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
Third Quarter 2026 BWFG Investor Presentation October 29, 2026
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 Key Performance Metrics • Reported Net Income of $12.7 million includes $3.0 Metric Reported Operating million (pre-tax) of Non-interest Expense associated with the Bank’s core conversion, Net Income $12.7M $15.0M including the termination of existing cor
Slide 4: Third Quarter 2026 Reported Results
Third Quarter 2026 Reported Results Bankwell Financial Group, Inc. ($ 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 (1
Slide 5: Strong Loan Originations
Strong Loan Originations Dollars in millions 1,000 Total Funding 225 800 Total Runoff $871 • Net loans grew $134 million in 2025 despite $689 Net Loan Growth 175 600 record runoff of ~$0.7 billion, as the portfolio $134 $143 shifted toward higher-yielding credits 125 400 $421 $423 75 200 • Continued
Slide 6: A Larger Core Deposit Base
A Larger Core Deposit Base Dollars in millions Ending Balances Core Deposits 1 Non Core Deposits $3,001 $2,968 $2,829 $2,885 $2,757 24% 24% • Core deposits represent 76% of total 26% $732 28% $719 31% $801 $744 deposits in 3Q26, up from 69% in 3Q25, $849 reflecting a continued shift toward core fund
Slide 7: Higher Loan Yields Support Margin Expansion
Higher Loan Yields Support Margin Expansion 4.00% NIM 3.58% 3.71% 3.50% Favorable Trends 3.40% 3.34% 3.28% • New loan pricing remains 3.00% favorable; 2026 origination yields 6.71% 6.63% 6.56% 6.66% 6.72% are ~90 bps above yields on loans 2.50% running off Loan Yield 2.00% • Loan yields increased to
Slide 8: Reduced Exposure to Short Term Rates
Reduced Exposure to Short Term Rates Loan Sensitivity Adjustable 6% Adjustable 8% • ~$1.3 billion, or 44%, of loans now floating rate, providing balanced sensitivity across a range of rate Fixed Fixed 69% 50% Float scenarios Float 44% 23% • Time deposits declining as a share of funding, reducing rel
Slide 9: Loan Portfolio Diversification
Loan Portfolio Diversification September 30, 2026 Loan Portfolio Positive Long Term Trends $2,983 million Other CRE Investor CRE O/O + C&I CRE Concentration Commercial 2.4% Const. Residential 100% 4.4% 0.9% 500% 90% 45.5% 51.0% 54.0% 44.9% 45.8% 80% 450% C&I 70% 24.4% 425% 60% 397% 400% 50% CRE Inve
Slide 10: Credit Trends
Credit Trends Dollars in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-5 “Pass” $2,609 96.0% $2,711 95.5% $2,724 95.0% $2,846 96.2% $2,851 95.6% 6 “Special Mention” $90 3.3% $80 2.8% $98 3.4% $67 2.3% $93 1 3.1% 7 “Substandard” $19 0.7% $48 1.7% $4
Slide 11: SBA Gains Lift Non-interest Income
SBA Gains Lift Non-interest Income Dollars in millions Higher SBA gains helped drive a 21% sequential increase in total Non-interest Income to $4.0 million Non-interest Income Quarterly Trends $4.0 $4.0 $4.5 $3.5 $3.4 $3.3 $3.3 $4.0 $3.5 $3.0 $2.5 $2.8 $3.0 $2.5 $2.4 $2.4 $2.5 $2.0 $2.2 $2.0 $1.5 $1
Slide 12: Productivity Supports Operating Efficiency
Productivity Supports Operating Efficiency Dollars in millions Total Assets Per Employee Bankwell Peer Median1 • Assets per employee remain well Bankwell’s Efficiency Ratio above peer levels, reflecting 51.4% 50.8% 55.8% 47.5% 56.1% meaningful scale relative to current Operating: 47.5% staffing $20.
