Bridgewater Bancshares, Inc. Announces Fourth Quarter 2023 Net Income of $8.9 Million, $0.28 Diluted Earnings Per Common Share

Fourth Quarter 2023 Highlights

Deposit growth of $34.4 million, or 3.7% annualized, from the third quarter of 2023, exceeded gross loan growth which remained relatively stable from the third quarter of 2023, lowering the loan-to-deposit ratio to 100.4%.
Net interest margin (on a fully tax-equivalent basis) of 2.27%, compared to 2.32% in the third quarter of 2023.
No provision for credit losses on loans was recorded in the fourth quarter of 2023. The allowance for credit losses on loans to total loans was 1.36% at December 31, 2023 and September 30, 2023, respectively.
Nonperforming assets to total assets of 0.02% at December 31, 2023 and September 30, 2023.
Tangible book value per share(1) of $12.84 at December 31, 2023, an increase of $0.46, or 14.9% annualized, compared to $12.37 at September 30, 2023.
Repurchased 423,749 shares of common stock at a weighted average price of $10.72, for a total of $4.5 million.
Early adopted ASU 2023-02 applying the modified retrospective method which reclassified noninterest expense to income tax expense effective January 1, 2023, which may impact comparability to prior 2023 filings.

Annual 2023 Highlights

Diluted earnings per common share for the year ended December 31, 2023 were $1.27, compared to $1.72 for the year ended December 31, 2022.
Asset growth of 6.1% compared to December 31, 2022 exceeded 2023 full-year noninterest expense growth of 4.8% compared to the full year of 2022.
Deposit growth of $293.4 million, or 8.6%, in 2023 exceeded gross loan growth of $154.8 million, or 4.3%.
Net loan charge-offs (recoveries) as a percentage of average loans were 0.01% for the year ended December 31, 2023, compared to (0.01)% for the year ended December 31, 2022.
Tangible book value per share(1) increased $1.15, or 9.8%, to $12.84 at December 31, 2023, compared to $11.69 at December 31, 2022.
Common Equity Tier 1 Risk-Based Capital Ratio was 9.16% at December 31, 2023, compared to 8.40% at December 31, 2022.

(1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $8.9 million for the fourth quarter of 2023, compared to $9.6 million for the third quarter of 2023, and $13.7 million for the fourth quarter of 2022. Earnings per diluted common share were $0.28 for the fourth quarter of 2023, compared to $0.30 for the third quarter of 2023, and $0.45 for the fourth quarter of 2022.

“Bridgewater finished 2023 strong with the continuation of several positive trends as net interest margin continued to stabilize, deposit growth outpaced loan growth, and asset quality remained superb,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “We also returned capital to shareholders by opportunistically repurchasing shares of common stock during the fourth quarter, while tangible book value per share increased for the 28th consecutive quarter.

“As we enter 2024, we are optimistic about our outlook as our balance sheet is well-positioned to benefit as the yield curve normalizes. In addition, our loan pipeline has begun to grow once again as loan demand has started to increase. By moderating our loan growth and reducing our loan-to-deposit ratio over the past few quarters, we believe we can continue to gain market share by deploying capital into more profitable loan growth as the interest rate environment improves.”

Key Financial Measures

As of and for the Three Months Ended

As of and for the Year Ended

December 31,

September 30,

December 31,

2023

2022

2023

2022

Per Common Share Data

Basic Earnings Per Share

0.28

0.31

0.46

1.29

1.78

Diluted Earnings Per Share

0.28

0.30

0.45

1.27

1.72

Book Value Per Share

12.94

12.47

11.80

12.94

11.80

Tangible Book Value Per Share (1)

12.84

12.37

11.69

12.84

11.69

Financial Ratios

Return on Average Assets (2)

0.77

0.85

1.28

0.89

1.38

Pre-Provision Net Revenue Return on Average Assets (1)(2)

0.96

1.01

1.82

1.15

2.06

Return on Average Shareholders' Equity (2)

8.43

9.23

14.06

9.73

13.90

Return on Average Tangible Common Equity (1)(2)

8.95

9.92

15.86

10.53

15.69

Net Interest Margin (3)

2.27

2.32

3.16

2.42

3.45

Core Net Interest Margin (1)(3)

2.21

2.24

3.05

2.34

3.27

Cost of Total Deposits

3.19

2.99

1.31

2.73

0.75

Cost of Funds

3.23

3.10

1.67

2.92

0.99

Efficiency Ratio (1)

58.8

56.1

43.8

53.0

41.5

Noninterest Expense to Average Assets (2)

1.37

1.34

1.42

1.32

1.46

Tangible Common Equity to Tangible Assets (1)

7.73

7.61

7.48

7.73

7.48

Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4)

9.16

9.07

8.40

9.16

8.40

Balance Sheet and Asset Quality (dollars in thousands)

Total Assets

4,611,990

4,557,070

4,345,662

4,611,990

4,345,662

Total Loans, Gross

3,724,282

3,722,271

3,569,446

3,724,282

3,569,446

Deposits

3,709,948

3,675,509

3,416,543

3,709,948

3,416,543

Loan to Deposit Ratio

100.4

101.3

104.5

100.4

104.5

Net Loan Charge-Offs (Recoveries) to Average Loans (2)

0.01

0.00

0.01

(0.01

)

Nonperforming Assets to Total Assets (5)

0.02

0.01

0.02

0.01

Allowance for Credit Losses to Total Loans

1.36

1.34

1.36

1.34

__________________________

(1)

Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2)

Annualized.

