Bankwell Financial (BWFG) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-36448
Entity Registrant Name	Bankwell Financial Group, Inc.
Entity Incorporation, State	CT
Entity Tax Identification Number	20-8251355
Entity Address, Street	258 Elm Street
Entity Address, City	New Canaan
Entity Address, State	CT
Entity Address, Postal Zip Code	06840
City Area Code	203
Local Phone Number	652-0166
Title of Each Class	Common Stock, no par value pershare
Trading Symbol(s)	BWFG
Name of Each Exchange on Which Registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,761,113
Entity Central Index Key	0001505732
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - (

Consolidated Balance Sheets - (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 280,471	$ 291,598
Federal funds sold	19,022	53,084
Cash and cash equivalents	299,493	344,682
Investment securities
Marketable equity securities, at fair value	2,090	2,168
Available for sale investment securities, at fair value	98,733	90,198
Held to maturity investment securities, at amortized cost (fair values of $16,338 and $18,445 at March 31, 2022 and December 31, 2021, respectively)	15,979	16,043
Total investment securities	116,802	108,409
Loans receivable (net of allowance for loan losses of $17,141 at March 31, 2022 and $16,902 at December 31, 2021)	1,964,567	1,875,167
Accrued interest receivable	7,733	7,512
Federal Home Loan Bank stock, at cost	2,870	2,814
Premises and equipment, net	25,661	25,588
Bank-owned life insurance	49,434	49,174
Goodwill	2,589	2,589
Deferred income taxes, net	6,879	7,621
Other assets	20,849	32,708
Total assets	2,496,877	2,456,264
Deposits
Noninterest bearing deposits	412,985	398,956
Interest bearing deposits	1,753,219	1,725,042
Total deposits	2,166,204	2,123,998
Advances from the Federal Home Loan Bank	50,000	50,000
Subordinated debentures (face value of $35,000 and $35,000 at March 31, 2022 and December 31, 2021, respectively, less unamortized debt issuance costs of $529 and $559 at March 31, 2022 and December 31, 2021, respectively)	34,471	34,441
Accrued expenses and other liabilities	35,982	45,838
Total liabilities	2,286,657	2,254,277
Commitments and contingencies
Shareholders' equity
Common stock, no par value; 10,000,000 shares authorized, 7,761,338 and 7,803,166 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	114,882	118,148
Retained earnings	99,047	92,400
Accumulated other comprehensive loss	(3,709)	(8,561)
Total shareholders' equity	210,220	201,987
Total liabilities and shareholders' equity	$ 2,496,877	$ 2,456,264

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - (unaudited) (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Held to maturity investment securities, fair value	$ 16,338,000	$ 18,445,000
Allowance for loan losses	$ 17,141,000	$ 16,902,000
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)	7,761,338	7,803,166
Common stock, shares outstanding (shares)	7,761,338	7,803,166
Subordinated debentures
Debt instrument face value of debt	$ 35,000,000	$ 35,000,000
Unamortized debt issuance costs	$ 529,000	$ 559,000

Consolidated Statements of Inco

Consolidated Statements of Income – (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest and dividend income
Interest and fees on loans	$ 21,428	$ 17,900
Interest and dividends on securities	720	769
Interest on cash and cash equivalents	154	108
Total interest and dividend income	22,302	18,777
Interest expense
Interest expense on deposits	2,206	3,114
Interest expense on borrowings	586	1,008
Total interest expense	2,792	4,122
Net interest income	19,510	14,655
Provision (credit) for loan losses	229	(296)
Net interest income after provision (credit) for loan losses	19,281	14,951
Noninterest income
Gains and fees from sales of loans	631	513
Bank-owned life insurance	260	231
Service charges and fees	240	199
Other	(173)	1,013
Total noninterest income	958	1,956
Noninterest expense
Salaries and employee benefits	4,940	4,769
Occupancy and equipment	2,150	2,406
Professional services	981	587
Data processing	654	512
Director fees	352	317
FDIC insurance	223	403
Marketing	45	(9)
Other	580	653
Total noninterest expense	9,925	9,638
Income before income tax expense	10,314	7,269
Income tax expense	2,102	1,579
Net income	$ 8,212	$ 5,690
Earnings Per Common Share:
Basic (in dollars per share)	$ 1.05	$ 0.72
Diluted (in dollars per share)	$ 1.04	$ 0.71
Weighted Average Common Shares Outstanding:
Basic (in shares)	7,637,077	7,758,540
Diluted (in shares)	7,719,405	7,800,777
Dividends per common share (in dollars per share)	$ 0.20	$ 0.14

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) – (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 8,212	$ 5,690
Unrealized losses on securities:
Unrealized holding losses on available for sale securities	(4,767)	(1,025)
Reclassification adjustment for gain realized in net income	0	0
Net change in unrealized losses	(4,767)	(1,025)
Income tax benefit	1,064	227
Unrealized losses on securities, net of tax	(3,703)	(798)
Unrealized gains on interest rate swaps:
Unrealized gains on interest rate swaps	11,016	10,934
Income tax expense	(2,461)	(2,434)
Unrealized gains on interest rate swaps, net of tax	8,555	8,500
Total other comprehensive income, net of tax	4,852	7,702
Comprehensive income	$ 13,064	$ 13,392

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity – (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020	$ 176,602	$ 121,338	$ 70,839	$ (15,575)
Beginning balance (in shares) at Dec. 31, 2020		7,919,278
Increase (Decrease) in Stockholders' Equity
Net income	5,690		5,690
Other comprehensive income, net of tax	7,702			7,702
Cash dividends declared	(1,111)		(1,111)
Stock-based compensation expense	431	$ 431
Forfeitures of restricted stock (in shares)		(150)
Issuance of restricted stock (in shares)		51,628
Stock options exercised	53	$ 53
Stock options exercised (in shares)		3,500
Repurchase of common stock	(1,424)	$ (1,424)
Repurchase of common stock (in shares)		(65,626)
Ending balance at Mar. 31, 2021	187,943	$ 120,398	75,418	(7,873)
Ending balance (in shares) at Mar. 31, 2021		7,908,630
Beginning balance at Dec. 31, 2020	176,602	$ 121,338	70,839	(15,575)
Beginning balance (in shares) at Dec. 31, 2020		7,919,278
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock (in shares)		(190,770)
Ending balance at Dec. 31, 2021	201,987	$ 118,148	92,400	(8,561)
Ending balance (in shares) at Dec. 31, 2021		7,803,166
Increase (Decrease) in Stockholders' Equity
Net income	8,212		8,212
Other comprehensive income, net of tax	4,852			4,852
Cash dividends declared	(1,565)		(1,565)
Stock-based compensation expense	541	$ 541
Issuance of restricted stock (in shares)		69,001
Stock options exercised	30	$ 30
Stock options exercised (in shares)		2,000
Repurchase of common stock	(3,837)	$ (3,837)
Repurchase of common stock (in shares)		(112,829)
Ending balance at Mar. 31, 2022	$ 210,220	$ 114,882	$ 99,047	$ (3,709)
Ending balance (in shares) at Mar. 31, 2022		7,761,338

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity – (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.20	$ 0.14

Consolidated Statements of Cash

Consolidated Statements of Cash Flows – (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 8,212	$ 5,690
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums and discounts on investment securities	90	30
Provision (credit) for loan losses	229	(296)
(Credit) provision for deferred income taxes	(303)	185
Change in fair value of marketable equity securities	85	36
Depreciation and amortization	752	791
Amortization of debt issuance costs	30	13
Increase in cash surrender value of bank-owned life insurance	(260)	(231)
Gains and fees from sales of loans	(631)	(513)
Stock-based compensation	541	431
Amortization of intangibles	0	9
Loss on sale of premises and equipment	0	6
Net change in:
Deferred loan fees	810	(403)
Accrued interest receivable	(221)	(727)
Other assets	13,516	11,854
Accrued expenses and other liabilities	(849)	(181)
Net cash provided by operating activities	22,001	16,694
Cash flows from investing activities
Proceeds from principal repayments on available for sale securities	2,847	4,329
Proceeds from principal repayments on held to maturity securities	66	4,592
Purchases of marketable equity securities	(7)	(7)
Purchases of available for sale securities	(16,241)	0
Purchases of held to maturity securities	0	(4,736)
Net increase in loans	(96,076)	(51,723)
Proceeds from sales of loans not originated for sale	6,268	4,480
Purchases of premises and equipment, net	(825)	(2,646)
(Purchase) reduction of Federal Home Loan Bank stock	(56)	1,414
Net cash used in investing activities	(104,024)	(44,297)
Cash flows from financing activities
Net change in time certificates of deposit	(11,025)	(83,269)
Net change in other deposits	53,231	115,761
Net change in FHLB advances	0	(50,000)
Proceeds from exercise of options	30	53
Dividends paid on common stock	(1,565)	(1,111)
Repurchase of common stock	(3,837)	(1,424)
Net cash provided by (used in) financing activities	36,834	(19,990)
Net decrease in cash and cash equivalents	(45,189)	(47,593)
Cash and cash equivalents:
Beginning of year	344,682	409,598
End of period	299,493	362,005
Cash paid for:
Interest	2,673	4,694
Income taxes	150	109
Noncash investing and financing activities:
Net change in unrealized gains or losses on available for sale securities	(4,767)	(1,025)
Net change in unrealized gains or losses on interest rate swaps	11,016	10,934
Establishment of right-of-use asset and lease liability	0	9,775
Transfer of loans from held-for-investment to held-for-sale	$ 5,637	$ 3,967

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 "Parent Corporation") is a bank holding company headquartered in New Canaan, Connecticut. The Parent Corporation offers a broad range of financial services through its banking subsidiary, Bankwell Bank (the "Bank" and, collectively with the Parent Corporation and the Parent Corporation's subsidiaries, the "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 commercial lending services through a variety of fixed and floating rate products in Connecticut and surrounding markets. Such services are also provided to certain industries across several regions of the United States, primarily with borrowers with whom the Company has existing relationships. The Bank operates branches in New Canaan, Stamford, Fairfield, Wilton, Westport, Darien, Norwalk, and Hamden, 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. 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, 2022. 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, 2021. Significant concentrations of credit risk Many of the Company's activities are with customers located in Connecticut and New York, with the majority of the Company's loans in Connecticut and some New York metro area counties. Declines in property values in these areas could significantly impact the Company. The Company has a significant concentration in commercial real estate loans. 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 may be reclassified to conform to the 2022 financial statement presentation. These reclassifications only change the reporting categories and do 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. 2022-02, Financial Instruments—Credit Losses (Topic 326): "Troubled Debt Restructurings and Vintage Disclosures.” This ASU eliminates the TDR recognition and measurement guidance and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether a modification represents a new loan or a continuation of an existing loan. In addition, this ASU enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, this ASU requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 326-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. For entities that have adopted the amendments in update 2016-13, the amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted the amendments in update 2016-13, the effective dates for the amendments in this update are the same as the effective dates in Update 2016-13. The Company has not yet adopted this accounting standard as ASU 2016-13 has not been adopted. Management continues to evaluate the impact of its future adoption of this guidance on the Company’s financial statements. 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 qualifies to defer the adoption of this standard and has not yet adopted this standard. Management 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 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 qualifies to defer the adoption of this standard and has not yet adopted this standard. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2022
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, 2022 were as follows: March 31, 2022 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Due from one through five years $ 40,944 $ — $ (1,887) $ 39,057 Due from five through ten years 33,689 — (260) 33,429 Due after ten years 11,240 47 (411) 10,876 Total U.S. Government and agency obligations 85,873 47 (2,558) 83,362 Corporate bonds Due from five through ten years 14,000 90 (253) 13,837 Due after ten years 1,500 34 — 1,534 Total corporate bonds 15,500 124 (253) 15,371 Total available for sale securities $ 101,373 $ 171 $ (2,811) $ 98,733 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,937 $ 1,018 $ (663) $ 16,292 Government-sponsored mortgage backed securities No contractual maturity 42 4 — 46 Total held to maturity securities $ 15,979 $ 1,022 $ (663) $ 16,338 The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2021 were as follows: December 31, 2021 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Due from one through five years $ 25,747 $ 3 $ (181) $ 25,569 Due from five through ten years 16,540 866 — 17,406 Due after ten years 31,284 988 (58) 32,214 Total U.S. Government and agency obligations 73,571 1,857 (239) 75,189 Corporate bonds Due from five through ten years 13,000 429 (10) 13,419 Due after ten years 1,500 90 — 1,590 Total corporate bonds 14,500 519 (10) 15,009 Total available for sale securities $ 88,071 $ 2,376 $ (249) $ 90,198 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,998 $ 2,601 $ (206) $ 18,393 Government-sponsored mortgage backed securities No contractual maturity 45 7 — 52 Total held to maturity securities $ 16,043 $ 2,608 $ (206) $ 18,445 There were no sales of investment securities during the three months ended March 31, 2022 or 2021. At March 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, the actual durations of the Company's available for sale securities were significantly shorter than the stated maturities. As of March 31, 2022, the Company held marketable equity securities with a fair value of $2.1 million and an amortized cost of $2.1 million. At December 31, 2021, the Company held marketable equity securities with a fair value of $2.2 million and an amortized cost of $2.1 million. These securities represent an investment in mutual funds that have an objective to make investments for CRA purposes. 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 March 31, 2022 and December 31, 2021: Length of Time in Continuous Unrealized Loss Position Less Than 12 Months 12 Months or More Total Fair Value Unrealized Percent Fair Value Unrealized Percent Fair Value Unrealized Percent (Dollars in thousands) March 31, 2022 U.S. Government and agency obligations $ 79,507 $ (2,558) 3.12 % $ — $ — — % $ 79,507 $ (2,558) 3.12 % Corporate bonds 9,747 (253) 2.53 — — — 9,747 (253) 2.53 State agency and municipal obligations — — — 3,971 (663) 14.30 3,971 (663) 14.30 Total investment securities $ 89,254 $ (2,811) 3.05 % $ 3,971 $ (663) 14.30 % $ 93,225 $ (3,474) 3.59 % Length of Time in Continuous Unrealized Loss Position Less Than 12 Months 12 Months or More Total Fair Value Unrealized Percent Fair Value Unrealized Percent Fair Value Unrealized Percent (Dollars in thousands) December 31, 2021 U.S. Government and agency obligations $ 28,121 $ (239) 0.84 % $ — $ — — % $ 28,121 $ (239) 0.84 % Corporate bonds 2,990 (10) 0.35 — — — 2,990 (10) 0.35 State agency and municipal obligations 4,443 (206) 4.44 — — — 4,443 (206) 4.44 Total investment securities $ 35,554 $ (455) 1.27 % $ — $ — — % $ 35,554 $ (455) 1.27 % There were twenty-two and seven investment securities as of March 31, 2022 and December 31, 2021, respectively, in which the fair value of the security was less than the amortized cost of the security. The U.S. Government and agency obligations owned are either direct obligations of the U.S. Government or guaranteed by the U.S. Government, therefore the contractual cash flows are guaranteed and as a result the unrealized losses in this portfolio are considered to be only temporarily impaired. The Company continually monitors its corporate bond, state agency and municipal bond portfolios and at this time these portfolios have minimal default risk because state agency and municipal bonds are all rated investment grade or deemed to be of investment grade quality. The Company has the intent and ability to retain its investment securities in an unrealized loss position at March 31, 2022 until the decline in value has recovered or the security has matured.