Slide 13: Maintaining Our Strong Balance Sheet
Maintaining Our Strong Balance Sheet Dollars in millions 1.7X Liquidity Coverage $1,857 Unencumbered $175 Ample Liquidity Securities Unencumbered $257 Cash • $1,896 million total insured deposits includes: $1,072 ‒ $1,817 million FDIC-insured deposits $1,426 ‒ $79 million deposits secured by FHLB LO
Slide 14: Questions?
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Slide 15: Appendix
Appendix Bankwell
Slide 16: Loan Portfolio Overview
Loan Portfolio Overview Dollars in millions September 2026 Yields1 by Vintage September 2026 Balances By Rate Structure Adjustable 6% 7.38% 7.46% 2026 2025 Fixed 7.25% 5.49% Float 50% 2024 Pre 2022 44% 7.25% 6.35% 2023 2022 Loan Maturities & Contractual Repricing Excluding floating rate loans Total
Slide 17: CRE Loan Portfolio
CRE Loan Portfolio1 Dollars in millions By Property Type Special Use 3% Total CRE Portfolio = $2,028 million Other 3% Medical Office Residential • 56% Non-Owner Occupied 3% Care 41% Mixed Use • 63% weighted average LTV2 6% Industrial • 77% of loan balances have recourse Warehouse 6% Office Retail 7%
Slide 18: Select CRE Sectors
Select CRE Sectors Dollars in millions 1 CRE Office : $135 million exposure 4.5% of total loan portfolio • 40 loans with $3.4 million average balance • 69% located in Bankwell’s primary market Geography • Out of primary market loans are generally either GSA-leased, credit tenants, FL or owner-occupi
Slide 19: C&I Loan Portfolio
C&I Loan Portfolio 1 Total C&I Portfolio = $727 million By Industry Type Admin & Support, Waste Mgmt, Remediation Svcs 2% Manufacturing Retail Trade • 97% of C&I portfolio has recourse 2% 2% Real Estate and Rental/Leasing • 100% of Healthcare loans have recourse 10% − Primarily consists of working c
Slide 20: Combined Healthcare
Combined Healthcare Dollars in millions $1,116 million combined Healthcare portfolio CRE Skilled Nursing Facility By State • Consists primarily of skilled nursing facilities located across the US All Other VA 18% TN • Healthcare lending team has more than 20 years of industry 3% 3% FL 37% experience
Slide 21: Lower Brokered Deposit Dependence
Lower Brokered Deposit Dependence Reduced Reliance on Dollars in millions Brokered deposit balances reduced $520 million from peak $2,968 $2,801 $2,788 $2,830 $3,000 $2,737 $507 $559 $2,500 $705 $1,027 $952 $2,000 $1,500 $2,461 $2,271 $2,083 $1,000 $1,774 $1,785 $500 - 2022 2023 2024 2025 3Q26 Non-B
Slide 22: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics Dollars in thousands As of Computation of Fully Diluted Tangible Book Value per September 30, June 30, March 31, December 31, September 30, Common Share 2026 2026 2026 2025 2025 Total shareholders' equity $ 334,135 $ 323,500 $ 311,866 $ 301,489 $ 292,791 Less: Pref
Slide 23: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics Dollars in thousands Computation of Operating Return on Average Assets, Operating Return on Average Tangible Shareholders' Equity, Operating Efficiency Ratio, Operating Earnings per Common Share-Diluted, Operating Pre-tax Pre-Provision Net Revenue Return on Average
Slide 24: Bankwell Financial Group (Nasdaq: BWFG)
Bankwell Financial Group (Nasdaq: BWFG) Current Footprint At A Glance (as of September 30, 2026) $3.6B $3.0B Total Assets Loans $0.33B $3.0B Equity Deposits 1 53.1% ~186 Year-to-Date Employees Efficiency Ratio 2 9.33% 10.80% TCE Ratio Consolidated CET1 Ratio 1 Reported results include $3.0 million o
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Bankwell Financial Group — Q3 2026 Earnings Presentation on 6ix