Form 8-K

8-K — Bankwell Financial Group, Inc.

Accession: 0001505732-26-000068

Filed: 2026-04-22

Period: 2026-04-22

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-20260422.htm (Primary)

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8-K

8-K (Primary)

Filename: bwfg-20260422.htm · Sequence: 1

bwfg-20260422

0001505732FALSE00015057322026-04-222026-04-22

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): April 22, 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 April 22, 2026, Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued a press release describing its results of operations for the period ended March 31, 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 April 22, 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 March 31, 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 April 22, 2026, Bankwell Financial Group, Inc. (the Company), parent company of Bankwell Bank, announced that on April 22, 2026, its Board of Directors voted to pay a quarterly dividend in the amount of $0.20 per share on May 19, 2026 to all shareholders of record as of May 8, 2026.

Item 9.01 Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.

Exhibit Number Description

99.1

Press Release Dated April 22, 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

April 22, 2026

By: /s/ Courtney E. Sacchetti

Courtney E. Sacchetti

Executive Vice President

and Chief Financial Officer

EX-99.1

Filename: ex991q12026earningsrelease.htm · Sequence: 2

Document

BANKWELL FINANCIAL GROUP REPORTS OPERATING RESULTS FOR THE FIRST QUARTER, DECLARES SECOND QUARTER DIVIDEND

New Canaan, CT – April 22, 2026 – Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $11.3 million, or $1.41 per share for the first quarter of 2026, versus $9.1 million, or $1.15 per share, for the fourth quarter of 2025. The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 19, 2026 to shareholders of record on May 8, 2026.

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

"We generated outstanding first quarter results while advancing our strategic priorities. Profitability increased during the quarter, reflected in a return on average assets of 1.35%, and the Company grew core deposits by $113 million sequentially. Our SBA division continues to execute measured, profitable growth, with originations this quarter of $34 million, and we have continued to improve our asset and liability mix as floating rate loans now comprise 42% of the loan portfolio.

Results for the quarter include a sequential increase to the Company’s non-interest expense of approximately $1.4 million. This increase reflects the timing of some expense recognition, and we believe current trends support our non-interest expense guidance previously provided of $64 to $65 million for the full year. We also affirm prior guidance regarding Net Interest Income and loan growth for 2026. Due to an improved outlook for SBA gains on sale and other commercial fees, however, we are increasing our guidance for Non-Interest Income to a range of $12 to $13 million.

As we enter the remainder of the year, we are confident in our credit quality and are well positioned to reduce NPAs in the quarters ahead."

Key Points for First Quarter and Bankwell’s Outlook

Core Deposit Growth Funds Loan Growth and Reduces Wholesale Reliance.

•Core deposit growth of $113 million during the quarter ended March 31, 2026, including $39.0 million growth in low‑cost deposits, when compared to December 31, 2025.

•Brokered deposits and FHLB borrowings declined by $44.5 million and $50.0 million, respectively, lowering the Wholesale Ratio to 18.1%(1) as of March 31, 2026.

•Since the peak brokered deposit balance of $1,026.6 million at December 31, 2022, the Company has successfully reduced brokered deposits by $512.4 million, or 49.9%, as of March 31, 2026.

•$27.1 million net loan growth during the quarter ended March 31, 2026, driven by $190 million of originations, including $34 million of SBA originations.

Funding Improvements Partially Offset Lower Portfolio Yields in Net Interest Margin.

•Reported Net Interest Margin was 3.28% for the first quarter of 2026, compared to 3.40% for the quarter ended December 31, 2025. Of the 12 basis-point decline versus the fourth quarter of 2025 Net Interest Margin, approximately 7 basis points relate to the previous quarter’s longer day count.

•Total deposit costs of 3.10% for the quarter ended March 31, 2026, represent a 5 basis point improvement compared to the quarter ended December 31, 2025. During the quarter, $270 million of time deposits repriced 44 basis points lower.

•Approximately $1,128 million of time deposits are scheduled to mature over the next 12 months at a weighted average rate of 3.99%; assuming repricing at current market levels and with no additional Fed action, these maturities represent an estimated annualized funding cost savings opportunity of approximately $1.6 million.

•Yield on new loan production averaged 7.53% for the quarter ended March 31, 2026; however, the overall portfolio yield declined 7 basis points from the previous quarter, to 6.56%.

Advancing Strategic Priorities.

•SBA loan sale gains increased to $2.4 million in the first quarter of 2025, compared to $2.2 million in the fourth quarter of 2025.

•On February 20, 2026, the Company opened its first full service branch in New York State, located in Bay Ridge, Brooklyn. This addition supports the Bank’s continued focus on serving closely held businesses, their owners, and professionals in key markets. The Brooklyn office is home to an experienced private client banking team and provides businesses and individuals with a dedicated single point of contact, along with tailored commercial banking, lending, and treasury management services.

(1) Wholesale Ratio is a Non-GAAP Financial Measure and is calculated as brokered deposits and FHLB borrowings divided by total assets. Refer to the "Non-GAAP Financial Measures" section of this document for additional detail.

