Company: BWFG
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001505732-25-000089
Chunk: 66

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 the balance sheet date.

The provision for credit losses for the three months ended March 31, 2025 was $0.5 million compared to a provision for credit losses of $3.7 million for the three months ended March 31, 2024.  

Noninterest Income

Noninterest income is a component of our revenue and is comprised primarily of fees generated from deposit relationships with our clients, fees generated from sales and referrals of loans, and income earned on bank-owned life insurance.

50

The following table compares noninterest income for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,Change(Dollars in thousands)20252024$%Gains and fees from sales of loans$442 $321 $121 37.7 %Bank-owned life insurance344 329 15 4.6 Service charges and fees602 304 298 98.0 Other117 (39)156 FavorableTotal noninterest income$1,505 $915 $590 64.5 %

Noninterest income increased by $0.6 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase in noninterest income was mainly driven by higher service charges and fees for the quarter ended March 31, 2025.

Noninterest Expense

The following table compares noninterest expense for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,Change(Dollars in thousands)20252024$%Salaries and employee benefits$7,052 $6,291 $761 12.1 %Occupancy and equipment2,575 2,322 253 10.9 Professional services1,529 1,065 464 43.6 Data processing885 740 145 19.6 Director fees348 900 (552)(61.3)FDIC insurance779 930 (151)(16.2)Marketing142 114 28 24.6 Other831 935 (104)(11.1)Total noninterest expense$14,141 $13,297 $844 6.3 %

Noninterest expense increased by $0.8 million to $14.1 million for the three months ended March 31, 2025 compared to the three months ended March