New Canaan, CT – April 24, 2024 – Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $3.8 million, or $0.48 per share for the first quarter of 2024, versus $10.4 million, or $1.33 per share, for the same period in 2023. Pre-tax, pre-provision net revenue ("PPNR") was $8.8 million, or $1.14 per share, for the first quarter of 2024, versus $14.4 million, or $1.89 per share for the same period in 2023. Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke: • PPNR was $ ...

Financial Performance - Total assets as of December 31, 2023, were $3,215,482, a decrease from $3,252,449 in 2022[336] - Net interest income for the year ended December 31, 2023, was $94.5 million, a decrease of $0.3 million compared to 2022[347] - The net interest margin decreased by 80 basis points to 2.98% for the year ended December 31, 2023[347] - Total revenue for the year ended December 31, 2023, was $99,310, compared to $97,783 in 2022[336] - Net income for the year ended December 31, 2023, was $36,663, a decrease from $37,429 in 2022[336] - The Bank's net income for the year ended December 31, 2023, was $36.663 million, a decrease of 2.05% from $37.429 million in 2022[501] - The Bank's total other comprehensive income for the year ended December 31, 2023, was $(1.475) million, compared to $8.372 million in 2022[501] Equity and Assets - Total equity increased to $265,752 as of December 31, 2023, compared to $238,469 in 2022[336] - Commitments to extend credit totaled $333.5 million as of December 31, 2023, down from $561.0 million in 2022[506] - The Bank's loan commitments as of December 31, 2023, amounted to $236.878 million, with $169.358 million due in less than one year[507] Risk Management and Strategy - The company aims for organic growth and strategic acquisitions to enhance its market position[335] - The company has a disciplined focus on risk management as part of its operational strategy[335] - The allowance for credit losses is determined using multiple economic scenarios, incorporating variables such as GDP and interest rates[493] - The Bank's liquidity position is monitored daily, with a detailed liquidity funding policy and contingency funding plan in place[503] - The economic value of equity at risk simulation indicates a sensitivity to interest rate changes, with key assumptions subject to periodic review[512] Interest Rates and Economic Impact - The average yield on total earning assets was 5.86% for the year ended December 31, 2023, compared to 4.64% in 2022[349] - The estimated percent change in net interest income at December 31, 2023, under a 100 basis point rate change is 3.60%[482] - The estimated percent change in economic value at December 31, 2023, under a 200 basis point rate change is (9.40)%[483] - Inflation increases costs of funds and operating overhead, impacting financial performance[515] - Interest rates have a significant effect on the performance of financial institutions compared to general inflation levels[515] - Rising interest rates may decrease the market value of investments and loans held[515] - Increased inflation and interest rates can adversely affect liquidity, earnings, and shareholders' equity[515] - Inflation affects costs related to goods, services, salaries, and occupancy expenses[515]

Risk management | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------|-------|-------|--------|-------|-------|-------|-------|-------|-------|-------|--------| | Three Months Ended September 30, 2022 \nBeginning balance | $ | 331 | $ | 11,480 | $ | 95 | $ | 3,802 | $ | 65 | $ | 15,773 | | Charge-offs | | — | | — | | — | | — | | (8) | | (8) | | Recoveries | | — | | — | | — | | 21 | | — | | 21 | | (Credit) provis ...

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(Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 Commission File Number: 001-36448 | --- | --- | --- | |---------------------------------------------------------------------------------------------------|-------------------|---------------------------------------------| | Securities registered pursuant to Section 12(b) of the Act: \nTitle of Each Class | Trading Symbol(s) | Name of Each Exchange on Which \nRegi ...

| --- | --- | --- | |--------------------------------------|--------------------------------------------------------------------|-------------------------------------------------------------| | Securities \nTitle of Each Class | registered pursuant to Section 12(b) \nTrading Symbol(s) | of the Act: \nName of Each Exchange on Which Registered | | Common Stock, no par value per share | BWFG | NASDAQ Global Market | Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to________ | --- | --- | |----------------------------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to________ | --- | --- | |---------------------------------------------------------------------------------------------------------------------------- ...

BWFG | LISTED | NASDAQ 2Q22 Investor Presentation July 27th, 2022 BWFG Safe Harbor LISTED BWFG LISTED NASDAQ NASDAQ This presentation may contain certain forward-looking statements about Bankwell Financial Group, Inc. (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," "would," "should," "could," or "may." Forw ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to________ | --- | --- | |--------------------------------------------------------------------------------------------------------------------------- ...