# EDGAR Filing Document

**Accession Number:** 0001505732
**File Stem:** 0001505732-26-000001
**Filing Date:** 2026-1
**Character Count:** 71661
**Document Hash:** c31c747bda9b70ab6ef91d10d9d72126
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001505732-26-000001.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001505732-26-000001

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260129

**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**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26574883

**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-20260129

**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): January 29, 2026

**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:

---

| | | |
|:---|:---|:---|
| 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. | ☐ |

---

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |
|  | On January 29, 2026, Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued a press release describing its results of operations for the period ended December 31, 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 January 29, 2026, Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued slide presentation material, which includes among other things, a review of financial results and trends through the period ended December 31, 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 January 29, 2026, Bankwell Financial Group, Inc. (the Company), parent company of Bankwell Bank, announced that on January 29, 2026, its Board of Directors voted to pay a quarterly dividend in the amount of $0.20 per share on February 20, 2026 to all shareholders of record as of February 10, 2026. |
| **Item 9.01** | **Financial Statements and Exhibits** |
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | Not applicable. |
| (d) | Exhibits. |

---

------

---

| | |
|:---|:---|
| ***<u>Exhibit Number</u>*** | ***<u>Description</u>*** |
| 99.1 | <u>[Press Release Dated January 2](ex991q42025earningsrelease.htm)[9](ex991q42025earningsrelease.htm)[, 2026](ex991q42025earningsrelease.htm)</u> |
| 99.2 | <u>[Presentation Materials](a4q2025bwfginvestorprese.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 |
| January 29, 2026 | 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 FOURTH QUARTER, DECLARES FIRST QUARTER DIVIDEND**

*New Canaan, CT – January 29, 2026* – Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $9.1 million, or $1.15 per share for the fourth quarter of 2025, versus $10.1 million, or $1.27 per share, for the third quarter of 2025. The Company's Board of Directors declared a $0.20 per share cash dividend, payable February 20, 2026 to shareholders of record on February 10, 2026.

Reported fourth quarter of 2025 GAAP net income reflects $1.5 million of one-time income tax expense related to adjustments to the income tax provision, primarily due to the finalization of state tax filings and changes in estimated tax positions associated with the Company's expanded state-level footprint. These adjustments relate to both current- and prior-year tax estimates.

Reported GAAP net income of $9.1 million, or $10.7 million on an operating basis<sup>(1)</sup>, for the fourth quarter of 2025.

Reported diluted earnings per share was $1.15, or $1.36 on an operating basis<sup>(1)</sup>, for the fourth quarter of 2025.

Reported return on average assets was 1.11%, or 1.29% on an operating basis<sup>(1)</sup>, for the fourth quarter of 2025.

Reported return on average tangible shareholders' equity was 12.31%, or 14.32% on an operating basis<sup>(1)</sup>, for the fourth quarter of 2025.

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

"We finished the year in strong fashion, reporting operating net income of $1.36 per share for the 4th quarter and Pre-tax, pre-provision net revenue return on average assets of 1.80%. GAAP Net Income of $1.15 per share for the quarter includes a one-time adjustment for multiple years' state level tax provisioning outside of our home state of Connecticut.

We entered the year with a clear set of priorities: strengthen credit, improve the funding mix, build non-interest income, generate high-quality growth, and embrace an innovative mindset as we continue to invest in our people and in technology and I'm pleased to say that we delivered on each of these priorities.

Building on the work accomplished this year we are pleased to provide the following guidance for 2026:

We expect loan growth of 4 to 5 percent. We anticipate net interest income in the range of $111 to $112 million. We also expect non-interest income to increase to approximately $11 to $12 million. Regarding expenses, we estimate total non-interest expense of $64 to $65 million, which incorporates a prudent level of ongoing investment in our people, infrastructure, and operational capabilities. We are confident that our increased investments will continue to provide further operating leverage; our guidance yields an efficiency ratio of approximately 51% to 53%, versus 54.1% in 2025."

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

------

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

**Credit Quality Improves Amid Solid Loan Growth.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $121.9 million net loan growth during the quarter ended December 31, 2025, resulting in $134.2 million, or 5.0%, growth compared to the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2025, nonperforming assets as a percentage of total assets improved to 0.49%, compared to 0.56% as of September 30, 2025. Nonperforming assets have declined $1.9 million from the third quarter, mainly driven by the sale of an OREO property for $1.3 million and the collection of $0.4 million on an SBA guarantee.

**Net Interest Margin Expands on Lower Deposit Costs and Improved Mix.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported Net Interest Margin was 3.40% for the fourth quarter of 2025, an increase of 6 basis points from the third quarter of 2025. Earning asset yields declined 11 basis points from the third quarter of 2025 to 6.23% while deposit costs decreased 15 basis points to 3.15% over the same period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter ended December 31, 2025, average low-cost deposits increased by $21.6 million compared to the third quarter of 2025 and by $85.9 million compared to the same period in the prior year.

**Advancing Key Strategic Priorities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SBA loan sale gains increased to $2.2 million in the fourth quarter of 2025, compared to $1.4 million in the third quarter of 2025. The SBA Lending division delivered $24.3 million in originations in the fourth quarter of 2025, bringing the total year originations to $68.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of SBA loan sale gains, noninterest income as a percentage of revenue increased to 11.13% in the fourth quarter of 2025, compared to 8.76% in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the fourth quarter of 2025, the Company realized an efficiency ratio<sup>(1)</sup> of 50.8%, compared to 51.4% for the third quarter of 2025.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| Return on average assets<sup>(1)(6)</sup> | 1.11% | 1.24% | 1.14% | 0.86% | 0.37% |
| Pre-tax, pre-provision net revenue return on average assets<sup>(1)(6)</sup> | 1.80% | 1.70% | 1.43% | 1.18% | 1.05% |
| Return on average shareholders' equity<sup>(1)(6)</sup> | 12.20% | 13.84% | 12.98% | 10.16% | 4.35% |
| Return on average tangible shareholders' equity<sup>(1)(6)</sup> | 12.31% | 13.96% | 13.10% | 10.25% | 4.40% |
| Net Interest Margin<sup>(1)(6)(7)</sup> | 3.40% | 3.34% | 3.10% | 2.81% | 2.60% |
| Efficiency Ratio<sup>(1)(3)</sup> | 50.8% | 51.4% | 56.1% | 59.9% | 56.4% |
| Noninterest expense to average assets<sup>(1)(6)</sup> | 1.87% | 1.80% | 1.83% | 1.76% | 1.56% |
| Net loan (recoveries) charge-offs as a percentage of average loans<sup>(1)(6)</sup> | 0.00% | (0.01)% | 0.00% | 0.00% | 0.11% |
| Dividend payout<sup>(1)(4)</sup> | 17.39% | 15.75% | 17.39% | 22.99% | 54.05% |
| Fully diluted tangible book value per common share<sup>(1)(2)</sup> | $37.84 | $36.84 | $35.65 | $34.56 | $34.09 |
| Total capital to risk-weighted assets<sup>(1)(5)</sup> | 12.94% | 13.48% | 13.28% | 13.22% | 12.70% |
| Total common equity tier 1 capital to risk-weighted assets<sup>(1)(5)</sup> | 11.87% | 12.39% | 12.20% | 12.11% | 11.64% |
| Tier I Capital to Average Assets<sup>(1)(5)</sup> | 10.55% | 10.71% | 10.57% | 10.13% | 10.09% |
| Tangible common equity to tangible assets<sup>(1)(2)</sup> | 8.90% | 8.95% | 8.68% | 8.57% | 8.20% |
| Earnings per common share - diluted | $1.15 | $1.27 | $1.15 | $0.87 | $0.37 |
| Common shares issued and outstanding | 7899943 | 7877443 | 7873387 | 7888013 | 7859873 |