(3)

Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4)

Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

(5)

Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the fourth quarter of 2023 was 2.27%, a five basis point decline from 2.32% in the third quarter of 2023 and an 89 basis point decline from 3.16% in the fourth quarter of 2022. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees, and prior to 2023, PPP balances, interest, and fees, was 2.21% for the fourth quarter of 2023, a three basis point decline from 2.24% in the third quarter of 2023, and an 84 basis point decline from 3.05% in the fourth quarter of 2022.

The linked-quarter and year-over-year declines in the margin were primarily due to higher funding costs, offset partially by higher earning asset yields.

Net interest income was $25.3 million for the fourth quarter of 2023, a decrease of $107,000 from $25.4 million in the third quarter of 2023, and a decrease of $7.6 million from $32.9 million in the fourth quarter of 2022.

The linked-quarter and year-over year decreases in net interest income were primarily due to higher rates paid on deposits in the rising interest rate environment.
Average interest earning assets were $4.48 billion for the fourth quarter of 2023, an increase of $64.0 million, or 1.4%, from $4.42 billion for the third quarter of 2023, and an increase of $302.8 million, or 7.2%, from $4.18 billion for the fourth quarter of 2022. The linked-quarter increase in average interest earning assets was primarily due to an increase in cash and purchases of investment securities. The year-over-year increase in average interest earning assets was primarily due to growth in the loan portfolio, purchases of investment securities, and an increase in cash.

Interest income was $58.6 million for the fourth quarter of 2023, an increase of $1.7 million from $56.8 million in the third quarter of 2023, and an increase of $9.7 million from $48.9 million in the fourth quarter of 2022.

The yield on interest earning assets (on a fully tax-equivalent basis) was 5.22% in the fourth quarter of 2023, compared to 5.14% in the third quarter of 2023 and 4.67% in the fourth quarter of 2022.
The linked-quarter increase in the yield on interest earning assets was primarily due to the purchase of higher yielding securities and loans repricing at yields accretive to the existing portfolio.
The year-over-year increase in the yield on interest earning assets was primarily due to growth and repricing of the loan and securities portfolios in the rising interest rate environment.
Loan interest income and loan fees remain the primary contributing factors to the changes in the yield on interest earning assets. The aggregate loan yield increased to 5.33% in the fourth quarter of 2023, which was seven basis points higher than 5.26% in the third quarter of 2023, and 46 basis points higher than 4.87% in the fourth quarter of 2022.
While loan fees have historically maintained a relatively stable contribution to the aggregate loan yield, the recent periods saw fewer loan prepayments, which historically has accelerated the recognition of loan fees. Despite the overall decrease in fee recognition, the Company is encouraged that the core loan yield continues to rise as new loan originations and the existing portfolio reprice in the higher rate environment.

A summary of interest and fees recognized on loans for the periods indicated is as follows:

Three Months Ended

December 31, 2023

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

Interest

5.25

5.16

5.09

4.95

4.75

Fees

0.08

0.10

0.11

0.12

Yield on Loans

5.33

5.26

5.19

5.06

4.87

Interest expense was $33.2 million for the fourth quarter of 2023, an increase of $1.9 million from $31.4 million in the third quarter of 2023, and an increase of $17.3 million from $16.0 million in the fourth quarter of 2022.

The cost of interest bearing liabilities was 3.97% in the fourth quarter of 2023, compared to 3.81% in the third quarter of 2023 and 2.22% in the fourth quarter of 2022.
The linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher rates paid on deposits in the rising interest rate environment.
The year-over-year increase in the cost of interest bearing liabilities was primarily due to the rapid increase in market interest rates that occurred between the periods, which impacted all funding sources.

Interest expense on deposits was $29.4 million for the fourth quarter of 2023, an increase of $2.2 million from $27.2 million in the third quarter of 2023, and an increase of $18.7 million from $10.8 million in the fourth quarter of 2022.

The cost of total deposits was 3.19% in the fourth quarter of 2023, compared to 2.99% in the third quarter of 2023 and 1.31% in the fourth quarter of 2022.
The linked-quarter increase in the cost of total deposits was primarily due to client demands for higher interest rates and increased competition for deposits.
The year-over-year increase in the cost of total deposits was primarily due to upward repricing of the deposit portfolio in the higher interest rate environment.

Provision for Credit Losses

The provision for credit losses on loans was $0 for both the fourth quarter of 2023 and the third quarter of 2023, compared to $1.5 million for the fourth quarter of 2022.

No provision for credit losses on loans was recorded in the fourth quarter of 2023 due to a more managed pace of loan growth.
The allowance for credit losses on loans to total loans was 1.36% at both December 31, 2023 and September 30, 2023, compared to 1.34% at December 31, 2022.

The provision for credit losses for off-balance sheet credit exposures was a negative provision of $250,000 for the fourth quarter of 2023, compared to a negative provision of $600,000 for the third quarter of 2023 and zero for the fourth quarter of 2022.

The negative provision during the quarter was due to a reduction in outstanding unfunded commitments primarily attributable to the migration to funded loans, as well as a moderation in volume of newly originated projects with unfunded commitments.

