Bankwell Financial Group, Inc. · NASDAQ:BWFG
Bankwell Financial — Q2 2026 Earnings Presentation
25 slides from Bankwell Financial's earnings presentation, Jul 23, 2026
Slide 1: Second Quarter 2026 BWFG Investor Presentation
Second Quarter 2026 BWFG Investor Presentation July 23, 2026
Slide 2: Forward Looking Statement
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
Slide 3: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights Key Highlights Key Performance Metrics • $128 million increase in core deposits vs. LQ, including $72 million in Noninterest bearing & Net Income $12.4 million NOW deposits • $93 million increase in loans vs. LQ, on ~$326 Diluted Earnings Per million of originations ($
Slide 4: Second Quarter 2026 Reported Results
Second Quarter 2026 Reported Results Bankwell Financial Group, Inc. ($ in millions, except per share data) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net Interest Income $ 29.5 $ 26.9 $ 26.9 $ 26.0 $ 23.9 $ 22.1 $ 20.2 $ 20.7 $ 21.2 Provision (Credit) for Credit Losses 1
Slide 5: Maintaining Our Strong Balance Sheet
Maintaining Our Strong Balance Sheet Dollars in millions 1.7X Liquidity Coverage $1,858 Unencumbered $177 Ample Liquidity Securities Unencumbered $200 Cash • $1,911 million total insured deposits includes: $1,089 ‒ $1,831 million FDIC-insured deposits $1,481 ‒ $80 million deposits secured by FHLB LO
Slide 6: Strong Loan Originations
Strong Loan Originations Dollars in millions 1,000 Total Funding Total Runoff 140 • 2025 net loan growth of $134 million was achieved 800 $134 Net Loan Growth $120 despite record runoff of ~$0.7 billion, reflecting a 600 $871 90 healthy recycling of the book into higher-yielding $490 400 $421 $423 c
Slide 7: Favorable Deposit Trends
Favorable Deposit Trends Dollars in millions Ending Balances Core Deposits 1 Non Core Deposits $3,001 $2,829 $2,885 $2,759 $2,757 24% • Core deposits grew $128 million, or 6%, 26% $732 28% 31% 31% $801 $744 sequentially and $356 million, or 19%, $846 $849 year-over-year • Noninterest bearing (NIB) a
Slide 8: Net Interest Margin Expansion
Net Interest Margin Expansion Dollars in millions 4.00% NIM 3.58% 3.50% Favorable Trends 3.34% 3.40% 3.28% 3.10% 3.00% • 2026 loan origination yields ~55 basis points favorable to 2.50% runoff Loan 6.71% 6.63% 6.66% 6.58% 6.56% Yield 2.00% • Deposit costs trending lower on time deposits repricing 1.
Slide 9: Reduced Exposure to Short Term Rates
Reduced Exposure to Short Term Rates Loan Sensitivity Adjustable Adjustable 7% 8% • ~$1.3 billion, or ~43%, of loans now floating rate, providing balanced sensitivity across a range of rate Fixed Fixed scenarios Float Float 68% 50% 43% 23% • Time deposits declining as a share of funding, reducing re
Slide 10: Loan Portfolio Diversification
Loan Portfolio Diversification June 30, 2026 Loan Portfolio Positive Long Term Trends $2,960 million Other CRE Investor CRE O/O + C&I CRE Concentration Commercial 2.4% Residential 100% Const. 1.0% 5.2% 500% 90% 45.5% 44.9% 45.8% 51.0% 52.4% 80% 450% C&I 70% 24.2% 425% 60% 397% 400% 50% 375% CRE Inve
Slide 11: Credit Trends
Credit Trends Dollars in millions 2Q25 3Q25 4Q25 1Q26 2Q26 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-5 “Pass” $2,523 94.5% $2,609 96.0% $2,711 95.5% $2,724 95.0% $2,846 96.2% 6 “Special Mention” $120 4.5% $90 3.3% $80 2.8% $98 3.4% $67 1 2.3% 7 “Substandard” $26 1.0% $19 0.7% $
Slide 12: Building Non-interest Income
Building Non-interest Income Dollars in millions SBA activity diversifying and strengthening the non-interest income base $4.0 Non-interest Income Quarterly Trends $4.0 $3.4 $3.3 $3.5 $3.3 $3.5 $3.0 $3.0 $2.5 $2.5 $2.5 $2.0 $2.4 $2.4 $2.0 $2.2 $2.0 $1.5 $1.5 $1.4 $1.0 $1.1 $1.0 SBA Gain on Sale Inco
Slide 13: Efficient Operating Model
Efficient Operating Model Dollars in millions Total Assets Per Employee Bankwell Peer Median1 Bankwell’s Efficiency Ratio 56.1% 51.4% 50.8% 55.8% 47.5% • Assets per employee remain well above peer levels, reflecting $20.2 $20.0 $20.1 $19.1 $19.2 meaningful scale relative to current staffing • 47.5%
Slide 14: Questions?
