Form 8-K

8-K — Bankwell Financial Group, Inc.

Accession: 0001628280-26-068043

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0001505732

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — bwfg-20261029.htm (Primary)

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8-K

8-K (Primary)

Filename: bwfg-20261029.htm · Sequence: 1

bwfg-20261029

0001505732FALSE00015057322026-10-292026-10-29

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 29, 2026

Bankwell Financial Group, Inc.

(Exact name of registrant as specified in its charter)

Connecticut 001-36448 20-8251355

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

258 Elm Street

New Canaan, Connecticut 06840

(203) 652-0166

(Address of Principal Executive Officers and Telephone Number)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which

Registered

Common Stock, no par value per

BWFG

NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On October 29, 2026, Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued a press release describing its results of operations for the period ended September 30, 2026.

A copy of the press release is included as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.

The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

Item 7.01 Regulation FD Disclosure

On October 29, 2026, Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued slide presentation material, which includes among other things, a review of financial results and trends through the period ended September 30, 2026. A copy of the material will also be available on the Company’s website, https://investor.mybankwell.com/events-and-presentations/

A copy of the Presentation Material is included as Exhibit 99.2 to this current report on Form 8-K and is incorporated herein by reference.

The information furnished under this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

Item 8.01 Other Events

Quarterly Dividend Announcement

On October 29, 2026, Bankwell Financial Group, Inc. (the Company), parent company of Bankwell Bank, announced that on October 29, 2026, its Board of Directors voted to pay a quarterly dividend in the amount of $0.20 per share on November 20, 2026 to all shareholders of record as of November 9, 2026.

Item 9.01 Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.

Exhibit Number Description

99.1

Press Release Dated October 29, 2026

99.2

Presentation Materials

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BANKWELL FINANCIAL GROUP, INC.

Registrant

October 29, 2026

By: /s/ Courtney E. Sacchetti

Courtney E. Sacchetti

Executive Vice President

and Chief Financial Officer

EX-99.1

Filename: ex991q32026earningsrelease.htm · Sequence: 2

Document

BANKWELL FINANCIAL GROUP REPORTS RECORD EARNINGS FOR THE THIRD QUARTER, DECLARES FOURTH QUARTER DIVIDEND

New Canaan, CT – October 29, 2026 – Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $12.7 million, or $1.58 per share for the third quarter of 2026, versus $12.4 million, or $1.52 per share, for the second quarter of 2026. The Company's Board of Directors declared a $0.20 per share cash dividend, payable November 20, 2026 to shareholders of record on November 9, 2026.

The Company’s reported results include $3.0 million of non-interest expense attributed to core conversion costs incurred during the third quarter of 2026. For the third quarter of 2026, the Company reported GAAP net income of $12.7 million and operating net income(1) of $15.0 million. Operating results are non-GAAP financial measures that exclude certain nonrecurring or transaction-related expenses. Management believes these measures provide additional insight into underlying operating performance; however, they should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP.

September 30,

2026

(In thousands, except per share data) As Reported Operating Adjustment

Operating(1)

Return on average assets 1.45 % 0.26 % 1.71 %

Return on average tangible shareholders' equity 15.28 % 2.74 % 18.02 %

Efficiency ratio 56.1 % (8.6) % 47.5 %

Earnings per common share - diluted $ 1.58 $ 0.28 $ 1.86

Pre-tax, pre-provision net revenue return on average assets 1.76 % 0.35 % 2.11 %

Pre-tax, pre-provision net revenue $ 15,498 $ 3,041 $ 18,539

Net income $ 12,735 $ 2,281 $ 15,016

(1) Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.

Discussion of Outlook; Bankwell Financial Group Chief Executive Officer, Christopher R. Gruseke:

"We delivered record earnings for the third quarter, with GAAP net income of $12.7 million, or $1.58 per share, despite absorbing $3.0 million of costs related to our core conversion. Excluding these costs, operating net income was $15.0 million, or $1.86 per share, and our operating efficiency ratio was 47.5%. These results reflect continued improvement across the Company, as Net Interest Margin expanded to 3.71%, nonperforming assets declined to 0.20% of total assets, and our SBA business continued to make a meaningful contribution to non-interest income.

Our third-quarter results demonstrate the benefit of the investments and strategic initiatives we have pursued over the past several years. We continue to grow the balance sheet, diversify revenue, strengthen asset quality and invest in the people and technology necessary to support the Company’s future growth. The core conversion is an important part of that investment and will provide enhanced capabilities and greater scalability to support our strategic priorities and future growth.

Given our year-to-date performance, we are updating our full-year 2026 guidance. We now expect net interest income of $119 to $121 million and non-interest income of $14 to $15 million, reflecting continued strength in our SBA platform. We maintain our outlook for loan growth of 5% to 7% and non-interest expense of $65 to $67 million, excluding conversion costs.

Finally, I want to recognize the tremendous efforts of our team. The results we are reporting are the product of a great deal of hard work, an unwavering commitment to our clients, and disciplined execution of the strategy we have put in place. I’m proud of what our people have accomplished together and excited about the opportunities ahead."

Key Points for Third Quarter and Bankwell’s Outlook

Asset Quality Strengthens; Capital Remains Strong

•Nonperforming loans decreased $8.7 million to $7.1 million in the third-quarter of 2026, primarily reflecting the note sale of a suburban retail CRE loan in Westchester County, NY, that had been modified during the COVID-19 pandemic.

•Nonperforming assets declined to 0.20% of total assets at September 30, 2026, compared with 0.46% at June 30, 2026.

•Net recoveries totaled $1.4 million for the quarter ended September 30, 2026. The ACL-Loans provided 430.65% coverage of total nonperforming loans at September 30, 2026 compared to 193.14% at June 30, 2026.

•Tangible common equity to tangible assets increased to 9.33%, and fully diluted tangible book value per common share increased to $41.59.

Balance Sheet Growth and Continued Net Interest Margin Expansion

•Gross loans increased $22.9 million during the quarter and $142.6 million, or 5.0% year-to-date.

