Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 115

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 115
---
 loans, income earned on bank owned life insurance and gains on sales of investment securities. The following table compares noninterest income for the years ended December 31, 2024 and 2023.

Years EndedDecember 31,Change20242023$%(Dollars in thousands)Gains and fees from sales of loans$523 $1,972 $(1,449)(73)%Bank owned life insurance1,356 1,192 164 14 Service charges and fees1,963 1,629 334 21 Other(124)49 (173)UnfavorableTotal noninterest income$3,718 $4,842 $(1,124)(23)%

Noninterest income decreased by $1.1 million to $3.7 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The decrease for the year ended December 31, 2024 was mainly driven by a decrease in gains on SBA loan sales partially offset by an increase in service charges and fees.

Noninterest Expense

The following table compares noninterest expense for the years ended December 31, 2024 and 2023.

Years EndedDecember 31,Change20242023$%(Dollars in thousands)Salaries and employee benefits$23,746 $24,595 $(849)(3)%Occupancy and equipment9,494 8,665 829 10 Data processing3,251 2,888 363 13 Professional services4,482 3,538 944 27 Director fees1,840 1,812 28 2 FDIC insurance3,350 4,164 (814)(20)Marketing452 651 (199)(31)Other4,436 4,088 348 9 Total noninterest expense$51,051 $50,401 $650 1 %

Noninterest expense increased by $0.7 million, or 1.3%, to $51.1 million for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase in noninterest expense was primarily driven by increases in professional services and occupancy and equipment costs, partially offset by decreases in salaries and employee benefits and FDIC insurance expense due to reduced brokered deposit balances.

Income Taxes

Income tax expense for the years ended December 31