Bankwell Financial Group (BWFG) investor relations material

Executive summary

• GAAP net income for Q2 2026 was $12.4 million ($1.52 per share), up from $11.3 million ($1.41 per share) in Q1 and $9.1 million ($1.14 per share) in Q2 2025, reflecting strong profitability and operational efficiency.

• Core deposits increased by $128 million, including $72 million in non-interest bearing and NOW accounts, while gross loans grew by $93 million (3.2%) to $3 billion.

• Non-interest income was $3.3 million, driven by $2.4 million in SBA loan sale gains.

• Tangible book value per share rose to $40.25, and the efficiency ratio improved to 47.5% for Q2 2026.

• Board declared a $0.20 per share cash dividend, payable August 21, 2026.

Financial highlights

• Net interest income rose to $29.5 million in Q2 2026 from $26.9 million in Q1 2026 and $23.9 million in Q2 2025.

• Net interest margin expanded to 3.58%, up 30 basis points sequentially and from 3.10% in Q2 2025.

• Non-interest expense fell to $15.3 million from $16.9 million in Q1 2026; year-over-year, it increased 4.9% due to higher salaries and benefits.

• Pre-provision net revenue increased 31.4% to $17.5 million in Q2 2026.

• Total revenues for Q2 2026 were $32.8 million, up from $30.2 million in Q1 2026 and up 26.7% year-over-year.

Outlook and guidance

• Full-year 2026 loan growth guidance raised to 5%-7%.

• Net interest income outlook increased to $115 million-$117 million for 2026.

• Non-interest income guidance affirmed at $12 million-$13 million.

• Non-interest expense guidance raised to $65 million-$67 million, with no expected negative impact on efficiency ratio.

• Deposit costs expected to trend lower, and loan origination yields remain favorable, supporting margin expansion.