Noninterest Income

Noninterest income was $1.4 million for the fourth quarter of 2023, a decrease of $317,000 from $1.7 million for the third quarter of 2023 and a decrease of $329,000 from $1.7 million for the fourth quarter of 2022.

The linked-quarter decrease was primarily due to $493,000 of FHLB prepayment income recognized in the previous quarter which did not reoccur, offset partially by higher letter of credit fees and other income.
The year-over-year decrease was primarily due to lower other income.

Noninterest Expense

Noninterest expense was $15.7 million for the fourth quarter of 2023, an increase of $503,000 from $15.2 million for the third quarter of 2023 and an increase of $537,000 from $15.2 million for the fourth quarter of 2022.

The linked-quarter increase was primarily due to increases in salaries and employee benefits, information technology and telecommunications, and marketing and advertising.
The year-over-year increase was primarily attributable to industry-wide increases in the FDIC insurance assessment, higher professional and consulting fees and information technology and telecommunications, offset partially by decreases in salaries and employee benefits and occupancy and equipment.
The efficiency ratio, a non-GAAP financial measure, was 58.8% for the fourth quarter of 2023, compared to 56.1% for the third quarter of 2023, and 43.8% for the fourth quarter of 2022.
The Company had 255 full-time equivalent employees at both December 31, 2023 and September 30, 2023, compared to 246 employees at December 31, 2022.

Income Taxes

The effective combined federal and state income tax rate for the fourth quarter of 2023 was 21.0%, a decrease from 23.0% for the third quarter of 2023 and 23.4% for the fourth quarter of 2022. The effective combined federal and state rate for the years ended December 31, 2023 and 2022 was 23.9% and 25.5%, respectively.

The linked-quarter decrease in the effective tax rate was primarily due to the delivery of two tax credits that occurred within the fourth quarter.
The Company early adopted ASU 2023-02 applying the modified retrospective method which reclassified noninterest expense to income tax expense effective January 1, 2023.

Balance Sheet

Loans

(dollars in thousands)

December 31, 2023

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

Commercial

464,061

459,854

460,061

455,156

436,393

Construction and Land Development

232,804

294,818

351,069

312,277

295,554

1 - 4 Family Construction

65,087

64,463

69,648

85,797

70,242

Real Estate Mortgage:

1 - 4 Family Mortgage

402,396

404,716

400,708

380,210

355,474

Multifamily

1,388,541

1,378,669

1,314,524

1,320,081

1,306,738

CRE Owner Occupied

175,783

159,485

159,088

158,650

149,905

CRE Nonowner Occupied

987,306

951,263

971,532

962,671

947,008

Total Real Estate Mortgage Loans

2,954,026

2,894,133

2,845,852

2,821,612

2,759,125

Consumer and Other

8,304

9,003

9,581

9,518

8,132

Total Loans, Gross

3,724,282

3,722,271

3,736,211

3,684,360

3,569,446

Allowance for Credit Losses on Loans

(50,494

)

(50,585

)

(50,701

)

(50,148

)

(47,996

)

Net Deferred Loan Fees

(6,573

)

(7,222

)

(7,718

)

(8,735

)

(9,293

)

Total Loans, Net

3,667,215

3,664,464

3,677,792

3,625,477

3,512,157

Total gross loans at December 31, 2023 were $3.72 billion, a slight increase of $2.0 million, or 0.2% annualized, over total gross loans of $3.72 billion at September 30, 2023, and an increase of $154.8 million, or 4.3%, over total gross loans of $3.57 billion at December 31, 2022.

The slower loan growth in the loan portfolio during the fourth quarter of 2023 was primarily due to moderating loan originations and decreased demand in the higher interest rate environment.

Deposits

(dollars in thousands)

December 31, 2023

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

Noninterest Bearing Transaction Deposits

756,964

754,297

751,217

742,198

884,272

Interest Bearing Transaction Deposits

692,801

780,863

719,488

630,037

451,992

Savings and Money Market Deposits

935,091

872,534

860,613

913,013

1,031,873

Time Deposits

300,651

265,737

271,783

266,213

272,253

Brokered Deposits

1,024,441

1,002,078

974,831

859,662

776,153

Total Deposits

3,709,948

3,675,509

3,577,932

3,411,123

3,416,543

Total deposits at December 31, 2023 were $3.71 billion, an increase of $34.4 million, or 3.7% annualized, over total deposits of $3.68 billion at September 30, 2023, and an increase of $293.4 million, or 8.6%, over total deposits of $3.42 billion at December 31, 2022.

Core deposits, defined as total deposits excluding brokered deposits and time deposits greater than $250,000, remained stable year over year, despite industry and market turmoil.
Brokered deposits continue to be used as a supplemental funding source, as needed.
Uninsured deposits were 24% of total deposits as of December 31, 2023 and 22% of total deposits as of September 30, 2023.

Liquidity

Total on- and off-balance sheet liquidity was $2.23 billion as of December 31, 2023, compared to $2.18 billion at September 30, 2023 and $1.38 billion at December 31, 2022. The Company did not utilize the Bank Term Funding Program (BTFP) or Federal Reserve Discount Window during the fourth quarter of 2023.

