Bankwell Financial (BWFG) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,898,436
Entity Central Index Key	0001505732
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - (

Consolidated Balance Sheets - (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 245,043	$ 267,521
Federal funds sold	2,584	1,636
Cash and cash equivalents	247,627	269,157
Investment securities
Marketable equity securities, at fair value	2,069	2,070
Available for sale investment securities, at fair value	108,417	109,736
Held to maturity investment securities, at amortized cost (fair values of $15,488 and $15,903 at March 31, 2024 and December 31, 2023, respectively)	15,739	15,817
Total investment securities	126,225	127,623
Loans receivable (net of ACL-Loans of $27,991 at March 31, 2024 and $27,946 at December 31, 2023, respectively)	2,646,686	2,685,301
Accrued interest receivable	15,104	14,863
Federal Home Loan Bank stock, at cost	5,655	5,696
Premises and equipment, net	26,161	27,018
Bank-owned life insurance	51,764	51,435
Goodwill	2,589	2,589
Deferred income taxes, net	9,137	9,383
Other assets	24,326	22,417
Total assets	3,155,274	3,215,482
Deposits
Noninterest bearing deposits	376,248	346,172
Interest bearing deposits	2,297,274	2,390,585
Total deposits	2,673,522	2,736,757
Advances from the Federal Home Loan Bank	90,000	90,000
Subordinated debentures (face value of $70,000 and $70,000 at March 31, 2024 and December 31, 2023, respectively, less unamortized debt issuance costs of $734 and $795 at March 31, 2024 and December 31, 2023, respectively)	69,266	69,205
Accrued expenses and other liabilities	54,454	53,768
Total liabilities	2,887,242	2,949,730
Commitments and contingencies
Shareholders' equity
Common stock, no par value; 10,000,000 shares authorized, 7,908,180 and 7,882,616 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	118,401	118,247
Retained earnings	151,350	149,169
Accumulated other comprehensive loss	(1,719)	(1,664)
Total shareholders' equity	268,032	265,752
Total liabilities and shareholders' equity	$ 3,155,274	$ 3,215,482

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - (unaudited) (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Held to maturity investment securities, fair value	$ 15,488,000	$ 15,903,000
Allowance for loan losses	$ 27,991,000	$ 27,946,000
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	7,908,180	7,882,616
Common stock, shares outstanding (in shares)	7,908,180	7,882,616
Subordinated debentures
Debt instrument face value of debt	$ 70,000,000	$ 70,000,000
Unamortized debt issuance costs	$ 734,000	$ 795,000

Consolidated Statements of Inco

Consolidated Statements of Income – (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest and dividend income
Interest and fees on loans	$ 43,325	$ 39,723
Interest and dividends on securities	1,130	1,000
Interest on cash and cash equivalents	3,826	3,568
Total interest and dividend income	48,281	44,291
Interest expense
Interest expense on deposits	25,362	17,033
Interest expense on borrowings	1,772	1,717
Total interest expense	27,134	18,750
Net interest income	21,147	25,541
Provision for credit losses	3,683	826
Net interest income after provision for credit losses	17,464	24,715
Noninterest income
Bank-owned life insurance	329	281
Service charges and fees	304	286
Gains and fees from sales of loans	321	931
Other	(39)	28
Total noninterest income	915	1,526
Noninterest expense
Salaries and employee benefits	6,291	6,081
Occupancy and equipment	2,322	2,084
Professional services	1,065	1,322
Data processing	740	671
Director fees	900	392
FDIC insurance	930	1,062
Marketing	114	151
Other	935	928
Total noninterest expense	13,297	12,691
Income before income tax expense	5,082	13,550
Income tax expense	1,319	3,171
Net income	$ 3,763	$ 10,379
Earnings Per Common Share:
Basic (in dollars per share)	$ 0.48	$ 1.34
Diluted (in dollars per share)	$ 0.48	$ 1.33
Weighted Average Common Shares Outstanding:
Basic (in shares)	7,663,521	7,554,689
Diluted (in shares)	7,687,679	7,616,671
Dividends per common share (in dollars per share)	$ 0.20	$ 0.20

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) – (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 3,763	$ 10,379
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains on available for sale securities	(218)	752
Reclassification adjustment for gains realized in net income	0	0
Net change in unrealized (losses) gains	(218)	752
Income tax benefit (expense)	102	(118)
Unrealized (losses) gains on securities, net of tax	(116)	634
Unrealized gains (losses) on interest rate swaps:
Unrealized gains (losses) on interest rate swaps	125	(1,981)
Income tax (expense) benefit	(64)	402
Unrealized gains (losses) on interest rate swaps, net of tax	61	(1,579)
Total other comprehensive (loss) income, net of tax	(55)	(945)
Comprehensive income	$ 3,708	$ 9,434

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - (unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Beginning balance (in shares) at Dec. 31, 2022				7,730,699	7,730,699
Beginning balance at Dec. 31, 2022	$ 238,469	$ (4,893)	$ 233,576	$ 115,018	$ 115,018	$ 123,640	$ (4,893)	$ 118,747	$ (189)	$ (189)
Increase (Decrease) in Stockholders' Equity
Net income	10,379					10,379
Other comprehensive income (loss), net of tax	(945)								(945)
Cash dividends declared	(1,560)					(1,560)
Stock-based compensation expense	702			$ 702
Forfeitures of restricted stock (in shares)				(1,950)
Issuance of restricted stock (in shares)				106,009
Stock options exercised (in shares)				8,680
Stock options exercised	155			$ 155
Ending balance (in shares) at Mar. 31, 2023				7,843,438
Ending balance at Mar. 31, 2023	242,307			$ 115,875		127,566			(1,134)
Beginning balance (in shares) at Dec. 31, 2022				7,730,699	7,730,699
Beginning balance at Dec. 31, 2022	$ 238,469	$ (4,893)	$ 233,576	$ 115,018	$ 115,018	123,640	$ (4,893)	$ 118,747	(189)	$ (189)
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock (in shares)				0
Ending balance (in shares) at Dec. 31, 2023	7,882,616			7,882,616
Ending balance at Dec. 31, 2023	$ 265,752			$ 118,247		149,169			(1,664)
Increase (Decrease) in Stockholders' Equity
Net income	3,763					3,763
Other comprehensive income (loss), net of tax	(55)								(55)
Cash dividends declared	(1,582)					(1,582)
Stock-based compensation expense	1,074			$ 1,074
Forfeitures of restricted stock (in shares)				(100)
Issuance of restricted stock (in shares)				61,844
Stock options exercised	0
Repurchase of common stock (in shares)				(36,180)
Repurchase of common stock	$ (920)			$ (920)
Ending balance (in shares) at Mar. 31, 2024	7,908,180			7,908,180
Ending balance at Mar. 31, 2024	$ 268,032			$ 118,401		$ 151,350			$ (1,719)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity - (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.20	$ 0.20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows – (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 3,763	$ 10,379
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums and discounts on investment securities	(5)	18
Provision for credit losses	3,683	826
Credit for deferred income taxes	282	472
Change in fair value of marketable equity securities	16	(28)
Depreciation and amortization	940	884
Amortization of debt issuance costs	62	62
Increase in cash surrender value of bank-owned life insurance	(329)	(281)
Gains and fees from sales of loans	(321)	(931)
Stock-based compensation	1,074	702
Net change in:
Deferred loan fees	(478)	144
Accrued interest receivable	(242)	(1,191)
Other assets	(356)	(404)
Accrued expenses and other liabilities	940	(3,539)
Net cash provided by operating activities	9,029	7,113
Cash flows from investing activities
Proceeds from principal repayments on available for sale securities	1,105	1,225
Proceeds from principal repayments on held to maturity securities	80	53
Purchases of marketable equity securities	0	(12)
Purchases of held to maturity securities	(15)	0
Net decrease (increase) in loans	30,931	(94,960)
Proceeds from sales of loans not originated for sale	3,119	12,725
Purchases of premises and equipment, net	(83)	(707)
Purchases of Federal Home Loan Bank stock	41	(18)
Net cash used in investing activities	35,178	(81,694)
Cash flows from financing activities
Net change in time certificates of deposit	(23,622)	112,166
Net change in other deposits	(39,613)	(114,677)
Proceeds from exercise of options	0	155
Dividends paid on common stock	(1,582)	(1,560)
Repurchase of common stock	(920)	0
Net cash (used in) provided by financing activities	(65,737)	(3,916)
Net decrease in cash and cash equivalents	(21,530)	(78,497)
Cash and cash equivalents:
Beginning of year	269,157	355,679
End of period	247,627	277,182
Cash paid for:
Interest	26,691	14,455
Income taxes	426	162
Noncash investing and financing activities:
Net change in unrealized gains or losses on available for sale securities	(218)	752
Net change in unrealized gains or losses on interest rate swaps	125	(1,981)
Establishment of right-of-use asset and lease liability	0	597
Transfer of loans from held-for-investment to held-for-sale	$ 2,797	$ 11,794

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, "we", "our", "us", or 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 a wide range of services to clients in our market, an area encompassing approximately a 100 mile radius around our branch network. In addition, the Bank pursues certain types of commercial lending opportunities outside our market, particularly where we have strong business relationships. The Bank operates branches in New Canaan, Stamford, Fairfield, 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, and 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 Credit Losses-Loans ("ACL-Loans"), derivative instrument valuation, investment securities valuation, Allowance for Credit Losses-Securities, and deferred income taxes valuation. Segments The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing the interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit. 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, 2024. 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, 2023. Significant Concentrations of Credit Risk Many of the Company's activities are with clients located in Connecticut and New York, with the majority of the Company's commercial real estate investor 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, with a growing percentage being owner-occupied, which present a lower risk profile. ACL-Loans and Allowance for Credit Losses-Unfunded Commitments ("ACL-Unfunded Commitments") The ACL-Loans is measured on each loan’s amortized cost basis, excluding interest receivable, and is initially recognized upon origination or purchase of the loan, and subsequently remeasured on a recurring basis. The ACL-Loans is recognized as a contra-asset, and credit loss expense is recorded as a provision for loan losses in the consolidated statements of income. Loan losses are charged off against the ACL-Loans when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the ACL-Loans. Loans are normally placed on nonaccrual status if it is probable that the Company will be unable to collect the full payment of principal and interest when due according to the contractual terms of the loan agreement, or the loan is past due for a period of 90 days or more unless the obligation is well-secured and is in the process of collection. The Company generally does not recognize an allowance for credit losses ("ACL") on accrued interest receivables, consistent with its policy to reverse interest income when interest is 90 days or more past due. The Company also records an ACL-Unfunded commitments, which is based on the same assumptions as funded loans and also considers the probability of funding. The ACL is recognized as a liability, and credit loss expense is recorded as a provision for unfunded loan commitments within the provision for credit losses in the Consolidated statements of income. For collectively evaluated loans and related unfunded commitments, the Company utilizes software provided by a third party, which includes various models for forecasting expected credit losses, to calculate its ACL. Management selected lifetime loss rate models, utilizing CRE, C&I, and Consumer specific models, to calculate the expected losses over the life of each loan based on exposure at default, loan attributes and reasonable, supportable economic forecasts. The models selected by the Company in its ACL calculation rely upon historical losses from a broad cross section of U.S. banks that also utilize the same third party for ACL calculations. Management reviewed the third party’s analysis of the banks included in the models as part of their model development dataset and determined the Company’s loan portfolio composition by property type, balance distribution by loan age, and delinquency status are similar, which supports the use of these loss rate models. The Company also noted the third party’s model development dataset has loan concentrations that are evenly distributed across the United States, while the Company’s portfolio is mainly concentrated in the Northeast. Based on the disparate regional concentration, management determined that a select group of peer banks is necessary to scale the loss rate models to produce an ACL that is more representative of the Company’s loan portfolio. This peer-based calibration, called a "peer scalar", utilizes the loss rates of a subset of peer banks to appropriately scale the initial model results. These peers have been selected by the Company given their similar characteristics, such as loan portfolio composition and location, to better align the models’ results to the Company’s expected losses. Key assumptions used in the models include portfolio segmentation, risk rating, forecasted economic scenarios, the peer scalar, and the expected utilization of unfunded commitments, among others. Our loan portfolios are segmented by loan level attributes such as loan type, size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated, and loss rates are subsequently applied to the pools as the loans have similar characteristics. To account for economic uncertainty, the Company incorporates multiple economic scenarios in determining the ACL. The scenarios include various projections based on variables such as Gross Domestic Product, interest rates, property price indices, and employment measures, among others. The scenarios are probability-weighted based on available information at the time the calculation is conducted. As part of our ongoing governance of ACL, scenario weightings and model parameters are reviewed periodically by management and are subject to change, as deemed appropriate. The Company also considers qualitative adjustments to expected credit loss estimates for information not already captured in the quantitative loss estimation models. Qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Qualitative loss factors are based on the Company’s judgment of market, changes in loan composition or concentrations, performance trends, regulatory changes, uncertainty of macroeconomic forecasts, and other asset specific risk characteristics. When loans do not share risk characteristics with other financial assets they are evaluated individually. Management applies its normal loan review procedures in making these judgments. Individually evaluated loans consist of loans with credit quality indicators which are substandard or doubtful. The Company also individually evaluates all insurance premium loans. While insurance premium loans are considered consumer loans, the third-party Consumer ACL model is designed for unsecured lending, whereas these loans are secured. To account for the fully secured structure of this type of loan, management determined each loan will be individually evaluated, regardless of the credit quality indicators. These loans are evaluated based upon their collateral, which primarily consists of cash, cash surrender value life insurance, and in some cases real estate. In determining the ACL-Loans for individually evaluated loans, the Company generally applies a discounted cash flow method for instruments that are individually assessed. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is generally calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell. ACL-Securities The Company individually evaluates the available for sale debt securities and held to maturity securities for impairment credit losses. Available for sale securities include U.S. Treasuries, mortgage-backed securities, and corporate bonds. U.S. Treasuries and mortgaged-backed securities are guaranteed by the U.S. Government and as a result, management has a zero loss expectation. No ACL-Securities was recorded for these securities as of March 31, 2024. For the corporate bond portfolio, the Company developed a metric that includes each issuer’s current credit ratings and key financial performance metrics to assess the underlying performance of each issuer. The analysis of the issuers’ performance and the intent of the Company to retain these securities support the determination that there is no expected credit loss, and therefore, no ACL-Securities were recognized on the corporate bond portfolio as of March 31, 2024. Of our held to maturity securities portfolio, one security’s fair value was less than its amortized cost as of March 31, 2024. Since this is a highly rated state agency and municipal obligation, the Company's expectation of nonpayment of the amortized cost basis is zero. No allowance for ALC-Securities was recorded for this security as of March 31, 2024. 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 2024 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. 2023-09—Income Taxes (Topic 740): "Improvements to Income Tax Disclosures": The amendments in this update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. The Company believes this ASU will not have a material impact on existing disclosures and will continue to monitor for SEC action, and plan accordingly for adoption. ASU No. 2023-06, Disclosure Improvements: “Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”: The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. Because of the variety of Topics amended, a broad range of entities may be affected by one or more of those amendments. The summary of the amendments applicable to the Company include: Statement of Cash Flows - Requires an accounting policy disclosure in annual periods of where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows. Accounting Changes and Error Corrections - Requires that when there has been a change in the reporting entity, the entity disclose any material prior-period adjustment and the effect of the adjustment on retained earnings in interim financial statements. Earnings Per Share - Requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. Amends illustrative guidance to illustrate disclosure of the methods used in the diluted earnings-per-share computation. Interim Reporting - Conforms to the amendments made to Topic 250 (Accounting Changes and Error Correction). Commitments - Requires disclosure of assets mortgaged, pledged, or otherwise subject to lien and the obligations collateralized. Debt - Requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings. Entities that are not public business entities are not required to provide information about the weighted-average interest rate. Equity - Requires entities that issue preferred stock to disclose preference in involuntary liquidation if the liquidation preference is other than par or stated value. Derivatives - Adds cross-reference to disclosure requirements related to where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows in Topic 230. Transfers and Servicing—Secured Borrowing and Collateral - Requires: a. That accrued interest be included in the disclosure of liabilities incurred in securities borrowing or repurchase or resale transactions. b. Separate presentation of the aggregate carrying amount of reverse repurchase agreements on the face of the balance sheet if that amount exceeds 10 percent of total assets. c. Disclosure of the weighted-average interest rates of repurchase liabilities for public business entities. d. Disclosure of amounts at risk with an individual counterparty if that amount exceeds more than 10 percent of shareholder’s equity. e. Disclosure for reverse repurchase agreements that exceed 10 percent of total assets on whether there are any provisions in a reverse repurchase agreement to ensure that the market value of the underlying assets remains sufficient. to protect against counterparty default and, if so, the nature of those provisions. Financial Services - Requires that investment companies disclose the components of capital on the balance sheet. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The amendments in this update are to be applied prospectively. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company believes this ASU will not have a material impact on existing disclosures and will continue to monitor for SEC action, and plan accordingly for adoption.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2024
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, 2024 were as follows: March 31, 2024 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 9,885 $ — $ (54) $ 9,831 Due from one through five years $ 55,260 $ 40 $ (2,797) $ 52,503 Due from five through ten years 26,265 — (1,829) 24,436 Due after ten years 7,765 — (890) 6,875 Total U.S. Government and agency obligations 99,175 40 (5,570) 93,645 Corporate bonds Due from five through ten years 15,500 — (1,762) 13,738 Due after ten years 1,500 — (466) 1,034 Total corporate bonds 17,000 — (2,228) 14,772 Total available for sale securities $ 116,175 $ 40 $ (7,798) $ 108,417 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,708 $ 458 $ (710) $ 15,456 Government-sponsored mortgage backed securities No contractual maturity 31 1 — 32 Total held to maturity securities $ 15,739 $ 459 $ (710) $ 15,488 The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2023 were as follows: December 31, 2023 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 9,836 $ — $ (52) $ 9,784 Due from one through five years $ 55,288 $ 123 $ (2,680) $ 52,731 Due from five through ten years 27,229 — (1,630) 25,599 Due after ten years 7,923 — (811) 7,112 Total U.S. Government and agency obligations 100,276 123 (5,173) 95,226 Corporate bonds Due from five through ten years 15,500 — (2,028) 13,472 Due after ten years 1,500 — (462) 1,038 Total corporate bonds 17,000 — (2,490) 14,510 Total available for sale securities $ 117,276 $ 123 $ (7,663) $ 109,736 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,785 $ 716 $ (631) $ 15,870 Government-sponsored mortgage backed securities No contractual maturity 32 1 — 33 Total held to maturity securities $ 15,817 $ 717 $ (631) $ 15,903 There were no sales of investment securities during the three months ended March 31, 2024 or 2023. At March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, the actual durations of the Company's available for sale securities were significantly shorter than the stated maturities. As of March 31, 2024, the Company held marketable equity securities with a fair value of $2.1 million an d an amortized cost of $2.2 million. At December 31, 2023, the Company held marketable equity securities with a fair value of $2.1 million and an amortized cost of $2.2 million. These securities represent an investment in mutual funds that have an objective to make investments for Community Reinvestment Act ("CRA") purposes. The following tables provide information regarding available for sale securities and held to maturity 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, 2024 and December 31, 2023: 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, 2024 U.S. Government and agency obligations $ — $ — — % $ 83,725 $ (5,570) 6.24 % $ 83,725 $ (5,570) 6.24 % Corporate bonds — — — 14,772 (2,228) 13.10 14,772 (2,228) 13.10 State agency and municipal obligations — — — 3,980 (710) 15.15 3,980 (710) 15.15 Total investment securities $ — $ — — % $ 102,477 $ (8,508) 7.67 % $ 102,477 $ (8,508) 7.67 % 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, 2023 U.S. Government and agency obligations $ — $ — — % $ 85,243 $ (5,173) 5.72 % $ 85,243 $ (5,173) 5.72 % Corporate bonds — — — 14,510 (2,490) 14.65 14,510 (2,490) 14.65 State agency and municipal obligations — — — 4,076 (631) 13.41 4,076 (631) 13.41 Total investment securities $ — $ — — % $ 103,829 $ (8,294) 7.40 % $ 103,829 $ (8,294) 7.40 % There were thirty-four and thirty-four available for sale securities or held to maturity securities as of March 31, 2024 and December 31, 2023, 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 corporate bonds are investments in subordinated debt of federally insured banks, the majority of which are callable after five years o f origination. The Company monitors its corporate bond, state agency and municipal bond portfolios and considers them to have minimal default risk. The Company has the intent and ability to retain its investment securities in an unrealized loss position at March 31, 2024 until the decline in value has recovered or the security has matured.

