The guidance raise for net interest income and non-interest income, combined with strong margin expansion and asset quality improvement, signals accelerating core earnings power. Monitor the Q4 2026 earnings call for updates on core conversion costs and loan growth trajectory.
Price Chart
Executive Summary
Bankwell Financial Group reported record GAAP net income of $12.7M ($1.58/diluted share) for Q3 2026, up from $12.4M ($1.52) in Q2 2026, despite $3.0M in core conversion costs. Operating net income was $15.0M ($1.86/diluted). Net interest margin expanded 13 bps to 3.71%, nonperforming assets fell to 0.20% of assets, and the company raised full-year 2026 net interest income guidance to $119M-$121M and non-interest income to $14M-$15M. The beat on consensus EPS ($1.58 vs $1.44) and the guidance raise are the main stock-moving facts.
Key Financial Metrics
Key Facts
- GAAP net income of $12.7M ($1.58/diluted) for Q3 2026, a record, vs $12.4M ($1.52) in Q2 2026 and $10.1M ($1.26) in Q3 2025.
- Operating net income (excl. $3.0M core conversion costs) was $15.0M, or $1.86/diluted.
- Net interest margin expanded 13 bps sequentially to 3.71% from 3.58% in Q2 2026.
- Nonperforming assets fell to $7.1M, or 0.20% of total assets, from $15.9M (0.46%) in Q2 2026.
- Full-year 2026 guidance raised: net interest income now $119M-$121M (from prior affirmation), non-interest income $14M-$15M (from $12M-$13M).
- SBA loan sale gains were $2.8M in Q3 2026, contributing to total noninterest income of $4.0M.
- Tangible book value per share increased to $41.59 from $40.25 in Q2 2026.
- EPS of $1.58 beat consensus of $1.44.
Financial Impact
Record quarterly net income of $12.7M; operating EPS of $1.86; net interest margin up 13 bps to 3.71%; NPA ratio improved to 0.20%.
Risk Factors
- Core conversion costs of $3.0M in Q3 2026 may continue in future quarters, pressuring reported earnings.
- CRE concentration remains elevated at 321% of total capital, with exposure to office (4.5% of loans) and multifamily (11.2%) sectors.
- Net interest margin expansion may slow if deposit costs reprice higher or loan yields decline.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068043 |
| Document: bwfg-20261029.htm | 0001628280-26-068043 |
| Document: a3q2026bwfginvestorprese.htm | 0001628280-26-068043 |
| Document: 0001628280-26-068043-index-headers.html | 0001628280-26-068043 |
| Document: 0001628280-26-068043-index.html | 0001628280-26-068043 |
| Document: 0001628280-26-068043.txt | 0001628280-26-068043 |
| 8-K Data (Synthetic) | 0001628280-26-068043 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $69.65 $71.23 | ▲ +2.27% | ▲ +4.04% | $71.23 (+2.27%) |
Oct 27, 2026 5d ago | SC 13G/A | $66.89 $69.65 | ▲ +4.13% | ▲ +4.51% | $71.23 (+6.49%) |
Sep 9, 2026 7w ago | Insider Cluster | $66.71 $67.65 | ▲ +1.41% | ▲ +2.01% | $71.23 (+6.78%) |
Aug 10, 2026 11w ago | Insider Cluster | $66.83 $67.99 | ▲ +1.74% | ▲ +2.06% | $71.23 (+6.58%) |
Jun 9, 2026 20w ago | Insider Cluster | $55.31 $55.75 | ▲ +0.80% | ▲ +2.37% | $71.23 (+28.78%) |
Jun 8, 2026 20w ago | Insider Cluster | $54.00 $55.31 | ▲ +2.43% | ▲ +2.72% | $71.23 (+31.91%) |
Apr 22, 2026 27w ago | 8-K | $50.18 $50.56 | ▲ +0.76% | ▼ −0.02% | $71.23 (+41.96%) |
Apr 7, 2026 29w ago | DEFA14A | $50.52 $52.14 | ▲ +3.22% | ▲ +0.68% | $71.23 (+41.01%) |
Mar 6, 2026 34w ago | Insider Cluster | $46.14 $46.50 | ▲ +0.78% | ▼ −0.07% | $71.23 (+54.37%) |
Mar 6, 2026 34w ago | Insider Cluster | $46.14 $46.50 | ▲ +0.78% | ▼ −0.07% | $71.23 (+54.37%) |
US Market Status
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