•Net interest margin expanded 13 basis points to 3.71% for the third quarter of 2026, compared to 3.58% for the second quarter of 2026, reflecting higher earning-asset yields and flat funding costs.

•Net interest income increased to $31.4 million, compared with $29.5 million in the linked quarter.

•Earning asset yields expanded 8 basis points to 6.34% for the quarter ended September 30, 2026, compared to the linked quarter.

Strong SBA Performance Drives Noninterest Income Growth

•SBA loan sale gains contributed $2.8 million of the Company's $4.0 million in total noninterest income for the quarter ended September 30, 2026, bringing 2026 year-to-date gains to $7.6 million, compared to $2.9 million 2025 year-to-date gains.

•Noninterest income as a percentage of revenue for the quarter ended September 30, 2026 was 11.20%, compared to 8.76% for the quarter ended September 30, 2025.

•The SBA Lending division delivered $30.1 million in originations in the third quarter of 2026, bringing the total year-to-date originations to $90.2 million.

Investment in Technology and Operating Infrastructure

•The Company is undertaking a core conversion initiative as part of its broader investment in technology and operating infrastructure to expand capabilities, improve efficiency and scalability, and support future growth.

•Third-quarter results included $3.0 million of core conversion costs, primarily consisting of termination fees.

•Excluding these costs, operating net income was $15.0 million(1), operating diluted EPS was $1.86(1) and the operating efficiency ratio was 47.5%(1), demonstrating the strength of the Company's underlying operating performance.

•The Company expects to incur additional core conversion-related costs in future quarters as implementation activities progress; however, third-quarter costs were elevated by termination-related costs that are not expected to recur in future periods.

(1) Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.

Third Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs):

September 30,

2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

Return on average assets(1)(6)

1.45 % 1.46 % 1.35 % 1.11 % 1.24 %

Pre-tax, pre-provision net revenue return on average assets(1)(6)

1.76 % 2.07 % 1.60 % 1.80 % 1.70 %

Return on average shareholders' equity(1)(6)

15.16 % 15.49 % 14.88 % 12.20 % 13.84 %

Return on average tangible shareholders' equity(1)(6)

15.28 % 15.61 % 15.00 % 12.31 % 13.96 %

Net Interest Margin(1)(6)(7)

3.71 % 3.58 % 3.28 % 3.40 % 3.34 %

Efficiency Ratio(1)(3)

56.1 % 47.5 % 55.8 % 50.8 % 51.4 %

Noninterest expense to average assets(1)(6)

2.26 % 1.80 % 2.03 % 1.87 % 1.80 %

Net loan (recoveries) charge-offs as a percentage of average loans(1)(6)

(0.05) % 0.00 % 0.01 % 0.00 % (0.01) %

Dividend payout ratio(1)(4)

12.66 % 13.16 % 14.18 % 17.54 % 15.87 %

Fully diluted tangible book value per common share(1)(2)

$ 41.59 $ 40.25 $ 38.79 $ 37.84 $ 36.84

Total capital to risk-weighted assets(1)(5)

12.67 % 12.70 % 13.00 % 12.94 % 13.48 %

Total common equity tier 1 capital to risk-weighted assets(1)(5)

11.64 % 11.66 % 11.97 % 11.87 % 12.39 %

Tier I Capital to Average Assets(1)(5)

10.25 % 10.36 % 10.32 % 10.56 % 10.71 %

Tangible common equity to tangible assets(1)(2)

9.33 % 9.24 % 9.17 % 8.90 % 8.95 %

Earnings per common share - diluted $ 1.58 $ 1.52 $ 1.41 $ 1.14 $ 1.26

Common shares issued and outstanding 7,971,972 7,973,180 7,973,180 7,899,943 7,877,443

(1) Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.

(2) Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of this document for additional detail.

(3) Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business.

(4) The dividend payout ratio is calculated by dividing dividends per share by earnings per share.

(5) Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.

(6) Return on average assets is calculated by dividing annualized net income by average assets. Pre-tax, pre-provision net revenue return on average assets is calculated by dividing PPNR (calculated as set forth in the "Pre-Tax, Pre-Provision Net Revenue (PPNR)" section of this document) by average assets. Return on average shareholders' equity is calculated by dividing annualized net income by average shareholders' equity. Return on average tangible shareholders' equity is calculated by dividing annualized net income by average shareholders' equity less average intangible assets. Net Interest Margin is calculated by dividing average annualized net interest income by average total earning assets. Noninterest expense to average assets is calculated by dividing annualized noninterest expense by average total assets. Net loan (recoveries) charge-offs as a percentage of average loans is calculated by dividing net loan (recoveries) charge offs by average total loans.

(7) Based on a fully tax equivalent basis.

Pre-Tax, Pre-Provision Net Revenue(1) ("PPNR")

PPNR for the quarter ended September 30, 2026 was $15.5 million, a decrease of 11.6% from $17.5 million recognized for the quarter ended June 30, 2026.

For the Quarter Ended

(Dollars in thousands) September 30,

2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

Net interest income $ 31,371 $ 29,503 $ 26,886 $ 26,946 $ 25,987

Total noninterest income 3,956 3,280 3,343 3,376 2,495

Total revenues 35,327 32,783 30,229 30,322 28,482

Total noninterest expense 19,829 15,255 16,889 15,470 14,631

PPNR $ 15,498 $ 17,528 $ 13,340 $ 14,852 $ 13,851

(1) Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.

•Revenues (net interest income plus noninterest income) for the quarter ended September 30, 2026 were $35.3 million, compared with $32.8 million in the previous quarter. The increase in revenues was primarily driven by higher interest income resulting from increased earning-asset yields and higher average earning-asset balances.

•Noninterest expense for the quarter ended September 30, 2026 was $19.8 million, compared with $15.3 million in the previous quarter. The increase in noninterest expense was attributed to $3.0 million of core conversion related costs, primarily contract termination fees, as well as an increase in salaries and employee benefits due to ongoing investments in talent to support growth.