---

(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. 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)&nbsp;&nbsp;&nbsp;&nbsp;Based on a fully tax equivalent basis.

------

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

PPNR for the fourth quarter ended December 31, 2025 was $14.9 million, an increase of 7.2% from $13.9 million recognized for the third quarter ended September 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) | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| Net interest income | $26946 | $25987 | $23936 | $22066 | $20199 |
| Total noninterest income | 3376 | 2495 | 2012 | 1505 | 964 |
| Total revenues | 30322 | 28482 | 25948 | 23571 | 21163 |
| Total noninterest expense | 15470 | 14631 | 14546 | 14141 | 12644 |
| PPNR | $14852 | $13851 | $11402 | $9430 | $8519 |

---

(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 December 31, 2025 were $30.3 million, compared with $28.5 million in the previous quarter. The increase in revenues for the quarter ended December 31, 2025 was mainly attributable lower funding costs. Additional favorability for the quarter ended December 31, 2025 resulted from increased gains on SBA loan sales,reflecting higher sales volume.

**Net Interest Margin**

The Net Interest Margin (fully taxable equivalent basis) for the quarters ended December 31, 2025 and September 30, 2025 was 3.40% and 3.34%, respectively. The increase in the Net Interest Margin is mainly due to lower cost of interest bearing deposits.

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

The ACL-Loans was $30.7 million as of December 31, 2025 compared to $30.0 million as of September 30, 2025. The ACL-Loans as a percentage of total loans was 1.08% as of December 31, 2025 compared to 1.10% as of September 30, 2025.

The provision for credit losses - loans was $0.7 million for the quarter ended December 31, 2025. Total nonperforming loans decreased $0.7 million to $16.3 million as of December 31, 2025, when compared to the previous quarter. Nonperforming assets as a percentage of total assets decreased to 0.49% at December 31, 2025, compared to the previous quarter's ratio of 0.56%.

------

**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** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| **ACL-Loans:** | | | | | |
| Balance at beginning of period | $29984 | $29256 | $29485 | $29007 | $27752 |
| Charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  | (67) | (1100) |
| &nbsp;&nbsp;&nbsp;Commercial business |  | (14) | (15) |  | (703) |
| &nbsp;&nbsp;&nbsp;Consumer |  | (46) | (5) | (33) | (5) |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  | (1155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs |  | (60) | (20) | (100) | (2963) |
| Recoveries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 7 | 272 |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial business | 23 | 92 | 112 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Consumer | 10 | 4 | 10 | 36 | 5 |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 40 | 368 | 122 | 40 | 9 |
| Net loan recoveries (charge-offs) | 40 | 308 | 102 | (60) | (2954) |
| Provision (credit) for credit losses - loans | 681 | 420 | (331) | 538 | 4209 |
| **Balance at end of period** | $30705 | $29984 | $29256 | $29485 | $29007 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| **Asset quality:** | | | | | |
| Nonaccrual loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate | $557 | $570 | $617 | $811 | $791 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 14445 | 14667 | 16387 | 17946 | 44814 |
| &nbsp;&nbsp;&nbsp;Commercial business | 1302 | 1729 | 6871 | 7626 | 7672 |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | 16304 | 16966 | 23875 | 26383 | 53277 |
| &nbsp;&nbsp;&nbsp;Other real estate owned |  | 1284 | 1284 |  | 8299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $16304 | $18250 | $25159 | $26383 | $61576 |
| &nbsp;&nbsp;&nbsp;Nonperforming loans as a % of total loans | 0.57% | 0.62% | 0.89% | 1.00% | 1.97% |
| &nbsp;&nbsp;&nbsp;Nonperforming assets as a % of total assets | 0.49% | 0.56% | 0.78% | 0.83% | 1.88% |
| &nbsp;&nbsp;&nbsp;ACL-loans as a % of total loans | 1.08% | 1.10% | 1.10% | 1.11% | 1.07% |
| &nbsp;&nbsp;&nbsp;ACL-loans as a % of nonperforming loans | 188.33% | 176.73% | 122.54% | 111.76% | 54.44% |
| &nbsp;&nbsp;&nbsp;Total past due loans to total loans | 0.31% | 0.76% | 0.91% | 1.08% | 1.63% |