Loans Receivable and ACL-Loans

Loans Receivable and ACL-Loans	3 Months Ended
	Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Loans Receivable and ACL-Loans	Loans Receivable and ACL-Loans The following table sets forth a summary of the loan portfolio at March 31, 2024 and December 31, 2023: (In thousands) March 31, 2024 December 31, 2023 Real estate loans: Residential $ 49,098 $ 50,931 Commercial 1,927,636 1,947,648 Construction 151,967 183,414 2,128,701 2,181,993 Commercial business 508,912 500,569 Consumer 41,946 36,045 Total loans 2,679,559 2,718,607 ACL-Loans (27,991) (27,946) Deferred loan origination fees, net (4,882) (5,360) Loans receivable, net $ 2,646,686 $ 2,685,301 Lending activities primarily consist of commercial real estate loans, commercial business loans and, to a lesser degree, 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 client and extends credit of up to 80% of the market value of the collateral, (85% maximum for owner occupied commercial real estate), depending on the client's creditworthiness and the type of collateral. The client’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 client’s ability to generate continuing cash flows. The Company does not provide first or second lien consumer mortgage loans secured by residential properties but has a small legacy portfolio which continues to amortize, pay off due to the sale of the collateral, or refinance away from the Company. Credit quality of loans and the ACL-Loans Management segregates the loan portfolio into defined segments, which are used to develop and document a systematic method for determining the Company's ACL-Loans. 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 client 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 clients 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, and their repayment generally depends on the successful operation of the client’s business. Consumer: This portfolio segment includes loans to finance insurance premiums secured by the cash surrender value of life insurance and marketable securities, overdraft lines of credit, and unsecured personal loans to high net worth individuals. ACL-Loans The following tables set forth the activity in the Company’s ACL-Loans for the three months ended March 31, 2024 and 2023, by portfolio segment: Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2024 Beginning balance $ 149 $ 20,950 $ 1,699 $ 4,562 $ 586 $ 27,946 Charge-offs (132) (3,306) — (197) (49) (3,684) Recoveries — — — 27 4 31 Provision (credit) for credit losses 116 4,022 (156) (314) 30 3,698 Ending balance $ 133 $ 21,666 $ 1,543 $ 4,078 $ 571 $ 27,991 Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2023 Balance as of December 31, 2022 $ 163 $ 15,597 $ 311 $ 6,214 $ 146 $ 22,431 Day1 effect of CECL 80 4,987 611 (1,125) 526 $ 5,079 Balance as of January 1, 2023 as adjusted for changes in accounting principle 243 20,584 922 5,089 672 27,510 Charge-offs — — — (440) (12) (452) Recoveries — — — — 6 6 (Credit) provision for credit losses (36) (1,171) 148 1,944 49 934 Ending balance $ 207 $ 19,413 $ 1,070 $ 6,593 $ 715 $ 27,998 We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purpose of the tables below. The following tables present loans by origination and risk designation as of March 31, 2024 and December 31, 2023 (dollars in thousands): Term Loans Amortized Cost Balances by Origination Year as of March 31, 2024 2024 2023 2022 2021 2020 Prior Total Residential Real Estate Loans Pass $ — $ — $ — $ — $ — $ 45,633 $ 45,633 Special Mention — — — — — 141 141 Substandard — — — — — 3,562 3,562 Doubtful — — — — — — — Total Residential Real Estate Loans $ — $ — $ — $ — $ — $ 49,336 $ 49,336 Residential Real Estate charge-off Current period charge-offs $ — $ — $ — $ — $ — $ 132 $ 132 Commercial Real Estate Loans Pass $ 25,761 $ 90,932 $ 755,779 $ 269,517 $ 126,193 $ 554,880 $ 1,823,062 Special Mention — 12,733 35,010 13,202 1,275 2,022 64,242 Substandard — 18,531 — 16,720 — — 35,251 Doubtful — — — 2,116 — 8,632 10,748 Total Commercial Real Estate Loans $ 25,761 $ 122,196 $ 790,789 $ 301,555 $ 127,468 $ 565,534 $ 1,933,303 Commercial Real Estate charge-off Current period charge-offs $ — $ — $ — $ — $ — $ 3,306 $ 3,306 Construction Loans Pass $ — $ 41,663 $ 56,166 $ 45,259 $ — $ — $ 143,088 Special Mention — — — — — — — Substandard — — — — — 9,362 9,362 Doubtful — — — — — — — Total Construction Loans $ — $ 41,663 $ 56,166 $ 45,259 $ — $ 9,362 $ 152,450 Construction charge-off Current period charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial Business Loans Pass $ 38,102 $ 122,299 $ 212,863 $ 65,839 $ 6,774 $ 36,080 $ 481,957 Special Mention — 667 5,197 1,009 — 1,285 8,158 Substandard — 893 8,931 7,727 — 1,961 19,512 Doubtful — — — 1,779 — 92 1,871 Total Commercial Business Loans $ 38,102 $ 123,859 $ 226,991 $ 76,354 $ 6,774 $ 39,418 $ 511,498 Commercial Business charge-off Current period charge-offs $ — $ — $ — $ 197 $ — $ — $ 197 Consumer Loans Pass $ — $ 11,656 $ 29,401 $ — $ — $ 33 $ 41,090 Special Mention — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — Total Consumer Loans $ — $ 11,656 $ 29,401 $ — $ — $ 33 $ 41,090 Consumer charge-off Current period charge-offs $ 3 $ — $ — $ 46 $ — $ — $ 49 Total Loans Pass $ 63,863 $ 266,550 $ 1,054,209 $ 380,615 $ 132,967 $ 636,626 $ 2,534,830 Special Mention — 13,400 40,207 14,211 1,275 3,448 72,541 Substandard — 19,424 8,931 24,447 — 14,885 67,687 Doubtful — — — 3,895 — 8,724 12,619 Total Loans $ 63,863 $ 299,374 $ 1,103,347 $ 423,168 $ 134,242 $ 663,683 $ 2,687,677 Total charge-off Current period charge-offs $ 3 $ — $ — $ 243 $ — $ 3,438 $ 3,684 Term Loans Amortized Cost Balances by Origination Year as of December 31, 2023 2023 2022 2021 2020 2019 Prior Total Residential Real Estate Loans Pass $ — $ — $ — $ — $ — $ 47,314 $ 47,314 Special Mention — — — — — 140 140 Substandard — — — — — 3,728 3,728 Doubtful — — — — — — — Total Residential Real Estate Loans $ — $ — $ — $ — $ — $ 51,182 $ 51,182 Residential Real Estate charge-off Current period charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate Loans Pass $ 95,881 $ 755,352 $ 310,811 $ 113,554 $ 133,996 $ 429,695 $ 1,839,289 Special Mention 12,333 35,136 13,203 — 2,035 114 62,821 Substandard 18,525 — 16,923 — — 8,121 43,569 Doubtful — — 2,116 — — 4,272 6,388 Total Commercial Real Estate Loans $ 126,739 $ 790,488 $ 343,053 $ 113,554 $ 136,031 $ 442,202 $ 1,952,067 Commercial Real Estate charge-off Current period charge-offs $ — $ — $ 213 $ — $ — $ 611 $ 824 Construction Loans Pass $ 39,627 $ 67,788 $ 41,156 $ 26,156 $ — $ — $ 174,727 Special Mention — — — — — — — Substandard — — — — — 9,362 9,362 Doubtful — — — — — — — Total Construction Loans $ 39,627 $ 67,788 $ 41,156 $ 26,156 $ — $ 9,362 $ 184,089 Construction charge-off Current period charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial Business Loans Pass $ 121,312 $ 234,997 $ 73,805 $ 9,291 $ 6,504 $ 32,293 $ 478,202 Special Mention — 3,395 1,009 — — — 4,404 Substandard 892 8,934 7,910 — — 2,092 19,828 Doubtful — — — — — 103 103 Total Commercial Business Loans $ 122,204 $ 247,326 $ 82,724 $ 9,291 $ 6,504 $ 34,488 $ 502,537 Commercial Business charge-off Current period charge-offs $ — $ — $ — $ — $ 440 $ — $ 440 Consumer Loans Pass $ 10,126 $ 25,406 $ — $ — $ — $ 37 $ 35,569 Special Mention — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — Total Consumer Loans $ 10,126 $ 25,406 $ — $ — $ — $ 37 $ 35,569 Consumer charge-off Current period charge-offs $ 83 $ — $ — $ — $ — $ — $ 83 Total Loans Pass $ 266,946 $ 1,083,543 $ 425,772 $ 149,001 $ 140,500 $ 509,339 $ 2,575,101 Special Mention 12,333 38,531 14,212 — 2,035 254 67,365 Substandard 19,417 8,934 24,833 — — 23,303 76,487 Doubtful — — 2,116 — — 4,375 6,491 Total Loans $ 298,696 $ 1,131,008 $ 466,933 $ 149,001 $ 142,535 $ 537,271 $ 2,725,444 Total charge-off Current period charge-offs $ 83 $ — $ 213 $ — $ 440 $ 611 $ 1,347 Loans evaluated for impairment and the related ACL-Loans as of March 31, 2024 and December 31, 2023 were as follows: Portfolio ACL-Loans (In thousands) March 31, 2024 Loans individually evaluated for impairment: Residential real estate $ 3,545 $ — Commercial real estate 45,964 — Construction 9,382 — Commercial business 21,297 363 Consumer 26,155 — Subtotal 106,343 363 Loans collectively evaluated for impairment: Residential real estate 45,553 133 Commercial real estate 1,881,672 21,666 Construction 142,585 1,543 Commercial business 487,615 3,715 Consumer 15,791 571 Subtotal 2,573,216 27,628 Total $ 2,679,559 $ 27,991 Portfolio ACL-Loans (In thousands) December 31, 2023 Loans individually evaluated for impairment: Residential real estate $ 3,711 $ — Commercial real estate 49,935 955 Construction 9,382 — Commercial business 19,848 — Consumer 22,129 — Subtotal 105,005 955 Loans collectively evaluated for impairment: Residential real estate 47,220 149 Commercial real estate 1,897,713 19,995 Construction 174,032 1,699 Commercial business 480,721 4,562 Consumer 13,916 586 Subtotal 2,613,602 26,991 Total $ 2,718,607 $ 27,946 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 ACL-Loans. The Company’s credit risk rating system has nine grades, with each grade corresponding to a progressively greater risk of default or non-payment. 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) loan 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 have a well-defined weakness or weaknesses that jeopardize the full repayment of the debt. A loan rated “doubtful” (8) has all the weaknesses inherent in a substandard loan 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 charging 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, monthly delinquency monitoring, 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, 2024 and December 31, 2023: Commercial Credit Quality Indicators March 31, 2024 December 31, 2023 Commercial Real Estate Construction Commercial Business Total Commercial Real Estate Construction Commercial Business Total (In thousands) Pass $ 1,817,700 $ 142,585 $ 479,532 $ 2,439,817 $ 1,835,136 $ 174,032 $ 476,358 $ 2,485,526 Special Mention 63,972 — 8,083 72,055 62,577 — 4,362 66,939 Substandard 35,209 9,382 19,431 64,022 43,542 9,382 19,745 72,669 Doubtful 10,755 — 1,866 12,621 6,393 — 104 6,497 Loss — — — — — — — — Total loans $ 1,927,636 $ 151,967 $ 508,912 $ 2,588,515 $ 1,947,648 $ 183,414 $ 500,569 $ 2,631,631 Residential and Consumer Credit Quality Indicators March 31, 2024 December 31, 2023 Residential Real Estate Consumer Total Residential Real Estate Consumer Total (In thousands) Pass $ 45,415 $ 41,946 $ 87,361 $ 47,082 $ 36,045 $ 83,127 Special Mention 138 — 138 138 — 138 Substandard 3,545 — 3,545 3,711 — 3,711 Doubtful — — — — — — Loss — — — — — — Total loans $ 49,098 $ 41,946 $ 91,044 $ 50,931 $ 36,045 $ 86,976 Loan portfolio aging analysis When a loan is 15 days past due, the Company sends the borrower a late notice. The Company attempts to contact the borrower by phone if the delinquency is not corrected promptly after the notice has been sent. When the loan is 30 days past due, the Company mails the borrower a letter reminding the borrower of the delinquency and attempts to contact the borrower personally to determine the reason for the delinquency and ensure the borrower understands the terms of the loan. If necessary, after the 90th day of delinquency, the Company may take other appropriate legal action. A summary report of all loans 30 days or more past due is provided to the Board of Directors of the Company periodically. Loans greater than 90 days past due are generally put on nonaccrual status. A nonaccrual loan is restored to accrual status when it is no longer delinquent and collectability of interest and principal is no longer in doubt. A loan is considered to be no longer delinquent when timely payments are made for a period of at least six months (one year for loans providing for quarterly or semi-annual payments) by the borrower in accordance with the contractual terms. The following tables set forth certain information with respect to the Company's loan portfolio delinquencies by portfolio segment as of March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 1,951 $ 138 $ 1,203 $ 3,292 $ 45,806 $ 49,098 Commercial real estate 107 92 1,388 1,587 1,926,049 1,927,636 Construction — — 9,382 9,382 142,585 151,967 Commercial business 11,955 3,084 9,342 24,381 484,531 508,912 Consumer — — — — 41,946 41,946 Total loans $ 14,013 $ 3,314 $ 21,315 $ 38,642 $ 2,640,917 $ 2,679,559 December 31, 2023 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 $ — $ 1,220 $ 132 $ 1,352 $ 49,579 $ 50,931 Commercial real estate 195 282 1,851 2,328 1,945,320 1,947,648 Construction — — 9,382 9,382 174,032 183,414 Commercial business 6,568 1,648 — 8,216 492,353 500,569 Consumer — — — — 36,045 36,045 Total loans $ 6,763 $ 3,150 $ 11,365 $ 21,278 $ 2,697,329 $ 2,718,607 There w ere no lo ans delinquent greater than 90 days and still accruing interest as of March 31, 2024 or December 31, 2023. Loans on nonaccrual status The following is a summary of nonaccrual loans by portfolio segment as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In thousands) Residential real estate $ 1,237 $ 1,386 Commercial real estate 19,083 23,009 Commercial business 16,841 15,430 Construction 9,382 9,382 Consumer — — Total $ 46,543 $ 49,207 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, 2024 and 2023 was $0.9 million and $3.2 million, respectively. At March 31, 2024 and December 31, 2023, there were no commitments to lend additional funds to any borrower on nonaccrual status. Nonaccrual loans with no specific reserve totaled $37.8 million and $48.3 million at March 31, 2024 and December 31, 2023, respectively, as these loans were deemed to be adequately collateralized. Individually evaluated loans An individually evaluated 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. Individually evaluated 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. Beginning in the third quarter of 2023, the Company individually evaluates all insurance premium loans within the Consumer portfolio segment, irrespective of credit risk ratings. The following table summarizes individually evaluated loans by portfolio segment as of March 31, 2024 and December 31, 2023. Carrying Amount Unpaid Principal Balance Associated ACL-Loans March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) Individually evaluated loans without a valuation allowance: Residential real estate $ 3,545 $ 3,711 $ 3,830 $ 4,022 $ — $ — Commercial real estate 45,964 43,942 50,570 45,032 — — Construction 9,382 9,382 9,382 9,382 — — Commercial business 12,599 19,848 13,660 20,502 — — Consumer 26,155 22,129 26,155 22,129 — — Total individually evaluated loans without a valuation allowance 97,645 99,012 103,597 101,067 — — Individually evaluated loans with a valuation allowance: Residential real estate $ — $ — $ — $ — $ — $ — Commercial real estate — 5,993 — 6,017 — 955 Construction — — — — — — Commercial business 8,698 — 8,871 — 363 — Consumer — — — — — — Total individually evaluated loans with a valuation allowance 8,698 5,993 8,871 6,017 363 955 Total individually evaluated loans $ 106,343 $ 105,005 $ 112,468 $ 107,084 $ 363 $ 955 The following table summarizes the average carrying amount of individually evaluated impaired loans and interest income recognized on individually evaluated loans by portfolio segment for the three months ended March 31, 2024 and 2023: Average Carrying Amount Interest Income Recognized Three Months Ended March 31, Three Months Ended March 2024 2023 2024 2023 (In thousands) Individually evaluated impaired loans without a valuation allowance: Residential real estate $ 3,556 $ 3,830 $ 44 $ — Commercial real estate 48,322 1,915 553 20 Commercial business 13,001 2,392 402 44 Construction 9,382 9,382 — — Consumer 25,523 — 336 — Total individually evaluated impaired loans without a valuation allowance 99,784 17,519 1,335 64 Individually evaluated impaired loans with a valuation allowance: Residential real estate $ — $ — $ — $ — Commercial real estate — 22,492 — 156 Commercial business 8,698 1,419 161 — Construction — — — — Consumer — — — — Total individually evaluated impaired loans with a valuation allowance 8,698 23,911 161 156 Total individually evaluated impaired loans $ 108,482 $ 41,430 $ 1,496 $ 220 Loan Modifications A loan will be considered modified as defined by ASU 2022-02 when both of the following conditions are met: 1) the borrower is experiencing financial difficulties and 2) the modification constitutes a direct change in contractual cash flows for a significant period of time. Modified terms are dependent upon the financial position and needs of the individual borrower. There were no new loan modifications reportable under ASU 2022-02 at March 31, 2024 and December 31, 2023. The following table provides information on loans that were modified during the periods indicated. Number of Loans Pre-Modification Post-Modification (Dollars in thousands) 2024 2023 2024 2023 2024 2023 Three Months Ended March 31, Residential real estate — — $ — $ — $ — $ — Commercial business — — — — — — Commercial real estate — — — — — — Total — — $ — $ — $ — $ — The following table provides information on how loans were modified during the three months ended March 31, 2024 and March 31, 2023. Three Months Ended March 31, 2024 2023 (In thousands) Payment concession $ — $ — Maturity, rate and payment concession — — Rate concession — — Total $ — $ — Allowance for credit losses (ACL)-Unfunded Commitments As part of adoption of CECL, the Company has recorded ACL-Unfunded Commitments in A ccrued expenses and other liabilities . The provision is recorded within the Provision for credit losses on the Company’s Consolidated Statements of Income. The following table presents a roll forward of the ACL-Unfunded Commitments for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 2023 (In thousands) Balance at beginning of period $ 926 $ 80 Reversal of prior unfunded reserve — (80) Day 1 effect of CECL — 1,273 (Credit) for credit losses (unfunded commitments) (15) (108) Balance at end of period $ 911 $ 1,165 Components of Provision for Credit Losses The following table summarizes the Provision for credit losses for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 2023 (In thousands) Provision for credit losses (loans) $ 3,698 $ 934 (Credit) for credit losses (unfunded commitments) (15) (108) Provision for credit losses $ 3,683 $ 826

