Net interest income has shown accelerating growth to $26.9 million in 2026Q1, though the net interest margin remains stagnant within a narrow 0.6% to 0.8% range.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'04 | Dec'03 |
|---|
| Net Interest Income | 103.75M | 98.94M | 83.28M | 94.47M | 94.74M | 67.89M | 54.84M | 53.76M | 56.33M | 54.36M | 49.09M | 42.79M | 31.66M | 25.33M | 21.2M | 17.72M | -835K | 0 | 0 | 0 | 3.24M | 2.02M |
| NII Growth % | 93.49% | 18.8% | -11.84% | -0.29% | 39.56% | 23.8% | 2% | -4.55% | 3.61% | 10.74% | 14.73% | 35.15% | 25% | 19.44% | 19.69% | 2221.8% | - | - | - | -100% | 60.19% | - |
| Net Interest Margin % | 3.08% | 2.94% | 2.55% | 2.94% | 2.91% | 2.76% | 2.43% | 2.86% | 3.01% | 3.03% | 3.01% | 3.22% | 2.88% | 3.25% | 3.48% | 3.71% | -0.21% | 0% | 0% | 0% | 3.24% | 2.67% |
| Interest Income | 200.39M | 198.33M | 191.99M | 188.45M | 117.94M | 81.38M | 77.49M | 82.95M | 80.06M | 71.2M | 60.99M | 50.75M | 35.59M | 28.09M | 24.4M | 20.59M | 0 | 0 | 0 | 0 | 3.82M | 2.58M |
| Interest Expense | 96.63M | 99.39M | 108.71M | 93.99M | 23.2M | 13.49M | 22.65M | 29.19M | 23.74M | 16.84M | 11.9M | 7.97M | 3.93M | 2.77M | 3.19M | 2.87M | 835K | 0 | 0 | 0 | 578.71K | 556.64K |
| Loan Loss Provision | -452K | 1.04M | 22.62M | 866K | 5.44M | -57K | 7.61M | 437K | 3.44M | 1.34M | 3.91M | 3.23M | 2.15M | 585K | 1.82M | 1.05M | 17.45M | 14.85M | 12.95M | 10.74M | 225.29K | 265.36K |
| Non-Interest Income | 11.45M | 9.39M | 3.72M | 4.84M | 3.04M | 5.66M | 2.88M | 5.24M | 3.9M | 4.63M | 2.68M | 3.48M | 3.04M | 3.39M | 345K | 1.13M | 18.29M | 14.85M | 12.95M | 10.74M | 655.45K | 1M |
| Non-Interest Income % | 5.4% | 4.52% | 1.9% | 2.5% | 2.51% | 6.5% | 3.59% | 5.95% | 4.64% | 6.1% | 4.2% | 6.42% | 7.87% | 10.77% | 1.39% | 5.22% | 100% | 100% | 100% | 100% | 14.65% | 27.98% |
| Total Revenue | 211.83M | 207.72M | 195.71M | 193.3M | 120.98M | 87.03M | 80.37M | 88.19M | 83.96M | 75.83M | 63.67M | 54.24M | 38.63M | 31.48M | 24.74M | 21.72M | 18.29M | 14.85M | 12.95M | 10.74M | 4.47M | 3.58M |
| Revenue Growth % | 31.18% | 6.13% | 1.25% | 59.77% | 39.01% | 8.29% | -8.87% | 5.04% | 10.73% | 19.11% | 17.38% | 40.4% | 22.71% | 27.24% | 13.91% | 18.77% | 23.18% | 14.65% | 20.51% | 140.22% | 24.98% | - |
| Non-Interest Expense | 61.76M | 58.79M | 51.05M | 50.4M | 44.36M | 39.74M | 42.81M | 35.63M | 35.63M | 32.52M | 29.54M | 29.17M | 25.81M | 20.79M | 17.86M | 14.6M | 3.19M | 2.72M | 2.85M | 1.43M | 3.67M | 2.76M |
| Efficiency Ratio | 29.15% | 28.3% | 26.08% | 26.07% | 36.67% | 45.66% | 53.27% | 40.4% | 42.44% | 42.89% | 46.4% | 53.78% | 66.82% | 66.03% | 72.18% | 67.22% | 17.47% | 18.35% | 22.02% | 13.31% | 82.03% | 77.03% |
| Operating Income | 53.9M | 48.49M | 13.33M | 48.04M | 47.98M | 33.86M | 7.3M | 22.94M | 21.15M | 25.13M | 18.31M | 13.87M | 6.74M | 7.34M | 1.87M | 3.2M | 721K | -1.1M | -442K | 1.11M | 0 | 0 |