Loans Receivable and Allowance

Loans Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Real estate loans: Residential $ 68,617 $ 79,987 Commercial 1,425,758 1,356,709 Construction 115,514 98,341 1,609,889 1,535,037 Commercial business (1) 370,166 350,975 Consumer 5,275 8,869 Total loans 1,985,330 1,894,881 Allowance for loan losses (17,141) (16,902) Deferred loan origination fees, net (3,622) (2,812) Loans receivable, net $ 1,964,567 $ 1,875,167 (1) The March 31, 2022 and December 31, 2021 balances include $0.1 million and $0.2 million, respectively, of Paycheck Protection Program ("PPP") loans made under the CARES Act. Lending activities 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, owner-occupied commercial real estate 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. This segment also includes Paycheck Protection Program ("PPP") loans made under the CARES Act to small businesses impacted by COVID-19, to cover payroll and other operating expenses. Loans extended under the PPP are fully guaranteed by the U.S. Small Business Administration ("SBA"). Consumer: This portfolio segment includes loans secured by savings or certificate accounts, automobiles, as well as unsecured personal loans and overdraft lines of credit. In addition, there are loans to finance insurance premiums, secured by the cash surrender value of life insurance and marketable securities. 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, 2022 and 2021, by portfolio segment: Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2022 Beginning balance $ 504 $ 12,751 $ 4 $ 3,590 $ 53 $ 16,902 Charge-offs — — — — (4) (4) Recoveries — — — 13 1 14 (Credits) provisions (146) 690 52 (349) (18) 229 Ending balance $ 358 $ 13,441 $ 56 $ 3,254 $ 32 $ 17,141 Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2021 Beginning balance $ 610 $ 16,425 $ 221 $ 3,753 $ — $ 21,009 Charge-offs — (163) — — (14) (177) Recoveries — — — — 9 9 (Credits) provisions (109) (3) 76 (301) 41 (296) Ending balance $ 501 $ 16,259 $ 297 $ 3,452 $ 36 $ 20,545 Loans evaluated for impairment and the related allowance for loan losses as of March 31, 2022 and December 31, 2021 were as follows: Portfolio Allowance (In thousands) March 31, 2022 Loans individually evaluated for impairment: Residential real estate $ 3,918 $ 211 Commercial real estate 29,609 2,497 Construction 9,382 — Commercial business 3,022 74 Subtotal 45,931 2,782 Loans collectively evaluated for impairment: Residential real estate 64,699 147 Commercial real estate 1,396,149 10,944 Construction 106,132 56 Commercial business 367,144 3,180 Consumer 5,275 32 Subtotal 1,939,399 14,359 Total $ 1,985,330 $ 17,141 Portfolio Allowance (In thousands) December 31, 2021 Loans individually evaluated for impairment: Residential real estate $ 4,150 $ 261 Commercial real estate 29,666 2,520 Construction 8,997 — Commercial business 4,368 87 Subtotal 47,181 2,868 Loans collectively evaluated for impairment: Residential real estate 75,837 243 Commercial real estate 1,327,043 10,231 Construction 89,344 4 Commercial business 346,607 3,503 Consumer 8,869 53 Subtotal 1,847,700 14,034 Total $ 1,894,881 $ 16,902 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, 2022 and December 31, 2021: Commercial Credit Quality Indicators March 31, 2022 December 31, 2021 Commercial Real Estate Construction Commercial Business Total Commercial Real Estate Construction Commercial Business Total (In thousands) Pass $ 1,376,769 $ 106,132 $ 365,690 $ 1,848,591 $ 1,307,992 $ 89,344 $ 345,153 $ 1,742,489 Special Mention 19,380 — 1,454 20,834 19,051 — 1,454 20,505 Substandard 29,204 9,382 2,391 40,977 29,255 8,997 2,847 41,099 Doubtful 405 — 631 1,036 411 — 1,521 1,932 Loss — — — — — — — — Total loans $ 1,425,758 $ 115,514 $ 370,166 $ 1,911,438 $ 1,356,709 $ 98,341 $ 350,975 $ 1,806,025 Residential and Consumer Credit Quality Indicators March 31, 2022 December 31, 2021 Residential Real Estate Consumer Total Residential Real Estate Consumer Total (In thousands) Pass $ 64,554 $ 5,275 $ 69,829 $ 75,692 $ 8,869 $ 84,561 Special Mention 145 — 145 145 — 145 Substandard 3,918 — 3,918 3,975 — 3,975 Doubtful — — — 175 — 175 Loss — — — — — — Total loans $ 68,617 $ 5,275 $ 73,892 $ 79,987 $ 8,869 $ 88,856 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. Loans that are granted payment deferrals under the CARES Act are not required to be reported as past due or placed on non-accrual status if the criteria under section 4013 of the CARES Act is met. As of March 31, 2022, no loans remained on active deferral under the CARES Act. The following tables set forth certain information with respect to the Company's loan portfolio delinquencies by portfolio segment as of March 31, 2022 and December 31, 2021: March 31, 2022 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 $ 1 $ — $ 834 $ 835 $ 67,782 $ 68,617 Commercial real estate — — 3,368 3,368 1,422,390 1,425,758 Construction — — 9,382 9,382 106,132 115,514 Commercial business 2,627 — 567 3,194 366,972 370,166 Consumer 3 — — 3 5,272 5,275 Total loans $ 2,631 $ — $ 14,151 $ 16,782 $ 1,968,548 $ 1,985,330 December 31, 2021 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 $ 873 $ — $ 878 $ 1,751 $ 78,236 $ 79,987 Commercial real estate 2,186 10,500 4,244 16,930 1,339,779 1,356,709 Construction — — 8,997 8,997 89,344 98,341 Commercial business 1,995 1,483 1,469 4,947 346,028 350,975 Consumer — 3 — 3 8,866 8,869 Total loans $ 5,054 $ 11,986 $ 15,588 $ 32,628 $ 1,862,253 $ 1,894,881 There was one loan, totaling $0.3 million, delinquent greater than 90 days and still accruing interest as of March 31, 2022. The delinquency for this particular loan was a result of a closing delay. There were two loans, totaling $1.1 million, delinquent greater than 90 days and still accruing interest as of December 31, 2021. The delinquencies for these particular loans was a result of an administrative delay. Loans on nonaccrual status The following is a summary of nonaccrual loans by portfolio segment as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Residential real estate $ 2,181 $ 2,380 Commercial real estate 3,365 3,482 Commercial business 817 1,728 Construction 9,382 8,997 Total $ 15,745 $ 16,587 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, 2022 and 2021 was $0.2 million and $0.4 million, respectively. There was no interest income recognized on these loans for the three months ended March 31, 2022 and 2021. At March 31, 2022 and December 31, 2021, there were no commitments to lend additional funds to any borrower on nonaccrual status. Nonaccrual loans with no specific reserve totaled $13.4 million and $14.2 million at March 31, 2022 and December 31, 2021, respectively, as these loans were deemed to be adequately collateralized. 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, 2022 and December 31, 2021: Carrying Amount Unpaid Principal Balance Associated Allowance March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,640 $ 1,851 $ 1,814 $ 2,038 $ — $ — Commercial real estate 8,254 8,338 8,625 8,698 — — Construction 9,382 8,997 9,382 8,997 — — Commercial business 1,021 1,938 1,376 2,582 — — Total impaired loans without a valuation allowance 20,297 21,124 21,197 22,315 — — Impaired loans with a valuation allowance: Residential real estate $ 2,278 $ 2,299 $ 2,288 $ 2,304 $ 211 $ 261 Commercial real estate 21,355 21,328 21,394 21,367 2,497 2,520 Commercial business 2,001 2,430 2,001 2,429 74 87 Total impaired loans with a valuation allowance 25,634 26,057 25,683 26,100 2,782 2,868 Total impaired loans $ 45,931 $ 47,181 $ 46,880 $ 48,415 $ 2,782 $ 2,868 The following tables summarize the average carrying amount of impaired loans and interest income recognized on impaired loans by portfolio segment for the three months ended March 31, 2022 and 2021: Average Carrying Amount Interest Income Recognized Three Months Ended March 31, Three Months Ended March 31, 2022 2021 2022 2021 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,647 $ 4,317 $ — $ 21 Commercial real estate 8,297 8,049 70 35 Commercial business 1,039 1,812 5 4 Construction 9,093 8,997 — — Total impaired loans without a valuation allowance 20,076 23,175 75 60 Impaired loans with a valuation allowance: Residential real estate $ 2,289 $ — $ 12 $ — Commercial real estate 21,348 30,107 92 498 Commercial business 2,244 3,038 14 59 Total impaired loans with a valuation allowance 25,881 33,145 118 557 Total impaired loans $ 45,957 $ 56,320 $ 193 $ 617 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 $25.3 million at March 31, 2022 and $25.8 million at December 31, 2021. The following tables provide information on loans that were modified as TDRs during the periods indicated. There were no loans modified as TDRs during the three months ended March 31, 2022. Number of Loans Pre-Modification Post-Modification (Dollars in thousands) 2022 2021 2022 2021 2022 2021 Three Months Ended March 31, Residential real estate — 1 $ — $ 631 $ — $ 631 Total — 1 $ — $ 631 $ — $ 631 At March 31, 2022 and December 31, 2021, there were five nonaccrual loans identified as TDRs totaling $1.9 million and five nonaccrual loans identified as TDRs totaling $2.0 million, respectively. There were no loans modified in a troubled debt restructuring that re-defaulted during the three months ended March 31, 2022 and March 31, 2021. The following table provides information on how loans were modified as TDRs during the three months ended March 31, 2022 and March 31, 2021. Three Months Ended March 31, 2022 2021 (In thousands) Payment concession $ — $ 631 Total $ — $ 631

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Common Stock The Company has 10,000,000 shares authorized and 7,761,338 shares issued and outstanding at March 31, 2022 and 10,000,000 shares authorized and 7,803,166 shares issued and outstanding at December 31, 2021. The Company's stock is traded on the NASDAQ stock market under the ticker symbol BWFG. 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 Parent Corporation. 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 and, on October 27, 2021, the Company’ Board of Directors authorized the repurchase of an additional 200,000 shares under its share repurchase program. 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, 2022, the Company purchased 112,829 shares of its Common Stock at a weighted average price of $34.01 per share. During the year ended December 31, 2021, the Company purchased 190,770 shares of its Common Stock at a weighted average price of $26.62 per share.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Comprehensive Income	Comprehensive IncomeComprehensive 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, 2022 and March 31, 2021 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, 2022 and March 31, 2021: Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2021 $ 1,651 $ (10,212) $ (8,561) Other comprehensive (loss) income before reclassifications, net of tax (3,703) 7,901 4,198 Amounts reclassified from accumulated other comprehensive income, net of tax — 654 654 Net other comprehensive (loss) income (3,703) 8,555 4,852 Balance at March 31, 2022 $ (2,052) $ (1,657) $ (3,709) Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2020 $ 2,744 $ (18,319) $ (15,575) Other comprehensive (loss) income before reclassifications, net of tax (798) 7,783 6,985 Amounts reclassified from accumulated other comprehensive income, net of tax — 717 717 Net other comprehensive (loss) income (798) 8,500 7,702 Balance at March 31, 2021 $ 1,946 $ (9,819) $ (7,873) The following table provides information for the items reclassified from accumulated other comprehensive income or loss: Accumulated Other Comprehensive Income Components Three Months Ended March 31, Associated Line Item in the Consolidated Statements of Income 2022 2021 (In thousands) Derivatives: Unrealized losses on derivatives $ (842) $ (922) Interest expense on borrowings Tax benefit 188 205 Income tax expense Net of tax $ (654) $ (717)