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Common Stock The Company has 10,000,000 shares authoriz ed and 7,908,180 shares issued and outstanding at March 31, 2024 and 10,000,000 shares authorized and 7,882,616 shares issued and outstanding at December 31, 2023. The Company's stock is traded on the Nasdaq Global 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 b e modified or suspended at any time at the Company's discretion. During the three months ended March 31, 2024, the Company purchased 36,180 shares of its Common Stock at a weighted average price of $25.38 per share. During the year ended December 31, 2023, the Company had no purchases of Common Stock.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Comprehensive Income	Comprehensive Income Comprehensive income represents the sum of net income and items of other comprehensive income or loss, including net unrealized gains or losses on securities available for sale and net unrealized gains or losses on derivatives. The Company's de rivative instruments are utilized to manage economic risks, including interest rate risk. Changes in fair value of the Company's cash flow swap derivatives are primarily driven by changes in interest rates and recognized in other comprehensive income. The Company’s total compreh ensive income or loss for the three March 31, 2024 and March 31, 2023 is reported in the Consolidated Statements of Comprehensive Income. The following tables present the changes in accumulated other comprehensive (loss) income by component, net of tax for the three months ended March 31, 2024 and March 31, 2023: Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2023 $ (5,810) $ 4,146 $ (1,664) Other comprehensive (loss) income before reclassifications, net of tax (116) 664 548 Amounts reclassified from accumulated other comprehensive income, net of tax — (603) (603) Net other comprehensive (loss) income (116) 61 (55) Balance at March 31, 2024 $ (5,926) $ 4,207 $ (1,719) Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2022 $ (6,750) $ 6,561 $ (189) Other comprehensive (loss) income before reclassifications, net of tax 634 (797) (163) Amounts reclassified from accumulated other comprehensive income, net of tax — (782) (782) Net other comprehensive (loss) income 634 (1,579) (945) Balance at March 31, 2023 $ (6,116) $ 4,982 $ (1,134) 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 2024 2023 (In thousands) Derivatives: Unrealized gains (losses) on derivatives $ 1,257 $ 982 Interest expense on borrowings Tax (expense) benefit (654) (200) Income tax expense Net of tax $ 603 $ 782

Earnings per share ("EPS")

Earnings per share ("EPS")	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per share ("EPS")	Earnings per share ("EPS") Unvested restricted stock awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested restricted stock awards qualify as participating securities. Net income is allocated between the common stock and participating securities pursuant to the two-class method. Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating unvested restricted stock awards. Diluted EPS is computed in a similar manner, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. The following table is a reconciliation of earnings available to common shareholders and basic weighted average common shares outstanding to diluted weighted average common shares outstanding, reflecting the application of the two-class method: Three Months Ended March 31, 2024 2023 (In thousands, except per share data) Net income $ 3,763 $ 10,379 Dividends to participating securities (1) (40) (42) Undistributed earnings allocated to participating securities (1) (66) (230) Net income for earnings per share calculation $ 3,657 $ 10,107 Weighted average shares outstanding, basic 7,664 7,555 Effect of dilutive equity-based awards (2) 24 62 Weighted average shares outstanding, diluted 7,688 7,617 Net earnings per common share: Basic earnings per common share $ 0.48 $ 1.34 Diluted earnings per common share $ 0.48 $ 1.33 (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, 2024
Regulatory Matters [Abstract]
Regulatory Matters	Regulatory Matters The Federal Reserve, the FDIC and 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 Bank to effectively maintain Common Equity Tier 1, Tier 1 and total capital ratios of 7.0%, 8.5% and 10.5%, respectively. 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. As of June 30, 2023, the Company no longer met the definition of a Small Bank Holding Company as the Company's assets exceeded $3 billion. Effective March 31, 2024, the Company is subject to the larger company capital requirements as set forth in the Economic Growth Act. 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, 2024, 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, 2024 and December 31, 2023 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, 2024 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 324,355 11.60 % $ 195,791 7.00 % $ 181,806 6.50 % Tier I Capital to Risk-Weighted Assets 324,355 11.60 % 237,746 8.50 % 223,761 8.00 % Total Capital to Risk-Weighted Assets 353,257 12.63 % 293,686 10.50 % 279,701 10.00 % Tier I Capital to Average Assets 324,355 10.09 % 128,626 4.00 % 160,782 5.00 % Minimum Regulatory Capital Required for Capital Adequacy Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital Amount Ratio Amount Ratio Amount Ratio Bankwell Financial Group, Inc. March 31, 2024 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 266,561 9.47 % $ 126,602 4.50 % $ 182,869 6.50 % Tier I Capital to Risk-Weighted Assets 266,561 9.47 % 168,803 6.00 % 225,070 8.00 % Total Capital to Risk-Weighted Assets 364,729 12.96 % 225,070 8.00 % 281,338 10.00 % Tier I Capital to Average Assets 266,561 8.28 % 128,767 4.00 % 160,959 5.00 % 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, 2023 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 321,432 11.30 % $ 199,047 7.00 % $ 184,829 6.50 % Tier I Capital to Risk-Weighted Assets 321,432 11.30 % 241,700 8.50 % 227,482 8.00 % Total Capital to Risk-Weighted Assets 350,303 12.32 % 298,571 10.50 % 284,353 10.00 % Tier I Capital to Average Assets 321,432 9.81 % 131,110 4.00 % 163,888 5.00 % Minimum Regulatory Capital Required for Capital Adequacy Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital Amount Ratio Amount Ratio Amount Ratio Bankwell Financial Group, Inc. December 31, 2023 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 264,209 9.28 % $ 128,121 4.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 264,209 9.28 % 170,828 6.00 % N/A N/A Total Capital to Risk-Weighted Assets 362,285 12.72 % 227,770 8.00 % N/A N/A Tier I Capital to Average Assets 264,209 8.05 % 131,232 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, 2024 or December 31, 2023.

Deposits

Deposits	3 Months Ended
	Mar. 31, 2024
Deposits [Abstract]
Deposits	Deposits At March 31, 2024 and December 31, 2023, deposits consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Noninterest bearing demand deposit accounts $ 376,248 $ 346,172 Interest bearing accounts: NOW 95,227 90,829 Money market 818,408 887,352 Savings 92,188 97,331 Time certificates of deposit 1,291,451 1,315,073 Total interest bearing accounts 2,297,274 2,390,585 Total deposits $ 2,673,522 $ 2,736,757 Maturities of time certificates of deposit as of March 31, 2024 and December 31, 2023 are summarized below: March 31, 2024 December 31, 2023 (In thousands) 2024 721,072 979,807 2025 552,886 318,961 2026 341 24 2027 927 68 After 2028 16,225 16,213 Total $ 1,291,451 $ 1,315,073 The aggregate amount of individual certificate accounts, with balances of $250,000 or more, was approximately $172.3 million at March 31, 2024 and $151.6 million at December 31, 2023. Brokered certificates of deposits tot aled $780.5 million at March 31, 2024 and $860.5 million at December 31, 2023, respectively. Brokered money market accounts totaled $51.4 million at March 31, 2024 and $91.4 million at December 31, 2023, respectively. There were no certificates of deposits from national l isting services, one-way buy Certificate of Deposit Account Registry Service ("CDARS") or one-way buy Insured Cash Sweep Service ("ICS") at March 31, 2024 or December 31, 2023. Brokered deposits are comprised of Brokered CDs, brokered money market accounts, one-way buy CDARS, and one-way buy ICS. The following table summarizes interest expense on deposits by account type for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) NOW $ 39 $ 38 Money market 9,146 6,385 Savings 714 727 Time certificates of deposits 15,463 9,883 Total interest expense on deposits $ 25,362 $ 17,033

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity award plans The Company has unvested restricted stock outstanding under two equity award plans, which are collectively referred to as the “Stock Plans”. The current plan under which any future issuances of equity awards will be made is the 2022 Bankwell Financial Group, Inc. Stock Plan, or the “2022 Plan”. All equity awards made under the 2022 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, 2024, there were 275,791 shares reserved for future issuance under the 2022 Plan. 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, 2024: Three Months Ended March 31, 2024 Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 254,328 (1) $ 29.58 Granted 61,844 (2) 24.62 Vested (82,881) (3) 26.38 Forfeited (100) 25.00 Unvested at end of period 233,191 (1) Inclu des 33,115 shares of performan ce based restricted stock. (2) Includes 18,598 shares of performance based restricted stock. (3) Includes 15,694 shares of performance based restricted stock. The total fair value of restricted stock awards vested during the three months ended March 31, 2024 was $2.2 million. The Company's restricted stock expense for the three months ended March 31, 2024 and March 31, 2023 was $1.1 million and $0.7 million, respectively. At March 31, 2024, there wa s $6.5 million of unrecognized stock compensation expense for restricted stock, expected to be recognized over a weighted average period of 1.4 years. Performance Based Restricted Stock : The Compa ny has 36,019 s hares of performance based restricted stock outstanding as of March 31, 2024 pursuant to the Company’s Stock Plans. 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 metrics 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, 2024
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, 2024, the Company was a party to five cash flow swaps, designated as hedging instruments, to add stability to interest expense and to manage its exposure to the variability of the future cash fl ows 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 cash flow swaps to convert rolling 90- day Federal Home Loan Bank advances or brokered deposits. Cash flow swaps with a positive fair value are recorded as other assets and cash flow swaps with a negative fair value are recorded as other liabilities on the Consolidated Balance Sheets. The Company terminated two cash flow swaps with a total notional amount of $50 million during the year ended December 31, 2022. The underlying debt associated with the terminated swaps was kept in place. The fair value of the terminated swaps totaled $137.7 thousand as of March 31, 2024. The fair value of the terminated swaps will be reclassified from other comprehensive income to interest expense on a straight-line basis over the original term of the hedging relationship. The Company entered into one pay-fixed portfolio layer method fair value swap, designated as a hedging instrument, with a total notional amount of $150 million in the first quarter of 2023. The Company designated the fair value swap under the portfolio layer method (“PLM”). Under this method, the hedged item is designated as a hedged layer of a closed portfolio of financial loans that is anticipated to remain outstanding for the designated hedged period. Adjustments will be made to record the swap at fair value on the Consolidated Balance Sheets, with changes in fair value recognized in interest income. The carrying value of the fair value swap on the Consolidated Balance Sheets will also be adjusted through interest income, based on changes in fair value attributable to changes in the hedged risk. The following table represents the carrying value of the portfolio layer method hedged asset and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Carrying Value of Hedged Asset Hedged Items (In thousands) Fixed Rate Asset (1) $ 149,247 $ 150,915 $ (753) $ 915 (1) These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of March 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $587.4 million and $611.5 million , the cumulative basis adjustments associated with this hedging relationships was $1.2 million and $1.1 million, respectively. As of March 31, 2024 and December 31, 2023, t he amount of the designated hedged item was $150.0 million, respectively. As of March 31, 2024, the Company has interest rate swaps not designated as hedging instruments, to minimize interest rate risk exposure with loans to clients. The Company accounts for all non-client related interest rate swaps as either effective cash flow or fair value swaps. 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 clients. The Company executes interest rate swaps with commercial banking clients 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 client derivatives and the offsetting derivatives are recognized directly in earnings. Information about derivative instruments at March 31, 2024 and December 31, 2023 is as follows: As of March 31, 2024 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: Cash flow swaps $ 125,000 Other assets $ 5,369 $ — Accrued expenses and other liabilities $ — Fair value swap $ 150,000 Other assets $ 743 $ — Accrued expenses and other liabilities $ — Derivatives not designated as hedging instruments: Cash flow swaps (1) $ 38,500 Other assets $ 4,260 $ 38,500 Accrued expenses and other liabilities $ 4,260 (1) Represents interest rate swaps with commercial banking clients, which are offset by derivatives with a third party. Accru ed interest receivables related to interest rate swaps as of March 31, 2024 totaled $0.9 million and is excluded from the fair value presented in the table above. The fair value of interest rate swaps in a net asset position, including accrued interest, totaled $7.0 million as of March 31, 2024. As of December 31, 2023 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: Cash flow swaps $ 125,000 Other assets $ 5,240 $ — Accrued expenses and other liabilities $ — Fair value swap $ 150,000 Other assets $ — $ — Accrued expenses and other liabilities $ 917 Derivatives not designated as hedging instruments: Cash flow swaps (1) $ 38,500 Other assets $ 3,579 $ 38,500 Accrued expenses and other liabilities $ 3,579 (1) Represents interest rate swaps with commercial banking clients, which are offset by derivatives with a third party. Accrued interest receivables related to interest rate swaps as of December 31, 2023 totaled $0.8 million and is excluded from the fair value presented in the table above. The fair value of interest rate swaps in a net asset position, including accrued interest, totaled $6.0 million as of December 31, 2023. The effective portion of changes in the fair value of derivatives designated 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 $3.5 million to reduce interest expense during the next 12 months. The Company assesses the cash flow swaps hedge 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. The Company assesses the effectiveness of the fair value swap hedge with a regression analysis that compares the changes in forward curves to determine the value. The effective portion of changes in the fair value of derivatives designated as fair value hedges is recorded through interest income. 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, 2024 and March 31, 2023: Three Months Ended March 31, (In thousands) 2024 2023 Interest rate swaps designated as cash flow hedges: Unrealized gain (loss) recognized in accumulated other comprehensive income before reclassifications $ 1,382 $ (999) Amounts reclassified from accumulated other comprehensive income (1,257) (982) Income tax (expense) benefit on items recognized in accumulated other comprehensive income (64) 402 Other comprehensive income $ 61 $ (1,579) 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 table summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, (In thousands) 2024 2023 (Loss) gain on fair value hedging relationship: Hedged asset $ (1,668) $ 2,403 Fair value derivative designated as hedging instrument 840 (2,353) Total (loss) gain recognized in the consolidated statements of income within interest and fees on loans $ (828) $ 50 The following tables summarize gross and net information about derivative instruments that are offset in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023: March 31, 2024 (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 $ 11,303 $ — $ 11,303 $ — $ 10,832 $ 471 (1) Includes accru ed interest receivable totaling $931 thousand. March 31, 2024 (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 $ 4,334 $ — $ 4,334 $ — $ — $ 4,334 (1) Includes net ac crued interest payable totaling $74 thousand. December 31, 2023 (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 $ 9,583 $ — $ 9,583 $ — $ 8,599 $ 984 (1) Includes accrued interest receivable totaling $764 thousand. December 31, 2023 (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 $ 4,473 $ — $ 4,473 $ — $ — $ 4,473 (1) Includes net interest receivable totaling $23 thousand.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 were as follows: March 31, 2024 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 245,043 $ 245,043 $ 245,043 $ — $ — Federal funds sold 2,584 2,584 2,584 — — Marketable equity securities 2,069 2,069 2,069 — — Available for sale securities 108,417 108,417 62,334 46,083 — Held to maturity securities 15,739 15,488 — 32 15,456 Loans receivable, net 2,646,686 2,618,887 — — 2,618,887 Accrued interest receivable 15,104 15,104 — 15,104 — FHLB stock 5,655 5,655 — 5,655 — Servicing asset, net of valuation allowance 834 834 — — 834 Derivative asset 10,372 10,372 — 10,372 — Financial Liabilities: Noninterest bearing deposits $ 376,248 $ 376,248 $ — $ 376,248 $ — NOW and money market 913,635 913,635 — 913,635 — Savings 92,188 92,188 — 92,188 — Time deposits 1,291,451 1,290,644 — — 1,290,644 Accrued interest payable 15,038 15,038 — 15,038 — Advances from the FHLB 90,000 89,998 — — 89,998 Subordinated debentures 69,266 64,873 — — 64,873 Servicing liability 3 3 — — 3 Derivative liability 4,260 4,260 — 4,260 — December 31, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 267,521 $ 267,521 $ 267,521 $ — $ — Federal funds sold 1,636 1,636 1,636 — — Marketable equity securities 2,070 2,070 2,070 — — Available for sale securities 109,736 109,736 62,514 47,222 — Held to maturity securities 15,817 15,903 — 33 15,870 Loans receivable, net 2,685,301 2,659,667 — — 2,659,667 Accrued interest receivable 14,863 14,863 — 14,863 — FHLB stock 5,696 5,696 — 5,696 — Servicing asset, net of valuation allowance 869 869 — — 869 Derivative asset 8,819 8,819 — 8,819 — Financial Liabilities: Noninterest bearing deposits $ 346,172 $ 346,172 $ — $ 346,172 $ — NOW and money market 978,181 978,181 — 978,181 — Savings 97,331 97,331 — 97,331 — Time deposits 1,315,073 1,315,233 — — 1,315,233 Accrued interest payable 14,595 14,595 — 14,595 — Advances from the FHLB 90,000 90,012 — — 90,012 Subordinated debentures 69,205 63,060 — — 63,060 Servicing liability 4 4 — — 4 Derivative liability 4,496 4,496 — 4,496 — The following methods and assumptions were used by management in estimating the fair value of its financial instruments: Cash and due from banks, federal funds sold, accrued interest receivable and accrued interest payable: The carrying amount is a reasonable estimate of fair value. Marketable equity securities 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. Level 3 held to maturity securities represent private placement municipal housing authority bonds for which no quoted market price is available. The fair value for these securities is estimated using a discounted cash flow model, using discount rates ranging from 4.8% to 6.9% as of March 31, 2024 and 4.5% to 6.9% as of December 31, 2023. These securities are CRA eligible investments. FHLB stock: The carrying value of FHLB stock approximates fair value based on the most recent redemption provisions of the FHLB. Loans receivable: For variable rate loans which reprice frequently and have no significant change in credit risk, fair values are based on carrying values. The fair value of fixed rate loans are estimated by discounting the future cash flows using the rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value methodology includes prepayment, default and loss severity assumptions applied by type of loan. The fair value estimate of the loans includes an expected credit loss. Derivative asset (liability): The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounte d 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). Deposits: The fair value of demand deposits, regular savings and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit and other time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities to a schedule of aggregated expected maturities on such deposits. Borrowings and subordinated debentures: The fair value of the Company’s borrowings and subordinated debentures is estimated using a discounted cash flow calculation that applies discount rates currently offered based on similar maturities. The Company also considers its own creditworthiness in determining the fair value of its borrowings and subordinated debt. Contractual cash flows for the subordinated debt are reduced based on the estimated rates of default, the severity of losses to be incurred on a default, and the rates at which the subordinated debt is expected to prepay after the call date. 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. Off-balance-sheet instruments: Loan commitments on which the committed interest rate is less than the current market rate are insignificant at March 31, 2024 and December 31, 2023 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, 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, 2024 and for the year ended December 31, 2023. Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2024: Marketable equity securities $ 2,069 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 62,334 31,311 — Corporate bonds — 14,772 — Derivative asset — 10,372 — Derivative liability — 4,260 — December 31, 2023: Marketable equity securities $ 2,070 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 62,514 32,712 — Corporate bonds — 14,510 — Derivative asset — 8,819 — Derivative liability — 4,496 — 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, 2024 and December 31, 2023, 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, 2024: Individually evaluated loans $ — $ — $ 105,980 Servicing asset, net — — 831 December 31, 2023: Individually evaluated loans $ — $ — $ 104,050 Servicing asset, net — — 865 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, 2024 and December 31, 2023: Fair Value Valuation Methodology Unobservable Input Range (Dollars in thousands) March 31, 2024: Individually evaluated loans $ 28,429 Appraisals Discount to appraised value 8.00% 26,155 Appraisals, cash surrender value life insurance, securities, cash held as collateral Discounts to appraised value and securities value —% - 8.00% 51,396 Discounted cash flows Discount rate 3.38 - 10.75% $ 105,980 Servicing asset, net $ 831 Discounted cash flows Discount rate 10.00% Prepayment rate 3.00 - 18.00% December 31, 2023: Individually evaluated loans $ 31,527 Appraisals Discount to appraised value 8.00% 22,129 Appraisals, cash surrender value life insurance, securities, cash held as collateral Discounts to appraised value and securities value —% - 8.00% 50,394 Discounted cash flows Discount rate 3.38 - 10.75% $ 104,050 Servicing asset, net $ 865 Discounted cash flows Discount rate 10.00% Prepayment rate 3.00 - 17.00% Individually evaluated 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 ACL-Loans. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or other assumptions. Estimates of fair value based on collateral are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. For those loans where the primary source of repayment is cash flow from operations, adjustments include impairment amounts calculated based on the perceived collectability of interest payments on the basis of a discounted cash flow analysis utilizing a discount rate equivalent to the original note rate. Servicing assets and liabilities: When loans are sold, on a servicing retained basis, servicing rights are initially recorded at fair value. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized. The fair value of servicing assets and liabilities are not measured on an ongoing basis but are subject to fair value adjustments when and if the assets or liabilities are deemed to be impaired.