| Operating Margin % | 25.44% | 23.35% | 6.81% | 24.85% | 39.66% | 38.91% | 9.08% | 26.01% | 25.19% | 33.14% | 28.76% | 25.57% | 17.44% | 23.33% | 7.56% | 14.74% | 3.94% | -7.42% | -3.41% | 10.32% | 0% | 0% |
| Operating Income Growth % | - | 263.83% | -72.26% | 0.13% | 41.71% | 363.79% | -68.18% | 8.46% | -15.82% | 37.24% | 32% | 105.89% | -8.28% | 292.57% | -41.55% | 343.97% | 165.49% | -149.09% | -139.86% | - | - | - |
| Pretax Income | 53.9M | 48.49M | 13.33M | 48.04M | 47.98M | 33.86M | 7.3M | 22.94M | 21.15M | 25.13M | 18.31M | 13.87M | 6.74M | 7.34M | 1.87M | 3.2M | 721K | -1.1M | -442K | 1.11M | 0 | 0 |
| Pretax Margin % | 25.44% | 23.35% | 6.81% | 24.85% | 39.66% | 38.91% | 9.08% | 26.01% | 25.19% | 33.14% | 28.76% | 25.57% | 17.44% | 23.33% | 7.56% | 14.74% | 3.94% | -7.42% | -3.41% | 10.32% | 0% | 0% |
| Income Tax | 14.31M | 13.3M | 3.56M | 11.38M | 10.55M | 7.28M | 1.4M | 4.73M | 3.72M | 11.3M | 5.96M | 4.84M | 2.17M | 2.18M | 657K | 997K | 214K | -271K | 1K | 425K | 578.71K | 556.64K |
| Effective Tax Rate % | 26.55% | 27.42% | 26.7% | 23.69% | 22% | 21.48% | 19.13% | 20.6% | 17.59% | 44.96% | 32.55% | 34.9% | 32.2% | 29.73% | 35.11% | 31.15% | 29.68% | 24.61% | -0.23% | 38.32% | - | - |
| Net Income | 39.59M | 35.2M | 9.77M | 36.66M | 37.43M | 26.59M | 5.9M | 18.22M | 17.43M | 13.83M | 12.35M | 9.03M | 4.57M | 5.16M | 1.21M | 2.2M | 507K | -830K | -443K | 684K | -380K | -870K |
| Net Margin % | 18.69% | 16.95% | 4.99% | 18.97% | 30.94% | 30.55% | 7.35% | 20.65% | 20.76% | 18.24% | 19.4% | 16.65% | 11.83% | 16.39% | 4.91% | 10.15% | 2.77% | -5.59% | -3.42% | 6.37% | -8.5% | -24.31% |
| Net Income Growth % | 206.98% | 260.27% | -73.35% | -2.05% | 40.78% | 350.3% | -67.59% | 4.49% | 26.05% | 11.98% | 36.77% | 97.68% | -11.49% | 325.12% | -44.92% | 334.71% | 161.08% | -87.36% | -164.77% | 280% | 56.32% | - |
| Net Income (Continuing) | 39.59M | 35.2M | 9.77M | 36.66M | 37.43M | 26.59M | 5.9M | 18.22M | 17.43M | 13.83M | 12.35M | 9.03M | 4.57M | 5.16M | 1.21M | 2.2M | 507K | -830K | -443K | 684K | -380K | -870K |
| EPS (Diluted) | 5.07 | 4.45 | 1.23 | 4.67 | 4.79 | 3.36 | 0.75 | 2.31 | 2.21 | 1.78 | 1.62 | 1.21 | 0.78 | 0.75 | 0.16 | 0.30 | 0.10 | -0.50 | -0.18 | 0.29 | -0.25 | -0.67 |
| EPS Growth % | 207.41% | 261.79% | -73.66% | -2.51% | 42.56% | 348% | -67.53% | 4.52% | 24.16% | 9.88% | 33.88% | 55.13% | 4% | 368.75% | -46.67% | 215.46% | 119.02% | -177.78% | -162.07% | 216% | 62.69% | - |
| EPS (Basic) | - | 4.49 | 1.24 | 4.71 | 4.84 | 3.38 | 0.75 | 2.32 | 2.23 | 1.80 | 1.64 | 1.23 | 0.78 | 0.75 | 0.16 | 0.30 | 0.10 | -0.51 | -0.18 | 0.29 | -0.25 | -0.67 |
| Diluted Shares Outstanding | 7.8M | 7.83M | 7.74M | 7.65M | 7.64M | 7.76M | 7.75M | 7.79M | 7.78M | 7.67M | 7.49M | 7.14M | 5.61M | 6.58M | 6.58M | 6.58M | 2.59M | 2.51M | 2.46M | 2.36M | 1.49M | 1.31M |
CRE concentration and funding costs
According to the provided quarterly data, Bankwell Financial Group has successfully reversed a period of contraction, with net interest income climbing from $20.2 million in 2024Q4 to $26.9 million by 2026Q1, representing a significant recovery in the bank's primary revenue engine during the most recent observed cycle.
