premiums and discounts on investment securities	7	(17)
Provision for loan losses	3,185	195
Credit for deferred income taxes	(866)	(52)
Change in fair value of marketable equity securities	(39)	(29)
Depreciation and amortization	830	842
Amortization of debt issuance costs	13	13
Increase in cash surrender value of bank-owned life insurance	(243)	(249)
Gains and fees from sales of loans	0	(89)
Stock-based compensation	385	216
Net accretion of purchase accounting adjustments	(18)	(19)
Net change in:
Deferred loan fees	4	(109)
Accrued interest receivable	92	(159)
Other assets	(19,964)	(7,461)
Accrued expenses and other liabilities	(1,591)	2,338
Net cash (used in) provided by operating activities	(16,842)	500
Cash flows from investing activities
Proceeds from principal repayments on available for sale securities	2,312	2,093
Proceeds from principal repayments on held to maturity securities	58	62
Purchases of marketable equity securities	(132)	(11)
Purchases of available for sale securities	0	(3,961)
Net (increase) decrease in loans	(16,495)	8,080
Loan principal sold from loans not originated for sale	0	(9,858)
Proceeds from sales of loans not originated for sale	0	9,947
Purchases of premises and equipment, net	(40)	(116)
Reduction of Federal Home Loan Bank stock	968	635
Net cash (used in) provided by investing activities	(13,329)	6,871
Cash flows from financing activities
Net change in time certificates of deposit	195,674	35,025
Net change in other deposits	(6,445)	(15,904)
Net change in FHLB advances	(25,000)	(10,000)
Proceeds from exercise of options	16	7
Dividends paid on common stock	(1,092)	(1,020)
Repurchase of common stock	(1,037)	0
Net cash provided by financing activities	162,116	8,108
Net increase in cash and cash equivalents	131,945	15,479
Cash and cash equivalents:
Beginning of year	78,051	78,112
End of period	209,996	93,591
Cash paid for:
Interest	6,503	6,721
Income taxes	63	75
Noncash investing and financing activities:
Net change in unrealized gains or losses on available for sale securities	2,224	1,392
Net change in unrealized gains or losses on interest rate swaps	(17,426)	(4,072)
Establishment of right-of-use asset and lease liability	103	$ 10,584
ASU 2016-02 transition adjustment, net of tax	$ 69,595

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Summary of Significant Accounting Policies	Nature of Operations and Summary of Significant Accounting Policies Bankwell Financial Group, Inc. (the “Company” or “Bankwell”) is a bank holding company headquartered in New Canaan, Connecticut. The Company offers a broad range of financial services through its banking subsidiary, Bankwell Bank (collectively the Company or the Bank). In November 2013, the Bank acquired The Wilton Bank and in October 2014, the Bank acquired Quinnipiac Bank and Trust Company. The Bank is a Connecticut state chartered commercial bank, founded in 2002, whose deposits are insured under the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation (“FDIC”). The Bank provides a full range of banking services to commercial and consumer customers, primarily concentrated in the New York metropolitan area and throughout Connecticut, with the majority of the Company's loans in Fairfield and New Haven Counties, Connecticut, with branch locations in New Canaan, Stamford, Fairfield, Wilton, Westport, Darien, Norwalk, Hamden and North Haven Connecticut. Principles of consolidation The consolidated financial statements include the accounts of the Company and the Bank, including its wholly owned passive investment company subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the consolidated balance sheet, and revenue and expenses for the period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses, the valuation of derivative instruments, investment securities valuation, evaluation of investment securities for other than temporary impairment and deferred income taxes valuation. In March 2020, the World Health Organization declared novel coronavirus disease 2019 ("COVID-19") as a global pandemic. The COVID-19 pandemic has negatively impacted the global and U.S. economies. Many businesses in the U.S., including those in the markets we serve, were required to close, causing a significant increase in unemployment and loss of revenue for businesses that were required to close. The consolidated financial statements reflect estimates and assumptions that affect the reported amounts of assets and liabilities, including the amount of the allowance for loan losses. The assumptions and estimates used in the financial statements were impacted by the COVID-19 pandemic. The COVID-19 pandemic did have an adverse impact on our earnings and resulted in an increase to the provision for loan losses when compared to the same period in 2019. We are unable to estimate the full impact of COVID-19 on our business and operations at this time. The extent of such impact will depend on future developments, which are highly uncertain, including when COVID-19 can be controlled and abated and when and how the economy may be reopened. The pandemic could cause us to experience higher credit losses in our loan portfolio, impairment of our goodwill, reduced demand for our products and services, or other negative impacts on our financial position, results of operations, and prospects. Goodwill As a result of the economic impact and uncertainty created by the COVID-19 pandemic, the Company evaluated goodwill for impairment as of March 31, 2020 and determined there was no impairment. Basis of consolidated financial statement presentation The unaudited consolidated financial statements presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and note disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying unaudited interim consolidated financial statements have been included. Interim results are not necessarily reflective of the results that may be expected for the year ending December 31, 2020 . The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2019 . Significant concentrations of credit risk Many of the Company's activities are with customers located in the New York Metropolitan area and throughout Fairfield and New Haven Counties and the surrounding region of Connecticut, and declines in property values in these areas could significantly impact the Company. The Company has significant concentrations in commercial real estate loans. Management does not believe they present any special risk. The Company does not have any significant concentrations in any one industry or customer. Common Share Repurchases The Company is incorporated in the state of Connecticut. Connecticut law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized, but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock balances. Reclassification Certain prior period amounts have been reclassified to conform to the 2020 financial statement presentation. These reclassifications only changed the reporting categories and did not affect the consolidated results of operations or consolidated financial position of the Company. Recent accounting pronouncements The following section includes changes in accounting principles and potential effects of new accounting guidance and pronouncements. Recently issued accounting pronouncements not yet adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments.” This ASU changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and can result in the earlier recognition of credit losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. On July 17, 2019, the FASB proposed deferring the effective date of ASC 326 for smaller reporting companies as defined by the SEC. The FASB proposed a three-year deferral for smaller reporting companies, with an effective date of January 1, 2023. On October 16, 2019, the FASB voted in favor of finalizing its proposal to defer the effective date of this standard. The FASB issued ASU No. 2019-10, which officially delayed the adoption of this standard for smaller reporting companies until fiscal years beginning after December 15, 2022. The Company does qualify to defer the adoption of this standard and has not yet adopted this standard. Management is currently working with third party consultants and continues to evaluate the impact of its future adoption of this guidance on the Company’s financial statements. ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment.” This ASU simplifies the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity was required to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, this ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. On October 16, 2019, the FASB voted in favor of a proposal to defer the effective date of this standard in the same manner it is deferring the effective date of ASC 326. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. Recently adopted accounting pronouncements ASU No. 2018-13, Fair Value Measurement (Topic 820) : “Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The following disclosure requirements were removed from topic 820 for public entities; (1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy (2) The policy for timing of transfers between levels and (3) The valuation processes for Level 3 fair value measurements. This update also modified and added disclosure requirements to Topic 820, including adding (1) The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (2) The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The guidance was effective for the Company on January 1, 2020. The application of this guidance did not have a material impact on the Company's financial statements.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at March 31, 2020 were as follows: March 31, 2020 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 2,100 $ 7 $ — $ 2,107 Due from one through five years 9,957 301 — 10,258 Due from five through ten years 8,268 763 — 9,031 Due after ten years 58,617 2,329 — 60,946 Total available for sale securities $ 78,942 $ 3,400 $ — $ 82,342 Held to maturity securities: State agency and municipal obligations Due after ten years $ 16,178 $ 2,511 $ — $ 18,689 Government-sponsored mortgage backed securities No contractual maturity 74 8 — 82 Total held to maturity securities $ 16,252 $ 2,519 $ — $ 18,771 The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2019 were as follows: December 31, 2019 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 2,100 $ — $ (1 ) $ 2,099 Due from one through five years 9,950 81 — 10,031 Due from five through ten years 8,311 218 (1 ) 8,528 Due after ten years 60,902 879 — 61,781 Total available for sale securities $ 81,263 $ 1,178 $ (2 ) $ 82,439 Held to maturity securities: State agency and municipal obligations Due after ten years $ 16,231 $ 1,991 $ — $ 18,222 Government-sponsored mortgage backed securities No contractual maturity 77 8 — 85 Total held to maturity securities $ 16,308 $ 1,999 $ — $ 18,307 There were no sales of investment securities during the three months ended March 31, 2020 or 2019 . At March 31, 2020 and December 31, 2019 , none of the Company's securities were pledged as collateral with the Federal Home Loan Bank ("FHLB") or any other institution. As of March 31, 2020 and December 31, 2019 , the actual duration of the Company's available for sale securities were significantly shorter than the stated maturities. As of March 31, 2020 , the Company held marketable equity securities with a fair value of $2.3 million and an amortized cost of $2.2 million . At December 31, 2019 , the Company held marketable equity securities with a fair value of $2.1 million and an amortized cost of $2.0 million . These securities primarily represent an investment in mutual funds that have an objective to make investments for CRA purposes. There were no and two investment securities as of March 31, 2020 and December 31, 2019 , respectively, in which the fair value of the security was less than the amortized cost of the security. The following table provides information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 : Length of Time in Continuous Unrealized Loss Position Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Percent Decline from Amortized Cost Fair Value Unrealized Loss Percent Decline from Amortized Cost Fair Value Unrealized Loss Percent Decline from Amortized Cost (Dollars in thousands) December 31, 2019 U.S. Government and agency obligations $ 99 $ (1 ) 1.01 % $ 998 $ (1 ) 0.13 % $ 1,097 $ (2 ) 0.21 % Total investment securities $ 99 $ (1 ) 1.01 % $ 998 $ (1 ) 0.13 % $ 1,097 $ (2 ) 0.21 %