Earnings per share ("EPS")

Earnings per share ("EPS")	3 Months Ended
	Mar. 31, 2022
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 2022 2021 (In thousands, except per share data) Net income $ 8,212 $ 5,690 Dividends to participating securities (1) (35) (22) Undistributed earnings allocated to participating securities (1) (146) (94) Net income for earnings per share calculation $ 8,031 $ 5,574 Weighted average shares outstanding, basic 7,637 7,759 Effect of dilutive equity-based awards (2) 82 42 Weighted average shares outstanding, diluted 7,719 7,801 Net earnings per common share: Basic earnings per common share $ 1.05 $ 0.72 Diluted earnings per common share $ 1.04 $ 0.71 (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, 2022
Regulatory Matters [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. Under the current guidelines, banking organizations must have a minimum total risk-based capital ratio of 8.0%, a minimum Tier 1 risk-based capital ratio of 6.0%, a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, and a minimum leverage ratio of 4.0% in order to be "adequately capitalized." In addition to these requirements, banking organizations must maintain a capital conservation buffer consisting of common equity in an amount above the minimum risk-based capital requirements for “adequately capitalized” institutions equal to 2.5% of total risk-weighted assets, resulting in a requirement for the Company and the Bank to effectively maintain Common Equity Tier 1, Tier 1 and total capital ratios of 7.0%, 8.5% and 10.5%, respectively. The Company and the Bank must maintain the capital conservation buffer to avoid restrictions on the ability to pay dividends, pay discretionary bonuses, or to engage in share repurchases. 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, 2022, 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, 2022 and December 31, 2021 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, 2022 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 241,346 11.20 % $ 150,824 7.00 % $ 140,050 6.50 % Total Capital to Risk-Weighted Assets 258,522 12.00 % 226,235 10.50 % 215,462 10.00 % Tier I Capital to Risk-Weighted Assets 241,346 11.20 % 183,143 8.50 % 172,370 8.00 % Tier I Capital to Average Assets 241,346 9.80 % 98,486 4.00 % 123,180 5.00 % Bankwell Financial Group, Inc. March 31, 2022 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 210,782 9.78 % $ 150,824 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 263,487 12.23 % 226,235 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 210,782 9.78 % 183,143 8.50 % N/A N/A Tier I Capital to Average Assets 210,782 8.55 % 98,658 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, 2021 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 232,106 11.18 % $ 145,353 7.00 % $ 134,971 6.50 % Total Capital to Risk-Weighted Assets 249,178 12.00 % 218,030 10.50 % 207,648 10.00 % Tier I Capital to Risk-Weighted Assets 232,106 11.18 % 176,500 8.50 % 166,118 8.00 % Tier I Capital to Average Assets 232,106 9.94 % 93,392 4.00 % 116,740 5.00 % Bankwell Financial Group, Inc. December 31, 2021 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 207,393 9.97 % $ 145,629 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 260,024 12.50 % 218,443 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 207,393 9.97 % 176,835 8.50 % N/A N/A Tier I Capital to Average Assets 207,393 8.87 % 93,534 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 Parent Corporation. 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, 2022 or December 31, 2021 as the FRB has waived this requirement due to the COVID-19 pandemic.

Deposits

Deposits	3 Months Ended
	Mar. 31, 2022
Deposits [Abstract]
Deposits	Deposits At March 31, 2022 and December 31, 2021, deposits consisted of the following: March 31, 2022 December 31, 2021 (In thousands) Noninterest bearing demand deposit accounts $ 412,985 $ 398,956 Interest bearing accounts: NOW 112,567 119,479 Money market 996,458 954,674 Savings 197,961 193,631 Time certificates of deposit 446,233 457,258 Total interest bearing accounts 1,753,219 1,725,042 Total deposits $ 2,166,204 $ 2,123,998 Maturities of time certificates of deposit as of March 31, 2022 and December 31, 2021 are summarized below: March 31, 2022 December 31, 2021 (In thousands) 2022 $ 125,754 $ 167,147 2023 202,875 179,520 2024 111,428 110,449 2025 6,015 33 2026 109 109 2027 52 — Total $ 446,233 $ 457,258 The aggregate amount of individual certificate accounts, including brokered deposits with balances of $250,000 or more, was approximately $303.2 million at March 31, 2022 and $305.7 million at December 31, 2021. Brokered certificates of deposits totaled $249.4 million at March 31, 2022 and $249.4 million at December 31, 2021. There were no certificates of deposits from national listing services at March 31, 2022 or December 31, 2021. Brokered money market accounts totaled $100.3 million at March 31, 2022 and $104.0 million at December 31, 2021. The following table summarizes interest expense on deposits by account type for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In thousands) NOW $ 47 $ 43 Money market 1,180 950 Savings 101 125 Time certificates of deposits 878 1,996 Total interest expense on deposits $ 2,206 $ 3,114

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity award plans The Company has stock options or unvested restricted stock outstanding under two 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,” as amended from time-to-time. 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, 2022, there were 473,220 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, 2022. A summary of the status of outstanding stock options for the three months ended March 31, 2022 is presented below: Three Months Ended March 31, 2022 Number of Shares Weighted Average Exercise Price Options outstanding at beginning of period 11,680 $ 17.37 Exercised (2,000) 15.00 Options outstanding at end of period 9,680 17.86 Options exercisable at end of period 9,680 17.86 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, 2022 was $39 thousand. The exercise price for the 9,680 options exercisable at March 31, 2022 was $17.86 per share. The weighted average remaining contractual life for these options was 1.1 years at March 31, 2022. At March 31, 2022, as all awarded options have vested, all of the outstanding options are exercisable, and the aggregate intrinsic value of these options was $155 thousand. 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 The following table presents the activity for restricted stock for the three months ended March 31, 2022: Three Months Ended March 31, 2022 Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 190,359 (1) $ 24.57 Granted 69,001 (2) 34.22 Vested (54,667) (3) 24.17 Unvested at end of period 204,693 27.93 (1) Includes 29,462 shares of performance based restricted stock (2) Includes 20,905 shares of performance based restricted stock (3) Includes 13,798 shares of performance based restricted stock The total fair value of restricted stock awards vested during the three months ended March 31, 2022 was $1.8 million. The Company's restricted stock expense for the three months ended March 31, 2022 and March 31, 2021 was $0.5 million and $0.4 million, respectively. At March 31, 2022, there was $4.9 million of unrecognized stock compensation expense for restricted stock, expected to be recognized over a weighted average period of 1.8 years. Performance Based Restricted Stock : The Company has 36,569 shares of performance based restricted stock outstanding as of March 31, 2022 pursuant to the Company’s 2012 Stock Plan. The awards vest over a three year service period, provided certain performance metrics are met. The share quantity that ultimately vests can range between 0% and 200%, 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, 2022
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, 2022, the Company was a party to eight interest rate swaps, designated as hedging instruments, to add stability to interest expense and to manage its exposure to the variability of the future cash flows attributable to the contractually specified interest rates. The notional amount for each swap is $25 million and in each case, the Company has entered into pay-fixed interest rate swaps to convert rolling 90 days Federal Home Loan Bank advances or brokered deposits. As of March 31, 2022, 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, 2022 and December 31, 2021 is as follows: As of March 31, 2022 Derivative Assets Derivative Liabilities Original Notional Amount Balance Sheet Location Fair Value Original Notional Amount Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest rate swaps $ 125,000 Other assets $ 3,637 $ 75,000 Accrued expenses and other liabilities $ (5,773) Derivatives not designated as hedging instruments: Interest rate swaps (1) $ 38,500 Other assets $ 2,000 $ 38,500 Accrued expenses and other liabilities $ (2,000) (1) 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, 2022 totaled $0.5 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 $2.6 million as of March 31, 2022. As of December 31, 2021 Derivative Assets Derivative Liabilities Original Notional Amount Balance Sheet Location Fair Value Original Notional Amount Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest rate swaps $ 50,000 Other assets $ 1,043 $ 150,000 Accrued expenses and other liabilities $ (14,195) Derivatives not designated as hedging instruments: Interest rate swaps (1) $ 38,500 Other assets $ 2,585 $ 38,500 Accrued expenses and other liabilities $ (2,585) (1) 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 December 31, 2021 totaled $0.6 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 $13.7 million as of December 31, 2021. 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 $0.2 million 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 Company does not offset derivative assets and derivative liabilities for financial statement presentation purposes. Changes in the consolidated statements of comprehensive income (loss) related to interest rate derivatives designated as hedges of cash flows were as follows for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, (In thousands) 2022 2021 Interest rate swaps designated as cash flow hedges: Unrealized gain recognized in accumulated other comprehensive income before reclassifications $ 10,174 $ 10,011 Amounts reclassified from accumulated other comprehensive income 842 923 Income tax expense on items recognized in accumulated other comprehensive income (2,461) (2,434) Other comprehensive income $ 8,555 $ 8,500 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, 2022 and December 31, 2021: March 31, 2022 (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 $ 5,549 $ — $ 5,549 $ 1,793 $ — $ 3,756 (1) Includes accrued interest payable totaling $89 thousand. March 31, 2022 (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 Net Amount Derivative Liabilities $ 8,190 $ — $ 8,190 $ 1,793 $ 1,548 $ 4,849 (1) Includes accrued interest payable totaling $417 thousand. December 31, 2021 (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 $ 3,604 $ — $ 3,604 $ 217 $ — $ 3,387 (1) Includes accrued interest payable totaling $24 thousand. December 31, 2021 (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 Net Amount Derivative Liabilities $ 17,338 $ — $ 17,338 $ 217 $ 15,845 $ 1,276 (1) Includes accrued interest payable totaling $558 thousand.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021 were as follows: March 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 280,471 $ 280,471 $ 280,471 $ — $ — Federal funds sold 19,022 19,022 19,022 — — Marketable equity securities 2,090 2,090 2,090 — — Available for sale securities 98,733 98,733 39,057 59,676 — Held to maturity securities 15,979 16,338 — 46 16,292 Loans receivable, net 1,964,567 1,933,114 — — 1,933,114 Accrued interest receivable 7,733 7,733 — 7,733 — FHLB stock 2,870 2,870 — 2,870 — Servicing asset, net of valuation allowance 792 792 — — 792 Derivative asset 5,637 5,637 — 5,637 — Assets held for sale 2,268 2,268 — — 2,268 Financial Liabilities: Noninterest bearing deposits $ 412,985 $ 412,985 $ — $ 412,985 $ — NOW and money market 1,109,025 1,109,025 — 1,109,025 — Savings 197,961 197,961 — 197,961 — Time deposits 446,233 443,904 — — 443,904 Accrued interest payable 1,353 1,353 — 1,353 — Advances from the FHLB 50,000 50,021 — — 50,021 Subordinated debentures 34,471 32,676 — — 32,676 Servicing liability 12 12 — — 12 Derivative liability 7,773 7,773 — 7,773 — December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 291,598 $ 291,598 $ 291,598 $ — $ — Federal funds sold 53,084 53,084 53,084 — — Marketable equity securities 2,168 2,168 2,168 — — Available for sale securities 90,198 90,198 25,569 64,629 — Held to maturity securities 16,043 18,445 — 52 18,393 Loans receivable, net 1,875,167 1,858,661 — — 1,858,661 Accrued interest receivable 7,512 7,512 — 7,512 — FHLB stock 2,814 2,814 — 2,814 — Servicing asset, net of valuation allowance 818 818 — — 818 Derivative asset 3,628 3,628 — 3,628 — Assets held for sale 2,268 2,268 — — 2,268 Financial Liabilities: Noninterest bearing deposits $ 398,956 $ 398,956 $ — $ 398,956 $ — NOW and money market 1,074,153 1,074,153 — 1,074,153 — Savings 193,631 193,631 — 193,631 — Time deposits 457,258 457,759 — — 457,759 Accrued interest payable 1,234 1,234 — 1,234 — Advances from the FHLB 50,000 49,996 — — 49,996 Subordinated debentures 34,441 34,509 — — 34,509 Servicing liability 14 14 — — 14 Derivative liability 16,780 16,780 — 16,780 — The following methods and assumptions were used by management in estimating the fair value of its financial instruments: Marketable equity securities and available for sale 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. 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. Assets held for sale: Assets held for sale (excluding loans) consist of real estate properties that are expected to sell within a year. The assets are reported at the lower of the carrying amount or fair value less costs to sell. The fair value represents the price that would be received to sell the asset (the exit price). 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021, 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, 2022 and for the year ended December 31, 2021. Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2022: Marketable equity securities $ 2,090 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 39,057 44,305 — Corporate bonds — 15,371 — Derivative asset — 5,637 — Derivative liability — 7,773 — December 31, 2021: Marketable equity securities $ 2,168 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 25,569 49,620 — Corporate bonds — 15,009 — Derivative asset — 3,628 — Derivative liability — 16,780 — 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, 2022 and December 31, 2021, 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, 2022: Impaired loans $ — $ — $ 43,149 Servicing asset, net — — 780 December 31, 2021: Impaired loans $ — $ — $ 44,313 Servicing asset, net — — 804 Assets held for sale — — 2,268 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, 2022 and December 31, 2021: Fair Value Valuation Methodology Unobservable Input Range (Dollars in thousands) March 31, 2022: Impaired loans $ 18,898 Appraisals Discount to appraised value 8.00% 24,251 Discounted cash flows Discount rate 3.00 - 6.50% $ 43,149 Servicing asset, net $ 780 Discounted cash flows Discount rate 10.00% (1) Prepayment rate 3.00 - 17.00% December 31, 2021: Impaired loans $ 18,548 Appraisals Discount to appraised value 8.00% 25,765 Discounted cash flows Discount rate 3.00 - 6.75% $ 44,313 Servicing asset, net $ 804 Discounted cash flows Discount rate 10.00% (2) Prepayment rate 3.00 - 17.00% Assets held for sale $ 2,268 Sale & income Adjustment to N/A (1) Servicing liabilities totaling $12 thousand were valued using a discount rate of 1.6%. (2) Servicing liabilities totaling $14 thousand were valued using a discount rate of 0.8%. 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. Assets held for sale: Assets held for sale (excluding loans) consist of real estate properties that are expected to sell within a year. The assets are reported at the lower of the carrying amount or fair value less costs to sell. The fair value represents the price that would be received to sell the asset (the exit price).