---

------

**Financial Condition & Capital**

Assets totaled $3.4 billion at December 31, 2025, an increase of $91.4 million, or 2.8% compared to December 31, 2024. Gross loans totaled $2.8 billion at December 31, 2025, an increase of $134.2 million, or 5.0% compared to December 31, 2024. Deposits totaled $2.8 billion at December 31, 2025, an increase of $41.9 million, or 1.5% compared to December 31, 2024. Brokered deposits have decreased $146.3 million or 20.7%, when compared to December 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period End Loan Composition** | **December 31, <br>2025** | **September 30, <br>2025** | **December 31, 2024** | **<br>Current QTD% Change** | **Year over Year% Change** |
| Residential Real Estate | $33139 | $33625 | $42766 | (1.4)% | (22.5)% |
| Commercial Real Estate<sup>(1)</sup> | 1930979 | 1897896 | 1899134 | 1.7 | 1.7 |
| Construction | 153778 | 170888 | 173555 | (10.0) | (11.4) |
| &nbsp;&nbsp;&nbsp;**Total Real Estate Loans** | **2117896** | **2102409** | **2115455** | **0.7** | **0.1** |
| Commercial Business | 645321 | 552682 | 515125 | 16.8 | 25.3 |
| Consumer | 76855 | 63098 | 75308 | 21.8 | 2.1 |
| &nbsp;&nbsp;&nbsp;**Total Loans** | $**2840072** | $**2718189** | $**2705888** | **4.5%** | **5.0%** |
| (1) Includes owner occupied commercial real estate of $0.8 billion at December 31, 2025, $0.8 billion at September 30, 2025, and $0.7 billion at December 31, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at December 31, 2025, $0.8 billion at September 30, 2025, and $0.7 billion at December 31, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at December 31, 2025, $0.8 billion at September 30, 2025, and $0.7 billion at December 31, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at December 31, 2025, $0.8 billion at September 30, 2025, and $0.7 billion at December 31, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at December 31, 2025, $0.8 billion at September 30, 2025, and $0.7 billion at December 31, 2024, respectively. | (1) Includes owner occupied commercial real estate of $0.8 billion at December 31, 2025, $0.8 billion at September 30, 2025, and $0.7 billion at December 31, 2024, respectively. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period End Deposit Composition** | **December 31, <br>2025** | **September 30, <br>2025** | **December 31, 2024** | **<br>Current QTD% Change** | **Year over Year % Change** |
| Noninterest bearing demand | $403652 | $397408 | $321875 | 1.6% | 25.4% |
| NOW | 90205 | 84736 | 105090 | 6.5 | (14.2) |
| Money Market | 1007844 | 897387 | 899413 | 12.3 | 12.1 |
| Savings | 97418 | 95242 | 90220 | 2.3 | 8.0 |
| Time | 1230362 | 1282642 | 1370972 | (4.1) | (10.3) |
| &nbsp;&nbsp;&nbsp;**Total Deposits** | $**2829481** | $**2757415** | $**2787570** | **2.6%** | **1.5%** |

---

Shareholders' equity totaled $301.5 million as of December 31, 2025, an increase of $31.0 million compared to December 31, 2024, primarily a result of year to date net income of $35.2 million. The increase was partially offset by dividends paid of $6.3 million.

As of December 31, 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 12.94%, 11.87%, and 10.55%, respectively.

------

**We recommend reading this earnings release in conjunction with the Fourth Quarter 2025 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our January 29, 2026 Current Report on Form 8-K.**

**Conference Call**

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

**About Bankwell Financial Group**

Bankwell Financial Group, Inc. is the holding company for Bankwell Bank ("Bankwell"), a full-service commercial bank headquartered in New Canaan, CT. Bankwell 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 shareholders' equity, return on average assets, operating basis return on average assets, return on average shareholders' equity, operating basis 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, adjusted average equity, operating basis diluted earnings per share, operating net income, 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $214567 | $289628 | $313998 | $292006 | $293552 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 10354 | 5732 | 8466 | 12922 | 13972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 224921 | 295360 | 322464 | 304928 | 307524 |
| Investment securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Marketable equity securities, at fair value | 2248 | 2223 | 2188 | 2164 | 2118 |
| &nbsp;&nbsp;&nbsp;Available for sale investment securities, at fair value | 160409 | 96473 | 103930 | 97321 | 107428 |
| &nbsp;&nbsp;&nbsp;Held to maturity investment securities, at amortized cost | 29465 | 29538 | 36434 | 36478 | 36553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 192122 | 128234 | 142552 | 135963 | 146099 |
| Loans receivable (net of ACL-Loans of $30,705, $29,984, $29,256, $29,485, and $29,007, at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively) | 2804441 | 2684016 | 2635742 | 2611495 | 2672959 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 16143 | 15633 | 14741 | 15409 | 14535 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock, at cost | 6207 | 4951 | 5051 | 3583 | 5655 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 21582 | 22387 | 23020 | 22978 | 23856 |
| &nbsp;&nbsp;&nbsp;Bank-owned life insurance | 54207 | 53846 | 53488 | 53136 | 52791 |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | 11356 | 9027 | 9684 | 9551 | 9742 |
| &nbsp;&nbsp;&nbsp;Other real estate owned |  | 1284 | 1284 |  | 8299 |
| &nbsp;&nbsp;&nbsp;Other assets | 26291 | 26636 | 25978 | 24261 | 24427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3359859 | $3243963 | $3236593 | $3183893 | $3268476 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest bearing deposits | $403652 | $397408 | $397195 | $349525 | $321875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest bearing deposits | 2425829 | 2360007 | 2362086 | 2400920 | 2465695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2829481 | 2757415 | 2759281 | 2750445 | 2787570 |
| &nbsp;&nbsp;&nbsp;Advances from the Federal Home Loan Bank | 110000 | 75000 | 75000 | 40000 | 90000 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures | 69697 | 69636 | 69574 | 69513 | 69451 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 49192 | 49121 | 49448 | 48721 | 50935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 3058370 | 2951172 | 2953303 | 2908679 | 2997956 |
| Shareholders' equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value | 120118 | 119353 | 118698 | 118439 | 119108 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 181587 | 174008 | 165495 | 157971 | 152656 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) | (216) | (570) | (903) | (1196) | (1244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 301489 | 292791 | 283290 | 275214 | 270520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $3359859 | $3243963 | $3236593 | $3183893 | $3268476 |

