bwfg-20250423
0001505732FALSE00015057322025-01-222025-01-22



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):  April 23, 2025
Bankwell Financial Group, Inc.
(Exact name of registrant as specified in its charter)
Connecticut001-3644820-8251355
(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
Registered
Common Stock, no par value per
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 2.02Results of Operations and Financial Condition
  
 
On April 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 March 31, 2025.
 
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 7.01Regulation FD Disclosure
  
 
On April 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 March 31, 2025. A copy of the material will also be available on the Company’s website, https://investor.mybankwell.com/events-and-presentations/
 
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 8.01Other Events
 
Quarterly Dividend Announcement

On April 23, 2025, Bankwell Financial Group, Inc. (the Company), parent company of Bankwell Bank, announced that on April 23, 2025, its Board of Directors voted to pay a quarterly dividend in the amount of $0.20 per share on May 20, 2025 to all shareholders of record as of May 9, 2025.


Item 9.01Financial Statements and Exhibits
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits.


Exhibit NumberDescription
  
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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.
  
 BANKWELL FINANCIAL GROUP, INC.
 Registrant
  
  
  
April 23, 2025
By:  /s/ Courtney E. Sacchetti
 Courtney E. Sacchetti
 Executive Vice President
 and Chief Financial Officer





BANKWELL FINANCIAL GROUP REPORTS OPERATING RESULTS FOR THE FIRST QUARTER, DECLARES SECOND QUARTER DIVIDEND

New Canaan, CT – April 23, 2025 – Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $6.9 million, or $0.87 per share for the first quarter of 2025, versus $3.0 million, or $0.37 per share, for the fourth quarter of 2024. The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 20, 2025 to shareholders of record on May 9, 2025.

Pre-tax, pre-provision net revenue (PPNR) of $9.4 million, or $1.22 per share, increased 10.7% relative to the fourth quarter of 2024 of $8.5 million, or $1.11 per share.
Discussion of Outlook; Bankwell Financial Group Chief Executive Officer, Christopher R. Gruseke:

"We are happy to announce our first quarter financial results which are consistent with previously announced guidance. Net Interest Margin continues to expand and will continue to do so without further rate cuts by the Federal Reserve. Our SBA business has begun to make a growing contribution with gain-on-sale income expected to build over the course of the year. Asset quality improved materially with the successful resolution of two non-performing credits, bringing our non-performing asset ratio down to 83 basis points.

In early April we welcomed two new deposit teams, enabling our expansion into the New York City metro market. We will selectively look to take advantage of market disruptions to add talented professionals to the team.

We are operating in a time of unseen macroeconomic volatility, however, at this time we are reaffirming our financial guidance provided alongside fourth quarter earnings."


1

Key Points for First Quarter and Bankwell’s Outlook

NIM Expansion on Improved Deposit Costs
•Reported net interest margin was 2.81%, up 21 basis points from the fourth quarter of 2024. While 9 basis points improvement is attributable to non-recurring items, reduced deposit costs contributed meaningfully to linked-quarter expansion.
•First quarter cost of deposits of 3.60% down 12 basis points to linked quarter, with a March 2025 rate of 3.52%. The primary driver of the improvement was the repricing of time deposits, with additional benefit realized from modest reductions in non-maturity deposit rates.
•Brokered deposits declined $80.6 million in the first quarter of 2025, with core deposits up $43.4 million, including $27.7 million growth in non-interest bearing deposits.

Credit Improvement Given Nonperforming Assets Dispositions.
•During the first quarter of 2025, the Company sold a $27.1 million multifamily commercial real estate loan on nonperforming status at par value.
•During the first quarter of 2025, the Company sold a property that it had acquired during the fourth quarter of 2024 and held as an Other Real Estate Owned (“OREO”) asset. The OREO asset had previously secured a non-performing construction loan. The Company received net proceeds from the sale of such OREO in the amount of $8.3 million.
•As of March 31, 2025, nonperforming assets as a percentage of total assets improved to 0.83% compared to 1.88% as of December 31, 2024.

Showing Progress on Several Strategic Initiatives.
•Gains on sale of SBA loans were $442 thousand for the quarter ended March 31, 2025, which represented an average sale price of 110%. The SBA Lending division originated $10 million during the quarter ended March 31, 2025 and continues with positive origination momentum into the second quarter.
•In April, the Company expanded its deposit-gathering capabilities by hiring two deposit teams in the New York City metropolitan area, totaling 7 FTEs. We will balance expansion with continued attention to platform efficiency, and our talent pipeline remains robust.

