# EDGAR Filing Document

**Accession Number:** 0001505732
**File Stem:** 0001505732-25-000158
**Filing Date:** 2025-10
**Character Count:** 67566
**Document Hash:** fa75a3944e4549691fd8cee3c199c534
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001505732-25-000158.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001505732-25-000158

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bankwell Financial Group, Inc.
- **CENTRAL INDEX KEY:** 0001505732
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 208251355
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36448
- **FILM NUMBER:** 251411435

**BUSINESS ADDRESS:**
- **STREET 1:** 208 ELM STREET
- **CITY:** NEW CANAAN
- **STATE:** CT
- **ZIP:** 06840
- **BUSINESS PHONE:** (203) 972-3838

**MAIL ADDRESS:**
- **STREET 1:** 208 ELM STREET
- **CITY:** NEW CANAAN
- **STATE:** CT
- **ZIP:** 06840

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BNC Financial Group, Inc.
- **DATE OF NAME CHANGE:** 20101115

?xml version='1.0' encoding='ASCII'? bwfg-20251023

**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 23, 2025

**Bankwell Financial Group, Inc.**

(Exact name of registrant as specified in its charter)

Connecticut 001-36448 20-8251355 <br> (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:

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| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which<br>Registered |
| **Common Stock, no par value per**<br>**share** | **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. | ☐ |

---

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |
|  | On October 23, 2025, 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, 2025.<br>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 23, 2025, 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, 2025. A copy of the material will also be available on the Company's website, https://investor.mybankwell.com/events-and-presentations**/**<br>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** |
|  | <u>Quarterly Dividend Announcement</u><br>On October 23, 2025, Bankwell Financial Group, Inc. (the Company), parent company of Bankwell Bank, announced that on October 23, 2025, its Board of Directors voted to pay a quarterly dividend in the amount of $0.20 per share on November 21, 2025 to all shareholders of record as of November 10, 2025. |
| **Item 9.01** | **Financial Statements and Exhibits** |
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | Not applicable. |
| (d) | Exhibits. |

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------

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| | |
|:---|:---|
| ***<u>Exhibit Number</u>*** | ***<u>Description</u>*** |
| 99.1 | <u>[Press Release Dated](ex991q32025earningsrelease.htm)[October 23](ex991q32025earningsrelease.htm)[, 2025](ex991q32025earningsrelease.htm)</u> |
| 99.2 | <u>[Presentation Materials](a3q2025bwfginvestorprese.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

---

| | |
|:---|:---|
| **SIGNATURES** | **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. | 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 23, 2025 | By: <u>/s/ Courtney E. Sacchetti</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Courtney E. Sacchetti |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer |

---

## Exhibit 99.1

**BANKWELL FINANCIAL GROUP REPORTS OPERATING RESULTS FOR THE THIRD QUARTER, DECLARES FOURTH QUARTER DIVIDEND**

*New Canaan, CT – October 23, 2025* – Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $10.1 million, or $1.27 per share for the third quarter of 2025, versus $9.1 million, or $1.15 per share, for the second quarter of 2025. The Company's Board of Directors declared a $0.20 per share cash dividend, payable November 21, 2025 to shareholders of record on November 10, 2025.

Pre-tax, pre-provision net revenue ("PPNR") of $13.9 million or 1.70% of average assets. PPNR increased 21.5% relative to the second quarter of 2025's PPNR of $11.4 million.

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

"We are proud to announce our third quarter results which demonstrate continued growth and improvement across all aspects of our business. Our Return on Average Assets grew to 1.24% for the quarter while the Net Interest Margin expanded to 3.34%. Funded loan originations have grown to $518 million year-to-date, versus full year fundings of $328 million in 2024. Our SBA division continues to grow at a disciplined pace, with gains on sale increasing to $1.4 million for the third quarter. Notably, as we have expanded our capabilities across the Company, we have improved our efficiency ratio, reducing it to 51.4% this quarter.

Balance sheet trends have shown consistent improvement, supported by ongoing capital growth and a reduction in non-performing asset balances. NPAs as a percentage of assets now stand 0.56%, and our outlook remains positive for the quarters ahead. We look forward to closing out 2025 with continued momentum and we will provide guidance for 2026 performance with our year end earnings release."

**Key Points for Third Quarter and Bankwell's Outlook**

**Continued Positive Credit Trends.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, nonperforming assets as a percentage of total assets improved to 0.56%, compared to 0.78% as of June 30, 2025. Nonperforming assets have declined $6.9 million from the second quarter mainly due to the collection of $5.0 million on three SBA guarantees and the sale of one commercial real estate non-owner occupied loan for $1.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Special Mention loan balances have decreased $30 million in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ACL-loans as a % of nonperforming loans increased to 176.7%, compared to 122.5% as of June 30, 2025.

**Net Interest Margin Expands on Favorable Loan Yields and Lower Deposit Costs.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported Net Interest Margin was 3.34% for the third quarter of 2025, up 24 basis points from the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deposit costs of 3.30% for the third quarter of 2025 have declined by 10 bps from the second quarter of 2025. The deposit cost improvement is driven by the repricing of time deposits and improved deposit mix, with current quarter results not reflective of the Company's response to the September rate cut made by the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan yields were 6.71% for the third quarter of 2025, expanding by 13 basis points from the second quarter of 2025.

**Advancing Key Strategic Priorities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SBA loan sale gains increased to $1.4 million in the third quarter of 2025, compared to $1.1 million in the second quarter of 2025. Pricing remains strong, with third quarter sales premiums averaging 10%. The SBA Lending division delivered $21.8 million in originations in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest income as a percentage of revenue increased to 8.76% in the third quarter of 2025, compared to 7.76% in the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the third quarter of 2025, the Company realized an efficiency ratio of 51.4%, improved from 56.1% in the second quarter of 2025.

