Bankwell Financial Group3Q’17 Investor Presentation 

 Safe Harbor  This presentation may contain certain forward-looking statements about 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 securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged. 

 Bankwell Profile  $1.80B asset Connecticut-based bank with key focus on CRE and C&I lending9 existing branches in Fairfield & New Haven Counties… actively pursuing core market expansionContinued strong performance in 3Q’17:10.27% Return on Equity YTD0.92% Return on Avg Assets YTD$20.41 Tangible Book ValueConsidered “Well Capitalized”; Capital Ratios1 exceeding required levels: 9.78% Tier 1 Leverage 10.95% CET 1 / RWA 12.19% Total Capital / RWA  Company Overview NASDAQ: BWFG  Footprint    Existing branches (9)Branch application approved (2)      Attractive core market of Fairfield County / Bridgeport-Stamford-Norwalk MSA2nd most affluent MSA & per capita personal income (PCPI) among highest in the USA18.3% of MSA households earn enough to rank in the top 5% all US householdsOpportunity to expand without risk of cannibalization    1 Regulatory ratios are Bank ratios based on call report filings; 3Q’17 values are preliminary subject to Call Report completion 

 Management Team  Name  Years Experience  Selected Professional Biography  At Bankwell  Christopher GrusekePresident & CEO(since 2015)  25+  Founding investor of Bankwell’s precursor, Bank of New Canaan, member of BoD and ALCO Committee 2009 to 201220 year Investment Banking career focused on financial institutions, securitizations and interest rate risk managementManagement positions include Chief Operating Officer of Greenwich Capital Markets  Rebuilt Leadership teamFocus on financial performance  Penko IvanovEVP & CFO(since 2016)  25+  CFO for Darien Rowayton Bank & Doral Bank’s US OperationsProven track record in building, improving and overseeing all areas of Finance, including Controllership, SOX, Treasury, FP&A, as well as internal and external reporting functionsPrior experience include 8 yrs with GE Capital in various finance roles  Restructured Finance team with 5 new hires in 2017Scaled closing, reporting & FP&A processes for future growth  Heidi S. DeWyngaertEVP & Chief Lending Officer(since 2004)  30+  Previously at Webster Bank, managing the Fairfield County Commercial Real Estate group10 years as Vice President for CRE at First Union National Bank  High quality direct commercial lending13 years building broad network Creation of Portfolio Management team  David P. DineenEVP & Head of Community Banking(since 2016)  30+  Previously at Capital One Commercial Bank as the National Market Manager for Treasury Management and Deposit Services Managed Retail Branch networks and Treasury Management sales teams at NorthFork Bank and Commerce Bank  Build out of new Treasury Management (“TM”) teamInvesting in new TM products & ServicesInvesting in online account opening  Christine A. ChivilyEVP & Chief Credit Officer(since 2013)  30+  Previously a Risk Manager for CRE and C&I at Peoples United BankSVP/Senior Credit Officer at RBS Greenwich Capital Markets (11 yrs); Director - Northeast Region, Multifamily at Freddie Mac (5 yrs); Manager, Loan Servicing - Distressed Assets at M&T Bank  Built team of 13 skilled credit analysts with average experience > 20 yearsExpanded annual loan review & stress testing process  Laura J. WaitzEVP & Chief of Staff(since 2017)  30+  Previously Senior Managing Director, Global Head of Human Resources at The Blackstone Group (9 yrs)Also at Citi Alternative Investments as MD & Global Head of Compensation & at Deutsche Bank as Head of Compensation (Americas) & as Global Compensation Mgr. for Private Equity & Investment Bank   

 Bankwell : A Growth Story  Bankwell is one of the fastest growing and most profitable community banks in Connecticut.  Named “One of the Top 100 Community Banks Under $10 billion" in 2016 1Named a 2017 Sandler O’Neill and Partners “Sm-All Star” 2  March 21, 2017 report issued by S&P Global Market Intelligence29 institutions comprise the 2017 list, which has the objective to identify the top performing small-cap banks and thrifts in the country     2016    $1,628,919  Strengthened executive, credit and finance teams      3Q17    $1,804,938    Bankwell Throughout The YearsAssets 

 Why Bankwell?  Consistently strong performer in highly attractive markets  1 as of June 30th, 2017 

 Financial Highlights  Dollars in thousands, except per share data  2014  2015  2016    1Q’17  2Q’17  3Q’17  Total assets  $1,099,531  $1,330,372  $1,628,919    $1,672,242  $1,755,805  $1,804,938  Loans, net  $915,981  $1,129,748  $1,343,895    $1,406,407  $1,463,240  $1,500,574  Loans to deposits  110.7%  109.1%  105.6%    107.2%  104.8%  107.9%  Efficiency ratio  68.7%  62.3%  56.5%    58.3%  54.7%  54.8%  Net interest margin  3.84%  3.77%  3.54%    3.35%  3.34%  3.32%  Total capital to risk weighted assets  13.55%  13.39%  12.85%    12.41%  12.16%  12.19%  Return on average equity  5.13%  6.76%  8.94%    10.12%  10.00%  10.27%  Tangible book value per share  $16.35  $17.43  $18.98    $19.44  $19.89  $20.41  Net interest income  $31,660  $42,788  $49,092    $12,948  $13,642  $13,861  Net income  $4,568  $9,030  $12,350    $3,702  $3,769  $4,263  EPS (fully diluted)  $0.78  $1.21  $1.62    $0.48  $0.49  $0.55  Quarterly ratios are year-to-date calculations  1  1 Regulatory ratios are Bank ratios based on call report filings; 3Q’17 values are preliminary subject to Call Report completion 