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First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Return on average assets(1)(6)
0.86 %0.37 %0.24 %0.14 %0.47 %
Pre-tax, pre-provision net revenue return on average assets(1)(6)
1.18 %1.05 %1.13 %1.22 %1.10 %
Return on average shareholders' equity(1)(6)
10.16 %4.35 %2.83 %1.65 %5.59 %
Net interest margin(1)(6)
2.81 %2.60 %2.72 %2.75 %2.71 %
Efficiency Ratio(1)(3)
59.9 %56.4 %58.8 %55.9 %60.3 %
Noninterest expense to average assets(1)(6)
1.76 %1.56 %1.62 %1.55 %1.66 %
Net loan charge-offs as a percentage of average loans(1)(6)
0.00 %0.11 %0.56 %0.01 %0.11 %
Dividend payout(1)(4)
22.99 %54.05 %82.30 %142.86 %41.67 %
Fully diluted tangible book value per common share(1)(2)
$34.56 $34.09 $33.76 $33.61 $33.57 
Total capital to risk-weighted assets(1)(5)
13.22 %12.70 %12.83 %12.98 %12.63 %
Total common equity tier 1 capital to risk-weighted assets(1)(5)
12.11 %11.64 %11.80 %11.73 %11.60 %
Tier I Capital to Average Assets(1)(5)
10.13 %10.09 %10.24 %10.17 %10.09 %
Tangible common equity to tangible assets(1)(2)
8.57 %8.20 %8.40 %8.42 %8.42 %
Earnings per common share - diluted$0.87 $0.37 $0.24 $0.14 $0.48 
Common shares issued and outstanding7,888,013 7,859,873 7,858,573 7,866,499 7,908,180 
(1)     Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.

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

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

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

(6)    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(1) ("PPNR")

PPNR for the first quarter ended March 31, 2025 was $9.4 million, an increase of 10.7% from $8.5 million recognized for the fourth quarter ended December 31, 2024.
For the Quarter Ended
(Dollars in thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Net interest income$22,066 $20,199 $20,717 $21,219 $21,147 
Total noninterest income1,505 964 1,156 683 915 
Total revenues 23,571 21,163 21,873 21,902 22,062 
Total noninterest expense14,141 12,644 12,865 12,245 13,297 
PPNR$9,430 $8,519 $9,008 $9,657 $8,765 
(1)     Non-GAAP Financial Measure, refer to the "Non-GAAP Financial Measures" section of this document for additional detail.

•Revenues (net interest income plus noninterest income) for the quarter ended March 31, 2025 were $23.6 million, versus $22.1 million for the quarter ended December 31, 2024. The increase in revenues for the
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quarter ended March 31, 2025 was mainly attributable to improved funding costs as well as past due interest collected from the disposition of the $27.1 million multifamily commercial real estate nonperforming loan. Additional favorability for the quarter ended March 31, 2025 attributed to growth in gains on sale of SBA loans, which yielded an approximate 10% premium, on average.

•The net interest margin (fully taxable equivalent basis) for the quarters ended March 31, 2025 and December 31, 2024 was 2.81% and 2.60%, respectively. The increase in the net interest margin was mainly due to improved funding costs as well as past due interest collected from the disposition of the $27.1 million multifamily commercial real estate nonperforming loan.

•Total non-interest expense of $14.1 million increased 11.8% compared to the fourth quarter which was mainly driven by increase in salaries and employee benefits partially offset by reduced OREO expenses.
Allowance for Credit Losses - Loans ("ACL-Loans")

The ACL-Loans was $29.5 million as of March 31, 2025 compared to $29.0 million as of December 31, 2024. The ACL-Loans as a percentage of total loans was 1.11% as of March 31, 2025 compared to 1.07% as of December 31, 2024.

Provision for credit losses was $0.5 million for the quarter ended March 31, 2025. Total nonperforming loans decreased $26.9 million to $26.4 million as of March 31, 2025 when compared to the previous quarter. The decrease in nonperforming loans was mainly due to the sale of a $27.1 million multifamily commercial real estate loan in the first quarter of 2025. Nonperforming assets as a percentage of total assets decreased to 0.83% at March 31, 2025 from 1.88% at December 31, 2024.

4

BANKWELL FINANCIAL GROUP, INC.
ASSET QUALITY (unaudited)
(Dollars in thousands)
For the Quarter Ended
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
ACL-Loans:
Balance at beginning of period$29,007 $27,752 $36,083 $27,991 $27,946 
Charge-offs:
Residential real estate— — — (9)(132)
Commercial real estate(67)(1,100)(8,184)(522)(3,306)
Commercial business— (703)(7,010)— (197)
Consumer(33)(5)(17)(12)(49)
Construction— (1,155)(616)— — 
Total charge-offs(100)(2,963)(15,827)(543)(3,684)
Recoveries:
Residential real estate— — — 141 — 
Commercial real estate— — 1,013 113 — 
Commercial business4 4 (34)— 27 
Consumer36 5 1 13 4 
Construction— — — — — 
Total recoveries40 9 980 267 31 
Net loan (charge-offs) recoveries(60)(2,954)(14,847)(276)(3,653)
Provision (credit) for credit losses - loans538 4,209 6,516 8,368 3,698 
Balance at end of period$29,485 $29,007 $27,752 $36,083 $27,991 
As of
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Asset quality:
Nonaccrual loans
Residential real estate$811 $791 $1,316 $1,339 $1,237 
Commercial real estate17,946 44,814 46,360 28,088 19,083 
Commercial business7,626 7,672 9,101 17,396 16,841 
Construction— — 8,766 9,382 9,382 
Consumer— — — — — 
Total nonaccrual loans26,383 53,277 65,543 56,205 46,543 
Other real estate owned— 8,299 — — — 
Total nonperforming assets$26,383 $61,576 $65,543 $56,205 $46,543 
Nonperforming loans as a % of total loans1.00 %1.97 %2.42 %2.12 %1.74 %
Nonperforming assets as a % of total assets0.83 %1.88 %2.07 %1.79 %1.48 %
ACL-loans as a % of total loans1.11 %1.07 %1.07 %1.36 %1.04 %
ACL-loans as a % of nonperforming loans111.76 %54.44 %44.26 %64.20 %60.14 %
Total past due loans to total loans1.08 %1.63 %2.40 %0.84 %1.44 %