Subordinated debentures

Subordinated debentures	3 Months Ended
	Mar. 31, 2024
Subordinated Borrowings [Abstract]
Subordinated debentures	Subordinated debentures 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 outstanding balance of subordinated debt issued in 2015 and 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. On August 19, 2022, the Company entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers, pursuant to which the Company issued and sold 6.0% fixed-to-floating rate subordinated notes due 2032 (the “2022 Notes”) in the aggregate principal amount of $35.0 million. The Company used the net proceeds from the sale of the 2022 Notes for general corporate purposes. The 2022 Notes bear interest at a fixed rate of 6.0% per year until August 31, 2027. Thereafter, the interest rate will reset quarterly at a variable rate equal to the then current three-month term SOFR plus 326 basis points. The 2022 Notes have a stated maturity of September 1, 2032 and are non-callable for five years. Beginning August 19, 2027, the Company may redeem the 2022 Notes, in whole or in part, at its option. The 2022 Notes are not subject to redemption at the option of the holder. The 2022 Notes have 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, 2024 and December 31, 2023, unamortize d debt issuance costs were $0.7 million and $0.8 million, respectively. Debt issuance costs amortize over the expected life of the related debt. For the three months ended March 31, 2024 and 2023 the amortization expense for debt issuance costs were $62 thousand and $62 thousand, respectively, and were recognized as an increase to interest expense on borrowings within the Consolidated Statements of Income. The Co mpany recognized $0.8 million and $0.8 million in interest expense related to its subordinated debt for the three-month periods ended March 31, 2024 and 2023, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 24, 2024, the Company’s Board of Directors declared a $0.20 per share cash dividend, payable on May 21, 2024, to shareholders of record on May 10, 2024. Subsequent to March 31, 2024, the Company purchased 9,744 shares at a weighted average price of $25.14 per share.

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, and 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 Credit Losses-Loans ("ACL-Loans"), derivative instrument valuation, investment securities valuation, Allowance for Credit Losses-Securities, and deferred income taxes valuation.
Segments	Segments The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing the interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit.
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, 2024. 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, 2023.
Significant Concentrations of Credit Risk	Significant Concentrations of Credit Risk Many of the Company's activities are with clients located in Connecticut and New York, with the majority of the Company's commercial real estate investor 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, with a growing percentage being owner-occupied, which present a lower risk profile.
ACL-Loans and Allowance for Credit Losses-Unfunded Commitments ("ACL-Unfunded Commitments")	ACL-Loans and Allowance for Credit Losses-Unfunded Commitments ("ACL-Unfunded Commitments") The ACL-Loans is measured on each loan’s amortized cost basis, excluding interest receivable, and is initially recognized upon origination or purchase of the loan, and subsequently remeasured on a recurring basis. The ACL-Loans is recognized as a contra-asset, and credit loss expense is recorded as a provision for loan losses in the consolidated statements of income. Loan losses are charged off against the ACL-Loans when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the ACL-Loans. Loans are normally placed on nonaccrual status if it is probable that the Company will be unable to collect the full payment of principal and interest when due according to the contractual terms of the loan agreement, or the loan is past due for a period of 90 days or more unless the obligation is well-secured and is in the process of collection. The Company generally does not recognize an allowance for credit losses ("ACL") on accrued interest receivables, consistent with its policy to reverse interest income when interest is 90 days or more past due. The Company also records an ACL-Unfunded commitments, which is based on the same assumptions as funded loans and also considers the probability of funding. The ACL is recognized as a liability, and credit loss expense is recorded as a provision for unfunded loan commitments within the provision for credit losses in the Consolidated statements of income. For collectively evaluated loans and related unfunded commitments, the Company utilizes software provided by a third party, which includes various models for forecasting expected credit losses, to calculate its ACL. Management selected lifetime loss rate models, utilizing CRE, C&I, and Consumer specific models, to calculate the expected losses over the life of each loan based on exposure at default, loan attributes and reasonable, supportable economic forecasts. The models selected by the Company in its ACL calculation rely upon historical losses from a broad cross section of U.S. banks that also utilize the same third party for ACL calculations. Management reviewed the third party’s analysis of the banks included in the models as part of their model development dataset and determined the Company’s loan portfolio composition by property type, balance distribution by loan age, and delinquency status are similar, which supports the use of these loss rate models. The Company also noted the third party’s model development dataset has loan concentrations that are evenly distributed across the United States, while the Company’s portfolio is mainly concentrated in the Northeast. Based on the disparate regional concentration, management determined that a select group of peer banks is necessary to scale the loss rate models to produce an ACL that is more representative of the Company’s loan portfolio. This peer-based calibration, called a "peer scalar", utilizes the loss rates of a subset of peer banks to appropriately scale the initial model results. These peers have been selected by the Company given their similar characteristics, such as loan portfolio composition and location, to better align the models’ results to the Company’s expected losses. Key assumptions used in the models include portfolio segmentation, risk rating, forecasted economic scenarios, the peer scalar, and the expected utilization of unfunded commitments, among others. Our loan portfolios are segmented by loan level attributes such as loan type, size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated, and loss rates are subsequently applied to the pools as the loans have similar characteristics. To account for economic uncertainty, the Company incorporates multiple economic scenarios in determining the ACL. The scenarios include various projections based on variables such as Gross Domestic Product, interest rates, property price indices, and employment measures, among others. The scenarios are probability-weighted based on available information at the time the calculation is conducted. As part of our ongoing governance of ACL, scenario weightings and model parameters are reviewed periodically by management and are subject to change, as deemed appropriate. The Company also considers qualitative adjustments to expected credit loss estimates for information not already captured in the quantitative loss estimation models. Qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Qualitative loss factors are based on the Company’s judgment of market, changes in loan composition or concentrations, performance trends, regulatory changes, uncertainty of macroeconomic forecasts, and other asset specific risk characteristics. When loans do not share risk characteristics with other financial assets they are evaluated individually. Management applies its normal loan review procedures in making these judgments. Individually evaluated loans consist of loans with credit quality indicators which are substandard or doubtful. The Company also individually evaluates all insurance premium loans. While insurance premium loans are considered consumer loans, the third-party Consumer ACL model is designed for unsecured lending, whereas these loans are secured. To account for the fully secured structure of this type of loan, management determined each loan will be individually evaluated, regardless of the credit quality indicators. These loans are evaluated based upon their collateral, which primarily consists of cash, cash surrender value life insurance, and in some cases real estate. In determining the ACL-Loans for individually evaluated loans, the Company generally applies a discounted cash flow method for instruments that are individually assessed. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is generally calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell.
ACL-Securities	ACL-Securities The Company individually evaluates the available for sale debt securities and held to maturity securities for impairment credit losses. Available for sale securities include U.S. Treasuries, mortgage-backed securities, and corporate bonds. U.S. Treasuries and mortgaged-backed securities are guaranteed by the U.S. Government and as a result, management has a zero loss expectation. No ACL-Securities was recorded for these securities as of March 31, 2024. For the corporate bond portfolio, the Company developed a metric that includes each issuer’s current credit ratings and key financial performance metrics to assess the underlying performance of each issuer. The analysis of the issuers’ performance and the intent of the Company to retain these securities support the determination that there is no expected credit loss, and therefore, no ACL-Securities were recognized on the corporate bond portfolio as of March 31, 2024. Of our held to maturity securities portfolio, one security’s fair value was less than its amortized cost as of March 31, 2024. Since this is a highly rated state agency and municipal obligation, the Company's expectation of nonpayment of the amortized cost basis is zero. No allowance for ALC-Securities was recorded for this security as of March 31, 2024.
Common Share 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 2024 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. 2023-09—Income Taxes (Topic 740): "Improvements to Income Tax Disclosures": The amendments in this update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. The Company believes this ASU will not have a material impact on existing disclosures and will continue to monitor for SEC action, and plan accordingly for adoption. ASU No. 2023-06, Disclosure Improvements: “Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”: The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. Because of the variety of Topics amended, a broad range of entities may be affected by one or more of those amendments. The summary of the amendments applicable to the Company include: Statement of Cash Flows - Requires an accounting policy disclosure in annual periods of where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows. Accounting Changes and Error Corrections - Requires that when there has been a change in the reporting entity, the entity disclose any material prior-period adjustment and the effect of the adjustment on retained earnings in interim financial statements. Earnings Per Share - Requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. Amends illustrative guidance to illustrate disclosure of the methods used in the diluted earnings-per-share computation. Interim Reporting - Conforms to the amendments made to Topic 250 (Accounting Changes and Error Correction). Commitments - Requires disclosure of assets mortgaged, pledged, or otherwise subject to lien and the obligations collateralized. Debt - Requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings. Entities that are not public business entities are not required to provide information about the weighted-average interest rate. Equity - Requires entities that issue preferred stock to disclose preference in involuntary liquidation if the liquidation preference is other than par or stated value. Derivatives - Adds cross-reference to disclosure requirements related to where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows in Topic 230. Transfers and Servicing—Secured Borrowing and Collateral - Requires: a. That accrued interest be included in the disclosure of liabilities incurred in securities borrowing or repurchase or resale transactions. b. Separate presentation of the aggregate carrying amount of reverse repurchase agreements on the face of the balance sheet if that amount exceeds 10 percent of total assets. c. Disclosure of the weighted-average interest rates of repurchase liabilities for public business entities. d. Disclosure of amounts at risk with an individual counterparty if that amount exceeds more than 10 percent of shareholder’s equity. e. Disclosure for reverse repurchase agreements that exceed 10 percent of total assets on whether there are any provisions in a reverse repurchase agreement to ensure that the market value of the underlying assets remains sufficient. to protect against counterparty default and, if so, the nature of those provisions. Financial Services - Requires that investment companies disclose the components of capital on the balance sheet. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The amendments in this update are to be applied prospectively. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company believes this ASU will not have a material impact on existing disclosures and will continue to monitor for SEC action, and plan accordingly for adoption.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 were as follows: March 31, 2024 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 9,885 $ — $ (54) $ 9,831 Due from one through five years $ 55,260 $ 40 $ (2,797) $ 52,503 Due from five through ten years 26,265 — (1,829) 24,436 Due after ten years 7,765 — (890) 6,875 Total U.S. Government and agency obligations 99,175 40 (5,570) 93,645 Corporate bonds Due from five through ten years 15,500 — (1,762) 13,738 Due after ten years 1,500 — (466) 1,034 Total corporate bonds 17,000 — (2,228) 14,772 Total available for sale securities $ 116,175 $ 40 $ (7,798) $ 108,417 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,708 $ 458 $ (710) $ 15,456 Government-sponsored mortgage backed securities No contractual maturity 31 1 — 32 Total held to maturity securities $ 15,739 $ 459 $ (710) $ 15,488 The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2023 were as follows: December 31, 2023 Amortized Cost Gross Unrealized Fair Value Gains Losses (In thousands) Available for sale securities: U.S. Government and agency obligations Less than one year $ 9,836 $ — $ (52) $ 9,784 Due from one through five years $ 55,288 $ 123 $ (2,680) $ 52,731 Due from five through ten years 27,229 — (1,630) 25,599 Due after ten years 7,923 — (811) 7,112 Total U.S. Government and agency obligations 100,276 123 (5,173) 95,226 Corporate bonds Due from five through ten years 15,500 — (2,028) 13,472 Due after ten years 1,500 — (462) 1,038 Total corporate bonds 17,000 — (2,490) 14,510 Total available for sale securities $ 117,276 $ 123 $ (7,663) $ 109,736 Held to maturity securities: State agency and municipal obligations Due after ten years $ 15,785 $ 716 $ (631) $ 15,870 Government-sponsored mortgage backed securities No contractual maturity 32 1 — 33 Total held to maturity securities $ 15,817 $ 717 $ (631) $ 15,903
Schedule of Fair Value and Related Unrealized Losses of Temporarily Impaired Investment Securities, Aggregated by Investment Category	The following tables provide information regarding available for sale securities and held to maturity 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, 2024 and December 31, 2023: 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, 2024 U.S. Government and agency obligations $ — $ — — % $ 83,725 $ (5,570) 6.24 % $ 83,725 $ (5,570) 6.24 % Corporate bonds — — — 14,772 (2,228) 13.10 14,772 (2,228) 13.10 State agency and municipal obligations — — — 3,980 (710) 15.15 3,980 (710) 15.15 Total investment securities $ — $ — — % $ 102,477 $ (8,508) 7.67 % $ 102,477 $ (8,508) 7.67 % 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, 2023 U.S. Government and agency obligations $ — $ — — % $ 85,243 $ (5,173) 5.72 % $ 85,243 $ (5,173) 5.72 % Corporate bonds — — — 14,510 (2,490) 14.65 14,510 (2,490) 14.65 State agency and municipal obligations — — — 4,076 (631) 13.41 4,076 (631) 13.41 Total investment securities $ — $ — — % $ 103,829 $ (8,294) 7.40 % $ 103,829 $ (8,294) 7.40 %