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

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Return on average assets(1)(6)

1.35 % 1.11 % 1.24 % 1.14 % 0.86 %

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

1.60 % 1.80 % 1.70 % 1.43 % 1.18 %

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

14.88 % 12.20 % 13.84 % 12.98 % 10.16 %

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

15.00 % 12.31 % 13.96 % 13.10 % 10.25 %

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

3.28 % 3.40 % 3.34 % 3.10 % 2.81 %

Efficiency Ratio(1)(3)

55.8 % 50.8 % 51.4 % 56.1 % 59.9 %

Noninterest expense to average assets(1)(6)

2.03 % 1.87 % 1.80 % 1.83 % 1.76 %

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

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

Dividend payout(1)(4)

14.18 % 17.39 % 15.75 % 17.39 % 22.99 %

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

$ 38.79 $ 37.84 $ 36.84 $ 35.65 $ 34.56

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

12.99 % 12.94 % 13.48 % 13.28 % 13.22 %

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

11.96 % 11.87 % 12.39 % 12.20 % 12.11 %

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

10.31 % 10.55 % 10.71 % 10.57 % 10.13 %

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

9.17 % 8.90 % 8.95 % 8.68 % 8.57 %

Earnings per common share - diluted $ 1.41 $ 1.15 $ 1.27 $ 1.15 $ 0.87

Common shares issued and outstanding 7,973,180 7,899,943 7,877,443 7,873,387 7,888,013

(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 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 charge-offs as a percentage of average loans is calculated by dividing net loan (charge offs) recoveries by average total loans.

(7) Based on a fully tax equivalent basis.

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

PPNR for the fourth quarter ended March 31, 2026 was $13.3 million, a decrease of 10.2% from $14.9 million recognized for the fourth quarter ended December 31, 2025.

For the Quarter Ended

(Dollars in thousands) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Net interest income $ 26,886 $ 26,946 $ 25,987 $ 23,936 $ 22,066

Total noninterest income 3,343 3,376 2,495 2,012 1,505

Total revenues 30,229 30,322 28,482 25,948 23,571

Total noninterest expense 16,889 15,470 14,631 14,546 14,141

PPNR $ 13,340 $ 14,852 $ 13,851 $ 11,402 $ 9,430

(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 March 31, 2026 were $30.2 million, compared with $30.3 million in the previous quarter.

•Noninterest expense for the quarter ended March 31, 2026 was $16.9 million, compared with $15.5 million in the previous quarter. The increase in noninterest expense was primarily due to an increase in salaries and employee benefits resulting from incremental new hires in support of strategic initiatives, as well as seasonal compensation-related costs recognized in the first quarter.

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

The ACL-Loans was $29.6 million as of March 31, 2026 compared to $30.7 million as of December 31, 2025. The ACL-Loans as a percentage of total loans was 1.03% as of March 31, 2026 compared to 1.08% as of December 31, 2025. The credit for credit losses - loans was $1.0 million for the quarter ended March 31, 2026.

Total nonperforming loans increased $2.7 million to $19.0 million as of March 31, 2026, when compared to the previous quarter. Nonperforming assets as a percentage of total assets increased to 0.56% at March 31, 2026, compared to the previous quarter's ratio of 0.49%. As of March 31, 2026, the ACL-Loans provided 155.39% coverage of total nonperforming loans.

BANKWELL FINANCIAL GROUP, INC.

ASSET QUALITY (unaudited)

(Dollars in thousands)

For the Quarter Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

ACL-Loans:

Balance at beginning of period $ 30,705 $ 29,984 $ 29,256 $ 29,485 $ 29,007

Charge-offs:

Residential real estate — — — — —

Commercial real estate — — — — (67)

Commercial business (148) — (14) (15) —

Consumer (73) — (46) (5) (33)

Construction — — — — —

Total charge-offs (221) — (60) (20) (100)

Recoveries:

Residential real estate — — — — —

Commercial real estate 5 7 272 — —

Commercial business 15 23 92 112 4

Consumer 33 10 4 10 36

Construction — — — — —

Total recoveries 53 40 368 122 40

Net loan recoveries (charge-offs) (168) 40 308 102 (60)

(Credit) provision for credit losses - loans (957) 681 420 (331) 538

Balance at end of period $ 29,580 $ 30,705 $ 29,984 $ 29,256 $ 29,485

As of

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Asset quality:

Nonaccrual loans

Residential real estate $ 544 $ 557 $ 570 $ 617 $ 811

Commercial real estate 17,112 14,445 14,667 16,387 17,946

Commercial business 1,380 1,302 1,729 6,871 7,626

Construction — — — — —

Consumer — — — — —

Total nonaccrual loans 19,036 16,304 16,966 23,875 26,383

Other real estate owned — — 1,284 1,284 —

Total nonperforming assets $ 19,036 $ 16,304 $ 18,250 $ 25,159 $ 26,383

Nonperforming loans as a % of total loans 0.66 % 0.57 % 0.62 % 0.89 % 1.00 %

Nonperforming assets as a % of total assets 0.56 % 0.49 % 0.56 % 0.78 % 0.83 %

ACL-loans as a % of total loans 1.03 % 1.08 % 1.10 % 1.10 % 1.11 %

ACL-loans as a % of nonperforming loans 155.39 % 188.33 % 176.73 % 122.54 % 111.76 %