---

------

**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 Year Ended** | **For the Year Ended** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **Interest and dividend income** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $46739 | $46328 | $44128 | $43475 | $42851 | $180670 | $172832 |
| &nbsp;&nbsp;&nbsp;Interest and dividends on securities | 1834 | 1410 | 1478 | 1445 | 1482 | 6167 | 5192 |
| &nbsp;&nbsp;&nbsp;Interest on cash and cash equivalents | 2037 | 2853 | 3043 | 3557 | 3510 | 11490 | 13970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 50610 | 50591 | 48649 | 48477 | 47843 | 198327 | 191994 |
| **Interest expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense on deposits | 22388 | 22585 | 23083 | 24772 | 25640 | 92828 | 101258 |
| &nbsp;&nbsp;&nbsp;Interest expense on borrowings | 1276 | 2019 | 1630 | 1639 | 2004 | 6564 | 7454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 23664 | 24604 | 24713 | 26411 | 27644 | 99392 | 108712 |
| **Net interest income** | 26946 | 25987 | 23936 | 22066 | 20199 | 98935 | 83282 |
| **Provision (credit) for credit losses** | 616 | 372 | (411) | 463 | 4458 | 1040 | 22620 |
| &nbsp;&nbsp;&nbsp;**Net interest income after provision (credit) for credit losses** | 26330 | 25615 | 24347 | 21603 | 15741 | 97895 | 60662 |
| **Noninterest income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance | 361 | 359 | 352 | 344 | 348 | 1416 | 1356 |
| &nbsp;&nbsp;&nbsp;Service charges and fees | 771 | 779 | 674 | 602 | 589 | 2826 | 1963 |
| &nbsp;&nbsp;&nbsp;Gains and fees from sales of loans | 2184 | 1372 | 1080 | 442 | 24 | 5078 | 523 |
| &nbsp;&nbsp;&nbsp;Other | 60 | (15) | (94) | 117 | 3 | 68 | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 3376 | 2495 | 2012 | 1505 | 964 | 9388 | 3718 |
| **Noninterest expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 7717 | 7995 | 7521 | 7052 | 5056 | 30285 | 23746 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 2575 | 2469 | 2505 | 2575 | 2600 | 10124 | 9494 |
| &nbsp;&nbsp;&nbsp;Professional services | 1415 | 1412 | 1632 | 1529 | 1286 | 5988 | 4482 |
| &nbsp;&nbsp;&nbsp;Data processing | 877 | 633 | 712 | 885 | 905 | 3107 | 3251 |
| &nbsp;&nbsp;&nbsp;Director fees | 337 | 333 | 333 | 348 | 342 | 1351 | 1840 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 612 | 610 | 684 | 779 | 862 | 2685 | 3350 |
| &nbsp;&nbsp;&nbsp;Marketing | 108 | 140 | 218 | 142 | 175 | 608 | 452 |
| &nbsp;&nbsp;&nbsp;Other | 1829 | 1039 | 941 | 831 | 1418 | 4640 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 15470 | 14631 | 14546 | 14141 | 12644 | 58788 | 51051 |
| **Income before income tax expense** | 14236 | 13479 | 11813 | 8967 | 4061 | 48495 | 13329 |
| **Income tax expense** | 5092 | 3401 | 2725 | 2079 | 1098 | 13297 | 3559 |
| **Net income** | $9144 | $10078 | $9088 | $6888 | $2963 | $35198 | $9770 |
| **Earnings Per Common Share:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.16 | $1.28 | $1.16 | $0.88 | $0.37 | $4.49 | $1.24 |
| &nbsp;&nbsp;&nbsp;Diluted | $1.15 | $1.27 | $1.15 | $0.87 | $0.37 | $4.45 | $1.23 |
| Weighted Average Common Shares Outstanding: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 7776740 | 7774887 | 7777469 | 7670224 | 7713970 | 7750191 | 7710076 |
| &nbsp;&nbsp;&nbsp;Diluted | 7858047 | 7844785 | 7819829 | 7740521 | 7727412 | 7826280 | 7737952 |
| Dividends per common share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.80 | $0.80 |

---

------

**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** | **December 31, <br>2025** | **September 30, <br>2025** | **June 30, <br>2025** | **March 31, <br>2025** | **December 31,<br>2024** |
| Total Equity | $301489 | $292791 | $283290 | $275214 | $270520 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Other intangibles |  |  |  |  |  |
| **Tangible Common Equity** | $**298900** | $**290202** | $**280701** | $**272625** | $**267931** |
| Total Assets | $3359859 | $3243963 | $3236593 | $3183893 | $3268476 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Other intangibles |  |  |  |  |  |
| **Tangible Assets** | $**3357270** | $**3241374** | $**3234004** | $**3181304** | $**3265887** |
| **Tangible Common Equity to Tangible Assets** | **8.90%** | **8.95%** | **8.68%** | **8.57%** | **8.20%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **Computation of Fully Diluted Tangible Book Value per Common Share** | **December 31, <br>2025** | **September 30, <br>2025** | **June 30, <br>2025** | **March 31, <br>2025** | **December 31,<br>2024** |
| Total shareholders' equity | $301489 | $292791 | $283290 | $275214 | $270520 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |  |  |  |  |
| **Common shareholders' equity** | $**301489** | $**292791** | $**283290** | $**275214** | $**270520** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 2589 | 2589 | 2589 | 2589 | 2589 |
| &nbsp;&nbsp;&nbsp;Other intangibles |  |  |  |  |  |
| **Tangible common shareholders' equity** | $**298900** | $**290202** | $**280701** | $**272625** | $**267931** |
| Common shares issued and outstanding | 7899943 | 7877443 | 7873387 | 7888013 | 7859873 |
| **Fully Diluted Tangible Book Value per Common Share** | $**37.84** | $**36.84** | $**35.65** | $**34.56** | $**34.09** |

---

------

**BANKWELL FINANCIAL GROUP, INC.**

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

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

---

| | |
|:---|:---|
| **Computation of Operating Basis Diluted EPS, Operating Basis Return on Average Assets, Operating Basis Return on Average Equity** | **For the Quarter Ended** |
| (Dollars in thousands) | **December 31,<br>2025** |
| Net Income | $9144 |
| Income tax expenses related to a Return-to-provision true-up | 855 |
| Updates to the reserve for uncertain tax positions methodology change and state-level presence | 692 |
| Operating Net Income | $10691 |
| Weighted Average Common Shares Outstanding: |  |
| &nbsp;&nbsp;&nbsp;Diluted | 7858047 |
| **Operating Diluted EPS** | $**1.36** |
| Average Assets | $3277608 |
| **Operating Basis Return on Average Assets** | **1.29%** |
| Adjusted Average Tangible Equity | $296140 |
| **Operating Basis Return on Average Tangible Shareholders' Equity** | **14.32%** |

---

------

**BANKWELL FINANCIAL GROUP, INC.**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended December 31,** | **For the Quarter Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **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 | $9144 | $2963 | $35198 | $9770 |
| Dividends to participating securities<sup>(1)</sup> | 27 | (38) | 106 | (156) |
| Undistributed earnings allocated to participating securities<sup>(1)</sup> | (127) | (34) | (514) | (87) |
| **Net income for earnings per share calculation** | 9044 | 2891 | 34790 | 9527 |
| Weighted average shares outstanding, basic | 7776740 | 7713970 | 7750191 | 7710076 |
| Effect of dilutive equity-based awards<sup>(2)</sup> | 81307 | 13442 | 76089 | 27876 |
| **Weighted average shares outstanding, diluted** | 7858047 | 7727412 | 7826280 | 7737952 |
| Net earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per common share | $1.16 | $0.37 | $4.49 | $1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | $1.15 | $0.37 | $4.45 | $1.23 |