Subordinated debentures

Subordinated debentures	3 Months Ended
	Mar. 31, 2022
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 “2015 Notes”) to certain institutional investors. The 2015 Notes were non-callable for five years, had a stated maturity of August 15, 2025, and bore interest at a quarterly pay fixed rate of 5.75% per annum to the maturity date. The 2015 Notes became callable, in part or in whole, beginning August 2020. On May 15, 2021, the Company repaid $10.0 million of the 2015 Notes and on November 15, 2021, the Company repaid the remaining $15.5 million of the 2015 Notes. On October 14, 2021, the Company completed a private placement of a $35.0 million fixed-to-floating rate subordinated note (the “2021 Note”) to an institutional accredited investor. The Company used the net proceeds to repay the 2015 Notes and intends to use the remaining proceeds for general corporate purposes. The 2021 Note bears interest at a fixed rate of 3.25% per year until October 14, 2026. Thereafter, the interest rate will reset quarterly at a variable rate equal to the then current three-month term SOFR plus 233 basis points. The 2021 Note has a stated maturity of October 15, 2031 and is non-callable for five years. Beginning October 15, 2026, the Company may redeem the 2021 Note, in whole or in part, at its option. The 2021 Note is not redeemable at the option of the holder. The 2021 Note has been structured to qualify for the Company as Tier 2 capital under regulatory guidelines. The Company incurred certain costs associated with the issuance of its subordinated debt. The Company capitalized these costs and they have been presented within subordinated debentures on the consolidated balance sheets. At March 31, 2022 and December 31, 2021, unamortized debt issuance costs were $0.5 million and $0.6 million, respectively. Debt issuance costs amortize over the expected life of the related debt. For the three months ended March 31, 2022 and 2021 the amortization expense for debt issuance costs were $30 thousand and $13 thousand, respectively, and were recognized as an increase to interest expense on borrowings within the consolidated statements of income. The Company recognized $0.3 million and $0.4 million in interest expense related to its subordinated debt for the three month periods ended March 31, 2022 and 2021, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 27, 2022, the Company’s Board of Directors declared a $0.20 per share cash dividend, payable on May 23, 2022 to shareholders of record on May 13, 2022.

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2022. 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, 2021.
Common Shares Repurchases	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 may be reclassified to conform to the 2022 financial statement presentation. These reclassifications only change the reporting categories and do 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. 2022-02, Financial Instruments—Credit Losses (Topic 326): "Troubled Debt Restructurings and Vintage Disclosures.” This ASU eliminates the TDR recognition and measurement guidance and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether a modification represents a new loan or a continuation of an existing loan. In addition, this ASU enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, this ASU requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 326-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. For entities that have adopted the amendments in update 2016-13, the amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted the amendments in update 2016-13, the effective dates for the amendments in this update are the same as the effective dates in Update 2016-13. The Company has not yet adopted this accounting standard as ASU 2016-13 has not been adopted. Management continues to evaluate the impact of its future adoption of this guidance on the Company’s financial statements. 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 qualifies to defer the adoption of this standard and has not yet adopted this standard. Management 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 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 qualifies to defer the adoption of this standard and has not yet adopted this standard. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 were as follows: March 31, 2022 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Due from one through five years $ 40,944 $ — $ (1,887) $ 39,057 Due from five through ten years 33,689 — (260) 33,429 Due after ten years 11,240 47 (411) 10,876 Total U.S. Government and agency obligations 85,873 47 (2,558) 83,362 Corporate bonds Due from five through ten years 14,000 90 (253) 13,837 Due after ten years 1,500 34 — 1,534 Total corporate bonds 15,500 124 (253) 15,371 Total available for sale securities $ 101,373 $ 171 $ (2,811) $ 98,733 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,937 $ 1,018 $ (663) $ 16,292 Government-sponsored mortgage backed securities No contractual maturity 42 4 — 46 Total held to maturity securities $ 15,979 $ 1,022 $ (663) $ 16,338 The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2021 were as follows: December 31, 2021 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Due from one through five years $ 25,747 $ 3 $ (181) $ 25,569 Due from five through ten years 16,540 866 — 17,406 Due after ten years 31,284 988 (58) 32,214 Total U.S. Government and agency obligations 73,571 1,857 (239) 75,189 Corporate bonds Due from five through ten years 13,000 429 (10) 13,419 Due after ten years 1,500 90 — 1,590 Total corporate bonds 14,500 519 (10) 15,009 Total available for sale securities $ 88,071 $ 2,376 $ (249) $ 90,198 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,998 $ 2,601 $ (206) $ 18,393 Government-sponsored mortgage backed securities No contractual maturity 45 7 — 52 Total held to maturity securities $ 16,043 $ 2,608 $ (206) $ 18,445
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 March 31, 2022 and December 31, 2021: Length of Time in Continuous Unrealized Loss Position Less Than 12 Months 12 Months or More Total Fair Value Unrealized Percent Fair Value Unrealized Percent Fair Value Unrealized Percent (Dollars in thousands) March 31, 2022 U.S. Government and agency obligations $ 79,507 $ (2,558) 3.12 % $ — $ — — % $ 79,507 $ (2,558) 3.12 % Corporate bonds 9,747 (253) 2.53 — — — 9,747 (253) 2.53 State agency and municipal obligations — — — 3,971 (663) 14.30 3,971 (663) 14.30 Total investment securities $ 89,254 $ (2,811) 3.05 % $ 3,971 $ (663) 14.30 % $ 93,225 $ (3,474) 3.59 % Length of Time in Continuous Unrealized Loss Position Less Than 12 Months 12 Months or More Total Fair Value Unrealized Percent Fair Value Unrealized Percent Fair Value Unrealized Percent (Dollars in thousands) December 31, 2021 U.S. Government and agency obligations $ 28,121 $ (239) 0.84 % $ — $ — — % $ 28,121 $ (239) 0.84 % Corporate bonds 2,990 (10) 0.35 — — — 2,990 (10) 0.35 State agency and municipal obligations 4,443 (206) 4.44 — — — 4,443 (206) 4.44 Total investment securities $ 35,554 $ (455) 1.27 % $ — $ — — % $ 35,554 $ (455) 1.27 %

Loans Receivable and Allowanc_2

Loans Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Real estate loans: Residential $ 68,617 $ 79,987 Commercial 1,425,758 1,356,709 Construction 115,514 98,341 1,609,889 1,535,037 Commercial business (1) 370,166 350,975 Consumer 5,275 8,869 Total loans 1,985,330 1,894,881 Allowance for loan losses (17,141) (16,902) Deferred loan origination fees, net (3,622) (2,812) Loans receivable, net $ 1,964,567 $ 1,875,167 (1) The March 31, 2022 and December 31, 2021 balances include $0.1 million and $0.2 million, respectively, of Paycheck Protection Program ("PPP") loans made under the CARES Act.
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, 2022 and 2021, by portfolio segment: Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2022 Beginning balance $ 504 $ 12,751 $ 4 $ 3,590 $ 53 $ 16,902 Charge-offs — — — — (4) (4) Recoveries — — — 13 1 14 (Credits) provisions (146) 690 52 (349) (18) 229 Ending balance $ 358 $ 13,441 $ 56 $ 3,254 $ 32 $ 17,141 Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2021 Beginning balance $ 610 $ 16,425 $ 221 $ 3,753 $ — $ 21,009 Charge-offs — (163) — — (14) (177) Recoveries — — — — 9 9 (Credits) provisions (109) (3) 76 (301) 41 (296) Ending balance $ 501 $ 16,259 $ 297 $ 3,452 $ 36 $ 20,545 Loans evaluated for impairment and the related allowance for loan losses as of March 31, 2022 and December 31, 2021 were as follows: Portfolio Allowance (In thousands) March 31, 2022 Loans individually evaluated for impairment: Residential real estate $ 3,918 $ 211 Commercial real estate 29,609 2,497 Construction 9,382 — Commercial business 3,022 74 Subtotal 45,931 2,782 Loans collectively evaluated for impairment: Residential real estate 64,699 147 Commercial real estate 1,396,149 10,944 Construction 106,132 56 Commercial business 367,144 3,180 Consumer 5,275 32 Subtotal 1,939,399 14,359 Total $ 1,985,330 $ 17,141 Portfolio Allowance (In thousands) December 31, 2021 Loans individually evaluated for impairment: Residential real estate $ 4,150 $ 261 Commercial real estate 29,666 2,520 Construction 8,997 — Commercial business 4,368 87 Subtotal 47,181 2,868 Loans collectively evaluated for impairment: Residential real estate 75,837 243 Commercial real estate 1,327,043 10,231 Construction 89,344 4 Commercial business 346,607 3,503 Consumer 8,869 53 Subtotal 1,847,700 14,034 Total $ 1,894,881 $ 16,902
Schedule of loan portfolio quality indicators by portfolio segment	The following tables present credit risk ratings by loan segment as of March 31, 2022 and December 31, 2021: Commercial Credit Quality Indicators March 31, 2022 December 31, 2021 Commercial Real Estate Construction Commercial Business Total Commercial Real Estate Construction Commercial Business Total (In thousands) Pass $ 1,376,769 $ 106,132 $ 365,690 $ 1,848,591 $ 1,307,992 $ 89,344 $ 345,153 $ 1,742,489 Special Mention 19,380 — 1,454 20,834 19,051 — 1,454 20,505 Substandard 29,204 9,382 2,391 40,977 29,255 8,997 2,847 41,099 Doubtful 405 — 631 1,036 411 — 1,521 1,932 Loss — — — — — — — — Total loans $ 1,425,758 $ 115,514 $ 370,166 $ 1,911,438 $ 1,356,709 $ 98,341 $ 350,975 $ 1,806,025 Residential and Consumer Credit Quality Indicators March 31, 2022 December 31, 2021 Residential Real Estate Consumer Total Residential Real Estate Consumer Total (In thousands) Pass $ 64,554 $ 5,275 $ 69,829 $ 75,692 $ 8,869 $ 84,561 Special Mention 145 — 145 145 — 145 Substandard 3,918 — 3,918 3,975 — 3,975 Doubtful — — — 175 — 175 Loss — — — — — — Total loans $ 68,617 $ 5,275 $ 73,892 $ 79,987 $ 8,869 $ 88,856
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, 2022 and December 31, 2021: March 31, 2022 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 $ 1 $ — $ 834 $ 835 $ 67,782 $ 68,617 Commercial real estate — — 3,368 3,368 1,422,390 1,425,758 Construction — — 9,382 9,382 106,132 115,514 Commercial business 2,627 — 567 3,194 366,972 370,166 Consumer 3 — — 3 5,272 5,275 Total loans $ 2,631 $ — $ 14,151 $ 16,782 $ 1,968,548 $ 1,985,330 December 31, 2021 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 $ 873 $ — $ 878 $ 1,751 $ 78,236 $ 79,987 Commercial real estate 2,186 10,500 4,244 16,930 1,339,779 1,356,709 Construction — — 8,997 8,997 89,344 98,341 Commercial business 1,995 1,483 1,469 4,947 346,028 350,975 Consumer — 3 — 3 8,866 8,869 Total loans $ 5,054 $ 11,986 $ 15,588 $ 32,628 $ 1,862,253 $ 1,894,881
Schedule of nonaccrual loans by portfolio segment	The following is a summary of nonaccrual loans by portfolio segment as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Residential real estate $ 2,181 $ 2,380 Commercial real estate 3,365 3,482 Commercial business 817 1,728 Construction 9,382 8,997 Total $ 15,745 $ 16,587
Schedule of summarizes impaired loans	The following table summarizes impaired loans by portfolio segment as of March 31, 2022 and December 31, 2021: Carrying Amount Unpaid Principal Balance Associated Allowance March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,640 $ 1,851 $ 1,814 $ 2,038 $ — $ — Commercial real estate 8,254 8,338 8,625 8,698 — — Construction 9,382 8,997 9,382 8,997 — — Commercial business 1,021 1,938 1,376 2,582 — — Total impaired loans without a valuation allowance 20,297 21,124 21,197 22,315 — — Impaired loans with a valuation allowance: Residential real estate $ 2,278 $ 2,299 $ 2,288 $ 2,304 $ 211 $ 261 Commercial real estate 21,355 21,328 21,394 21,367 2,497 2,520 Commercial business 2,001 2,430 2,001 2,429 74 87 Total impaired loans with a valuation allowance 25,634 26,057 25,683 26,100 2,782 2,868 Total impaired loans $ 45,931 $ 47,181 $ 46,880 $ 48,415 $ 2,782 $ 2,868 The following tables summarize the average carrying amount of impaired loans and interest income recognized on impaired loans by portfolio segment for the three months ended March 31, 2022 and 2021: Average Carrying Amount Interest Income Recognized Three Months Ended March 31, Three Months Ended March 31, 2022 2021 2022 2021 (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,647 $ 4,317 $ — $ 21 Commercial real estate 8,297 8,049 70 35 Commercial business 1,039 1,812 5 4 Construction 9,093 8,997 — — Total impaired loans without a valuation allowance 20,076 23,175 75 60 Impaired loans with a valuation allowance: Residential real estate $ 2,289 $ — $ 12 $ — Commercial real estate 21,348 30,107 92 498 Commercial business 2,244 3,038 14 59 Total impaired loans with a valuation allowance 25,881 33,145 118 557 Total impaired loans $ 45,957 $ 56,320 $ 193 $ 617
Schedule of loans whose terms were modified as TDRs during the periods	The following tables provide information on loans that were modified as TDRs during the periods indicated. There were no loans modified as TDRs during the three months ended March 31, 2022. Number of Loans Pre-Modification Post-Modification (Dollars in thousands) 2022 2021 2022 2021 2022 2021 Three Months Ended March 31, Residential real estate — 1 $ — $ 631 $ — $ 631 Total — 1 $ — $ 631 $ — $ 631
Schedule of information on how loans were modified as a TDR	The following table provides information on how loans were modified as TDRs during the three months ended March 31, 2022 and March 31, 2021. Three Months Ended March 31, 2022 2021 (In thousands) Payment concession $ — $ 631 Total $ — $ 631

