Bankwell Financial Group Reports Operating Results for the First Quarter, Declares Second Quarter Dividend

Bankwell Financial Group Reports Operating Results for the First Quarter, Declares Second Quarter Dividend Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $11.3 million, or $1.41 per share for the first quarter of 2026, versus $9.1 million, or $1.15 per share, for the fourth quarter of 2025. The Company's Board of Directors declared a $0.20 per share cash dividend, payable May 19, 2026 to shareholders of record on May 8, 2026. Discussion of Outlook; Bankwell Financial Group Chief Executive Officer, Christopher R. Gruseke: "We generated outstanding first quarter results while advancing our strategic priorities. Profitability increased during the quarter, reflected in a return on average assets of 1.35%, and the Company grew core deposits by $113 million sequentially. Our SBA division continues to execute measured, profitable growth, with originations this quarter of $34 million, and we have continued to improve our asset and liability mix as floating rate loans now comprise 42% of the loan portfolio. Results for the quarter include a sequential increase to the Company’s non-interest expense of approximately $1.4 million. This increase reflects the timing of some expense recognition, and we believe current trends support our non-interest expense guidance previously provided of $64 to $65 million for the full year. We also affirm prior guidance regarding Net Interest Income and loan growth for 2026. Due to an improved outlook for SBA gains on sale and other commercial fees, however, we are increasing our guidance for Non-Interest Income to a range of $12 to $13 million. As we enter the remainder of the year, we are confident in our credit quality and are well positioned to reduce NPAs in the quarters ahead." Key Points for First Quarter and Bankwell’s Outlook Core Deposit Growth Funds Loan Growth and Reduces Wholesale Reliance. Core deposit growth of $113 million during the quarter ended March 31, 2026, including $39.0 million growth in low‑cost deposits, when compared to December 31, 2025.Brokered deposits and FHLB borrowings declined by $44.5 million and $50.0 million, respectively, lowering the Wholesale Ratio to 18.1% (1) as of March 31, 2026.Since the peak brokered deposit balance of $1,026.6 million at December 31, 2022, the Company has successfully reduced brokered deposits by $512.4 million, or 49.9%, as of March 31, 2026.$27.1 million net loan growth during the quarter ended March 31, 2026, driven by $190 million of originations, including $34 million of SBA originations. Funding Improvements Partially Offset Lower Portfolio Yields in Net Interest Margin. Reported Net Interest Margin was 3.28% for the first quarter of 2026, compared to 3.40% for the quarter ended December 31, 2025. Of the 12 basis-point decline versus the fourth quarter of 2025 Net Interest Margin, approximately 7 basis points relate to the previous quarter’s longer day count.Total deposit costs of 3.10% for the quarter ended March 31, 2026, represent a 5 basis point improvement compared to the quarter ended December 31, 2025. During the quarter, $270 million of time deposits repriced 44 basis points lower.Approximately $1,128 million of time deposits are scheduled to mature over the next 12 months at a weighted average rate of 3.99%; assuming repricing at current market levels and with no additional Fed action, these maturities represent an estimated annualized funding cost savings opportunity of approximately $1.6 million.Yield on new loan production averaged 7.53% for the quarter ended March 31, 2026; however, the overall portfolio yield declined 7 basis points from the previous quarter, to 6.56%. Advancing Strategic Priorities. SBA loan sale gains increased to $2.4 million in the first quarter of 2025, compared to $2.2 million in the fourth quarter of 2025.On February 20, 2026, the Company opened its first full service branch in New York State, located in Bay Ridge, Brooklyn. This addition supports the Bank’s continued focus on serving closely held businesses, their owners, and professionals in key markets. The Brooklyn office is home to an experienced private client banking team and provides businesses and