---

(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** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 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 | $233348 | $2037 | 3.46% | $313777 | $3510 | 4.45% |
| Securities<sup>(1)</sup> | 185111 | 1834 | 3.96 | 151300 | 1506 | 3.98 |
| Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1904755 | 30454 | 6.26 | 1896551 | 28222 | 5.82 |
| &nbsp;&nbsp;&nbsp;Residential real estate | 33675 | 485 | 5.76 | 44329 | 753 | 6.79 |
| &nbsp;&nbsp;&nbsp;Construction | 181202 | 3468 | 7.49 | 171244 | 3281 | 7.50 |
| &nbsp;&nbsp;&nbsp;Commercial business | 578924 | 11364 | 7.68 | 505655 | 9911 | 7.67 |
| &nbsp;&nbsp;&nbsp;Consumer | 63762 | 968 | 6.02 | 43315 | 684 | 6.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 2762318 | 46739 | 6.63 | 2661094 | 42851 | 6.30 |
| Federal Home Loan Bank stock | 3453 | 113 | 12.93 | 5655 | 119 | 8.36 |
| &nbsp;&nbsp;&nbsp;Total earning assets | 3184230 | $50723 | 6.23% | 3131826 | $47986 | 6.00% |
| Other assets | 93378 |  |  | 94781 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $3277608 |  |  | $3226607 |  |  |
| Liabilities and shareholders' equity: |  |  |  |  |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NOW | $95035 | $62 | 0.26% | $90497 | $42 | 0.18% |
| &nbsp;&nbsp;&nbsp;Money market | 957209 | 8571 | 3.55 | 855522 | 8472 | 3.94 |
| &nbsp;&nbsp;&nbsp;Savings | 96566 | 703 | 2.89 | 88956 | 692 | 3.10 |
| &nbsp;&nbsp;&nbsp;Time | 1263108 | 13052 | 4.10 | 1385264 | 16434 | 4.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing deposits | 2411918 | 22388 | 3.68 | 2420239 | 25640 | 4.21 |
| Borrowed Money | 110961 | 1275 | 4.56 | 159416 | 2004 | 5.00 |
| &nbsp;&nbsp;&nbsp;Total interest bearing liabilities | 2522879 | $23663 | 3.72% | 2579655 | $27644 | 4.27% |
| Noninterest bearing deposits | 404600 |  |  | 322135 |  |  |
| Other liabilities | 52812 |  |  | 54013 |  |  |
| Total liabilities | 2980291 |  |  | 2955803 |  |  |
| Shareholders' equity | 297317 |  |  | 270804 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3277608 |  |  | $3226607 |  |  |
| &nbsp;&nbsp;Net interest income<sup>(2)</sup> |  | $27060 |  |  | $20342 |  |
| Interest rate spread |  |  | 2.51% |  |  | 1.73% |
| Net Interest Margin<sup>(3)</sup> |  |  | 3.40% |  |  | 2.60% |

---

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

(2)The adjustment for securities and loans taxable equivalency amounted to $114 thousand and $143 thousand for the quarters ended December 31, 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.

------

**BANKWELL FINANCIAL GROUP, INC.**

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

**(Dollars in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 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 | $288987 | $11490 | 3.98% | $283353 | $13970 | 4.93% |
| Securities<sup>(1)</sup> | 157033 | 6309 | 4.02 | 142744 | 5098 | 3.57 |
| Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1849502 | 115827 | 6.18 | 1905973 | 112804 | 5.82 |
| &nbsp;&nbsp;&nbsp;Residential real estate | 36788 | 2223 | 6.04 | 47767 | 2978 | 6.23 |
| &nbsp;&nbsp;&nbsp;Construction | 182440 | 14322 | 7.74 | 162180 | 12197 | 7.40 |
| &nbsp;&nbsp;&nbsp;Commercial business | 554862 | 44205 | 7.86 | 514800 | 42006 | 8.03 |
| &nbsp;&nbsp;&nbsp;Consumer | 70186 | 4092 | 5.83 | 41869 | 2847 | 6.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 2693778 | 180669 | 6.62 | 2672589 | 172832 | 6.36 |
| Federal Home Loan Bank stock | 5000 | 398 | 7.95 | 5666 | 477 | 8.41 |
| &nbsp;&nbsp;&nbsp;Total earning assets | 3144798 | $198866 | 6.24% | 3104352 | $192377 | 6.09% |
| Other assets | 92684 |  |  | 92885 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $3237482 |  |  | $3197237 |  |  |
| Liabilities and shareholders' equity: |  |  |  |  |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NOW | $100341 | $374 | 0.37% | $96091 | $175 | 0.18% |
| &nbsp;&nbsp;&nbsp;Money market | 908304 | 34149 | 3.76 | 851283 | 34767 | 4.08 |
| &nbsp;&nbsp;&nbsp;Savings | 92637 | 2728 | 2.95 | 90587 | 2785 | 3.07 |
| &nbsp;&nbsp;&nbsp;Time | 1291785 | 55577 | 4.30 | 1335680 | 63531 | 4.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing deposits | 2393067 | 92828 | 3.88 | 2373641 | 101258 | 4.27 |
| Borrowed Money | 138305 | 6564 | 4.75 | 159320 | 7454 | 4.68 |
| &nbsp;&nbsp;&nbsp;Total interest bearing liabilities | 2531372 | $99392 | 3.93% | 2532961 | $108712 | 4.29% |
| Noninterest bearing deposits | 368777 |  |  | 332611 |  |  |
| Other liabilities | 51722 |  |  | 60464 |  |  |
| Total liabilities | 2951871 |  |  | 2926036 |  |  |
| Shareholders' equity | 285611 |  |  | 271201 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3237482 |  |  | $3197237 |  |  |
| &nbsp;&nbsp;Net interest income<sup>(2)</sup> |  | $99474 |  |  | $83665 |  |
| Interest rate spread |  |  | 2.31% |  |  | 1.80% |
| Net Interest Margin<sup>(3)</sup> |  |  | 3.16% |  |  | 2.70% |

---

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

(2)The adjustment for securities and loans taxable equivalency amounted to $539 thousand and $383 thousand for the year ended December 31, 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

![](a4q2025bwfginvestorprese001.jpg)

January 29, 2026 Fourth Quarter 2025 BWFG Investor Presentation

------

![](a4q2025bwfginvestorprese002.jpg)

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

------

![](a4q2025bwfginvestorprese003.jpg)

Fourth Quarter 2025 Highlights 3 1.80% PPNR1 Return on Average Assets; + 10 bp growth to LQ; 1.11% Return on Average Assets, or 1.29%1 on an operating basis Non-interest income growth of $0.9 million to LQ driven by $2.2 million gains realized on SBA Loan sales $122 million net loan growth on $240 million of funded originations, bringing annual loan growth to 5.0% Average low cost deposits2 increased $22 million to LQ; Total deposit cost of 3.15%, down 15 bp to LQ 3.40% reported Net Interest Margin, +6 bps LQ expansion on reduced deposit costs 0.49% NPAs / Total Assets ratio; NPA balance declined $1.9 million to LQ 1 A non-GAAP metric. See the Appendix and BWFG's 4Q25 Earnings Release, "Non-GAAP Financial Measures" section for additional detail 2 Low cost deposits include non-interest bearing deposits as well as NOW accounts with deposit rates 50 basis points or less

------

![](a4q2025bwfginvestorprese004.jpg)