Allowance for Credit Losses - Loans ("ACL-Loans")

The ACL-Loans was $30.7 million as of September 30, 2026 compared to $30.6 million as of June 30, 2026. The ACL-Loans as a percentage of total loans was 1.03% as of September 30, 2026 compared to 1.03% as of June 30, 2026. The credit for credit losses - loans was $1.4 million for the quarter ended September 30, 2026.

Total nonperforming loans decreased $8.7 million to $7.1 million as of September 30, 2026, when compared to the previous quarter, primarily reflecting the note sale of a suburban retail CRE loan in Westchester County, NY, that had been modified during the COVID-19 pandemic. Nonperforming assets as a percentage of total assets decreased to 0.20% at September 30, 2026, compared to the previous quarter's ratio of 0.46%. As of September 30, 2026, the ACL-Loans provided 430.65% coverage of total nonperforming loans.

BANKWELL FINANCIAL GROUP, INC.

ASSET QUALITY (unaudited)

(Dollars in thousands)

For the Quarter Ended

September 30,

2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

ACL-Loans:

Balance at beginning of period $ 30,627 $ 29,580 $ 30,705 $ 29,984 $ 29,256

Charge-offs:

Residential real estate — — — — —

Commercial real estate (606) — — — —

Commercial business (499) (13) (148) — (14)

Consumer (11) (35) (73) — (46)

Construction — — — — —

Total charge-offs (1,116) (48) (221) — (60)

Recoveries:

Residential real estate — — — — —

Commercial real estate 2,543 10 5 7 272

Commercial business 9 8 15 23 92

Consumer 3 31 33 10 4

Construction — — — — —

Total recoveries 2,555 49 53 40 368

Net loan recoveries (charge-offs) 1,439 1 (168) 40 308

(Credit) provision for credit losses - loans (1,356) 1,046 (957) 681 420

Balance at end of period $ 30,710 $ 30,627 $ 29,580 $ 30,705 $ 29,984

As of

September 30,

2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

Asset quality:

Nonaccrual loans

Residential real estate $ 513 $ 530 $ 544 $ 557 $ 570

Commercial real estate 4,884 13,923 17,112 14,445 14,667

Commercial business 1,734 1,404 1,380 1,302 1,729

Construction — — — — —

Consumer — — — — —

Total nonaccrual loans 7,131 15,857 19,036 16,304 16,966

Other real estate owned — — — — 1,284

Total nonperforming assets $ 7,131 $ 15,857 $ 19,036 $ 16,304 $ 18,250

Nonperforming loans as a % of total loans 0.24 % 0.54 % 0.66 % 0.57 % 0.62 %

Nonperforming assets as a % of total assets 0.20 % 0.46 % 0.56 % 0.49 % 0.56 %

ACL-loans as a % of total loans 1.03 % 1.03 % 1.03 % 1.08 % 1.10 %

ACL-loans as a % of nonperforming loans 430.65 % 193.14 % 155.39 % 188.33 % 176.73 %

Total past due loans to total loans 0.32 % 0.59 % 0.62 % 0.31 % 0.76 %

Financial Condition & Capital

Assets totaled $3.6 billion at September 30, 2026, an increase of $195.4 million, or 5.8% compared to December 31, 2025. Gross loans totaled $3.0 billion at September 30, 2026, an increase of $142.6 million, or 5.0% compared to December 31, 2025. Deposits totaled $3.0 billion at September 30, 2026, an increase of $138.2 million, or 4.9% compared to December 31, 2025. Brokered deposits decreased $52.1 million or 9.3%, when compared to December 31, 2025.

Period End Loan Composition September 30, 2026 December 31,

2025 September 30, 2025

Current YTD

% Change Year over Year

% Change

Residential Real Estate $ 27,503 $ 33,139 $ 33,625 (17.0) % (18.2) %

Commercial Real Estate(1)

2,027,574 1,930,979 1,897,896 5.0 6.8

Construction 130,660 153,778 170,888 (15.0) (23.5)

Total Real Estate Loans 2,185,737 2,117,896 2,102,409 3.2 4.0

Commercial Business 726,640 645,321 552,682 12.6 31.5

Consumer 70,249 76,855 63,098 (8.6) 11.3

Total Loans $ 2,982,626 $ 2,840,072 $ 2,718,189 5.0 % 9.7 %

(1) Includes owner occupied commercial real estate of $0.8 billion at September 30, 2026, $0.8 billion at December 31, 2025, and $0.7 billion at September 30, 2025, respectively.

Period End Deposit Composition September 30, 2026 December 31,

2025 September 30, 2025

Current YTD

% Change Year over Year

% Change

Noninterest bearing demand $ 453,085 $ 403,652 $ 397,408 12.2 % 14.0 %

NOW 101,033 90,205 84,736 12.0 19.2

Money Market 1,240,940 1,007,844 897,387 23.1 38.3

Savings 98,072 97,418 95,242 0.7 3.0

Time 1,074,550 1,230,362 1,282,642 (12.7) (16.2)

Total Deposits $ 2,967,680 $ 2,829,481 $ 2,757,415 4.9 % 7.6 %

Shareholders’ equity totaled $334.1 million as of September 30, 2026, an increase of $32.6 million compared to December 31, 2025, primarily a result of year-to-date net income of $36.4 million. The increase was partially offset by dividends paid of $4.7 million.

As of September 30, 2026, the Bank's regulatory capital ratios were all above the regulatory thresholds for 'well capitalized' institutions, with total risk-based capital, common-equity tier 1 capital and leverage ratios at 12.67%, 11.64%, and 10.25%, respectively.

We recommend reading this earnings release in conjunction with the Third Quarter 2026 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our October 29, 2026 Current Report on Form 8-K.

Conference Call

Bankwell will host a conference call to discuss the Company’s financial results and business outlook on October 29, 2026, at 11:00 a.m. E.T. The call will be accessible by telephone and webcast using https://investor.mybankwell.com/events-and-presentations/. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event.

About Bankwell Financial Group

Bankwell Financial Group, Inc. is the holding company for Bankwell Bank ("Bankwell"), a full-service commercial bank headquartered in New Canaan, CT. Bankwell provides businesses and professionals with a range of commercial financing solutions, including working capital lines of credit, SBA loans, acquisition financing, and commercial mortgages, along with treasury management and deposit services. Bankwell emphasizes accessibility, expertise, and responsiveness through experienced local banking teams serving its markets.