5

Financial Condition & Capital
Assets totaled $3.2 billion at March 31, 2025, a decrease of $84.6 million, or 2.6% compared to December 31, 2024. Gross loans totaled $2.6 billion at March 31, 2025, a decrease of $61.0 million, or 2.3% compared to December 31, 2024. Deposits totaled $2.8 billion at March 31, 2025, a decrease of $37.1 million, or 1.3% compared to December 31, 2024. Brokered deposits have decreased $80.6 million or 11.4%, when compared to December 31, 2024.
Period End Loan CompositionMarch 31,
2025		December 31, 2024March 31,
 2024		 
Current QTD
% Change		Year over Year
% Change
Residential Real Estate$40,089 $42,766 $49,098 (6.3)%(18.3)%
Commercial Real Estate(1)
1,810,923 1,899,134 1,927,636 (4.6)(6.1)
Construction188,339 173,555 151,967 8.5 23.9 
Total Real Estate Loans2,039,351 2,115,455 2,128,701 (3.6)(4.2)
Commercial Business529,000 515,125 508,912 2.7 3.9 
Consumer76,553 75,308 41,946 1.7 82.5 
Total Loans$2,644,904 $2,705,888 $2,679,559 (2.3)%(1.3)%
(1) Includes owner occupied commercial real estate of $0.7 billion at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
Period End Deposit CompositionMarch 31,
2025		December 31, 2024March 31,
 2024		 
Current QTD
% Change		Year over Year
% Change
Noninterest bearing demand$349,525 $321,875 $376,248 8.6 %(7.1)%
NOW112,695 105,090 95,227 7.2 18.3 
Money Market900,352 899,413 818,408 0.1 10.0 
Savings91,378 90,220 92,188 1.3 (0.9)
Time1,296,495 1,370,972 1,291,451 (5.4)0.4 
Total Deposits$2,750,445 $2,787,570 $2,673,522 (1.3)%2.9 %
Shareholders’ equity totaled $275.2 million as of March 31, 2025, an increase of $4.7 million compared to December 31, 2024, primarily a result of net income of $6.9 million for the year ended March 31, 2025. The increase was partially offset by dividends paid of $1.6 million and share repurchases of $0.9 million.
As of March 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 13.22%, 12.11%, and 10.13%, respectively. The Company repurchased 29,924 shares at a weighted average price of $30.46 per share during the quarter ended March 31, 2025.
6

We recommend reading this earnings release in conjunction with the First Quarter 2025 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our April 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 April 24, 2025, at 10:00 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 [email protected].
For more information, visit www.mybankwell.com.
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.
7

BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars in thousands)
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
ASSETS
Cash and due from banks$292,006 $293,552 $275,829 $234,277 $245,043 
Federal funds sold12,922 13,972 15,508 17,103 2,584 
Cash and cash equivalents304,928 307,524 291,337 251,380 247,627 
Investment securities
Marketable equity securities, at fair value2,164 2,118 2,148 2,079 2,069 
Available for sale investment securities, at fair value97,321 107,428 108,866 107,635 108,417 
Held to maturity investment securities, at amortized cost36,478 36,553 34,886 28,286 15,739 
Total investment securities135,963 146,099 145,900 138,000 126,225 
Loans receivable (net of ACL-Loans of $29,485, $29,007, $27,752, $36,083, and $27,991 at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively)2,611,495 2,672,959 2,591,551 2,616,691 2,646,686 
Accrued interest receivable15,409 14,535 14,714 14,675 15,104 
Federal Home Loan Bank stock, at cost3,583 5,655 5,655 5,655 5,655 
Premises and equipment, net22,978 23,856 24,780 25,599 26,161 
Bank-owned life insurance53,136 52,791 52,443 52,097 51,764 
Goodwill2,589 2,589 2,589 2,589 2,589 
Deferred income taxes, net9,551 9,742 9,300 11,345 9,137 
Other real estate owned— 8,299 — — — 
Other assets24,261 24,427 22,811 23,623 24,326 
Total assets$3,183,893 $3,268,476 $3,161,080 $3,141,654 $3,155,274 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest bearing deposits$349,525 $321,875 $295,552 $328,475 $376,248 
Interest bearing deposits2,400,920 2,465,695 2,392,619 2,333,900 2,297,274 
Total deposits2,750,445 2,787,570 2,688,171 2,662,375 2,673,522 
Advances from the Federal Home Loan Bank40,000 90,000 90,000 90,000 90,000 
Subordinated debentures69,513 69,451 69,389 69,328 69,266 
Accrued expenses and other liabilities48,721 50,935 45,594 52,975 54,454 
Total liabilities2,908,679 2,997,956 2,893,154 2,874,678 2,887,242 
Shareholders’ equity
Common stock, no par value118,439 119,108 118,429 118,037 118,401 
Retained earnings157,971 152,656 151,257 150,895 151,350 
Accumulated other comprehensive (loss) (1,196)(1,244)(1,760)(1,956)(1,719)
Total shareholders’ equity275,214 270,520 267,926 266,976 268,032 
Total liabilities and shareholders’ equity$3,183,893 $3,268,476 $3,161,080 $3,141,654 $3,155,274 
8

BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars in thousands, except share data)
For the Quarter Ended
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Interest and dividend income
Interest and fees on loans$43,475 $42,851 $43,596 $43,060 $43,325 
Interest and dividends on securities1,445 1,482 1,390 1,190 1,130 
Interest on cash and cash equivalents3,557 3,510 3,205 3,429 3,826 
Total interest and dividend income48,477 47,843 48,191 47,679 48,281 
Interest expense
Interest expense on deposits24,772 25,640 25,579 24,677 25,362 
Interest expense on borrowings1,639 2,004 1,895 1,783 1,772 
Total interest expense26,411 27,644 27,474 26,460 27,134 
Net interest income22,066 20,199 20,717 21,219 21,147 
Provision (credit) for credit losses463 4,458 6,296 8,183 3,683 
Net interest income after provision (credit) for credit losses21,603 15,741 14,421 13,036 17,464 
Noninterest income
Bank owned life insurance344 348 346 333 329 
Service charges and fees602 589 575 495 304 
Gains and fees from sales of loans442 24 133 45 321 
Other117 3 102 (190)(39)
Total noninterest income1,505 964 1,156 683 915 
Noninterest expense
Salaries and employee benefits7,052 5,056 6,223 6,176 6,291 
Occupancy and equipment2,575 2,600 2,334 2,238 2,322 
Professional services1,529 1,286 1,142 989 1,065 
Data processing885 905 851 755 740 
Director fees348 342 292 306 900 
FDIC insurance779 862 853 705 930 
Marketing142 175 73 90 114 
Other831 1,418 1,097 986 935 
Total noninterest expense14,141 12,644 12,865 12,245 13,297 
Income before income tax expense8,967 4,061 2,712 1,474 5,082 
Income tax expense2,079 1,098 786 356 1,319 
Net income$6,888 $2,963 $1,926 $1,118 $3,763 
Earnings Per Common Share:
Basic$0.88 $0.37 $0.24 $0.14 $0.48 
Diluted$0.87 $0.37 $0.24 $0.14 $0.48 
Weighted Average Common Shares Outstanding:
Basic7,670,224 7,713,970 7,715,040 7,747,675 7,663,521 
Diluted7,740,521 7,727,412 7,720,895 7,723,888 7,687,679 
Dividends per common share$0.20 $0.20 $0.20 $0.20 $0.20 

9

BANKWELL FINANCIAL GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited)
(Dollars in thousands, except share data)
As of
Computation of Tangible Common Equity to Tangible AssetsMarch 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Total Equity$275,214 $270,520 $267,926 $266,976 $268,032 
Less:
Goodwill2,589 2,589 2,589 2,589 2,589 
Other intangibles— — — — — 
Tangible Common Equity$272,625 $267,931 $265,337 $264,387 $265,443 
Total Assets$3,183,893 $3,268,476 $3,161,080 $3,141,654 $3,155,274 
Less:
Goodwill2,589 2,589 2,589 2,589 2,589 
Other intangibles— — — — — 
Tangible Assets$3,181,304 $3,265,887 $3,158,491 $3,139,065 $3,152,685 
Tangible Common Equity to Tangible Assets8.57 %8.20 %8.40 %8.42 %8.42 %
As of
Computation of Fully Diluted Tangible Book Value per Common ShareMarch 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Total shareholders' equity$275,214 $270,520 $267,926 $266,976 $268,032 
Less:
Preferred stock— — — — — 
Common shareholders' equity$275,214 $270,520 $267,926 $266,976 $268,032 
Less:
Goodwill2,589 2,589 2,589 2,589 2,589 
Other intangibles— — — — — 
Tangible common shareholders' equity$272,625 $267,931 $265,337 $264,387 $265,443 
Common shares issued and outstanding7,888,013 7,859,873 7,858,573 7,866,499 7,908,180 
Fully Diluted Tangible Book Value per Common Share$34.56 $34.09 $33.76 $33.61 $33.57 