Fourth Quarter Financial Summary 4 EPS PPNR Loans Deposits Capital • PPNR1 of $14.9 million, or $1.89 per share, increased 7.2% LQ • Net interest income of $26.9 million benefitted from 15 bps LQ deposit cost reduction • Non-interest income rose 35% LQ driven by $2.2 million of SBA sales gains in the quarter • Loan balances increased $122 million LQ, on ~$240 million funded originations, including $24 million SBA loans • Provision for credit losses of $0.6 million, with $40 thousand of net recoveries • Deposit costs of 3.15% improved 15 bps LQ; December 2025 'exit' rate of 3.08% • $22 million growth in average low cost deposits to LQ; $86 million from PYQ • Reduced brokered deposits $50 million to LQ; $146 million reduction year-to-date • Loan to deposit ratio remains stable at 99.6% • Tangible book value of $37.84, up $1.00 versus LQ and up $3.75 versus PYQ • Reported Return on average tangible common equity of 12.31%, or 14.32%1 on an operating basis • Consolidated CET1 ratio of 10.23%2; Bank Total Capital ratio of 12.94%2 1 A non-GAAP metric. See the Appendix and BWFG's 4Q25 Earnings Release, "Non-GAAP Financial Measures" section for additional detail 2 Estimates, pending FRY9C & FDIC call report filings. • Fully diluted EPS of $1.15, or $1.361 on an operating basis • Reported earnings include $1.5 million one-time adjustment to the income tax provision associated with various states' tax filings and changes in estimated tax positions as it relates to the Company's expanded state-level footprint • Operating performance driven by improving net interest margin and increased non- interest income

------

![](a4q2025bwfginvestorprese005.jpg)

Fourth Quarter 2025 Reported Results 5 Bankwell Financial Group, Inc. ($ in millions, except per share data) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Net Interest Income $26.9 $26.0 $23.9 $22.1 $20.2 $20.7 $21.2 $21.1 $22.2 Provision (Credit) for Credit Losses 0.6 0.4 (0.4) 0.5 4.5 6.3 8.2 3.7 (1.0) Total Noninterest Income 3.4 2.5 2.0 1.5 1.0 1.2 0.7 0.9 1.1 Total Revenue 30.3 28.5 25.9 23.6 21.2 21.9 21.9 22.1 23.4 Total Noninterest Expenses 15.5 14.6 14.5 14.1 12.6 12.9 12.2 13.3 12.9 Income before Taxes 14.2 13.5 11.8 9.0 4.1 2.7 1.5 5.1 11.5 Net Income 9.1 10.1 9.1 6.9 3.0 1.9 1.1 3.8 8.5 Diluted Earnings Per Share 1.15 1.27 1.15 0.87 0.37 0.24 0.14 0.48 1.09 Total Assets 3,359.9 3,244.0 3,236.6 3,183.9 3,268.6 3,161.1 3,141.7 3,155.3 3,215.5 Gross Loans Receivable (ex. HFS) 2,835.1 2,714.0 2,665.0 2,641.0 2,702.0 2,619.3 2,652.8 2,674.7 2,713.2 Allowance for Credit Losses on Loans & Leases (30.7) (30.0) (29.3) (29.5) (29.0) (27.8) (36.1) (28.0) (27.9) All Other Assets 555.4 559.9 600.9 572.4 595.5 569.5 525.0 508.6 530.2 Total Liabilities 3,058.4 2,951.2 2,953.3 2,908.7 2,998.0 2,893.2 2,874.7 2,887.2 2,949.7 Total Deposits 2,829.5 2,757.4 2,759.3 2,750.4 2,787.6 2,688.2 2,662.4 2,673.5 2,736.8 Borrowings 179.7 144.6 144.6 109.5 159.5 159.4 159.3 159.3 159.2 Other Liabilities 49.2 49.1 49.4 48.7 50.9 45.6 53.0 54.5 53.8 Total Shareholders' Equity 301.5 292.8 283.3 275.2 270.5 267.9 267.0 268.0 265.8 Net Interest Margin 3.40% 3.34% 3.10% 2.81% 2.60% 2.72% 2.75% 2.71% 2.81% PPNR ROAA1 1.80% 1.70% 1.43% 1.18% 1.05% 1.13% 1.22% 1.10% 1.27% Effective Tax Rate 36%2 25% 23% 23% 27% 29% 24% 26% 26% Noninterest Expense to Average Assets 1.87% 1.80% 1.83% 1.76% 1.56% 1.62% 1.55% 1.66% 1.56% 1 A non-GAAP metric. See the Appendix and BWFG's 4Q25 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 4Q25 Earnings Release, "Non-GAAP Financial Measures" section for additional detail

------

![](a4q2025bwfginvestorprese006.jpg)

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 • $1,996 million total insured deposits includes: ‒ $1,918 million FDIC-insured deposits ‒ $79 million deposits secured by FHLB LOCs (municipal deposits) • 11.6% Primary Liquidity on balance sheet • Stable insured deposit base • 8.90% TCE ratio • Additional 4Q25 ratios: ‒ 344% CRE Concentration Ratio ‒ 49% 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 $1,232 $226 $164 $1,622 $833 Liquidity Uninsured Deposits 1.9X Liquidity Coverage 11.87% 12.94% 10.55%10.23% 13.70% 9.10% CET1 / RWA TRBC / RWA Leverage Bank Consolidated

------

![](a4q2025bwfginvestorprese007.jpg)

Strong Loan Originations 7 • 2025 funded originations exceed the prior two years' total originations • December 31, 2025 ending loan balance of $2,840 up $134 million from year-end 2024, representing 5% growth • Payoffs in the fourth quarter were ~$46 million lower than the prior quarter 4Q 1Q-3Q Payoffs $240 $308 $603 Dollars in millions $222 $176 $518$69 $152 $240 $291 $328 $758 2023 2024 2025 New Originations Funding

------

![](a4q2025bwfginvestorprese008.jpg)

$2,329 $2,360 $2,266 $2,237 $2,318 $413 $434 $458 $477 $499 $2,742 $2,793 $2,724 $2,714 $2,817 0.02 0.025 0.03 0.035 0.04 0.045 0.05 0.055 $200 $700 $1,200 $1,700 $2,200 $2,700 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly Averages Interest Bearing Deposits Low Cost Deposits • Average low cost deposits grew 5% sequentially and achieved 21% growth compared to the same quarter last year • Since 4Q24, Bankwell has retired $146 million in brokered deposits and lowered deposit costs by 57 basis points Favorable Deposit Trends Dollars in millions 8 Low cost deposits include non-interest bearing deposits as well as NOW accounts with deposit rates 50 basis points or less

------

![](a4q2025bwfginvestorprese009.jpg)