 Consolidated Statement of Income   3Q’17 2Q’17 3Q’16Total Interest Income $18.3 $17.7 $15.6Total Interest Expense $4.5 $4.0 $3.1Net Interest Income $13.9 $13.6 $12.5Provision for Loan Losses $0.4 $0.9 $1.2Net Interest Income after Provision $13.5 $12.7 $11.3Non Interest Income $0.8 $1.0 $0.7Non Interest Expense $8.1 $7.6 $7.4Pre-Tax Income $6.2 $5.8 $4.6Tax Expense (Benefit) $1.9 $2.4 $1.4Reported Net Income (Loss) $4.3 $3.8 $3.1  Key drivers vs prior quarter (“PQ”)Net Interest Income growth driven by strong loan originations, partially offset from rising cost of funds on deposits & increased borrowingsProvision for Loan Losses decrease due to changes in product mix as well as updated loss history trendsNon Interest Income current quarter reflects absence of adjustment for servicing assets/liabilities taken in PQ1Non Interest Expense increase over PQ in support of ongoing business growth, reflected in increased C&B, Consulting & Data Processing expensesTax Expense PQ includes $(300K) for adjustments to purchase accounting treatment for WB & QBT on prior year tax returns1   $MMs  1 For further information, please refer to BWFG’s 2Q’17 Investor Presentation 

 3Q’17 Highlights  Record net income of $4.3MM, or $0.55 per share for the 3Q’17, versus $3.1MM or $0.41 per share for the same period in 2016, a 36% increaseThe Company's Board of Directors declared a $0.07 per share cash dividendPerformance driven by strong organic loan growth, record gross loan balance of $1.52BGross Loans increased $158MM from year-end 2016Favorable year-to-date metrics reflect outstanding core portfolio performance; i.e. loan yields (4.51%), NIM (3.32%) & ROA (0.92%) 3Q loan growth funded by a mix of deposits from existing network and strategic borrowing from FHLB to improve ALM pictureNew FHLB borrowing supports 2 x $25MM 7-Year swapsSince 3Q’17 close, Retail deposits have increased $10MM BWFG has received regulatory approval for 2 new branches in CT (Darien & Westport) & an additional branch application underway 

 Financial Performance Trends  $MMs  Year-to-date ROE of 10.27%Efficiently generating strong revenue & net income growth  Net IncomeCAGR 46%   RevenueCAGR 19%  

 Loan Portfolio  CAGR 20%  $1,429  $MMs  $1,486  $1,524 

 Loan Portfolio Concentration  Commercial Real Estate  Total Loan Portfolio  Consumer/ Other  1  1 Includes Owner Occupied CRE  September 2017 Product & Property Type Diversification  Ongoing stratification and in-depth monitoring of concentration limits 

 Loan Portfolio Concentration: CRE  Geography Distribution  Measured Approach To ExpansionFollowing Existing Customers To New Locations  Acquired The Wilton Bank.Acquired Quinnipiac Bank & Trust.  (1)  (2)  CRE to Risk Based Capital Ratio  Proven track record as CRE LenderStrong risk management practices in placeDeveloped rigorous suite of risk management reports, enabling multi-level portfolio stratificationTeam of 13 skilled credit analysts with average experience > 20 years  Sep 2017 

 Asset Quality  1 Negative values represent Net Recoveries2 Non-performing Assets to Tangible Equity and Loan Loss Reserves  NPL to Total Loans  Texas Ratio  2  NPL $3.36 $3.79 $2.94 $4.24Net Charge Offs $(0.33) $(0.08) $0.10 $0.25  $MMs  1  Allowance for Loan Loss  NPA to Total Assets  Uncompromising focus on credit 

 Deposits  CAGR 21%  $MMs  $835  $1,047  $1,289  $1,327  $1,414  2017 Priorities Investment in footprint expansion & deposit technologyImprove deposit mixSpecific focus on reducing on-balance sheet Wholesale funding2 as a % of assets  1 As of 10-16-2017, Deposits are at $1,419MM2 Wholesale funding comprised of Listed Time Deposits, Brokered Time Deposits & Money Market Accounts, FHLB borrowings   $1,410  1 

 Deposit Initiatives  Branch expansion in existing footprint scheduled for early 2018Ongoing expansion of Treasury Management offeringsAdded IOLTA/escrow sub-account functionality, targeting law firm & property management accountsLaunching Commercial Card / P-card offeringLaunching Merchant Services programAdded 3 resources to the Treasury Management teamExpanded digital/mobile banking capabilities Launching online account opening in early 2018