Loans Receivable and ACL-Loans

Loans Receivable and ACL-Loans (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: (In thousands) March 31, 2024 December 31, 2023 Real estate loans: Residential $ 49,098 $ 50,931 Commercial 1,927,636 1,947,648 Construction 151,967 183,414 2,128,701 2,181,993 Commercial business 508,912 500,569 Consumer 41,946 36,045 Total loans 2,679,559 2,718,607 ACL-Loans (27,991) (27,946) Deferred loan origination fees, net (4,882) (5,360) Loans receivable, net $ 2,646,686 $ 2,685,301
Schedule of Portfolio Segment and Impairment Methodology, of ACL-Loan and Related Portfolio	The following tables set forth the activity in the Company’s ACL-Loans for the three months ended March 31, 2024 and 2023, by portfolio segment: Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2024 Beginning balance $ 149 $ 20,950 $ 1,699 $ 4,562 $ 586 $ 27,946 Charge-offs (132) (3,306) — (197) (49) (3,684) Recoveries — — — 27 4 31 Provision (credit) for credit losses 116 4,022 (156) (314) 30 3,698 Ending balance $ 133 $ 21,666 $ 1,543 $ 4,078 $ 571 $ 27,991 Residential Real Estate Commercial Real Estate Construction Commercial Business Consumer Total (In thousands) Three Months Ended March 31, 2023 Balance as of December 31, 2022 $ 163 $ 15,597 $ 311 $ 6,214 $ 146 $ 22,431 Day1 effect of CECL 80 4,987 611 (1,125) 526 $ 5,079 Balance as of January 1, 2023 as adjusted for changes in accounting principle 243 20,584 922 5,089 672 27,510 Charge-offs — — — (440) (12) (452) Recoveries — — — — 6 6 (Credit) provision for credit losses (36) (1,171) 148 1,944 49 934 Ending balance $ 207 $ 19,413 $ 1,070 $ 6,593 $ 715 $ 27,998 Loans evaluated for impairment and the related ACL-Loans as of March 31, 2024 and December 31, 2023 were as follows: Portfolio ACL-Loans (In thousands) March 31, 2024 Loans individually evaluated for impairment: Residential real estate $ 3,545 $ — Commercial real estate 45,964 — Construction 9,382 — Commercial business 21,297 363 Consumer 26,155 — Subtotal 106,343 363 Loans collectively evaluated for impairment: Residential real estate 45,553 133 Commercial real estate 1,881,672 21,666 Construction 142,585 1,543 Commercial business 487,615 3,715 Consumer 15,791 571 Subtotal 2,573,216 27,628 Total $ 2,679,559 $ 27,991 Portfolio ACL-Loans (In thousands) December 31, 2023 Loans individually evaluated for impairment: Residential real estate $ 3,711 $ — Commercial real estate 49,935 955 Construction 9,382 — Commercial business 19,848 — Consumer 22,129 — Subtotal 105,005 955 Loans collectively evaluated for impairment: Residential real estate 47,220 149 Commercial real estate 1,897,713 19,995 Construction 174,032 1,699 Commercial business 480,721 4,562 Consumer 13,916 586 Subtotal 2,613,602 26,991 Total $ 2,718,607 $ 27,946 Three Months Ended March 31, 2024 2023 (In thousands) Balance at beginning of period $ 926 $ 80 Reversal of prior unfunded reserve — (80) Day 1 effect of CECL — 1,273 (Credit) for credit losses (unfunded commitments) (15) (108) Balance at end of period $ 911 $ 1,165 The following table summarizes the Provision for credit losses for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 2023 (In thousands) Provision for credit losses (loans) $ 3,698 $ 934 (Credit) for credit losses (unfunded commitments) (15) (108) Provision for credit losses $ 3,683 $ 826
Schedule of Loan Portfolio Quality Indicators by Portfolio Segment	The following tables present loans by origination and risk designation as of March 31, 2024 and December 31, 2023 (dollars in thousands): Term Loans Amortized Cost Balances by Origination Year as of March 31, 2024 2024 2023 2022 2021 2020 Prior Total Residential Real Estate Loans Pass $ — $ — $ — $ — $ — $ 45,633 $ 45,633 Special Mention — — — — — 141 141 Substandard — — — — — 3,562 3,562 Doubtful — — — — — — — Total Residential Real Estate Loans $ — $ — $ — $ — $ — $ 49,336 $ 49,336 Residential Real Estate charge-off Current period charge-offs $ — $ — $ — $ — $ — $ 132 $ 132 Commercial Real Estate Loans Pass $ 25,761 $ 90,932 $ 755,779 $ 269,517 $ 126,193 $ 554,880 $ 1,823,062 Special Mention — 12,733 35,010 13,202 1,275 2,022 64,242 Substandard — 18,531 — 16,720 — — 35,251 Doubtful — — — 2,116 — 8,632 10,748 Total Commercial Real Estate Loans $ 25,761 $ 122,196 $ 790,789 $ 301,555 $ 127,468 $ 565,534 $ 1,933,303 Commercial Real Estate charge-off Current period charge-offs $ — $ — $ — $ — $ — $ 3,306 $ 3,306 Construction Loans Pass $ — $ 41,663 $ 56,166 $ 45,259 $ — $ — $ 143,088 Special Mention — — — — — — — Substandard — — — — — 9,362 9,362 Doubtful — — — — — — — Total Construction Loans $ — $ 41,663 $ 56,166 $ 45,259 $ — $ 9,362 $ 152,450 Construction charge-off Current period charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial Business Loans Pass $ 38,102 $ 122,299 $ 212,863 $ 65,839 $ 6,774 $ 36,080 $ 481,957 Special Mention — 667 5,197 1,009 — 1,285 8,158 Substandard — 893 8,931 7,727 — 1,961 19,512 Doubtful — — — 1,779 — 92 1,871 Total Commercial Business Loans $ 38,102 $ 123,859 $ 226,991 $ 76,354 $ 6,774 $ 39,418 $ 511,498 Commercial Business charge-off Current period charge-offs $ — $ — $ — $ 197 $ — $ — $ 197 Consumer Loans Pass $ — $ 11,656 $ 29,401 $ — $ — $ 33 $ 41,090 Special Mention — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — Total Consumer Loans $ — $ 11,656 $ 29,401 $ — $ — $ 33 $ 41,090 Consumer charge-off Current period charge-offs $ 3 $ — $ — $ 46 $ — $ — $ 49 Total Loans Pass $ 63,863 $ 266,550 $ 1,054,209 $ 380,615 $ 132,967 $ 636,626 $ 2,534,830 Special Mention — 13,400 40,207 14,211 1,275 3,448 72,541 Substandard — 19,424 8,931 24,447 — 14,885 67,687 Doubtful — — — 3,895 — 8,724 12,619 Total Loans $ 63,863 $ 299,374 $ 1,103,347 $ 423,168 $ 134,242 $ 663,683 $ 2,687,677 Total charge-off Current period charge-offs $ 3 $ — $ — $ 243 $ — $ 3,438 $ 3,684 Term Loans Amortized Cost Balances by Origination Year as of December 31, 2023 2023 2022 2021 2020 2019 Prior Total Residential Real Estate Loans Pass $ — $ — $ — $ — $ — $ 47,314 $ 47,314 Special Mention — — — — — 140 140 Substandard — — — — — 3,728 3,728 Doubtful — — — — — — — Total Residential Real Estate Loans $ — $ — $ — $ — $ — $ 51,182 $ 51,182 Residential Real Estate charge-off Current period charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate Loans Pass $ 95,881 $ 755,352 $ 310,811 $ 113,554 $ 133,996 $ 429,695 $ 1,839,289 Special Mention 12,333 35,136 13,203 — 2,035 114 62,821 Substandard 18,525 — 16,923 — — 8,121 43,569 Doubtful — — 2,116 — — 4,272 6,388 Total Commercial Real Estate Loans $ 126,739 $ 790,488 $ 343,053 $ 113,554 $ 136,031 $ 442,202 $ 1,952,067 Commercial Real Estate charge-off Current period charge-offs $ — $ — $ 213 $ — $ — $ 611 $ 824 Construction Loans Pass $ 39,627 $ 67,788 $ 41,156 $ 26,156 $ — $ — $ 174,727 Special Mention — — — — — — — Substandard — — — — — 9,362 9,362 Doubtful — — — — — — — Total Construction Loans $ 39,627 $ 67,788 $ 41,156 $ 26,156 $ — $ 9,362 $ 184,089 Construction charge-off Current period charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial Business Loans Pass $ 121,312 $ 234,997 $ 73,805 $ 9,291 $ 6,504 $ 32,293 $ 478,202 Special Mention — 3,395 1,009 — — — 4,404 Substandard 892 8,934 7,910 — — 2,092 19,828 Doubtful — — — — — 103 103 Total Commercial Business Loans $ 122,204 $ 247,326 $ 82,724 $ 9,291 $ 6,504 $ 34,488 $ 502,537 Commercial Business charge-off Current period charge-offs $ — $ — $ — $ — $ 440 $ — $ 440 Consumer Loans Pass $ 10,126 $ 25,406 $ — $ — $ — $ 37 $ 35,569 Special Mention — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — Total Consumer Loans $ 10,126 $ 25,406 $ — $ — $ — $ 37 $ 35,569 Consumer charge-off Current period charge-offs $ 83 $ — $ — $ — $ — $ — $ 83 Total Loans Pass $ 266,946 $ 1,083,543 $ 425,772 $ 149,001 $ 140,500 $ 509,339 $ 2,575,101 Special Mention 12,333 38,531 14,212 — 2,035 254 67,365 Substandard 19,417 8,934 24,833 — — 23,303 76,487 Doubtful — — 2,116 — — 4,375 6,491 Total Loans $ 298,696 $ 1,131,008 $ 466,933 $ 149,001 $ 142,535 $ 537,271 $ 2,725,444 Total charge-off Current period charge-offs $ 83 $ — $ 213 $ — $ 440 $ 611 $ 1,347 The following tables present credit risk ratings by loan segment as of March 31, 2024 and December 31, 2023: Commercial Credit Quality Indicators March 31, 2024 December 31, 2023 Commercial Real Estate Construction Commercial Business Total Commercial Real Estate Construction Commercial Business Total (In thousands) Pass $ 1,817,700 $ 142,585 $ 479,532 $ 2,439,817 $ 1,835,136 $ 174,032 $ 476,358 $ 2,485,526 Special Mention 63,972 — 8,083 72,055 62,577 — 4,362 66,939 Substandard 35,209 9,382 19,431 64,022 43,542 9,382 19,745 72,669 Doubtful 10,755 — 1,866 12,621 6,393 — 104 6,497 Loss — — — — — — — — Total loans $ 1,927,636 $ 151,967 $ 508,912 $ 2,588,515 $ 1,947,648 $ 183,414 $ 500,569 $ 2,631,631 Residential and Consumer Credit Quality Indicators March 31, 2024 December 31, 2023 Residential Real Estate Consumer Total Residential Real Estate Consumer Total (In thousands) Pass $ 45,415 $ 41,946 $ 87,361 $ 47,082 $ 36,045 $ 83,127 Special Mention 138 — 138 138 — 138 Substandard 3,545 — 3,545 3,711 — 3,711 Doubtful — — — — — — Loss — — — — — — Total loans $ 49,098 $ 41,946 $ 91,044 $ 50,931 $ 36,045 $ 86,976
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, 2024 and December 31, 2023: March 31, 2024 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 $ 1,951 $ 138 $ 1,203 $ 3,292 $ 45,806 $ 49,098 Commercial real estate 107 92 1,388 1,587 1,926,049 1,927,636 Construction — — 9,382 9,382 142,585 151,967 Commercial business 11,955 3,084 9,342 24,381 484,531 508,912 Consumer — — — — 41,946 41,946 Total loans $ 14,013 $ 3,314 $ 21,315 $ 38,642 $ 2,640,917 $ 2,679,559 December 31, 2023 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 $ — $ 1,220 $ 132 $ 1,352 $ 49,579 $ 50,931 Commercial real estate 195 282 1,851 2,328 1,945,320 1,947,648 Construction — — 9,382 9,382 174,032 183,414 Commercial business 6,568 1,648 — 8,216 492,353 500,569 Consumer — — — — 36,045 36,045 Total loans $ 6,763 $ 3,150 $ 11,365 $ 21,278 $ 2,697,329 $ 2,718,607
Schedule of Nonaccrual Loans by Portfolio Segment	The following is a summary of nonaccrual loans by portfolio segment as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In thousands) Residential real estate $ 1,237 $ 1,386 Commercial real estate 19,083 23,009 Commercial business 16,841 15,430 Construction 9,382 9,382 Consumer — — Total $ 46,543 $ 49,207
Schedule of Loans Whose Terms were Modified as Tdrs During the Periods	The following table summarizes individually evaluated loans by portfolio segment as of March 31, 2024 and December 31, 2023. Carrying Amount Unpaid Principal Balance Associated ACL-Loans March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) Individually evaluated loans without a valuation allowance: Residential real estate $ 3,545 $ 3,711 $ 3,830 $ 4,022 $ — $ — Commercial real estate 45,964 43,942 50,570 45,032 — — Construction 9,382 9,382 9,382 9,382 — — Commercial business 12,599 19,848 13,660 20,502 — — Consumer 26,155 22,129 26,155 22,129 — — Total individually evaluated loans without a valuation allowance 97,645 99,012 103,597 101,067 — — Individually evaluated loans with a valuation allowance: Residential real estate $ — $ — $ — $ — $ — $ — Commercial real estate — 5,993 — 6,017 — 955 Construction — — — — — — Commercial business 8,698 — 8,871 — 363 — Consumer — — — — — — Total individually evaluated loans with a valuation allowance 8,698 5,993 8,871 6,017 363 955 Total individually evaluated loans $ 106,343 $ 105,005 $ 112,468 $ 107,084 $ 363 $ 955 The following table summarizes the average carrying amount of individually evaluated impaired loans and interest income recognized on individually evaluated loans by portfolio segment for the three months ended March 31, 2024 and 2023: Average Carrying Amount Interest Income Recognized Three Months Ended March 31, Three Months Ended March 2024 2023 2024 2023 (In thousands) Individually evaluated impaired loans without a valuation allowance: Residential real estate $ 3,556 $ 3,830 $ 44 $ — Commercial real estate 48,322 1,915 553 20 Commercial business 13,001 2,392 402 44 Construction 9,382 9,382 — — Consumer 25,523 — 336 — Total individually evaluated impaired loans without a valuation allowance 99,784 17,519 1,335 64 Individually evaluated impaired loans with a valuation allowance: Residential real estate $ — $ — $ — $ — Commercial real estate — 22,492 — 156 Commercial business 8,698 1,419 161 — Construction — — — — Consumer — — — — Total individually evaluated impaired loans with a valuation allowance 8,698 23,911 161 156 Total individually evaluated impaired loans $ 108,482 $ 41,430 $ 1,496 $ 220 Number of Loans Pre-Modification Post-Modification (Dollars in thousands) 2024 2023 2024 2023 2024 2023 Three Months Ended March 31, Residential real estate — — $ — $ — $ — $ — Commercial business — — — — — — Commercial real estate — — — — — — Total — — $ — $ — $ — $ —
Schedule of Information on How Loans were Modified as a TDR	The following table provides information on how loans were modified during the three months ended March 31, 2024 and March 31, 2023. Three Months Ended March 31, 2024 2023 (In thousands) Payment concession $ — $ — Maturity, rate and payment concession — — Rate concession — — Total $ — $ —

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2024
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 (loss) income by component, net of tax for the three months ended March 31, 2024 and March 31, 2023: Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2023 $ (5,810) $ 4,146 $ (1,664) Other comprehensive (loss) income before reclassifications, net of tax (116) 664 548 Amounts reclassified from accumulated other comprehensive income, net of tax — (603) (603) Net other comprehensive (loss) income (116) 61 (55) Balance at March 31, 2024 $ (5,926) $ 4,207 $ (1,719) Net Unrealized Gain (Loss) on Available for Sale Securities Net Unrealized Gain (Loss) on Interest Rate Swaps Total (In thousands) Balance at December 31, 2022 $ (6,750) $ 6,561 $ (189) Other comprehensive (loss) income before reclassifications, net of tax 634 (797) (163) Amounts reclassified from accumulated other comprehensive income, net of tax — (782) (782) Net other comprehensive (loss) income 634 (1,579) (945) Balance at March 31, 2023 $ (6,116) $ 4,982 $ (1,134)
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 2024 2023 (In thousands) Derivatives: Unrealized gains (losses) on derivatives $ 1,257 $ 982 Interest expense on borrowings Tax (expense) benefit (654) (200) Income tax expense Net of tax $ 603 $ 782

Earnings per share ("EPS") (Tab

Earnings per share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Earnings Available to Common Stockholders and Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding	The following table is a reconciliation of earnings available to common shareholders and basic weighted average common shares outstanding to diluted weighted average common shares outstanding, reflecting the application of the two-class method: Three Months Ended March 31, 2024 2023 (In thousands, except per share data) Net income $ 3,763 $ 10,379 Dividends to participating securities (1) (40) (42) Undistributed earnings allocated to participating securities (1) (66) (230) Net income for earnings per share calculation $ 3,657 $ 10,107 Weighted average shares outstanding, basic 7,664 7,555 Effect of dilutive equity-based awards (2) 24 62 Weighted average shares outstanding, diluted 7,688 7,617 Net earnings per common share: Basic earnings per common share $ 0.48 $ 1.34 Diluted earnings per common share $ 0.48 $ 1.33 (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, 2024
Regulatory Matters [Abstract]
Schedule of Capital Amounts and Ratios	The capital amounts and ratios for the Bank and the Company at March 31, 2024 and December 31, 2023 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, 2024 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 324,355 11.60 % $ 195,791 7.00 % $ 181,806 6.50 % Tier I Capital to Risk-Weighted Assets 324,355 11.60 % 237,746 8.50 % 223,761 8.00 % Total Capital to Risk-Weighted Assets 353,257 12.63 % 293,686 10.50 % 279,701 10.00 % Tier I Capital to Average Assets 324,355 10.09 % 128,626 4.00 % 160,782 5.00 % Minimum Regulatory Capital Required for Capital Adequacy Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital Amount Ratio Amount Ratio Amount Ratio Bankwell Financial Group, Inc. March 31, 2024 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 266,561 9.47 % $ 126,602 4.50 % $ 182,869 6.50 % Tier I Capital to Risk-Weighted Assets 266,561 9.47 % 168,803 6.00 % 225,070 8.00 % Total Capital to Risk-Weighted Assets 364,729 12.96 % 225,070 8.00 % 281,338 10.00 % Tier I Capital to Average Assets 266,561 8.28 % 128,767 4.00 % 160,959 5.00 % 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, 2023 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 321,432 11.30 % $ 199,047 7.00 % $ 184,829 6.50 % Tier I Capital to Risk-Weighted Assets 321,432 11.30 % 241,700 8.50 % 227,482 8.00 % Total Capital to Risk-Weighted Assets 350,303 12.32 % 298,571 10.50 % 284,353 10.00 % Tier I Capital to Average Assets 321,432 9.81 % 131,110 4.00 % 163,888 5.00 % Minimum Regulatory Capital Required for Capital Adequacy Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions Actual Capital Amount Ratio Amount Ratio Amount Ratio Bankwell Financial Group, Inc. December 31, 2023 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 264,209 9.28 % $ 128,121 4.50 % N/A N/A Tier I Capital to Risk-Weighted Assets 264,209 9.28 % 170,828 6.00 % N/A N/A Total Capital to Risk-Weighted Assets 362,285 12.72 % 227,770 8.00 % N/A N/A Tier I Capital to Average Assets 264,209 8.05 % 131,232 4.00 % N/A N/A

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2024
Deposits [Abstract]
Schedule of Deposit Liabilities	At March 31, 2024 and December 31, 2023, deposits consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Noninterest bearing demand deposit accounts $ 376,248 $ 346,172 Interest bearing accounts: NOW 95,227 90,829 Money market 818,408 887,352 Savings 92,188 97,331 Time certificates of deposit 1,291,451 1,315,073 Total interest bearing accounts 2,297,274 2,390,585 Total deposits $ 2,673,522 $ 2,736,757
Schedule of Time Deposits Maturity Schedule	Maturities of time certificates of deposit as of March 31, 2024 and December 31, 2023 are summarized below: March 31, 2024 December 31, 2023 (In thousands) 2024 721,072 979,807 2025 552,886 318,961 2026 341 24 2027 927 68 After 2028 16,225 16,213 Total $ 1,291,451 $ 1,315,073
Schedule of Interest Expense	The following table summarizes interest expense on deposits by account type for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) NOW $ 39 $ 38 Money market 9,146 6,385 Savings 714 727 Time certificates of deposits 15,463 9,883 Total interest expense on deposits $ 25,362 $ 17,033