Total past due loans to total loans 0.62 % 0.31 % 0.76 % 0.91 % 1.08 %

Financial Condition & Capital

Assets totaled $3.4 billion at March 31, 2026, an increase of $14.0 million, or 0.4% compared to December 31, 2025. Gross loans totaled $2.9 billion at March 31, 2026, an increase of $26.5 million, or 0.9% compared to December 31, 2025. Deposits totaled $2.9 billion at March 31, 2026, an increase of $55.8 million, or 2.0% compared to December 31, 2025. Brokered deposits have decreased $44.5 million or 8.0%, when compared to December 31, 2025.

Period End Loan Composition March 31,

2026 December 31,

2025 March 31,

2025

Current QTD

% Change Year over Year

% Change

Residential Real Estate $ 30,128 $ 33,139 $ 40,089 (9.1) % (24.8) %

Commercial Real Estate(1)

1,896,565 1,930,979 1,810,923 (1.8) 4.7

Construction 155,826 153,778 188,339 1.3 (17.3)

Total Real Estate Loans 2,082,519 2,117,896 2,039,351 (1.7) 2.1

Commercial Business 723,272 645,321 529,000 12.1 36.7

Consumer 60,827 76,855 76,553 (20.9) (20.5)

Total Loans $ 2,866,618 $ 2,840,072 $ 2,644,904 0.9 % 8.4 %

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

Period End Deposit Composition March 31,

2026 December 31,

2025 March 31,

2025

Current QTD

% Change Year over Year

% Change

Noninterest bearing demand $ 428,384 $ 403,652 $ 349,525 6.1 % 22.6 %

NOW 104,704 90,205 112,695 16.1 (7.1)

Money Market 1,095,883 1,007,844 900,352 8.7 21.7

Savings 99,008 97,418 91,378 1.6 8.3

Time 1,157,270 1,230,362 1,296,495 (5.9) (10.7)

Total Deposits $ 2,885,249 $ 2,829,481 $ 2,750,445 2.0 % 4.9 %

Shareholders’ equity totaled $311.9 million as of March 31, 2026, an increase of $10.4 million compared to December 31, 2025, primarily a result of year-to-date net income of $11.3 million. The increase was partially offset by dividends paid of $1.6 million.

As of March 31, 2026, the Bank's regulatory capital ratios were all above 'well capitalized' values, with total risk-based capital, common-equity tier 1 capital and leverage ratios at 12.99%, 11.96%, and 10.31%, respectively.

We recommend reading this earnings release in conjunction with the First Quarter 2026 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our April 22, 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 April 23, 2026, at 9:00 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, average tangible common equity, annualized return on average tangible shareholders' equity, return on average shareholders' equity, return on average tangible shareholders' equity, pre-tax, pre-provision net revenue, net interest margin, net loan charge-offs as a percentage of average loans, pre-tax, pre-provision net revenue on average assets, wholesale ratio, and the dividend payout ratio 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)

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

ASSETS

Cash and due from banks $ 208,904 $ 214,567 $ 289,628 $ 313,998 $ 292,006

Federal funds sold 8,997 10,354 5,732 8,466 12,922

Cash and cash equivalents 217,901 224,921 295,360 322,464 304,928

Investment securities

Marketable equity securities, at fair value 2,254 2,248 2,223 2,188 2,164

Available for sale investment securities, at fair value 155,934 160,409 96,473 103,930 97,321

Held to maturity investment securities, at amortized cost 29,386 29,465 29,538 36,434 36,478

Total investment securities 187,574 192,122 128,234 142,552 135,963

Loans receivable (net of ACL-Loans of $29,580, $30,705, $29,984, $29,256, and $29,485, at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively) 2,832,678 2,804,441 2,684,016 2,635,742 2,611,495

Accrued interest receivable 16,029 16,143 15,633 14,741 15,409

Federal Home Loan Bank stock, at cost 4,207 6,207 4,951 5,051 3,583

Premises and equipment, net 20,947 21,582 22,387 23,020 22,978

Bank-owned life insurance 54,566 54,207 53,846 53,488 53,136

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

Deferred income taxes, net 11,436 11,356 9,027 9,684 9,551

Other real estate owned — — 1,284 1,284 —

Other assets 25,932 26,291 26,636 25,978 24,261

Total assets $ 3,373,859 $ 3,359,859 $ 3,243,963 $ 3,236,593 $ 3,183,893

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Deposits

Noninterest bearing deposits $ 428,384 $ 403,652 $ 397,408 $ 397,195 $ 349,525

Interest bearing deposits 2,456,865 2,425,829 2,360,007 2,362,086 2,400,920

Total deposits 2,885,249 2,829,481 2,757,415 2,759,281 2,750,445

Advances from the Federal Home Loan Bank 60,000 110,000 75,000 75,000 40,000

Subordinated debentures 69,759 69,697 69,636 69,574 69,513

Accrued expenses and other liabilities 46,985 49,192 49,121 49,448 48,721

Total liabilities 3,061,993 3,058,370 2,951,172 2,953,303 2,908,679

Shareholders’ equity

Common stock, no par value 121,060 120,118 119,353 118,698 118,439

Retained earnings 191,281 181,587 174,008 165,495 157,971

Accumulated other comprehensive (loss) (475) (216) (570) (903) (1,196)