individuals with a dedicated single point of contact, along with tailored commercial banking, lending, and treasury management services. (1) Wholesale Ratio is a Non-GAAP Financial Measure and is calculated as brokered deposits and FHLB borrowings divided by total assets. Refer to the "Non-GAAP Financial Measures" section of this document for additional detail. First Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs): March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Return on average assets(1)(6) 1.35 % 1.11 % 1.24 % 1.14 % 0.86 % Pre-tax, pre-provision net revenue return on average assets(1)(6) 1.60 % 1.80 % 1.70 % 1.43 % 1.18 % Return on average shareholders' equity(1)(6) 14.88 % 12.20 % 13.84 % 12.98 % 10.16 % Return on average tangible shareholders' equity(1)(6) 15.00 % 12.31 % 13.96 % 13.10 % 10.25 % Net Interest Margin(1)(6)(7) 3.28 % 3.40 % 3.34 % 3.10 % 2.81 % Efficiency Ratio(1)(3) 55.8 % 50.8 % 51.4 % 56.1 % 59.9 % Noninterest expense to average assets(1)(6) 2.03 % 1.87 % 1.80 % 1.83 % 1.76 % Net loan (recoveries) charge-offs as a percentage of average loans(1)(6) 0.01 % 0.00 % (0.01 )% 0.00 % 0.00 % Dividend payout(1)(4) 14.18 % 17.39 % 15.75 % 17.39 % 22.99 % Fully diluted tangible book value per common share(1)(2) $ 38.79 $ 37.84 $ 36.84 $ 35.65 $ 34.56 Total capital to risk-weighted assets(1)(5) 12.99 % 12.94 % 13.48 % 13.28 % 13.22 % Total common equity tier 1 capital to risk-weighted assets(1)(5) 11.96 % 11.87 % 12.39 % 12.20 % 12.11 % Tier I Capital to Average Assets(1)(5) 10.31 % 10.55 % 10.71 % 10.57 % 10.13 % Tangible common equity to tangible assets(1)(2) 9.17 % 8.90 % 8.95 % 8.68 % 8.57 % Earnings per common share - diluted $ 1.41 $ 1.15 $ 1.27 $ 1.15 $ 0.87 Common shares issued and outstanding 7,973,180 7,899,943 7,877,443 7,873,387 7,888,013 (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 (calculated as set forth in 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) Based on a fully tax equivalent basis. Pre-Tax, Pre-Provision Net Revenue(1) ("PPNR") PPNR for the fourth quarter ended March 31, 2026 was $13.3 million, a decrease of 10.2% from $14.9 million recognized for the fourth quarter ended December 31, 2025. For the Quarter Ended (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net interest income $ 26,886 $ 26,946 $ 25,987 $ 23,936 $ 22,066 Total noninterest income 3,343 3,376 2,495 2,012 1,505 Total revenues 30,229 30,322 28,482 25,948 23,571 Total noninterest expense 16,889 15,470 14,631 14,546 14,141 PPNR $ 13,340 $ 14,852 $ 13,851 $ 11,402 $ 9,430 (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, 2026 were $30.2 million, compared with $30.3 million in the previous quarter.Noninterest expense for the quarter ended March 31, 2026 was $16.9 million, compared with $15.5 million in the previous quarter. The increase in noninterest expense was primarily due to an increase in salaries and employee benefits resulting from incremental new hires in support of strategic initiatives, as well as seasonal compensation-related costs recognized in the first quarter. Allowance for Credit Losses - Loans ("ACL-Loans") The ACL-Loans was $29.6 million as of March 31, 2026 compared to $30.7 million as of December 31, 2025. The ACL-Loans as a percentage of total loans was 1.03% as of March 31, 2026 compared to 1.08% as of December 31, 2025. The credit for credit losses - loans was $1.0 million for the quarter ended March 31, 2026. Total nonperforming loans increased $2.7 million to $19.0 million as of March 31, 2026, when compared to the previous quarter. Nonperforming assets as a percentage of total assets increased to 0.56% at March 31, 2026, compared to the previous quarter's ratio of 0.49%. As of March 31, 2026, the ACL-Loans provided 155.39% coverage of total nonperforming loans. BANKWELL FINANCIAL GROUP, INC. ASSET QUALITY (unaudited) (Dollars in thousands) For the Quarter Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ACL-Loans: Balance at beginning of period $ 30,705 $ 29,984 $ 29,256 $ 29,485 $ 29,007 Charge-offs: Residential real estate — — — — — Commercial real estate — — — — (67 ) Commercial business (148 ) — (14 ) (15 ) — Consumer (73 ) — (46 ) (5 ) (33 ) Construction — — — — — Total charge-offs (221 ) — (60 ) (20 ) (100 ) Recoveries: Residential real estate — — — — — Commercial real estate 5 7 272 — — Commercial business 15 23 92 112 4 Consumer 33 10 4 10 36 Construction — — — — — Total recoveries 53 40 368 122 40 Net loan recoveries (charge-offs) (168 ) 40 308 102 (60 ) (Credit) provision for credit losses - loans (957 ) 681 420 (331 ) 538 Balance at end of period $ 29,580 $ 30,705 $ 29,984 $ 29,256 $ 29,485 As of March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Asset quality: Nonaccrual loans Residential real estate $ 544 $ 557 $ 570 $ 617 $ 811 Commercial real estate 17,112 14,445 14,667 16,387 17,946 Commercial business 1,380 1,302 1,729 6,871 7,626 Construction — — — — — Consumer — — — — — Total nonaccrual loans 19,036 16,304 16,966 23,875 26,383 Other real estate owned — — 1,284 1,284 — Total nonperforming assets $ 19,036 $ 16,304 $ 18,250 $ 25,159 $ 26,383 Nonperforming loans as a % of total loans 0.66 % 0.57 % 0.62 % 0.89 % 1.00 % Nonperforming assets as a % of total assets 0.56 % 0.49 % 0.56 % 0.78 % 0.83 % ACL-loans as a % of total loans 1.03 % 1.08 % 1.10 % 1.10 % 1.11 % ACL-loans as a % of nonperforming loans 155.39 % 188.33 % 176.73 % 122.54 % 111.76 % Total past due loans to total loans 0.62 % 0.31 % 0.76 % 0.91 % 1.08 % Financial Condition & Capital Assets totaled $3.4 billion at March 31, 2026, an increase of $14.0 million, or 0.4% compared to December 31, 2025. Gross loans totaled $2.9 billion at March 31, 2026, an increase of $26.5 million, or 0.9% compared to December 31, 2025. Deposits totaled $2.9 billion at March 31, 2026, an increase of $55.8 million, or 2.0% compared to December 31, 2025. Brokered deposits have decreased $44.5 million or 8.0%, when compared to December 31, 2025. Period End Loan Composition March 31, 2026 December 31, 2025 March 31, 2025 Current QTD % Change Year over Year % Change Residential Real Estate $ 30,128 $ 33,139 $ 40,089 (9.1 )% (24.8 )% Commercial Real Estate(1) 1,896,565 1,930,979 1,810,923 (1.8 ) 4.7 Construction 155,826 153,778 188,339 1.3 (17.3 ) Total Real Estate Loans 2,082,519 2,117,896 2,039,351 (1.7 ) 2.1 Commercial Business 723,272 645,321 529,000 12.1 36.7 Consumer 60,827 76,855 76,553 (20.9 ) (20.5 ) Total Loans $ 2,866,618 $ 2,840,072 $ 2,644,904 0.9 % 8.4 % (1) Includes owner occupied commercial real estate of $0.8 billion at March 31, 2026, $0.8 billion at December 31, 2025, and $0.7 billion at March 31, 2025, respectively. Period End Deposit Composition March 31, 2026 December 31, 2025 March 31, 2025 Current QTD % Change Year over Year % Change Noninterest bearing demand $ 428,384 $ 403,652 $ 349,525 6.1 % 22.6 % NOW 104,704 90,205 112,695 16.1 (7.1 ) Money Market 1,095,883 1,007,844 900,352 8.7 21.7 Savings 99,008 97,418 91,378 1.6 8.3 Time 1,157,270 1,230,362 1,296,495 (5.9 ) (10.7 ) Total Deposits $ 2,885,249 $ 2,829,481 $ 2,750,445 2.0 % 4.9 % Shareholders’ equity totaled $311.9 million as of March 31, 2026, an increase of $10.4 million compared to December 31, 2025, primarily a result of year-to-date net income of $11.3 million. The increase was partially offset by dividends paid of $1.6 million. As of March 31, 2026, 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 12.99%, 11.96%, and 10.31%, respectively. We recommend reading this earnings release in conjunction with the First Quarter 2026 Investor Presentation, located at https://investor.mybankwell.com/events-and-presentations/ and included as an exhibit to our April 22, 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 April 23, 2026, at 9:00 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 provides businesses and professionals with a range of commercial financing solutions, including working capital lines of credit, SBA loans, acquisition financing, and commercial mortgages, along with treasury management and deposit services. Bankwell emphasizes accessibility, expertise, and responsiveness through experienced local banking teams serving its markets. 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, Inc. 