Bankwell Financial Group, Inc. · NASDAQ:BWFG
Bankwell Financial — Q1 2026 Earnings Presentation
24 slides from Bankwell Financial's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 BWFG Investor Presentation
First Quarter 2026 BWFG Investor Presentation April 22, 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: First Quarter 2026 Highlights
First Quarter 2026 Highlights Key Highlights Key Performance Metrics • $113 million increase in core deposits to LQ, with $39 million from low-cost deposits Net Income $11.3 million • $45 million reduction in brokered deposits to LQ; $512 million reduction from peak at 4Q22 Diluted Earnings Per • $2
Slide 4: First Quarter 2026 Reported Results
First Quarter 2026 Reported Results Bankwell Financial Group, Inc. ($ in millions, except per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net Interest Income $ 26.9 $ 26.9 $ 26.0 $ 23.9 $ 22.1 $ 20.2 $ 20.7 $ 21.2 $ 21.1 Provision (Credit) for Credit Losses (1
Slide 5: Maintaining Our Strong Balance Sheet
Maintaining Our Strong Balance Sheet Dollars in millions 1.7X Liquidity Coverage $1,643 Unencumbered $160 Ample Liquidity Securities Unencumbered $216 Cash • $1,932 million total insured deposits includes: $953 ‒ $1,852 million FDIC-insured deposits ‒ $80 million deposits secured by FHLB LOCs $1,268
Slide 6: Favorable Deposit Trends
Favorable Deposit Trends Dollars in millions Ending Balances Core Deposits 1 Non Core Deposits $2,885 • Core deposits grew 6%, or $113 million, $2,829 $2,750 $2,759 $2,757 sequentially and achieved 12% growth, or 26% 28% $225 million, compared to the same 30% 31% 31% $744 $801 $835 $846 $849 quarter
Slide 7: Deposit Pricing & Net Interest Margin
Deposit Pricing & Net Interest Margin Dollars in millions Deposit Cost & NIM Trends 3.40% 3.45% 3.34% 3.28% 3.10% 2.95% 2.81% NIM 2.45% IB Deposit 4.10% 1.95% Cost 3.90% 5 Qtr Deposit Betas 3.84% 1.45% 3.68% Total Deposit 3.60% 3.60% Total 73% 3.40% 0.95% Cost 3.30% Interest Bearing 71% 3.15% 3.10%
Slide 8: Balance Sheet Repricing
Balance Sheet Repricing Dollars in millions Deposits Time Deposit Maturities Maturity Maturity Current • Year-to-date, repriced ~$0.3 billion of time deposits 44 basis Quarter Balance Rates Rates V points lower; annualized benefit of ~$1.2 million 2Q26 $401 4.11% 3.88% -0.24% 3Q26 $273 4.07% 3.86% -
Slide 9: Strategic Loan Portfolio Diversification
Strategic Loan Portfolio Diversification March 31, 2026 Loan Portfolio Positive Long Term Trends $2,867 million Other CRE Investor CRE O/O + C&I CRE Concentration Commercial 2.1% Const. Residential 100% 5.4% 1.1% 500% 90% 45.5% 44.9% 45.8% 51.0% 53.5% 80% 450% 70% 425% C&I 60% CRE Investor 400% 25.2
Slide 10: Credit Trends
Credit Trends Dollars in millions 1Q25 2Q25 3Q25 4Q25 1Q26 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-5 “Pass” $2,453 92.8% $2,523 94.5% $2,609 96.0% $2,711 95.5% $2,724 95.0% 6 “Special Mention” $163 6.2% $120 4.5% $90 3.3% $80 2.8% $981 3.4% 7 “Substandard” $27 1.0% $26 1.0% $
Slide 11: Building Non-interest Income
Building Non-interest Income Dollars in millions Quarterly Trends Non-interest Income Non-interest Income / Total Revenue $4.00 16.00% $3.38 $3.34 • SBA division continues to execute; $3.50 14.00% $3.00 $34 million originations during the 12.00% $2.49 $2.50 11.1% 11.1% quarter $2.01 • Service fee in
Slide 12: Efficient Operating Model
Efficient Operating Model Dollars in millions Total Assets Per Employee Bankwell Peer Median 1 $21.9 $20.2 $20.0 $20.1 • Assets per employee remain well $19.1 above peer levels, reflecting meaningful scale relative to current staffing $9.2 $9.5 • 1Q26 non-interest expense of $16.9 $9.1 $9.1 million
Slide 13: Questions?