Questions? <5 Bankwell 14
Slide 15: Appendix
Appendix Bankwell
Slide 16: Loan Portfolio Overview
Loan Portfolio Overview Dollars in millions June 2026 Yields1 by Vintage June 2026 Balances By Rate Structure Adjustable 7% 7.32% 7.16% 2025 2026 7.00% Fixed 2024 Float 50% 5.28% 43% 7.24% Pre 2022 2023 6.26% 2022 Loan Maturities & Contractual Repricing Excluding floating rate loans Total Loan Portf
Slide 17: CRE Loan Portfolio
CRE Loan Portfolio1 Dollars in millions By Property Type Special Use Other 2% Total CRE Portfolio = $1,990 million 3% Residential Medical Office Care • 58% Non-Owner Occupied 4% 40% Mixed Use 6% • 63% weighted average LTV2 Industrial • 76% of loan balances have recourse Warehouse 6% Office Retail 7%
Slide 18: Select CRE Sectors
Select CRE Sectors Dollars in millions 1 CRE Office : $137 million exposure 5% of total loan portfolio • 42 loans with $3.3 million average balance • 69% located in Bankwell’s primary market Geography • Out of primary market loans are generally either GSA-leased, credit tenants, FL or owner-occupied
Slide 19: C&I Loan Portfolio
C&I Loan Portfolio 1 Total C&I Portfolio = $716 million By Industry Type Manufacturing Retail Trade 2% Arts, Entertainment & 2% Recreation • 97% of C&I portfolio has recourse Admin & Support, Waste 2% Mgmt, Remediation Svcs 2% • 100% of Healthcare loans have recourse Other 9% − Primarily consists of
Slide 20: Combined Healthcare
Combined Healthcare Dollars in millions $1,085 million combined Healthcare portfolio CRE Skilled Nursing Facility By State • Consists primarily of skilled nursing facilities located across All Other the US VA 18% FL 3% 34% • Healthcare lending team has more than 20 years of industry IN 3% experience
Slide 21: Lower Brokered Deposit Dependence
Lower Brokered Deposit Dependence Reduced Reliance on Dollars in millions Brokered deposit balances reduced $520 million from peak $3,001 $2,801 $2,788 $2,829 $3,000 $2,737 $507 $559 $2,500 $705 $1,027 $952 $2,000 $1,500 $2,494 $2,270 $2,083 $1,000 $1,774 $1,785 $500 - 2022 2023 2024 2025 2Q26 Non-B
Slide 22: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics Dollars in thousands As of Computation of Fully Diluted Tangible Book Value per June 30, March 31, December 31, September 30, June 30, Common Share 2026 2026 2025 2025 2025 Total shareholders' equity $ 323,500 $ 311,866 $ 301,489 $ 292,791 $ 283,290 Less: Preferred
Slide 23: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics Dollars in thousands For the Quarter Ended June 30, March 31, December 31, September 30, June 30, Pre Provision Net Revenue (PPNR) 2026 2026 2025 2025 2025 Net interest income $ 29,503 $ 26,886 $ 26,946 $ 25,987 $ 23,936 Total noninterest income 3,280 3,343 3,376 2
Slide 24: Bankwell Financial Group (Nasdaq: BWFG)
Bankwell Financial Group (Nasdaq: BWFG) Current Footprint At A Glance (as of June 30, 2026) $3.5B $3.0B Total Assets Loans $0.32B $3.0B Equity Deposits 51.4% ~181 Year-to-Date Employees Efficiency Ratio 1 9.24% 10.58% TCE Ratio Consolidated CET1 Ratio 1 Estimate, pending FRY9C filing. 24
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Bankwell Financial Group — Q2 2026 Earnings Presentation on 6ix