For more information about this press release, interested parties may contact Christopher R. Gruseke, Chief Executive Officer or Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer of Bankwell Financial Group, Inc. at (203) 652-0166 or at ir@mybankwell.com.

For more information, visit www.mybankwell.com.

This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the banking industry or securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

Non-GAAP Financial Measures

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as the efficiency ratio. A computation and reconciliation of certain non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. For example, the Company believes that the efficiency ratio is useful in the assessment of financial performance, including noninterest expense control. The Company believes that tangible common equity, tangible assets, tangible common equity to tangible assets, tangible common shareholders' equity, fully diluted tangible book value per common share, efficiency ratio, noninterest expense to average assets, return on average shareholders' equity, return on average tangible shareholders' equity, pre-tax, pre-provision net revenue, net interest margin, net loan (recoveries) charge-offs as a percentage of average loans, pre-tax, pre-provision net revenue on average assets, the dividend payout ratio, operating net income, 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 assets, and operating pre-tax, pre-provision net revenue return are useful to evaluate the relative strength of the Company's performance and capital position. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. See "Reconciliation of GAAP to Non-GAAP Measures (unaudited)".

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(Dollars in thousands)

September 30,

2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

ASSETS

Cash and due from banks $ 239,023 $ 191,378 $ 208,904 $ 214,567 $ 289,628

Federal funds sold 16,526 12,018 8,997 10,354 5,732

Cash and cash equivalents 255,549 203,396 217,901 224,921 295,360

Investment securities

Marketable equity securities, at fair value 2,193 2,263 2,254 2,248 2,223

Available for sale investment securities, at fair value 168,763 174,036 155,934 160,409 96,473

Held to maturity investment securities, at amortized cost 29,242 29,314 29,386 29,465 29,538

Total investment securities 200,198 205,613 187,574 192,122 128,234

Loans receivable (net of ACL-Loans of $30,710, $30,627, $29,580, $30,705, $29,984, at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively) 2,947,719 2,924,890 2,832,678 2,804,441 2,684,016

Accrued interest receivable 17,536 16,270 16,029 16,143 15,633

Federal Home Loan Bank stock, at cost 7,057 3,143 4,207 6,207 4,951

Premises and equipment, net 19,725 20,068 20,947 21,582 22,387

Bank-owned life insurance 55,303 54,931 54,566 54,207 53,846

Goodwill 2,589 2,589 2,589 2,589 2,589

Deferred income taxes, net 11,104 9,992 11,436 11,356 9,027

Other real estate owned — — — — 1,284

Other assets 38,495 34,678 25,932 26,291 26,636

Total assets $ 3,555,275 $ 3,475,570 $ 3,373,859 $ 3,359,859 $ 3,243,963

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Deposits

Noninterest bearing deposits $ 453,085 $ 472,008 $ 428,384 $ 403,652 $ 397,408

Interest bearing deposits 2,514,595 2,528,522 2,456,865 2,425,829 2,360,007

Total deposits 2,967,680 3,000,530 2,885,249 2,829,481 2,757,415

Advances from the Federal Home Loan Bank 125,000 30,000 60,000 110,000 75,000

Subordinated debentures 69,882 69,820 69,759 69,697 69,636

Accrued expenses and other liabilities 58,578 51,720 46,985 49,192 49,121

Total liabilities 3,221,140 3,152,070 3,061,993 3,058,370 2,951,172

Shareholders’ equity

Common stock, no par value 122,909 121,997 121,060 120,118 119,353

Retained earnings 213,229 202,073 191,281 181,587 174,008

Accumulated other comprehensive (loss) (2,003) (570) (475) (216) (570)

Total shareholders’ equity 334,135 323,500 311,866 301,489 292,791

Total liabilities and shareholders’ equity $ 3,555,275 $ 3,475,570 $ 3,373,859 $ 3,359,859 $ 3,243,963

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Dollars in thousands, except share data)

For the Quarter Ended For the Nine Months Ended

September 30,

2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2026 September 30,

2025

Interest and dividend income

Interest and fees on loans $ 50,760 $ 48,423 $ 46,787 $ 46,739 $ 46,328 $ 145,970 $ 133,931

Interest and dividends on securities 2,125 1,919 1,784 1,834 1,410 5,828 4,333

Interest on cash and cash equivalents 1,937 1,894 1,965 2,037 2,853 5,796 9,453

Total interest and dividend income 54,822 52,236 50,536 50,610 50,591 157,594 147,717

Interest expense

Interest expense on deposits 21,774 21,267 21,930 22,388 22,585 64,971 70,440

Interest expense on borrowings 1,677 1,466 1,720 1,276 2,019 4,863 5,288

Total interest expense 23,451 22,733 23,650 23,664 24,604 69,834 75,728

Net interest income 31,371 29,503 26,886 26,946 25,987 87,760 71,989

(Credit) provision for credit losses (1,267) 1,228 (1,029) 616 372 (1,068) 424

Net interest income after (credit) provision for credit losses 32,638 28,275 27,915 26,330 25,615 88,828 71,565

Noninterest income

Bank owned life insurance 372 366 358 361 359 1,096 1,055

Service charges and fees 951 665 780 771 779 2,396 2,055

Gains and fees from sales of loans 2,806 2,398 2,425 2,184 1,372 7,629 2,894

Other (173) (149) (220) 60 (15) (542) 8

Total noninterest income 3,956 3,280 3,343 3,376 2,495 10,579 6,012

Noninterest expense

Salaries and employee benefits 10,363 8,678 9,830 7,717 7,995 28,871 22,568

Occupancy and equipment 2,729 2,816 2,705 2,575 2,469 8,250 7,549

Professional services 1,500 1,364 1,393 1,415 1,412 4,257 4,573

Data processing 687 694 716 877 633 2,097 2,230

Director fees 357 357 363 337 333 1,077 1,014

FDIC insurance 585 530 543 612 610 1,658 2,073

Marketing 98 129 126 108 140 353 500

Other 3,510 687 1,213 1,829 1,039 5,410 2,811

Total noninterest expense 19,829 15,255 16,889 15,470 14,631 51,973 43,318

Income before income tax expense 16,765 16,300 14,369 14,236 13,479 47,434 34,259