Deposit Pricing Performance Recent Deposit Betas NIM Total Deposit Cost IB Deposit Cost Funding Cost & NIM Trends 4.21% 4.08% 3.90% 3.84% 3.68%3.72% 3.60% 3.40% 3.30% 3.15% 2.60% 2.81% 3.10% 3.34% 3.40% -0.05% 0.45% 0.95% 1.45% 1.95% 2.45% 2.95% 3.45% 4Q24 1Q25 2Q25 3Q25 4Q25 9 73% 45% 65% 48% Rising Rate 4Q21-3Q24 Falling Rate 3Q24-4Q25 Interest Bearing Deposits Total Deposits • 4Q25 Total Deposit cost of 3.15% down 15 basis points from prior quarter's 3.30% • The decrease in deposit costs was driven primarily by a 69 basis point favorable repricing of $1.2 billion in time deposits throughout 2025 • Bankwell's actions in response to the Fed's 75 basis points of rate cuts since September included: ‒ 25 basis point reduction to standard rates on non-maturity products (~$330 million) ‒ 50 basis point reduction to offered time deposit rates ‒ 75 basis point reduction on ~$250 million indexed to Fed Funds ‒ 20 basis point average reduction on 'relationship' pricing (~$350 million) • December 2025 deposit 'exit rate' of 3.08%

------

![](a4q2025bwfginvestorprese010.jpg)

Balance Sheet Repricing 10 Maturity Quarter Balance Maturity Rates Current Rates V 1Q26 $351 4.19% 3.78% -0.41% 2Q26 $400 4.11% 3.77% -0.34% 3Q26 $228 4.16% 3.78% -0.38% 4Q26 $221 3.91% 3.79% -0.12% Total $1,200 4.11% 3.79% -0.32% Dollars in millions Time Deposit Maturities Deposits • In 2025, repriced ~$1.2 billion of time deposits 69 basis points lower; annualized benefit of ~$8.2 million • $1.2 billion time deposits maturing in the next 12 months; current pricing indicates ~32 basis point favorability; annualized benefit of ~$3.8 million, or ~12 basis points of NIM • $1.1 billion interest bearing non-maturity deposits Loans • In 2025, new loan rates average 7.29%1 on ~$0.8 billion funded, replacing ~$0.7 billion runoff at average rate of ~6.50% • $1.1 billion floating rate loans; additional $0.2 billion to reprice in the next 12 months • ~$0.5 billion fixed-rate loans maturing at an average rate of ~6.10% in the next 12 months Loan Repricing Time Horizon 1 New loan rates are the 'spot' values as of December 31st, 2025 Fixed 55% ≤ 3 Months 39% 3 - 12 months 2%> 12 Months 5%

------

![](a4q2025bwfginvestorprese011.jpg)

$1,046 $1,224 $1,228 $1,175 $1,129 $310 $697 $720 $724 $802$351 $522 $501 $516 $647 $98 $155 $183 $174 $154 $89 $77 $87 $118 $108 $1,895 $2,675 $2,719 $2,706 454% 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 4Q25 Loan Balances CRE Investor CRE Owner Occupied C&I Construction Residential / Other CRE Concentration 11 Expanding Loan Diversity $2,840 Dollars in millions

------

![](a4q2025bwfginvestorprese012.jpg)

$29.0 $29.5 $29.3 $30.0 $30.7 1.07% 1.11% 1.10% 1.10% 1.08% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $10 $15 $20 $25 $30 4Q24 1Q25 2Q25 3Q25 4Q25 Allowance for Credit Losses (ACL) Allowance for credit losses ACL / Loans Dollars in millions $3.0 $0.1 ($0.1) ($0.3) ($0.0) 4Q24 1Q25 2Q25 3Q25 4Q25 Net Charge Offs (Recoveries) 4Q24 1Q25 2Q25 3Q25 4Q25 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-5 "Pass" $2,557 94.5% $2,453 92.8% $2,523 94.5% $2,609 96.0% $2,711 95.5% 6 "Special Mention" $93 3.4% $163 6.2% $120 4.5% $90 3.3% $801 2.8% 7 "Substandard" $54 2.0% $27 1.0% $26 1.0% $19 0.7% $482 1.7% 8 "Doubtful" $1 0.1% $1 0.1% $0 0.0% $0 0.0% $0 0.0% Total Gross Loans $2,706 $2,645 $2,669 $2,718 $2,840 Non-performing Loans $53.3 $26.4 $23.9 $17.0 $16.3 % of Total Loans 1.97% 1.00% 0.89% 0.62% 0.57% Non-performing Assets $61.6 $26.4 $25.2 $18.2 $16.3 % of Total Assets 1.88% 0.83% 0.78% 0.56% 0.49% 1 100% of Risk Rated 6 loans are current on payments, 99.3% are guaranteed by ultra-high net worth sponsors. 2 $32.2 million Risk Rated 7 loans are performing loans. 12 Credit Trends

------

![](a4q2025bwfginvestorprese013.jpg)

Efficiency Gains Supported by Diversified Revenue Streams 13 56.4% 59.9% 56.1% 51.4% 50.8% 4.6% 6.4% 7.8% 8.8% 11.4% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly Trends Efficiency ratio Noninterest Income / Total Revenue • Revenue growth outpacing expense trends, generating positive operating leverage • Growth in noninterest income contributing to favorable efficiency ratio trend in 2025

------

![](a4q2025bwfginvestorprese014.jpg)

Questions? 14

------

![](a4q2025bwfginvestorprese015.jpg)

Appendix 15

------

![](a4q2025bwfginvestorprese016.jpg)

Loan Portfolio Composition 16 Dollars in millions Total Loan Portfolio = $2,840 million • Favorable long-term trends in Investor CRE:Residential 1.2% C&I 22.8% CRE Owner Occupied 28.2% CRE Investor 39.8% Commercial Const. 5.4% Other 2.6% 55.2% 45.8% 45.2% 43.4% 39.8% 34.9% 45.5% 44.9% 45.8% 51.0% 4Q21 4Q22 4Q23 4Q24 4Q25 CRE Investor CRE O/O + C&I

------

![](a4q2025bwfginvestorprese017.jpg)

5.45% Pre 2021 4.86% 2021 6.30% 2022 7.24% 2023 7.06% 2024 7.30% 2025 Favorable Loan Yield Growth Loan portfolio yields increased 211 bps since 2021 1 December 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 12-31-2025, an "exit" rate 81% of balances are 2021-2025 vintages Year Maturity Rate Reset Total Weighted Yield % Total Loans 2026 $544 $55 $600 5.93% 21% 2027 $333 $33 $366 5.22% 13% 2028 $168 $25 $192 6.33% 7% 2029+ $509 $66 $575 5.80% 20% Total $1,554 $179 $1,733 5.78% Loan Maturities & Contractual Repricing Excluding floating rate loans Dollars in millions 17 $1,895 $2,675 $2,719 $2,706 $2,840 4.30% 5.56% 5.99% 6.09% 6.41% 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 4Q25 Loan Balance Portfolio Loan Yield