Loans Receivable and Allowance

Loans Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Loans Receivable and Allowance for Loan Losses	Loans Receivable and Allowance for Loan Losses The following table sets forth a summary of the loan portfolio at March 31, 2020 and December 31, 2019 : (In thousands) March 31, 2020 December 31, 2019 Real estate loans: Residential $ 139,353 $ 147,109 Commercial 1,131,206 1,128,614 Construction 107,594 98,583 1,378,153 1,374,306 Commercial business 242,705 230,028 Consumer 113 150 Total loans 1,620,971 1,604,484 Allowance for loan losses (16,686 ) (13,509 ) Deferred loan origination fees, net (2,141 ) (2,137 ) Unamortized loan premiums 2 2 Loans receivable, net $ 1,602,146 $ 1,588,840 Lending activities are conducted principally in the New York metropolitan area and throughout Connecticut, with the majority in Fairfield and New Haven Counties of Connecticut, and consist of commercial real estate loans, commercial business loans and, to a lesser degree, a variety of consumer loans. Loans may also be granted for the construction of commercial properties. The majority of commercial mortgage loans are collateralized by first or second mortgages on real estate. Risk management The Company has established credit policies applicable to each type of lending activity in which it engages. The Company evaluates the creditworthiness of each customer and extends credit of up to 80% of the market value of the collateral, depending on the borrower's creditworthiness and the type of collateral. The borrower’s ability to service the debt is monitored on an ongoing basis. Real estate is the primary form of collateral. Other important forms of collateral are business assets, time deposits and marketable securities. While collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment for commercial loans to be based on the borrower’s ability to generate continuing cash flows. In the fourth quarter of 2017, management made the strategic decision to cease the origination of residential mortgage loans. At the beginning of the third quarter 2019, the Company no longer offered home equity loans or lines of credit. The Company’s policy for residential lending generally required that the amount of the loan may not exceed 80% of the original appraised value of the property. In certain situations, the amount may have exceeded 80% LTV either with private mortgage insurance being required for that portion of the residential loan in excess of 80% of the appraised value of the property or where secondary financing is provided by a housing authority program second mortgage, a community’s low/moderate income housing program, or a religious or civic organization. Credit quality of loans and the allowance for loan losses Management segregates the loan portfolio into defined segments, which are used to develop and document a systematic method for determining the Company's allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. The Company's loan portfolio is segregated into the following portfolio segments: Residential Real Estate: This portfolio segment consists of first mortgage loans secured by one-to-four family owner occupied residential properties for personal use located in the Company's market area. This segment also includes home equity loans and home equity lines of credit secured by owner occupied one-to-four family residential properties. Loans of this type were written at a combined maximum of 80% of the appraised value of the property and the Company requires a first or second lien position on the property. These loans can be affected by economic conditions and the values of the underlying properties. Commercial Real Estate: This portfolio segment includes loans secured by commercial real estate, multi-family dwellings and investor-owned one-to-four family dwellings. Loans secured by commercial real estate generally have larger loan balances and more credit risk than owner occupied one-to-four family mortgage loans. Construction: This portfolio segment includes commercial construction loans for commercial development projects, including apartment buildings and condominiums, as well as office buildings, retail and other income producing properties and land loans, which are loans made with land as collateral. Construction and land development financing generally involves greater credit risk than long-term financing on improved, owner-occupied or leased real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost proves to be inaccurate, the Company may be required to advance additional funds beyond the amount originally committed in order to protect the value of the property. Moreover, if the estimated value of the completed project proves to be inaccurate, the borrower may hold a property with a value that is insufficient to assure full repayment through sale or refinance. Construction loans also expose the Company to the risks that improvements will not be completed on time in accordance with specifications and projected costs and that repayment will depend on the successful operation or sale of the properties, which may cause some borrowers to be unable to continue paying debt service, which exposes the Company to greater risk of non-payment and loss. Commercial Business: This portfolio segment includes commercial business loans secured by assignments of corporate assets and personal guarantees of the business owners. Commercial business loans generally have higher interest rates and shorter terms than other loans, but they also have increased difficulty of loan monitoring and a higher risk of default since their repayment generally depends on the successful operation of the borrower’s business. Consumer: This portfolio segment includes loans secured by savings or certificate accounts, automobiles, as well as unsecured personal loans and overdraft lines of credit. This type of loan entails greater risk than residential mortgage loans, particularly in the case of loans that are unsecured or secured by assets that depreciate rapidly. Allowance for loan losses The following tables set forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2020 and 2019 , by portfolio segment: Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2020 Beginning balance $ 730 $ 10,551 $ 324 $ 1,903 $ 1 $ 13,509 Charge-offs — — — (8 ) (2 ) (10 ) Recoveries — — — 1 1 2 Provisions 55 2,583 142 405 — 3,185 Ending balance $ 785 $ 13,134 $ 466 $ 2,301 $ — $ 16,686 The allowance for loan losses for the three months ended March 31, 2020 totaled $16.7 million . The allowance for loan losses for the three months ended March 31, 2020 included $3.0 million in incremental loan loss reserves recognized in the first quarter of 2020. This increase in loan loss reserves is a result of management’s assessment of increased credit risk relating to economic disruption and uncertainty caused by the COVID-19 pandemic applied to the loan population that is being collectively evaluated for impairment, as opposed to the population of loans that is being individually evaluated for impairment. Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2019 Beginning balance $ 857 $ 11,562 $ 140 $ 2,902 $ 1 $ 15,462 Charge-offs (233 ) — — (3 ) (2 ) (238 ) Recoveries — — — 10 1 11 Provisions (Credits) 95 84 73 (58 ) 1 195 Ending balance $ 719 $ 11,646 $ 213 $ 2,851 $ 1 $ 15,430 Loans evaluated for impairment and the related allowance for loan losses as of March 31, 2020 and December 31, 2019 were as follows: Portfolio Allowance (In thousands) March 31, 2020 Loans individually evaluated for impairment: Residential real estate $ 3,980 $ — Commercial real estate 14,277 464 Commercial business 4,264 70 Subtotal 22,521 534 Loans collectively evaluated for impairment: Residential real estate 135,373 785 Commercial real estate 1,116,929 12,670 Construction 107,594 466 Commercial business 238,441 2,231 Consumer 113 — Subtotal 1,598,450 16,152 Total $ 1,620,971 $ 16,686 Portfolio Allowance (In thousands) December 31, 2019 Loans individually evaluated for impairment: Residential real estate $ 4,020 $ — Commercial real estate 14,203 372 Commercial business 4,330 134 Subtotal 22,553 506 Loans collectively evaluated for impairment: Residential real estate 143,089 730 Commercial real estate 1,114,411 10,179 Construction 98,583 324 Commercial business 225,698 1,769 Consumer 150 1 Subtotal 1,581,931 13,003 Total $ 1,604,484 $ 13,509 Credit quality indicators To measure credit risk for the loan portfolios, the Company employs a credit risk rating system. This risk rating represents an assessed level of a loan’s risk based on the character and creditworthiness of the borrower/guarantor, the capacity of the borrower to adequately service the debt, any credit enhancements or additional sources of repayment, and the quality, value and coverage of the collateral, if any. The objectives of the Company’s risk rating system are to provide the Board of Directors and senior management with an objective assessment of the overall quality of the loan portfolio, to promptly and accurately identify loans with well-defined credit weaknesses so that timely action can be taken to minimize a potential credit loss, to identify relevant trends affecting the collectability of the loan portfolio, to isolate potential problem areas and to provide essential information for determining the adequacy of the allowance for loan losses. The Company’s credit risk rating system has nine grades, with each grade corresponding to a progressively greater risk of default. Risk ratings of (1) through (5) are "pass" categories and risk ratings of (6) through (9) are criticized asset categories as defined by the regulatory agencies. A “special mention” (6) credit has a potential weakness which, if uncorrected, may result in a deterioration of the repayment prospects or inadequately protect the Company’s credit position at some time in the future. “Substandard” (7) loans are credits that have a well-defined weakness or weaknesses that jeopardize the full repayment of the debt. An asset rated “doubtful” (8) has all the weaknesses inherent in a substandard asset and which, in addition, make collection or liquidation in full highly questionable and improbable when considering existing facts, conditions, and values. Loans classified as “loss” (9) are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value; rather, it is not practical or desirable to defer writing-off this asset even though partial recovery may be made in the future. Risk ratings are assigned as necessary to differentiate risk within the portfolio. They are reviewed on an ongoing basis through the annual loan review process performed by Company personnel, normal renewal activity and the quarterly watchlist and watched asset report process. They are revised to reflect changes in the borrower's financial condition and outlook, debt service coverage capability, repayment performance, collateral value and coverage, as well as other considerations. In addition to internal review at multiple points, outsourced loan review opines on risk ratings with regard to the sample of loans their review covers. The following tables present credit risk ratings by loan segment as of March 31, 2020 and December 31, 2019 : Commercial Credit Quality Indicators March 31, 2020 December 31, 2019 Commercial Real Estate Construction Commercial Business Total Commercial Real Estate Construction Commercial Business Total (In thousands) Pass $ 1,106,734 $ 98,597 $ 222,035 $ 1,427,366 $ 1,104,164 $ 98,583 $ 208,932 $ 1,411,679 Special Mention 10,195 8,997 16,407 35,599 10,247 — 16,766 27,013 Substandard 14,277 — 795 15,072 14,203 — 854 15,057 Doubtful — — 3,468 3,468 — — 3,476 3,476 Loss — — — — — — — — Total loans $ 1,131,206 $ 107,594 $ 242,705 $ 1,481,505 $ 1,128,614 $ 98,583 $ 230,028 $ 1,457,225 Residential and Consumer Credit Quality Indicators March 31, 2020 December 31, 2019 Residential Real Estate Consumer Total Residential Real Estate Consumer Total (In thousands) Pass $ 135,372 $ 113 $ 135,485 $ 143,089 $ 150 $ 143,239 Special Mention — — — — — — Substandard 3,797 — 3,797 3,832 — 3,832 Doubtful 184 — 184 188 — 188 Loss — — — — — — Total loans $ 139,353 $ 113 $ 139,466 $ 147,109 $ 150 $ 147,259 Loan portfolio aging analysis When a loan is 15 days past due, the Company sends the borrower a late notice. The Company attempts to contact the borrower by phone if the delinquency is not corrected promptly after the notice has been sent. When the loan is 30 days past due, the Company mails the borrower a letter reminding the borrower of the delinquency, and attempts to contact the borrower personally to determine the reason for the delinquency and ensure the borrower understands the terms of the loan. If necessary, after the 90th day of delinquency, the Company may take other appropriate legal action. A summary report of all loans 30 days or more past due is provided to the Board of Directors of the Company periodically. Loans greater than 90 days past due are generally put on nonaccrual status. A nonaccrual loan is restored to accrual status when it is no longer delinquent and collectability of interest and principal is no longer in doubt. A loan is considered to be no longer delinquent when timely payments are made for a period of at least six months (one year for loans providing for quarterly or semi-annual payments) by the borrower in accordance with the contractual terms. The following tables set forth certain information with respect to the Company's loan portfolio delinquencies by portfolio segment as of March 31, 2020 and December 31, 2019 : March 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans (In thousands) Real estate loans: Residential real estate $ 112 $ 929 $ 93 $ 1,134 $ 138,219 $ 139,353 Commercial real estate 252 143 2,872 3,267 1,127,939 1,131,206 Construction 6,240 — — 6,240 101,354 107,594 Commercial business 185 325 3,440 3,950 238,755 242,705 Consumer — — — — 113 113 Total loans $ 6,789 $ 1,397 $ 6,405 $ 14,591 $ 1,606,380 $ 1,620,971 December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans (In thousands) Real estate loans: Residential real estate $ — $ 943 $ 281 $ 1,224 $ 145,885 $ 147,109 Commercial real estate 355 — 5,935 6,290 1,122,324 1,128,614 Construction 1,357 — — 1,357 97,226 98,583 Commercial business — — 3,455 3,455 226,573 230,028 Consumer — — — — 150 150 Total loans $ 1,712 $ 943 $ 9,671 $ 12,326 $ 1,592,158 $ 1,604,484 There were no loans delinquent greater than 90 days and still accruing interest as of March 31, 2020 . There was one loan, totaling $3.4 million , delinquent greater than 90 days and still accruing interest as of December 31, 2019. The delinquency for that particular loan was a result of an administrative delay, as the loan had matured in 2019, as opposed to delinquent payments. Loans on nonaccrual status The following is a summary of nonaccrual loans by portfolio segment as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (In thousands) Residential real estate $ 1,532 $ 1,560 Commercial real estate 5,339 5,222 Commercial business 3,783 3,806 Total $ 10,654 $ 10,588 Nonaccrual loans totaled $10.7 million at March 31, 2020 , of which $4.6 million is guaranteed by the Small Business Administration (SBA). Interest income on loans that would have been recognized if loans on nonaccrual status had been current in accordance with their original terms for the three months ended March 31, 2020 and 2019 was $0.2 million and $0.3 million , respectively. There was no interest income recognized on these loans for the three months ended March 31, 2020 and March 31, 2019. At March 31, 2020 and December 31, 2019 , there were no commitments to lend additional funds to any borrower on nonaccrual status. Nonaccrual loans with no specific reserve totaled $9.7 million and $9.6 million at March 31, 2020 and December 31, 2019 , respectively. Impaired loans An impaired loan is generally one for which it is probable, based on current information, that the Company will not collect all the amounts due in accordance with the contractual terms of the loan. Impaired loans are individually evaluated for impairment. When the Company classifies a problem loan as impaired, it evaluates whether a specific valuation allowance is required for that portion of the asset that is estimated to be impaired. The following table summarizes impaired loans by portfolio segment as of March 31, 2020 and December 31, 2019 : Carrying Amount Unpaid Principal Balance Associated Allowance March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 3,980 $ 4,020 $ 4,123 $ 4,144 $ — $ — Commercial real estate 8,650 8,571 8,982 8,859 — — Commercial business 3,685 3,915 4,900 5,126 — — Total impaired loans without a valuation allowance 16,315 16,506 18,005 18,129 — — Impaired loans with a valuation allowance: Commercial real estate $ 5,627 $ 5,632 $ 5,641 $ 5,647 $ 464 $ 372 Commercial business 579 415 581 417 70 134 Total impaired loans with a valuation allowance 6,206 6,047 6,222 6,064 534 506 Total impaired loans $ 22,521 $ 22,553 $ 24,227 $ 24,193 $ 534 $ 506 The following table summarizes the average carrying amount of impaired loans and interest income recognized on impaired loans by portfolio segment for the three months ended March 31, 2020 and 2019 : Average Carrying Amount Interest Income Recognized Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 3,999 $ 6,058 $ 31 $ 30 Commercial real estate 8,736 6,012 70 4 Commercial business 3,691 4,843 3 76 Consumer — 3 — — Total impaired loans without a valuation allowance 16,426 16,916 104 110 Impaired loans with a valuation allowance: Residential real estate $ — $ 108 $ — $ — Commercial real estate 5,629 323 31 1 Commercial business 591 1,249 3 7 Total impaired loans with a valuation allowance 6,220 1,680 34 8 Total impaired loans $ 22,646 $ 18,596 $ 138 $ 118 Troubled debt restructurings ("TDRs") Modifications to a loan are considered to be a troubled debt restructuring when both of the following conditions are met: 1) the borrower is experiencing financial difficulties and 2) the modification constitutes a concession that is not in line with market rates and/or terms. Modified terms are dependent upon the financial position and needs of the individual borrower. Troubled debt restructurings are classified as impaired loans. If a performing loan is restructured into a TDR, it remains in performing status. If a nonperforming loan is restructured into a TDR, it continues to be carried in nonaccrual status. Nonaccrual classification may be removed if the borrower demonstrates compliance with the modified terms for a minimum of six months. Loans classified as TDRs totaled $9.5 million at March 31, 2020 and $9.6 million at December 31, 2019 . There were no loans modified as TDRs during the three months ended March 31, 2020 and March 31, 2019 . At March 31, 2020 and December 31, 2019 , there were three nonaccrual loans identified as TDRs totaling $1.6 million and three nonaccrual loans identified as TDRs totaling $1.6 million , respectively. There were no loans modified in a troubled debt restructuring that re-defaulted during the three months ended March 31, 2020 and March 31, 2019 . Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") permits a financial institution to elect to suspend troubled debt restructuring accounting, in certain circumstances, beginning March 1, 2020 and ending on the earlier of December 31, 2020, or sixty days after the national emergency concerning COVID-19 terminates. All short term loan modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any request for relief are not considered TDRs. As of March 31, 2020, the Company received 190 requests for payment relief on loan balances totaling $235.5 million . The Company has thoroughly evaluated these deferral requests and if deemed appropriate, granted initial payment deferrals of no more than three months in duration, except for SBA loans which are mandated to receive an automatic six month deferral. These deferrals are not considered troubled debt restructurings based on Section 4013 of the CARES Act and interagency guidance issued in March of 2020.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Common Stock The Company has 10,000,000 shares authorized and 7,871,419 shares issued and outstanding at March 31, 2020 and 10,000,000 shares authorized and 7,868,803 shares issued and outstanding at December 31, 2019 . The Company's stock is traded on the NASDAQ stock market under the ticker symbol BWFG. Warrants In connection with a 2014 acquisition and the associated merger agreement, the Company had issued warrants convertible to shares of common stock at a pre-determined price and exchange ratio. The Company does not have any warrants outstanding as of March 31, 2020 . Dividends The Company’s shareholders are entitled to dividends when and if declared by the Board of Directors out of funds legally available. The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. In accordance with Connecticut statutes, regulatory approval is required to pay dividends in excess of the Bank’s profits retained in the current year plus retained profits from the previous two years. The Bank is also prohibited from paying dividends that would reduce its capital ratios below minimum regulatory requirements. Issuer Purchases of Equity Securities On December 19, 2018 , the Company's Board of Directors authorized a share repurchase program of up to 400,000 shares of the Company's Common Stock. The Company intends to accomplish the share repurchases through open market transactions, though the Company could accomplish repurchases through other means, such as privately negotiated transactions. The timing, price and volume of repurchases will be based on market conditions, relevant securities laws and other factors. The share repurchase plan does not obligate the Company to acquire any particular amount of Common Stock, and it may be modified or suspended at any time at the Company's discretion. During the three months ended March 31, 2020 , the Company purchased 58,499 shares of its Common Stock at a weighted average price of $17.69 per share. During the year ended December 31, 2019, the Company purchased 34,168 shares of its Common Stock at a weighted average price of $28.87 per share.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Comprehensive Income	Comprehensive Income Comprehensive income represents the sum of net income and items of other comprehensive income or loss, including net unrealized gains or losses on securities available for sale and net unrealized gains or losses on derivatives. The Company's derivative instruments are utilized to manage economic risks, including interest rate risk. Changes in fair value of the Company's derivatives are primarily driven by changes in interest rates and recognized in other comprehensive income. The Company's current derivative positions will cause a decrease to other comprehensive income in a falling interest rate environment and an increase in a rising interest rate environment. The Company’s total comprehensive income or loss for the three months ended March 31, 2020 and 2019 is reported in the Consolidated Statements of Comprehensive Income. The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax for the three months ended March 31, 2020 and 2019 : Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2019 $ 928 $ (8,444 ) $ (7,516 ) Other comprehensive income (loss) before reclassifications, net of tax 1,730 (13,548 ) (11,818 ) Net other comprehensive income (loss) 1,730 (13,548 ) (11,818 ) Balance at March 31, 2020 $ 2,658 $ (21,992 ) $ (19,334 ) Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2018 $ (1,379 ) $ 342 $ (1,037 ) Other comprehensive income (loss) before reclassifications, net of tax 1,098 (3,217 ) (2,119 ) Net other comprehensive income (loss) 1,098 (3,217 ) (2,119 ) Balance at March 31, 2019 $ (281 ) $ (2,875 ) $ (3,156 ) There were no items reclassified from accumulated other comprehensive income or loss for the three months ended March 31, 2020 or 2019.

Earnings per Share ("EPS")

Earnings per Share ("EPS")	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share (EPS)	Earnings per Share ("EPS") Unvested restricted stock awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested restricted stock awards qualify as participating securities. Net income is allocated between the common stock and participating securities pursuant to the two-class method. Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating unvested restricted stock awards. Diluted EPS is computed in a similar manner, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. The following table is a reconciliation of earnings available to common shareholders and basic weighted average common shares outstanding to diluted weighted average common shares outstanding, reflecting the application of the two-class method: Three Months Ended March 31, 2020 2019 (In thousands, except per share data) Net income $ 1,363 $ 5,080 Dividends to participating securities (1) (17 ) (10 ) Undistributed earnings allocated to participating securities (1) (4 ) (44 ) Net income for earnings per share calculation $ 1,342 $ 5,026 Weighted average shares outstanding, basic 7,750 7,760 Effect of dilutive equity-based awards (2) 29 16 Weighted average shares outstanding, diluted 7,779 7,776 Net earnings per common share: Basic earnings per common share $ 0.17 $ 0.65 Diluted earnings per common share $ 0.17 $ 0.65 (1) Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends. (2) Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method.

