Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 28

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 28
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 on the anniversary of the effective date of the grant.

Directors are entitled to the protection provided by the indemnification provisions in the Company’s current certificate of incorporation and bylaws, the certificate of incorporation and bylaws of the Bank, as well as individual indemnification agreements.

### EXECUTIVE COMPENSATION

### Compensation Discussion and Analysis
This Compensation Discussion & Analysis (“CD&A”) explains our executive compensation program for our named executive officers (“NEOs”) listed below. This CD&A also describes the Compensation Committee’s process for making pay decisions, as well as its rationale for specific decisions related to the fiscal year ended December 31, 2024.

| Name                   |     | Position                                        |
| Christopher R. Gruseke |     | Chief Executive Officer                         |
| Matthew McNeill        |     | President & Chief Banking Officer               |
| Christine A. Chivily   |     | Executive Vice President & Chief Credit Officer |

#### EXECUTIVE SUMMARY

### 2024 Business Highlights
The Company reported net income totaling $9.8 million , or $1.23 earnings per share. The Company’s 2024 performance highlights include:

• Return on average assets was 0.31% for the year ended December 31, 2024 .

• Return on average tangible common eq uity was 3.64% for the year ended December 31, 2024 .

• Noninterest expense to average assets was 1.60% and the efficiency ratio was 57.9% for the year ended December 31, 2024 .

• Net interest margin was 2.70% for the year ended December 31, 2024 .

• The Bank ’ s Total Capital ratio was 12.70% and the Company ’ s Common Equity Tier 1 (CET1) ratio was 9.60% for the year ended December 31, 2024 .

• Fully diluted tangible book value per share rose to $34.09 at December 31, 2024, compared to $33.39 at December 31, 2023.

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#### 2024 Compensation Highlights
Our executive compensation program has three primary elements: base salary, annual incentives, and long-term equity incentives. Each of these compensation elements serve a specific purpose in our compensation strategy. Base salary is an essential component to any market-competitive compensation program. Annual incentives reward the achievement of short-term goals, while long-term incentives drive sustainable shareholder value creation.