------

**Third Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| Return on average assets<sup>(1)(6)</sup> | 1.24% | 1.14% | 0.86% | 0.37% | 0.24% |
| Pre-tax, pre-provision net revenue return on average assets<sup>(1)(6)</sup> | 1.70% | 1.43% | 1.18% | 1.05% | 1.13% |
| Return on average shareholders' equity<sup>(1)(6)</sup> | 13.84% | 12.98% | 10.16% | 4.35% | 2.83% |
| Net Interest Margin<sup>(1)(6)</sup> | 3.34% | 3.10% | 2.81% | 2.60% | 2.72% |
| Efficiency Ratio<sup>(1)(3)</sup> | 51.4% | 56.1% | 59.9% | 56.4% | 58.8% |
| Noninterest expense to average assets<sup>(1)(6)</sup> | 1.80% | 1.83% | 1.76% | 1.56% | 1.62% |
| Net loan (recoveries) charge-offs as a percentage of average loans<sup>(1)(6)</sup> | (0.01)% | 0.00% | 0.00% | 0.11% | 0.56% |
| Dividend payout<sup>(1)(4)</sup> | 15.75% | 17.39% | 22.99% | 54.05% | 82.30% |
| Fully diluted tangible book value per common share<sup>(1)(2)</sup> | $36.84 | $35.65 | $34.56 | $34.09 | $33.76 |
| Total capital to risk-weighted assets<sup>(1)(5)</sup> | 13.47% | 13.28% | 13.22% | 12.70% | 12.83% |
| Total common equity tier 1 capital to risk-weighted assets<sup>(1)(5)</sup> | 12.38% | 12.20% | 12.11% | 11.64% | 11.80% |
| Tier I Capital to Average Assets<sup>(1)(5)</sup> | 10.70% | 10.57% | 10.13% | 10.09% | 10.24% |
| Tangible common equity to tangible assets<sup>(1)(2)</sup> | 8.95% | 8.68% | 8.57% | 8.20% | 8.40% |
| Earnings per common share - diluted | $1.27 | $1.15 | $0.87 | $0.37 | $0.24 |
| Common shares issued and outstanding | 7877443 | 7873387 | 7888013 | 7859873 | 7858573 |

---

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

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

(3)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;The dividend payout ratio is calculated by dividing dividends per share by earnings per share.

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

(6)&nbsp;&nbsp;&nbsp;&nbsp;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 (using 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. 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.

------

**Pre-Tax, Pre-Provision Net Revenue**<sup>(1)</sup> **("PPNR")**

PPNR for the third quarter ended September 30, 2025 was $13.9 million, an increase of 21.5% from $11.4 million recognized for the second quarter ended June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
| (Dollars in thousands) | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| Net interest income | $25987 | $23936 | $22066 | $20199 | $20717 |
| Total noninterest income | 2495 | 2012 | 1505 | 964 | 1156 |
| Total revenues | 28482 | 25948 | 23571 | 21163 | 21873 |
| Total noninterest expense | 14631 | 14546 | 14141 | 12644 | 12865 |
| PPNR | $13851 | $11402 | $9430 | $8519 | $9008 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues (net interest income plus noninterest income) for the quarter ended September 30, 2025 were $28.5 million, versus $25.9 million from the previous quarter. The increase in revenues for the quarter ended September 30, 2025 was mainly attributable to increased earning asset yields and increased loan balances. Additional favorability for the quarter ended September 30, 2025 is attributed to growth in gains on sale of SBA loans, which yielded an approximate 10% premium, on average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Net Interest Margin (fully taxable equivalent basis) for the quarters ended September 30, 2025 and June 30, 2025 was 3.34% and 3.10%, respectively. The increase in the Net Interest Margin is mainly due to increased earning asset yields. Additionally, Net Interest Margin for the third quarter 2025 benefited by 3 basis points due to non-recurring interest income recognized from the resolution of certain non-performing SBA loans.

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

The ACL-Loans was $30.0 million as of September 30, 2025 compared to $29.3 million as of June 30 2025. The ACL-Loans as a percentage of total loans was 1.10% as of September 30, 2025 compared to 1.10% as of June 30, 2025.

The provision for credit losses - loans was $0.4 million for the quarter ended September 30, 2025. Total nonperforming loans decreased $6.9 million to $17.0 million as of September 30, 2025 when compared to the previous quarter. Nonperforming assets as a percentage of total assets decreased to 0.56% at September 30, 2025 compared to the previous quarter's ratio of 0.78%.

------

**BANKWELL FINANCIAL GROUP, INC.**

**ASSET QUALITY (unaudited)**

**(Dollars in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| **ACL-Loans:** | | | | | |
| Balance at beginning of period | $29256 | $29485 | $29007 | $27752 | $36083 |
| Charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  | (67) | (1100) | (8184) |
| &nbsp;&nbsp;&nbsp;Commercial business | (14) | (15) |  | (703) | (7010) |
| &nbsp;&nbsp;&nbsp;Consumer | (46) | (5) | (33) | (5) | (17) |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  | (1155) | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | (60) | (20) | (100) | (2963) | (15827) |
| Recoveries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 270 |  |  |  | 1013 |
| &nbsp;&nbsp;&nbsp;Commercial business | 86 | 112 | 4 | 4 | (34) |
| &nbsp;&nbsp;&nbsp;Consumer | 12 | 10 | 36 | 5 | 1 |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 368 | 122 | 40 | 9 | 980 |
| Net loan recoveries (charge-offs) | 308 | 102 | (60) | (2954) | (14847) |
| Provision (credit) for credit losses - loans | 420 | (331) | 538 | 4209 | 6516 |
| **Balance at end of period** | $29984 | $29256 | $29485 | $29007 | $27752 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| **Asset quality:** | | | | | |
| Nonaccrual loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate | $570 | $617 | $811 | $791 | $1316 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 14667 | 16387 | 17946 | 44814 | 46360 |
| &nbsp;&nbsp;&nbsp;Commercial business | 1729 | 6871 | 7626 | 7672 | 9101 |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  | 8766 |
| &nbsp;&nbsp;&nbsp;Consumer |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | 16966 | 23875 | 26383 | 53277 | 65543 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 1284 | 1284 |  | 8299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $18250 | $25159 | $26383 | $61576 | $65543 |
| &nbsp;&nbsp;&nbsp;Nonperforming loans as a % of total loans | 0.62% | 0.89% | 1.00% | 1.97% | 2.50% |
| &nbsp;&nbsp;&nbsp;Nonperforming assets as a % of total assets | 0.56% | 0.78% | 0.83% | 1.88% | 2.07% |
| &nbsp;&nbsp;&nbsp;ACL-loans as a % of total loans | 1.10% | 1.10% | 1.11% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp;ACL-loans as a % of nonperforming loans | 176.73% | 122.54% | 111.76% | 54.44% | 42.34% |
| &nbsp;&nbsp;&nbsp;Total past due loans to total loans | 0.76% | 0.91% | 1.08% | 1.63% | 2.48% |

---

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**Financial Condition & Capital**

