Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 75

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 following tables compare noninterest expense for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Change(Dollars in thousands)20252024$%Salaries and employee benefits$7,995 $6,223 $1,772 28.5 %Occupancy and equipment2,469 2,334 135 5.8 Professional services1,412 1,142 270 23.6 Data processing633 851 (218)(25.6)Director fees333 292 41 14.0 FDIC insurance610 853 (243)(28.5)Marketing140 73 67 91.8 Other1,039 1,097 (58)(5.3)Total noninterest expense$14,631 $12,865 $1,766 13.7 %

Nine Months Ended September 30,Change(Dollars in thousands)20252024$%Salaries and employee benefits$22,568 $18,690 $3,878 20.7 %Occupancy and equipment7,549 6,894 655 9.5 Professional services4,573 3,196 1,377 43.1 Data processing2,230 2,346 (116)(4.9)Director fees1,014 1,498 (484)(32.3)FDIC insurance2,073 2,488 (415)(16.7)Marketing500 277 223 80.5 Other2,811 3,018 (207)(6.9)Total noninterest expense$43,318 $38,407 $4,911 12.8 %

Noninterest expense increased by $1.8 million to $14.6 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Noninterest expense increased by $4.9 million to $43.3 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in noninterest expense was primarily driven by an increase in salaries and employee benefits mainly related to incremental new hires aligned with strategic initiatives. Additionally, professional services increased as a result of increased recruiting costs aligned with strategic initiatives.

Income Taxes

Income tax expense for