Total shareholders’ equity 311,866 301,489 292,791 283,290 275,214

Total liabilities and shareholders’ equity $ 3,373,859 $ 3,359,859 $ 3,243,963 $ 3,236,593 $ 3,183,893

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Dollars in thousands, except share data)

For the Quarter Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Interest and dividend income

Interest and fees on loans $ 46,787 $ 46,739 $ 46,328 $ 44,128 $ 43,475

Interest and dividends on securities 1,784 1,834 1,410 1,478 1,445

Interest on cash and cash equivalents 1,965 2,037 2,853 3,043 3,557

Total interest and dividend income 50,536 50,610 50,591 48,649 48,477

Interest expense

Interest expense on deposits 21,930 22,388 22,585 23,083 24,772

Interest expense on borrowings 1,720 1,276 2,019 1,630 1,639

Total interest expense 23,650 23,664 24,604 24,713 26,411

Net interest income 26,886 26,946 25,987 23,936 22,066

(Credit) provision for credit losses (1,029) 616 372 (411) 463

Net interest income after (credit) provision for credit losses 27,915 26,330 25,615 24,347 21,603

Noninterest income

Bank owned life insurance 358 361 359 352 344

Service charges and fees 780 771 779 674 602

Gains and fees from sales of loans 2,425 2,184 1,372 1,080 442

Other (220) 60 (15) (94) 117

Total noninterest income 3,343 3,376 2,495 2,012 1,505

Noninterest expense

Salaries and employee benefits 9,830 7,717 7,995 7,521 7,052

Occupancy and equipment 2,705 2,575 2,469 2,505 2,575

Professional services 1,393 1,415 1,412 1,632 1,529

Data processing 716 877 633 712 885

Director fees 363 337 333 333 348

FDIC insurance 543 612 610 684 779

Marketing 126 108 140 218 142

Other 1,213 1,829 1,039 941 831

Total noninterest expense 16,889 15,470 14,631 14,546 14,141

Income before income tax expense 14,369 14,236 13,479 11,813 8,967

Income tax expense 3,094 5,092 3,401 2,725 2,079

Net income $ 11,275 $ 9,144 $ 10,078 $ 9,088 $ 6,888

Earnings Per Common Share:

Basic $ 1.42 $ 1.16 $ 1.28 $ 1.16 $ 0.88

Diluted $ 1.41 $ 1.15 $ 1.27 $ 1.15 $ 0.87

Weighted Average Common Shares Outstanding:

Basic 7,724,253 7,776,740 7,774,887 7,777,469 7,670,224

Diluted 7,800,935 7,858,047 7,844,785 7,819,829 7,740,521

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

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 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Total Equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214

Less:

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

Other intangibles — — — — —

Tangible Common Equity $ 309,277 $ 298,900 $ 290,202 $ 280,701 $ 272,625

Total Assets $ 3,373,859 $ 3,359,859 $ 3,243,963 $ 3,236,593 $ 3,183,893

Less:

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

Other intangibles — — — — —

Tangible Assets $ 3,371,270 $ 3,357,270 $ 3,241,374 $ 3,234,004 $ 3,181,304

Tangible Common Equity to Tangible Assets 9.17 % 8.90 % 8.95 % 8.68 % 8.57 %

As of

Computation of Fully Diluted Tangible Book Value per Common Share March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Total shareholders' equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214

Less:

Preferred stock — — — — —

Common shareholders' equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214

Less:

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

Other intangibles — — — — —

Tangible common shareholders' equity $ 309,277 $ 298,900 $ 290,202 $ 280,701 $ 272,625

Common shares issued and outstanding 7,973,180 7,899,943 7,877,443 7,873,387 7,888,013

Fully Diluted Tangible Book Value per Common Share $ 38.79 $ 37.84 $ 36.84 $ 35.65 $ 34.56

BANKWELL FINANCIAL GROUP, INC.

EARNINGS PER SHARE ("EPS") (unaudited)

(Dollars in thousands, except share data)

For the Quarter Ended March 31,

2026 2025

(In thousands, except per share data)

Net income

$ 11,275 $ 6,888

Dividends to participating securities(1)

(26) (26)

Undistributed earnings allocated to participating securities(1)

(248) (111)

Net income for earnings per share calculation

11,001 6,751

Weighted average shares outstanding, basic

7,724,253 7,670,224

Effect of dilutive equity-based awards(2)

76,682 70,297

Weighted average shares outstanding, diluted

7,800,935 7,740,521

Net earnings per common share:

Basic earnings per common share

$ 1.42 $ 0.88

Diluted earnings per common share

$ 1.41 $ 0.87

(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

March 31, 2026 March 31, 2025

Average

Balance Interest

Yield/

Rate (4)

