Company: BWFG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001505732-25-000162
Chunk: 178

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 178
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 $133 $1,239 FavorableBank-owned life insurance359 346 13 3.8 Service charges and fees779 575 204 35.5 Other(15)102 (117)UnfavorableTotal noninterest income$2,495 $1,156 $1,339 Favorable

Nine Months Ended September 30,Change(Dollars in thousands)20252024$%Gains and fees from sales of loans$2,894 $499 $2,395 FavorableBank-owned life insurance1,055 1,008 47 4.7 Service charges and fees2,055 1,374 681 49.6 Other8 (127)135 FavorableTotal noninterest income$6,012 $2,754 $3,258 Favorable

Noninterest income increased by $1.3 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Noninterest income increased by $3.3 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in noninterest income for the three and nine months ended September 30, 2025 was driven by higher gains from SBA loan sales.

57

Noninterest Expense

The 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