Income tax expense 4,030 3,928 3,094 5,092 3,401 11,052 8,205

Net income $ 12,735 $ 12,372 $ 11,275 $ 9,144 $ 10,078 $ 36,382 $ 26,054

Earnings Per Common Share:

Basic $ 1.60 $ 1.55 $ 1.42 $ 1.16 $ 1.27 $ 4.58 $ 3.31

Diluted $ 1.58 $ 1.52 $ 1.41 $ 1.14 $ 1.26 $ 4.52 $ 3.27

Weighted Average Common Shares Outstanding:

Basic 7,858,046 7,856,210 7,724,253 7,776,740 7,774,887 7,813,326 7,741,244

Diluted 7,948,140 7,980,973 7,800,935 7,858,047 7,844,785 7,910,825 7,819,609

Dividends per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.60 $ 0.60

BANKWELL FINANCIAL GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)

(Dollars in thousands, except share data)

As of

Computation of Tangible Common Equity to Tangible Assets September 30, 2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

Total Equity $ 334,135 $ 323,500 $ 311,866 $ 301,489 $ 292,791

Less:

Goodwill 2,589 2,589 2,589 2,589 2,589

Other intangibles — — — — —

Tangible Common Equity $ 331,546 $ 320,911 $ 309,277 $ 298,900 $ 290,202

Total Assets $ 3,555,275 $ 3,475,570 $ 3,373,859 $ 3,359,859 $ 3,243,963

Less:

Goodwill 2,589 2,589 2,589 2,589 2,589

Other intangibles — — — — —

Tangible Assets $ 3,552,686 $ 3,472,981 $ 3,371,270 $ 3,357,270 $ 3,241,374

Tangible Common Equity to Tangible Assets 9.33 % 9.24 % 9.17 % 8.90 % 8.95 %

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 — — — — —

Common shareholders' equity $ 334,135 $ 323,500 $ 311,866 $ 301,489 $ 292,791

Less:

Goodwill 2,589 2,589 2,589 2,589 2,589

Other intangibles — — — — —

Tangible common shareholders' equity $ 331,546 $ 320,911 $ 309,277 $ 298,900 $ 290,202

Common shares issued and outstanding 7,971,972 7,973,180 7,973,180 7,899,943 7,877,443

Fully Diluted Tangible Book Value per Common Share $ 41.59 $ 40.25 $ 38.79 $ 37.84 $ 36.84

BANKWELL FINANCIAL GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)

(Dollars in thousands, except share data)

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 Assets, Operating PPNR, and Operating Net Income 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 conversion costs (post-tax) 2,281

Operating net income $ 15,016

Dividends to participating securities (25)

Undistributed earnings allocated to participating securities (176)

Operating net income for earnings per share calculation $ 14,815

Weighted average shares outstanding, diluted 7,948,140

Operating earnings per common share - diluted $ 1.86

Operating net income $ 15,016

Average Assets 3,484,548

Operating return on average assets 1.71 %

Operating net income $ 15,016

Average shareholders' equity 333,256

Average goodwill 2,589

Average tangible shareholders' equity $ 330,667

Operating return on average tangible shareholders' equity 18.02 %

Noninterest expense 19,829

Core conversion costs (pre-tax) 3,041

Operating noninterest expense $ 16,788

Net interest income 31,371

Noninterest income 3,956

Total net interest income and noninterest income $ 35,327

Operating efficiency ratio 47.5 %

BANKWELL FINANCIAL GROUP, INC.

EARNINGS PER SHARE ("EPS") (unaudited)

(Dollars in thousands, except share data)

For the Quarter Ended September 30,

For the Nine Months Ended September 30,

2026 2025 2026 2025

(In thousands, except per share data)

Net income

$ 12,735 $ 10,078 $ 36,382 $ 26,054

Dividends to participating securities(1)

(25) (26) (77) (79)

Undistributed earnings allocated to participating securities(1)

(176) (143) (509) (386)

Net income for earnings per share calculation

12,534 9,909 35,796 25,589

Weighted average shares outstanding, basic

7,858,046 7,774,887 7,813,326 7,741,244

Effect of dilutive equity-based awards(2)

90,094 69,898 97,499 78,365

Weighted average shares outstanding, diluted

7,948,140 7,844,785 7,910,825 7,819,609

Net earnings per common share:

Basic earnings per common share

$ 1.60 $ 1.27 $ 4.58 $ 3.31

Diluted earnings per common share

$ 1.58 $ 1.26 $ 4.52 $ 3.27

(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.

BANKWELL FINANCIAL GROUP, INC.

NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited)

(Dollars in thousands)

For the Quarter Ended

September 30, 2026 September 30, 2025

Average

Balance Interest

Yield/

Rate (4)

Average

Balance Interest

Yield/

Rate (4)

Assets:

Cash and Fed funds sold $ 225,359 $ 1,937 3.41 % $ 278,698 $ 2,853 4.06 %

Securities(1)

208,404 2,164 4.15 142,677 1,463 4.10

Loans:

Commercial real estate 1,980,923 32,339 6.39 1,856,645 29,662 6.25

Residential real estate 28,098 389 5.53 34,518 510 5.91

Construction 139,944 2,583 7.22 173,380 3,536 7.98

Commercial business 740,848 14,313 7.56 572,187 11,634 7.96

Consumer 64,997 1,136 6.94 63,627 986 6.15

Total loans 2,954,810 50,760 6.72 2,700,357 46,328 6.71

Federal Home Loan Bank stock 4,190 73 6.95 6,942 89 5.11

Total earning assets 3,392,763 $ 54,934 6.34 % 3,128,674 $ 50,733 6.34 %

Other assets 91,785 98,547

Total assets $ 3,484,548 $ 3,227,221

Liabilities and shareholders' equity:

Interest bearing liabilities:

NOW $ 109,933 $ 59 0.21 % $ 99,087 $ 124 0.50 %

Money market 1,211,288 10,416 3.41 883,440 8,479 3.81

Savings 97,350 636 2.59 94,290 700 2.95

Time 1,094,376 10,662 3.87 1,253,878 13,282 4.20

Total interest bearing deposits 2,512,947 21,773 3.44 2,330,695 22,585 3.84

Borrowed Money 148,048 1,677 4.49 169,867 2,020 4.72

Total interest bearing liabilities 2,660,995 $ 23,450 3.50 % 2,500,562 $ 24,605 3.90 %

Noninterest bearing deposits 442,043 383,153

Other liabilities 48,254 54,507

Total liabilities 3,151,292 2,938,222

Shareholders' equity 333,256 288,999

Total liabilities and shareholders' equity $ 3,484,548 $ 3,227,221

Net interest income(2)

$ 31,484 $ 26,128

Interest rate spread 2.84 % 2.44 %

Net Interest Margin(3)

3.71 % 3.34 %

(1)Average balances and yields for securities are based on amortized cost.

(2)The adjustment for securities and loans taxable equivalency amounted to $113 thousand and $141 thousand for the quarters ended September 30, 2026 and 2025, respectively.

(3)Annualized net interest income as a percentage of earning assets.

(4)Yields are calculated using the contractual day count convention for each respective product type.

BANKWELL FINANCIAL GROUP, INC.

NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - YTD (unaudited)

(Dollars in thousands)

For the Nine Months Ended

September 30, 2026 September 30, 2025

Average

Balance Interest

Yield/

Rate (4)

Average

Balance Interest

Yield/

Rate (4)

Assets:

Cash and Fed funds sold $ 233,993 $ 5,796 3.31 % $ 307,737 $ 9,453 4.11 %

Securities(1)

199,107 5,935 3.97 147,571 4,474 4.04

Loans:

Commercial real estate 1,930,568 92,447 6.31 1,830,934 85,371 6.15

Residential real estate 29,911 1,267 5.65 37,838 1,740 6.13

Construction 152,223 8,298 7.19 182,857 10,856 7.83

Commercial business 714,034 40,746 7.53 546,700 32,839 7.92

Consumer 68,271 3,211 6.29 72,350 3,125 5.78

Total loans 2,895,007 145,969 6.65 2,670,679 133,931 6.61

Federal Home Loan Bank stock 4,801 227 6.31 5,522 286 6.90

Total earning assets 3,332,908 $ 157,927 6.25 % 3,131,509 $ 148,144 6.24 %

Other assets 90,234 92,451

Total assets $ 3,423,142 $ 3,223,960

Liabilities and shareholders' equity:

Interest bearing liabilities:

NOW $ 105,803 $ 167 0.21 % $ 102,129 $ 311 0.41 %

Money market 1,138,205 29,163 3.43 891,823 25,579 3.83

Savings 98,142 1,985 2.70 91,313 2,025 2.97

Time 1,140,619 33,656 3.95 1,301,450 42,525 4.37

Total interest bearing deposits 2,482,769 64,971 3.50 2,386,715 70,440 3.95

Borrowed Money 145,073 4,863 4.48 147,519 5,288 4.79

Total interest bearing liabilities 2,627,842 $ 69,834 3.55 % 2,534,234 $ 75,728 4.00 %

Noninterest bearing deposits 428,798 356,705

Other liabilities 46,060 51,354

Total liabilities 3,102,700 2,942,293

Shareholders' equity 320,442 281,667

Total liabilities and shareholders' equity $ 3,423,142 $ 3,223,960

Net interest income(2)

$ 88,093 $ 72,416

Interest rate spread 2.70 % 2.24 %

Net Interest Margin(3)

3.52 % 3.08 %

(1)Average balances and yields for securities are based on amortized cost.

(2)The adjustment for securities and loans taxable equivalency amounted to $334 thousand and $427 thousand for the nine months ended September 30, 2026 and 2025, respectively.

(3)Annualized net interest income as a percentage of earning assets.

(4)Yields are calculated using the contractual day count convention for each respective product type.

EX-99.2

Filename: a3q2026bwfginvestorprese.htm · Sequence: 3

a3q2026bwfginvestorprese

October 29, 2026 Third Quarter 2026 BWFG Investor Presentation

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 plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP Measures: This presentation includes certain non-GAAP financial measures. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation. 2 2

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 26 bps LQ, primarily due to the sale of a COVID-era nonperforming CRE retail loan in Westchester, NY; $2.5 million recovery recognized • $4.0 million in Non-interest Income, including $2.8 million of gains on sales of SBA loans • Net Interest Margin of 3.71%, up 13 bps LQ, driven by an 8 basis point increase in earning asset yields and flat funding costs • Loans increased $23 million LQ on ~$222 million of originations, including $30 million of SBA origination • Tangible Book Value per share increased to $41.59 3 Key Performance Metrics Metric Reported Operating Net Income $12.7M $15.0M Diluted Earnings Per Share $1.58 $1.86 PPNR $15.5M $18.5M ROAA 1.45% 1.71% ROATCE 15.28% 18.02% Efficiency Ratio 56.1% 47.5%