Average

Balance Interest

Yield/

Rate (4)

Assets:

Cash and Fed funds sold $ 244,216 $ 1,965 3.26 % $ 349,235 $ 3,557 4.13 %

Securities(1)

192,116 1,829 3.81 150,650 1,477 3.92

Loans:

Commercial real estate 1,900,235 29,511 6.21 1,848,208 28,285 6.12

Residential real estate 32,293 464 5.75 41,585 633 6.09

Construction 163,728 2,939 7.18 178,878 3,468 7.76

Commercial business 682,398 12,815 7.51 508,417 10,007 7.87

Consumer 74,237 1,058 5.78 81,483 1,082 5.38

Total loans 2,852,891 46,787 6.56 2,658,571 43,475 6.54

Federal Home Loan Bank stock 5,789 64 4.49 4,596 110 9.71

Total earning assets 3,295,012 $ 50,645 6.15 % 3,163,052 $ 48,619 6.15 %

Other assets 86,396 89,743

Total assets $ 3,381,408 $ 3,252,795

Liabilities and shareholders' equity:

Interest bearing liabilities:

NOW $ 98,330 $ 48 0.20 % $ 99,487 $ 109 0.45 %

Money market 1,058,395 9,065 3.47 893,361 8,521 3.87

Savings 97,719 672 2.79 88,167 658 3.03

Time 1,218,184 12,145 4.04 1,378,468 15,484 4.56

Total interest bearing deposits 2,472,628 21,930 3.60 2,459,483 24,772 4.10

Borrowed Money 156,441 1,720 4.46 133,917 1,639 4.96

Total interest bearing liabilities 2,629,069 $ 23,650 3.65 % 2,593,400 $ 26,411 4.13 %

Noninterest bearing deposits 400,021 333,796

Other liabilities 44,967 50,555

Total liabilities 3,074,057 2,977,751

Shareholders' equity 307,351 275,044

Total liabilities and shareholders' equity $ 3,381,408 $ 3,252,795

Net interest income(2)

$ 26,995 $ 22,208

Interest rate spread 2.50 % 2.02 %

Net Interest Margin(3)

3.28 % 2.81 %

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

(2)The adjustment for securities and loans taxable equivalency amounted to $109 thousand and $142 thousand for the quarters ended March 31, 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: a1q2026bwfginvestorprese.htm · Sequence: 3

a1q2026bwfginvestorprese

April 22, 2026 First 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

First Quarter 2026 Highlights Key Performance MetricsKey Highlights • $113 million increase in core deposits to LQ, with $39 million from low-cost deposits • $45 million reduction in brokered deposits to LQ; $512 million reduction from peak at 4Q22 • $27 million increase in loans to LQ, with ~$190 million of originations; $34 million of which were SBA originations • $3.3 million non-interest income, driven by $2.4 million from gains on sales of SBA loans • 3.10% total deposit cost, improved 5 bps to LQ; 3.28% net interest margin • $16.9 million non-interest expense includes approximately $1 million of annual expenses that are seasonally concentrated in the first quarter; full year outlook remains unchanged • Tangible Book Value increased to $38.79 • Opened full-service branch in New York, located in Bay Ridge, Brooklyn Net Income $11.3 million Diluted Earnings Per Share $1.41 PPNR $13.3 million ROAA 1.35% ROATCE 15.00% Efficiency Ratio 55.8% 3

First Quarter 2026 Reported Results 4 Bankwell Financial Group, Inc. ($ in millions, except per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net Interest Income $ 26.9 $ 26.9 $ 26.0 $ 23.9 $ 22.1 $ 20.2 $ 20.7 $ 21.2 $ 21.1 Provision (Credit) for Credit Losses (1.0) 0.6 0.4 (0.4) 0.5 4.5 6.3 8.2 3.7 Total Noninterest Income 3.3 3.4 2.5 2.0 1.5 1.0 1.2 0.7 0.9 Total Revenue 30.2 30.3 28.5 25.9 23.6 21.2 21.9 21.9 22.1 Total Noninterest Expenses 16.9 15.5 14.6 14.5 14.1 12.6 12.9 12.2 13.3 Income before Taxes 14.4 14.2 13.5 11.8 9.0 4.1 2.7 1.5 5.1 Net Income 11.3 9.1 10.1 9.1 6.9 3.0 1.9 1.1 3.8 Diluted Earnings Per Share 1.41 1.15 1.27 1.15 0.87 0.37 0.24 0.14 0.48 Total Assets 3,373.9 3,359.9 3,244.0 3,236.6 3,183.9 3,268.6 3,161.1 3,141.7 3,155.3 Gross Loans Receivable (ex. HFS) 2,862.3 2,835.1 2,714.0 2,665.0 2,641.0 2,702.0 2,619.3 2,652.8 2,674.7 Allowance for Credit Losses on Loans & Leases (29.6) (30.7) (30.0) (29.3) (29.5) (29.0) (27.8) (36.1) (28.0) All Other Assets 541.2 555.4 559.9 600.9 572.4 595.5 569.5 525.0 508.6 Total Liabilities 3,062.0 3,058.4 2,951.2 2,953.3 2,908.7 2,998.0 2,893.2 2,874.7 2,887.2 Total Deposits 2,885.2 2,829.5 2,757.4 2,759.3 2,750.4 2,787.6 2,688.2 2,662.4 2,673.5 Borrowings 129.8 179.7 144.6 144.6 109.5 159.5 159.4 159.3 159.3 Other Liabilities 47.0 49.2 49.1 49.4 48.7 50.9 45.6 53.0 54.5 Total Shareholders’ Equity 311.9 301.5 292.8 283.3 275.2 270.5 267.9 267.0 268.0 Net Interest Margin 3.28% 3.40% 3.34% 3.10% 2.81% 2.60% 2.72% 2.75% 2.71% PPNR ROAA1 1.60% 1.80% 1.70% 1.43% 1.18% 1.05% 1.13% 1.22% 1.10% Effective Tax Rate 22% 36%2 25% 23% 23% 27% 29% 24% 26% Noninterest Expense to Average Assets 2.03% 1.87% 1.80% 1.83% 1.76% 1.56% 1.62% 1.55% 1.66% 1 A non-GAAP metric. See the Appendix and BWFG’s 1Q26 Earnings Release, “Non-GAAP Financial Measures” section for additional detail 2 Includes $1.5 million one-time adjustment to income tax provision, See the Appendix and BWFG’s 1Q26 Earnings Release, “Non-GAAP Financial Measures” section for additional detail