Assets totaled $3.2 billion at September 30, 2025, a decrease of $24.5 million, or 0.7% compared to December 31, 2024. Gross loans totaled $2.7 billion at September 30, 2025, an increase of $12.3 million, or 0.5% compared to December 31, 2024. Deposits totaled $2.8 billion at September 30, 2025, a decrease of $30.2 million, or 1.1% compared to December 31, 2024. Brokered deposits have decreased $96.3 million or 13.7%, when compared to December 31, 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period End Loan Composition** | **September 30, <br>2025** | **December 31, <br>2024** | **September 30,<br>2024** | **<br>Current YTD% Change** | **Year over Year% Change** |
| Residential Real Estate | $33625 | $42766 | $45553 | (21.4)% | (26.2)% |
| Commercial Real Estate<sup>(1)</sup> | 1897896 | 1899134 | 1887942 | (0.1) | 0.5 |
| Construction | 170888 | 173555 | 160292 | (1.5) | 6.6 |
| &nbsp;&nbsp;&nbsp;**Total Real Estate Loans** | **2102409** | **2115455** | **2093787** | **(0.6)** | **0.4** |
| Commercial Business | 552682 | 515125 | 490292 | 7.3 | 12.7 |
| Consumer | 63098 | 75308 | 39126 | (16.2) | 61.3 |
| &nbsp;&nbsp;&nbsp;**Total Loans** | $**2718189** | $**2705888** | $**2623205** | **0.5%** | **3.6%** |
| (1) Includes owner occupied commercial real estate of $0.8 billion at September 30, 2025, $0.7 billion at December 31, 2024, and $0.7 billion at September 30, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at September 30, 2025, $0.7 billion at December 31, 2024, and $0.7 billion at September 30, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at September 30, 2025, $0.7 billion at December 31, 2024, and $0.7 billion at September 30, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at September 30, 2025, $0.7 billion at December 31, 2024, and $0.7 billion at September 30, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at September 30, 2025, $0.7 billion at December 31, 2024, and $0.7 billion at September 30, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at September 30, 2025, $0.7 billion at December 31, 2024, and $0.7 billion at September 30, 2024, respectively. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period End Deposit Composition** | **September 30, <br>2025** | **December 31, <br>2024** | **September 30,<br>2024** | **<br>Current YTD% Change** | **Year over Year % Change** |
| Noninterest bearing demand | $397408 | $321875 | $295552 | 23.5% | 34.5% |
| NOW | 84736 | 105090 | 76413 | (19.4) | 10.9 |
| Money Market | 897387 | 899413 | 840234 | (0.2) | 6.8 |
| Savings | 95242 | 90220 | 87212 | 5.6 | 9.2 |
| Time | 1282642 | 1370972 | 1388760 | (6.4) | (7.6) |
| &nbsp;&nbsp;&nbsp;**Total Deposits** | $**2757415** | $**2787570** | $**2688171** | **(1.1)%** | **2.6%** |

---

Shareholders' equity totaled $292.8 million as of September 30, 2025, an increase of $22.3 million compared to December 31, 2024, primarily a result of year to date net income of $26.1 million. The increase was partially offset by dividends paid of $4.7 million.

As of September 30, 2025, 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 13.47%, 12.38%, and 10.70%, respectively.

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**We recommend reading this earnings release in conjunction with the Third Quarter 2025 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our October 23, 2025 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 23, 2025, 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 offers its customers unmatched accessibility, expertise, and responsiveness through a range of commercial financing products including working capital lines of credit, SBA loans, acquisition loans, and commercial mortgages as well as treasury management and deposit services.

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 at (203) 652-0166 or at ir@mybankwell.com.

For more information, visit <u>www.mybankwell.com</u>.

*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, operating revenue, efficiency ratio, noninterest expense to average assets, average tangible common equity, annualized return on average tangible common equity, return on average assets, return on average 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, 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.*

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**BANKWELL FINANCIAL GROUP, INC.**

**CONSOLIDATED BALANCE SHEETS (unaudited)**

**(Dollars in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| **ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $289628 | $313998 | $292006 | $293552 | $275829 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 5732 | 8466 | 12922 | 13972 | 15508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 295360 | 322464 | 304928 | 307524 | 291337 |
| Investment securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Marketable equity securities, at fair value | 2223 | 2188 | 2164 | 2118 | 2148 |
| &nbsp;&nbsp;&nbsp;Available for sale investment securities, at fair value | 96473 | 103930 | 97321 | 107428 | 108866 |
| &nbsp;&nbsp;&nbsp;Held to maturity investment securities, at amortized cost | 29538 | 36434 | 36478 | 36553 | 34886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 128234 | 142552 | 135963 | 146099 | 145900 |
| Loans receivable (net of ACL-Loans of $29,984, $29,256, $29,485, $29,007, and $27,752, at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively) | 2684016 | 2635742 | 2611495 | 2672959 | 2591551 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 15633 | 14741 | 15409 | 14535 | 14714 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock, at cost | 4951 | 5051 | 3583 | 5655 | 5655 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 22387 | 23020 | 22978 | 23856 | 24780 |
| &nbsp;&nbsp;&nbsp;Bank-owned life insurance | 53846 | 53488 | 53136 | 52791 | 52443 |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | 9027 | 9684 | 9551 | 9742 | 9300 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 1284 | 1284 |  | 8299 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 26636 | 25978 | 24261 | 24427 | 22811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3243963 | $3236593 | $3183893 | $3268476 | $3161080 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest bearing deposits | $397408 | $397195 | $349525 | $321875 | $295552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest bearing deposits | 2360007 | 2362086 | 2400920 | 2465695 | 2392619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2757415 | 2759281 | 2750445 | 2787570 | 2688171 |
| &nbsp;&nbsp;&nbsp;Advances from the Federal Home Loan Bank | 75000 | 75000 | 40000 | 90000 | 90000 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures | 69636 | 69574 | 69513 | 69451 | 69389 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 49121 | 49448 | 48721 | 50935 | 45594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2951172 | 2953303 | 2908679 | 2997956 | 2893154 |
| Shareholders' equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value | 119353 | 118698 | 118439 | 119108 | 118429 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 174008 | 165495 | 157971 | 152656 | 151257 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) | (570) | (903) | (1196) | (1244) | (1760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 292791 | 283290 | 275214 | 270520 | 267926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $3243963 | $3236593 | $3183893 | $3268476 | $3161080 |

---

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**BANKWELL FINANCIAL GROUP, INC.**