The trajectory suggests that the bank has effectively navigated the interest rate environment, likely through disciplined loan repricing and strategic balance sheet management. Investors should monitor whether this growth is sustainable or if it remains overly dependent on aggressive loan volume expansion in the competitive Fairfield County market.
As reported in financial statements, the net interest margin has remained remarkably flat, hovering between 0.6% and 0.8% over the last ten quarters, which indicates that the bank's asset yields are struggling to outpace the rising costs of interest-bearing deposits in the current rate environment.
This stagnation suggests that the bank faces significant pressure from deposit betas, limiting the potential for margin expansion despite top-line growth. The inability to widen the NIM warrants further investigation into the bank's deposit mix and the competitive intensity of its local Connecticut funding base.
Based on the reported figures, the provision for credit losses has fluctuated wildly, swinging from a high of $8.2 million in 2024Q2 to a net benefit of $1.0 million in 2026Q1, reflecting significant management adjustments to the allowance for credit losses under the CECL accounting framework.
These dramatic swings in provisioning suggest that the bank's earnings quality is highly sensitive to management's forward-looking credit assumptions. Analysts should be cautious, as the recent provision benefits may be artificially inflating net income and masking potential latent risks within the commercial real estate portfolio.
Data from the income statement shows that the efficiency ratio has remained relatively stable, oscillating between 25.3% and 31.6% over the last ten quarters, which suggests that management has maintained a disciplined approach to controlling non-interest expenses even as the bank scales its operations.
This level of operational leverage appears adequate for a regional bank of this size, though the recent uptick to 31.6% in 2026Q1 may indicate rising overhead costs. Investors should monitor whether this trend represents a permanent shift in the cost structure or merely temporary investment in infrastructure.
Quick answers to the most common questions about buying BWFG stock.
Bankwell Financial Group, Inc. (BWFG) is profitable, generating $35.2M in net income for the fiscal year ending 2025 with a net profit margin of 16.9%.
Bankwell Financial Group, Inc. (BWFG) reported an operating income of $48.5M, resulting in an operating profit margin of 23.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Bankwell Financial Group, Inc. (BWFG) generated $107.3M in gross profit for the year, representing a gross profit margin of 51.6%. This demonstrates the company's core pricing power and production efficiency.