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Regulatory Matters	Regulatory Matters The Federal Reserve, the FDIC and the other federal and state bank regulatory agencies establish regulatory capital guidelines for U.S. banking organizations. As of January 1, 2015, the Company and the Bank became subject to new capital rules set forth by the Federal Reserve, the FDIC and the other federal and state bank regulatory agencies. The capital rules revise the banking agencies’ leverage and risk-based capital requirements and the method for calculating risk weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act (the Basel III Capital Rules). The Basel III Capital Rules establish a minimum Common Equity Tier 1 capital requirement of 4.5% of risk-weighted assets; set the minimum leverage ratio at 4.0% of total assets; increased the minimum Tier 1 capital to risk-weighted assets requirement from 4.0% to 6.0% ; and retained the minimum total capital to risk weighted assets requirement at 8.0% . A “well-capitalized” institution must generally maintain capital ratios 100-200 basis points higher than the minimum guidelines. The Basel III Capital Rules also change the risk weights assigned to certain assets. The Basel III Capital Rules assigned a higher risk weight ( 150% ) to loans that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The Basel III Capital Rules also alter the risk weighting for other assets, including marketable equity securities that are risk weighted generally at 300% . The Basel III Capital Rules require certain components of accumulated other comprehensive income (loss) to be included for purposes of calculating regulatory capital requirements unless a one-time opt-out is exercised. The Bank did exercise its opt-out option and excludes the unrealized gain (loss) on investment securities component of accumulated other comprehensive income (loss) from regulatory capital. The Basel III Capital Rules limit a banking organization’s capital distributions and certain discretionary bonus payments to executive officers if the banking organization does not hold a “capital conservation buffer” of 2.5% in addition to the minimum risk based capital requirement. The “capital conservation buffer” was phased in from January 1, 2016 to January 1, 2019, when the full capital conservation buffer became effective. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. As of March 31, 2020 , the Bank and Company met all capital adequacy requirements to which they are subject. There are no conditions or events since then that management believes have changed this conclusion. The capital amounts and ratios for the Bank and the Company at March 31, 2020 and December 31, 2019 were as follows: Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Bankwell Bank March 31, 2020 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 205,713 12.14 % $ 118,580 7.00 % $ 110,110 6.50 % Total Capital to Risk-Weighted Assets 222,399 13.13 % 177,870 10.50 % 169,400 10.00 % Tier I Capital to Risk-Weighted Assets 205,713 12.14 % 143,990 8.50 % 135,520 8.00 % Tier I Capital to Average Assets 205,713 10.84 % 75,943 4.00 % 94,929 5.00 % Bankwell Financial Group, Inc. March 31, 2020 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 186,804 11.03 % $ 118,580 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 228,709 13.50 % 177,870 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 186,804 11.03 % 143,990 8.50 % N/A N/A Tier I Capital to Average Assets 186,804 9.82 % 76,058 4.00 % N/A N/A Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Bankwell Bank December 31, 2019 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 205,856 12.53 % $ 115,040 7.00 % $ 106,823 6.50 % Total Capital to Risk-Weighted Assets 219,365 13.35 % 172,560 10.50 % 164,343 10.00 % Tier I Capital to Risk-Weighted Assets 205,856 12.53 % 139,691 8.50 % 131,474 8.00 % Tier I Capital to Average Assets 205,856 10.99 % 74,951 4.00 % 93,689 5.00 % Bankwell Financial Group, Inc. December 31, 2019 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 187,155 11.37 % $ 115,253 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 225,871 13.72 % 172,880 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 187,155 11.37 % 139,950 8.50 % N/A N/A Tier I Capital to Average Assets 187,155 9.97 % 75,067 4.00 % N/A N/A Regulatory Restrictions on Dividends The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. In accordance with Connecticut statutes, regulatory approval is required to pay dividends in excess of the Bank’s profits retained in the current year plus retained profits from the previous two years. The Bank is also prohibited from paying dividends that would reduce its capital ratios below minimum regulatory requirements. Reserve Requirements on Cash The Bank was not required to maintain a minimum reserve balance in the Federal Reserve Bank (FRB) at March 31, 2020 as the FRB has waived this requirement due to the COVID-19 pandemic. The Bank was required to maintain a minimum reserve balance of $14.1 million in the Federal Reserve Bank at December 31, 2019 . This balance is maintained for clearing purposes in the ordinary course of business and does not represent restricted cash.

Deposits (Notes)

Deposits (Notes)	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Deposits	Deposits At March 31, 2020 and December 31, 2019 , deposits consisted of the following: March 31, 2020 December 31, 2019 (In thousands) Noninterest bearing demand deposit accounts $ 168,448 $ 191,518 Interest bearing accounts: NOW 69,562 70,020 Money market 455,634 419,495 Savings 164,673 183,729 Time certificates of deposit 822,815 627,141 Total interest bearing accounts 1,512,684 1,300,385 Total deposits $ 1,681,132 $ 1,491,903 Maturities of time certificates of deposit as of March 31, 2020 and December 31, 2019 are summarized below: March 31, 2020 December 31, 2019 (In thousands) 2020 $ 539,627 $ 430,361 2021 250,655 167,933 2022 32,125 28,515 2023 284 239 2024 104 93 2025 20 — Total $ 822,815 $ 627,141 The aggregate amount of individual certificate accounts, including brokered deposits with balances of $250,000 or more, was approximately $467.7 million at March 31, 2020 and $307.1 million at December 31, 2019 . Brokered certificates of deposits totaled $337.6 million at March 31, 2020 and $179.8 million at December 31, 2019 . Certificates of deposits from national listing services totaled $53.3 million at March 31, 2020 and $21.3 million at December 31, 2019 . Brokered money market accounts totaled $63.0 million at March 31, 2020 and $39.9 million at December 31, 2019 . The following table summarizes interest expense by account type for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (In thousands) NOW $ 28 $ 47 Money market 1,492 1,981 Savings 672 769 Time certificates of deposits 3,517 3,303 Total interest expense on deposits $ 5,709 $ 6,100

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity award plans The Company has stock options or unvested restricted stock outstanding under three equity award plans, which are collectively referred to as the “Plan”. The current plan under which any future issuances of equity awards will be made is the 2012 BNC Financial Group, Inc. Stock Plan, or the “2012 Plan,” last amended on June 26, 2013. All equity awards made under the 2012 Plan are made by means of an award agreement, which contains the specific terms and conditions of the grant. To date, all equity awards have been in the form of stock options or restricted stock. At March 31, 2020 , there were 658,109 shares reserved for future issuance under the 2012 Plan. Stock Options : The Company accounts for stock options based on the fair value at the date of grant and records an expense over the vesting period of such awards on a straight line basis. There were no options granted during the three months ended March 31, 2020 . A summary of the status of outstanding stock options for the three months ended March 31, 2020 is presented below: Three Months Ended March 31, 2020 Number of Shares Weighted Average Exercise Price Options outstanding at beginning of period 16,680 $ 16.30 Exercised (1,500 ) 11.00 Options outstanding at end of period 15,180 16.82 Options exercisable at end of period 15,180 16.82 Intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of share options exercised during the three months ended March 31, 2020 was $27 thousand . The range of exercise prices for the 15,180 options exercisable at March 31, 2020 was $15.00 to $17.86 per share. The weighted average remaining contractual life for these options was 2.5 years at March 31, 2020 . At March 31, 2020 , as all awarded options have vested, all of the outstanding options are exercisable, and based on the March 31, 2020 closing market price of $15.26 , the outstanding options in aggregate have no intrinsic value. Restricted Stock : Restricted stock provides grantees with rights to shares of common stock upon completion of a service period. Shares of unvested restricted stock are considered participating securities. Restricted stock awards generally vest over one to five years . The following table presents the activity for restricted stock for the three months ended March 31, 2020 : Three Months Ended March 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 110,975 (1) $ 30.88 Granted 61,040 (2) 28.72 Vested (16,578 ) 31.44 Forfeited (1,425 ) 31.58 Unvested at end of period 154,012 29.96 (1) Includes 21,750 shares of performance based restricted stock (2) Includes 16,000 shares of performance based restricted stock The total fair value of restricted stock awards vested during the three months ended March 31, 2020 was $0.5 million . The Company's restricted stock expense for the three months ended March 31, 2020 and 2019 was $0.4 million and $0.2 million , respectively. At March 31, 2020 , there was $3.9 million of unrecognized stock compensation expense for restricted stock, expected to be recognized over a weighted average period of 2.0 years . Performance Based Restricted Stock : The Company has issued 37,750 shares of performance based restricted stock pursuant to the Company’s 2012 Stock Plan. The awards vest over a three to four year service period, provided certain performance metrics are met. The share quantity that ultimately vests can range between 0% and 200% for the 21,750 shares granted prior to December 31, 2019, which is dependent on the degree to which the performance metrics are met. The Company records an expense over the vesting period based on (a) the probability that the performance metric will be met and (b) the fair market value of the Company’s stock at the date of the grant.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, and duration of its funding along with the use of interest rate derivative financial instruments, namely interest rate swaps. The Company does not use derivatives for speculative purposes. As of March 31, 2020 , the Company was a party to seven interest rate swaps, designated as hedging instruments, to add stability to interest expense and to manage its exposure to interest rate movements. The notional amount for each swap is $25 million and in each case, the Company has entered into pay-fixed LIBOR interest rate swaps to convert rolling 90 days Federal Home Loan Bank advances or brokered deposits. In addition, as of March 31, 2020 , the Company was a party to one forward-starting interest rate swap on probable future FHLB advances or brokered deposits. As of March 31, 2020 , the Company entered into four interest rate swaps not designated as hedging instruments, to minimize interest rate risk exposure with loans to customers. The Company accounts for all non-borrower related interest rate swaps as effective cash flow hedges. None of the interest rate swap agreements contain any credit risk related contingent features. A hedging instrument is expected at inception to be highly effective at offsetting changes in the hedged transactions attributable to the changes in the hedged risk. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain loan customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Interest rate swaps with a positive fair value are recorded as other assets and interest rate swaps with a negative fair value are recorded as other liabilities on the Consolidated Balance Sheets. Information about derivative instruments at March 31, 2020 and December 31, 2019 is as follows: March 31, 2020: (Dollars in thousands) Notional Amount Original Maturity Maturity Date Received Paid Fair Value Asset (Liability) Derivatives designated as hedging instruments: Interest rate swap $ 25,000 5.0 years August 26, 2020 3-month USD LIBOR 1.48% $ (34 ) Interest rate swap 25,000 5.0 years July 1, 2021 3-month USD LIBOR 1.22% (207 ) Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (1,720 ) Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (1,725 ) Interest rate swap 25,000 15.0 years January 1, 2034 3-month USD LIBOR 3.01% (7,526 ) Interest rate swap 25,000 3.0 years December 23, 2022 3-month USD LIBOR 1.28% (572 ) Interest rate swap 25,000 15.0 years January 1, 2035 3-month USD LIBOR 3.03% (8,081 ) Forward-starting interest rate swap (1) 25,000 15.0 years August 26, 2035 3-month USD LIBOR 3.05% (8,252 ) $ 200,000 $ (28,117 ) Derivatives not designated as hedging instruments: (2) Interest rate swap $ 20,000 20.0 years March 10, 2039 1-month USD LIBOR 5.00% $ (4,865 ) Interest rate swap 20,000 20.0 years March 10, 2039 1-month USD LIBOR 5.00% 4,865 Interest rate swap 18,500 10.0 years March 10, 2030 1-month USD LIBOR 3.15% (845 ) Interest rate swap 18,500 10.0 years March 10, 2030 1-month USD LIBOR 3.15% 845 $ 77,000 $ — Total derivatives $ 277,000 $ (28,117 ) (1) The effective date of the forward-starting interest rate swap listed above is August 26, 2020. (2) Represents interest rate swaps with commercial banking customers, which are offset by derivatives with a third party. Accrued interest payable related to interest rate swaps as of March 31, 2020 totaled $0.1 million and is excluded from the fair value presented in the table above. The fair value of interest rate swaps in a net liability position, including accrued interest, totaled $28.2 million as of March 31, 2020 . December 31, 2019: (Dollars in thousands) Notional Amount Original Maturity Maturity Date Received Paid Fair Value Asset (Liability) Derivatives designated as hedging instruments: Interest rate swap $ 25,000 5.0 years January 1, 2020 3-month USD LIBOR 1.83% $ — Interest rate swap 25,000 5.0 years August 26, 2020 3-month USD LIBOR 1.48% 51 Interest rate swap 25,000 5.0 years July 1, 2021 3-month USD LIBOR 1.22% 174 Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (396 ) Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (402 ) Interest rate swap 25,000 15.0 years January 1, 2034 3-month USD LIBOR 3.01% (3,328 ) Interest rate swap 25,000 3.0 years December 23, 2022 3-month USD LIBOR 1.28% 279 Forward-starting interest rate swap (1) 25,000 15.0 years January 1, 2035 3-month USD LIBOR 3.03% (3,557 ) Forward-starting interest rate swap (1) 25,000 15.0 years August 26, 2035 3-month USD LIBOR 3.05% (3,512 ) $ 225,000 $ (10,691 ) Derivatives not designated as hedging instruments: (2) Interest rate swap $ 20,000 20.0 years March 20, 2039 1-month USD LIBOR 5.00% $ (1,762 ) Interest rate swap 20,000 20.0 years March 20, 2039 1-month USD LIBOR 5.00% 1,762 $ 40,000 $ — Total derivatives $ 265,000 $ (10,691 ) (1) The effective date of the forward-starting interest rate swaps listed above are January 2, 2020 and August 26, 2020, respectively. (2) Represents an interest rate swap with a commercial banking customer, which is offset by a derivative with a third party. Accrued interest receivable related to interest rate swaps as of December 31, 2019 totaled $21.6 thousand and is excluded from the fair value presented in the table above. The fair value of interest rate swaps in a net liability position, including accrued interest, totaled $10.7 million as of December 31, 2019. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company expects to reclassify $2.6 million as an increase to interest expense during the next 12 months. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction. The interest rate swap assets are presented in other assets and the interest rate swap liabilities are presented in accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company does not offset derivative assets and derivative liabilities for financial statement presentation purposes. The Company's cash flow hedge positions consist of interest rate swap transactions as detailed in the table below as of March 31, 2020 : Notional Amount Original Effective Date of Hedged Borrowing Duration of Borrowing Counterparty (Dollars in Thousands) $ 25,000 August 26, 2015 5.0 years Bank of Montreal 25,000 July 1, 2016 5.0 years Bank of Montreal 25,000 August 25, 2017 7.0 years Bank of Montreal 25,000 August 25, 2017 7.0 years FHN Financial Capital Markets 25,000 January 2, 2019 15.0 years Bank of Montreal 25,000 December 27, 2019 3.0 years Bank of Montreal 25,000 January 2, 2020 15.0 years Bank of Montreal $ 175,000 This hedge strategy converts the rate of interest on short term rolling FHLB advances or brokered deposits to long term fixed interest rates, thereby protecting the Company from interest rate variability. Changes in the consolidated statements of comprehensive (loss) income related to interest rate derivatives designated as hedges of cash flows were as follows for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, (In thousands) 2020 2019 Interest rate swap on FHLB advances and brokered deposits: Unrealized losses recognized in accumulated other comprehensive (loss) income $ (17,426 ) $ (4,072 ) Income tax benefit on items recognized in accumulated other comprehensive (loss) income 3,878 855 Other comprehensive loss $ (13,548 ) $ (3,217 ) Amount recognized in interest expense on hedged FHLB advances and brokered deposits $ 890 $ 726 The above unrealized gains and losses are reflective of market interest rates as of the respective balance sheet dates. Generally, a lower interest rate environment will result in a negative impact to comprehensive income whereas a higher interest rate environment will result in a positive impact to comprehensive income. The following tables summarize gross and net information about derivative instruments that are offset in the Consolidated Balance Sheets at March 31, 2020 and December 31, 2019: March 31, 2020 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivative Assets $ 5,729 $ — $ 5,729 $ — $ — $ 5,729 (1) Includes accrued interest receivable totaling $19.4 thousand . March 31, 2020 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted(2) Net Amount Derivative Liabilities $ 33,957 $ — $ 33,957 $ — $ 33,957 $ — (1) Includes accrued interest payable totaling $128.9 thousand . (2) Actual cash collateral posted totaled $34.8 million , total cash collateral in the above table represents the total value to net the derivative liabilities to $0 . December 31, 2019 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivative Assets $ 2,363 $ — $ 2,363 $ 591 $ — $ 1,772 (1) Includes accrued interest receivable totaling $97.1 thousand . December 31, 2019 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted(2) Net Amount Derivative Liabilities $ 13,032 $ — $ 13,032 $ 591 $ 12,441 $ — (1) Includes accrued interest payable totaling $75.5 thousand . (2) Actual cash collateral posted totaled $13.5 million , total cash collateral posted in the above table represents the total value to net the derivative liabilities to $0 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the Consolidated Balance Sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rates and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparisons to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction. The estimated fair value amounts have been measured as of the respective period-ends, and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk. The carrying values, fair values and placement in the fair value hierarchy of the Company's financial instruments at March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 203,569 $ 203,569 $ 203,569 $ — $ — Federal funds sold 6,427 6,427 6,427 — — Marketable equity securities 2,289 2,289 2,289 — — Available for sale securities 82,342 82,342 10,258 72,084 — Held to maturity securities 16,252 18,771 — 82 18,689 Loans receivable, net 1,602,146 1,604,879 — — 1,604,879 Accrued interest receivable 5,867 5,867 — 5,867 — FHLB stock 6,507 6,507 — 6,507 — Servicing asset, net of valuation allowance 900 900 — — 900 Derivative asset 5,710 5,710 — 5,710 — Financial Liabilities: Noninterest bearing deposits $ 168,448 $ 168,448 $ — $ 168,448 $ — NOW and money market 525,196 525,196 — 525,196 — Savings 164,673 164,673 — 164,673 — Time deposits 822,815 831,409 — — 831,409 Accrued interest payable 2,449 2,449 — 2,449 — Advances from the FHLB 125,000 125,114 — — 125,114 Subordinated debentures 25,220 24,552 — — 24,552 Servicing liability 60 60 — — 60 Derivative liability 33,827 33,827 — 33,827 — December 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 78,051 $ 78,051 $ 78,051 $ — $ — Marketable equity securities 2,118 2,118 2,118 — — Available for sale securities 82,439 82,439 10,031 72,408 — Held to maturity securities 16,308 18,307 — 85 18,222 Loans receivable, net 1,588,840 1,589,732 — — 1,589,732 Accrued interest receivable 5,959 5,959 — 5,959 — FHLB stock 7,475 7,475 — 7,475 — Servicing asset, net of valuation allowance 978 978 — — 978 Derivative asset 2,266 2,266 — 2,266 — Financial Liabilities: Noninterest bearing deposits $ 191,518 $ 191,518 $ — $ 191,518 $ — NOW and money market 489,515 489,515 — 489,515 — Savings 183,729 183,729 — 183,729 — Time deposits 627,141 632,436 — — 632,436 Accrued interest payable 2,142 2,142 — 2,142 — Advances from the FHLB 150,000 150,006 — — 150,006 Subordinated debentures 25,207 25,530 — — 25,530 Servicing liability 63 63 — — 63 Derivative liability 12,957 12,957 — 12,957 — The following methods and assumptions were used by management in estimating the fair value of its financial instruments: Cash and due from banks, federal funds sold, accrued interest receivable and accrued interest payable: The carrying amount is a reasonable estimate of fair value. Marketable equity securities, available for sale securities and held to maturity securities: Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. The majority of the available for sale securities are considered to be Level 2 as other observable inputs are utilized, such as quoted prices for similar securities. Level 1 investment securities include investments in U.S. treasury notes and in marketable equity securities for which a quoted price is readily available in the market. Level 3 held to maturity securities represent private placement municipal housing authority bonds for which no quoted market price is available. The fair value for these securities is estimated using a discounted cash flow model, using discount rates ranging from 3.7% to 4.1% as of March 31, 2020 and 3.8% to 4.1% as of December 31, 2019 . These securities are CRA eligible investments. FHLB stock: The carrying value of FHLB stock approximates fair value based on the most recent redemption provisions of the FHLB. Loans receivable: For variable rate loans which reprice frequently and have no significant change in credit risk, fair values are based on carrying values. The fair value of fixed rate loans are estimated by discounting the future cash flows using the rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value methodology includes prepayment, default and loss severity assumptions applied by the type of loan. The fair value estimate of the loans includes an expected credit loss. Derivative asset (liability): The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company also considers the creditworthiness of each counterparty for assets and the creditworthiness of the Company for liabilities. Servicing asset (liability): Servicing assets and liabilities do not trade in an active, open market with readily observable prices. The Company estimates the fair value of servicing assets and liabilities using discounted cash flow models, incorporating numerous assumptions from the perspective of a market participant, including market discount rates. Deposits: The fair value of demand deposits, regular savings and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit and other time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities to a schedule of aggregated expected maturities on such deposits. Borrowings and Subordinated Debentures: The fair value of the Company’s borrowings and subordinated debentures is estimated using a discounted cash flow calculation that applies discount rates currently offered based on similar maturities. The Company also considers its own creditworthiness in determining the fair value of its borrowings and subordinated debt. Contractual cash flows for the subordinated debt are reduced based on the estimated rates of default, the severity of losses to be incurred on a default, and the rates at which the subordinated debt is expected to prepay after the call date. Off-balance-sheet instruments: Loan commitments on which the committed interest rate is less than the current market rate are insignificant at March 31, 2020 and December 31, 2019 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company is required to account for certain assets at fair value on a recurring or non-recurring basis. The Company determines fair value in accordance with GAAP, which defines fair value and establishes a framework for measuring fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Valuation techniques based on unobservable inputs are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows and the selection of discount rates that may appropriately reflect market and credit risks. Changes in these judgments often have a material impact on the fair value estimates. In addition, since these estimates are as of a specific point in time they are susceptible to material near-term changes. Financial instruments measured at fair value on a recurring basis The following table details the financial instruments carried at fair value on a recurring basis at March 31, 2020 and December 31, 2019 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. The Company had no transfers into or out of Levels 1, 2 or 3 during the three months ended March 31, 2020 and for the year ended December 31, 2019 . Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2020: Marketable equity securities $ 2,289 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 10,258 72,084 — Derivative asset — 5,710 — Derivative liability — 33,827 — December 31, 2019: Marketable equity securities $ 2,118 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 10,031 72,408 — Derivative asset — 2,266 — Derivative liability — 12,957 — Marketable equity securities and available for sale investment securities: The fair value of the Company’s investment securities is estimated by using pricing models or quoted prices of securities with similar characteristics (i.e., matrix pricing) and is classified within Level 1 or Level 2 of the valuation hierarchy. The pricing is primarily sourced from third party pricing services overseen by management. Derivative assets and liabilities: The Company’s derivative assets and liabilities consist of transactions as part of management’s strategy to manage interest rate risk. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy. Financial instruments measured at fair value on a nonrecurring basis Certain assets and liabilities are measured at fair value on a non-recurring basis in accordance with GAAP. These include assets that are measured at the lower-of-cost-or-market that were recognized at fair value below cost at the end of the period as well as assets that are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The following table details the financial instruments measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2020: Impaired loans $ — $ — $ 21,987 Servicing asset, net — — 840 December 31, 2019: Impaired loans $ — $ — $ 22,047 Servicing asset, net — — 915 The following table presents information about quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 : Fair Value Valuation Methodology Unobservable Input Range (Dollars in thousands) March 31, 2020: Impaired loans $ 12,172 Appraisals Discount to appraised value 8.00 - 28.00% 9,815 Discounted cash flows Discount rate 3.50 - 7.50% $ 21,987 Servicing asset, net $ 840 Discounted cash flows Discount rate 10.00 - 11.00% (1) Prepayment rate 3.00 - 17.00% December 31, 2019: Impaired loans $ 12,300 Appraisals Discount to appraised value 8.00 - 28.00% 9,747 Discounted cash flows Discount rate 3.60 - 7.00% $ 22,047 Servicing asset, net $ 915 Discounted cash flows Discount rate 10.00 - 11.00% (2) Prepayment rate 3.00 - 19.00% (1) Servicing liabilities totaling $60 thousand were valued using a discount rate of 0.9% . (2) Servicing liabilities totaling $63 thousand were valued using a discount rate of 1.6% . Impaired loans : Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated in accordance with ASC 310-10 when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or other assumptions. Estimates of fair value based on collateral are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. For those loans where the primary source of repayment is cash flow from operations, adjustments include impairment amounts calculated based on the perceived collectability of interest payments on the basis of a discounted cash flow analysis utilizing a discount rate equivalent to the original note rate. Servicing assets and liabilities: When loans are sold, on a servicing retained basis, servicing rights are initially recorded at fair value. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized. The fair value of servicing assets and liabilities are not measured on an ongoing basis but are subject to fair value adjustments when and if the assets or liabilities are deemed to be impaired.