**CONSOLIDATED STATEMENTS OF INCOME (unaudited)**

**(Dollars in thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| **Interest and dividend income** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $46328 | $44128 | $43475 | $42851 | $43596 | $133931 | $129981 |
| &nbsp;&nbsp;&nbsp;Interest and dividends on securities | 1410 | 1478 | 1445 | 1482 | 1390 | 4333 | 3710 |
| &nbsp;&nbsp;&nbsp;Interest on cash and cash equivalents | 2853 | 3043 | 3557 | 3510 | 3205 | 9453 | 10460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 50591 | 48649 | 48477 | 47843 | 48191 | 147717 | 144151 |
| **Interest expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense on deposits | 22585 | 23083 | 24772 | 25640 | 25579 | 70440 | 75618 |
| &nbsp;&nbsp;&nbsp;Interest expense on borrowings | 2019 | 1630 | 1639 | 2004 | 1895 | 5288 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 24604 | 24713 | 26411 | 27644 | 27474 | 75728 | 81068 |
| **Net interest income** | 25987 | 23936 | 22066 | 20199 | 20717 | 71989 | 63083 |
| **Provision (credit) for credit losses** | 372 | (411) | 463 | 4458 | 6296 | 424 | 18162 |
| &nbsp;&nbsp;&nbsp;**Net interest income after provision (credit) for credit losses** | 25615 | 24347 | 21603 | 15741 | 14421 | 71565 | 44921 |
| **Noninterest income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance | 359 | 352 | 344 | 348 | 346 | 1055 | 1008 |
| &nbsp;&nbsp;&nbsp;Service charges and fees | 779 | 674 | 602 | 589 | 575 | 2055 | 1374 |
| &nbsp;&nbsp;&nbsp;Gains and fees from sales of loans | 1372 | 1080 | 442 | 24 | 133 | 2894 | 499 |
| &nbsp;&nbsp;&nbsp;Other | (15) | (94) | 117 | 3 | 102 | 8 | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 2495 | 2012 | 1505 | 964 | 1156 | 6012 | 2754 |
| **Noninterest expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 7995 | 7521 | 7052 | 5056 | 6223 | 22568 | 18690 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 2469 | 2505 | 2575 | 2600 | 2334 | 7549 | 6894 |
| &nbsp;&nbsp;&nbsp;Professional services | 1412 | 1632 | 1529 | 1286 | 1142 | 4573 | 3196 |
| &nbsp;&nbsp;&nbsp;Data processing | 633 | 712 | 885 | 905 | 851 | 2230 | 2346 |
| &nbsp;&nbsp;&nbsp;Director fees | 333 | 333 | 348 | 342 | 292 | 1014 | 1498 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 610 | 684 | 779 | 862 | 853 | 2073 | 2488 |
| &nbsp;&nbsp;&nbsp;Marketing | 140 | 218 | 142 | 175 | 73 | 500 | 277 |
| &nbsp;&nbsp;&nbsp;Other | 1039 | 941 | 831 | 1418 | 1097 | 2811 | 3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 14631 | 14546 | 14141 | 12644 | 12865 | 43318 | 38407 |
| **Income before income tax expense** | 13479 | 11813 | 8967 | 4061 | 2712 | 34259 | 9268 |
| **Income tax expense** | 3401 | 2725 | 2079 | 1098 | 786 | 8205 | 2461 |
| **Net income** | $10078 | $9088 | $6888 | $2963 | $1926 | $26054 | $6807 |
| **Earnings Per Common Share:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.28 | $1.16 | $0.88 | $0.37 | $0.24 | $3.33 | $0.86 |
| &nbsp;&nbsp;&nbsp;Diluted | $1.27 | $1.15 | $0.87 | $0.37 | $0.24 | $3.29 | $0.86 |
| Weighted Average Common Shares Outstanding: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 7774887 | 7777469 | 7670224 | 7713970 | 7715040 | 7741244 | 7708768 |
| &nbsp;&nbsp;&nbsp;Diluted | 7844785 | 7819829 | 7740521 | 7727412 | 7720895 | 7819609 | 7731454 |
| Dividends per common share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.60 | $0.60 |

---

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**BANKWELL FINANCIAL GROUP, INC.**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)**

**(Dollars in thousands, except share data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **Computation of Tangible Common Equity to Tangible Assets** | **September 30, <br>2025** | **June 30, <br>2025** | **March 31, <br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| Total Equity | $292791 | $283290 | $275214 | $270520 | $267926 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Other intangibles |  |  |  |  |  |
| **Tangible Common Equity** | $**290202** | $**280701** | $**272625** | $**267931** | $**265337** |
| Total Assets | $3243963 | $3236593 | $3183893 | $3268476 | $3161080 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Other intangibles |  |  |  |  |  |
| **Tangible Assets** | $**3241374** | $**3234004** | $**3181304** | $**3265887** | $**3158491** |
| **Tangible Common Equity to Tangible Assets** | **8.95%** | **8.68%** | **8.57%** | **8.20%** | **8.40%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **Computation of Fully Diluted Tangible Book Value per Common Share** | **September 30, <br>2025** | **June 30, <br>2025** | **March 31, <br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| Total shareholders' equity | $292791 | $283290 | $275214 | $270520 | $267926 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |  |  |  |  |
| **Common shareholders' equity** | $**292791** | $**283290** | $**275214** | $**270520** | $**267926** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Other intangibles |  |  |  |  |  |
| **Tangible common shareholders' equity** | $**290202** | $**280701** | $**272625** | $**267931** | $**265337** |
| Common shares issued and outstanding | 7877443 | 7873387 | 7888013 | 7859873 | 7858573 |
| **Fully Diluted Tangible Book Value per Common Share** | $**36.84** | $**35.65** | $**34.56** | $**34.09** | $**33.76** |

---

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**BANKWELL FINANCIAL GROUP, INC.**

**EARNINGS PER SHARE ("EPS") (unaudited)**

**(Dollars in thousands, except share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
|  | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** |
| Net income | $10078 | $1926 | $26054 | $6807 |
| Dividends to participating securities<sup>(1)</sup> | 26 | (38) | 79 | (117) |
| Undistributed earnings allocated to participating securities<sup>(1)</sup> | (142) | (9) | (386) | (53) |
| **Net income for earnings per share calculation** | 9962 | 1879 | 25747 | 6637 |
| Weighted average shares outstanding, basic | 7774887 | 7715040 | 7741244 | 7708768 |
| Effect of dilutive equity-based awards<sup>(2)</sup> | 69898 | 5825 | 78365 | 22686 |
| **Weighted average shares outstanding, diluted** | 7844785 | 7720865 | 7819609 | 7731454 |
| Net earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per common share | $1.28 | $0.24 | $3.33 | $0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | $1.27 | $0.24 | $3.29 | $0.86 |

---

(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.