Primary Liquidity—On-Balance Sheet

December 31, 2023

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

(dollars in thousands)

Cash and Cash Equivalents

96,594

77,617

138,618

177,116

48,090

Securities Available for Sale

604,104

553,076

538,220

559,430

548,613

Less: Pledged Securities

(170,727

)

(164,277

)

(236,206

)

(234,452

)

—

Total Primary Liquidity

529,971

466,416

440,632

502,094

596,703

Ratio of Primary Liquidity to Total Deposits

14.3

12.7

12.3

14.7

17.5

Secondary Liquidity—Off-Balance Sheet Borrowing Capacity

Net Secured Borrowing Capacity with the FHLB

498,736

516,501

400,792

246,795

390,898

Net Secured Borrowing Capacity with the Federal Reserve Bank

979,448

1,022,128

986,644

990,685

157,827

Unsecured Borrowing Capacity with Correspondent Lenders

200,000

150,000

108,000

158,000

208,000

Secured Borrowing Capacity with Correspondent Lender

26,250

Total Secondary Liquidity

1,704,434

1,714,879

1,521,686

1,421,730

782,975

Total Primary and Secondary Liquidity

2,234,405

2,181,295

1,962,318

1,923,824

1,379,678

Ratio of Primary and Secondary Liquidity to Total Deposits

60.2

59.3

54.8

56.4

40.4

Asset Quality

Overall asset quality remained superb due to the Company’s measured risk selection, consistent underwriting standards, active credit oversight, and experienced lending and credit teams.

Annualized net charge-offs as a percentage of average loans were 0.01% for both the fourth quarter of 2023 and the third quarter of 2023, and 0.00% for the fourth quarter of 2022.
At December 31, 2023, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $919,000, or 0.02% of total assets, as compared to $749,000, or 0.02%, of total assets at September 30, 2023, and $639,000, or 0.01% of total assets at December 31, 2022.
Loans with potential weaknesses that warrant a watchlist risk rating at December 31, 2023 totaled $26.5 million, compared to $26.9 million at September 30, 2023, and $32.3 million at December 31, 2022.
Loans that warranted a substandard risk rating at December 31, 2023 totaled $35.9 million, compared to $35.6 million at September 30, 2023, and $28.0 million at December 31, 2022.
Loans past due 30-89 days increased quarter over quarter due to the timing of closing on one matured loan. The closing occurred subsequent to year-end and the loan continues to perform as a pass-rated credit.

Capital

Total shareholders’ equity at December 31, 2023 was $425.5 million, an increase of $9.6 million, or 2.3%, compared to total shareholders’ equity of $416.0 million at September 30, 2023, and an increase of $31.5 million, or 8.0%, over total shareholders’ equity of $394.1 million at December 31, 2022.

The linked-quarter increase was due to net income retained and a decrease in unrealized losses in the securities portfolio, offset partially by a decrease in unrealized gains in the derivatives portfolio, preferred stock dividends, and stock repurchases.
The year-over-year increase was due to net income retained and a decrease in unrealized losses in the securities portfolio, offset partially by a decrease in unrealized gains in the derivatives portfolio, the adoption of the Current Expected Credit Losses (CECL) accounting methodology, preferred stock dividends, and stock repurchases.
The Common Equity Tier 1 Risk-Based Capital Ratio was 9.16% at December 31, 2023, compared to 9.07% at September 30, 2023 and 8.40% at December 31, 2022.
Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.73% at December 31, 2023, compared to 7.61% at September 30, 2023, and 7.48% at December 31, 2022.

Tangible book value per share, a non-GAAP financial measure, was $12.84 as of December 31, 2023, an increase of 3.7% from $12.37 as of September 30, 2023, and an increase of 9.8% from $11.69 as of December 31, 2022.

The Company has increased tangible book value per share each of the past 28 quarters.

During the fourth quarter of 2023, the company repurchased 423,749 shares of its common stock. Shares were repurchased at a weighted average price of $10.72 per share for a total of $4.5 million.

The Company has $20.5 million remaining under its current share repurchase authorization.

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on March 1, 2024 to shareholders of record of the Series A Preferred Stock at the close of business on February 15, 2024.

Conference Call and Webcast

The Company will host a conference call to discuss its fourth quarter 2023 financial results on Thursday, January 25, 2024 at 8:00 a.m. Central Time. The conference call can be accessed by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. To listen to a replay of the conference call via phone, please dial 877-344-7529 and enter access code 4855149. The replay will be available through February 1, 2024. The conference call will also be available via a live webcast on the Investor Relations section of the Company’s website, investors.bridgewaterbankmn.com, and archived for replay.

About the Company

Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park, Minnesota-based financial holding company. Bridgewater's banking subsidiary, Bridgewater Bank, is a premier, full-service Twin Cities bank dedicated to serving the diverse needs of commercial real estate investors, entrepreneurs, business clients and successful individuals. By pairing a range of deposit, lending, and business services solutions with a responsive service model, Bridgewater has seen continuous growth and profitability. With total assets of $4.6 billion and seven branches as of December 31, 2023, Bridgewater is considered one of the largest locally led banks in the State of Minnesota, and has received numerous awards for its growth, banking services, and esteemed corporate culture.