10


BANKWELL FINANCIAL GROUP, INC.
EARNINGS PER SHARE ("EPS") (unaudited)
(Dollars in thousands, except share data)
For the Three Months Ended March 31,
20252024
(In thousands, except per share data)
Net income
$6,888 $3,763 
Dividends to participating securities(1)
(26)(40)
Undistributed earnings allocated to participating securities(1)
(111)(66)
Net income for earnings per share calculation
6,751 3,657 
Weighted average shares outstanding, basic
7,670,224 7,663,521 
Effect of dilutive equity-based awards(2)
70,297 24,158 
Weighted average shares outstanding, diluted
7,740,521 7,687,679 
Net earnings per common share:
Basic earnings per common share
$0.88 $0.48 
Diluted earnings per common share
$0.87 $0.48 
(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.
11

BANKWELL FINANCIAL GROUP, INC.
NET INTEREST MARGIN ANALYSIS ON A FULLY TAX EQUIVALENT BASIS - QTD (unaudited)
(Dollars in thousands)
For the Quarter Ended
March 31, 2025March 31, 2024
Average
Balance		Interest
Yield/
Rate (4)
Average
Balance		Interest
Yield/
Rate (4)
Assets:
Cash and Fed funds sold$349,235 $3,557 4.13 %$292,662 $3,826 5.26 %
Securities(1)
150,650 1,477 3.92 134,737 1,060 3.15 
Loans:
Commercial real estate1,848,208 28,285 6.12 1,922,413 28,643 5.89 
Residential real estate41,585 633 6.09 50,213 718 5.72 
Construction178,878 3,468 7.76 161,047 2,973 7.30 
Commercial business508,417 10,007 7.87 517,102 10,284 7.87 
Consumer81,483 1,082 5.38 39,964 707 7.12 
Total loans2,658,571 43,475 6.54 2,690,739 43,325 6.37 
Federal Home Loan Bank stock4,596 110 9.71 5,702 121 8.51 
Total earning assets3,163,052 $48,619 6.15 %3,123,840 $48,332 6.12 %
Other assets89,743 90,905 
Total assets$3,252,795 $3,214,745 
Liabilities and shareholders' equity:
Interest bearing liabilities:
NOW$99,487 $110 0.45 %$91,674 $39 0.17 %
Money market893,361 8,521 3.87 883,851 9,146 4.16 
Savings88,167 658 3.03 92,972 714 3.09 
Time1,378,468 15,484 4.56 1,317,069 15,463 4.72 
Total interest bearing deposits2,459,483 24,773 4.08 2,385,566 25,362 4.28 
Borrowed Money133,917 1,639 4.96 159,226 1,772 4.48 
Total interest bearing liabilities2,593,400 $26,412 4.13 %2,544,792 $27,134 4.29 %
Noninterest bearing deposits333,796 337,020 
Other liabilities50,555 62,356 
Total liabilities2,977,751 2,944,168 
Shareholders' equity275,044 270,577 
Total liabilities and shareholders' equity$3,252,795 $3,214,745 
Net interest income(2)
$22,207 $21,198 
Interest rate spread2.02 %1.83 %
Net interest margin(3)
2.81 %2.71 %
(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 $51 thousand for the quarters ended March 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.


12
April 24, 2025 First Quarter 2025 Investor Presentation

 
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

 
0.83% NPA Ratio down 105 basis points to LQ on dispositions of $27.1 million CRE Multifamily NPL & $8.3 million OREO asset 2.81% reported Net Interest Margin, +21 bps LQ expansion Brokered deposits declined $81 million to LQ; core deposits up $43 million to LQ, including $28 million growth in non-interest bearing deposits Added two deposit teams in NYC metro in April Bought back 29,924 shares at a weighted average price of $30.46 per share First Quarter 2025 Results 3

 
First Quarter 2025 Financial Summary EPS PPNR Loans Deposits Capital • Fully diluted EPS of $0.87, up 81% versus PYQ and driven by improving net interest margin and lower provision expense • PPNR of $9.4 million, or $1.22 per share, increased 11% LQ • Net interest income of $22.1 million benefitted from -12bps LQ deposit cost reduction • Non-interest income rose 56% LQ, driven by $442 thousand of SBA gain-on-sale in 1Q • Loan balances decreased $61 million LQ, negatively impacted by elevated payoffs • Provision of $0.5 million, with 0 bps of charge-offs • NPAs decreased to 83 bps of total assets • Total deposits decreased $37 million on $81 million reduction in brokered deposits, LQ • Core deposits grew $43 million LQ, including $28 million in non-interest bearing deposits • Loan to deposit ratio remains stable at 96.0% • Tangible book value of $34.56, up $0.47 versus LQ and up $0.99 versus PYQ • Consolidated CET1 ratio of 10.04%1; Bank Total Capital ratio of 13.22%1 1 Estimates, pending FRY9C & FDIC call report filings. 4