Subordinated debentures

Subordinated debentures	3 Months Ended
	Mar. 31, 2020
Subordinated Borrowings [Abstract]
Subordinated debentures	Subordinated debentures On August 19, 2015, the Company completed a private placement of $25.5 million in aggregate principal amount of fixed rate subordinated notes (the “Notes”) to certain institutional investors. The Notes are non-callable for five years, have a stated maturity of August 15, 2025 , and bear interest at a quarterly pay fixed rate of 5.75% per annum to the maturity date or the early redemption date, August 2020 and annually thereafter. The Notes have been structured to qualify for the Company as Tier 2 capital under regulatory guidelines. The net proceeds were used for general corporate purposes, which included maintaining liquidity at the holding company, providing equity capital to the Bank to fund balance sheet growth and the Company's working capital needs. The Notes were assigned an investment grade rating of BBB by Kroll Bond Rating Agency, which was reaffirmed in the third quarter of 2019. The Company recognized $0.4 million in interest expense related to its subordinated debt for each of the three month periods ended March 31, 2020 and 2019 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 29, 2020, the Company’s Board of Directors declared a $0.14 per share cash dividend, payable on May 28, 2020 to shareholders of record on May 18, 2020. The CARES Act provides for Paycheck Protection Program ("PPP") loans to be made by banks to small businesses impacted by COVID-19, to cover payroll and other operating expenses. Subsequent to March 31, 2020, the Company has approved in excess of 350 PPP loans, totaling approximately $60 million . Loans extended under the PPP are fully guaranteed by the U.S. Small Business Administration (SBA). The Company did not approve any PPP loans prior to March 31, 2020. Section 4013 of the CARES Act also allows financial institutions to grant short term payment relief to borrowers impacted by COVID-19 and permits a financial institution to elect to suspend troubled debt restructuring accounting for relief granted under the Act. Subsequent to March 31, 2020 and through May 7, 2020, the Company received approximately 60 additional requests for payment relief on loan balances totaling app roximately $115 million , predominately for commercial real estate loans. The Company continues to thoroughly evaluate incoming deferral requests and if appropriate, will generally grant initial payment deferrals of three months in duration. These deferrals are not considered troubled debt restructurings based on section 4013 of the CARES Act and interagency guidance issued in March of 2020.

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of the Company and the Bank, including its wholly owned passive investment company subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the consolidated balance sheet, and revenue and expenses for the period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses, the valuation of derivative instruments, investment securities valuation, evaluation of investment securities for other than temporary impairment and deferred income taxes valuation.
Basis of consolidated financial statement presentation	Basis of consolidated financial statement presentation The unaudited consolidated financial statements presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and note disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying unaudited interim consolidated financial statements have been included. Interim results are not necessarily reflective of the results that may be expected for the year ending December 31, 2020 . The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2019 .
Common Shares Repurchases	Significant concentrations of credit risk Many of the Company's activities are with customers located in the New York Metropolitan area and throughout Fairfield and New Haven Counties and the surrounding region of Connecticut, and declines in property values in these areas could significantly impact the Company. The Company has significant concentrations in commercial real estate loans. Management does not believe they present any special risk. The Company does not have any significant concentrations in any one industry or customer. Common Share Repurchases The Company is incorporated in the state of Connecticut. Connecticut law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized, but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock balances.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the 2020 financial statement presentation. These reclassifications only changed the reporting categories and did not affect the consolidated results of operations or consolidated financial position of the Company.
Recent accounting pronouncements	Recent accounting pronouncements The following section includes changes in accounting principles and potential effects of new accounting guidance and pronouncements. Recently issued accounting pronouncements not yet adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments.” This ASU changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and can result in the earlier recognition of credit losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. On July 17, 2019, the FASB proposed deferring the effective date of ASC 326 for smaller reporting companies as defined by the SEC. The FASB proposed a three-year deferral for smaller reporting companies, with an effective date of January 1, 2023. On October 16, 2019, the FASB voted in favor of finalizing its proposal to defer the effective date of this standard. The FASB issued ASU No. 2019-10, which officially delayed the adoption of this standard for smaller reporting companies until fiscal years beginning after December 15, 2022. The Company does qualify to defer the adoption of this standard and has not yet adopted this standard. Management is currently working with third party consultants and continues to evaluate the impact of its future adoption of this guidance on the Company’s financial statements. ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment.” This ASU simplifies the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity was required to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, this ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. On October 16, 2019, the FASB voted in favor of a proposal to defer the effective date of this standard in the same manner it is deferring the effective date of ASC 326. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. Recently adopted accounting pronouncements ASU No. 2018-13, Fair Value Measurement (Topic 820) : “Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The following disclosure requirements were removed from topic 820 for public entities; (1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy (2) The policy for timing of transfers between levels and (3) The valuation processes for Level 3 fair value measurements. This update also modified and added disclosure requirements to Topic 820, including adding (1) The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (2) The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The guidance was effective for the Company on January 1, 2020. The application of this guidance did not have a material impact on the Company's financial statements.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities	The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at March 31, 2020 were as follows: March 31, 2020 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 2,100 $ 7 $ — $ 2,107 Due from one through five years 9,957 301 — 10,258 Due from five through ten years 8,268 763 — 9,031 Due after ten years 58,617 2,329 — 60,946 Total available for sale securities $ 78,942 $ 3,400 $ — $ 82,342 Held to maturity securities: State agency and municipal obligations Due after ten years $ 16,178 $ 2,511 $ — $ 18,689 Government-sponsored mortgage backed securities No contractual maturity 74 8 — 82 Total held to maturity securities $ 16,252 $ 2,519 $ — $ 18,771 The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2019 were as follows: December 31, 2019 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 2,100 $ — $ (1 ) $ 2,099 Due from one through five years 9,950 81 — 10,031 Due from five through ten years 8,311 218 (1 ) 8,528 Due after ten years 60,902 879 — 61,781 Total available for sale securities $ 81,263 $ 1,178 $ (2 ) $ 82,439 Held to maturity securities: State agency and municipal obligations Due after ten years $ 16,231 $ 1,991 $ — $ 18,222 Government-sponsored mortgage backed securities No contractual maturity 77 8 — 85 Total held to maturity securities $ 16,308 $ 1,999 $ — $ 18,307
Schedule of fair value and related unrealized losses of temporarily impaired investment securities, aggregated by investment category	The following table provides information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 : Length of Time in Continuous Unrealized Loss Position Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Percent Decline from Amortized Cost Fair Value Unrealized Loss Percent Decline from Amortized Cost Fair Value Unrealized Loss Percent Decline from Amortized Cost (Dollars in thousands) December 31, 2019 U.S. Government and agency obligations $ 99 $ (1 ) 1.01 % $ 998 $ (1 ) 0.13 % $ 1,097 $ (2 ) 0.21 % Total investment securities $ 99 $ (1 ) 1.01 % $ 998 $ (1 ) 0.13 % $ 1,097 $ (2 ) 0.21 %