Use of Non-GAAP financial measures

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Forward-Looking Statements

This earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of recent and potential additional rate increases by the Federal Reserve; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including rising rates of inflation and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time at Silicon Valley Bank, Signature Bank and First Republic Bank that resulted in the failure of those institutions; loan concentrations in our portfolio; the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards; the concentration of large loans to certain borrowers; the concentration of large deposits from certain clients, who have balances above current FDIC insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and high rates of employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions and “fintech” companies; the effectiveness of our risk management framework; the commencement and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, including in response to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank in 2023; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of other governmental policies impacting the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war or terrorism or other adverse external events, including the Israeli-Palestinian conflict and the Russian invasion of Ukraine; potential impairment to the goodwill the Company recorded in connection with our past acquisition; changes to U.S. or state tax laws, regulations and guidance, including the new 1% excise tax on stock buybacks by publicly traded companies; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Bridgewater Bancshares, Inc. and Subsidiaries

Financial Highlights

(dollars in thousands, except share data)

As of and for the Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2023

2022

Income Statement

Net Interest Income

25,314

25,421

25,872

28,567

32,893

Provision for (Recovery of) Credit Losses

(250

)

(600

)

625

1,500

Noninterest Income

1,409

1,726

1,415

1,943

1,738

Noninterest Expense

15,740

15,237

14,274

14,069

15,203

Net Income

8,873

9,629

9,816

11,642

13,735

Net Income Available to Common Shareholders

7,859

8,616

8,802

10,629

12,721

Per Common Share Data

Basic Earnings Per Share

0.28

0.31

0.32

0.38

0.46

Diluted Earnings Per Share

0.28

0.30

0.31

0.37

0.45

Book Value Per Share

12.94

12.47

12.25

12.05

11.80

Tangible Book Value Per Share (1)

12.84

12.37

12.15

11.95

11.69

Basic Weighted Average Shares Outstanding

27,870,430

27,943,409

27,886,425

27,726,894

27,558,983

Diluted Weighted Average Shares Outstanding

28,238,056

28,311,778

28,198,739

28,490,046

28,527,306

Shares Outstanding at Period End

27,748,965

28,015,505

27,973,995

27,845,244

27,751,950

Financial Ratios

Return on Average Assets (2)

0.77

0.85

0.88

1.07

1.28

Pre-Provision Net Revenue Return on Average Assets (1)(2)

0.96

1.01

1.16

1.49

1.82

Return on Average Shareholders' Equity (2)

8.43

9.23

9.69

11.70

14.06

Return on Average Tangible Common Equity (1)(2)

8.95

9.92

10.48

12.90

15.86

Net Interest Margin (3)

2.27

2.32

2.40

2.72

3.16

Core Net Interest Margin (1)(3)

2.21

2.24

2.31

2.62

3.05

Cost of Total Deposits

3.19

2.99

2.66

2.01

1.31

Cost of Funds

3.23

3.10

2.91

2.41

1.67

Efficiency Ratio (1)

58.8

56.1

52.3

45.9

43.8

Noninterest Expense to Average Assets (2)

1.37

1.34

1.28

1.30

1.42

Balance Sheet

Total Assets

4,611,990

4,557,070

4,603,185

4,602,899

4,345,662

Total Loans, Gross

3,724,282

3,722,271

3,736,211

3,684,360

3,569,446

Deposits

3,709,948

3,675,509

3,577,932

3,411,123

3,416,543

Total Shareholders' Equity

425,515

415,960

409,126

402,006

394,064

Loan to Deposit Ratio

100.4

101.3

104.4

108.0

104.5

Core Deposits to Total Deposits (4)

68.7

70.3

72.4

74.6

Uninsured Deposits to Total Deposits

24.3

22.2

22.1

24.0

38.5

Asset Quality

Net Loan Charge-Offs to Average Loans (2)

0.01

0.00

Nonperforming Assets to Total Assets (5)

0.02

0.01

Allowance for Credit Losses to Total Loans

1.36

1.34

Capital Ratios (Consolidated) (6)

Tier 1 Leverage Ratio

9.57

9.62

9.47

9.41

9.55

Common Equity Tier 1 Risk-based Capital Ratio

9.16

9.07

8.72

8.48

8.40

Tier 1 Risk-based Capital Ratio

10.79

10.69

10.33

10.08

10.03

Total Risk-based Capital Ratio

13.97

13.88

13.50

13.25

13.15

Tangible Common Equity to Tangible Assets (1)

7.73

7.61

7.39

7.23

7.48

__________________________

(1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. (2)

Annualized.

(3)

Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4)

Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.

(5)

Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

(6)

Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)

December 31,

September 30,

June 30,

March 31,

December 31,

2023

2022

(Unaudited)

Assets

Cash and Cash Equivalents

128,562

124,358

177,101

209,192

87,043

Bank-Owned Certificates of Deposit

—

1,225

1,181

Securities Available for Sale, at Fair Value

604,104

553,076

538,220

559,430

548,613

Loans, Net of Allowance for Credit Losses

3,667,215

3,664,464

3,677,792

3,625,477

3,512,157

Federal Home Loan Bank (FHLB) Stock, at Cost

17,097

17,056

21,557

28,632

19,606

Premises and Equipment, Net

48,886

49,331

49,710

47,801

48,445

Foreclosed Assets

—

116

—

Accrued Interest

16,697

15,182

13,822

13,377

13,479

Goodwill

2,626

Other Intangible Assets, Net

188

197

206

240

288

Bank-Owned Life Insurance

34,477

34,209

33,958

33,719

33,485

Other Assets

92,138

95,346

86,852

81,064

78,739

Total Assets

4,611,990

4,557,070

4,603,185

4,602,899

4,345,662

Liabilities and Equity

Liabilities

Deposits:

Noninterest Bearing

756,964

754,297

751,217

742,198

884,272

Interest Bearing

2,952,984

2,921,212

2,826,715

2,668,925

2,532,271

Total Deposits

3,709,948

3,675,509

3,577,932

3,411,123

3,416,543

Federal Funds Purchased

—

195,000

437,000

287,000

Notes Payable

13,750

FHLB Advances

319,500

294,500

262,000

197,000

97,000

Subordinated Debentures, Net of Issuance Costs

79,288

79,192

79,096

79,001

78,905

Accrued Interest Payable

5,282

3,816

2,974

3,257

2,831

Other Liabilities

58,707

74,343

63,307

59,762

55,569

Total Liabilities

4,186,475

4,141,110

4,194,059

4,200,893

3,951,598

SHAREHOLDERS' EQUITY

Preferred Stock- $0.01 par value; Authorized 10,000,000

Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at December 31, 2023 (unaudited), September 30, 2023 (unaudited), June 30, 2023 (unaudited), March 31, 2023 (unaudited), and December 31, 2022

66,514

Common Stock- $0.01 par value; Authorized 75,000,000

Common Stock - Issued and Outstanding 27,748,965 at December 31, 2023 (unaudited), 28,015,505 at September 30, 2023 (unaudited), 27,973,995 at June 30, 2023 (unaudited), 27,845,244 at March 31, 2023 (unaudited), and 27,751,950 at December 31, 2022

277

280

278

Additional Paid-In Capital

96,320

100,120

99,044

97,716

96,529

Retained Earnings

280,650

272,812

264,196

255,394

248,685

Accumulated Other Comprehensive Loss

(18,246

)

(23,766

)

(20,908

)

(17,896

)

(17,942

)

Total Shareholders' Equity

425,515

415,960

409,126

402,006

394,064

Total Liabilities and Equity

4,611,990

4,557,070

4,603,185

4,602,899

4,345,662

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2023

2022

2023

2022

Interest Income

Loans, Including Fees

49,727

48,999

47,721

44,955

42,488

191,402

146,256

Investment Securities

7,283

6,507

6,237

6,218

5,843

26,245

16,410

Other

1,543

1,303

1,043

819

529

4,708

1,029

Total Interest Income

58,553

56,809

55,001

51,992

48,860

222,355

163,695

Interest Expense

Deposits

29,448

27,225

22,998

16,374

10,781

96,045

23,379

Federal Funds Purchased

268

548

2,761

4,944

3,379

8,521

4,507

Notes Payable

299

296

285

263

202

1,143

202

FHLB Advances

2,220

2,316

2,092

861

575

7,489

1,221

Subordinated Debentures

1,004

1,003

993

983

1,030

3,983

4,688

Total Interest Expense

33,239

31,388

29,129

23,425

15,967

117,181

33,997

Net Interest Income

25,314

25,421

25,872

28,567

32,893

105,174

129,698

Provision for (Recovery of) Credit Losses

(250

)

(600

)

625

1,500

(175

)

7,700

Net Interest Income After Provision for Credit Losses

25,564

26,021

25,822

27,942

31,393

105,349

121,998

Noninterest Income

Customer Service Fees

359

379

368

349

344

1,455

1,236

Net Gain (Loss) on Sales of Securities

(27

)

—

(56

)

(33

)

Letter of Credit Fees

418

315

379

634

358

1,746

1,592

Debit Card Interchange Fees

152

150

155

138

148

595

586

Swap Fees

—

557

Bank-Owned Life Insurance

268

252

238

234

238

992

762

FHLB Prepayment Income

—

493

—

299

—

792

—

Other Income

239

137

225

345

620

946

1,517

Total Noninterest Income

1,409

1,726

1,415

1,943

1,738

6,493

6,332

Noninterest Expense

Salaries and Employee Benefits

9,615

9,519

8,589

8,815

9,821

36,538

36,941

Occupancy and Equipment

1,062

1,101

1,075

1,209

1,177

4,447

4,390

FDIC Insurance Assessment

1,050

1,075

900

665

360

3,690

1,365

Data Processing

424

392

401

357

371

1,574

1,396

Professional and Consulting Fees

782

715

829

755

635

3,081

2,664

Derivative Collateral Fees

573

543

404

380

535

1,900

687

Information Technology and Telecommunications

812

683

711

683

673

2,889

2,495

Marketing and Advertising

324

222

321

262

403

1,129

2,032

Intangible Asset Amortization

100

191

Amortization of Tax Credit Investments

—

114

—

408

Other Expense

1,089

978

1,010

895

1,066

3,972

4,051

Total Noninterest Expense

15,740

15,237

14,274

14,069

15,203

59,320

56,620

Income Before Income Taxes

11,233

12,510

12,963

15,816

17,928

52,522

71,710

Provision for Income Taxes

2,360

2,881

3,147

4,174

4,193

12,562

18,318

Net Income

8,873

9,629

9,816

11,642

13,735

39,960

53,392

Preferred Stock Dividends

(1,014

)

(1,013

)

(1,014

)

(1,013

)

(1,014

)

(4,054

)

(4,054

)