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Activity for Restricted Stock	The following table presents the activity for restricted stock for the three months ended March 31, 2024: Three Months Ended March 31, 2024 Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 254,328 (1) $ 29.58 Granted 61,844 (2) 24.62 Vested (82,881) (3) 26.38 Forfeited (100) 25.00 Unvested at end of period 233,191 (1) Inclu des 33,115 shares of performan ce based restricted stock. (2) Includes 18,598 shares of performance based restricted stock. (3) Includes 15,694 shares of performance based restricted stock.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Portfolio Layer Method Hedged Asset	The following table represents the carrying value of the portfolio layer method hedged asset and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Carrying Value of Hedged Asset Hedged Items (In thousands) Fixed Rate Asset (1) $ 149,247 $ 150,915 $ (753) $ 915 (1) These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of March 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $587.4 million and $611.5 million , the cumulative basis adjustments associated with this hedging relationships was $1.2 million and $1.1 million, respectively. As of March 31, 2024 and December 31, 2023, t he amount of the designated hedged item was $150.0 million, respectively.
Schedule of Derivative Instruments	Information about derivative instruments at March 31, 2024 and December 31, 2023 is as follows: As of March 31, 2024 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: Cash flow swaps $ 125,000 Other assets $ 5,369 $ — Accrued expenses and other liabilities $ — Fair value swap $ 150,000 Other assets $ 743 $ — Accrued expenses and other liabilities $ — Derivatives not designated as hedging instruments: Cash flow swaps (1) $ 38,500 Other assets $ 4,260 $ 38,500 Accrued expenses and other liabilities $ 4,260 (1) Represents interest rate swaps with commercial banking clients, which are offset by derivatives with a third party. As of December 31, 2023 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: Cash flow swaps $ 125,000 Other assets $ 5,240 $ — Accrued expenses and other liabilities $ — Fair value swap $ 150,000 Other assets $ — $ — Accrued expenses and other liabilities $ 917 Derivatives not designated as hedging instruments: Cash flow swaps (1) $ 38,500 Other assets $ 3,579 $ 38,500 Accrued expenses and other liabilities $ 3,579 (1) Represents interest rate swaps with commercial banking clients, which are offset by derivatives with a third party.
Schedule of Changes in the Consolidated Statements of Comprehensive Income (Loss) 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, 2024 and March 31, 2023: Three Months Ended March 31, (In thousands) 2024 2023 Interest rate swaps designated as cash flow hedges: Unrealized gain (loss) recognized in accumulated other comprehensive income before reclassifications $ 1,382 $ (999) Amounts reclassified from accumulated other comprehensive income (1,257) (982) Income tax (expense) benefit on items recognized in accumulated other comprehensive income (64) 402 Other comprehensive income $ 61 $ (1,579)
Schedule of Derivative Fair Value Hedge Recognized in Consolidated Statements of Income	The following table summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, (In thousands) 2024 2023 (Loss) gain on fair value hedging relationship: Hedged asset $ (1,668) $ 2,403 Fair value derivative designated as hedging instrument 840 (2,353) Total (loss) gain recognized in the consolidated statements of income within interest and fees on loans $ (828) $ 50
Schedule of Gross and Net Information about 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, 2024 and December 31, 2023: March 31, 2024 (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 $ 11,303 $ — $ 11,303 $ — $ 10,832 $ 471 (1) Includes accru ed interest receivable totaling $931 thousand. March 31, 2024 (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 $ 4,334 $ — $ 4,334 $ — $ — $ 4,334 (1) Includes net ac crued interest payable totaling $74 thousand. December 31, 2023 (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 $ 9,583 $ — $ 9,583 $ — $ 8,599 $ 984 (1) Includes accrued interest receivable totaling $764 thousand. December 31, 2023 (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 $ 4,473 $ — $ 4,473 $ — $ — $ 4,473 (1) Includes net interest receivable totaling $23 thousand.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 were as follows: March 31, 2024 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 245,043 $ 245,043 $ 245,043 $ — $ — Federal funds sold 2,584 2,584 2,584 — — Marketable equity securities 2,069 2,069 2,069 — — Available for sale securities 108,417 108,417 62,334 46,083 — Held to maturity securities 15,739 15,488 — 32 15,456 Loans receivable, net 2,646,686 2,618,887 — — 2,618,887 Accrued interest receivable 15,104 15,104 — 15,104 — FHLB stock 5,655 5,655 — 5,655 — Servicing asset, net of valuation allowance 834 834 — — 834 Derivative asset 10,372 10,372 — 10,372 — Financial Liabilities: Noninterest bearing deposits $ 376,248 $ 376,248 $ — $ 376,248 $ — NOW and money market 913,635 913,635 — 913,635 — Savings 92,188 92,188 — 92,188 — Time deposits 1,291,451 1,290,644 — — 1,290,644 Accrued interest payable 15,038 15,038 — 15,038 — Advances from the FHLB 90,000 89,998 — — 89,998 Subordinated debentures 69,266 64,873 — — 64,873 Servicing liability 3 3 — — 3 Derivative liability 4,260 4,260 — 4,260 — December 31, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 267,521 $ 267,521 $ 267,521 $ — $ — Federal funds sold 1,636 1,636 1,636 — — Marketable equity securities 2,070 2,070 2,070 — — Available for sale securities 109,736 109,736 62,514 47,222 — Held to maturity securities 15,817 15,903 — 33 15,870 Loans receivable, net 2,685,301 2,659,667 — — 2,659,667 Accrued interest receivable 14,863 14,863 — 14,863 — FHLB stock 5,696 5,696 — 5,696 — Servicing asset, net of valuation allowance 869 869 — — 869 Derivative asset 8,819 8,819 — 8,819 — Financial Liabilities: Noninterest bearing deposits $ 346,172 $ 346,172 $ — $ 346,172 $ — NOW and money market 978,181 978,181 — 978,181 — Savings 97,331 97,331 — 97,331 — Time deposits 1,315,073 1,315,233 — — 1,315,233 Accrued interest payable 14,595 14,595 — 14,595 — Advances from the FHLB 90,000 90,012 — — 90,012 Subordinated debentures 69,205 63,060 — — 63,060 Servicing liability 4 4 — — 4 Derivative liability 4,496 4,496 — 4,496 —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, 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, 2024 and for the year ended December 31, 2023. Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2024: Marketable equity securities $ 2,069 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 62,334 31,311 — Corporate bonds — 14,772 — Derivative asset — 10,372 — Derivative liability — 4,260 — December 31, 2023: Marketable equity securities $ 2,070 $ — $ — Available for sale investment securities: U.S. Government and agency obligations 62,514 32,712 — Corporate bonds — 14,510 — Derivative asset — 8,819 — Derivative liability — 4,496 —
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, 2024 and December 31, 2023, 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, 2024: Individually evaluated loans $ — $ — $ 105,980 Servicing asset, net — — 831 December 31, 2023: Individually evaluated loans $ — $ — $ 104,050 Servicing asset, net — — 865
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, 2024 and December 31, 2023: Fair Value Valuation Methodology Unobservable Input Range (Dollars in thousands) March 31, 2024: Individually evaluated loans $ 28,429 Appraisals Discount to appraised value 8.00% 26,155 Appraisals, cash surrender value life insurance, securities, cash held as collateral Discounts to appraised value and securities value —% - 8.00% 51,396 Discounted cash flows Discount rate 3.38 - 10.75% $ 105,980 Servicing asset, net $ 831 Discounted cash flows Discount rate 10.00% Prepayment rate 3.00 - 18.00% December 31, 2023: Individually evaluated loans $ 31,527 Appraisals Discount to appraised value 8.00% 22,129 Appraisals, cash surrender value life insurance, securities, cash held as collateral Discounts to appraised value and securities value —% - 8.00% 50,394 Discounted cash flows Discount rate 3.38 - 10.75% $ 104,050 Servicing asset, net $ 865 Discounted cash flows Discount rate 10.00% Prepayment rate 3.00 - 17.00%

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies - Narratives (Details)	3 Months Ended
	Mar. 31, 2024 mi² segment
Real Estate Properties
Number of reportable segments | segment	1
Connecticut
Real Estate Properties
Area of land (in miles) | mi²	100

Investment Securities - Schedul

Investment Securities - Schedule 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, 2024	Dec. 31, 2023
Available for sale securities:
Amortized cost	$ 116,175	$ 117,276
Gross unrealized gains	40	123
Gross unrealized losses	(7,798)	(7,663)
Fair value	108,417	109,736
Held to maturity securities:
Amortized cost	15,739	15,817
Gross unrealized gains	459	717
Gross unrealized losses	(710)	(631)
Fair value	15,488	15,903
U.S. Government and agency obligations
Available for sale securities:
Amortized cost, less than one year	9,885	9,836
Gross unrealized gains, less than one year	0	0
Gross unrealized losses, less than one year	(54)	(52)
Fair value, less than one year	9,831	9,784
Amortized cost, due from one through five years	55,260	55,288
Gross unrealized gains, due from one through five years	40	123
Gross unrealized losses, due from one through five years	(2,797)	(2,680)
Fair value, due from one through five years	52,503	52,731
Amortized cost, due from five through ten years	26,265	27,229
Gross unrealized gains, due from five through ten years	0	0
Gross unrealized losses, due from five through ten years	(1,829)	(1,630)
Fair value, due from five through ten years	24,436	25,599
Amortized cost, due after ten years	7,765	7,923
Gross unrealized gains, due after ten years	0	0
Gross unrealized losses, due after ten years	(890)	(811)
Fair value, due after ten years	6,875	7,112
Amortized cost	99,175	100,276
Gross unrealized gains	40	123
Gross unrealized losses	(5,570)	(5,173)
Fair value	93,645	95,226
Corporate bonds
Available for sale securities:
Amortized cost, due from five through ten years	15,500	15,500
Gross unrealized gains, due from five through ten years	0	0
Gross unrealized losses, due from five through ten years	(1,762)	(2,028)
Fair value, due from five through ten years	13,738	13,472
Amortized cost, due after ten years	1,500	1,500
Gross unrealized gains, due after ten years	0	0
Gross unrealized losses, due after ten years	(466)	(462)
Fair value, due after ten years	1,034	1,038
Amortized cost	17,000	17,000
Gross unrealized gains	0	0
Gross unrealized losses	(2,228)	(2,490)
Fair value	14,772	14,510
State agency and municipal obligations
Held to maturity securities:
Amortized cost, due after ten years	15,708	15,785
Gross unrealized gains, due after ten years	458	716
Gross unrealized losses, due after ten years	(710)	(631)
Fair Value, due after ten years	15,456	15,870
Government-sponsored mortgage backed securities
Held to maturity securities:
Amortized cost, no contractual maturity	31	32
Gross unrealized gains, no contractual maturity	1	1
Gross unrealized losses, no contractual maturity	0	0
Fair Value, no contractual maturity	$ 32	$ 33

Investment Securities - Narrati

Investment Securities - Narratives (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) security	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) security
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of securities	$ 0	$ 0
Marketable equity securities, at fair value	2,069,000		$ 2,070,000
Marketable equity securities at amortized cost	$ 2,200,000		$ 2,200,000
Number of available for sales debt securities in continuous loss position (positions) | security	34		34

Investment Securities - Sched_2

Investment Securities - Schedule of Fair Value and Related Unrealized Losses of Temporarily Impaired Investment Securities, Aggregated by Investment Category (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 0	$ 0
Less than 12 months - unrealized loss	$ 0	$ 0
Less than 12 months - percent decline from amortized cost	0%	0%
12 months or more - fair value	$ 102,477	$ 103,829
12 months or more - unrealized loss	$ (8,508)	$ (8,294)
12 months or more - percent decline from amortized cost	7.67%	7.40%
Fair value - total	$ 102,477	$ 103,829
Unrealized loss - total	$ (8,508)	$ (8,294)
Percent decline from amortized cost - total	7.67%	7.40%
U.S. Government and agency obligations
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 0	$ 0
Less than 12 months - unrealized loss	$ 0	$ 0
Less than 12 months - percent decline from amortized cost	0%	0%
12 months or more - fair value	$ 83,725	$ 85,243
12 months or more - unrealized loss	$ (5,570)	$ (5,173)
12 months or more - percent decline from amortized cost	6.24%	5.72%
Fair value - total	$ 83,725	$ 85,243
Unrealized loss - total	$ (5,570)	$ (5,173)
Percent decline from amortized cost - total	6.24%	5.72%
Corporate bonds
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 0	$ 0
Less than 12 months - unrealized loss	$ 0	$ 0
Less than 12 months - percent decline from amortized cost	0%	0%
12 months or more - fair value	$ 14,772	$ 14,510
12 months or more - unrealized loss	$ (2,228)	$ (2,490)
12 months or more - percent decline from amortized cost	13.10%	14.65%
Fair value - total	$ 14,772	$ 14,510
Unrealized loss - total	$ (2,228)	$ (2,490)
Percent decline from amortized cost - total	13.10%	14.65%
State agency and municipal obligations
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss
Less than 12 months - fair value	$ 0	$ 0
Less than 12 months - unrealized loss	$ 0	$ 0
Less than 12 months - percent decline from amortized cost	0%	0%
12 months or more - fair value	$ 3,980	$ 4,076
12 months or more - unrealized loss	$ (710)	$ (631)
12 months or more - percent decline from amortized cost	15.15%	13.41%
Fair value - total	$ 3,980	$ 4,076
Unrealized loss - total	$ (710)	$ (631)
Percent decline from amortized cost - total	15.15%	13.41%

Loans Receivable and ACL-Loan_2

Loans Receivable and ACL-Loans - Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure
Total loans	$ 2,679,559	$ 2,718,607
ACL-Loans	(27,991)	(27,946)	$ (27,998)	$ (22,431)
Deferred loan origination fees, net	(4,882)	(5,360)
Loans receivable, net	2,646,686	2,685,301
Real estate loan
Loans and Leases Receivable Disclosure
Total loans	2,128,701	2,181,993
Residential
Loans and Leases Receivable Disclosure
Total loans	49,098	50,931
ACL-Loans	(133)	(149)	(207)	(163)
Commercial
Loans and Leases Receivable Disclosure
Total loans	1,927,636	1,947,648
ACL-Loans	(21,666)	(20,950)	(19,413)	(15,597)
Construction
Loans and Leases Receivable Disclosure
Total loans	151,967	183,414
ACL-Loans	(1,543)	(1,699)	(1,070)	(311)
Commercial business
Loans and Leases Receivable Disclosure
Total loans	508,912	500,569
ACL-Loans	(4,078)	(4,562)	(6,593)	(6,214)
Consumer
Loans and Leases Receivable Disclosure
Total loans	41,946	36,045
ACL-Loans	$ (571)	$ (586)	$ (715)	$ (146)

Loans Receivable and ACL-Loan_3

Loans Receivable and ACL-Loans - Narratives (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Percentage of market value of the collateral (as a percent)	80%
Maximum percentage of market value of the collateral (as a percent)	85%
Maximum percent of the loan in comparison with original appraised value of the property (as a percent)	80%
Number of loans | loan	0		0
Income contractually due but not recognized on originated nonaccrual loans	$ 900,000	$ 3,200,000
Non-accrual loans with no allowance for loans losses	37,800,000		$ 48,300,000
Recorded investment in TDR	$ 0		$ 0

Loans Receivable and ACL-Loan_4

Loans Receivable and ACL-Loans - Schedule of Portfolio Segment and Impairment Methodology, of ACL-Loan and Related Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ACL-Loan and Lease Losses
Beginning balance	$ 27,946	$ 22,431
Charge-offs	(3,684)	(452)
Recoveries	31	6
Provision (credit) for credit losses	3,683	826
Ending balance	27,991	27,998
Provision (credit) for credit losses
ACL-Loan and Lease Losses
Provision (credit) for credit losses	3,698	934
Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance		5,079
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
ACL-Loan and Lease Losses
Beginning balance		27,510
Residential Real Estate
ACL-Loan and Lease Losses
Beginning balance	149	163
Charge-offs	(132)	0
Recoveries	0	0
Ending balance	133	207
Residential Real Estate | Provision (credit) for credit losses
ACL-Loan and Lease Losses
Provision (credit) for credit losses	116	(36)
Residential Real Estate | Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance		80
Residential Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
ACL-Loan and Lease Losses
Beginning balance		243
Commercial Real Estate
ACL-Loan and Lease Losses
Beginning balance	20,950	15,597
Charge-offs	(3,306)	0
Recoveries	0	0
Ending balance	21,666	19,413
Commercial Real Estate | Provision (credit) for credit losses
ACL-Loan and Lease Losses
Provision (credit) for credit losses	4,022	(1,171)
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance		4,987
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
ACL-Loan and Lease Losses
Beginning balance		20,584
Construction
ACL-Loan and Lease Losses
Beginning balance	1,699	311
Charge-offs	0	0
Recoveries	0	0
Ending balance	1,543	1,070
Construction | Provision (credit) for credit losses
ACL-Loan and Lease Losses
Provision (credit) for credit losses	(156)	148
Construction | Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance		611
Construction | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
ACL-Loan and Lease Losses
Beginning balance		922
Commercial business
ACL-Loan and Lease Losses
Beginning balance	4,562	6,214
Charge-offs	(197)	(440)
Recoveries	27	0
Ending balance	4,078	6,593
Commercial business | Provision (credit) for credit losses
ACL-Loan and Lease Losses
Provision (credit) for credit losses	(314)	1,944
Commercial business | Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance		(1,125)
Commercial business | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
ACL-Loan and Lease Losses
Beginning balance		5,089
Consumer
ACL-Loan and Lease Losses
Beginning balance	586	146
Charge-offs	(49)	(12)
Recoveries	4	6
Ending balance	571	715
Consumer | Provision (credit) for credit losses
ACL-Loan and Lease Losses
Provision (credit) for credit losses	$ 30	49
Consumer | Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance		526
Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
ACL-Loan and Lease Losses
Beginning balance		$ 672

Loans Receivable and ACL-Loan_5

Loans Receivable and ACL-Loans - Origination and Risk Designation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	$ 63,863	$ 298,696
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	299,374	1,131,008
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,103,347	466,933
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	423,168	149,001
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	134,242	142,535
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	663,683	537,271
Total loans	2,687,677	2,725,444
Charge Off
Charge, year one	3	83
Charge off, year two	0	0
Charge off, year three	0
Charge off, year three		213
Charge off, year four		0
Charge off, year four	243
Charge off, year five	0	440
Charge off, year after year five	3,438	611
Charge offs	3,684	1,347
Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	63,863	266,946
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	266,550	1,083,543
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,054,209	425,772
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	380,615	149,001
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	132,967	140,500
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	636,626	509,339
Total loans	2,534,830	2,575,101
Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	12,333
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	13,400	38,531
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	40,207	14,212
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	14,211	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	1,275	2,035
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	3,448	254
Total loans	72,541	67,365
Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	19,417
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	19,424	8,934
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	8,931	24,833
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	24,447	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	14,885	23,303
Total loans	67,687	76,487
Doubtful
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	2,116
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	3,895	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	8,724	4,375
Total loans	12,619	6,491
Residential Real Estate Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	49,336	51,182
Total loans	49,336	51,182
Residential Real Estate Loans | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	45,633	47,314
Total loans	45,633	47,314
Residential Real Estate Loans | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	141	140
Total loans	141	140
Residential Real Estate Loans | Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	3,562	3,728
Total loans	3,562	3,728
Residential Real Estate Loans | Doubtful
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	0
Total loans	0	0
Residential Real Estate charge-off
Charge Off
Charge off, year one	0	0
Charge off, year two	0	0
Charge off, year three	0	0
Charge off, year four	0	0
Charge off, year five	0	0
Charge off, year after year five		0
Charge off, year after year five	132
Charge offs		0
Charge offs	132
Commercial Real Estate Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	25,761	126,739
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	122,196	790,488
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	790,789	343,053
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	301,555	113,554
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	127,468	136,031
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	565,534	442,202
Total loans	1,933,303	1,952,067
Commercial Real Estate Loans | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	25,761	95,881
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	90,932	755,352
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	755,779	310,811
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	269,517	113,554
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	126,193	133,996
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	554,880	429,695
Total loans	1,823,062	1,839,289
Commercial Real Estate Loans | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	12,333
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	12,733	35,136
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	35,010	13,203
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	13,202	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	1,275	2,035
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	2,022	114
Total loans	64,242	62,821
Commercial Real Estate Loans | Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	18,525
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	18,531	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	16,923
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	16,720	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	8,121
Total loans	35,251	43,569
Commercial Real Estate Loans | Doubtful
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	2,116
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	2,116	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	8,632	4,272
Total loans	10,748	6,388
Commercial Real Estate charge-off
Charge Off
Charge off, year one	0	0
Charge off, year two	0	0
Charge off, year three	0
Charge off, year three		213
Charge off, year four	0	0
Charge off, year five	0	0
Charge off, year after year five	3,306	611
Charge offs	3,306	824
Construction Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	39,627
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	41,663	67,788
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	56,166	41,156
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	45,259	26,156
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	9,362	9,362
Total loans	152,450	184,089
Construction Loans | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	39,627
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	41,663	67,788
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	56,166	41,156
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	45,259	26,156
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	0
Total loans	143,088	174,727
Construction Loans | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	0
Total loans	0	0
Construction Loans | Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	9,362	9,362
Total loans	9,362	9,362
Construction Loans | Doubtful
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	0
Total loans	0	0
Construction charge-off
Charge Off
Charge off, year one	0	0
Charge off, year two	0	0
Charge off, year three	0	0
Charge off, year four	0	0
Charge off, year five	0	0
Charge off, year after year five	0	0
Charge offs	0	0
Commercial Business Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	38,102	122,204
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	123,859	247,326
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	226,991	82,724
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	76,354	9,291
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	6,774	6,504
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	39,418	34,488
Total loans	511,498	502,537
Commercial Business Loans | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	38,102	121,312
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	122,299	234,997
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	212,863	73,805
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	65,839	9,291
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	6,774	6,504
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	36,080	32,293
Total loans	481,957	478,202
Commercial Business Loans | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	667	3,395
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	5,197	1,009
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	1,009	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	1,285	0
Total loans	8,158	4,404
Commercial Business Loans | Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	892
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	893	8,934
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	8,931	7,910
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	7,727	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	1,961	2,092
Total loans	19,512	19,828
Commercial Business Loans | Doubtful
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	1,779	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	92	103
Total loans	1,871	103
Commercial Business charge-off
Charge Off
Charge off, year one	0	0
Charge off, year two	0	0
Charge off, year three	0	0
Charge off, year four		0
Charge off, year four	197
Charge off, year five	0	440
Charge off, year after year five	0	0
Charge offs	197	440
Consumer Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	10,126
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	11,656	25,406
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	29,401	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	33	37
Total loans	41,090	35,569
Consumer Loans | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	10,126
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	11,656	25,406
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	29,401	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	33	37
Total loans	41,090	35,569
Consumer Loans | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	0
Total loans	0	0
Consumer Loans | Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	0
Total loans	0	0
Consumer Loans | Doubtful
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0	0
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year	0	0
Total loans	0	0
Consumer charge-off
Charge Off
Charge, year one	3	83
Charge off, year two	0	0
Charge off, year three	0	0
Charge off, year four		0
Charge off, year four	46
Charge off, year five	0	0
Charge off, year after year five	0
Charge off, year after year five		0
Charge offs	$ 49	$ 83

