Janice Zwinggi
Chief Financial Officer at TWFG
Commission expense increased $2,900,000 or 11.2% over the prior year period to $28,900,000 The increase represents one, a $5,100,000 increase related to the growth of business, offset by a $2,200,000 decrease related to the branch conversions, of which $2,100,000 shifted to salary and benefits. Total salary and employee benefits increased by 3,800,000 or 97.8% over the prior year period to $7,700,000 This was driven by a $2,100,000 increase from the branch conversion shift from commission expense, a $500,000 increase related to the twenty twenty three corporate store asset acquisitions and a $1,200,000 increase from the RSUs issued in conjunction with the IPO. Other administrative expenses increased $2,000,000 or 69.9% over the prior year period to $5,000,000 This increase was mainly due to public company costs, including professional fees and consulting services, representing $1,200,000 or 40% of the total increase and the remaining increase of $900,000 or 29.9% was driven by the continued growth of our business and branch conversions. Amortization and depreciation increased $1,500,000 or 101% to $3,100,000 driven by amortization of intangibles from branch conversions and the 2023 corporate store asset acquisition. Net income for the quarter was $8,200,000 a $2,900,000 or 56.3% increase over the prior year period.
