Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 73

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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ancy and equipment2,505 2,238 267 11.9 Professional services1,632 989 643 65.0 Data processing712 755 (43)(5.7)Director fees333 306 27 8.8 FDIC insurance684 705 (21)(3.0)Marketing218 90 128 142.2 Other941 986 (45)(4.6)Total noninterest expense$14,546 $12,245 $2,301 18.8 %

Six Months Ended June 30,Change(Dollars in thousands)20252024$%Salaries and employee benefits$14,573 $12,467 $2,106 16.9 %Occupancy and equipment5,080 4,561 519 11.4 Professional services3,161 2,054 1,107 53.9 Data processing1,597 1,495 102 6.8 Director fees681 1,206 (525)(43.5)FDIC insurance1,463 1,635 (172)(10.5)Marketing360 203 157 77.3 Other1,772 1,921 (149)(7.8)Total noninterest expense$28,687 $25,542 $3,145 12.3 %

Noninterest expense increased by $2.3 million to $14.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Noninterest expense increased by $3.1 million to $28.7 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in noninterest expense was primarily driven by an increase in salaries and employee benefits mainly related to additional new hires. Additionally, professional services increased as a result of new initiatives including recruiting costs.

Income Taxes

Income tax expense for the three months ended June 30, 2025 and 2024 totaled $2.7 million and $0.4 million, respectively. The effective tax rates for the three months ended June 30, 2025 and 2024 were 23.1% and 24.2%, respectively. Income tax expense for the six months ended June 30, 2025 and 2024 totaled $