Bankwell Financial Group, Inc. · NASDAQ:BWFG
Bankwell Financial — Q3 2026 Earnings Presentation
25 slides from Bankwell Financial's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 BWFG Investor Presentation
October 29, 2026 Third Quarter 2026 BWFG Investor Presentation
Slide 2: Forward Looking Statement
Forward Looking Statement Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s
Slide 3: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights Key Highlights • Reported Net Income of $12.7 million includes $3.0 million (pre-tax) of Non-interest Expense associated with the Bank’s core conversion, including the termination of existing core provider contracts • NPAs as a % of Total Assets improved to 0.20%, down
Slide 4: Third Quarter 2026 Reported Results
Third Quarter 2026 Reported Results 4 Bankwell Financial Group, Inc. ($ in millions, except per share data) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net Interest Income $ 31.4 $ 29.5 $ 26.9 $ 26.9 $ 26.0 $ 23.9 $ 22.1 $ 20.2 $ 20.7 Provision (Credit) for Credit Losses
Slide 5: Strong Loan Originations
Strong Loan Originations 5 • Net loans grew $134 million in 2025 despite record runoff of ~$0.7 billion, as the portfolio shifted toward higher-yielding credits • Continued origination momentum drove $143 million, or 5.0%, net loan growth through 3Q26 • Selective credit origination and retention sup
Slide 6: A Larger Core Deposit Base
6 69% $1,909 72% $2,028 74% $2,141 76% $2,269 76% $2,249 31% $849 28% $801 26% $744 24% $732 24% $719 $2,757 $2,829 $2,885 $3,001 $2,968 3Q25 4Q25 1Q26 2Q26 3Q26 Ending Balances Core Deposits Non Core Deposits A Larger Core Deposit Base Dollars in millions • Core deposits represent 76% of total depo
Slide 7: Higher Loan Yields Support Margin Expansion
Higher Loan Yields Support Margin Expansion Deposit Cost Loan Yield 3.34% 3.40% 3.28% 3.58% 3.71% 3.30% 3.15% 3.10% 2.94% 2.92% 6.71% 6.63% 6.56% 6.66% 6.72% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 3Q25 4Q25 1Q26 2Q26 3Q26 NIM 7 Favorable Trends • New loan pricing remains favorable; 20
Slide 8: Reduced Exposure to Short Term Rates
Reduced Exposure to Short Term Rates 8 Loan Sensitivity 4Q24 3Q26 Deposit Sensitivity 4Q24 • ~$1.3 billion, or 44%, of loans now floating rate, providing balanced sensitivity across a range of rate scenarios • Time deposits declining as a share of funding, reducing reliance on rate-sensitive, repric
Slide 9: Loan Portfolio Diversification
9 Loan Portfolio Diversification 45.8% 45.2% 43.4% 39.8% 38.3% 45.5% 44.9% 45.8% 51.0% 54.0% 425% 397% 375% 344% 321% 250% 300% 350% 400% 450% 500% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4Q22 4Q23 4Q24 4Q25 3Q26 Positive Long Term Trends CRE Investor CRE O/O + C&I CRE Concentration Residential
Slide 10: Allowance for Credit Losses and Credit Quality
$30.0 $30.7 $29.6 $30.6 $30.7 1.10% 1.08% 1.03% 1.03% 1.03% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $10 $15 $20 $25 $30 $35 3Q25 4Q25 1Q26 2Q26 3Q26 Allowance for Credit Losses (ACL) Allowance for credit losses ACL / Loans Dollars in millions ($0.3) ($0.0) $0.2 ($0.0) ($1.4) 3Q25 4Q25 1Q26 2Q26 3Q26 Net
Slide 11: SBA Gains Lift Non-interest Income
SBA Gains Lift Non-interest Income 11 $1.4 $2.2 $2.4 $2.4 $2.8 $2.5 $3.4 $3.3 $3.3 $4.0 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 3Q25 4Q25 1Q26 2Q26 3Q26 Non-interest Income Quarterly Trends SBA Gain on Sale Income Higher SBA gains helped drive a
Slide 12: Productivity Supports Operating Efficiency
$20.0 $20.1 $19.1 $19.2 $19.0 $9.2 $9.5 $9.6 $9.5 3Q25 4Q25 1Q26 2Q26 3Q26 Total Assets Per Employee Bankwell Peer Median Bankwell’s Efficiency Ratio 51.4% 50.8% 55.8% 47.5% 56.1% 47.5% Productivity Supports Operating Efficiency 12 • Assets per employee remain well above peer levels, reflecting mean
Slide 13: Maintaining Our Strong Balance Sheet
Maintaining Our Strong Balance Sheet 13 Unencumbered Securities Unencumbered Cash Borrowing Capacity1 1 Bank lines, including FHLB & FRB. 2 Estimates, pending FRY9C & FDIC call report filings. • $1,896 million total insured deposits includes: $1,817 million FDIC-insured deposits $79 million deposits
Slide 14: Questions?