------

![](a4q2025bwfginvestorprese018.jpg)

Total CRE Portfolio = $1,931 million • 59% Non-Owner Occupied • 63% weighted average LTV2 • 73% of loan balances have recourse Loans Maturing or Repricing in 2026 – 2027: Property Type Investor Owner Occupied Total Residential Care $30 $191 $221 Retail $129 $4 $132 Office $94 $13 $108 Multifamily $86 -- $86 All Other $227 $28 $255 Total $567 $235 $802 Excluding floating rate loans 1 Includes Owner Occupied CRE, does not include Construction 2 LTVs based on original LTV values, at origination 18 Residential Care 41% Retail 15% MultiFamily 14% Office 8% Industrial Warehouse 7% Mixed Use 6% Medical Office 4% Other 3% Special Use 2% By Property Type CT 24% NY 23% NJ 4% FL 15% TX 6% OH 6% PA 5% All Oth 17% By Geography CRE Loan Portfolio1 Dollars in millions

------

![](a4q2025bwfginvestorprese019.jpg)

Select CRE Sectors1 1Includes Owner Occupied CRE CRE Office : $163 million exposure 6% of total loan portfolio Geography • 44 loans with $3.7 million average balance • 63% 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 $87 15 2027 $27 11 2028 $1 2 2029+ $47 16 Total $163 44 Dollars in millions CRE Multifamily : $268 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 $39.0 5 78.3% Manhattan $5.9 2 11.9% Queens $4.9 1 9.8% Total $49.8 8 100% 19 CT - Fairfield County $50.8 CT - New Haven County $94.7 CT - All Other $21.7 NY - NYC $49.8 NY - Rockland County $22.4 PA $21.3 NJ $7.0 CT - Fairfield County $52.1 CT - All Other $3.4 NY - Westchester County $10.0 NY - NYC $8.4 NJ $28.9 TX $28.1 MS $17.5 GA $12.5 FL $2.2

------

![](a4q2025bwfginvestorprese020.jpg)

1 Does not Include Owner Occupied CRE C&I Loan Portfolio1 20 By Industry Type • 100% of C&I portfolio has recourse • 96% 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 = $645 million Health Care & Social Assistance 37% Insurance (Primarily Brokers) 20% Finance 15% Real Estate and Rental/Leasing 10% Other 8% Admin & Support, Waste Mgmt, Remediation Svcs 4% Retail Trade 2% Manufacturing 2% Arts, Entertainment & Recreation 2%

------

![](a4q2025bwfginvestorprese021.jpg)

Healthcare Portfolio Composition CRE Skilled Nursing Facility By State 1 Includes Physicians and Social/Family Services 21 Combined Healthcare Dollars in millions FL 32% OH 14%NY 11% TX 9% AL 5% PA 4% NC 4% VA 3% All Other 19% $1,001 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 Skilled Nursing Facilities 80% Assisted Living 8% Recovery 6% Other 6% 1

------

![](a4q2025bwfginvestorprese022.jpg)

$1,774 $1,785 $2,083 $2,271 $1,027 $952 $705 $559 $2,801 $2,737 $2,788 $2,829 - $500 $1,000 $1,500 $2,000 $2,500 $3,000 4Q22 4Q23 4Q24 4Q25 Non-Brokered Brokered Reduced Reliance on Brokered Deposits Reduced Reliance on Brokered Deposits Dollars in millions Brokered deposit balances decreased $146 million in 2025 $468 million reduction from peak 22

------

![](a4q2025bwfginvestorprese023.jpg)

Reconciliation of non-GAAP Metrics As of Computation of Fully Diluted Tangible Book Value per Common Share December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total shareholders' equity $301,489 $292,791 $283,290 $275,214 $270,520 Less: Preferred stock -- -- -- -- -- Common shareholders' equity $301,489 $292,791 $283,290 $275,214 $270,520 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible common shareholders' equity $298,900 $290,202 $280,701 $272,625 $267,931 Common shares issued and outstanding 7,899,943 7,877,443 7,873,387 7,888,013 7,859,873 Fully Diluted Tangible Book Value per Common Share $37.84 $36.84 $35.65 $34.56 $34.09 Dollars in thousands 23 As of Computation of Tangible Common Equity to Tangible Assets December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total Equity $301,489 $292,791 $283,290 $275,214 $270,520 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible Common Equity $298,900 $290,202 $280,701 $272,625 $267,931 Total Assets $3,359,859 $3,243,963 $3,236,593 $3,183,893 $3,268,476 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles -- -- -- -- -- Tangible Assets $3,357,270 $3,241,374 $3,234,004 $3,181,304 $3,265,887 Tangible Common Equity to Tangible Assets 8.90 % 8.95 % 8.68 % 8.57 % 8.20 %

------

![](a4q2025bwfginvestorprese024.jpg)

Reconciliation of non-GAAP Metrics For the Quarter Ended Pre Provision Net Revenue (PPNR) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net interest income $26,946 $25,987 $23,936 $22,066 $20,199 Total noninterest income 3,376 2,495 2,012 1,505 964 Total revenues 30,322 28,482 25,948 23,571 21,163 Less Total noninterest expense 15,470 14,631 14,546 14,141 12,644 PPNR $14,852 $13,851 $11,402 $9,430 $8,519 Dollars in thousands For the Quarter Ended Computation of Operating Basis Diluted EPS, Operating Basis Return on Average Assets, Operating Basis Return on Average Equity December 31, 2025 Net Income $9,144 Income tax expenses related to a Return-to-provision true-up 855 Updates to the reserve for uncertain tax positions methodology change and state-level presence 692 Operating Net Income $10,691 Weighted Average Common Shares Outstanding: Diluted 7,858,047 Operating Diluted EPS $1.36 Average Assets $3,277,608 Operating Basis Return on Average Assets 1.29 % Adjusted Average Tangible Equity $296,140 Operating Basis Return on Average Equity 14.32 % 24

------

![](a4q2025bwfginvestorprese025.jpg)

Bankwell Financial Group (Nasdaq: BWFG) 25 $3.4B Total Assets $2.8B Loans $0.30B Equity $2.8B Deposits 54.1% Total Year Efficiency Ratio ~170 Employees 8.90% TCE Ratio 10.23% Consolidated CET1 Ratio C&I & CREOO 51% CRE Inv 40% All Other 9% Loans Core 69% Time > $250k 9% Brokered 22% Deposits 1 1 Estimate, pending FRY9C filing.

------

![](a4q2025bwfginvestorprese026.jpg)

------