Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 147

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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3 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Noninterest income increased by $1.9 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in noninterest income for the three and six months ended June 30, 2025 was driven by higher gains from loan sales.

56

Noninterest Expense

The following tables compare noninterest expense for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,Change(Dollars in thousands)20252024$%Salaries and employee benefits$7,521 $6,176 $1,345 21.8 %Occupancy 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