Bankwell Financial Group Reports Record Earnings for the Third Quarter, Declares Fourth Quarter Dividend

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“We delivered record earnings for the third quarter, with GAAP net income of $12.7 million, or $1.58 per share, despite absorbing $3.0 million of costs related to our core conversion. Excluding these costs, operating net income was $15.0 million, or $1.86 per share, and our operating efficiency ratio was 47.5%.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“These results reflect continued improvement across the Company, as Net Interest Margin expanded to 3.71%, nonperforming assets declined to 0.20% of total assets, and our SBA business continued to make a meaningful contribution to non-interest income.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“Our third-quarter results demonstrate the benefit of the investments and strategic initiatives we have pursued over the past several years.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“We continue to grow the balance sheet, diversify revenue, strengthen asset quality and invest in the people and technology necessary to support the Company’s future growth.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“The core conversion is an important part of that investment and will provide enhanced capabilities and greater scalability to support our strategic priorities and future growth.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“Given our year-to-date performance, we are updating our full-year 2026 guidance.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“We now expect net interest income of $119 to $121 million and non-interest income of $14 to $15 million, reflecting continued strength in our SBA platform.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“We maintain our outlook for loan growth of 5% to 7% and non-interest expense of $65 to $67 million, excluding conversion costs.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“Finally, I want to recognize the tremendous efforts of our team.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“The results we are reporting are the product of a great deal of hard work, an unwavering commitment to our clients, and disciplined execution of the strategy we have put in place.”

Christopher R. Gruseke, Chief Executive Officer of Bankwell Financial Group

“I’m proud of what our people have accomplished together and excited about the opportunities ahead.”