Company: BWFG
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001505732-25-000126
Chunk: 72

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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4. The provision for credit losses for the six months ended June 30, 2025 was $0.1 million compared to a provision for credit losses of $11.9 million for the six months ended June 30, 2024.

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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.

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

Three Months Ended June 30,Change(Dollars in thousands)20252024$%Gains and fees from sales of loans$1,080 $45 $1,035 FavorableBank-owned life insurance352 333 19 5.7 Service charges and fees674 495 179 36.2 Other(94)(190)96 FavorableTotal noninterest income$2,012 $683 $1,329 Favorable

Six Months Ended June 30,Change(Dollars in thousands)20252024$%Gains and fees from sales of loans$1,522 $366 $1,156 FavorableBank-owned life insurance696 662 34 5.1 Service charges and fees1,276 799 477 59.7 Other23 (229)252 FavorableTotal noninterest income$3,517 $1,598 $1,919 Favorable

Noninterest income increased by $1.3 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 %Occup