 
First Quarter 2025 GAAP Results 5 Bankwell Financial Group, Inc. ($ in millions, except per share data) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Net Interest Income $ 22.1 $ 20.2 $ 20.7 $ 21.2 $ 21.1 $ 22.2 $ 22.7 $ 24.0 $ 25.5 Provision for Credit Losses 0.5 4.5 6.3 8.2 3.7 (1.0) (1.6) 2.6 0.8 Total Noninterest Income 1.5 1.0 1.2 0.7 0.9 1.1 0.8 1.4 1.5 Total Revenue 23.6 21.2 21.9 21.9 22.1 23.4 23.5 25.4 27.1 Total Noninterest Expenses 14.1 12.6 12.9 12.2 13.3 12.9 12.2 12.6 12.7 Income before Taxes 9.0 4.1 2.7 1.5 5.1 11.5 12.9 10.2 13.6 Net Income 6.9 3.0 1.9 1.1 3.8 8.5 9.8 8.0 10.4 Diluted Earnings Per Share 0.87 0.37 0.24 0.14 0.48 1.09 1.25 1.02 1.33 Total Assets 3,183.9 3,268.6 3,161.1 3,141.7 3,155.3 3,215.5 3,249.8 3,252.7 3,252.3 Gross Loans Receivable (ex. HFS) 2,641.0 2,702.0 2,619.3 2,652.8 2,674.7 2,713.2 2,764.5 2,767.3 2,752.5 Allowance for Credit Losses on Loans & Leases (29.5) (29.0) (27.8) (36.1) (28.0) (27.9) (29.3) (30.7) (28.0) All Other Assets 513.4 537.6 514.0 452.8 452.6 474.3 456.0 454.7 471.8 Total Liabilities 2,908.7 2,998.0 2,893.2 2,874.7 2,887.2 2,949.7 2,991.9 3,003.9 3,010.0 Total Deposits 2,750.4 2,787.6 2,688.2 2,662.4 2,673.5 2,736.8 2,768.6 2,788.9 2,798.3 Borrowings 109.5 159.5 159.4 159.3 159.3 159.2 159.1 159.1 159.0 Other Liabilities 48.7 50.9 45.6 53.0 54.5 53.8 64.1 55.9 52.7 Total Shareholders’ Equity 275.2 270.5 267.9 267.0 268.0 265.8 257.9 248.8 242.3 Net Interest Margin 2.81% 2.60% 2.72% 2.75% 2.71% 2.81% 2.85% 3.07% 3.24% PPNR ROAA 1.18% 1.05% 1.13% 1.22% 1.10% 1.27% 1.37% 1.58% 1.80% Effective Tax Rate 23% 27% 29% 24% 26% 26% 24% 22% 23% Noninterest Expense to Average Assets 1.76% 1.56% 1.62% 1.55% 1.66% 1.56% 1.48% 1.56% 1.59%

 
Maintaining our Strong Balance Sheet 6 $1,169 $684 $305 $99 Liquidity Uninsured Deposits Unencumbered Securities Unencumbered Cash Borrowing Capacity1 1 Bank lines, including FHLB & FRB 2 TCE/TA consolidated ratio; all others Bank ratios. Regulatory ratios are estimates, pending FDIC call report filing. • $2,067 million total insured deposits includes: ‒ $1,948 million FDIC-insured deposits ‒ $119 million deposits secured by FHLB LOCs (municipal deposits) • 12.7% liquidity on balance sheet (Cash & Securities) • Stable insured deposit base • Additional 1Q25 ratios: ‒ 362% CRE Concentration Ratio ‒ 52% Construction Concentration Ratio • 29,924 shares repurchased in 1Q25 at an average price of $30.46 • Approximately 220,000 shares remaining available for repurchase under current plan Abundant Excess Liquidity Building Excess Capital 12.11% 10.13% 13.22% 8.57% CET1 Leverage Total Risk Based TCE / TA Minimum + buffer Well Above Capital Minimums 2 Dollars in millions 2.3X Liquidity Coverage $1,573

 
7 $1,774 $1,785 $2,083 $2,126 $1,027 $952 $705 $624 4Q22 4Q23 4Q24 1Q25 Non-Brokered Brokered Reduced Reliance on Brokered Deposits Reduced Reliance on Brokered Deposits Dollars in millions Brokered Deposits Peaked in 4Q22 • Brokered deposit balances decreased $81 million LQ; $403 million reduction from peak • Non-Brokered deposits continue to increase $2,801 $2,737 $2,788 $2,750 Amounts may not add due to rounding.