Maintaining Our Strong Balance Sheet 5 Unencumbered Securities Unencumbered Cash Borrowing Capacity1 1 Bank lines, including FHLB & FRB 2 Estimates, pending FRY9C & FDIC call report filings • $1,932 million total insured deposits includes: ‒ $1,852 million FDIC-insured deposits ‒ $80 million deposits secured by FHLB LOCs (municipal deposits) • 11.2% Primary Liquidity on balance sheet • Stable insured deposit base • Additional 1Q26 ratios: ‒ 9.17% TCE ratio ‒ 331% CRE Concentration Ratio ‒ 41% Construction Concentration Ratio • Repurchased 3,317 shares; 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 $1,268 $216 $160 $1,643 $953 Liquidity Uninsured Deposits 1.7X Liquidity Coverage 11.96% 12.99% 10.31%10.58% 14.00% 9.13% CET1 / RWA TRBC / RWA Leverage Bank Consolidated

6 70% $1,916 69% $1,913 69% $1,909 72% $2,028 74% $2,141 30% $835 31% $846 31% $849 28% $801 26% $744 $2,750 $2,759 $2,757 $2,829 $2,885 1Q25 2Q25 3Q25 4Q25 1Q26 Ending Balances Core Deposits Non Core Deposits Favorable Deposit Trends Dollars in millions • Core deposits grew 6%, or $113 million, sequentially and achieved 12% growth, or $225 million, compared to the same quarter last year • Low Cost balances increased $39 million sequentially, and $70 million growth, or 15%, when compared to the same quarter last year ‒ Within Low Cost growth, Analyzed Checking balances increased $24 million or 8% sequentially 1 Core deposits include DDA, NOW, Money Market, Savings, and non-brokered Time Deposits ≤ $250,000 1 Low Cost Deposits 2 $462 $515 $482 $494 $533 2 Low cost deposits include non-interest bearing deposits as well as NOW accounts with deposit rates 50 basis points or less

Deposit Pricing & Net Interest Margin NIM Total Deposit Cost IB Deposit Cost Deposit Cost & NIM Trends 4.10% 3.90% 3.84% 3.68% 3.60%3.60% 3.40% 3.30% 3.15% 3.10% 2.81% 3.10% 3.34% 3.40% 3.28% -0.05% 0.45% 0.95% 1.45% 1.95% 2.45% 2.95% 3.45% 1Q25 2Q25 3Q25 4Q25 1Q26 7 • Lower funding costs were more than offset by floating rate loan repricing, resulting in modest NIM compression in 1Q26 • Of the 12 basis-point decline versus 4Q25 NIM, approximately 7 basis points relate to the previous quarter’s longer day count • 1Q26 total deposit cost of 3.10% down 5 basis points from prior quarter’s 3.15%; March 2026 deposit ‘exit rate’ of 2.98% 5 Qtr Deposit Betas Total 73% Interest Bearing 71% Dollars in millions

Balance Sheet Repricing 8 Maturity Quarter Balance Maturity Rates Current Rates V 2Q26 $401 4.11% 3.88% -0.24% 3Q26 $273 4.07% 3.86% -0.21% 4Q26 $222 3.91% 3.83% -0.07% 1Q27 $232 3.77% 3.85% 0.08% Total $1,128 3.99% 3.85% -0.14% Dollars in millions Time Deposit Maturities Deposits • Year-to-date, repriced ~$0.3 billion of time deposits 44 basis points lower; annualized benefit of ~$1.2 million • $1.1 billion time deposits maturing in the next 12 months at ~14 basis point favorability; annualized benefit of ~$1.6 million, or ~5 basis points of NIM • $1.3 billion interest bearing non-maturity deposits; $0.3 billion indexed to Fed Funds Loans • Year-to-date, new loan rates average ~7.50%1 on ~$0.2 billion funded, replacing ~$0.2 billion runoff at average rate of ~6.25% • Loan portfolio comprised of: ‒ $1.2 billion floating rate loans ‒ ~$0.5 billion fixed-rate loans maturing in the next 12 months, at an average rate of ~5.95% Loan Repricing Time Horizon 1 New loan rates are the ‘spot’ values as of March 31st, 2026 Fixed 51% ≤ 3 Months 43% 3 - 12 months 1% > 12 Months 5%