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 (1.3) 1.2 (1.0) 0.6 0.4 (0.4) 0.5 4.5 6.3 Total Noninterest Income 4.0 3.3 3.3 3.4 2.5 2.0 1.5 1.0 1.2 Total Revenue 35.3 32.8 30.2 30.3 28.5 25.9 23.6 21.2 21.9 Total Noninterest Expenses 19.8 15.3 16.9 15.5 14.6 14.5 14.1 12.6 12.9 Income before Taxes 16.8 16.3 14.4 14.2 13.5 11.8 9.0 4.1 2.7 Net Income 12.7 12.4 11.3 9.1 10.1 9.1 6.9 3.0 1.9 Diluted Earnings Per Share 1.58 1.52 1.41 1.15 1.27 1.15 0.87 0.37 0.24 Total Assets 3,555.3 3,475.6 3,373.9 3,359.9 3,244.0 3,236.6 3,183.9 3,268.6 3,161.1 Gross Loans Receivable (ex. HFS) 2,978.4 2,955.5 2,862.3 2,835.1 2,714.0 2,665.0 2,641.0 2,702.0 2,619.3 Allowance for Credit Losses on Loans & Leases (30.7) (30.6) (29.6) (30.7) (30.0) (29.3) (29.5) (29.0) (27.8) All Other Assets 607.6 550.7 541.2 555.4 559.9 600.9 572.4 595.5 569.5 Total Liabilities 3,221.1 3,152.1 3,062.0 3,058.4 2,951.2 2,953.3 2,908.7 2,998.0 2,893.2 Total Deposits 2,967.7 3,000.5 2,885.2 2,829.5 2,757.4 2,759.3 2,750.4 2,787.6 2,688.2 Borrowings 194.9 99.8 129.8 179.7 144.6 144.6 109.5 159.5 159.4 Other Liabilities 58.6 51.7 47.0 49.2 49.1 49.4 48.7 50.9 45.6 Total Shareholders’ Equity 334.1 323.5 311.9 301.5 292.8 283.3 275.2 270.5 267.9 Net Interest Margin 3.71% 3.58% 3.28% 3.40% 3.34% 3.10% 2.81% 2.60% 2.72% PPNR ROAA1 1.76%2 2.07% 1.60% 1.80% 1.70% 1.43% 1.18% 1.05% 1.13% Effective Tax Rate 24% 24% 22% 36%3 25% 23% 23% 27% 29% Noninterest Expense to Average Assets 2.26%2 1.80% 2.03% 1.87% 1.80% 1.83% 1.76% 1.56% 1.62% 1 A non-GAAP metric. See the Appendix and BWFG’s 3Q26 Earnings Release, “Non-GAAP Financial Measures” section for additional detail. 2 Reported results include $3.0 million of non-interest expense attributed to core conversion cost, See the Appendix and BWFG’s 3Q26 Earnings Release, “Non-GAAP Financial Measures” section for additional detail. 3 Includes $1.5 million one-time adjustment to income tax provision, See BWFG’s 4Q25 Earnings Release, “Non-GAAP Financial Measures” section for additional detail.

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 supports both margin and credit quality Dollars in millions $421 $423 $871 $689 ($378) ($436) ($737) ($547) $43 ($13) $134 $143 (225) (175) (125) (75) (25) 25 75 125 175 225 (1,000) (800) (600) (400) (200) 0 200 400 600 800 1,000 2023 2024 2025 3Q26 Total Funding Total Runoff Net Loan Growth

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 deposits in 3Q26, up from 69% in 3Q25, reflecting a continued shift toward core funding • Core deposits decreased less than 1% sequentially ($20 million), while remaining $340 million, or 18%, above 3Q25 levels • NIB and NOW balances remained $72 million, or 15%, above 3Q25 levels, preserving much of the growth achieved over the period 1 Core deposits include DDA, NOW, Money Market, Savings, and non-brokered Time Deposits $250,000. 1 NIB & NOW Deposits $482 $494 $533 $605 $554

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; 2026 origination yields are ~90 bps above yields on loans running off • Loan yields increased to 6.72% in 3Q26, up 6 bps from 2Q26 • Deposit costs reflect earlier repricing benefits, with maturing time deposits carrying rates at or below current market levels • September 2026 deposit ‘exit rate’ of 2.94%

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, repricing-driven balances • Noninterest Bearing (NIB) & NOW deposits expanding, providing a stable, low-cost (~4 bps) core that anchors funding across rate scenarios • Positioning reduces reliance on any single rate outcome; earnings are less exposed to the direction of future Fed moves 3Q26 Fixed 50% Adjustable 6% Float 44% Time 49% IB Non Mat 36% NIB & NOW 15% Time 36% IB Non Mat 45% NIB & NOW 19% Fixed 69% Adjustable 8% Float 23%

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 0.9% C&I 24.4% CRE Owner Occupied 29.6% CRE Investor 38.3% Commercial Const. 4.4% Other 2.4% September 30, 2026 Loan Portfolio $2,983 million

$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 Charge Offs (Recoveries) 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% $44 1.5% $46 1.6% $39 1.3% 8 “Doubtful” $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Total Gross Loans $2,718 $2,840 $2,867 $2,960 $2,983 Non-performing Loans $17.0 $16.3 $19.0 $15.9 $7.1 % of Total Loans 0.62% 0.57% 0.66% 0.54% 0.24% Non-performing Assets $18.2 $16.3 $19.0 $15.9 $7.1 % of Total Assets 0.56% 0.49% 0.56% 0.46% 0.20% 1 100.0% of Risk Rated 6 loans are current on payments, 90.0% are guaranteed by ultra-high net worth sponsors. 10 Credit Trends

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 21% sequential increase in total Non-interest Income to $4.0 million Dollars in millions Non-interest Income / Total Revenue 8.8% 11.1% 11.1% 10.0% 11.2%

$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 meaningful scale relative to current staffing • 3Q26 reported Efficiency Ratio of 56.1% includes $3.0 million of Non- interest Expense associated with the Bank’s core conversion, including the termination of existing core provider contracts and ongoing conversion costs • On an operating basis, the efficiency ratio for the quarter and year-to-date is 47.5% and 50.0%, respectively Dollars in millions 1 1 As reported by S&P Global Market Intelligence. Peers include publicly-traded banks headquartered in the Mid-Atlantic and Northeast regions with total assets between $1 billion and $5 billion. 3Q26 Peer data not available. Operating:

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 secured by FHLB LOCs (municipal deposits) • 12.2% Primary Liquidity on balance sheet • Stable insured deposit base • Additional 3Q26 ratios: 9.33% TCE ratio 321% CRE Concentration Ratio 34% Construction Concentration Ratio • Approximately 202,000 shares remaining available for repurchase under current plan Ample Liquidity Capital Generation Minimum + buffer Well Above Capital Minimums 2 Dollars in millions $1,426 $257 $175 $1,857 $1,072 Liquidity Uninsured Deposits 1.7X Liquidity Coverage 11.64% 12.67% 10.25% 10.80% 14.11% 9.52% CET1 / RWA TRBC / RWA Leverage Bank Consolidated