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**BANKWELL FINANCIAL GROUP, INC.**

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

**(Dollars in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **Average<br>Balance** | **Interest** | **Yield/**<br>**Rate** <sup>(4)</sup> | **Average<br>Balance** | **Interest** | **Yield/**<br>**Rate** <sup>(4)</sup> |
| Assets: |  |  |  |  |  |  |
| Cash and Fed funds sold | $278698 | $2853 | 4.06% | $253664 | $3205 | 5.03% |
| Securities<sup>(1)</sup> | 142677 | 1463 | 4.10 | 147431 | 1390 | 3.78 |
| Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1856645 | 29662 | 6.25 | 1905506 | 28288 | 5.81 |
| &nbsp;&nbsp;&nbsp;Residential real estate | 34518 | 510 | 5.91 | 47481 | 736 | 6.20 |
| &nbsp;&nbsp;&nbsp;Construction | 173380 | 3536 | 7.98 | 156273 | 3070 | 7.69 |
| &nbsp;&nbsp;&nbsp;Commercial business | 572187 | 11634 | 7.96 | 512507 | 10783 | 8.23 |
| &nbsp;&nbsp;&nbsp;Consumer | 63627 | 986 | 6.15 | 41845 | 719 | 6.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 2700357 | 46328 | 6.71 | 2663612 | 43596 | 6.40 |
| Federal Home Loan Bank stock | 6942 | 89 | 5.11 | 5655 | 122 | 8.32 |
| &nbsp;&nbsp;&nbsp;Total earning assets | 3128674 | $50733 | 6.34% | 3070362 | $48313 | 6.16% |
| Other assets | 98547 |  |  | 90410 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $3227221 |  |  | $3160772 |  |  |
| Liabilities and shareholders' equity: |  |  |  |  |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NOW | $99087 | $125 | 0.50% | $94958 | $44 | 0.18% |
| &nbsp;&nbsp;&nbsp;Money market | 883440 | 8479 | 3.81 | 832430 | 8597 | 4.11 |
| &nbsp;&nbsp;&nbsp;Savings | 94290 | 700 | 2.95 | 89463 | 692 | 3.07 |
| &nbsp;&nbsp;&nbsp;Time | 1253878 | 13281 | 4.20 | 1347857 | 16246 | 4.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing deposits | 2330695 | 22585 | 3.84 | 2364708 | 25579 | 4.30 |
| Borrowed Money | 169867 | 2020 | 4.72 | 159349 | 1895 | 4.73 |
| &nbsp;&nbsp;&nbsp;Total interest bearing liabilities | 2500562 | $24605 | 3.90% | 2524057 | $27474 | 4.33% |
| Noninterest bearing deposits | 383153 |  |  | 303213 |  |  |
| Other liabilities | 54507 |  |  | 62602 |  |  |
| Total liabilities | 2938222 |  |  | 2889872 |  |  |
| Shareholders' equity | 288999 |  |  | 270900 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3227221 |  |  | $3160772 |  |  |
| &nbsp;&nbsp;Net interest income<sup>(2)</sup> |  | $26128 |  |  | $20839 |  |
| Interest rate spread |  |  | 2.44% |  |  | 1.83% |
| Net Interest Margin<sup>(3)</sup> |  |  | 3.34% |  |  | 2.72% |

---

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

(2)The adjustment for securities and loans taxable equivalency amounted to $141 thousand and $122 thousand for the quarters ended September 30, 2025 and 2024, 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.

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**BANKWELL FINANCIAL GROUP, INC.**

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

**(Dollars in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **Average<br>Balance** | **Interest** | **Yield/**<br>**Rate** <sup>(4)</sup> | **Average<br>Balance** | **Interest** | **Yield/**<br>**Rate** <sup>(4)</sup> |
| Assets: |  |  |  |  |  |  |
| Cash and Fed funds sold | $307737 | $9453 | 4.11% | $273138 | $10460 | 5.12% |
| Securities<sup>(1)</sup> | 147571 | 4474 | 4.04 | 139871 | 3592 | 3.42 |
| Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1830934 | 85371 | 6.15 | 1909390 | 84582 | 5.82 |
| &nbsp;&nbsp;&nbsp;Residential real estate | 37838 | 1740 | 6.13 | 48912 | 2226 | 6.07 |
| &nbsp;&nbsp;&nbsp;Construction | 182857 | 10856 | 7.83 | 158884 | 8913 | 7.37 |
| &nbsp;&nbsp;&nbsp;Commercial business | 546700 | 32839 | 7.92 | 517880 | 32097 | 8.14 |
| &nbsp;&nbsp;&nbsp;Consumer | 72350 | 3125 | 5.78 | 41383 | 2163 | 6.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 2670679 | 133931 | 6.61 | 2676449 | 129981 | 6.38 |
| Federal Home Loan Bank stock | 5522 | 286 | 6.90 | 5670 | 357 | 8.43 |
| &nbsp;&nbsp;&nbsp;Total earning assets | 3131509 | $148144 | 6.24% | 3095128 | $144390 | 6.13% |
| Other assets | 92451 |  |  | 92249 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $3223960 |  |  | $3187377 |  |  |
| Liabilities and shareholders' equity: |  |  |  |  |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NOW | $102129 | $311 | 0.41% | $97970 | $133 | 0.18% |
| &nbsp;&nbsp;&nbsp;Money market | 891823 | 25578 | 3.83 | 849860 | 26294 | 4.13 |
| &nbsp;&nbsp;&nbsp;Savings | 91313 | 2026 | 2.97 | 91135 | 2093 | 3.07 |
| &nbsp;&nbsp;&nbsp;Time | 1301450 | 42525 | 4.37 | 1319031 | 47098 | 4.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing deposits | 2386715 | 70440 | 3.95 | 2357996 | 75618 | 4.28 |
| Borrowed Money | 147519 | 5288 | 4.79 | 159288 | 5450 | 4.57 |
| &nbsp;&nbsp;&nbsp;Total interest bearing liabilities | 2534234 | $75728 | 4.00% | 2517284 | $81068 | 4.30% |
| Noninterest bearing deposits | 356705 |  |  | 336129 |  |  |
| Other liabilities | 51354 |  |  | 62631 |  |  |
| Total liabilities | 2942293 |  |  | 2916044 |  |  |
| Shareholders' equity | 281667 |  |  | 271333 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3223960 |  |  | $3187377 |  |  |
| &nbsp;&nbsp;Net interest income<sup>(2)</sup> |  | $72416 |  |  | $63322 |  |
| Interest rate spread |  |  | 2.24% |  |  | 1.83% |
| Net Interest Margin<sup>(3)</sup> |  |  | 3.08% |  |  | 2.73% |

---

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

(2)The adjustment for securities and loans taxable equivalency amounted to $427 thousand and $239 thousand for the nine months ended September 30, 2025 and 2024, 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.