9 Strategic Loan Portfolio Diversification 45.8% 45.2% 43.4% 39.8% 37.9% 45.5% 44.9% 45.8% 51.0% 53.5% 425% 397% 375% 344% 331% 250% 300% 350% 400% 450% 500% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4Q22 4Q23 4Q24 4Q25 1Q26 Positive Long Term Trends CRE Investor CRE O/O + C&I CRE Concentration Residential 1.1% C&I 25.2% CRE Owner Occupied 28.3% CRE Investor 37.9% Commercial Const. 5.4% Other 2.1% March 31, 2026 Loan Portfolio $2,867 million

$29.5 $29.3 $30.0 $30.7 $29.6 1.11% 1.10% 1.10% 1.08% 1.03% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $10 $15 $20 $25 $30 $35 1Q25 2Q25 3Q25 4Q25 1Q26 Allowance for Credit Losses (ACL) Allowance for credit losses ACL / Loans Dollars in millions $0.1 ($0.1) ($0.3) ($0.0) $0.2 1Q25 2Q25 3Q25 4Q25 1Q26 Net Charge Offs (Recoveries) 1Q25 2Q25 3Q25 4Q25 1Q26 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-5 “Pass” $2,453 92.8% $2,523 94.5% $2,609 96.0% $2,711 95.5% $2,724 95.0% 6 “Special Mention” $163 6.2% $120 4.5% $90 3.3% $80 2.8% $981 3.4% 7 “Substandard” $27 1.0% $26 1.0% $19 0.7% $48 1.7% $44 1.5% 8 “Doubtful” $1 0.1% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Total Gross Loans $2,645 $2,669 $2,718 $2,840 $2,867 Non-performing Loans $26.4 $23.9 $17.0 $16.3 $19.0 % of Total Loans 1.00% 0.89% 0.62% 0.57% 0.66% Non-performing Assets $26.4 $25.2 $18.2 $16.3 $19.0 % of Total Assets 0.83% 0.78% 0.56% 0.49% 0.56% 1 95.7% of Risk Rated 6 loans are current on payments, 99.6% are guaranteed by ultra-high net worth sponsors. 10 Credit Trends

Building Non-interest Income 11 $1.50 $2.01 $2.49 $3.38 $3.34 6.4% 7.8% 8.8% 11.1% 11.1% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% -$1.00 -$0.50 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 1Q25 2Q25 3Q25 4Q25 1Q26 Quarterly Trends Non-interest Income Non-interest Income / Total Revenue • SBA division continues to execute; $34 million originations during the quarter • Service fee income grew by $178 thousand, or 30%, when compared to the same quarter last year; driven by increase in commercial clients Dollars in millions SBA Gain on Sale Income $0.4 $1.1 $1.4 $2.2 $2.4

Efficient Operating Model 12 • Assets per employee remain well above peer levels, reflecting meaningful scale relative to current staffing • 1Q26 non-interest expense of $16.9 million includes approximately $1.0 million of seasonal expenses due to annual Employee Compensation expenses and certain Professional Services $21.9 $20.2 $20.0 $20.1 $19.1 $9.1 $9.1 $9.2 $9.5 1Q25 2Q25 3Q25 4Q25 1Q26 Total Assets Per Employee Bankwell Peer Median 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. 1Q26 Peer data not available. Bankwell’s Efficiency Ratio 59.9% 56.1% 51.4% 50.8% 55.8%

Questions? 13

Appendix 14

Fixed 51% Float 42% Adjustable 7% 15 Dollars in millions 1 Yields are the ‘spot’ values as of March 31st, 2026 March 2026 Yields1 by Vintage Year Maturity Rate Reset Total Weighte d Yield % Total Loans 2026 $476 $45 $521 5.87% 18% 2027 $316 $35 $351 5.23% 12% 2028 $177 $28 $205 6.32% 7% 2029+ $493 $96 $589 5.86% 21% Total $1,462 $204 $1,667 5.79% Loan Maturities & Contractual Repricing Excluding floating rate loans Loan Portfolio Overview March 2026 Balances By Rate Structure Total Loan Portfolio = $2,867 million • 6.48% weighted average yield1 • Floating rate loans comprise 42% of portfolio, up from 23% at the end of 2024 5.28% Pre 2022 6.35% 2022 7.23% 2023 7.05% 2024 7.27% 2025 7.53% 2026