Loans Receivable and Allowanc_2

Loans Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule of loan portfolio	The following table sets forth a summary of the loan portfolio at March 31, 2020 and December 31, 2019 : (In thousands) March 31, 2020 December 31, 2019 Real estate loans: Residential $ 139,353 $ 147,109 Commercial 1,131,206 1,128,614 Construction 107,594 98,583 1,378,153 1,374,306 Commercial business 242,705 230,028 Consumer 113 150 Total loans 1,620,971 1,604,484 Allowance for loan losses (16,686 ) (13,509 ) Deferred loan origination fees, net (2,141 ) (2,137 ) Unamortized loan premiums 2 2 Loans receivable, net $ 1,602,146 $ 1,588,840
Schedule of portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio	The following tables set forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2020 and 2019 , by portfolio segment: Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2020 Beginning balance $ 730 $ 10,551 $ 324 $ 1,903 $ 1 $ 13,509 Charge-offs — — — (8 ) (2 ) (10 ) Recoveries — — — 1 1 2 Provisions 55 2,583 142 405 — 3,185 Ending balance $ 785 $ 13,134 $ 466 $ 2,301 $ — $ 16,686 The allowance for loan losses for the three months ended March 31, 2020 totaled $16.7 million . The allowance for loan losses for the three months ended March 31, 2020 included $3.0 million in incremental loan loss reserves recognized in the first quarter of 2020. This increase in loan loss reserves is a result of management’s assessment of increased credit risk relating to economic disruption and uncertainty caused by the COVID-19 pandemic applied to the loan population that is being collectively evaluated for impairment, as opposed to the population of loans that is being individually evaluated for impairment. Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2019 Beginning balance $ 857 $ 11,562 $ 140 $ 2,902 $ 1 $ 15,462 Charge-offs (233 ) — — (3 ) (2 ) (238 ) Recoveries — — — 10 1 11 Provisions (Credits) 95 84 73 (58 ) 1 195 Ending balance $ 719 $ 11,646 $ 213 $ 2,851 $ 1 $ 15,430 Loans evaluated for impairment and the related allowance for loan losses as of March 31, 2020 and December 31, 2019 were as follows: Portfolio Allowance (In thousands) March 31, 2020 Loans individually evaluated for impairment: Residential real estate $ 3,980 $ — Commercial real estate 14,277 464 Commercial business 4,264 70 Subtotal 22,521 534 Loans collectively evaluated for impairment: Residential real estate 135,373 785 Commercial real estate 1,116,929 12,670 Construction 107,594 466 Commercial business 238,441 2,231 Consumer 113 — Subtotal 1,598,450 16,152 Total $ 1,620,971 $ 16,686 Portfolio Allowance (In thousands) December 31, 2019 Loans individually evaluated for impairment: Residential real estate $ 4,020 $ — Commercial real estate 14,203 372 Commercial business 4,330 134 Subtotal 22,553 506 Loans collectively evaluated for impairment: Residential real estate 143,089 730 Commercial real estate 1,114,411 10,179 Construction 98,583 324 Commercial business 225,698 1,769 Consumer 150 1 Subtotal 1,581,931 13,003 Total $ 1,604,484 $ 13,509
Schedule of loan portfolio quality indicators by portfolio segment	The following tables present credit risk ratings by loan segment as of March 31, 2020 and December 31, 2019 : Commercial Credit Quality Indicators March 31, 2020 December 31, 2019 Commercial Real Estate Construction Commercial Business Total Commercial Real Estate Construction Commercial Business Total (In thousands) Pass $ 1,106,734 $ 98,597 $ 222,035 $ 1,427,366 $ 1,104,164 $ 98,583 $ 208,932 $ 1,411,679 Special Mention 10,195 8,997 16,407 35,599 10,247 — 16,766 27,013 Substandard 14,277 — 795 15,072 14,203 — 854 15,057 Doubtful — — 3,468 3,468 — — 3,476 3,476 Loss — — — — — — — — Total loans $ 1,131,206 $ 107,594 $ 242,705 $ 1,481,505 $ 1,128,614 $ 98,583 $ 230,028 $ 1,457,225 Residential and Consumer Credit Quality Indicators March 31, 2020 December 31, 2019 Residential Real Estate Consumer Total Residential Real Estate Consumer Total (In thousands) Pass $ 135,372 $ 113 $ 135,485 $ 143,089 $ 150 $ 143,239 Special Mention — — — — — — Substandard 3,797 — 3,797 3,832 — 3,832 Doubtful 184 — 184 188 — 188 Loss — — — — — — Total loans $ 139,353 $ 113 $ 139,466 $ 147,109 $ 150 $ 147,259
Schedule of information with respect to our loan portfolio delinquencies by portfolio segment and amount	The following tables set forth certain information with respect to the Company's loan portfolio delinquencies by portfolio segment as of March 31, 2020 and December 31, 2019 : March 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans (In thousands) Real estate loans: Residential real estate $ 112 $ 929 $ 93 $ 1,134 $ 138,219 $ 139,353 Commercial real estate 252 143 2,872 3,267 1,127,939 1,131,206 Construction 6,240 — — 6,240 101,354 107,594 Commercial business 185 325 3,440 3,950 238,755 242,705 Consumer — — — — 113 113 Total loans $ 6,789 $ 1,397 $ 6,405 $ 14,591 $ 1,606,380 $ 1,620,971 December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans (In thousands) Real estate loans: Residential real estate $ — $ 943 $ 281 $ 1,224 $ 145,885 $ 147,109 Commercial real estate 355 — 5,935 6,290 1,122,324 1,128,614 Construction 1,357 — — 1,357 97,226 98,583 Commercial business — — 3,455 3,455 226,573 230,028 Consumer — — — — 150 150 Total loans $ 1,712 $ 943 $ 9,671 $ 12,326 $ 1,592,158 $ 1,604,484
Schedule of nonaccrual loans by portfolio segment	The following is a summary of nonaccrual loans by portfolio segment as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (In thousands) Residential real estate $ 1,532 $ 1,560 Commercial real estate 5,339 5,222 Commercial business 3,783 3,806 Total $ 10,654 $ 10,588
Schedule of summarizes impaired loans	The following table summarizes impaired loans by portfolio segment as of March 31, 2020 and December 31, 2019 : Carrying Amount Unpaid Principal Balance Associated Allowance March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 3,980 $ 4,020 $ 4,123 $ 4,144 $ — $ — Commercial real estate 8,650 8,571 8,982 8,859 — — Commercial business 3,685 3,915 4,900 5,126 — — Total impaired loans without a valuation allowance 16,315 16,506 18,005 18,129 — — Impaired loans with a valuation allowance: Commercial real estate $ 5,627 $ 5,632 $ 5,641 $ 5,647 $ 464 $ 372 Commercial business 579 415 581 417 70 134 Total impaired loans with a valuation allowance 6,206 6,047 6,222 6,064 534 506 Total impaired loans $ 22,521 $ 22,553 $ 24,227 $ 24,193 $ 534 $ 506 The following table summarizes the average carrying amount of impaired loans and interest income recognized on impaired loans by portfolio segment for the three months ended March 31, 2020 and 2019 : Average Carrying Amount Interest Income Recognized Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 3,999 $ 6,058 $ 31 $ 30 Commercial real estate 8,736 6,012 70 4 Commercial business 3,691 4,843 3 76 Consumer — 3 — — Total impaired loans without a valuation allowance 16,426 16,916 104 110 Impaired loans with a valuation allowance: Residential real estate $ — $ 108 $ — $ — Commercial real estate 5,629 323 31 1 Commercial business 591 1,249 3 7 Total impaired loans with a valuation allowance 6,220 1,680 34 8 Total impaired loans $ 22,646 $ 18,596 $ 138 $ 118

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of changes in accumulated other comprehensive income (loss) by component	The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax for the three months ended March 31, 2020 and 2019 : Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2019 $ 928 $ (8,444 ) $ (7,516 ) Other comprehensive income (loss) before reclassifications, net of tax 1,730 (13,548 ) (11,818 ) Net other comprehensive income (loss) 1,730 (13,548 ) (11,818 ) Balance at March 31, 2020 $ 2,658 $ (21,992 ) $ (19,334 ) Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2018 $ (1,379 ) $ 342 $ (1,037 ) Other comprehensive income (loss) before reclassifications, net of tax 1,098 (3,217 ) (2,119 ) Net other comprehensive income (loss) 1,098 (3,217 ) (2,119 ) Balance at March 31, 2019 $ (281 ) $ (2,875 ) $ (3,156 )

Earnings per Share ("EPS") (Tab

Earnings per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of reconciliation of earnings available to common stockholders and basic weighted-average common shares outstanding to diluted weighted average common shares outstanding	The following table is a reconciliation of earnings available to common shareholders and basic weighted average common shares outstanding to diluted weighted average common shares outstanding, reflecting the application of the two-class method: Three Months Ended March 31, 2020 2019 (In thousands, except per share data) Net income $ 1,363 $ 5,080 Dividends to participating securities (1) (17 ) (10 ) Undistributed earnings allocated to participating securities (1) (4 ) (44 ) Net income for earnings per share calculation $ 1,342 $ 5,026 Weighted average shares outstanding, basic 7,750 7,760 Effect of dilutive equity-based awards (2) 29 16 Weighted average shares outstanding, diluted 7,779 7,776 Net earnings per common share: Basic earnings per common share $ 0.17 $ 0.65 Diluted earnings per common share $ 0.17 $ 0.65 (1) Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends. (2) Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method.

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Schedule of capital amounts and ratios	The capital amounts and ratios for the Bank and the Company at March 31, 2020 and December 31, 2019 were as follows: Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Bankwell Bank March 31, 2020 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 205,713 12.14 % $ 118,580 7.00 % $ 110,110 6.50 % Total Capital to Risk-Weighted Assets 222,399 13.13 % 177,870 10.50 % 169,400 10.00 % Tier I Capital to Risk-Weighted Assets 205,713 12.14 % 143,990 8.50 % 135,520 8.00 % Tier I Capital to Average Assets 205,713 10.84 % 75,943 4.00 % 94,929 5.00 % Bankwell Financial Group, Inc. March 31, 2020 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 186,804 11.03 % $ 118,580 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 228,709 13.50 % 177,870 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 186,804 11.03 % 143,990 8.50 % N/A N/A Tier I Capital to Average Assets 186,804 9.82 % 76,058 4.00 % N/A N/A Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Bankwell Bank December 31, 2019 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 205,856 12.53 % $ 115,040 7.00 % $ 106,823 6.50 % Total Capital to Risk-Weighted Assets 219,365 13.35 % 172,560 10.50 % 164,343 10.00 % Tier I Capital to Risk-Weighted Assets 205,856 12.53 % 139,691 8.50 % 131,474 8.00 % Tier I Capital to Average Assets 205,856 10.99 % 74,951 4.00 % 93,689 5.00 % Bankwell Financial Group, Inc. December 31, 2019 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 187,155 11.37 % $ 115,253 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 225,871 13.72 % 172,880 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 187,155 11.37 % 139,950 8.50 % N/A N/A Tier I Capital to Average Assets 187,155 9.97 % 75,067 4.00 % N/A N/A

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Deposit Liabilities	At March 31, 2020 and December 31, 2019 , deposits consisted of the following: March 31, 2020 December 31, 2019 (In thousands) Noninterest bearing demand deposit accounts $ 168,448 $ 191,518 Interest bearing accounts: NOW 69,562 70,020 Money market 455,634 419,495 Savings 164,673 183,729 Time certificates of deposit 822,815 627,141 Total interest bearing accounts 1,512,684 1,300,385 Total deposits $ 1,681,132 $ 1,491,903
Time Deposits Maturity Schedule	Maturities of time certificates of deposit as of March 31, 2020 and December 31, 2019 are summarized below: March 31, 2020 December 31, 2019 (In thousands) 2020 $ 539,627 $ 430,361 2021 250,655 167,933 2022 32,125 28,515 2023 284 239 2024 104 93 2025 20 — Total $ 822,815 $ 627,141
Interest Expense Disclosure	The following table summarizes interest expense by account type for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (In thousands) NOW $ 28 $ 47 Money market 1,492 1,981 Savings 672 769 Time certificates of deposits 3,517 3,303 Total interest expense on deposits $ 5,709 $ 6,100

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Schedule of status of outstanding stock options	A summary of the status of outstanding stock options for the three months ended March 31, 2020 is presented below: Three Months Ended March 31, 2020 Number of Shares Weighted Average Exercise Price Options outstanding at beginning of period 16,680 $ 16.30 Exercised (1,500 ) 11.00 Options outstanding at end of period 15,180 16.82 Options exercisable at end of period 15,180 16.82
Schedule of activity for restricted stock	The following table presents the activity for restricted stock for the three months ended March 31, 2020 : Three Months Ended March 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 110,975 (1) $ 30.88 Granted 61,040 (2) 28.72 Vested (16,578 ) 31.44 Forfeited (1,425 ) 31.58 Unvested at end of period 154,012 29.96 (1) Includes 21,750 shares of performance based restricted stock (2) Includes 16,000 shares of performance based restricted stock

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	December 31, 2019: (Dollars in thousands) Notional Amount Original Maturity Maturity Date Received Paid Fair Value Asset (Liability) Derivatives designated as hedging instruments: Interest rate swap $ 25,000 5.0 years January 1, 2020 3-month USD LIBOR 1.83% $ — Interest rate swap 25,000 5.0 years August 26, 2020 3-month USD LIBOR 1.48% 51 Interest rate swap 25,000 5.0 years July 1, 2021 3-month USD LIBOR 1.22% 174 Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (396 ) Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (402 ) Interest rate swap 25,000 15.0 years January 1, 2034 3-month USD LIBOR 3.01% (3,328 ) Interest rate swap 25,000 3.0 years December 23, 2022 3-month USD LIBOR 1.28% 279 Forward-starting interest rate swap (1) 25,000 15.0 years January 1, 2035 3-month USD LIBOR 3.03% (3,557 ) Forward-starting interest rate swap (1) 25,000 15.0 years August 26, 2035 3-month USD LIBOR 3.05% (3,512 ) $ 225,000 $ (10,691 ) Derivatives not designated as hedging instruments: (2) Interest rate swap $ 20,000 20.0 years March 20, 2039 1-month USD LIBOR 5.00% $ (1,762 ) Interest rate swap 20,000 20.0 years March 20, 2039 1-month USD LIBOR 5.00% 1,762 $ 40,000 $ — Total derivatives $ 265,000 $ (10,691 ) (1) The effective date of the forward-starting interest rate swaps listed above are January 2, 2020 and August 26, 2020, respectively. (2) Represents an interest rate swap with a commercial banking customer, which is offset by a derivative with a third party. Information about derivative instruments at March 31, 2020 and December 31, 2019 is as follows: March 31, 2020: (Dollars in thousands) Notional Amount Original Maturity Maturity Date Received Paid Fair Value Asset (Liability) Derivatives designated as hedging instruments: Interest rate swap $ 25,000 5.0 years August 26, 2020 3-month USD LIBOR 1.48% $ (34 ) Interest rate swap 25,000 5.0 years July 1, 2021 3-month USD LIBOR 1.22% (207 ) Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (1,720 ) Interest rate swap 25,000 7.0 years August 25, 2024 3-month USD LIBOR 2.04% (1,725 ) Interest rate swap 25,000 15.0 years January 1, 2034 3-month USD LIBOR 3.01% (7,526 ) Interest rate swap 25,000 3.0 years December 23, 2022 3-month USD LIBOR 1.28% (572 ) Interest rate swap 25,000 15.0 years January 1, 2035 3-month USD LIBOR 3.03% (8,081 ) Forward-starting interest rate swap (1) 25,000 15.0 years August 26, 2035 3-month USD LIBOR 3.05% (8,252 ) $ 200,000 $ (28,117 ) Derivatives not designated as hedging instruments: (2) Interest rate swap $ 20,000 20.0 years March 10, 2039 1-month USD LIBOR 5.00% $ (4,865 ) Interest rate swap 20,000 20.0 years March 10, 2039 1-month USD LIBOR 5.00% 4,865 Interest rate swap 18,500 10.0 years March 10, 2030 1-month USD LIBOR 3.15% (845 ) Interest rate swap 18,500 10.0 years March 10, 2030 1-month USD LIBOR 3.15% 845 $ 77,000 $ — Total derivatives $ 277,000 $ (28,117 ) (1) The effective date of the forward-starting interest rate swap listed above is August 26, 2020. (2) Represents interest rate swaps with commercial banking customers, which are offset by derivatives with a third party.
Schedule of interest rate swap transactions	The Company's cash flow hedge positions consist of interest rate swap transactions as detailed in the table below as of March 31, 2020 : Notional Amount Original Effective Date of Hedged Borrowing Duration of Borrowing Counterparty (Dollars in Thousands) $ 25,000 August 26, 2015 5.0 years Bank of Montreal 25,000 July 1, 2016 5.0 years Bank of Montreal 25,000 August 25, 2017 7.0 years Bank of Montreal 25,000 August 25, 2017 7.0 years FHN Financial Capital Markets 25,000 January 2, 2019 15.0 years Bank of Montreal 25,000 December 27, 2019 3.0 years Bank of Montreal 25,000 January 2, 2020 15.0 years Bank of Montreal $ 175,000
Schedule of changes in the consolidated statements of comprehensive income related to interest rate derivatives designated as hedges of cash flows	Changes in the consolidated statements of comprehensive (loss) income related to interest rate derivatives designated as hedges of cash flows were as follows for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, (In thousands) 2020 2019 Interest rate swap on FHLB advances and brokered deposits: Unrealized losses recognized in accumulated other comprehensive (loss) income $ (17,426 ) $ (4,072 ) Income tax benefit on items recognized in accumulated other comprehensive (loss) income 3,878 855 Other comprehensive loss $ (13,548 ) $ (3,217 ) Amount recognized in interest expense on hedged FHLB advances and brokered deposits $ 890 $ 726
Summarized gross and net information abut derivative instruments that are offset in the Consolidated Balance Sheets	The following tables summarize gross and net information about derivative instruments that are offset in the Consolidated Balance Sheets at March 31, 2020 and December 31, 2019: March 31, 2020 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivative Assets $ 5,729 $ — $ 5,729 $ — $ — $ 5,729 (1) Includes accrued interest receivable totaling $19.4 thousand . March 31, 2020 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted(2) Net Amount Derivative Liabilities $ 33,957 $ — $ 33,957 $ — $ 33,957 $ — (1) Includes accrued interest payable totaling $128.9 thousand . (2) Actual cash collateral posted totaled $34.8 million , total cash collateral in the above table represents the total value to net the derivative liabilities to $0 . December 31, 2019 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivative Assets $ 2,363 $ — $ 2,363 $ 591 $ — $ 1,772 (1) Includes accrued interest receivable totaling $97.1 thousand . December 31, 2019 (In thousands) Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities(1) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted(2) Net Amount Derivative Liabilities $ 13,032 $ — $ 13,032 $ 591 $ 12,441 $ — (1) Includes accrued interest payable totaling $75.5 thousand . (2) Actual cash collateral posted totaled $13.5 million , total cash collateral posted in the above table represents the total value to net the derivative liabilities to $0 .