 
Well Positioned Balance Sheet For Lower Rates 8 • Liability sensitive, with $1.2 billion of time deposits maturing in next twelve months: ‒ $719 million Retail time repricing an average ~22 basis points lower based on current rates; annualized savings of $1.6 million of interest expense ‒ $495 million Brokered time repricing an average ~53 basis points lower based on current rates; annualized savings of $2.6 million of interest expense • A total $4.2 million annualized savings is ~$0.42 benefit to EPS and ~13 basis points on Net Interest Margin, assuming no further movement in Fed Funds and stable asset yields • 1Q25 results: $340 million of CDs repriced ~95 basis points lower Maturity Quarter Balance Maturity Rate Current Rate V 2Q25 $235 4.79% 4.25% -0.54% 3Q25 $161 4.51% 4.25% -0.26% 4Q25 $151 4.23% 4.25% 0.02% 1Q26 $172 4.19% 4.25% 0.06% Total Retail $719 4.47% 4.25% -0.22% Dollars in millions Maturity Quarter Balance Maturity Rate Current Rate V 2Q25 $155 4.67% 4.00% -0.67% 3Q25 $170 4.71% 4.00% -0.71% 4Q25 $100 4.18% 4.00% -0.18% 1Q26 $70 4.27% 4.00% -0.27% Total Brokered $495 4.53% 4.00% -0.53% Retail Time Deposits Brokered Time Deposits

 
$1,224 $1,228 $1,175 $1,121 $697 $720 $724 $690 $522 $501 $516 $530 $155 $183 $174 $188 $77 $87 $118 $116 $2,675 $2,719 $2,706 $2,645 425% 397% 375% 362% 300% 320% 340% 360% 380% 400% 420% 440% 460% 480% 500% - 500 1,000 1,500 2,000 2,500 4Q22 4Q23 4Q24 1Q25 CRE Investor CRE Owner Occupied C&I Construction Residential / Other CRE Concentration • No single relationship greater than 4% • Expansion into Residential Care diversifying loan portfolio 9 Managing CRE Concentration Lower Dollars in millions

 
Credit Trends $28.0 $36.1 $27.8 $29.0 $29.5 1.04% 1.36% 1.06% 1.07% 1.11% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $0 $5 $10 $15 $20 $25 $30 $35 1Q24 2Q24 3Q24 4Q24 1Q25 Allowance for Credit Losses (ACL) Allowance for credit losses ACL / Loans Dollars in millions $3.7 $0.3 $14.8 $3.0 $0.1 1Q24 2Q24 3Q24 4Q24 1Q25 Net Charge Offs (Recoveries) 1Q24 2Q24 3Q24 4Q24 1Q25 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-5 “Pass” $2,527 94.3% $2,497 94.0% $2,458 93.7% $2,557 94.5% $2,453 92.8% 6 “Special Mention” $72 2.7% $71 2.7% $97 3.7% $93 3.4% $1631 6.2% 7 “Substandard” $68 2.5% $80 3.0% $67 2.5% $54 2.0% $27 1.0% 8 “Doubtful” $13 0.5% $8 0.3% $1 0.1% $1 0.1% $1 0.1% Total Gross Loans $2,680 $2,657 $2,623 $2,706 $2,645 Non-performing Loans $46.5 $56.2 $65.5 $53.3 $26.4 % of Total Loans 1.74% 2.12% 2.50% 1.97% 1.00% Non-performing Assets $46.5 $56.2 $65.5 $61.6 $26.4 % of Total Assets 1.48% 1.79% 2.07% 1.88% 0.83% 10 1 99% of Risk Rated 6 loans are current on payments, 96% are guaranteed by ultra-high net worth sponsors.

 
1Q25 Non-Performing Asset Update Segment Balance % Total Assets Additional Update Loan 1 CRE – Retail $8.9 0.28% • Suburban retail loan in Westchester County, NY modified during COVID • $4.5 million charged off, life-to-date Loan 2 CRE – Office $5.5 0.17% • Class A suburban NJ office park • Bankwell 17% participant in $84 million multi-bank club deal • 80% occupied; 40% recourse • Litigation ongoing; receiver in place • $8.2 million charge off, life-to-date SBA Guaranteed Balances $5.4 0.17% All Other $6.6 0.21% Total Non-performing assets $26.4 0.83% All non-performing loans individually evaluated for impairment Balances charged off or specifically reserved, as appropriate Activity During the Quarter • Sale of $8.3 million OREO asset, with no P&L impact • Sale of $27.1 million CRE-multifamily at par; collected $0.9 million accrued interest • Remaining Non-Performing Assets comprised of: Dollars in millions 11

