Net interest income accelerated to $29.5M in 2026Q2, a 23.3% year-over-year increase, while the net interest margin expanded to 0.8%, indicating improved spread management.
Bankwell Financial Group, Inc. (BWFG) annual income statement — 21-year revenue, gross profit & net income history
| 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 | 114.71M | 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 % | 99.22% | 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 % | 3.23% | 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 | 208.2M | 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 | 93.5M | 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 | 14.18M | 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 % | 11% | 8.67% | 4.27% | 4.88% | 3.11% | 7.69% | 5% | 8.89% | 6.48% | 7.85% | 5.17% | 7.53% | 8.76% | 11.8% | 1.6% | 6.02% | 104.78% | 100% | 100% | 100% | 16.83% | 33.12% |
| Total Net Revenue | 128.88M | 108.32M | 87M | 99.31M | 97.78M | 73.54M | 57.72M | 59.01M | 60.23M | 58.99M | 51.77M | 46.27M | 34.7M | 28.72M | 21.55M | 18.85M | 17.45M | 14.85M | 12.95M | 10.74M | 3.89M | 3.02M |
| Revenue Growth % | 29.97% | 24.51% | -12.4% | 1.56% | 32.96% | 27.42% | -2.18% | -2.03% | 2.09% | 13.96% | 11.88% | 33.34% | 20.84% | 33.26% | 14.32% | 8.01% | 17.56% | 14.65% | 20.51% | 175.91% | 28.81% | - |
| Non-Interest Expense | 67.64M | 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 | 52.48% | 54.27% | 58.68% | 50.75% | 45.37% | 54.04% | 74.17% | 60.38% | 59.17% | 55.13% | 57.07% | 63.04% | 74.38% | 72.39% | 82.87% | 77.45% | 18.3% | 18.35% | 22.02% | 13.31% | 94.21% | 91.19% |
| Operating Income | 61.69M | 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 % | 47.87% | 44.77% | 15.32% | 48.38% | 49.07% | 46.04% | 12.65% | 38.88% | 35.12% | 42.6% | 35.37% | 29.98% | 19.41% | 25.58% | 8.68% | 16.98% | 4.13% | -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 | 61.67M | 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 % | 47.85% | 44.77% | 15.32% | 48.38% | 49.07% | 46.04% | 12.65% | 38.88% | 35.12% | 42.6% | 35.37% | 29.98% | 19.41% | 25.58% | 8.68% | 16.98% | 4.13% | -7.42% | -3.41% | 10.32% | 0% | 0% |
| Income Tax | 16.14M | 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 % | 26.18% | 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 | 45.53M | 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 % | 35.32% | 32.49% | 11.23% | 36.92% | 38.28% | 36.15% | 10.23% | 30.87% | 28.95% | 23.44% | 23.86% | 19.52% | 13.16% | 17.97% | 5.63% | 11.69% | 2.9% | -5.59% | -3.42% | 6.37% | -9.76% | -28.78% |
| Net Income Growth % | 56.89% | 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) | 45.53M | 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) | 5.73 | 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 % | 55.19% | 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 | 7.95M | 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 |
Quick answers to the most common questions about buying BWFG stock.
For fiscal year 2025, Bankwell Financial Group, Inc. (BWFG) reported total revenue of $108.3M. This represents a 3482.9% increase compared to $3.0M in 2003.
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 32.5%.
Bankwell Financial Group, Inc. (BWFG) reported an operating income of $48.5M, resulting in an operating profit margin of 44.8%. 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 99.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fee income concentration risk
Metrics are mathematically derived from official filings.
NII Growth Accelerates on Rate Tailwinds
Net interest income surged 23.3% year-over-year in 2026Q2, driven by a combination of loan growth and favorable rate dynamics, as reported in the company's latest financial statements.
The acceleration in NII growth from a low single-digit pace in early 2025 to over 20% in recent quarters suggests the bank is successfully repricing its asset base higher while managing deposit costs. This trajectory implies the balance sheet is well-positioned to benefit from the current rate environment, though the sustainability of this pace will depend on loan demand and deposit competition.
NIM Expansion Drives Profitability Surge
The net interest margin expanded to 0.8% in 2026Q2, up from 0.7% a year prior, indicating improved asset-liability management and a more favorable spread environment.
The consistent NIM expansion from 0.6% in 2024Q4 to 0.8% in the latest quarter is the primary driver of the bank's earnings recovery. This trend suggests management has effectively navigated the rate cycle, likely through a mix of loan repricing and disciplined funding cost control. The margin level, while improving, warrants monitoring against peer benchmarks to assess relative competitiveness.
Efficiency Ratio Improves with Scale
The efficiency ratio improved to 27.4% in 2026Q2 from 25.3% in 2024Q2, demonstrating that revenue growth is outpacing non-interest expense growth and creating positive operating leverage.
The bank's efficiency ratio has remained consistently strong, well below the 50% threshold often considered efficient for regional banks. This indicates a lean cost structure and suggests that incremental revenue is flowing through to the bottom line at a high rate. The slight uptick in the ratio from 2024 lows may reflect necessary investments, but the overall trend remains favorable for profitability.
Provision Volatility Masks Underlying Credit Quality
Provision expense has been highly volatile, swinging from a $8.2M charge in 2024Q2 to a $1.0M benefit in 2026Q1, making it difficult to assess the true underlying credit cycle for the bank.
The erratic provision expense, including periods of negative provisions (benefits), suggests the bank may be adjusting its reserves based on specific loan-level reviews rather than a broad economic forecast. This volatility obscures the true cost of credit risk and makes earnings less predictable. Investors should focus on net charge-off trends, which are not provided, to gauge the actual health of the loan portfolio.
Fee Income Gains Traction but Remains Small
Non-interest income as a percentage of total revenue grew to 5.9% in 2026Q2 from just 1.4% in 2024Q2, indicating a strategic shift towards more diversified revenue streams.
The significant increase in fee income contribution, while still modest in absolute terms, suggests the bank is successfully building out its fee-based businesses, possibly in wealth management or treasury services. This diversification is positive for earnings stability, but the low overall percentage means the bank remains overwhelmingly dependent on net interest income for its profitability.
Fee Income Concentration and Provision Volatility
Despite strong NII growth, BWFG's earnings quality is challenged by its extreme reliance on net interest income (94.1% of revenue) and erratic provision expense, which swung from a $8.2M charge to a $1.0M benefit in just two years.
The bank's fee income, while growing, remains a negligible portion of total revenue, leaving it highly exposed to interest rate cycles and competitive pressures on loan spreads. Furthermore, the wild swings in provision expense, including negative provisions, suggest potential volatility in earnings that may not reflect the true underlying credit risk. This combination of revenue concentration and unpredictable credit costs warrants caution regarding the sustainability of the current earnings trajectory.