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of carrying values and fair values of the Company s financial instruments	The carrying values, fair values and placement in the fair value hierarchy of the Company's financial instruments at March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 203,569 $ 203,569 $ 203,569 $ — $ — Federal funds sold 6,427 6,427 6,427 — — Marketable equity securities 2,289 2,289 2,289 — — Available for sale securities 82,342 82,342 10,258 72,084 — Held to maturity securities 16,252 18,771 — 82 18,689 Loans receivable, net 1,602,146 1,604,879 — — 1,604,879 Accrued interest receivable 5,867 5,867 — 5,867 — FHLB stock 6,507 6,507 — 6,507 — Servicing asset, net of valuation allowance 900 900 — — 900 Derivative asset 5,710 5,710 — 5,710 — Financial Liabilities: Noninterest bearing deposits $ 168,448 $ 168,448 $ — $ 168,448 $ — NOW and money market 525,196 525,196 — 525,196 — Savings 164,673 164,673 — 164,673 — Time deposits 822,815 831,409 — — 831,409 Accrued interest payable 2,449 2,449 — 2,449 — Advances from the FHLB 125,000 125,114 — — 125,114 Subordinated debentures 25,220 24,552 — — 24,552 Servicing liability 60 60 — — 60 Derivative liability 33,827 33,827 — 33,827 — December 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 78,051 $ 78,051 $ 78,051 $ — $ — Marketable equity securities 2,118 2,118 2,118 — — Available for sale securities 82,439 82,439 10,031 72,408 — Held to maturity securities 16,308 18,307 — 85 18,222 Loans receivable, net 1,588,840 1,589,732 — — 1,589,732 Accrued interest receivable 5,959 5,959 — 5,959 — FHLB stock 7,475 7,475 — 7,475 — Servicing asset, net of valuation allowance 978 978 — — 978 Derivative asset 2,266 2,266 — 2,266 — Financial Liabilities: Noninterest bearing deposits $ 191,518 $ 191,518 $ — $ 191,518 $ — NOW and money market 489,515 489,515 — 489,515 — Savings 183,729 183,729 — 183,729 — Time deposits 627,141 632,436 — — 632,436 Accrued interest payable 2,142 2,142 — 2,142 — Advances from the FHLB 150,000 150,006 — — 150,006 Subordinated debentures 25,207 25,530 — — 25,530 Servicing liability 63 63 — — 63 Derivative liability 12,957 12,957 — 12,957 —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of financial instruments carried at fair value on a recurring basis	The following table details the financial instruments carried at fair value on a recurring basis at March 31, 2020 and December 31, 2019 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. The Company had no transfers into or out of Levels 1, 2 or 3 during the three months ended March 31, 2020 and for the year ended December 31, 2019 . Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2020: Marketable equity securities $ 2,289 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 10,258 72,084 — Derivative asset — 5,710 — Derivative liability — 33,827 — December 31, 2019: Marketable equity securities $ 2,118 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 10,031 72,408 — Derivative asset — 2,266 — Derivative liability — 12,957 —
Schedule of financial instruments carried at fair value on a nonrecurring basis	The following table details the financial instruments measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2020: Impaired loans $ — $ — $ 21,987 Servicing asset, net — — 840 December 31, 2019: Impaired loans $ — $ — $ 22,047 Servicing asset, net — — 915
Schedule of quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on a nonrecurring basis	The following table presents information about quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 : Fair Value Valuation Methodology Unobservable Input Range (Dollars in thousands) March 31, 2020: Impaired loans $ 12,172 Appraisals Discount to appraised value 8.00 - 28.00% 9,815 Discounted cash flows Discount rate 3.50 - 7.50% $ 21,987 Servicing asset, net $ 840 Discounted cash flows Discount rate 10.00 - 11.00% (1) Prepayment rate 3.00 - 17.00% December 31, 2019: Impaired loans $ 12,300 Appraisals Discount to appraised value 8.00 - 28.00% 9,747 Discounted cash flows Discount rate 3.60 - 7.00% $ 22,047 Servicing asset, net $ 915 Discounted cash flows Discount rate 10.00 - 11.00% (2) Prepayment rate 3.00 - 19.00% (1) Servicing liabilities totaling $60 thousand were valued using a discount rate of 0.9% . (2) Servicing liabilities totaling $63 thousand were valued using a discount rate of

Investment Securities - Summary

Investment Securities - Summary of amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Held to maturity securities:
Amortized cost	$ 16,252	$ 16,308
Gross unrealized gains	2,519	1,999
Gross unrealized losses	0	0
Fair value	18,771	18,307
Available for sale securities:
Amortized cost	78,942	81,263
Gross unrealized gains	3,400	1,178
Gross unrealized losses	0	(2)
Available for sale securities	82,342	82,439
U.S. Government and agency obligations
Available for sale securities:
Amortized cost, less than one year	2,100	2,100
Gross unrealized gains, less than one year	7	0
Gross unrealized losses, less than one year	0	(1)
Fair value, less than one year	2,107	2,099
Amortized cost, due from one through five years	9,957	9,950
Gross unrealized gains, due from one through five years	301	81
Gross unrealized losses, due from one through five years	0	0
Fair value, due from one through five years	10,258	10,031
Amortized cost, due from five through ten years	8,268	8,311
Gross unrealized gains, due from five through ten years	763	218
Gross unrealized losses, due from five through ten years	0	(1)
Fair value, due from five through ten years	9,031	8,528
Amortized cost, due after ten years	58,617	60,902
Gross unrealized gains, due after ten years	2,329	879
Gross unrealized losses, due after ten years	0	0
Fair value, due after ten years	60,946	61,781
State agency and municipal obligations
Held to maturity securities:
Amortized cost, due after ten years	16,178	16,231
Gross unrealized gains, due after ten years	2,511	1,991
Gross unrealized losses, due after ten years	0	0
Fair Value, due after ten years	18,689	18,222
No contractual maturity
Held to maturity securities:
Amortized cost, no contractual maturity	74	77
Gross unrealized gains, no contractual maturity	8	8
Gross unrealized losses, no contractual maturity	0	0
Fair Value, no contractual maturity	$ 82	$ 85

Investment Securities - Informa

Investment Securities - Information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Length of Time in Continuous Unrealized Loss Position
Less than 12 months - Fair Value	$ 99
Less than 12 months - Unrealized Loss	$ (1)
Less than 12 months - Percent Decline from Amortized Cost	1.01%
12 Months or More - Fair Value	$ 998
12 Months or More - Unrealized Loss	$ (1)
12 Months or More - Percent Decline from Amortized Cost	0.13%
Fair Value - Total	$ 1,097
Unrealized Loss - Total	$ (2)
Percent Decline from Amortized Cost - Total	0.21%
U.S. Government and agency obligations
Length of Time in Continuous Unrealized Loss Position
Less than 12 months - Fair Value	$ 99
Less than 12 months - Unrealized Loss	$ (1)
Less than 12 months - Percent Decline from Amortized Cost	1.01%
12 Months or More - Fair Value	$ 998
12 Months or More - Unrealized Loss	$ (1)
12 Months or More - Percent Decline from Amortized Cost	0.13%
Fair Value - Total	$ 1,097
Unrealized Loss - Total	$ (2)
Percent Decline from Amortized Cost - Total	0.21%

Investment Securities - Narrati

Investment Securities - Narratives (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Security	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Security
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of securities	$ 0	$ 0
Marketable equity securities, at fair value	2,289,000		$ 2,118,000
Marketable equity securities at amortized cost	$ 2,200,000		$ 2,000,000
Number of available for sales debt securities in continuous loss position (positions) | Security	0		2

Loans Receivable and Allowanc_3

Loans Receivable and Allowance for Loan Losses - Summary of loan portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure
Total loans	$ 1,620,971	$ 1,604,484
Allowance for loan losses	(16,686)	(13,509)	$ (15,430)	$ (15,462)
Deferred loan origination fees, net	(2,141)	(2,137)
Unamortized loan premiums	2	2
Loans receivable, net	1,602,146	1,588,840
Real estate loan
Loans and Leases Receivable Disclosure
Total loans	1,378,153	1,374,306
Residential
Loans and Leases Receivable Disclosure
Total loans	139,353	147,109
Allowance for loan losses	(785)	(730)	(719)	(857)
Commercial
Loans and Leases Receivable Disclosure
Total loans	1,131,206	1,128,614
Allowance for loan losses	(13,134)	(10,551)	(11,646)	(11,562)
Construction
Loans and Leases Receivable Disclosure
Total loans	107,594	98,583
Allowance for loan losses	(466)	(324)	(213)	(140)
Commercial business
Loans and Leases Receivable Disclosure
Total loans	242,705	230,028
Allowance for loan losses	(2,301)	(1,903)	(2,851)	(2,902)
Consumer
Loans and Leases Receivable Disclosure
Total loans	113	150
Allowance for loan losses	0	(1)	$ (1)	$ (1)
Real estate | Residential
Loans and Leases Receivable Disclosure
Total loans	139,353	147,109
Real estate | Commercial
Loans and Leases Receivable Disclosure
Total loans	$ 1,131,206	$ 1,128,614

Loans Receivable and Allowanc_4

Loans Receivable and Allowance for Loan Losses - Narratives (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Loan	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)
Loans and Leases Receivable Disclosure
Allowance for loan losses	$ 16,686,000	$ 15,430,000	$ 13,509,000	$ 15,462,000
Incremental loan loss recognized for the period	$ 3,000,000
Percentage of market value of the collateral	80.00%
Private mortgage percentage of appraised value property	80.00%
Maximum percent of the loan in comparison with original appraised value of the property	80.00%
Loans delinquent greater than 90 days	$ 0		3,400,000
Income contractually due but not recognized on originated nonaccrual loans	200,000	300,000
Interest income recognized on loan	0	0
Non-accrual loans with no allowance for loans losses	9,700,000		9,600,000
Recorded investment in TDR	$ 9,500,000		$ 9,600,000
Number of nonaccrual loans identified as TDRs | Loan	3		3
TDR on non accrual status	$ 1,600,000		$ 1,600,000
The total recorded investment on 3 loans modified	$ 0	$ 0
Requests for payment relief (loan) | Loan	190
Requests for payment relief	$ 235,500,000
Residential mortgage
Loans and Leases Receivable Disclosure
Private mortgage percentage of appraised value property	80.00%

Loans Receivable and Allowanc_5

Loans Receivable and Allowance for Loan Losses - Summary of allowance for loan losses by portfolio segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Allowance for Loan and Lease Losses
Beginning balance	$ 13,509	$ 15,462
Charge-offs	(10)	(238)
Recoveries	2	11
Provisions (Credits)	3,185	195
Ending balance	16,686	15,430
Residential Real Estate
Allowance for Loan and Lease Losses
Beginning balance	730	857
Charge-offs	0	(233)
Recoveries	0	0
Provisions (Credits)	55	95
Ending balance	785	719
Commercial Real Estate
Allowance for Loan and Lease Losses
Beginning balance	10,551	11,562
Charge-offs	0	0
Recoveries	0	0
Provisions (Credits)	2,583	84
Ending balance	13,134	11,646
Construction
Allowance for Loan and Lease Losses
Beginning balance	324	140
Charge-offs	0	0
Recoveries	0	0
Provisions (Credits)	142	73
Ending balance	466	213
Commercial Business
Allowance for Loan and Lease Losses
Beginning balance	1,903	2,902
Charge-offs	(8)	(3)
Recoveries	1	10
Provisions (Credits)	405	(58)
Ending balance	2,301	2,851
Consumer
Allowance for Loan and Lease Losses
Beginning balance	1	1
Charge-offs	(2)	(2)
Recoveries	1	1
Provisions (Credits)	0	1
Ending balance	$ 0	$ 1

Loans Receivable and Allowanc_6

Loans Receivable and Allowance for Loan Losses - Summary by portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	$ 22,521	$ 22,553
Loans individually evaluated for impairment, Allowance	534	506
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	1,598,450	1,581,931
Loans collectively evaluated for impairment, Allowance	16,152	13,003
Total Loans	1,620,971	1,604,484
Allowance for loan losses	16,686	13,509	$ 15,430	$ 15,462
Residential Real Estate
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	3,980	4,020
Loans individually evaluated for impairment, Allowance	0	0
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	135,373	143,089
Loans collectively evaluated for impairment, Allowance	785	730
Total Loans	139,353	147,109
Allowance for loan losses	785	730	719	857
Commercial Real Estate
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	14,277	14,203
Loans individually evaluated for impairment, Allowance	464	372
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	1,116,929	1,114,411
Loans collectively evaluated for impairment, Allowance	12,670	10,179
Total Loans	1,131,206	1,128,614
Allowance for loan losses	13,134	10,551	11,646	11,562
Construction
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	107,594	98,583
Loans collectively evaluated for impairment, Allowance	466	324
Total Loans	107,594	98,583
Allowance for loan losses	466	324	213	140
Commercial business
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	4,264	4,330
Loans individually evaluated for impairment, Allowance	70	134
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	238,441	225,698
Loans collectively evaluated for impairment, Allowance	2,231	1,769
Total Loans	242,705	230,028
Allowance for loan losses	2,301	1,903	2,851	2,902
Consumer
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	113	150
Loans collectively evaluated for impairment, Allowance	0	1
Total Loans	113	150
Allowance for loan losses	$ 0	$ 1	$ 1	$ 1