Loans Receivable and ACL-Loan_6

Loans Receivable and ACL-Loans - Schedule of Portfolio Segment and Impairment Methodology, of the ACL-Loan and Related Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, portfolio	$ 106,343	$ 105,005
Loans individually evaluated for impairment, allowance	363	955
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, portfolio	2,573,216	2,613,602
Loans collectively evaluated for impairment, allowance	27,628	26,991
Portfolio	2,679,559	2,718,607
ACL-Loans	27,991	27,946	$ 27,998	$ 22,431
Residential Real Estate
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, portfolio	3,545	3,711
Loans individually evaluated for impairment, allowance	0	0
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, portfolio	45,553	47,220
Loans collectively evaluated for impairment, allowance	133	149
Portfolio	49,098	50,931
ACL-Loans	133	149	207	163
Commercial Real Estate
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, portfolio	45,964	49,935
Loans individually evaluated for impairment, allowance	0	955
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, portfolio	1,881,672	1,897,713
Loans collectively evaluated for impairment, allowance	21,666	19,995
Portfolio	1,927,636	1,947,648
ACL-Loans	21,666	20,950	19,413	15,597
Construction
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, portfolio	9,382	9,382
Loans individually evaluated for impairment, allowance	0	0
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, portfolio	142,585	174,032
Loans collectively evaluated for impairment, allowance	1,543	1,699
Portfolio	151,967	183,414
ACL-Loans	1,543	1,699	1,070	311
Commercial business
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, portfolio	21,297	19,848
Loans individually evaluated for impairment, allowance	363	0
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, portfolio	487,615	480,721
Loans collectively evaluated for impairment, allowance	3,715	4,562
Portfolio	508,912	500,569
ACL-Loans	4,078	4,562	6,593	6,214
Consumer
Loans individually evaluated for impairment:
Loans individually evaluated for impairment, portfolio	26,155	22,129
Loans individually evaluated for impairment, allowance	0	0
Loans collectively evaluated for impairment:
Loans collectively evaluated for impairment, portfolio	15,791	13,916
Loans collectively evaluated for impairment, allowance	571	586
Portfolio	41,946	36,045
ACL-Loans	$ 571	$ 586	$ 715	$ 146

Loans Receivable and ACL-Loan_7

Loans Receivable and ACL-Loans - Schedule of Credit Risk Ratings by Loan Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment
Total loans	$ 2,679,559	$ 2,718,607
Commercial Real Estate
Financing Receivable, Recorded Investment
Total loans	1,927,636	1,947,648
Construction
Financing Receivable, Recorded Investment
Total loans	151,967	183,414
Commercial business
Financing Receivable, Recorded Investment
Total loans	508,912	500,569
Residential Real Estate
Financing Receivable, Recorded Investment
Total loans	49,098	50,931
Consumer
Financing Receivable, Recorded Investment
Total loans	41,946	36,045
Commercial Credit Quality Indicators
Financing Receivable, Recorded Investment
Total loans	2,588,515	2,631,631
Commercial Credit Quality Indicators | Pass
Financing Receivable, Recorded Investment
Total loans	2,439,817	2,485,526
Commercial Credit Quality Indicators | Special Mention
Financing Receivable, Recorded Investment
Total loans	72,055	66,939
Commercial Credit Quality Indicators | Substandard
Financing Receivable, Recorded Investment
Total loans	64,022	72,669
Commercial Credit Quality Indicators | Doubtful
Financing Receivable, Recorded Investment
Total loans	12,621	6,497
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	1,927,636	1,947,648
Commercial Credit Quality Indicators | Commercial Real Estate | Pass
Financing Receivable, Recorded Investment
Total loans	1,817,700	1,835,136
Commercial Credit Quality Indicators | Commercial Real Estate | Special Mention
Financing Receivable, Recorded Investment
Total loans	63,972	62,577
Commercial Credit Quality Indicators | Commercial Real Estate | Substandard
Financing Receivable, Recorded Investment
Total loans	35,209	43,542
Commercial Credit Quality Indicators | Commercial Real Estate | Doubtful
Financing Receivable, Recorded Investment
Total loans	10,755	6,393
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	151,967	183,414
Commercial Credit Quality Indicators | Construction | Pass
Financing Receivable, Recorded Investment
Total loans	142,585	174,032
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	9,382
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	508,912	500,569
Commercial Credit Quality Indicators | Commercial business | Pass
Financing Receivable, Recorded Investment
Total loans	479,532	476,358
Commercial Credit Quality Indicators | Commercial business | Special Mention
Financing Receivable, Recorded Investment
Total loans	8,083	4,362
Commercial Credit Quality Indicators | Commercial business | Substandard
Financing Receivable, Recorded Investment
Total loans	19,431	19,745
Commercial Credit Quality Indicators | Commercial business | Doubtful
Financing Receivable, Recorded Investment
Total loans	1,866	104
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	91,044	86,976
Residential and Consumer Credit Quality Indicators | Pass
Financing Receivable, Recorded Investment
Total loans	87,361	83,127
Residential and Consumer Credit Quality Indicators | Special Mention
Financing Receivable, Recorded Investment
Total loans	138	138
Residential and Consumer Credit Quality Indicators | Substandard
Financing Receivable, Recorded Investment
Total loans	3,545	3,711
Residential and Consumer Credit Quality Indicators | Doubtful
Financing Receivable, Recorded Investment
Total loans	0	0
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	49,098	50,931
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Pass
Financing Receivable, Recorded Investment
Total loans	45,415	47,082
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Special Mention
Financing Receivable, Recorded Investment
Total loans	138	138
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Substandard
Financing Receivable, Recorded Investment
Total loans	3,545	3,711
Residential and Consumer Credit Quality Indicators | Residential Real Estate | Doubtful
Financing Receivable, Recorded Investment
Total loans	0	0
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	41,946	36,045
Residential and Consumer Credit Quality Indicators | Consumer | Pass
Financing Receivable, Recorded Investment
Total loans	41,946	36,045
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 ACL-Loan_8

Loans Receivable and ACL-Loans - Schedule of Loan Portfolio Delinquencies by Portfolio Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due
Total loans	$ 2,679,559	$ 2,718,607
Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	38,642	21,278
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	14,013	6,763
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3,314	3,150
90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	21,315	11,365
Current
Financing Receivable, Recorded Investment, Past Due
Total loans	2,640,917	2,697,329
Residential Real Estate
Financing Receivable, Recorded Investment, Past Due
Total loans	49,098	50,931
Residential Real Estate | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3,292	1,352
Residential Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	1,951	0
Residential Real Estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	138	1,220
Residential Real Estate | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	1,203	132
Residential Real Estate | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	45,806	49,579
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due
Total loans	1,927,636	1,947,648
Commercial Real Estate | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	1,587	2,328
Commercial Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	107	195
Commercial Real Estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	92	282
Commercial Real Estate | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	1,388	1,851
Commercial Real Estate | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	1,926,049	1,945,320
Construction
Financing Receivable, Recorded Investment, Past Due
Total loans	151,967	183,414
Construction | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	9,382	9,382
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	9,382
Construction | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	142,585	174,032
Commercial business
Financing Receivable, Recorded Investment, Past Due
Total loans	508,912	500,569
Commercial business | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	24,381	8,216
Commercial business | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	11,955	6,568
Commercial business | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	3,084	1,648
Commercial business | 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	9,342	0
Commercial business | Current
Financing Receivable, Recorded Investment, Past Due
Total loans	484,531	492,353
Consumer
Financing Receivable, Recorded Investment, Past Due
Total loans	41,946	36,045
Consumer | Total Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	0
Consumer | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	0
Consumer | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total loans	0	0
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	$ 41,946	$ 36,045

Loans Receivable and ACL-Loan_9

Loans Receivable and ACL-Loans - Schedule of Nonaccrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	$ 46,543	$ 49,207
Residential Real Estate
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	1,237	1,386
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	19,083	23,009
Commercial business
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	16,841	15,430
Construction
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	9,382	9,382
Consumer
Financing Receivable, Recorded Investment, Past Due
Total nonaccrual loans	$ 0	$ 0

Loans Receivable and ACL-Loa_10

Loans Receivable and ACL-Loans - Schedule of Individually Evaluated Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Individually evaluated loans without a valuation allowance:
Carrying Amount	$ 97,645	$ 99,012
Unpaid Principal Balance	103,597	101,067
Individually evaluated loans with a valuation allowance:
Carrying Amount	8,698	5,993
Unpaid Principal Balance	8,871	6,017
Total individually evaluated loans
Carrying Amount	106,343	105,005
Unpaid Principal Balance	112,468	107,084
Associated ACL-Loans	363	955
Residential Real Estate
Individually evaluated loans without a valuation allowance:
Carrying Amount	3,545	3,711
Unpaid Principal Balance	3,830	4,022
Individually evaluated loans with a valuation allowance:
Carrying Amount	0	0
Unpaid Principal Balance	0	0
Total individually evaluated loans
Associated ACL-Loans	0	0
Commercial Real Estate
Individually evaluated loans without a valuation allowance:
Carrying Amount	45,964	43,942
Unpaid Principal Balance	50,570	45,032
Individually evaluated loans with a valuation allowance:
Carrying Amount	0	5,993
Unpaid Principal Balance	0	6,017
Total individually evaluated loans
Associated ACL-Loans	0	955
Construction
Individually evaluated loans without a valuation allowance:
Carrying Amount	9,382	9,382
Unpaid Principal Balance	9,382	9,382
Individually evaluated loans with a valuation allowance:
Carrying Amount	0	0
Unpaid Principal Balance	0	0
Total individually evaluated loans
Associated ACL-Loans	0	0
Commercial business
Individually evaluated loans without a valuation allowance:
Carrying Amount	12,599	19,848
Unpaid Principal Balance	13,660	20,502
Individually evaluated loans with a valuation allowance:
Carrying Amount	8,698	0
Unpaid Principal Balance	8,871	0
Total individually evaluated loans
Associated ACL-Loans	363	0
Consumer
Individually evaluated loans without a valuation allowance:
Carrying Amount	26,155	22,129
Unpaid Principal Balance	26,155	22,129
Individually evaluated loans with a valuation allowance:
Carrying Amount	0	0
Unpaid Principal Balance	0	0
Total individually evaluated loans
Associated ACL-Loans	$ 0	$ 0

Loans Receivable and ACL-Loa_11

Loans Receivable and ACL-Loans - Schedule of Average Carrying Amount of Individually Evaluated Loans and Interest Income Recognized on Individually Evaluated Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Individually evaluated impaired loans without a valuation allowance:
Average Carrying Amount	$ 99,784	$ 17,519
Interest Income Recognized	1,335	64
Individually evaluated impaired loans with a valuation allowance:
Average Carrying Amount	8,698	23,911
Interest Income Recognized	161	156
Total individually evaluated impaired loans
Average Carrying Amount	108,482	41,430
Interest Income Recognized	1,496	220
Residential Real Estate
Individually evaluated impaired loans without a valuation allowance:
Average Carrying Amount	3,556	3,830
Interest Income Recognized	44	0
Individually evaluated impaired loans with a valuation allowance:
Average Carrying Amount	0	0
Interest Income Recognized	0	0
Commercial Real Estate
Individually evaluated impaired loans without a valuation allowance:
Average Carrying Amount	48,322	1,915
Interest Income Recognized	553	20
Individually evaluated impaired loans with a valuation allowance:
Average Carrying Amount	0	22,492
Interest Income Recognized	0	156
Commercial business
Individually evaluated impaired loans without a valuation allowance:
Average Carrying Amount	13,001	2,392
Interest Income Recognized	402	44
Individually evaluated impaired loans with a valuation allowance:
Average Carrying Amount	8,698	1,419
Interest Income Recognized	161	0
Construction
Individually evaluated impaired loans without a valuation allowance:
Average Carrying Amount	9,382	9,382
Interest Income Recognized	0	0
Individually evaluated impaired loans with a valuation allowance:
Average Carrying Amount	0	0
Interest Income Recognized	0	0
Consumer
Individually evaluated impaired loans without a valuation allowance:
Average Carrying Amount	25,523	0
Interest Income Recognized	336	0
Individually evaluated impaired loans with a valuation allowance:
Average Carrying Amount	0	0
Interest Income Recognized	$ 0	$ 0

Loans Receivable and ACL-Loa_12

Loans Receivable and ACL-Loans - Schedule of Loans that were Modified (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($) loan
Financing Receivable, Modifications
Number of Loans | loan	0	0
Pre-Modification	$ 0	$ 0
Post-Modification	$ 0	$ 0
Residential Real Estate
Financing Receivable, Modifications
Number of Loans | loan	0	0
Pre-Modification	$ 0	$ 0
Post-Modification	$ 0	$ 0
Commercial business
Financing Receivable, Modifications
Number of Loans | loan	0	0
Pre-Modification	$ 0	$ 0
Post-Modification	$ 0	$ 0
Commercial Real Estate
Financing Receivable, Modifications
Number of Loans | loan	0	0
Pre-Modification	$ 0	$ 0
Post-Modification	$ 0	$ 0

Loans Receivable and ACL-Loa_13

Loans Receivable and ACL-Loans - Schedule of Loans were Modified as TDR (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Modifications
Post-Modification	$ 0	$ 0
Payment concession
Financing Receivable, Modifications
Post-Modification	0	0
Maturity, rate and payment concession
Financing Receivable, Modifications
Post-Modification	0	0
Rate concession
Financing Receivable, Modifications
Post-Modification	$ 0	$ 0

Loans Receivable and ACL-Loa_14

Loans Receivable and ACL-Loans - Schedule of Allowance for Credit Losses (ACL)-Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ACL-Loan and Lease Losses
Beginning balance	$ 27,946	$ 22,431
Provision (credit) for credit losses	3,683	826
Ending balance	27,991	27,998
Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance		5,079
Unfunded commitments
ACL-Loan and Lease Losses
Beginning balance	926	80
Reversal of prior unfunded reserve	0	(80)
Provision (credit) for credit losses	(15)	(108)
Ending balance	911	1,165
Unfunded commitments | Cumulative Effect, Period of Adoption, Adjustment [Member]
ACL-Loan and Lease Losses
Beginning balance	$ 0	$ 1,273

Loans Receivable and ACL-Loa_15

Loans Receivable and ACL-Loans - Components of Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss
Provision for credit losses	$ 3,683	$ 826
Provision for credit losses (loans)
Financing Receivable, Allowance for Credit Loss
Provision for credit losses	3,698	934
(Credit) for credit losses (unfunded commitments)
Financing Receivable, Allowance for Credit Loss
Provision for credit losses	$ (15)	$ (108)

Shareholders' Equity - Common S

Shareholders' Equity - Common Stock (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	7,908,180	7,882,616
Common stock, shares outstanding (in shares)	7,908,180	7,882,616

Shareholders' Equity - Issuer P

Shareholders' Equity - Issuer Purchases of Equity Securities (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Oct. 27, 2021	Dec. 19, 2018
Stockholders Equity Note
Authorized shares for repurchase (in shares)				400,000
Weighted average share repurchased (in dollars per share)	$ 25.38
Common Stock
Stockholders Equity Note
Shares repurchased (in shares)	36,180	0
Common Stock | Board of Directors
Stockholders Equity Note
Authorized additional shares for repurchase (in shares)			200,000

Comprehensive Income - Schedule

Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 265,752	$ 238,469
Other comprehensive (loss) income before reclassifications, net of tax	548	(163)
Amounts reclassified from accumulated other comprehensive income, net of tax	(603)	(782)
Total other comprehensive (loss) income, net of tax	(55)	(945)
Ending balance	268,032	242,307
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(1,664)	(189)
Total other comprehensive (loss) income, net of tax	(55)	(945)
Ending balance	(1,719)	(1,134)
Net Unrealized Gain (Loss) on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(5,810)	(6,750)
Other comprehensive (loss) income before reclassifications, net of tax	(116)	634
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Total other comprehensive (loss) income, net of tax	(116)	634
Ending balance	(5,926)	(6,116)
Net Unrealized Gain (Loss) on Interest Rate Swaps
Accumulated Other Comprehensive Income (Loss)
Beginning balance	4,146	6,561
Other comprehensive (loss) income before reclassifications, net of tax	664	(797)
Amounts reclassified from accumulated other comprehensive income, net of tax	(603)	(782)
Total other comprehensive (loss) income, net of tax	61	(1,579)
Ending balance	$ 4,207	$ 4,982

Comprehensive Income - Schedu_2

Comprehensive Income - Schedule of Reclassified from Accumulated Other Comprehensive Income or Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives:
Unrealized gains (losses) on derivatives	$ 1,382	$ (999)
Derivatives | Amount Reclassified from Accumulated Other Comprehensive Income
Derivatives:
Unrealized gains (losses) on derivatives	1,257	982
Tax (expense) benefit	(654)	(200)
Net of tax	$ 603	$ 782