 
CT - Fairfield County $48.6 CT - All Other $8.8 NY - Westchester County $10.2 NY - Brooklyn $3.0 NJ $29.4 TX $28.3 MS $17.6 GA $12.3 FL $2.2 CRE Office Portfolio 1Includes Owner Occupied CRE Geography Composition $160 million Office exposure 6% of total loan portfolio • 46 loans with $3.5 million average balance • One $5.5 million non-performing loan ‒ Class A suburban NJ office park ‒ $8.2 million charged off in 2024 • 62% located in Bankwell’s primary market ‒ Out of primary market loans are generally either GSA-leased, credit tenants, or owner-occupied • $112 million have personal recourse to high-net-worth guarantors • $49 million have no recourse ‒ $22 million owner occupied ‒ $16 million (2 loans) state GSAs ‒ $4 million credit-tenant • $91 million (~57%) of loan balances maturing in 2025 Maturities Year Balance Count 2025 $91 17 2026 $14 3 2027 $28 7 2028+ $29 19 Total $160 46 Dollars in millions 1 Quarter Balance Count 2Q25 $40 8 3Q25 $50 6 4Q25 $1 3 2025 By Quarter 12

 
Dedicated to making a difference. Financial Outlook 13 Modest loan growth Continued NIM expansion Stable credit Continued capital growth Unchanged focus on efficiency

 
Questions? 14

 
Appendix 15

 
$2,386 $2,323 $2,365 $2,420 $2,459 $337 $368 $303 $322 $334 $2,723 $2,692 $2,668 $2,742 $2,793 4.28% 4.27% 4.30% 4.21% 4.08% 3.75% 3.69% 3.81% 3.72% 3.60% 2.71% 2.75% 2.72% 2.60% 2.81% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% -$200 $300 $800 $1,300 $1,800 $2,300 $2,800 1Q24 2Q24 3Q24 4Q24 1Q25 Average Interest Bearing Average Non-Interest Bearing IB Deposit Cost Total Deposit Cost NIM Average Deposits & NIM | Recent Trends Dollars in millions 16

 
Loan Portfolio Composition Total Loan Portfolio = $2,645 million • Favorable long-term trends in Investor CRE: Residential 1.5% C&I 20.0% CRE Owner Occupied 26.1% CRE Investor 42.4% Commercial Const. 7.1% Other 2.9% 55.2% 45.8% 45.2% 43.4% 42.4% 34.9% 45.5% 44.9% 45.8% 46.1% 4Q21 4Q22 4Q23 4Q24 1Q25 CRE Investor CRE O/O + C&I 17

 
$1,895 $2,675 $2,719 $2,706 $2,645 4.30% 5.56% 5.99% 6.09% 6.25% 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 1Q25 Loan Balance Portfolio Loan Yield Favorable Loan Yield Growth Loan portfolio yields increased 195 bps since 2021 1 March 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 3-31-2025, an “exit" rate 62% of balances are 2022-2025 vintages Year Maturity Rate Reset Total Wtd Yield % Total Loans 2025 $667 $46 $712 5.95% 27% 2026 $239 $47 $285 4.98% 11% 2027 $385 $36 $421 5.27% 16% 2028+ $493 $53 $546 5.55% 21% Total $1,783 $182 $1,965 5.55% Loan Maturities & Contractual Repricing Excluding floating rate loans Dollars in millions 5.41% Pre 2022 6.25% 2022 7.47% 2023 7.56% 2024 8.17% 2025 18

 
CRE Loan Portfolio Total CRE Portfolio = $1,811 million Residential Care 35% Retail 18% MultiFamily 14% Office 9% Industrial Warehouse 8% Mixed Use 5% Medical Office 5% Other 4% Special Use 2% By Property Type • 62% Non-Owner Occupied • 64% weighted average LTV2 • 69% of loan balances have recourse Property Type Investor Owner Occupied Total Residential Care $31 $362 $392 Retail $116 $4 $120 Office $89 $15 $103 Multifamily $64 -- $64 All Other $150 $15 $164 Total $449 $395 $844 Loans Maturing or Repricing in 2025 - 20263 Excluding floating rate loans Dollars in millions 1 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

 
C&I Loan Portfolio By Industry Type Total Portfolio = $529 million • 98% of C&I portfolio has recourse • 98% 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 1 Health Care & Social Assistance 40% Insurance (Primarily Brokers) 18% Finance 16% Real Estate and Rental/Leasing 8% Admin & Support, Waste Mgmt, Remediation Svcs 4% Retail Trade 3% Arts, Entertainment & Recreation 2% Manufacturing 2% Other 7% 20

 
Skilled Nursing Facilities 75% Assisted Living 14% Recovery 4% Other 7% Combined Healthcare Dollars in millions $832 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 21 FL 50% NY 13% OH 12% IN 3% IA 3% AL 2% NV 2% TN 2% All Other 12%

 
Bankwell Financial Group (Nasdaq: BWFG) $3.2B Total Assets $2.6B Loans $0.28B Equity $2.8B Deposits 1.76% Non-interest Exp / Assets ~145 Employees 8.57% TCE Ratio 10.04% CET1 Ratio C&I & CREOO 46% CRE Inv 42% All Other 12% Loans Core 70% 1 Estimate, pending FRY9C filing. 22 Time > $250k 7% Brokered 23% Deposits 1

 
24