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and March 31, 2021: Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2021 $ 1,651 $ (10,212) $ (8,561) Other comprehensive (loss) income before reclassifications, net of tax (3,703) 7,901 4,198 Amounts reclassified from accumulated other comprehensive income, net of tax — 654 654 Net other comprehensive (loss) income (3,703) 8,555 4,852 Balance at March 31, 2022 $ (2,052) $ (1,657) $ (3,709) Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2020 $ 2,744 $ (18,319) $ (15,575) Other comprehensive (loss) income before reclassifications, net of tax (798) 7,783 6,985 Amounts reclassified from accumulated other comprehensive income, net of tax — 717 717 Net other comprehensive (loss) income (798) 8,500 7,702 Balance at March 31, 2021 $ 1,946 $ (9,819) $ (7,873)
Schedule of reclassified from accumulated other comprehensive income or loss	The following table provides information for the items reclassified from accumulated other comprehensive income or loss: Accumulated Other Comprehensive Income Components Three Months Ended March 31, Associated Line Item in the Consolidated Statements of Income 2022 2021 (In thousands) Derivatives: Unrealized losses on derivatives $ (842) $ (922) Interest expense on borrowings Tax benefit 188 205 Income tax expense Net of tax $ (654) $ (717)

Earnings per share ("EPS") (Tab

Earnings per share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 (In thousands, except per share data) Net income $ 8,212 $ 5,690 Dividends to participating securities (1) (35) (22) Undistributed earnings allocated to participating securities (1) (146) (94) Net income for earnings per share calculation $ 8,031 $ 5,574 Weighted average shares outstanding, basic 7,637 7,759 Effect of dilutive equity-based awards (2) 82 42 Weighted average shares outstanding, diluted 7,719 7,801 Net earnings per common share: Basic earnings per common share $ 1.05 $ 0.72 Diluted earnings per common share $ 1.04 $ 0.71 (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, 2022
Regulatory Matters [Abstract]
Schedule of capital amounts and ratios	The capital amounts and ratios for the Bank and the Company at March 31, 2022 and December 31, 2021 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, 2022 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 241,346 11.20 % $ 150,824 7.00 % $ 140,050 6.50 % Total Capital to Risk-Weighted Assets 258,522 12.00 % 226,235 10.50 % 215,462 10.00 % Tier I Capital to Risk-Weighted Assets 241,346 11.20 % 183,143 8.50 % 172,370 8.00 % Tier I Capital to Average Assets 241,346 9.80 % 98,486 4.00 % 123,180 5.00 % Bankwell Financial Group, Inc. March 31, 2022 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 210,782 9.78 % $ 150,824 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 263,487 12.23 % 226,235 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 210,782 9.78 % 183,143 8.50 % N/A N/A Tier I Capital to Average Assets 210,782 8.55 % 98,658 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, 2021 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 232,106 11.18 % $ 145,353 7.00 % $ 134,971 6.50 % Total Capital to Risk-Weighted Assets 249,178 12.00 % 218,030 10.50 % 207,648 10.00 % Tier I Capital to Risk-Weighted Assets 232,106 11.18 % 176,500 8.50 % 166,118 8.00 % Tier I Capital to Average Assets 232,106 9.94 % 93,392 4.00 % 116,740 5.00 % Bankwell Financial Group, Inc. December 31, 2021 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 207,393 9.97 % $ 145,629 7.00 % N/A N/A Total Capital to Risk-Weighted Assets 260,024 12.50 % 218,443 10.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 207,393 9.97 % 176,835 8.50 % N/A N/A Tier I Capital to Average Assets 207,393 8.87 % 93,534 4.00 % N/A N/A

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2022
Deposits [Abstract]
Deposit liabilities	At March 31, 2022 and December 31, 2021, deposits consisted of the following: March 31, 2022 December 31, 2021 (In thousands) Noninterest bearing demand deposit accounts $ 412,985 $ 398,956 Interest bearing accounts: NOW 112,567 119,479 Money market 996,458 954,674 Savings 197,961 193,631 Time certificates of deposit 446,233 457,258 Total interest bearing accounts 1,753,219 1,725,042 Total deposits $ 2,166,204 $ 2,123,998
Time deposits maturity schedule	Maturities of time certificates of deposit as of March 31, 2022 and December 31, 2021 are summarized below: March 31, 2022 December 31, 2021 (In thousands) 2022 $ 125,754 $ 167,147 2023 202,875 179,520 2024 111,428 110,449 2025 6,015 33 2026 109 109 2027 52 — Total $ 446,233 $ 457,258
Interest expense disclosure	The following table summarizes interest expense on deposits by account type for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In thousands) NOW $ 47 $ 43 Money market 1,180 950 Savings 101 125 Time certificates of deposits 878 1,996 Total interest expense on deposits $ 2,206 $ 3,114

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 is presented below: Three Months Ended March 31, 2022 Number of Shares Weighted Average Exercise Price Options outstanding at beginning of period 11,680 $ 17.37 Exercised (2,000) 15.00 Options outstanding at end of period 9,680 17.86 Options exercisable at end of period 9,680 17.86
Schedule of activity for restricted stock	The following table presents the activity for restricted stock for the three months ended March 31, 2022: Three Months Ended March 31, 2022 Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 190,359 (1) $ 24.57 Granted 69,001 (2) 34.22 Vested (54,667) (3) 24.17 Unvested at end of period 204,693 27.93 (1) Includes 29,462 shares of performance based restricted stock (2) Includes 20,905 shares of performance based restricted stock (3) Includes 13,798 shares of performance based restricted stock

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	Information about derivative instruments at March 31, 2022 and December 31, 2021 is as follows: As of March 31, 2022 Derivative Assets Derivative Liabilities Original Notional Amount Balance Sheet Location Fair Value Original Notional Amount Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest rate swaps $ 125,000 Other assets $ 3,637 $ 75,000 Accrued expenses and other liabilities $ (5,773) Derivatives not designated as hedging instruments: Interest rate swaps (1) $ 38,500 Other assets $ 2,000 $ 38,500 Accrued expenses and other liabilities $ (2,000) (1) Represents interest rate swaps with commercial banking customers, which are offset by derivatives with a third party. As of December 31, 2021 Derivative Assets Derivative Liabilities Original Notional Amount Balance Sheet Location Fair Value Original Notional Amount Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest rate swaps $ 50,000 Other assets $ 1,043 $ 150,000 Accrued expenses and other liabilities $ (14,195) Derivatives not designated as hedging instruments: Interest rate swaps (1) $ 38,500 Other assets $ 2,585 $ 38,500 Accrued expenses and other liabilities $ (2,585) (1) Represents interest rate swaps with commercial banking customers, which are offset by derivatives with a third party.
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 income (loss) related to interest rate derivatives designated as hedges of cash flows were as follows for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, (In thousands) 2022 2021 Interest rate swaps designated as cash flow hedges: Unrealized gain recognized in accumulated other comprehensive income before reclassifications $ 10,174 $ 10,011 Amounts reclassified from accumulated other comprehensive income 842 923 Income tax expense on items recognized in accumulated other comprehensive income (2,461) (2,434) Other comprehensive income $ 8,555 $ 8,500
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, 2022 and December 31, 2021: March 31, 2022 (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 $ 5,549 $ — $ 5,549 $ 1,793 $ — $ 3,756 (1) Includes accrued interest payable totaling $89 thousand. March 31, 2022 (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 Net Amount Derivative Liabilities $ 8,190 $ — $ 8,190 $ 1,793 $ 1,548 $ 4,849 (1) Includes accrued interest payable totaling $417 thousand. December 31, 2021 (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 $ 3,604 $ — $ 3,604 $ 217 $ — $ 3,387 (1) Includes accrued interest payable totaling $24 thousand. December 31, 2021 (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 Net Amount Derivative Liabilities $ 17,338 $ — $ 17,338 $ 217 $ 15,845 $ 1,276 (1) Includes accrued interest payable totaling $558 thousand.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021 were as follows: March 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 280,471 $ 280,471 $ 280,471 $ — $ — Federal funds sold 19,022 19,022 19,022 — — Marketable equity securities 2,090 2,090 2,090 — — Available for sale securities 98,733 98,733 39,057 59,676 — Held to maturity securities 15,979 16,338 — 46 16,292 Loans receivable, net 1,964,567 1,933,114 — — 1,933,114 Accrued interest receivable 7,733 7,733 — 7,733 — FHLB stock 2,870 2,870 — 2,870 — Servicing asset, net of valuation allowance 792 792 — — 792 Derivative asset 5,637 5,637 — 5,637 — Assets held for sale 2,268 2,268 — — 2,268 Financial Liabilities: Noninterest bearing deposits $ 412,985 $ 412,985 $ — $ 412,985 $ — NOW and money market 1,109,025 1,109,025 — 1,109,025 — Savings 197,961 197,961 — 197,961 — Time deposits 446,233 443,904 — — 443,904 Accrued interest payable 1,353 1,353 — 1,353 — Advances from the FHLB 50,000 50,021 — — 50,021 Subordinated debentures 34,471 32,676 — — 32,676 Servicing liability 12 12 — — 12 Derivative liability 7,773 7,773 — 7,773 — December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 291,598 $ 291,598 $ 291,598 $ — $ — Federal funds sold 53,084 53,084 53,084 — — Marketable equity securities 2,168 2,168 2,168 — — Available for sale securities 90,198 90,198 25,569 64,629 — Held to maturity securities 16,043 18,445 — 52 18,393 Loans receivable, net 1,875,167 1,858,661 — — 1,858,661 Accrued interest receivable 7,512 7,512 — 7,512 — FHLB stock 2,814 2,814 — 2,814 — Servicing asset, net of valuation allowance 818 818 — — 818 Derivative asset 3,628 3,628 — 3,628 — Assets held for sale 2,268 2,268 — — 2,268 Financial Liabilities: Noninterest bearing deposits $ 398,956 $ 398,956 $ — $ 398,956 $ — NOW and money market 1,074,153 1,074,153 — 1,074,153 — Savings 193,631 193,631 — 193,631 — Time deposits 457,258 457,759 — — 457,759 Accrued interest payable 1,234 1,234 — 1,234 — Advances from the FHLB 50,000 49,996 — — 49,996 Subordinated debentures 34,441 34,509 — — 34,509 Servicing liability 14 14 — — 14 Derivative liability 16,780 16,780 — 16,780 —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021, 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, 2022 and for the year ended December 31, 2021. Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2022: Marketable equity securities $ 2,090 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 39,057 44,305 — Corporate bonds — 15,371 — Derivative asset — 5,637 — Derivative liability — 7,773 — December 31, 2021: Marketable equity securities $ 2,168 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 25,569 49,620 — Corporate bonds — 15,009 — Derivative asset — 3,628 — Derivative liability — 16,780 —
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, 2022 and December 31, 2021, 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, 2022: Impaired loans $ — $ — $ 43,149 Servicing asset, net — — 780 December 31, 2021: Impaired loans $ — $ — $ 44,313 Servicing asset, net — — 804 Assets held for sale — — 2,268
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, 2022 and December 31, 2021: Fair Value Valuation Methodology Unobservable Input Range (Dollars in thousands) March 31, 2022: Impaired loans $ 18,898 Appraisals Discount to appraised value 8.00% 24,251 Discounted cash flows Discount rate 3.00 - 6.50% $ 43,149 Servicing asset, net $ 780 Discounted cash flows Discount rate 10.00% (1) Prepayment rate 3.00 - 17.00% December 31, 2021: Impaired loans $ 18,548 Appraisals Discount to appraised value 8.00% 25,765 Discounted cash flows Discount rate 3.00 - 6.75% $ 44,313 Servicing asset, net $ 804 Discounted cash flows Discount rate 10.00% (2) Prepayment rate 3.00 - 17.00% Assets held for sale $ 2,268 Sale & income Adjustment to N/A (1) Servicing liabilities totaling $12 thousand were valued using a discount rate of 1.6%.