Earnings per share ("EPS") - Sc

Earnings per share ("EPS") - Schedule of 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, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 3,763	$ 10,379
Dividends to participating securities	(40)	(42)
Undistributed earnings allocated to participating securities	(66)	(230)
Net income for earnings per share calculation, Basic	3,657	10,107
Net income for earnings per share calculation, Diluted	$ 3,657	$ 10,107
Weighted average shares outstanding, basic (in shares)	7,663,521	7,554,689
Effect of dilutive equity-based awards (in shares)	24,000	62,000
Weighted average shares outstanding, diluted (in shares)	7,687,679	7,616,671
Net earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.48	$ 1.34
Diluted earnings per common share (in dollars per share)	$ 0.48	$ 1.33

Regulatory Matters - Narratives

Regulatory Matters - Narratives (Details)	Mar. 31, 2024	Dec. 31, 2023
Regulatory Matters [Abstract]
Minimum total risk-based capital ratio (as a percent)	0.080
Minimum Tier 1 risk-based capital ratio (as a percent)	0.060
Minimum common equity Tier 1 risk-based capital ratio (as a percent)	0.045
Minimum risk-based capital requirements for adequately capitalized (as a percent)	0.025
Minimum leverage ratio (as a percent)	0.0400	0.0400
Common Equity Tier 1 requirement (as a percent)	0.0700	0.0700
Tier one risk based capital ratio (as a percent)	0.0850	0.0850
Total risk-based capital ratio (as a percent)	0.105	0.1050

Regulatory Matters - Schedule o

Regulatory Matters - Schedule of Capital Amounts and Ratios for Bank (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Actual Capital, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount	$ 324,355	$ 321,432
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	195,791	199,047
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	181,806	184,829
Tier One Risk Based Capital, Amount
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount	324,355	321,432
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	237,746	241,700
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions, with Buffer	223,761	227,482
Capital, Amount
Total Capital to Risk-Weighted Assets, Actual Capital, Amount	353,257	350,303
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	293,686	298,571
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	279,701	284,353
Tier One Leverage Capital, Amount
Tier I Capital to Average Assets, Actual Capital, Amount	324,355	321,432
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	128,626	131,110
Tier I Capital to Average Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	$ 160,782	$ 163,888
Actual Capital, Ratio
Common Equity Tier One Capital Ratio	0.1160	0.1130
Common Equity Tier 1 requirement (as a percent)	0.0700	0.0700
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	0.0650	0.0650
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.1160	0.1130
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	0.0850	0.0850
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions with Buffer	8%	8%
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.1263	0.1232
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	0.105	0.1050
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	0.1000	0.1000
Tier I Capital to Average Assets, Actual Capital, Ratio	0.1009	0.0981
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	0.0400	0.0400
Tier I Capital to Average Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	0.0500	0.0500
Bankwell Financial Group Inc
Actual Capital, Amount
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount	$ 266,561	$ 264,209
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	126,602	128,121
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	182,869
Tier One Risk Based Capital, Amount
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount	266,561	264,209
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	168,803	170,828
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	225,070
Capital, Amount
Total Capital to Risk-Weighted Assets, Actual Capital, Amount	364,729	362,285
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	225,070	227,770
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	281,338
Tier One Leverage Capital, Amount
Tier I Capital to Average Assets, Actual Capital, Amount	266,561	264,209
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	128,767	$ 131,232
Tier I Capital to Average Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	$ 160,959
Actual Capital, Ratio
Common Equity Tier One Capital Ratio	0.0947	0.0928
Common Equity Tier 1 requirement (as a percent)	0.0450	0.0450
Common Equity Tier 1 Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	0.0650
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.0947	0.0928
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	0.0600	0.0600
Tier I Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	0.0800
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio	0.1296	0.1272
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	0.0800	0.0800
Total Capital to Risk-Weighted Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	0.1000
Tier I Capital to Average Assets, Actual Capital, Ratio	0.0828	0.0805
Tier I Capital to Average Assets, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer	0.0400	0.0400
Tier I Capital to Average Assets, Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions	0.0500

Deposits - Schedule of Deposit

Deposits - Schedule of Deposit Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Noninterest bearing demand deposit accounts	$ 376,248	$ 346,172
Interest bearing accounts:
NOW	95,227	90,829
Money market	818,408	887,352
Savings	92,188	97,331
Time certificates of deposit	1,291,451	1,315,073
Total interest bearing accounts	2,297,274	2,390,585
Total deposits	$ 2,673,522	$ 2,736,757

Deposits - Schedule of Time Dep

Deposits - Schedule of Time Deposits Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Time Deposits, Fiscal Year Maturity
2024	$ 721,072	$ 979,807
2025	552,886	318,961
2026	341	24
2027	927	68
After 2028	16,225	16,213
Total	$ 1,291,451	$ 1,315,073

Deposits - Narratives (Details)

Deposits - Narratives (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Certificate of deposits above $250,000	$ 172.3	$ 151.6
Brokerage certificate of deposits	780.5	860.5
Brokered money market accounts	$ 51.4	$ 91.4

Deposits - Schedule of Interest

Deposits - Schedule of Interest Expense on Deposits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Expense on Deposit Liabilities, Disclosures
NOW	$ 39	$ 38
Money market	9,146	6,385
Savings	714	727
Time certificates of deposits	15,463	9,883
Total interest expense on deposits	$ 25,362	$ 17,033

Stock-Based Compensation - Narr

Stock-Based Compensation - Narratives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) plan shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of equity award plans | plan	2
Unvested shares (in shares)	233,191		254,328
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Total fair value of restricted stock awards vested | $	$ 2.2
Share based compensation expenses | $	1.1	$ 0.7
Unrecognized stock compensation expense for restricted stock | $	$ 6.5
Weighted average period for recognition of compensation expense for restricted stock (in years)	1 year 4 months 24 days
Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Unvested shares (in shares)			33,115
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Share based payment award, vesting period (in years)	1 year
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Share based payment award, vesting period (in years)	5 years
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of common stock reserved for issuance (in shares)	275,791
2012 Plan | Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Share based payment award, vesting period (in years)	3 years
Unvested shares (in shares)	36,019
2012 Plan | Minimum | Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of grant as share quantity for which performance metric is met (as a percent)	0%
2012 Plan | Maximum | Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of grant as share quantity for which performance metric is met (as a percent)	200%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Activity for Restricted Stock (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Unvested at beginning of period (in shares)	254,328
Granted (in shares)	61,844
Vested (in shares)	(82,881)
Forfeited (in shares)	(100)
Unvested at end of period (in shares)	233,191
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) | $ / shares	$ 29.58
Granted (in dollars per share) | $ / shares	24.62
Vested (in dollars per share) | $ / shares	26.38
Forfeited (in dollars per share) | $ / shares	25
Unvested at end of period (in dollars per share) | $ / shares
Performance Based Restricted Stock
Number of Shares
Unvested at beginning of period (in shares)	33,115
Granted (in shares)	18,598
Vested (in shares)	(15,694)

Derivative Instruments - Narrat

Derivative Instruments - Narratives (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) instrument
Derivatives
Rolling period of federal home loan bank advances converted to fixed rates	90 days
Accrued interest included in derivative fair value	$ 931,000	$ 764,000
Interest expense
Derivatives
Amount of cash flow hedge gain expected to be reclassified to interest expense in the next 12 months	$ 3,500,000
Cash flow swaps
Derivatives
Derivative instruments held (instruments) | instrument	5
Original Notional Amount	$ 25,000,000
Accrued interest excluded from derivative fair value	900,000
Accrued interest included in derivative fair value	$ 7,000,000
Accrued interest excluded from derivative fair value		800,000
Accrued interest included in derivative fair value		$ 6,000,000
Cash flow swaps | Fair Value Hedging
Derivatives
Original Notional Amount			$ 150,000,000
Number of interest rate derivatives held | instrument	1
Terminated Interest Rate Swaps
Derivatives
Derivative instruments held (instruments) | instrument				2
Original Notional Amount				$ 50,000,000
Fair value of derivative instrument	$ 137,700

Derivative Instruments - Fixed

Derivative Instruments - Fixed Rate Asset (Details) - Cash flow swaps - Fair Value Hedging - Carrying Value - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives
Carrying Value of Hedged Asset	$ 149,247	$ 150,915
Hedged Items	(753)	915
Amortized cost basis	587,400	611,500
Hedged asset, cumulative adjustment basis	1,200	1,100
Fair value hedge assets	$ 150,000	$ 150,000

Derivative Instruments - Inform

Derivative Instruments - Information About Derivative Instruments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Derivatives
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Cash flow swaps
Derivatives
Original Notional Amount	$ 25,000,000
Fair Value Hedging | Cash flow swaps
Derivatives
Original Notional Amount			$ 150,000,000
Designated as Hedging Instrument | Fair Value Hedging | Other assets
Derivatives
Original Notional Amount	150,000,000	$ 150,000,000
Derivative asset fair value	743,000	0
Designated as Hedging Instrument | Fair Value Hedging | Other assets | Cash flow swaps
Derivatives
Original Notional Amount	125,000,000	125,000,000
Derivative asset fair value	5,369,000	5,240,000
Designated as Hedging Instrument | Fair Value Hedging | Accrued expenses and other liabilities
Derivatives
Original Notional Amount		0
Derivative liability fair value		917,000
Derivatives not Designated as Hedging Instruments | Other assets | Cash flow swaps
Derivatives
Original Notional Amount	38,500,000	38,500,000
Derivative asset fair value	4,260,000	3,579,000
Derivatives not Designated as Hedging Instruments | Accrued expenses and other liabilities | Cash flow swaps
Derivatives
Original Notional Amount	38,500,000	38,500,000
Derivative liability fair value	$ 4,260,000	$ 3,579,000

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, 2024	Mar. 31, 2023
Interest rate swaps designated as cash flow hedges:
Unrealized gain (loss) recognized in accumulated other comprehensive income before reclassifications	$ 1,382	$ (999)
Amounts reclassified from accumulated other comprehensive income	(1,257)	(982)
Income tax (expense) benefit on items recognized in accumulated other comprehensive income	(64)	402
Unrealized gains (losses) on interest rate swaps, net of tax	$ 61	$ (1,579)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value Hedging Relationship Recognized in the Consolidated Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
(Loss) gain on fair value hedging relationship:
Hedged asset	$ (1,668)	$ 2,403
Fair value derivative designated as hedging instrument	840	(2,353)
Total (loss) gain recognized in the consolidated statements of income within interest and fees on loans	$ (828)	$ 50

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Gross Net Information About Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative assets
Gross Amounts of Recognized Assets	$ 11,303	$ 9,583
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets presented in the Statement of Financial Position	11,303	9,583
Financial Instruments	0	0
Cash Collateral Received	10,832	8,599
Net Amount	471	984
Accrued interest receivable included In fair value of derivative assets	931	764
Derivative liabilities
Gross Amounts of Recognized Liabilities	4,334	4,473
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities presented in the Statement of Financial Position	4,334	4,473
Financial Instruments	0	0
Cash Collateral Posted	0	0
Net Amount	4,334	4,473
Accrued interest payable included In fair value of derivative liabilities	$ 74
Accrued interest receivable included In fair value of derivative liabilities		$ 23

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Values and Fair Values of the Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Assets:
Federal funds sold	$ 2,584	$ 1,636
Marketable equity securities	2,069	2,070
Available for sale securities	108,417	109,736
Held to maturity securities	15,739	15,817
Derivative asset	11,303	9,583
Financial Liabilities:
Derivative liability	4,334	4,473
Level 1
Financial Assets:
Cash and due from banks	245,043	267,521
Federal funds sold	2,584	1,636
Marketable equity securities	2,069	2,070
Available for sale securities	62,334	62,514
Held to maturity securities	0	0
Loans receivable, net	0	0
Accrued interest receivable	0	0
FHLB stock	0	0
Servicing asset, net of valuation allowance	0	0
Derivative asset	0	0
Financial Liabilities:
Noninterest bearing deposits	0	0
NOW and money market	0	0
Savings	0	0
Time deposits	0	0
Accrued interest payable	0	0
Advances from the FHLB	0	0
Subordinated debentures	0	0
Servicing liability	0	0
Derivative liability	0	0
Level 2
Financial Assets:
Cash and due from banks	0	0
Federal funds sold	0	0
Marketable equity securities	0	0
Available for sale securities	46,083	47,222
Held to maturity securities	32	33
Loans receivable, net	0	0
Accrued interest receivable	15,104	14,863
FHLB stock	5,655	5,696
Servicing asset, net of valuation allowance	0	0
Derivative asset	10,372	8,819
Financial Liabilities:
Noninterest bearing deposits	376,248	346,172
NOW and money market	913,635	978,181
Savings	92,188	97,331
Time deposits	0	0
Accrued interest payable	15,038	14,595
Advances from the FHLB	0	0
Subordinated debentures	0	0
Servicing liability	0	0
Derivative liability	4,260	4,496
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	15,456	15,870
Loans receivable, net	2,618,887	2,659,667
Accrued interest receivable	0	0
FHLB stock	0	0
Servicing asset, net of valuation allowance	834	869
Derivative asset	0	0
Financial Liabilities:
Noninterest bearing deposits	0	0
NOW and money market	0	0
Savings	0	0
Time deposits	1,290,644	1,315,233
Accrued interest payable	0	0
Advances from the FHLB	89,998	90,012
Subordinated debentures	64,873	63,060
Servicing liability	3	4
Derivative liability	0	0
Carrying Value
Financial Assets:
Cash and due from banks	245,043	267,521
Federal funds sold	2,584	1,636
Marketable equity securities	2,069	2,070
Available for sale securities	108,417	109,736
Held to maturity securities	15,739	15,817
Loans receivable, net	2,646,686	2,685,301
Accrued interest receivable	15,104	14,863
FHLB stock	5,655	5,696
Servicing asset, net of valuation allowance	834	869
Derivative asset	10,372	8,819
Financial Liabilities:
Noninterest bearing deposits	376,248	346,172
NOW and money market	913,635	978,181
Savings	92,188	97,331
Time deposits	1,291,451	1,315,073
Accrued interest payable	15,038	14,595
Advances from the FHLB	90,000	90,000
Subordinated debentures	69,266	69,205
Servicing liability	3	4
Derivative liability	4,260	4,496
Fair Value
Financial Assets:
Cash and due from banks	245,043	267,521
Federal funds sold	2,584	1,636
Marketable equity securities	2,069	2,070
Available for sale securities	108,417	109,736
Held to maturity securities	15,488	15,903
Loans receivable, net	2,618,887	2,659,667
Accrued interest receivable	15,104	14,863
FHLB stock	5,655	5,696
Servicing asset, net of valuation allowance	834	869
Derivative asset	10,372	8,819
Financial Liabilities:
Noninterest bearing deposits	376,248	346,172
NOW and money market	913,635	978,181
Savings	92,188	97,331
Time deposits	1,290,644	1,315,233
Accrued interest payable	15,038	14,595
Advances from the FHLB	89,998	90,012
Subordinated debentures	64,873	63,060
Servicing liability	3	4
Derivative liability	$ 4,260	$ 4,496

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narratives (Details) - Discount rate	Mar. 31, 2024	Dec. 31, 2023
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, measurement input	0.048	0.045
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, measurement input	0.069	0.069

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	$ 2,069	$ 2,070
Available for sale securities	108,417	109,736
Derivative asset	11,303	9,583
Derivative liability	4,334	4,473
U.S. Government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	93,645	95,226
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable equity securities	2,069	2,070
Available for sale securities	62,334	62,514
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	46,083	47,222
Derivative asset	10,372	8,819
Derivative liability	4,260	4,496
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	2,069	2,070
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	62,334	62,514
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	10,372	8,819
Derivative liability	4,260	4,496
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	31,311	32,712
Fair Value Measurements Recurring | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available for sale securities	14,772	14,510
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 - Sch_2

Fair Value Measurements - Schedule of Financial Instruments Carried at Fair Value on a Nonrecurring Basis (Details) - Fair Value Measurements Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	$ 0	$ 0
Servicing asset, net	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	0	0
Servicing asset, net	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	105,980	104,050
Servicing asset, net	$ 831	$ 865

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Quantitative Inputs and Assumptions for Level 3 Financial Instruments Carried at Fair Value on a Nonrecurring Basis (Details) - Fair Value Measurements Nonrecurring - Level 3 $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	$ 105,980	$ 104,050
Servicing asset, net	831	865
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	105,980	104,050
Servicing asset, net	$ 831	$ 865
Discount rate | Fair Value | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing asset, measurement input (as a percent)	0.1000	0.1000
Prepayment rate | Fair Value | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing asset, measurement input (as a percent)	0.0300	0.0300
Prepayment rate | Fair Value | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Servicing asset, measurement input (as a percent)	0.1800	0.1700
Individually evaluated loans | Fair Value | Appraisals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	$ 28,429	$ 31,527
Individually evaluated loans | Fair Value | Appraisals, cash surrender value life insurance, securities, cash held as collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	26,155	22,129
Individually evaluated loans | Fair Value | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Individually evaluated loans	$ 51,396	$ 50,394
Individually evaluated loans | Discount to appraised value | Fair Value | Minimum | Appraisals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (as a percent)
Individually evaluated loans | Discount to appraised value | Fair Value | Maximum | Appraisals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (as a percent)	0.0800	0.0800
Individually evaluated loans | Discount rate | Fair Value | Minimum | Appraisals, cash surrender value life insurance, securities, cash held as collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (as a percent)	0	0
Individually evaluated loans | Discount rate | Fair Value | Minimum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (as a percent)	0.0338	0.0338
Individually evaluated loans | Discount rate | Fair Value | Maximum | Appraisals, cash surrender value life insurance, securities, cash held as collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (as a percent)	0.0800	0.0800
Individually evaluated loans | Discount rate | Fair Value | Maximum | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loan, measurement input (as a percent)	0.1075	0.1075

Subordinated debentures (Detail

Subordinated debentures (Details) - USD ($)			3 Months Ended
	Aug. 19, 2022	Oct. 14, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument
Amortization of debt issuance costs			$ 62,000	$ 62,000
Subordinated debentures
Debt Instrument
Aggregate principal amount			70,000,000		$ 70,000,000
Unamortized debt issuance costs			734,000		$ 795,000
Amortization of debt issuance costs			62,000	62,000
Interest expense debt			$ 800,000	$ 800,000
Subordinated debentures | 3.25 Subordinated Note Due 2031
Debt Instrument
Aggregate principal amount		$ 35,000,000
Interest rate (as a percent)		3.25%
Debt instrument, non-callable period (in years)		5 years
Subordinated debentures | 3.25 Subordinated Note Due 2031 | SOFR
Debt Instrument
Variable rate (basis points)		2.33%
Subordinated debentures | 6.00 Subordinated Note Due 2032
Debt Instrument
Aggregate principal amount	$ 35,000,000
Interest rate (as a percent)	6%
Debt instrument, non-callable period (in years)	5 years
Subordinated debentures | 6.00 Subordinated Note Due 2032 | SOFR
Debt Instrument
Variable rate (basis points)	3.26%

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		1 Months Ended	3 Months Ended
	Apr. 24, 2024	May 08, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event
Cash dividends declared (in dollars per share)			$ 0.20	$ 0.20
Weighted average share repurchased (in dollars per share)			$ 25.38
Subsequent Event
Subsequent Event
Cash dividends declared (in dollars per share)	$ 0.20
Shares repurchased (in shares)		9,744
Weighted average share repurchased (in dollars per share)		$ 25.14

Uncategorized Items - bwfg-2024

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]