CT 24% NY 22% NJ 5% FL 15% TX 6% PA 6% OH 5% All Oth 17% Residential Care 41% Retail 15% MultiFamily 14% Office 8% Industrial Warehouse 7% Mixed Use 6% Medical Office 4% Other 3% Special Use 2% Total CRE Portfolio = $1,897 million • 57% Non-Owner Occupied • 64% weighted average LTV2 • 73% of loan balances have recourse Loans Maturing or Repricing3 in 2026 – 2027 Property Type Investor Owner Occupied Total Residential Care -- $176 $176 Retail $121 $4 $125 Office $99 $5 $104 Multifamily $85 -- $85 All Other $201 $27 $228 Total $507 $211 $718 Excluding floating rate loans By Property Type By Geography CRE Loan Portfolio1 Dollars in millions 16 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 1Includes Owner Occupied CRE CRE Office : $154 million exposure 5% of total loan portfolio Geography • 43 loans with $3.6 million average balance • 61% 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 $79 13 2027 $27 11 2028 $1 2 2029+ $47 17 Total $154 43 Dollars in millions CRE Multifamily : $267 million exposure 9% of total loan portfolio • 91 loans with $2.9 million average balance • 19% in New York City, remaining 81% in surrounding “Tri-State” & PA • $16 million has either rent control or rent stabilized units (0.6% 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 $38.9 5 78.3% Manhattan $5.9 2 11.9% Queens $4.9 1 9.8% Total $49.7 8 100% 17 CT - Fairfield County $43.8 CT - All Other $3.4 NY - Westchester County $10.0 NY - NYC $8.4 NJ $28.5 TX $28.0 MS $17.4 GA $12.4 FL $2.2 CT - Fairfield County $50.5 CT - New Haven County $94.3 CT - All Other $21.6 NY - NYC $49.7 NY - Rockland County $22.3 PA $21.4 NJ $7.0

Health Care & Social Assistance 39% Insurance (Primarily Brokers) 21% Finance 15% Real Estate and Rental/Leasing 8% Other 8% Admin & Support, Waste Mgmt, Remediation Svcs 3% Retail Trade 2% Manufacturing 2% Arts, Entertainment & Recreation 2% 1 Does not Include Owner Occupied CRE C&I Loan Portfolio1 18 By Industry Type • 95% 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 = $723 million

Skilled Nursing Facilities 78% Assisted Living 8% Recovery 7% Other 7% Healthcare Portfolio Composition CRE Skilled Nursing Facility By State 1 Includes Physicians and Social/Family Services 19 Combined Healthcare Dollars in millions $1,059 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 36% OH 14% TX 9% NY 7% AL 5% PA 4% IN 3% VA 3% All Other 19%

$1,774 $1,785 $2,083 $2,271 $2,371 $1,027 $952 $705 $559 $514 $2,801 $2,737 $2,788 $2,829 $2,885 - $500 $1,000 $1,500 $2,000 $2,500 $3,000 4Q22 4Q23 4Q24 4Q25 1Q26 Non-Brokered Brokered Reduced Reliance onReduced Reliance on Brokered Deposits Dollars in millions Brokered deposit balances reduced $513 million from peak 20

Reconciliation of non-GAAP Metrics As of Computation of Fully Diluted Tangible Book Value per Common Share March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total shareholders' equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214 Less: Preferred stock -- -- -- -- -- Common shareholders' equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible common shareholders' equity $ 309,277 $ 298,900 $ 290,202 $ 280,701 $ 272,625 Common shares issued and outstanding 7,973,180 7,899,943 7,877,443 7,873,387 7,888,013 Fully Diluted Tangible Book Value per Common Share $ 38.79 $ 37.84 $ 36.84 $ 35.65 $ 34.56 Dollars in thousands 21 As of Computation of Tangible Common Equity to Tangible Assets March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total Equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible Common Equity $ 309,277 $ 298,900 $ 290,202 $ 280,701 $ 272,625 Total Assets $ 3,373,859 $ 3,359,859 $ 3,243,963 $ 3,236,593 $ 3,183,893 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible Assets $ 3,371,270 $ 3,357,270 $ 3,241,374 $ 3,234,004 $ 3,181,304 Tangible Common Equity to Tangible Assets 9.17 % 8.90 % 8.95 % 8.68 % 8.57 %

Reconciliation of non-GAAP Metrics For the Quarter Ended Pre Provision Net Revenue (PPNR) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net interest income $ 26,886 $ 26,946 $ 25,987 $ 23,936 $ 22,066 Total noninterest income 3,343 3,376 2,495 2,012 1,505 Total revenues 30,329 30,322 28,482 25,948 23,571 Less Total noninterest expense 16,889 15,470 14,631 14,546 14,141 PPNR $ 13,340 $ 14,852 $ 13,851 $ 11,402 $ 9,430 Dollars in thousands 22

Bankwell Financial Group (Nasdaq: BWFG) 23 $3.4B Total Assets $2.9B Loans $0.31B Equity $2.9B Deposits 55.8% Efficiency Ratio ~180 Employees 9.17% TCE Ratio 10.58% Consolidated CET1 Ratio 1 Current Footprint At A Glance (as of March 31, 2026) 1 Estimate, pending FRY9C filing.

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