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, 2022	Dec. 31, 2021
Available for sale securities:
Amortized cost	$ 101,373	$ 88,071
Gross unrealized gains	171	2,376
Gross unrealized losses	(2,811)	(249)
Available for sale securities	98,733	90,198
Held to maturity securities:
Amortized cost	15,979	16,043
Gross unrealized gains	1,022	2,608
Gross unrealized losses	(663)	(206)
Fair value	16,338	18,445
U.S. Government and agency obligations
Available for sale securities:
Amortized cost, due from one through five years	40,944	25,747
Gross unrealized gains, due from one through five years	0	3
Gross unrealized losses, due from one through five years	(1,887)	(181)
Fair value, due from one through five years	39,057	25,569
Amortized cost, due from five through ten years	33,689	16,540
Gross unrealized gains, due from five through ten years	0	866
Gross unrealized losses, due from five through ten years	(260)	0
Fair value, due from five through ten years	33,429	17,406
Amortized cost, due after ten years	11,240	31,284
Gross unrealized gains, due after ten years	47	988
Gross unrealized losses, due after ten years	(411)	(58)
Fair value, due after ten years	10,876	32,214
Amortized cost	85,873	73,571
Gross unrealized gains	47	1,857
Gross unrealized losses	(2,558)	(239)
Available for sale securities	83,362	75,189
Corporate bonds
Available for sale securities:
Amortized cost, due from five through ten years	14,000	13,000
Gross unrealized gains, due from five through ten years	90	429
Gross unrealized losses, due from five through ten years	(253)	(10)
Fair value, due from five through ten years	13,837	13,419
Amortized cost, due after ten years	1,500	1,500
Gross unrealized gains, due after ten years	34	90
Gross unrealized losses, due after ten years	0	0
Fair value, due after ten years	1,534	1,590
Amortized cost	15,500	14,500
Gross unrealized gains	124	519
Gross unrealized losses	(253)	(10)
Available for sale securities	15,371	15,009
State agency and municipal obligations
Held to maturity securities:
Amortized cost, due after ten years	15,937	15,998
Gross unrealized gains, due after ten years	1,018	2,601
Gross unrealized losses, due after ten years	(663)	(206)
Fair Value, due after ten years	16,292	18,393
Government-sponsored mortgage backed securities
Held to maturity securities:
Amortized cost, no contractual maturity	42	45
Gross unrealized gains, no contractual maturity	4	7
Gross unrealized losses, no contractual maturity	0	0
Fair Value, no contractual maturity	$ 46	$ 52

Investment Securities - Narrati

Investment Securities - Narratives (Details)	3 Months Ended
	Mar. 31, 2022USD ($)security	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)security
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of securities	$ 0	$ 0
Marketable equity securities, at fair value	2,090,000		$ 2,168,000
Marketable equity securities at amortized cost	$ 2,100,000		$ 2,100,000
Number of available for sales debt securities in continuous loss position (positions) | security	22		7

Investment Securities - Informa

Investment Securities - Information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 89,254	$ 35,554
Less than 12 months - unrealized loss	$ (2,811)	$ (455)
Less than 12 months - percent decline from amortized cost	3.05%	1.27%
12 months or more - fair value	$ 3,971	$ 0
12 months or more - unrealized loss	$ (663)	$ 0
12 months or more - Percent decline from amortized cost	14.30%	0.00%
Fair value - total	$ 93,225	$ 35,554
Unrealized loss - total	$ (3,474)	$ (455)
Percent decline from amortized cost - total	3.59%	1.27%
U.S. Government and agency obligations
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 79,507	$ 28,121
Less than 12 months - unrealized loss	$ (2,558)	$ (239)
Less than 12 months - percent decline from amortized cost	3.12%	0.84%
12 months or more - fair value	$ 0	$ 0
12 months or more - unrealized loss	$ 0	$ 0
12 months or more - Percent decline from amortized cost	0.00%	0.00%
Fair value - total	$ 79,507	$ 28,121
Unrealized loss - total	$ (2,558)	$ (239)
Percent decline from amortized cost - total	3.12%	0.84%
State agency and municipal obligations
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 0	$ 4,443
Less than 12 months - unrealized loss	$ 0	$ (206)
Less than 12 months - percent decline from amortized cost	0.00%	4.44%
12 months or more - fair value	$ 3,971	$ 0
12 months or more - unrealized loss	$ (663)	$ 0
12 months or more - Percent decline from amortized cost	14.30%	0.00%
Fair value - total	$ 3,971	$ 4,443
Unrealized loss - total	$ (663)	$ (206)
Percent decline from amortized cost - total	14.30%	4.44%
Corporate bonds
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 9,747	$ 2,990
Less than 12 months - unrealized loss	$ (253)	$ (10)
Less than 12 months - percent decline from amortized cost	2.53%	0.35%
12 months or more - fair value	$ 0	$ 0
12 months or more - unrealized loss	$ 0	$ 0
12 months or more - Percent decline from amortized cost	0.00%	0.00%
Fair value - total	$ 9,747	$ 2,990
Unrealized loss - total	$ (253)	$ (10)
Percent decline from amortized cost - total	2.53%	0.35%

Loans Receivable and Allowanc_3

Loans Receivable and Allowance for Loan Losses - Summary of loan portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure
Total loans	$ 1,985,330	$ 1,894,881
Allowance for loan losses	(17,141)	(16,902)	$ (20,545)	$ (21,009)
Deferred loan origination fees, net	(3,622)	(2,812)
Loans receivable, net	1,964,567	1,875,167
Real estate loan
Loans and Leases Receivable Disclosure
Total loans	1,609,889	1,535,037
Residential
Loans and Leases Receivable Disclosure
Total loans	68,617	79,987
Allowance for loan losses	(358)	(504)	(501)	(610)
Commercial
Loans and Leases Receivable Disclosure
Total loans	1,425,758	1,356,709
Allowance for loan losses	(13,441)	(12,751)	(16,259)	(16,425)
Construction
Loans and Leases Receivable Disclosure
Total loans	115,514	98,341
Allowance for loan losses	(56)	(4)	(297)	(221)
Commercial business
Loans and Leases Receivable Disclosure
Total loans	370,166	350,975
Allowance for loan losses	(3,254)	(3,590)	(3,452)	(3,753)
Commercial business | PPP loans
Loans and Leases Receivable Disclosure
Total loans	100	200
Consumer
Loans and Leases Receivable Disclosure
Total loans	5,275	8,869
Allowance for loan losses	$ (32)	$ (53)	$ (36)	$ 0

Loans Receivable and Allowanc_4

Loans Receivable and Allowance for Loan Losses - Narratives (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)loan
Loans and Leases Receivable Disclosure
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%
Deferral loans remaining	$ 0
Number of loans | loan	1		2
Loans delinquent greater than 90 days	$ 300,000		$ 1,100,000
Income contractually due but not recognized on originated nonaccrual loans	200,000	$ 400,000
Interest income recognized on loan	0	0
Non-accrual loans with no allowance for loans losses	13,400,000		14,200,000
Recorded investment in TDR	$ 25,300,000		$ 25,800,000
Number of nonaccrual loans identified as TDRs | loan	5		5
TDR on non accrual status	$ 1,900,000		$ 2,000,000
The total recorded investment on 3 loans modified	$ 0	$ 0
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, 2022	Mar. 31, 2021
Allowance for Loan and Lease Losses
Beginning balance	$ 16,902	$ 21,009
Charge-offs	(4)	(177)
Recoveries	14	9
(Credits) provisions	229	(296)
Ending balance	17,141	20,545
Residential Real Estate
Allowance for Loan and Lease Losses
Beginning balance	504	610
Charge-offs	0	0
Recoveries	0	0
(Credits) provisions	(146)	(109)
Ending balance	358	501
Commercial Real Estate
Allowance for Loan and Lease Losses
Beginning balance	12,751	16,425
Charge-offs	0	(163)
Recoveries	0	0
(Credits) provisions	690	(3)
Ending balance	13,441	16,259
Construction
Allowance for Loan and Lease Losses
Beginning balance	4	221
Charge-offs	0	0
Recoveries	0	0
(Credits) provisions	52	76
Ending balance	56	297
Commercial Business
Allowance for Loan and Lease Losses
Beginning balance	3,590	3,753
Charge-offs	0	0
Recoveries	13	0
(Credits) provisions	(349)	(301)
Ending balance	3,254	3,452
Consumer
Allowance for Loan and Lease Losses
Beginning balance	53	0
Charge-offs	(4)	(14)
Recoveries	1	9
(Credits) provisions	(18)	41
Ending balance	$ 32	$ 36

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, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	$ 45,931	$ 47,181
Loans individually evaluated for impairment, Allowance	2,782	2,868
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	1,939,399	1,847,700
Loans collectively evaluated for impairment, Allowance	14,359	14,034
Total loans	1,985,330	1,894,881
Allowance for loan losses	17,141	16,902	$ 20,545	$ 21,009
Residential Real Estate
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	3,918	4,150
Loans individually evaluated for impairment, Allowance	211	261
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	64,699	75,837
Loans collectively evaluated for impairment, Allowance	147	243
Total loans	68,617	79,987
Allowance for loan losses	358	504	501	610
Commercial Real Estate
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	29,609	29,666
Loans individually evaluated for impairment, Allowance	2,497	2,520
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	1,396,149	1,327,043
Loans collectively evaluated for impairment, Allowance	10,944	10,231
Total loans	1,425,758	1,356,709
Allowance for loan losses	13,441	12,751	16,259	16,425
Construction
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	9,382	8,997
Loans individually evaluated for impairment, Allowance	0	0
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	106,132	89,344
Loans collectively evaluated for impairment, Allowance	56	4
Total loans	115,514	98,341
Allowance for loan losses	56	4	297	221
Commercial business
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, Portfolio	3,022	4,368
Loans individually evaluated for impairment, Allowance	74	87
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	367,144	346,607
Loans collectively evaluated for impairment, Allowance	3,180	3,503
Total loans	370,166	350,975
Allowance for loan losses	3,254	3,590	3,452	3,753
Consumer
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, Portfolio	5,275	8,869
Loans collectively evaluated for impairment, Allowance	32	53
Total loans	5,275	8,869
Allowance for loan losses	$ 32	$ 53	$ 36	$ 0