Questions? <5 Bankwell 13
Slide 14: Appendix
Appendix Bankwell
Slide 15: Loan Portfolio Overview
Loan Portfolio Overview Dollars in millions March 2026 Yields1 by Vintage March 2026 Balances By Rate Structure Adjustable 7.27% 7.53% 7% 2025 2026 7.05% 2024 Fixed 7.23% 51% 2023 5.28% Pre 2022 Float 6.35% 42% 2022 Loan Maturities & Contractual Repricing Excluding floating rate loans Total Loan Por
Slide 16: CRE Loan Portfolio
CRE Loan Portfolio1 Dollars in millions By Property Type Special Use Other 2% Total CRE Portfolio = $1,897 million 3% Residential Medical Care Office 41% • 57% Non-Owner Occupied 4% Mixed Use • 64% weighted average LTV2 6% • 73% of loan balances have recourse Industrial Warehouse Office Retail 7% 8%
Slide 17: Select CRE Sectors
Select CRE Sectors1 Dollars in millions CRE Office : $154 million exposure 5% of total loan portfolio • 43 loans with $3.6 million average balance • 61% located in Bankwell’s primary market Geography • Out of primary market loans are generally either GSA-leased, credit tenants, FL or owner-occupied
Slide 18: C&I Loan Portfolio
C&I Loan Portfolio1 Total C&I Portfolio = $723 million By Industry Type Manufacturing Retail Trade 2% Arts, Entertainment & 2% Recreation • 95% of C&I portfolio has recourse Admin & Support, Waste 2% Mgmt, Remediation Svcs 3% • 100% of Healthcare loans have recourse Other − Primarily consists of wor
Slide 19: Combined Healthcare
Combined Healthcare Dollars in millions $1,059 million combined Healthcare portfolio CRE Skilled Nursing Facility By State • Consists primarily of skilled nursing facilities located across the US VA All Other 19% FL 3% 36% • Healthcare lending team has more than 20 years of industry IN experience 3%
Slide 20: Reduced Reliance on Brokered Deposits
Reduced Reliance on Brokered Deposits Reduced Reliance on Dollars in millions Brokered deposit balances reduced $513 million from peak $2,829 $2,885 $2,801 $2,737 $2,788 $3,000 $559 $514 $2,500 $705 $1,027 $952 $2,000 $1,500 $2,271 $2,371 $2,083 $1,000 $1,774 $1,785 $500 - 4Q22 4Q23 4Q24 4Q25 1Q26 N
Slide 21: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics Dollars in thousands As of Computation of Fully Diluted Tangible Book Value per March 31, December 31, September 30, June 30, March 31, Common Share 2026 2025 2025 2025 2025 Total shareholders' equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214 Less: Preferre
Slide 22: Reconciliation of non-GAAP Metrics
Reconciliation of non-GAAP Metrics Dollars in thousands For the Quarter Ended March 31, December 31, September 30, June 30, March 31, Pre Provision Net Revenue (PPNR) 2026 2025 2025 2025 2025 Net interest income $ 26,886 $ 26,946 $ 25,987 $ 23,936 $ 22,066 Total noninterest income 3,343 3,376 2,495
Slide 23: Bankwell Financial Group (Nasdaq: BWFG)
Bankwell Financial Group (Nasdaq: BWFG) Current Footprint At A Glance (as of March 31, 2026) $3.4B $2.9B Total Assets Loans $0.31B $2.9B Equity Deposits 55.8% ~180 Efficiency Ratio Employees 1 9.17% 10.58% TCE Ratio Consolidated CET1 Ratio 1 Estimate, pending FRY9C filing. 23
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Bankwell Financial Group — Q1 2026 Earnings Presentation on 6ix