Net Income Available to Common Shareholders

7,859

8,616

8,802

10,629

12,721

35,906

49,338

Earnings Per Share

Basic

0.28

0.31

0.32

0.38

0.46

1.29

1.78

Diluted

0.28

0.30

0.31

0.37

0.45

1.27

1.72

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Three Months Ended

December 31, 2023

September 30, 2023

December 31, 2022

Average

Interest

Yield/

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

106,275

1,233

4.60

81,038

903

4.42

65,393

366

2.22

Investment Securities:

Taxable Investment Securities

600,856

7,007

4.63

565,008

6,234

4.38

540,601

5,268

3.87

Tax-Exempt Investment Securities (1)

29,172

350

4.75

29,955

346

4.58

67,867

728

4.26

Total Investment Securities

630,028

7,357

4.63

594,963

6,580

4.39

608,468

5,996

3.91

Loans (1)(2)

3,726,126

50,022

5.33

3,722,594

49,326

5.26

3,482,150

42,702

4.87

Federal Home Loan Bank Stock

17,999

310

6.85

17,829

400

8.89

21,633

163

2.99

Total Interest Earning Assets

4,480,428

58,922

5.22

4,416,424

57,209

5.14

4,177,644

49,227

4.67

Noninterest Earning Assets

87,018

88,513

73,701

Total Assets

4,567,446

4,504,937

4,251,345

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

719,630

7,546

4.16

730,244

7,136

3.88

464,631

2,013

1.72

Savings and Money Market Deposits

911,835

9,003

3.92

874,612

8,089

3.67

1,048,227

4,533

1.72

Time Deposits

268,140

2,330

3.45

266,635

1,962

2.92

281,334

1,007

1.42

Brokered Deposits

1,009,166

10,569

4.16

985,276

10,038

4.04

537,351

3,228

2.38

Total Interest Bearing Deposits

2,908,771

29,448

4.02

2,856,767

27,225

3.78

2,331,543

10,781

1.83

Federal Funds Purchased

18,932

268

5.62

39,641

548

5.48

340,471

3,379

3.94

Notes Payable

13,750

299

8.62

13,750

296

8.58

11,359

202

7.04

FHLB Advances

303,467

2,220

2.90

275,261

2,316

3.34

94,103

575

2.42

Subordinated Debentures

79,233

1,004

5.02

79,137

1,003

5.03

81,242

1,030

5.03

Total Interest Bearing Liabilities

3,324,153

33,239

3.97

3,264,556

31,388

3.81

2,858,718

15,967

2.22

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

753,430

754,567

943,232

Other Noninterest Bearing Liabilities

72,074

71,767

61,806

Total Noninterest Bearing Liabilities

825,504

826,334

1,005,038

Shareholders' Equity

417,789

414,047

387,589

Total Liabilities and Shareholders' Equity

4,567,446

4,504,937

4,251,345

Net Interest Income / Interest Rate Spread

25,683

1.25

25,821

1.33

33,260

2.45

Net Interest Margin (3)

2.27

2.32

3.16

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(369)

(400)

(367)

Net Interest Income

25,314

25,421

32,893

__________________________

(1)

Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

(2)

Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3)

Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Year Ended

December 31, 2023

December 31, 2022

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

77,759

3,170

4.08

66,072

597

0.90

Investment Securities:

Taxable Investment Securities

577,102

25,199

4.37

448,500

13,960

3.11

Tax-Exempt Investment Securities (1)

29,004

1,325

4.57

72,379

3,101

4.29

Total Investment Securities

606,106

26,524

4.38

520,879

17,061

3.28

Loans (1)(2)

3,699,252

192,679

5.21

3,190,712

146,827

4.60

Federal Home Loan Bank Stock

21,249

1,538

7.24

12,628

432

3.42

Total Interest Earning Assets

4,404,366

223,911

5.08

3,790,291

164,917

4.35

Noninterest Earning Assets

86,438

76,189

Total Assets

4,490,804

3,866,480

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

650,028

23,379

3.60

524,968

4,336

0.83

Savings and Money Market Deposits

922,799

30,639

3.32

963,096

9,129

0.95

Time Deposits

263,161

7,064

2.68

284,868

3,264

1.15

Brokered Deposits

909,662

34,963

3.84

449,095

6,650

1.48

Total Interest Bearing Deposits

2,745,650

96,045

3.50

2,222,027

23,379

1.05

Federal Funds Purchased

169,645

8,521

5.02

149,608

4,507

3.01

Notes Payable

13,750

1,143

8.31

2,863

202

7.04

FHLB Advances

238,000

7,489

3.15

64,278

1,221

1.90

Subordinated Debentures

79,090

3,983

5.04

89,584

4,688

5.23

Total Interest Bearing Liabilities

3,246,135

117,181

3.61

2,528,360

33,997

1.34

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

768,428

910,490

Other Noninterest Bearing Liabilities

65,763

43,597

Total Noninterest Bearing Liabilities

834,191

954,087

Shareholders' Equity

410,478

384,033

Total Liabilities and Shareholders' Equity

4,490,804

3,866,480

Net Interest Income / Interest Rate Spread

106,730

1.47

130,920

3.01

Net Interest Margin (3)

2.42

3.45

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(1,556)

(1,222)

Net Interest Income

105,174

129,698

__________________________

(1) Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%. (2)

Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3)

Bridgewater Bancshares, Inc. and Subsidiaries

Asset Quality Summary

(dollars in thousands) (unaudited)