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, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment
Total loans	$ 1,985,330	$ 1,894,881
Commercial Real Estate
Financing Receivable, Recorded Investment
Total loans	1,425,758	1,356,709
Construction
Financing Receivable, Recorded Investment
Total loans	115,514	98,341
Commercial business
Financing Receivable, Recorded Investment
Total loans	370,166	350,975
Residential Real Estate
Financing Receivable, Recorded Investment
Total loans	68,617	79,987
Consumer
Financing Receivable, Recorded Investment
Total loans	5,275	8,869
Commercial Credit Quality Indicators
Financing Receivable, Recorded Investment
Total loans	1,911,438	1,806,025
Commercial Credit Quality Indicators | Pass
Financing Receivable, Recorded Investment
Total loans	1,848,591	1,742,489
Commercial Credit Quality Indicators | Special Mention
Financing Receivable, Recorded Investment
Total loans	20,834	20,505
Commercial Credit Quality Indicators | Substandard
Financing Receivable, Recorded Investment
Total loans	40,977	41,099
Commercial Credit Quality Indicators | Doubtful
Financing Receivable, Recorded Investment
Total loans	1,036	1,932
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	1,425,758	1,356,709
Commercial Credit Quality Indicators | Commercial Real Estate | Pass
Financing Receivable, Recorded Investment
Total loans	1,376,769	1,307,992
Commercial Credit Quality Indicators | Commercial Real Estate | Special Mention
Financing Receivable, Recorded Investment
Total loans	19,380	19,051
Commercial Credit Quality Indicators | Commercial Real Estate | Substandard
Financing Receivable, Recorded Investment
Total loans	29,204	29,255
Commercial Credit Quality Indicators | Commercial Real Estate | Doubtful
Financing Receivable, Recorded Investment
Total loans	405	411
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	115,514	98,341
Commercial Credit Quality Indicators | Construction | Pass
Financing Receivable, Recorded Investment
Total loans	106,132	89,344
Commercial Credit Quality Indicators | Construction | Special Mention
Financing Receivable, Recorded Investment
Total loans	0	0
Commercial Credit Quality Indicators | Construction | Substandard
Financing Receivable, Recorded Investment
Total loans	9,382	8,997
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	370,166	350,975
Commercial Credit Quality Indicators | Commercial business | Pass
Financing Receivable, Recorded Investment
Total loans	365,690	345,153
Commercial Credit Quality Indicators | Commercial business | Special Mention
Financing Receivable, Recorded Investment
Total loans	1,454	1,454
Commercial Credit Quality Indicators | Commercial business | Substandard
Financing Receivable, Recorded Investment
Total loans	2,391	2,847
Commercial Credit Quality Indicators | Commercial business | Doubtful
Financing Receivable, Recorded Investment
Total loans	631	1,521
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	73,892	88,856
Residential and Consumer Credit Quality Indicators | Pass
Financing Receivable, Recorded Investment
Total loans	69,829	84,561
Residential and Consumer Credit Quality Indicators | Special Mention
Financing Receivable, Recorded Investment
Total loans	145	145
Residential and Consumer Credit Quality Indicators | Substandard
Financing Receivable, Recorded Investment
Total loans	3,918	3,975
Residential and Consumer Credit Quality Indicators | Doubtful
Financing Receivable, Recorded Investment
Total loans	0	175
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	68,617	79,987
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Pass
Financing Receivable, Recorded Investment
Total loans	64,554	75,692
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Special Mention
Financing Receivable, Recorded Investment
Total loans	145	145
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Substandard
Financing Receivable, Recorded Investment
Total loans	3,918	3,975
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Doubtful
Financing Receivable, Recorded Investment
Total loans	0	175
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	5,275	8,869
Residential and Consumer Credit Quality Indicators | Consumer | Pass
Financing Receivable, Recorded Investment
Total loans	5,275	8,869
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, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due
Total loans	$ 1,985,330	$ 1,894,881
Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	16,782	32,628
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	2,631	5,054
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	11,986
90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	14,151	15,588
Current
Financing Receivable, Recorded Investment, Past Due
Total loans	1,968,548	1,862,253
Residential Real Estate
Financing Receivable, Recorded Investment, Past Due
Total loans	68,617	79,987
Residential Real Estate | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	835	1,751
Residential Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	1	873
Residential Real Estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	0
Residential Real Estate | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	834	878
Residential Real Estate | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	67,782	78,236
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due
Total loans	1,425,758	1,356,709
Commercial Real Estate | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3,368	16,930
Commercial Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	2,186
Commercial Real Estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	10,500
Commercial Real Estate | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3,368	4,244
Commercial Real Estate | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	1,422,390	1,339,779
Construction
Financing Receivable, Recorded Investment, Past Due
Total loans	115,514	98,341
Construction | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	9,382	8,997
Construction | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	0
Construction | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	0
Construction | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	9,382	8,997
Construction | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	106,132	89,344
Commercial business
Financing Receivable, Recorded Investment, Past Due
Total loans	370,166	350,975
Commercial business | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3,194	4,947
Commercial business | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	2,627	1,995
Commercial business | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	1,483
Commercial business | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	567	1,469
Commercial business | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	366,972	346,028
Consumer
Financing Receivable, Recorded Investment, Past Due
Total loans	5,275	8,869
Consumer | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3	3
Consumer | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3	0
Consumer | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	3
Consumer | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	0
Consumer | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	$ 5,272	$ 8,866

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, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	$ 15,745	$ 16,587
Residential Real Estate
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	2,181	2,380
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	3,365	3,482
Commercial business
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	817	1,728
Construction
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	$ 9,382	$ 8,997

Loans Receivable and Allowan_10

Loans Receivable and Allowance for Loan Losses - Summary of impaired loans (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Impaired loans without a valuation allowance:
Carrying Amount	$ 20,297	$ 21,124
Unpaid Principal Balance	21,197	22,315
Impaired loans with a valuation allowance:
Carrying Amount	25,634	26,057
Unpaid Principal Balance	25,683	26,100
Total impaired loans
Carrying Amount	45,931	47,181
Unpaid Principal Balance	46,880	48,415
Associated Allowance	2,782	2,868
Residential Real Estate
Impaired loans without a valuation allowance:
Carrying Amount	1,640	1,851
Unpaid Principal Balance	1,814	2,038
Impaired loans with a valuation allowance:
Carrying Amount	2,278	2,299
Unpaid Principal Balance	2,288	2,304
Total impaired loans
Associated Allowance	211	261
Commercial Real Estate
Impaired loans without a valuation allowance:
Carrying Amount	8,254	8,338
Unpaid Principal Balance	8,625	8,698
Impaired loans with a valuation allowance:
Carrying Amount	21,355	21,328
Unpaid Principal Balance	21,394	21,367
Total impaired loans
Associated Allowance	2,497	2,520
Construction
Impaired loans without a valuation allowance:
Carrying Amount	9,382	8,997
Unpaid Principal Balance	9,382	8,997
Commercial business
Impaired loans without a valuation allowance:
Carrying Amount	1,021	1,938
Unpaid Principal Balance	1,376	2,582
Impaired loans with a valuation allowance:
Carrying Amount	2,001	2,430
Unpaid Principal Balance	2,001	2,429
Total impaired loans
Associated Allowance	$ 74	$ 87

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, 2022	Mar. 31, 2021
Impaired loans without a valuation allowance:
Average Carrying Amount	$ 20,076	$ 23,175
Interest Income Recognized	75	60
Impaired loans with a valuation allowance:
Average Carrying Amount	25,881	33,145
Interest Income Recognized	118	557
Total impaired loans
Average Carrying Amount	45,957	56,320
Interest Income Recognized	193	617
Residential Real Estate
Impaired loans without a valuation allowance:
Average Carrying Amount	1,647	4,317
Interest Income Recognized	0	21
Impaired loans with a valuation allowance:
Average Carrying Amount	2,289	0
Interest Income Recognized	12	0
Commercial Real Estate
Impaired loans without a valuation allowance:
Average Carrying Amount	8,297	8,049
Interest Income Recognized	70	35
Impaired loans with a valuation allowance:
Average Carrying Amount	21,348	30,107
Interest Income Recognized	92	498
Commercial business
Impaired loans without a valuation allowance:
Average Carrying Amount	1,039	1,812
Interest Income Recognized	5	4
Impaired loans with a valuation allowance:
Average Carrying Amount	2,244	3,038
Interest Income Recognized	14	59
Construction
Impaired loans without a valuation allowance:
Average Carrying Amount	9,093	8,997
Interest Income Recognized	$ 0	$ 0

Loans Receivable and Allowan_12

Loans Receivable and Allowance for Loan Losses - Summary of loans whose terms were modified as TDRs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)loan
Financing Receivable, Modifications
Number of Loans | loan	0	1
Pre-Modification	$ 0	$ 631
Post-Modification	$ 0	$ 631
Residential Real Estate
Financing Receivable, Modifications
Number of Loans | loan	0	1
Pre-Modification	$ 0	$ 631
Post-Modification	$ 0	$ 631

Loans Receivable and Allowan_13

Loans Receivable and Allowance for Loan Losses - Summary of loans were modified as TDR (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Modifications
Post-Modification	$ 0	$ 631
Payment concession
Financing Receivable, Modifications
Post-Modification	$ 0	$ 631

Shareholders' Equity - Common s

Shareholders' Equity - Common stock (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (shares)	10,000,000	10,000,000
Common stock, shares issued (shares)	7,761,338	7,803,166
Common stock, shares outstanding (shares)	7,761,338	7,803,166

Shareholders' Equity - Issuer p

Shareholders' Equity - Issuer purchases of equity securities (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Oct. 27, 2021	Dec. 19, 2018
Stockholders Equity Note
Authorized shares for repurchase (shares)					400,000
Weighted average share repurchased (in dollars per share)			$ 26.62
Common Stock
Stockholders Equity Note
Shares repurchased (shares)	112,829	65,626	190,770
Weighted average share repurchased (in dollars per share)	$ 34.01
Common Stock | Board of Directors
Stockholders Equity Note
Authorized additional shares for repurchase (shares)				200,000

Comprehensive Income - Summary

Comprehensive Income - Summary of changes in accumulated other comprehensive income (loss) by component, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income Loss
Beginning balance	$ 201,987	$ 176,602
Other comprehensive (loss) income before reclassifications, net of tax	4,198	6,985
Amounts reclassified from accumulated other comprehensive income, net of tax	654	717
Net other comprehensive (loss) income	4,852	7,702
Ending balance	210,220	187,943
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss
Beginning balance	(8,561)	(15,575)
Net other comprehensive (loss) income	4,852	7,702
Ending balance	(3,709)	(7,873)
Net Unrealized Gain (Loss) on Available for Sale Securities
Accumulated Other Comprehensive Income Loss
Beginning balance	1,651	2,744
Other comprehensive (loss) income before reclassifications, net of tax	(3,703)	(798)
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Net other comprehensive (loss) income	(3,703)	(798)
Ending balance	(2,052)	1,946
Net Unrealized Gain (Loss) on Interest Rate Swaps
Accumulated Other Comprehensive Income Loss
Beginning balance	(10,212)	(18,319)
Other comprehensive (loss) income before reclassifications, net of tax	7,901	7,783
Amounts reclassified from accumulated other comprehensive income, net of tax	654	717
Net other comprehensive (loss) income	8,555	8,500
Ending balance	$ (1,657)	$ (9,819)

Comprehensive Income - Summar_2

Comprehensive Income - Summary of reclassified from accumulated other comprehensive income or loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives:
Unrealized losses on derivatives	$ 10,174	$ 10,011
Derivatives: | Amount Reclassified from Accumulated Other Comprehensive Income
Derivatives:
Unrealized losses on derivatives	(842)	(922)
Tax benefit	188	205
Net of tax	$ (654)	$ (717)

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, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 8,212	$ 5,690
Dividends to participating securities	(35)	(22)
Undistributed earnings allocated to participating securities	(146)	(94)
Net income for earnings per share calculation	$ 8,031	$ 5,574
Weighted average shares outstanding, basic (in shares)	7,637,077	7,758,540
Effect of dilutive equity-based awards (in shares)	82,000	42,000
Weighted average shares outstanding, diluted (in shares)	7,719,405	7,800,777
Net earnings per common share:
Basic earnings per common share (in dollars per share)	$ 1.05	$ 0.72
Diluted earnings per common share (in dollars per share)	$ 1.04	$ 0.71

Regulatory Matters - Narratives

Regulatory Matters - Narratives (Details)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations
Total capital to risk-weighted assets requirement (percent)	0.0800	0.0800
Tier 1 capital to risk-weighted assets requirement (percent)	0.1120	0.1118
Tier one	0.0700	0.0700
Tier one risk based capital ratio	0.0850	0.0850
Total risk-based capital ratio	0.1050	0.1050
Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations
Common equity Tier 1 capital requirement of risk-weighted assets (percent)	4.50%
Leverage ratio (percent)	4.00%
Regulatory risk based capital conservation buffer (percent)	2.50%
Maximum
Compliance with Regulatory Capital Requirements under Banking Regulations
Tier 1 capital to risk-weighted assets requirement (percent)	0.060

Regulatory Matters - Capital am

Regulatory Matters - Capital amounts and ratios for Bank (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Actual Capital, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount	$ 241,346	$ 232,106
Total Capital to Risk-Weighted Assets, Actual Capital, Amount	258,522	249,178
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount	241,346	232,106
Tier I Capital to Average Assets, Actual Capital, Amount	$ 241,346	$ 232,106
Actual Capital, Ratio
Common Equity Tier 1 capital requirement	0.1120	0.1118
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.1200	0.1200
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.1120	0.1118
Tier I Capital to Average Assets, Actual Capital, Ratio	0.0980	0.0994
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	$ 150,824	$ 145,353
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	226,235	218,030
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	183,143	176,500
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	$ 98,486	$ 93,392
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	0.0700	0.0700
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	0.1050	0.1050
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	0.0850	0.0850
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	0.0400	0.0400
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	$ 140,050	$ 134,971
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount	215,462	207,648
Tier I Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount	172,370	166,118
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 123,180	$ 116,740
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	0.0650	0.0650
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.1000	0.1000
Tier I Capital to Risk-Weighted Assets To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.0800	0.0800
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.0500	0.0500
Bankwell Financial Group Inc.
Actual Capital, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount	$ 210,782	$ 207,393
Total Capital to Risk-Weighted Assets, Actual Capital, Amount	263,487	260,024
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount	210,782	207,393
Tier I Capital to Average Assets, Actual Capital, Amount	$ 210,782	$ 207,393
Actual Capital, Ratio
Common Equity Tier 1 capital requirement	0.0978	0.0997
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.1223	0.1250
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.0978	0.0997
Tier I Capital to Average Assets, Actual Capital, Ratio	0.0855	0.0887
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	$ 150,824	$ 145,629
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	226,235	218,443
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	183,143	176,835
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Amount	$ 98,658	$ 93,534
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	0.0700	0.0700
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	0.1050	0.1050
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	0.0850	0.0850
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer, Ratio	0.0400	0.0400

