Bankwell Financial : Second Quarter Investor Presentation 2023

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2Q23 Investor Presentation

July 26th, 2023

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Safe Harbor

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." 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.

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LISTED NASDAQ	Table of Contents
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• 2Q23 Performance
• Deposits & Liquidity
• Loans
• Credit Quality & Capital
• Bankwell History & Overview

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2Q23 Performance

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2Q23 Summary

• Net Income of $7.98 million, or $1.02 earnings per share ("EPS")
• Return on Average Assets ("ROAA") and Return on Average Equity ("ROAE") were 0.99% and 12.91%, respectively for the quarter, and 1.14% and 15.15% year-to-date
• Pre-tax,Pre-provision Net Revenue ("PPNR")1 of $12.75 million, or 1.58% PPNR ROAA for the quarter
• 1.56% Non-interest Expense as a percent of Average Assets for the quarter and 1.58% year-to-date
• Year-to-datenet interest margin ("NIM") of 3.15%; 2Q23 NIM of 3.06% & June NIM of 2.95%
• Net loan growth of $14 million, with new fundings at a weighted average yield of 6.96%
• Non-brokereddeposit growth of $48 million, with an additional $57 million growth2 since June 30, 2023
• $1.7 billion immediately available liquidity providing more than 2X coverage of uninsured deposits
• • 25% uninsured deposits; insured deposits include 71% FDIC-insured & 4% insured by FHLB SBLOCs
  • HTM securities represent 0.5% of total assets; unrealized net loss $384 thousand3
• AFS securities valuations hedged with interest rate swaps; net AOCI impact of $(1.7) million
• The Bank remains well capitalized with an 11.41% Total Capital ratio and 7.58% Tangible Common Equity
• $31.45 Tangible Book Value; 15% CAGR since year-end 2020 (including one-time CECL impact)
• Addition of new EVP, Ryan Hildebrand as Chief Innovation Officer

1 Pre-tax,pre-provision net revenue per share is a non-GAAP metric & excludes provision for loan losses and income tax expense	5
2 As of July 25, 2023

3 HTM securities not recorded in Book Value