Questions? 14

Appendix 15

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 $344 6.25% 12% 2027 $332 $43 $375 5.33% 13% 2028 $244 $27 $272 6.38% 9% 2029+ $573 $111 $685 6.01% 23% Total $1,482 $193 $1,675 5.96% Loan Maturities & Contractual Repricing Excluding floating rate loans Loan Portfolio Overview September 2026 Balances By Rate Structure Total Loan Portfolio = $2,983 million • 6.71% weighted average yield1 • Floating rate loans comprise 44% of portfolio, compared with just 23% at the end of 2024

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 • 77% of loan balances have recourse Loans Maturing or Repricing3 in 2026 – 2027 Property Type Investor Owner Occupied Total Residential Care -- $151 $151 Retail $103 $3 $106 Office $80 $5 $84 Multifamily $67 -- $67 All Other $163 $37 $201 Total $413 $196 $610 Excluding floating rate loans By Geography CRE Loan Portfolio1 Dollars in millions 17 1 Includes Owner Occupied CRE, does not include Construction. 2 LTVs based on original LTV values, at origination. 3 Loans subject to repricing generally have a floor of not less than the original rate.

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-occupied • Loans maturing or have a rate reset as follows: Year Balance Count 2026 $56 8 2027 $30 12 2028 $1 2 2029+ $48 18 Total $135 40 Dollars in millions CRE Multifamily : $334 million exposure 11.2% of total loan portfolio • 65 loans with $5.1 million average balance • 23% in New York City: • $16 million has either rent control or rent stabilized units (0.5% of total loan portfolio); $9 million guaranteed by sponsor with $1+ billion net worth and $0.5+ billion liquidity Geography NYC Multifamily Balance Loan Count % Brooklyn $38.2 5 50.3% Bronx $20.0 1 26.4% Manhattan $12.9 3 17.0% Queens $4.8 1 6.4% Total $75.9 10 100% 18 CT - Fairfield County $44.2 CT - All Other $3.3 NY - Westchester County $9.9 NY - NYC $8.3 NJ $27.5 TX $27.9 GA $12.3 FL $2.1 CT - Fairfield County $45.0 CT - New Haven County $108.8 CT - All Other $21.4 NY - NYC $75.9 AL $30.7 NY - Rockland County $22.1 PA $23.3 NJ $6.9

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 portfolio has recourse • 100% of Healthcare loans have recourse − Primarily consists of working capital lines secured by government accounts receivable • Insurance lending primarily to brokers of home and auto insurance Total C&I Portfolio = $727 million

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 of skilled nursing facilities located across the US • Healthcare lending team has more than 20 years of industry experience • High touch service model attracts desirable ultra-high net worth Healthcare borrowers • 100% of Skilled Nursing Lending has recourse • Focused on originating Healthcare loans in the most desirable states with: – Higher average occupancy – Low denial of payment rates for Medicaid – Strong senior demographic trends – Certificate of need programs 1 FL 37% OH 15% TX 10% NY 6% AL 5% PA 3% TN 3% VA 3% All Other 18%

$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 million from peak 21

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 -- -- -- -- -- Common shareholders' equity $ 334,135 $ 323,500 $ 311,866 $ 301,489 $ 292,791 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible common shareholders' equity $ 331,546 $ 320,911 $ 309,277 $ 298,900 $ 290,202 Common shares issued and outstanding 7,971,972 7,973,180 7,973,180 7,899,943 7,877,443 Fully Diluted Tangible Book Value per Common Share $41.59 $40.25 $38.79 $37.84 $36.84 Dollars in thousands 22 As of Computation of Tangible Common Equity to Tangible Assets September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Total Equity $ 334,135 $ 323,500 $ 311,866 $ 301,489 $ 292,791 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible Common Equity $ 331,546 $ 320,911 $ 309,277 $ 298,900 $ 290,202 Total Assets $ 3,555,275 $ 3,475,570 $ 3,373,859 $ 3,359,859 $ 3,243,963 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible Assets $ 3,552,686 $ 3,472,981 $ 3,371,270 $ 3,357,270 $ 3,241,374 Tangible Common Equity to Tangible Assets 9.33% 9.24% 9.17% 8.90% 8.95% For the Quarter Ended Pre Provision Net Revenue (PPNR) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net interest income $ 31,371 $ 29,503 $ 26,886 $ 26,946 $ 25,987 Total noninterest income 3,956 3,280 3,343 3,376 2,495 Total revenues 35,327 32,783 30,229 30,322 28,482 Less Total noninterest expense 19,829 15,255 16,889 15,470 14,631 PPNR $ 15,498 $ 17,528 $ 13,340 $ 14,852 $ 13,851

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 conversion costs (post-tax) 2,281 Operating net income $ 15,016 Operating net income $ 15,016 Dividends to participating securities (25) Undistributed earnings allocated to participating securities (176) Operating net income for earnings per share calculation $ 14,815 Weighted average shares outstanding, diluted 7,948,140 Operating earnings per common share – diluted $ 1.86 For the Quarter Ended September 30, 2026 Operating net income $ 15,016 Average Assets 3,484,548 Operating return on average assets 1.71% Operating net income $ 15,016 Average shareholders' equity 333,256 Average goodwill 2,589 Average tangible shareholders' equity $ 330,667 Operating return on average tangible shareholders' equity 18.02% Noninterest expense 19,829 Core conversion costs (pre-tax) 3,041 Operating noninterest expense $ 16,788 Net interest income 31,371 Noninterest income 3,956 Total net interest income and noninterest income $ 35,327 Operating efficiency ratio 47.5% 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 Assets, Operating PPNR, and Operating Net Income

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 Reported results include $3.0 million of non-interest expense attributed to core conversion cost. On an operating basis, YTD efficiency ratio is 50.0%. See BWFG’s 3Q26 Earnings Release, “Non-GAAP Financial Measures” section for additional detail.

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