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, efficiency ratio, noninterest expense to average assets, average tangible common equity, annualized return on average tangible shareholders' equity, return on average shareholders' equity, 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, wholesale ratio, 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) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ASSETS Cash and due from banks $ 208,904 $ 214,567 $ 289,628 $ 313,998 $ 292,006 Federal funds sold 8,997 10,354 5,732 8,466 12,922 Cash and cash equivalents 217,901 224,921 295,360 322,464 304,928 Investment securities Marketable equity securities, at fair value 2,254 2,248 2,223 2,188 2,164 Available for sale investment securities, at fair value 155,934 160,409 96,473 103,930 97,321 Held to maturity investment securities, at amortized cost 29,386 29,465 29,538 36,434 36,478 Total investment securities 187,574 192,122 128,234 142,552 135,963 Loans receivable (net of ACL-Loans of $29,580, $30,705, $29,984, $29,256, and $29,485, at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively) 2,832,678 2,804,441 2,684,016 2,635,742 2,611,495 Accrued interest receivable 16,029 16,143 15,633 14,741 15,409 Federal Home Loan Bank stock, at cost 4,207 6,207 4,951 5,051 3,583 Premises and equipment, net 20,947 21,582 22,387 23,020 22,978 Bank-owned life insurance 54,566 54,207 53,846 53,488 53,136 Goodwill 2,589 2,589 2,589 2,589 2,589 Deferred income taxes, net 11,436 11,356 9,027 9,684 9,551 Other real estate owned — — 1,284 1,284 — Other assets 25,932 26,291 26,636 25,978 24,261 Total assets $ 3,373,859 $ 3,359,859 $ 3,243,963 $ 3,236,593 $ 3,183,893 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Deposits Noninterest bearing deposits $ 428,384 $ 403,652 $ 397,408 $ 397,195 $ 349,525 Interest bearing deposits 2,456,865 2,425,829 2,360,007 2,362,086 2,400,920 Total deposits 2,885,249 2,829,481 2,757,415 2,759,281 2,750,445 Advances from the Federal Home Loan Bank 60,000 110,000 75,000 75,000 40,000 Subordinated debentures 69,759 69,697 69,636 69,574 69,513 Accrued expenses and other liabilities 46,985 49,192 49,121 49,448 48,721 Total liabilities 3,061,993 3,058,370 2,951,172 2,953,303 2,908,679 Shareholders’ equity Common stock, no par value 121,060 120,118 119,353 118,698 118,439 Retained earnings 191,281 181,587 174,008 165,495 157,971 Accumulated other comprehensive (loss) (475 ) (216 ) (570 ) (903 ) (1,196 ) Total shareholders’ equity 311,866 301,489 292,791 283,290 275,214 Total liabilities and shareholders’ equity $ 3,373,859 $ 3,359,859 $ 3,243,963 $ 3,236,593 $ 3,183,893 BANKWELL FINANCIAL GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Dollars in thousands, except share data) For the Quarter Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Interest and dividend income Interest and fees on loans $ 46,787 $ 46,739 $ 46,328 $ 44,128 $ 43,475 Interest and dividends on securities 1,784 1,834 1,410 1,478 1,445 Interest on cash and cash equivalents 1,965 2,037 2,853 3,043 3,557 Total interest and dividend income 50,536 50,610 50,591 48,649 48,477 Interest expense Interest expense on deposits 21,930 22,388 22,585 23,083 24,772 Interest expense on borrowings 1,720 1,276 2,019 1,630 1,639 Total interest expense 23,650 23,664 24,604 24,713 26,411 Net interest income 26,886 26,946 25,987 23,936 22,066 (Credit) provision for credit losses (1,029 ) 616 372 (411 ) 463 Net interest income after (credit) provision for credit losses 27,915 26,330 25,615 24,347 21,603 Noninterest income Bank owned life insurance 358 361 359 352 344 Service charges and fees 780 771 779 674 602 Gains and fees from sales of loans 2,425 2,184 1,372 1,080 442 Other (220 ) 60 (15 ) (94 ) 117 Total noninterest income 3,343 3,376 2,495 2,012 1,505 Noninterest expense Salaries and employee benefits 9,830 7,717 7,995 7,521 7,052 Occupancy and equipment 2,705 2,575 2,469 2,505 2,575 Professional services 1,393 1,415 1,412 1,632 1,529 Data processing 716 877 633 712 885 Director fees 363 337 333 333 348 FDIC insurance 543 612 610 684 779 Marketing 126 108 140 218 142 Other 1,213 1,829 1,039 941 831 Total noninterest expense 16,889 15,470 14,631 14,546 14,141 Income before income tax expense 14,369 14,236 13,479 11,813 8,967 Income tax expense 3,094 5,092 3,401 2,725 2,079 Net income $ 11,275 $ 9,144 $ 10,078 $ 9,088 $ 6,888 Earnings Per Common Share: Basic $ 1.42 $ 1.16 $ 1.28 $ 1.16 $ 0.88 Diluted $ 1.41 $ 1.15 $ 1.27 $ 1.15 $ 0.87 Weighted Average Common Shares Outstanding: Basic 7,724,253 7,776,740 7,774,887 7,777,469 7,670,224 Diluted 7,800,935 7,858,047 7,844,785 7,819,829 7,740,521 Dividends per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 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 Assets March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total Equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles — — — — — Tangible Common Equity $ 309,277 $ 298,900 $ 290,202 $ 280,701 $ 272,625 Total Assets $ 3,373,859 $ 3,359,859 $ 3,243,963 $ 3,236,593 $ 3,183,893 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles — — — — — Tangible Assets $ 3,371,270 $ 3,357,270 $ 3,241,374 $ 3,234,004 $ 3,181,304 Tangible Common Equity to Tangible Assets 9.17 % 8.90 % 8.95 % 8.68 % 8.57 % As of Computation of Fully Diluted Tangible Book Value per Common Share March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total shareholders' equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214 Less: Preferred stock — — — — — Common shareholders' equity $ 311,866 $ 301,489 $ 292,791 $ 283,290 $ 275,214 Less: Goodwill 2,589 2,589 2,589 2,589 2,589 Other intangibles — — — — — Tangible common shareholders' equity $ 309,277 $ 298,900 $ 290,202 $ 280,701 $ 272,625 Common shares issued and outstanding 7,973,180 7,899,943 7,877,443 7,873,387 7,888,013 Fully Diluted Tangible Book Value per Common Share $ 38.79 $ 37.84 $ 36.84 $ 35.65 $ 34.56 BANKWELL FINANCIAL GROUP, INC. EARNINGS PER SHARE ("EPS") (unaudited) (Dollars in thousands, except share data) For the Quarter Ended March 31, 2026 2025 (In thousands, except per share data) Net income $ 11,275 $ 6,888 Dividends to participating securities(1) (26 ) (26 ) Undistributed earnings allocated to participating securities(1) (248 ) (111 ) Net income for earnings per share calculation 11,001 6,751 Weighted average shares outstanding, basic 7,724,253 7,670,224 Effect of dilutive equity-based awards(2) 76,682 70,297 Weighted average shares outstanding, diluted 7,800,935 7,740,521 Net earnings per common share: Basic earnings per common share $ 1.42 $ 0.88 Diluted earnings per common share $ 1.41 $ 0.87 (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 March 31, 2026 March 31, 2025 Average Balance Interest Yield/ Rate(4) Average Balance Interest Yield/ Rate(4) Assets: Cash and Fed funds sold $ 244,216 $ 1,965 3.26 % $ 349,235 $ 3,557 4.13 % Securities(1) 192,116 1,829 3.81 150,650 1,477 3.92 Loans: Commercial real estate 1,900,235 29,511 6.21 1,848,208 28,285 6.12 Residential real estate 32,293 464 5.75 41,585 633 6.09 Construction 163,728 2,939 7.18 178,878 3,468 7.76 Commercial business 682,398 12,815 7.51 508,417 10,007 7.87 Consumer 74,237 1,058 5.78 81,483 1,082 5.38 Total loans 2,852,891 46,787 6.56 2,658,571 43,475 6.54 Federal Home Loan Bank stock 5,789 64 4.49 4,596 110 9.71 Total earning assets 3,295,012 $ 50,645 6.15 % 3,163,052 $ 48,619 6.15 % Other assets 86,396 89,743 Total assets $ 3,381,408 $ 3,252,795 Liabilities and shareholders' equity: Interest bearing liabilities: NOW $ 98,330 $ 48 0.20 % $ 99,487 $ 109 0.45 % Money market 1,058,395 9,065 3.47 893,361 8,521 3.87 Savings 97,719 672 2.79 88,167 658 3.03 Time 1,218,184 12,145 4.04 1,378,468 15,484 4.56 Total interest bearing deposits 2,472,628 21,930 3.60 2,459,483 24,772 4.10 Borrowed Money 156,441 1,720 4.46 133,917 1,639 4.96 Total interest bearing liabilities 2,629,069 $ 23,650 3.65 % 2,593,400 $ 26,411 4.13 % Noninterest bearing deposits 400,021 333,796 Other liabilities 44,967 50,555 Total liabilities 3,074,057 2,977,751 Shareholders' equity 307,351 275,044 Total liabilities and shareholders' equity $ 3,381,408 $ 3,252,795 Net interest income(2) $ 26,995 $ 22,208 Interest rate spread 2.50 % 2.02 % Net Interest Margin(3) 3.28 % 2.81 % (1) Average balances and yields for securities are based on amortized cost. (2) The adjustment for securities and loans taxable equivalency amounted to $109 thousand and $142 thousand for the quarters ended March 31, 2026 and 2025, 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. Christopher R. Gruseke, Chief Executive Officer Courtney E. Sacchetti, Executive Vice President and Chief Financial Officer Bankwell Financial Group, Inc. (203) 652-0166 [email protected] Source: Bankwell Financial Group, Inc