Questions? <5 Bankwell 14
Slide 15: Appendix
Appendix 15
Slide 16: Loan Portfolio Overview
Fixed 50%Float 44% Adjustable 6% 5.49% Pre 2022 6.35% 2022 7.25% 2023 7.25% 2024 7.46% 2025 7.38% 2026 16 Dollars in millions 1 Y i e l d s a r e the ‘spot’ values as of September 30th, 2026. September 2026 Yields1 by Vintage Year Maturity Rate Reset Total Weighted Yield % Total Loans 2026 $332 $12
Slide 17: CRE Loan Portfolio
CT 23% NY 21% FL 16% TX 6% OH 5% PA 5% NJ 4% All Oth 19% Residential Care 41% Retail 17% MultiFamily 14% Office 7% Industrial Warehouse 6% Mixed Use 6% Medical Office 3% Other 3% Special Use 3% By Property Type Total CRE Portfolio = $2,028 million • 56% Non-Owner Occupied • 63% weighted average LTV2
Slide 18: Select CRE Sectors
Select CRE Sectors1 1 Includes Owner Occupied CRE. CRE Office : $135 million exposure 4.5% of total loan portfolio Geography • 40 loans with $3.4 million average balance • 69% located in Bankwell’s primary market • Out of primary market loans are generally either GSA-leased, credit tenants, or owner
Slide 19: C&I Loan Portfolio
Health Care & Social Assistance 38% Insurance (Primarily Brokers) 21% Finance 13% Other 12% Real Estate and Rental/Leasing 10% Retail Trade 2% Admin & Support, Waste Mgmt, Remediation Svcs 2% Manufacturing 2% 1 Does not Include Owner Occupied CRE. C&I Loan Portfolio1 19 By Industry Type • 97% of C&I
Slide 20: Healthcare Portfolio Composition
Skilled Nursing Facilities 77% Assisted Living 7% Recovery 9% Other 7% Healthcare Portfolio Composition CRE Skilled Nursing Facility By State 1 Includes Physicians and Social/Family Services. 20 Combined Healthcare Dollars in millions $1,116 million combined Healthcare portfolio • Consists primarily
Slide 21: Reduced Reliance on Brokered Deposits
$1,774 $1,785 $2,083 $2,271 $2,461 $1,027 $952 $705 $559 $507 $2,801 $2,737 $2,788 $2,830 $2,968 - $500 $1,000 $1,500 $2,000 $2,500 $3,000 2022 2023 2024 2025 3Q26 Non-Brokered Brokered Reduced Reliance onLower Brokered Deposit Dependence Dollars in millions Brokered deposit balances reduced $520 mi
Slide 22: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics As of Computation of Fully Diluted Tangible Book Value per Common Share September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Total shareholders' equity $ 334,135 $ 323,500 $ 311,866 $ 301,489 $ 292,791 Less: Preferred stock -- -- --
Slide 23: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics Dollars in thousands 23 For the Quarter Ended September 30, 2026 PPNR $ 15,498 Core conversion costs (pre-tax) 3,041 Operating PPNR $ 18,539 Average Assets $ 3,484,548 Operating pre-tax, pre-provision net revenue on average assets 2.11% Net income $ 12,735 Core con
Slide 24: Bankwell Financial Group Current Footprint At A Glance
Bankwell Financial Group (Nasdaq: BWFG) 24 $3.6B Total Assets $3.0B Loans $0.33B Equity $3.0B Deposits 53.1% Year-to-Date Efficiency Ratio ~186 Employees 9.33% TCE Ratio 10.80% Consolidated CET1 Ratio 2 Current Footprint At A Glance (as of September 30, 2026) 2 Estimate, pending FRY9C filing. 1 1 Re
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