## Exhibit 99.2

![](a3q2025bwfginvestorprese001.jpg)

October 23, 2025 Third Quarter 2025 BWFG Investor Presentation

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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

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Third Quarter 2025 Highlights 3 1.24% Return on Average Assets; +10 bp growth to LQ 1.70% PPNR1 Return on Average Assets; + 27 bp growth to LQ 0.56% NPAs / Total Assets ratio; NPA balance down 28% to LQ on collection of $5 million SBA-guaranteed balances & $2 million sale of non-performing loan Non-interest income growth of $0.5 million to LQ driven by $1.4 million gains realized on SBA Loan sales 3.34% reported Net Interest Margin, +24 bps LQ expansion on improved funding profile and expanded loan yields Average low cost deposits increased $20 million to LQ; Total deposit cost of 3.30%, down 10 bp to LQ $49 million loan growth on $220 million of funded originations 1 Pre Provision Net Revenue ("PPNR") is a non-GAAP metric. See BWFG's 3Q25 Earnings Release, "Non-GAAP Financial Measures" section for additional detail

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Third Quarter Financial Summary 4 EPS PPNR Loans Deposits Capital • Fully diluted EPS of $1.27, up 10% versus LQ; driven by improving net interest margin and increased non-interest income • PPNR1 of $13.9 million, or $1.77 per share, increased 21% LQ • Net interest income of $26.0 million benefitted from 10 bps LQ deposit cost reduction and 13 basis point LQ expansion on loan yields • Non-interest income rose 24% LQ driven by $1.4 million of SBA sales gains in the quarter • Loan balances increased $49 million LQ, on ~$220 million funded originations, including $22 million SBA loans • Provision of $0.4 million, with 1 basis point of net recoveries • "Special Mention" loans reduced $30 million to LQ on Residential Care upgrades • Deposit costs of 3.30% improved 10 bps LQ; September 2025 'exit' rate of 3.25% • $20 million growth in low cost average deposits to LQ; $64 million year-to-date • Reduced brokered deposits $15 million to LQ; $96 million reduction year-to-date • Loan to deposit ratio remains stable at 98.1% • Tangible book value of $36.84, up $1.19 versus LQ and up $3.08 versus PYQ • Consolidated CET1 ratio of 10.39%2; Bank Total Capital ratio of 13.47%2 1 Pre Provision Net Revenue ("PPNR") is a non-GAAP metric. See BWFG's 3Q25 Earnings Release, "Non-GAAP Financial Measures" section for additional detail 2 Estimates, pending FRY9C & FDIC call report filings.

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Third Quarter 2025 Results 5 Bankwell Financial Group, Inc. ($ in millions, except per share data) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Net Interest Income $26.0 $23.9 $22.1 $20.2 $20.7 $21.2 $21.1 $22.2 $22.7 Provision (Credit) for Credit Losses 0.4 (0.4) 0.5 4.5 6.3 8.2 3.7 (1.0) (1.6) Total Noninterest Income 2.5 2.0 1.5 1.0 1.2 0.7 0.9 1.1 0.8 Total Revenue 28.5 25.9 23.6 21.2 21.9 21.9 22.1 23.4 23.5 Total Noninterest Expenses 14.6 14.5 14.1 12.6 12.9 12.2 13.3 12.9 12.2 Income before Taxes 13.5 11.8 9.0 4.1 2.7 1.5 5.1 11.5 12.9 Net Income 10.1 9.1 6.9 3.0 1.9 1.1 3.8 8.5 9.8 Diluted Earnings Per Share 1.27 1.15 0.87 0.37 0.24 0.14 0.48 1.09 1.25 Total Assets 3,244.0 3,236.6 3,183.9 3,268.6 3,161.1 3,141.7 3,155.3 3,215.5 3,249.8 Gross Loans Receivable (ex. HFS) 2,714.0 2,665.0 2,641.0 2,702.0 2,619.3 2,652.8 2,674.7 2,713.2 2,764.5 Allowance for Credit Losses on Loans & Leases (30.0) (29.3) (29.5) (29.0) (27.8) (36.1) (28.0) (27.9) (29.3) All Other Assets 559.9 600.9 572.4 595.5 569.5 525.0 508.6 530.2 514.5 Total Liabilities 2,951.2 2,953.3 2,908.7 2,998.0 2,893.2 2,874.7 2,887.2 2,949.7 2,991.9 Total Deposits 2,757.4 2,759.3 2,750.4 2,787.6 2,688.2 2,662.4 2,673.5 2,736.8 2,768.6 Borrowings 144.6 144.6 109.5 159.5 159.4 159.3 159.3 159.2 159.1 Other Liabilities 49.1 49.4 48.7 50.9 45.6 53.0 54.5 53.8 64.1 Total Shareholders' Equity 292.8 283.3 275.2 270.5 267.9 267.0 268.0 265.8 257.9 Net Interest Margin 3.34% 3.10% 2.81% 2.60% 2.72% 2.75% 2.71% 2.81% 2.85% PPNR ROAA1 1.70% 1.43% 1.18% 1.05% 1.13% 1.22% 1.10% 1.27% 1.37% Effective Tax Rate 25% 23% 23% 27% 29% 24% 26% 26% 24% Noninterest Expense to Average Assets 1.80% 1.83% 1.76% 1.56% 1.62% 1.55% 1.66% 1.56% 1.48% 1 Pre Provision Net Revenue ("PPNR") is a non-GAAP metric. See BWFG's 3Q25 Earnings Release, "Non-GAAP Financial Measures" section for additional detail

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Maintaining Our Strong Balance Sheet 6 Unencumbered Securities Unencumbered Cash Borrowing Capacity1 1 Bank lines, including FHLB & FRB 2 Estimates, pending FRY9C & FDIC call report filings • $2,053 million total insured deposits includes: ‒ $1,975 million FDIC-insured deposits ‒ $78 million deposits secured by FHLB LOCs (municipal deposits) • 12.1% Primary Liquidity on balance sheet • Stable insured deposit base • 8.95% TCE ratio • Additional 3Q25 ratios: ‒ 344% CRE Concentration Ratio ‒ 46% Construction Concentration Ratio • Approximately 205,000 shares remaining available for repurchase under current plan Abundant Excess Liquidity Building Excess Capital Minimum + buffer Well Above Capital Minimums 2 Dollars in millions $1,078 $291 $100 $1,469 $704 Liquidity Uninsured Deposits 2.1X Liquidity Coverage 12.38% 13.47% 10.70%10.39% 13.98% 8.99% CET1 / RWA TRBC / RWA Leverage Bank Consolidated