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Noninterest bearing demand deposit accounts	$ 412,985	$ 398,956
Interest bearing accounts:
NOW	112,567	119,479
Money market	996,458	954,674
Savings	197,961	193,631
Time certificates of deposit	446,233	457,258
Total interest bearing accounts	1,753,219	1,725,042
Total deposits	$ 2,166,204	$ 2,123,998

Deposits - Time Deposits Maturi

Deposits - Time Deposits Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Time Deposits, Fiscal Year Maturity
Remainder of year	$ 125,754
Year one	202,875	$ 167,147
Year two	111,428	179,520
Year three	6,015	110,449
Year four	109	33
Year five	52	109
After year five		0
Time certificates of deposit	$ 446,233	$ 457,258

Deposits - Narratives (Details)

Deposits - Narratives (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Certificate of deposits above $250,000	$ 303,200,000	$ 305,700,000
Brokerage certificate of deposits	249,400,000	249,400,000
Brokerage certificate of deposits national listing service	0
Brokerage money market accounts	$ 100,300,000	$ 104,000,000

Deposits - Interest Expense on

Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest Expense on Deposit Liabilities, Disclosures
NOW	$ 47	$ 43
Money market	1,180	950
Savings	101	125
Time certificates of deposits	878	1,996
Total interest expense on deposits	$ 2,206	$ 3,114

Stock-Based Compensation - Narr

Stock-Based Compensation - Narratives (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)plan$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award
Intrinsic value of exercisable shares | $	$ 155
Unvested shares outstanding (shares) | shares	204,693		190,359
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Total intrinsic value of share options exercised | $	$ 39
Exercise price of exercisable shares (shares) | shares	9,680
Exercise price upper range limit (in dollars per share) | $ / shares	$ 17.86
Exercisable shares (term)	1 year 1 month 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate intrinsic value of awards other than options | $	$ 1,800
Share based compensation expenses | $	500	$ 400
Unrecognized stock compensation expense for restricted stock | $	$ 4,900
Weighted average period for recognition of compensation expense for restricted stock	1 year 9 months 18 days
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Share based payment award, vesting period	1 year
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Share based payment award, vesting period	5 years
Performance based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Unvested shares outstanding (shares) | shares			29,462
BNC Financial Group Inc Stock Option 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of equity award plans | plan	2
Number of common stock reserved for issuance (shares) | shares	473,220
BNC Financial Group Inc Stock Option 2012 Plan | Performance based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Share based payment award, vesting period	3 years
Unvested shares outstanding (shares) | shares	36,569
BNC Financial Group Inc Stock Option 2012 Plan | Performance based restricted stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
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
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, 2022$ / sharesshares
Number of Shares
Options outstanding at beginning of period (shares) | shares	11,680
Exercised (shares) | shares	(2,000)
Options outstanding at end of period (shares) | shares	9,680
Options exercisable at end of period (shares) | shares	9,680
Weighted Average Exercise Price
Options outstanding at beginning of period (usd per share) | $ / shares	$ 17.37
Exercised (usd per share) | $ / shares	15
Options outstanding at end of period (usd per share) | $ / shares	17.86
Options exercisable at end of period (usd per share) | $ / shares	$ 17.86

Stock-Based Compensation - Acti

Stock-Based Compensation - Activity for restricted stock (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares
Unvested at beginning of period (shares)	190,359
Granted (shares)	69,001
Vested (shares)	(54,667)
Unvested at end of period (shares)	204,693
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) | $ / shares	$ 24.57
Granted (in dollars per share) | $ / shares	34.22
Vested (in dollars per share) | $ / shares	24.17
Unvested at end of period (in dollars per share) | $ / shares	$ 27.93
Performance based restricted stock
Number of Shares
Unvested at beginning of period (shares)	29,462
Granted (shares)	20,905
Vested (shares)	(13,798)

Derivative Instruments - Narrat

Derivative Instruments - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)instrument	Dec. 31, 2021USD ($)
Derivatives
Accrued interest included in derivative fair value	$ 89	$ 24
Accrued interest included in derivative liability fair value	417	558
Interest expense
Derivatives
Amount of cash flow hedge gain expected to be reclassified to interest expense in the next 12 months	$ 200
Interest rate swaps
Derivatives
Number of derivatives instruments held (instruments) | instrument	8
Notional amount of interest rate swap	$ 25,000
Rolling period of federal home loan bank advances converted to fixed rates	90 days
Accrued interest excluded from derivative fair value	$ 500	600
Accrued interest included in derivative fair value	$ 2,600	$ 13,700
Interest rate swaps | 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) - Interest rate swaps - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivatives
Original Notional Amount	$ 25,000,000
Derivatives designated as hedging instruments | Cash Flow Hedging | Other assets
Derivatives
Original Notional Amount	125,000,000	$ 50,000,000
Derivative asset fair value	3,637,000	1,043,000
Derivatives designated as hedging instruments | Cash Flow Hedging | Accrued expenses and other liabilities
Derivatives
Original Notional Amount	75,000,000	150,000,000
Derivative liability fair value	(5,773,000)	(14,195,000)
Derivatives not designated as hedging instruments | Other assets
Derivatives
Original Notional Amount	38,500,000	38,500,000
Derivative asset fair value	2,000,000	2,585,000
Derivatives not designated as hedging instruments | Accrued expenses and other liabilities
Derivatives
Original Notional Amount	38,500,000	38,500,000
Derivative liability fair value	$ (2,000,000)	$ (2,585,000)

Derivative Instruments - Change

Derivative Instruments - Changes in consolidated statements of comprehensive income related to interest rate derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest rate swaps designated as cash flow hedges:
Unrealized gain recognized in accumulated other comprehensive income before reclassifications	$ 10,174	$ 10,011
Amounts reclassified from accumulated other comprehensive income	842	923
Income tax expense on items recognized in accumulated other comprehensive income	(2,461)	(2,434)
Unrealized gains on interest rate swaps, net of tax	$ 8,555	$ 8,500

Derivative Instruments - Summar

Derivative Instruments - Summary of gross net information about derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	$ 5,549	$ 3,604
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets presented in the Statement of Financial Position	5,549	3,604
Financial Instruments	1,793	217
Cash Collateral Received	0	0
Net Amount	3,756	3,387
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	8,190	17,338
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities presented in the Statement of Financial Position	8,190	17,338
Financial Instruments	1,793	217
Cash collateral posted	1,548	15,845
Net Amount	$ 4,849	$ 1,276

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, 2022	Dec. 31, 2021
Financial Assets:
Federal funds sold	$ 19,022	$ 53,084
Marketable equity securities	2,090	2,168
Available for sale securities	98,733	90,198
Held to maturity securities	15,979	16,043
Derivative asset	5,549	3,604
Financial Liabilities:
Derivative liability	8,190	17,338
Level 1
Financial Assets:
Cash and due from banks	280,471	291,598
Federal funds sold	19,022	53,084
Marketable equity securities	2,090	2,168
Available for sale securities	39,057	25,569
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
Assets held for sale	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	0
Marketable equity securities	0	0
Available for sale securities	59,676	64,629
Held to maturity securities	46	52
Loans receivable, net	0	0
Accrued interest receivable	7,733	7,512
FHLB stock	2,870	2,814
Servicing asset, net of valuation allowance	0	0
Derivative asset	5,637	3,628
Assets held for sale	0	0
Financial Liabilities:
Noninterest bearing deposits	412,985	398,956
NOW and money market	1,109,025	1,074,153
Savings	197,961	193,631
Time deposits	0	0
Accrued interest payable	1,353	1,234
Advances from the FHLB	0	0
Subordinated debentures	0	0
Servicing liability	0	0
Derivative liability	7,773	16,780
Level 3
Financial Assets:
Cash and due from banks	0	0
Federal funds sold	0	0
Marketable equity securities	0	0
Available for sale securities	0	0
Held to maturity securities	16,292	18,393
Loans receivable, net	1,933,114	1,858,661
Accrued interest receivable	0	0
FHLB stock	0	0
Servicing asset, net of valuation allowance	792	818
Derivative asset	0	0
Assets held for sale	2,268	2,268
Financial Liabilities:
Noninterest bearing deposits	0	0
NOW and money market	0	0
Savings	0	0
Time deposits	443,904	457,759
Accrued interest payable	0	0
Advances from the FHLB	50,021	49,996
Subordinated debentures	32,676	34,509
Servicing liability	12	14
Derivative liability	0	0
Carrying Value
Financial Assets:
Cash and due from banks	280,471	291,598
Federal funds sold	19,022	53,084
Marketable equity securities	2,090	2,168
Available for sale securities	98,733	90,198
Held to maturity securities	15,979	16,043
Loans receivable, net	1,964,567	1,875,167
Accrued interest receivable	7,733	7,512
FHLB stock	2,870	2,814
Servicing asset, net of valuation allowance	792	818
Derivative asset	5,637	3,628
Assets held for sale	2,268	2,268
Financial Liabilities:
Noninterest bearing deposits	412,985	398,956
NOW and money market	1,109,025	1,074,153
Savings	197,961	193,631
Time deposits	446,233	457,258
Accrued interest payable	1,353	1,234
Advances from the FHLB	50,000	50,000
Subordinated debentures	34,471	34,441
Servicing liability	12	14
Derivative liability	7,773	16,780
Fair Value
Financial Assets:
Cash and due from banks	280,471	291,598
Federal funds sold	19,022	53,084
Marketable equity securities	2,090	2,168
Available for sale securities	98,733	90,198
Held to maturity securities	16,338	18,445
Loans receivable, net	1,933,114	1,858,661
Accrued interest receivable	7,733	7,512
FHLB stock	2,870	2,814
Servicing asset, net of valuation allowance	792	818
Derivative asset	5,637	3,628
Assets held for sale	2,268	2,268
Financial Liabilities:
Noninterest bearing deposits	412,985	398,956
NOW and money market	1,109,025	1,074,153
Savings	197,961	193,631
Time deposits	443,904	457,759
Accrued interest payable	1,353	1,234
Advances from the FHLB	50,021	49,996
Subordinated debentures	32,676	34,509
Servicing liability	12	14
Derivative liability	$ 7,773	$ 16,780

Fair Value Measurements - Finan

Fair Value Measurements - Financial instruments carried at fair value on recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	$ 2,090	$ 2,168
Available for sale securities	98,733	90,198
Derivative asset	5,549	3,604
Derivative liability	8,190	17,338
U.S. Government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	83,362	75,189
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	2,090	2,168
Available for sale securities	39,057	25,569
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	59,676	64,629
Derivative asset	5,637	3,628
Derivative liability	7,773	16,780
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	2,090	2,168
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	39,057	25,569
Fair Value Measurements Recurring | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	0	0
Fair Value Measurements Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	0	0
Derivative asset	5,637	3,628
Derivative liability	7,773	16,780
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	44,305	49,620
Fair Value Measurements Recurring | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	15,371	15,009
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 Recurring | Level 3 | Corporate bonds
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, 2022	Dec. 31, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	$ 0	$ 0
Servicing asset, net	0	0
Assets held for sale		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	0	0
Servicing asset, net	0	0
Assets held for sale		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	43,149	44,313
Servicing asset, net	$ 780	804
Assets held for sale		$ 2,268

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, 2022USD ($)	Dec. 31, 2021USD ($)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing liability	$ 12	$ 14
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing liability	12	14
Fair Value Measurements Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	43,149	44,313
Servicing asset, net	780	804
Assets held for sale		2,268
Fair Value Measurements Nonrecurring | Level 3 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	43,149	44,313
Servicing asset, net	$ 780	804
Fair Value Measurements Nonrecurring | Level 3 | Fair Value | Sale & income approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets held for sale		$ 2,268
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 asset, measurement input (percent)	0.1000	0.1000
Servicing liability, measurement input (percent)	0.016	0.008
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	0.1700
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Fair Value | Appraisals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	$ 18,898	$ 18,548
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	$ 24,251	$ 25,765
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Discount to appraised value | Fair Value | 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 | Discount rate | Fair Value | Minimum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (percent)	0.0300	0.0300
Fair Value Measurements Nonrecurring | Level 3 | Impaired loans | Discount rate | Fair Value | Maximum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (percent)	0.0650	0.0675

Subordinated debentures - Narra

Subordinated debentures - Narratives (Details) - USD ($)	Nov. 15, 2021	Oct. 14, 2021	May 15, 2021	Aug. 19, 2015	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument
Amortization of debt issuance costs					$ 30,000	$ 13,000
Subordinated debentures
Debt Instrument
Aggregate principal amount					35,000,000		$ 35,000,000
Unamortized debt issuance costs					529,000		$ 559,000
Amortization of debt issuance costs					30,000	13,000
Interest expense debt					$ 300,000	$ 400,000
Fixed Rated Subordinated Notes | Subordinated debentures
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%
Repayments of debt			$ 10,000,000
Repayments of notes	$ 15,500,000
3.25 Subordinated Note Due 2031 | Subordinated debentures
Debt Instrument
Aggregate principal amount		$ 35,000,000
Interest rate (percent)		3.25%
3.25 Subordinated Note Due 2031 | Subordinated debentures | SOFR
Debt Instrument
Variable rate (basis points)		2.33%

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 27, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event
Dividends per common share (in dollars per share)		$ 0.20	$ 0.14
Subsequent Event
Subsequent Event
Dividends per common share (in dollars per share)	$ 0.20