Loans Receivable and Allowanc_7

Loans Receivable and Allowance for Loan Losses - Summary of credit risk ratings by loan segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment
Total loans	$ 1,620,971	$ 1,604,484
Commercial Real Estate
Financing Receivable, Recorded Investment
Total loans	1,131,206	1,128,614
Construction
Financing Receivable, Recorded Investment
Total loans	107,594	98,583
Commercial business
Financing Receivable, Recorded Investment
Total loans	242,705	230,028
Residential Real Estate
Financing Receivable, Recorded Investment
Total loans	139,353	147,109
Consumer
Financing Receivable, Recorded Investment
Total loans	113	150
Commercial Credit Quality Indicators
Financing Receivable, Recorded Investment
Total loans	1,481,505	1,457,225
Commercial Credit Quality Indicators | Pass
Financing Receivable, Recorded Investment
Total loans	1,427,366	1,411,679
Commercial Credit Quality Indicators | Special Mention
Financing Receivable, Recorded Investment
Total loans	35,599	27,013
Commercial Credit Quality Indicators | Substandard
Financing Receivable, Recorded Investment
Total loans	15,072	15,057
Commercial Credit Quality Indicators | Doubtful
Financing Receivable, Recorded Investment
Total loans	3,468	3,476
Commercial Credit Quality Indicators | Loss
Financing Receivable, Recorded Investment
Total loans	0	0
Commercial Credit Quality Indicators | Commercial Real Estate
Financing Receivable, Recorded Investment
Total loans	1,131,206	1,128,614
Commercial Credit Quality Indicators | Commercial Real Estate | Pass
Financing Receivable, Recorded Investment
Total loans	1,106,734	1,104,164
Commercial Credit Quality Indicators | Commercial Real Estate | Special Mention
Financing Receivable, Recorded Investment
Total loans	10,195	10,247
Commercial Credit Quality Indicators | Commercial Real Estate | Substandard
Financing Receivable, Recorded Investment
Total loans	14,277	14,203
Commercial Credit Quality Indicators | Commercial Real Estate | Doubtful
Financing Receivable, Recorded Investment
Total loans	0	0
Commercial Credit Quality Indicators | Commercial Real Estate | Loss
Financing Receivable, Recorded Investment
Total loans	0	0
Commercial Credit Quality Indicators | Construction
Financing Receivable, Recorded Investment
Total loans	107,594	98,583
Commercial Credit Quality Indicators | Construction | Pass
Financing Receivable, Recorded Investment
Total loans	98,597	98,583
Commercial Credit Quality Indicators | Construction | Special Mention
Financing Receivable, Recorded Investment
Total loans	8,997	0
Commercial Credit Quality Indicators | Construction | Substandard
Financing Receivable, Recorded Investment
Total loans	0	0
Commercial Credit Quality Indicators | Construction | Doubtful
Financing Receivable, Recorded Investment
Total loans	0	0
Commercial Credit Quality Indicators | Construction | Loss
Financing Receivable, Recorded Investment
Total loans	0	0
Commercial Credit Quality Indicators | Commercial business
Financing Receivable, Recorded Investment
Total loans	242,705	230,028
Commercial Credit Quality Indicators | Commercial business | Pass
Financing Receivable, Recorded Investment
Total loans	222,035	208,932
Commercial Credit Quality Indicators | Commercial business | Special Mention
Financing Receivable, Recorded Investment
Total loans	16,407	16,766
Commercial Credit Quality Indicators | Commercial business | Substandard
Financing Receivable, Recorded Investment
Total loans	795	854
Commercial Credit Quality Indicators | Commercial business | Doubtful
Financing Receivable, Recorded Investment
Total loans	3,468	3,476
Commercial Credit Quality Indicators | Commercial business | Loss
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators
Financing Receivable, Recorded Investment
Total loans	139,466	147,259
Residential and Consumer Credit Quality Indicators | Pass
Financing Receivable, Recorded Investment
Total loans	135,485	143,239
Residential and Consumer Credit Quality Indicators | Special Mention
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators | Substandard
Financing Receivable, Recorded Investment
Total loans	3,797	3,832
Residential and Consumer Credit Quality Indicators | Doubtful
Financing Receivable, Recorded Investment
Total loans	184	188
Residential and Consumer Credit Quality Indicators | Loss
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators | Residential Real Estate
Financing Receivable, Recorded Investment
Total loans	139,353	147,109
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Pass
Financing Receivable, Recorded Investment
Total loans	135,372	143,089
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Special Mention
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Substandard
Financing Receivable, Recorded Investment
Total loans	3,797	3,832
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Doubtful
Financing Receivable, Recorded Investment
Total loans	184	188
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Loss
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators | Consumer
Financing Receivable, Recorded Investment
Total loans	113	150
Residential and Consumer Credit Quality Indicators | Consumer | Pass
Financing Receivable, Recorded Investment
Total loans	113	150
Residential and Consumer Credit Quality Indicators | Consumer | Special Mention
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators | Consumer | Substandard
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators | Consumer | Doubtful
Financing Receivable, Recorded Investment
Total loans	0	0
Residential and Consumer Credit Quality Indicators | Consumer | Loss
Financing Receivable, Recorded Investment
Total loans	$ 0	$ 0

Loans Receivable and Allowanc_8

Loans Receivable and Allowance for Loan Losses - Summary of loan portfolio delinquencies by portfolio segment and amount (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due
Total Past Due	$ 14,591	$ 12,326
Current	1,606,380	1,592,158
Total Loans	1,620,971	1,604,484
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	6,789	1,712
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,397	943
90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	6,405	9,671
Residential Real Estate
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,134	1,224
Current	138,219	145,885
Total Loans	139,353	147,109
Residential Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	112	0
Residential Real Estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	929	943
Residential Real Estate | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	93	281
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due
Total Past Due	3,267	6,290
Current	1,127,939	1,122,324
Total Loans	1,131,206	1,128,614
Commercial Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	252	355
Commercial Real Estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	143	0
Commercial Real Estate | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	2,872	5,935
Construction
Financing Receivable, Recorded Investment, Past Due
Total Past Due	6,240	1,357
Current	101,354	97,226
Total Loans	107,594	98,583
Construction | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	6,240	1,357
Construction | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	0	0
Construction | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	0	0
Commercial business
Financing Receivable, Recorded Investment, Past Due
Total Past Due	3,950	3,455
Current	238,755	226,573
Total Loans	242,705	230,028
Commercial business | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	185	0
Commercial business | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	325	0
Commercial business | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	3,440	3,455
Consumer
Financing Receivable, Recorded Investment, Past Due
Total Past Due	0	0
Current	113	150
Total Loans	113	150
Consumer | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	0	0
Consumer | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	0	0
Consumer | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	$ 0	$ 0

Loans Receivable and Allowanc_9

Loans Receivable and Allowance for Loan Losses - Summary of nonaccrual loans by portfolio segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	$ 10,654	$ 10,588
Residential Real Estate
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	1,532	1,560
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	5,339	5,222
Commercial business
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	3,783	$ 3,806
Small Business Administration
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	$ 4,600

Loans Receivable and Allowan_10

Loans Receivable and Allowance for Loan Losses - Summary of impaired loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Impaired loans without a valuation allowance:
Carrying Amount	$ 16,315	$ 16,506
Unpaid Principal Balance	18,005	18,129
Impaired loans with a valuation allowance:
Carrying Amount	6,206	6,047
Unpaid Principal Balance	6,222	6,064
Associated Allowance	534	506
Total impaired loans
Carrying Amount	22,521	22,553
Unpaid Principal Balance	24,227	24,193
Associated Allowance	534	506
Residential Real Estate
Impaired loans without a valuation allowance:
Carrying Amount	3,980	4,020
Unpaid Principal Balance	4,123	4,144
Commercial Real Estate
Impaired loans without a valuation allowance:
Carrying Amount	8,650	8,571
Unpaid Principal Balance	8,982	8,859
Impaired loans with a valuation allowance:
Carrying Amount	5,627	5,632
Unpaid Principal Balance	5,641	5,647
Associated Allowance	464	372
Total impaired loans
Associated Allowance	464	372
Commercial business
Impaired loans without a valuation allowance:
Carrying Amount	3,685	3,915
Unpaid Principal Balance	4,900	5,126
Impaired loans with a valuation allowance:
Carrying Amount	579	415
Unpaid Principal Balance	581	417
Associated Allowance	70	134
Total impaired loans
Associated Allowance	$ 70	$ 134

Loans Receivable and Allowan_11

Loans Receivable and Allowance for Loan Losses - Summary of average recorded investment balance of impaired loans and interest income recognized on impaired loans by portfolio segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Impaired loans without a valuation allowance:
Average Carrying Amount	$ 16,426	$ 16,916
Interest Income Recognized	104	110
Impaired loans with a valuation allowance:
Average Carrying Amount	6,220	1,680
Interest Income Recognized	34	8
Total impaired loans
Average Carrying Amount	22,646	18,596
Interest Income Recognized	138	118
Residential Real Estate
Impaired loans without a valuation allowance:
Average Carrying Amount	3,999	6,058
Interest Income Recognized	31	30
Impaired loans with a valuation allowance:
Average Carrying Amount	0	108
Interest Income Recognized	0	0
Commercial Real Estate
Impaired loans without a valuation allowance:
Average Carrying Amount	8,736	6,012
Interest Income Recognized	70	4
Impaired loans with a valuation allowance:
Average Carrying Amount	5,629	323
Interest Income Recognized	31	1
Commercial business
Impaired loans without a valuation allowance:
Average Carrying Amount	3,691	4,843
Interest Income Recognized	3	76
Impaired loans with a valuation allowance:
Average Carrying Amount	591	1,249
Interest Income Recognized	3	7
Consumer
Impaired loans without a valuation allowance:
Average Carrying Amount	0	3
Interest Income Recognized	$ 0	$ 0

Shareholders' Equity - Common s

Shareholders' Equity - Common stock (Details) - shares	Mar. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (shares)	10,000,000	10,000,000
Common stock, shares outstanding (shares)	7,871,419	7,868,803
Common stock, shares issued (shares)	7,871,419	7,868,803

Shareholders' Equity - Issuer p

Shareholders' Equity - Issuer purchases of equity securities (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 19, 2018
Stockholders Equity Note
Authorized shares for repurchase (shares)			400,000
Common Stock
Stockholders Equity Note
Shares repurchased (shares)	58,499	34,168
Weighted average share repurchased (in dollars per share)	$ 17.69	$ 28.87

Comprehensive Income - Summary

Comprehensive Income - Summary of changes in accumulated other comprehensive income (loss) by component, net of tax (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss
Beginning balance	$ 182,397,000	$ 174,196,000
Other comprehensive (loss) income before reclassifications, net of tax	(11,818,000)	(2,119,000)
Total other comprehensive loss, net of tax	(11,818,000)	(2,119,000)
Ending balance	170,214,000	176,841,000
Reclassified from AOCI	0	0
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income Loss
Beginning balance	(7,516,000)	(1,037,000)
Total other comprehensive loss, net of tax	(11,818,000)	(2,119,000)
Ending balance	(19,334,000)	(3,156,000)
Net Unrealized Gain (Loss) on Available for Sale Securities
Accumulated Other Comprehensive Income Loss
Beginning balance	928,000	(1,379,000)
Other comprehensive (loss) income before reclassifications, net of tax	1,730,000	1,098,000
Total other comprehensive loss, net of tax	1,730,000	1,098,000
Ending balance	2,658,000	(281,000)
Net Unrealized Gain (Loss) on Interest Rate Swaps
Accumulated Other Comprehensive Income Loss
Beginning balance	(8,444,000)	342,000
Other comprehensive (loss) income before reclassifications, net of tax	(13,548,000)	(3,217,000)
Total other comprehensive loss, net of tax	(13,548,000)	(3,217,000)
Ending balance	$ (21,992,000)	$ (2,875,000)

Earnings per Share ("EPS") - Re

Earnings per Share ("EPS") - Reconciliation of earnings available to common stockholders and basic weighted-average common shares outstanding to diluted weighted average common shares outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 1,363	$ 5,080
Dividends to participating securities	(17)	(10)
Undistributed earnings allocated to participating securities	(4)	(44)
Net income for earnings per share calculation	$ 1,342	$ 5,026
Weighted average shares outstanding, basic (in shares)	7,750,135	7,760,460
Effect of dilutive equity-based awards (in shares)	29,000	16,000
Weighted average shares outstanding, diluted (in shares)	7,778,762	7,776,378
Net earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.17	$ 0.65
Diluted earnings per common share (in dollars per share)	$ 0.17	$ 0.65

Regulatory Matters - Narratives

Regulatory Matters - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital to risk-weighted assets requirement (percent)	12.14%	12.53%
Total capital to risk-weighted assets requirement (percent)	8.00%	8.00%
Percentage of higher risk weight (percent)	150.00%
Risk weight of marketable equity securities (percent)	300.00%
Federal Reserve Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum reserve balance		$ 14.1
Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity Tier 1 capital requirement of risk-weighted assets (percent)	4.50%
Leverage ratio (percent)	4.00%
Tier 1 capital to risk-weighted assets requirement (percent)	4.00%
Percentage of capital ratio	1.00%
Regulatory risk based capital conservation buffer (percent)	2.50%
Maximum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital to risk-weighted assets requirement (percent)	6.00%
Percentage of capital ratio	2.00%

Regulatory Matters - Capital am

Regulatory Matters - Capital amounts and ratios for Bank (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Actual Capital, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount	$ 205,713	$ 205,856
Total Capital to Risk-Weighted Assets, Actual Capital, Amount	222,399	219,365
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount	205,713	205,856
Tier I Capital to Average Assets, Actual Capital, Amount	$ 205,713	$ 205,856
Actual Capital, Ratio
Common Equity Tier 1 capital requirement	12.14%	12.53%
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio	13.13%	13.35%
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio	12.14%	12.53%
Tier I Capital to Average Assets, Actual Capital, Ratio	10.84%	10.99%
Minimum Regulatory Capital Required for Capital Adequacy Plus Capital Conservation Buffer, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	$ 118,580	$ 115,040
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	177,870	172,560
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	143,990	139,691
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	$ 75,943	$ 74,951
Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	7.00%	7.00%
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	10.50%	10.50%
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	8.50%	8.50%
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	4.00%	4.00%
Minimum Regulatory Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 110,110	$ 106,823
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount	169,400	164,343
Tier I Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount	135,520	131,474
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 94,929	$ 93,689
Minimum Regulatory Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	6.50%	6.50%
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	10.00%	10.00%
Tier I Capital to Risk-Weighted Assets To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	8.00%	8.00%
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	5.00%	5.00%
Bankwell Financial Group Inc.
Actual Capital, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount	$ 186,804	$ 187,155
Total Capital to Risk-Weighted Assets, Actual Capital, Amount	228,709	225,871
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount	186,804	187,155
Tier I Capital to Average Assets, Actual Capital, Amount	$ 186,804	$ 187,155
Actual Capital, Ratio
Common Equity Tier 1 capital requirement	11.03%	11.37%
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio	13.50%	13.72%
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio	11.03%	11.37%
Tier I Capital to Average Assets, Actual Capital, Ratio	9.82%	9.97%
Minimum Regulatory Capital Required for Capital Adequacy Plus Capital Conservation Buffer, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	$ 118,580	$ 115,253
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	177,870	172,880
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	143,990	139,950
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	$ 76,058	$ 75,067
Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	7.00%	7.00%
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	10.50%	10.50%
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	8.50%	8.50%
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	4.00%	4.00%

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Banking and Thrift [Abstract]
Noninterest bearing demand deposit accounts	$ 168,448	$ 191,518
Interest bearing accounts:
NOW	69,562	70,020
Money market	455,634	419,495
Savings	164,673	183,729
Time certificates of deposit	822,815	627,141
Total interest bearing accounts	1,512,684	1,300,385
Total deposits	$ 1,681,132	$ 1,491,903

Deposits - Time Deposits Maturi

Deposits - Time Deposits Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Time Deposits, Fiscal Year Maturity
2020	$ 539,627	$ 430,361
2021	250,655	167,933
2022	32,125	28,515
2023	284	239
2024	104	93
2025	20	0
Total	$ 822,815	$ 627,141

Deposits - Narratives (Details)

Deposits - Narratives (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Banking and Thrift [Abstract]
Certficate of deposits above $250,000	$ 467.7	$ 307.1
Brokerage certificate of deposits	337.6	179.8
Brokerage certificate of deposits national listing service	53.3	21.3
Brokerage money market accounts	$ 63	$ 39.9

Deposits - Interest Expense on

Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest Expense on Deposit Liabilities, Disclosures
NOW	$ 28	$ 47
Money market	1,492	1,981
Savings	672	769
Time certificates of deposits	3,517	3,303
Total interest expense on deposits	$ 5,709	$ 6,100

Stock-Based Compensation - Narr

Stock-Based Compensation - Narratives (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Plan$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price ( in dollars per share) | $ / shares	$ 15.26
Unvested at beginning of period (shares)	154,012		110,975
Share based payment award shares issued (shares)	61,040
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of share options exercised | $	$ 27
Exercise price of exercisable shares (shares)	15,180
Exercise price lower range limit (in dollars per share) | $ / shares	$ 15
Exercise price upper range limit (in dollars per share) | $ / shares	$ 17.86
Exercisable shares (term)	2 years 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of awards other than options | $	$ 500
Share based compensation expenses | $	400	$ 200
Unrecognized stock compensation expense for restricted stock | $	$ 3,900
Weighted average period for recognition of compensation expense for restricted stock	2 years
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period	1 year
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period	5 years
Performance based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period (shares)			21,750
Share based payment award shares issued (shares)	16,000
BNC Financial Group Inc Stock Option 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity award plans | Plan	3
Number of common stock reserved for issuance (shares)	658,109
BNC Financial Group Inc Stock Option 2012 Plan | Performance based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period (shares)			21,750
Share based payment award shares issued (shares)	37,750
BNC Financial Group Inc Stock Option 2012 Plan | Performance based restricted stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period	3 years
Percentage of grant as share quantity for which performance metric is met	0.00%
BNC Financial Group Inc Stock Option 2012 Plan | Performance based restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period	4 years
Percentage of grant as share quantity for which performance metric is met	200.00%