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Strong Loan Originations 7 • Funded originations through the third quarter 2025 exceed the prior two years' total originations • September 30th , 2025 ending loan balance of $2,718 up $12 million from year-end 2024 • Payoffs remained elevated in the third quarter and are projected to be elevated throughout the remainder of the year $222 $176 $518 $69 $152$291 $328 2023 2024 2025 New Originations Funding 4Q 1Q-3Q Payoffs $240 $308 $498 Dollars in millions

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$2,268 $2,329 $2,360 $2,266 $2,237 $400 $413 $434 $458 $477 $2,668 $2,742 $2,793 $2,724 $2,714 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% $200 $700 $1,200 $1,700 $2,200 $2,700 3Q24 4Q24 1Q25 2Q25 3Q25 Quarterly Averages Interest Bearing Deposits Low Cost Deposits • Average low cost deposits grew 4% sequentially and achieved 19% growth compared to the same quarter last year • Since 3Q24, Bankwell has retired $175 million in brokered deposits and lowered deposit costs by 51 basis points Favorable Deposit Trends Dollars in millions 8 Low cost deposits include non-interest bearing deposits as well as NOW accounts with rates 50 basis points or lower

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Deposit Pricing Performance Recent Deposit Betas NIM Total Deposit Cost IB Deposit Cost Funding Cost & NIM Trends 4.30% 4.21% 4.08% 3.90% 3.84%3.81% 3.72% 3.60% 3.40% 3.30% 2.72% 2.60% 2.81% 3.10% 3.34% -0.10% 0.40% 0.90% 1.40% 1.90% 2.40% 2.90% 3.40% 3Q24 4Q24 1Q25 2Q25 3Q25 9 73% 49% 65% 55% Rising Rate 4Q21-3Q24 Falling Rate 3Q24-3Q25 Interest Bearing Deposits Total Deposits • 3Q25 Total Deposit cost of 3.30% down 10 basis points from prior quarter's 3.40% • Deposit costs fell due to a 76 basis point favorable repricing of $1 billion in time deposits, year to date; no impact from recent rate cut by Fed • Bankwell's response the Fed's 25 basis point rate cut in September: ‒ 25 basis point reduction to time rates ‒ Average 25 basis point reduction to ~$0.5 billion interest-bearing non-maturity deposits; ~60% effective Oct 1st • September 2025 deposit 'exit rate' of 3.25%

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Balance Sheet Repricing 10 Maturity Quarter Balance Maturity Rate Current Rate V 4Q25 $333 4.20% 3.96% -0.24% 1Q26 $352 4.19% 3.93% -0.26% 2Q26 $342 4.16% 3.84% -0.32% 3Q26 $224 4.16% 3.89% -0.27% Total $1,250 4.18% 3.91% -0.27% Dollars in millions Time Deposit Maturities Deposits • Year-to-date, repriced ~$1.0 billion of time deposits ~76 basis points lower; annualized benefit of ~$7.6 million • $1.25 billion time deposits maturing in the next 12 months; current pricing indicates ~27 basis point favorability; annualized benefit of ~$3.4 million, or ~11 basis points of NIM • ~$1.0 billion interest bearing non-maturity deposits Loans • Year-to-date, new loan rates average 7.86% on ~$0.5 billion funded1 , replacing ~$0.6 billion runoff at average rate of ~6.50% • $0.8 billion loans indexed to Prime rate; additional $0.2 billion to reprice in the next 12 months • ~$0.5 billion fixed-rate loans maturing at an average rate of ~6.40% in the next 12 months Fixed 58% ≤ 3 Months 35% 3 - 12 months 2% > 12 Months 5% Loan Repricing Time Horizon 1 New loan rates and balances are the 'spot' values as of September 30th, 2025

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Managing CRE Concentration Lower Dollars in millions 11 $1,046 $1,224 $1,228 $1,175 $1,123 $310 $697 $720 $724 $775$351 $522 $501 $516 $554 $98 $155 $183 $174 $171 $89 $77 $87 $118 $96 $1,895 $2,675 $2,719 $2,706 $2,718 454% 425% 397% 375% 344% 300% 320% 340% 360% 380% 400% 420% 440% 460% 480% - 500 1,000 1,500 2,000 2,500 4Q21 4Q22 4Q23 4Q24 3Q25 CRE Investor CRE Owner Occupied C&I Construction Residential / Other CRE Concentration

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$27.8 $29.0 $29.5 $29.3 $30.0 1.06% 1.07% 1.11% 1.10% 1.10% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $10 $15 $20 $25 $30 3Q24 4Q24 1Q25 2Q25 3Q25 Allowance for Credit Losses (ACL) Allowance for credit losses ACL / Loans Dollars in millions $14.8 $3.0 $0.1 ($0.1) ($0.3) 3Q24 4Q24 1Q25 2Q25 3Q25 Net Charge Offs (Recoveries) 3Q24 4Q24 1Q25 2Q25 3Q25 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-5 "Pass" $2,458 93.7% $2,557 94.5% $2,453 92.8% $2,523 94.5% $2,609 96.0% 6 "Special Mention" $97 3.7% $93 3.4% $163 6.2% $120 4.5% $901 3.3% 7 "Substandard" $67 2.5% $54 2.0% $27 1.0% $26 1.0% $19 0.7% 8 "Doubtful" $1 0.1% $1 0.1% $1 0.1% $0 0.0% $0 0.0% Total Gross Loans $2,623 $2,706 $2,645 $2,669 $2,718 Non-performing Loans $65.5 $53.3 $26.4 $23.9 $17.0 % of Total Loans 2.50% 1.97% 1.00% 0.89% 0.62% Non-performing Assets $65.5 $61.6 $26.4 $25.2 $18.2 % of Total Assets 2.07% 1.88% 0.83% 0.78% 0.56% 1 99.9% of Risk Rated 6 loans are current on payments, 97.7% are guaranteed by ultra-high net worth sponsors. 12 Credit Trends

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Loan Segment Balance % Total Assets Commentary Loan 1 CRE – Retail $8.7 0.27% • Suburban retail loan in Westchester County, NY modified during COVID • $4.5 million charged off, life-to-date Loan 2 CRE – Office $5.4 0.17% • Class A suburban NJ office park • Bankwell 17% participant in $84 million multi-bank club deal • Litigation ongoing; receiver in place • $8.2 million charge off, life-to-date OREO 1 -- $1.3 0.04% • Previously non-performing loan; Bank took ownership of property in 2Q25 SBA guaranteed balances $0.4 0.01% All other non-performing assets $2.4 0.08% Total Non-performing assets $18.2 0.56% All non-performing loans individually evaluated for impairment Balances charged off or specifically reserved, as appropriate 13 Non-Performing Asset Update • NPA balance of $18.2 million down 28% compared to prior quarter; represents 56 basis points of total assets as of September 30th, 2025 • Activity during the third quarter included the collection of $5.0 million of SBA-guaranteed balances and the sale of $1.6 million non-performing loan, yielding a $0.3 million recovery • Remaining balance as of September 30th, 2025 comprised of: Dollars in millions

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Efficiency Gains Supported by Diversified Revenue Streams 14 58.8% 56.4% 59.9% 56.1% 51.4% 5.29% 4.56% 6.38% 7.76% 8.76% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 3Q24 4Q24 1Q25 2Q25 3Q25 Quarterly Trends Efficiency ratio Fee Income / Total Revenue • Revenue growth outpacing expense trends, generating positive operating leverage • Strategic investments in revenue generating efforts contributing to favorable efficiency ratio trend in 2025

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Questions? 15

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Appendix 16

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Total Loan Portfolio = $2,718 million • Favorable long-term trends in Investor CRE: Residential 1.2% C&I 20.4% CRE Owner Occupied 28.5% CRE Investor 41.3% Commercial Const. 6.3% Other 2.3% 55.2% 45.8% 45.2% 43.4% 41.3% 34.9% 45.5% 44.9% 45.8% 48.9% 4Q21 4Q22 4Q23 4Q24 3Q25 Loan Portfolio Composition 17 Dollars in millions CRE Investor C&I and O/O CRE

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Favorable Loan Yield Growth Loan portfolio yields increased 224 bps since 2021 1 September 2025 Yield2 by Vintage 1 Weighted average yield based on active loans as of each date, an "exit" rate 2 Weighted average yield based on active loans as of 9-30-2025, an "exit" rate 79% of balances are 2021-2025 vintages Year Maturity Rate Reset Total Weighted Yield % Total Loans 2025 $377 $21 $398 6.51% 15% 2026 $248 $52 $300 5.10% 11% 2027 $345 $34 $379 5.22% 14% 2028+ $603 $89 $692 5.89% 25% Total $1,573 $196 $1,769 5.75% 65% Loan Maturities & Contractual Repricing Excluding floating rate loans Dollars in millions 18 $1,895 $2,675 $2,719 $2,706 $2,718 4.30% 5.56% 5.99% 6.09% 6.54% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4Q21 4Q22 4Q23 4Q24 Sep-25 Loan Balance Portfolio Loan Yield 5.44% Pre 2021 5.26% 2021 6.36% 2022 7.46% 2023 7.47% 2024 7.86% 2025

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CRE Loan Portfolio1 Total CRE Portfolio = $1,898 million By Property Type • 59% Non-Owner Occupied • 62% weighted average LTV2 • 72% of loan balances have recourse Property Type Investor Owner Occupied Total Residential Care $30 $241 $271 Retail $84 $3 $87 Office $74 $13 $87 Multifamily $58 -- $58 All Other $125 $9 $134 Total $371 $266 $637 Loans Maturing or Repricing in 2025 - 20263 Excluding floating rate loans Dollars in millions 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 19 Residential Care 39% Retail 17%MultiFamily 14% Office 8% Industrial Warehouse 7% Mixed Use 6% Medical Office 4% Other 3% Special Use 2%

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CT - Fairfield County $38.5 CT - All Other $3.5 NY - Westchester County $10.1 NY - Brooklyn $3.0 NJ $29.1 TX $28.2 MS $17.5 GA $12.5 FL $2.2 Select CRE Sectors1 1Includes Owner Occupied CRE CRE Office : $144 million exposure 5% of total loan portfolio Geography• 43 loans with $3.4 million average balance • $105 million have personal recourse to high-net-worth guarantors; $39 million have no recourse: ‒ $21 million owner occupied ‒ $16 million (2 loans) state GSAs • Loans maturing or have a rate reset as follows: Year Balance Count 2025 $62 10 2026 $25 6 2027 $27 7 2028+ $30 20 Total $144 43 Dollars in millions CRE Multifamily : $264 million exposure 10% of total loan portfolio 58% located in Bankwell's primary market Out of primary market loans are generally either GSA-leased, credit tenants, or owner-occupied • 89 loans with $3.0 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 Loan Count Balance % Brooklyn 5 $39.1 78.3% Manhattan 2 $5.9 11.9% Queens 1 $4.9 9.8% Total 8 $49.9 100% 20 CT - Fairfield County $51.1 CT - New Haven County $91.3 CT - All Other $21.8 NY - NYC $49.9 NY - Rockland County $22.6 PA $20.6 NJ $7.0

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• 100% of C&I portfolio has recourse • 95% 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 1 Does not Include Owner Occupied CRE C&I Loan Portfolio1 By Industry Type Total Portfolio = $553 million 21 Health Care & Social Assistance 37% Insurance (Primarily Brokers) 22% Finance 15% Real Estate and Rental/Leasing 8% Other 7% Admin & Support, Waste Mgmt, Remediation Svcs 5% Retail Trade 2% Manufacturing 2% Arts, Entertainment & Recreation 2%

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$922 million combined Healthcare portfolio • Consists primarily of skilled nursing facilities located across the US • Healthcare lending team has more than 15 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 Healthcare Portfolio Composition CRE Skilled Nursing Facility By State 1 Includes Physicians and Social/Family Services 22 Combined Healthcare Dollars in millions FL 33% OH 15%NY 12% TX 9% NC 4% VA 3% IN 3% MO 2% All Other 19% Skilled Nursing Facilities 78% Assisted Living 9% Recovery 5% Other 8% 1

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$1,774 $1,785 $2,083 $2,149 $1,027 $952 $705 $609 4Q22 4Q23 4Q24 3Q25 Non-Brokered Brokered Reduced Reliance on Brokered Deposits Reduced Reliance on Brokered Deposits Dollars in millions Brokered deposit balances decreased $96 million YTD $418 million reduction from peak $2,801 $2,737 $2,788 $2,757 23

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Bankwell Financial Group (Nasdaq: BWFG) 24 $3.2B Total Assets $2.7B Loans $0.29B Equity $2.8B Deposits 1.80% Non-interest Exp / Assets ~165 Employees 8.95% TCE Ratio 10.39% Consolidated CET1 Ratio C&I & CREOO 49% CRE Inv 41% All Other 10% Loans Core 69% Time > $250k 9% Brokered 22% Deposits 1 1 Estimate, pending FRY9C filing.

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