Stock-Based Compensation - Outs

Stock-Based Compensation - Outstanding share options (Details) - Employee Stock Options	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Shares
Options outstanding at beginning of period (shares) | shares	16,680
Exercised (shares) | shares	(1,500)
Options outstanding at end of period (shares) | shares	15,180
Options exercisable at end of period (shares) | shares	15,180
Weighted Average Exercise Price
Options outstanding at beginning of period (usd per share) | $ / shares	$ 16.30
Exercised (usd per share) | $ / shares	11
Options outstanding at end of period (usd per share) | $ / shares	16.82
Options exercisable at end of period (usd per share) | $ / shares	$ 16.82

Stock-Based Compensation - Acti

Stock-Based Compensation - Activity for restricted stock (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Shares
Unvested at beginning of period (shares) | shares	110,975
Granted (shares) | shares	61,040
Vested (shares) | shares	(16,578)
Forfeited (shares) | shares	(1,425)
Unvested at end of period (shares) | shares	154,012
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) | $ / shares	$ 30.88
Granted (in dollars per share) | $ / shares	28.72
Vested (in dollars per share) | $ / shares	31.44
Forfeited (in dollars per share) | $ / shares	31.58
Unvested at end of period (in dollars per share) | $ / shares	$ 29.96

Derivative Instruments - Narrat

Derivative Instruments - Narratives (Details)	3 Months Ended
	Mar. 31, 2020USD ($)instrument	Dec. 31, 2019USD ($)
Derivatives
Notional amount of interest rate swap	$ 277,000,000	$ 265,000,000
Rolling period of federal home loan bank advances converted to fixed rates	90 days
Accrued interest included in derivative fair value	$ 19,400	97,100
Accrued interest included in derivative liability fair value	128,900	75,500
Collateral posted related to interest rate swaps	34,800,000	13,500,000
otal cash collateral posted	0	0
Interest expense
Derivatives
Amount of cash flow hedge gain expected to be reclassified to interest expense in the next 12 months	2,600,000
Derivatives not designated as hedging instruments
Derivatives
Notional amount of interest rate swap	$ 77,000,000	40,000,000
Interest rate swap
Derivatives
Number of derivatives instruments held (instruments) | instrument	7
Notional amount of interest rate swap	$ 25,000,000
Accrued interest excluded from derivative fair value	100,000	21,600
Accrued interest included in derivative fair value	$ 28,200,000	$ 10,700,000
Interest rate swap | Derivatives not designated as hedging instruments
Derivatives
Number of derivatives instruments held (instruments) | instrument	4

Derivative Instruments - Inform

Derivative Instruments - Information about derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivatives
Notional Amount	$ 277,000	$ 265,000
Fair Value Asset (Liability), Net	(28,117)	(10,691)
Derivatives designated as hedging instruments: | Cash Flow Hedging
Derivatives
Notional Amount	200,000	225,000
Fair Value Asset (Liability), Net	(28,117)	(10,691)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Interest rate swap 1.83%
Derivatives
Notional Amount		$ 25,000
Original Maturity		5 years
Paid (Interest Rate)		1.83%
Derivative asset fair value		$ 0
Derivatives designated as hedging instruments: | Cash Flow Hedging | Interest rate swap 1.48%
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	5 years	5 years
Paid (Interest Rate)	1.48%	1.48%
Derivative asset fair value		$ 51
Derivative liability fair value	$ (34)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Interest rate swap 1.22%
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	5 years	5 years
Paid (Interest Rate)	1.22%	1.22%
Derivative asset fair value		$ 174
Derivative liability fair value	$ (207)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Interest rate swap 2.04%
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	7 years	7 years
Paid (Interest Rate)	2.04%	2.04%
Derivative liability fair value	$ (1,720)	$ (396)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Interest rate swap 2.04% (2)
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	7 years	7 years
Paid (Interest Rate)	2.04%	2.04%
Derivative liability fair value	$ (1,725)	$ (402)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Forward-starting interest rate swap 3.01%
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	15 years	15 years
Paid (Interest Rate)	3.01%	3.01%
Derivative liability fair value	$ (7,526)	$ (3,328)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Forward-starting interest rate swap 1.28%
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	3 years	3 years
Paid (Interest Rate)	1.28%	1.28%
Derivative asset fair value		$ 279
Derivative liability fair value	$ (572)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Forward-starting interest rate swap 3.03%
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	15 years	15 years
Paid (Interest Rate)	3.03%	3.03%
Derivative liability fair value	$ (8,081)	$ (3,557)
Derivatives designated as hedging instruments: | Cash Flow Hedging | Forward-starting interest rate swap 3.05%
Derivatives
Notional Amount	$ 25,000	$ 25,000
Original Maturity	15 years	15 years
Paid (Interest Rate)	3.05%	3.05%
Derivative liability fair value	$ (8,252)	$ (3,512)
Derivatives not designated as hedging instruments
Derivatives
Notional Amount	77,000	40,000
Fair Value Asset (Liability), Net	0	0
Derivatives not designated as hedging instruments | Interest rate swap 5.00%
Derivatives
Notional Amount	$ 20,000	$ 20,000
Original Maturity	20 years	20 years
Paid (Interest Rate)	5.00%	5.00%
Derivative liability fair value	$ (4,865)	$ (1,762)
Derivatives not designated as hedging instruments | Interest rate swap 5.00% (2)
Derivatives
Notional Amount	$ 20,000	$ 20,000
Original Maturity	20 years	20 years
Paid (Interest Rate)	5.00%	5.00%
Derivative asset fair value	$ 4,865	$ 1,762
Derivatives not designated as hedging instruments | Interest rate swap 3.15%
Derivatives
Notional Amount	$ 18,500
Original Maturity	10 years
Paid (Interest Rate)	3.15%
Derivative liability fair value	$ (845)
Derivatives not designated as hedging instruments | Interest rate swap 3.15% (2)
Derivatives
Notional Amount	$ 18,500
Original Maturity	10 years
Paid (Interest Rate)	3.15%
Derivative asset fair value	$ 845

Derivative Instruments - Forwar

Derivative Instruments - Forward starting interest rate swap transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivatives
Notional Amount	$ 277,000	$ 265,000
Interest rate swap
Derivatives
Notional Amount	25,000
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap
Derivatives
Notional Amount	175,000
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap | August 26, 2015
Derivatives
Notional Amount	$ 25,000
Duration of Borrowing	5 years
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap | July 1, 2016
Derivatives
Notional Amount	$ 25,000
Duration of Borrowing	5 years
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap | August 25, 2017
Derivatives
Notional Amount	$ 25,000
Duration of Borrowing	7 years
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap | August 25, 2017
Derivatives
Notional Amount	$ 25,000
Duration of Borrowing	7 years
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap | January 2, 2019
Derivatives
Notional Amount	$ 25,000
Duration of Borrowing	15 years
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap | December 27, 2019
Derivatives
Notional Amount	$ 25,000
Duration of Borrowing	3 years
Cash Flow Hedging | FHLB 90-day advance | Interest rate swap | January 2, 2020
Derivatives
Notional Amount	$ 25,000
Duration of Borrowing	15 years

Derivative Instruments - Change

Derivative Instruments - Changes in consolidated statements of comprehensive income related to interest rate derivatives (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest rate swap on FHLB advances and brokered deposits:
Unrealized losses recognized in accumulated other comprehensive (loss) income	$ (17,426)	$ (4,072)
Income tax benefit	3,878	855
Unrealized losses on interest rate swaps, net of tax	(13,548)	(3,217)
Amount recognized in interest expense on hedged FHLB advances and brokered deposits	$ 890	$ 726

Derivative Instruments - Summar

Derivative Instruments - Summary of gross net information about derivatives (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	$ 5,729,000	$ 2,363,000
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets presented in the Statement of Financial Position	5,729,000	2,363,000
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	0	591,000
Derivative, CollateGross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Receivedral, Obligation to Return Cash	0	0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount	5,729,000	1,772,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	33,957,000	13,032,000
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities presented in the Statement of Financial Position	33,957,000	13,032,000
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	0	591,000
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Posted	33,957,000	12,441,000
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount	$ 0	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying values and fair values of financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Assets:
Federal funds sold	$ 6,427	$ 0
Marketable equity securities	2,289	2,118
Available for sale securities	82,342	82,439
Held to maturity securities	16,252	16,308
Derivative asset	5,729	2,363
Financial Liabilities:
Derivative liability	33,957	13,032
Level 1
Financial Assets:
Cash and due from banks	203,569	78,051
Federal funds sold	6,427
Marketable equity securities	2,289	2,118
Available for sale securities	10,258	10,031
Held to maturity securities	0	0
Loans receivable, net	0	0
Accrued interest receivable	0	0
FHLB stock	0	0
Servicing asset, net of valuation allowance	0	0
Derivative asset	0	0
Financial Liabilities:
Noninterest bearing deposits	0	0
NOW and money market	0	0
Savings	0	0
Time deposits	0	0
Accrued interest payable	0	0
Advances from the FHLB	0	0
Subordinated debentures	0	0
Servicing liability	0	0
Derivative liability	0	0
Level 2
Financial Assets:
Cash and due from banks	0	0
Federal funds sold	0
Marketable equity securities	0	0
Available for sale securities	72,084	72,408
Held to maturity securities	82	85
Loans receivable, net	0	0
Accrued interest receivable	5,867	5,959
FHLB stock	6,507	7,475
Servicing asset, net of valuation allowance	0	0
Derivative asset	5,710	2,266
Financial Liabilities:
Noninterest bearing deposits	168,448	191,518
NOW and money market	525,196	489,515
Savings	164,673	183,729
Time deposits	0	0
Accrued interest payable	2,449	2,142
Advances from the FHLB	0	0
Subordinated debentures	0	0
Servicing liability	0	0
Derivative liability	33,827	12,957
Level 3
Financial Assets:
Cash and due from banks	0	0
Federal funds sold	0
Marketable equity securities	0	0
Available for sale securities	0	0
Held to maturity securities	18,689	18,222
Loans receivable, net	1,604,879	1,589,732
Accrued interest receivable	0	0
FHLB stock	0	0
Servicing asset, net of valuation allowance	900	978
Derivative asset	0	0
Financial Liabilities:
Noninterest bearing deposits	0	0
NOW and money market	0	0
Savings	0	0
Time deposits	831,409	632,436
Accrued interest payable	0	0
Advances from the FHLB	125,114	150,006
Subordinated debentures	24,552	25,530
Servicing liability	60	63
Derivative liability	0	0
Carrying Value
Financial Assets:
Cash and due from banks	203,569	78,051
Federal funds sold	6,427
Marketable equity securities	2,289	2,118
Available for sale securities	82,342	82,439
Held to maturity securities	16,252	16,308
Loans receivable, net	1,602,146	1,588,840
Accrued interest receivable	5,867	5,959
FHLB stock	6,507	7,475
Servicing asset, net of valuation allowance	900	978
Derivative asset	5,710	2,266
Financial Liabilities:
Noninterest bearing deposits	168,448	191,518
NOW and money market	525,196	489,515
Savings	164,673	183,729
Time deposits	822,815	627,141
Accrued interest payable	2,449	2,142
Advances from the FHLB	125,000	150,000
Subordinated debentures	25,220	25,207
Servicing liability	60	63
Derivative liability	33,827	12,957
Fair Value
Financial Assets:
Cash and due from banks	203,569	78,051
Federal funds sold	6,427
Marketable equity securities	2,289	2,118
Available for sale securities	82,342	82,439
Held to maturity securities	18,771	18,307
Loans receivable, net	1,604,879	1,589,732
Accrued interest receivable	5,867	5,959
FHLB stock	6,507	7,475
Servicing asset, net of valuation allowance	900	978
Derivative asset	5,710	2,266
Financial Liabilities:
Noninterest bearing deposits	168,448	191,518
NOW and money market	525,196	489,515
Savings	164,673	183,729
Time deposits	831,409	632,436
Accrued interest payable	2,449	2,142
Advances from the FHLB	125,114	150,006
Subordinated debentures	24,552	25,530
Servicing liability	60	63
Derivative liability	$ 33,827	$ 12,957

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narratives (Details) - Discount rate	Mar. 31, 2020	Dec. 31, 2019
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, measurement input	0.037	0.038
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, measurement input	0.041	0.041

Fair Value Measurements - Finan

Fair Value Measurements - Financial instruments carried at fair value on recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	$ 2,289	$ 2,118
Available for sale securities	82,342	82,439
Derivative asset	5,729	2,363
Derivative liability	33,957	13,032
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	2,289	2,118
Available for sale securities	10,258	10,031
Derivative asset	0	0
Derivative liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	0	0
Available for sale securities	72,084	72,408
Derivative asset	5,710	2,266
Derivative liability	33,827	12,957
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	0	0
Available for sale securities	0	0
Derivative asset	0	0
Derivative liability	0	0
Fair Value Measurements Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	2,289	2,118
Derivative asset	0	0
Derivative liability	0	0
Fair Value Measurements Recurring | Level 1 | U.S. Government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	10,258	10,031
Fair Value Measurements Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	0	0
Derivative asset	5,710	2,266
Derivative liability	33,827	12,957
Fair Value Measurements Recurring | Level 2 | U.S. Government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	72,084	72,408
Fair Value Measurements Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	0	0
Derivative asset	0	0
Derivative liability	0	0
Fair Value Measurements Recurring | Level 3 | U.S. Government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	$ 0	$ 0

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial instruments carried at fair value on nonrecurring basis (Details) - Fair Value Measurements Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	$ 0	$ 0
Servicing asset, net	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	0	0
Servicing asset, net	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	21,987	22,047
Servicing asset, net	$ 840	$ 915

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on nonrecurring basis (Details) $ in Thousands	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing liability	$ 60	$ 63
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing liability	60	63
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing liability	60	63
Fair Value Measurements Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	21,987	22,047
Servicing asset, net	840	915
Fair Value Measurements Nonrecurring | Level 3 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	21,987	22,047
Servicing asset, net	$ 840	$ 915
Fair Value Measurements Nonrecurring | Level 3 | Discount rate | Fair Value | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing liability, measurement input (percent)	0.009	0.016
Fair Value Measurements Nonrecurring | Level 3 | Discount rate | Fair Value | Minimum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing asset, measurement input (percent)	0.1000	0.1000
Fair Value Measurements Nonrecurring | Level 3 | Discount rate | Fair Value | Maximum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing asset, measurement input (percent)	0.1100	0.1100
Fair Value Measurements Nonrecurring | Level 3 | Prepayment rate | Fair Value | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing asset, measurement input (percent)	0.0300	0.0300
Fair Value Measurements Nonrecurring | Level 3 | Prepayment rate | Fair Value | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing asset, measurement input (percent)	0.1700	0.1900
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Fair Value | Appraisals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	$ 12,172	$ 12,300
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Fair Value | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	$ 9,815	$ 9,747
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Appraised value | Minimum | Appraisals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (percent)	0.0800	0.0800
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Appraised value | Maximum | Appraisals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (percent)	0.2800	0.2800
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Discount rate | Minimum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (percent)	0.0350	0.0360
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Discount rate | Maximum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (percent)	0.0750	0.0700

Narratives (Detail)

Narratives (Detail) - USD ($)	Aug. 19, 2015	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument
Interest expense debt		$ 400,000	$ 400,000
Fixed rated subordinated notes
Debt Instrument
Aggregate principal amount	$ 25,500,000
Notes non-callable term (in years)	5 years
Quarterly pay fixed interest rate of notes	5.75%

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Apr. 29, 2020$ / shares	May 11, 2020USD ($)Loan	Mar. 31, 2020$ / shares	Mar. 31, 2019$ / shares
Subsequent Event
Dividends per common share (in dollars per share) | $ / shares			$ 0.14	$ 0.13
Subsequent Event
Subsequent Event
Dividends per common share (in dollars per share) | $ / shares	$ 0.14
Loans approved (loans) | Loan		350
Payments for loans | $		$ 60
Additional requests for payment relief (loan) | Loan		60
Additional requests for payment relief | $		$ 115

Uncategorized Items - bwfg-2020

Label	Element	Value
Accounting Standards Update 2016-02 [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	$ 481,000