As of and for the Three Months Ended

As of and for the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2023

2022

2023

2022

Allowance for Credit Losses

Balance at Beginning of Period

50,585

50,701

50,148

47,996

46,491

47,996

40,020

Impact of Adopting CECL

—

650

—

650

—

Provision for Credit Losses

—

550

1,500

2,050

7,700

Charge-offs

(95

)

(122

)

(224

)

(37

)

Recoveries

313

Net Charge-offs

(91

)

(116

)

(202

)

276

Balance at End of Period

50,494

50,585

50,701

50,148

47,996

50,494

47,996

Allowance for Credit Losses to Total Loans

1.36

1.34

1.36

1.34

As of and for the Three Months Ended

As of and for the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2023

2022

2023

2022

Provision for Credit Losses on Loans

—

550

1,500

2,050

7,700

Recovery of Credit Losses for Off-Balance Sheet Credit Exposures

(250

)

(600

)

(500

)

(875

)

—

(2,225

)

—

Provision for (Recovery of) Credit Losses

(250

)

(600

)

625

1,500

(175

)

7,700

As of and for the Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2023

2022

Selected Asset Quality Data

Loans 30-89 Days Past Due

15,110

—

186

Loans 30-89 Days Past Due to Total Loans

0.41

0.00

0.01

Nonperforming Loans

919

749

662

693

639

Nonperforming Loans to Total Loans

0.02

Foreclosed Assets

—

116

—

Nonaccrual Loans to Total Loans

0.02

Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans

0.02

Nonperforming Assets (1)

919

749

778

809

639

Nonperforming Assets to Total Assets (1)

0.02

0.01

Net Loan Charge-Offs (Annualized) to Average Loans

0.01

0.00

Watchlist Risk Rating Loans

26,485

26,877

27,215

27,574

32,252

Substandard Risk Rating Loans

35,858

35,621

33,821

36,258

28,049

__________________________

(1) Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(dollars in thousands) (unaudited)

For the Three Months Ended

For the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2023

2022

2023

2022

Pre-Provision Net Revenue

Noninterest Income

1,409

1,726

1,415

1,943

1,738

6,493

6,332

Less: (Gain) Loss on Sales of Securities

—

(50

)

(30

)

(82

)

Less: FHLB Advance Prepayment Income

—

(493

)

—

(299

)

—

(792

)

—

Total Operating Noninterest Income

1,436

1,233

1,365

1,700

1,708

5,734

6,250

Plus: Net Interest Income

25,314

25,421

25,872

28,567

32,893

105,174

129,698

Net Operating Revenue

26,750

26,654

27,237

30,267

34,601

110,908

135,948

Noninterest Expense

15,740

15,237

14,274

14,069

15,203

59,320

56,620

Less: Amortization of Tax Credit Investments

—

(114

)

—

(408

)

Total Operating Noninterest Expense

15,740

15,237

14,274

14,069

15,089

59,320

56,212

Pre-Provision Net Revenue

11,010

11,417

12,963

16,198

19,512

51,588

79,736

Plus:

Non-Operating Revenue Adjustments

(27

)

493

243

759

Less:

Provision (Recovery of) for Credit Losses

(250

)

(600

)

625

1,500

(175

)

7,700

Non-Operating Expense Adjustments

—

114

—

408

Provision for Income Taxes

2,360

2,881

3,147

4,174

4,193

12,562

18,318

Net Income

8,873

9,629

9,816

11,642

13,735

39,960

53,392

Average Assets

4,567,446

4,504,937

4,483,662

4,405,234

4,251,345

4,490,804

3,866,480

Pre-Provision Net Revenue Return on Average Assets

0.96

1.01

1.16

1.49

1.82

1.15

2.06

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis)

25,683

25,822

26,280

28,947

33,260

106,730

130,920

Less: Loan Fees

(751

)

(914

)

(941

)

(998

)

(1,100

)

(3,604

)

(6,273

)

Less: PPP Interest and Fees

(970

)

Core Net Interest Income

24,932

24,908

25,339

27,949

32,160

103,126

123,677

Average Interest Earning Assets

4,480,428

4,416,424

4,395,050

4,323,706

4,177,644

4,404,366

3,790,291

Less: Average PPP Loans

(7,441

)

Core Average Interest Earning Assets

4,480,428

4,416,424

4,395,050

4,323,706

4,177,644

4,404,366

3,782,850

Core Net Interest Margin

2.21

2.24

2.31

2.62

3.05

2.34

3.27

Efficiency Ratio

Noninterest Expense

15,740

15,237

14,274

14,069

15,203

59,320

56,620

Less: Amortization of Intangible Assets

)

(34

)

(48

)

(48

)

(100

)

(191

)

Adjusted Noninterest Expense

15,731

15,228

14,240

14,021

15,155

59,220

56,429

Net Interest Income

25,314

25,421

25,872

28,567

32,893

105,174

129,698

Noninterest Income

1,409

1,726

1,415

1,943

1,738

6,493

6,332

Less: Gain (Loss) on Sales of Securities

—

(50

)

(30

)

(82

)

Adjusted Operating Revenue

26,750

27,147

27,237

30,566

34,601

111,700

135,948

Efficiency Ratio

58.8

56.1

52.3

45.9

43.8

53.0

41.5

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(dollars in thousands) (unaudited)

For the Three Months Ended

For the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2023

2022

2023

2022

Tangible Common Equity and Tangible Common Equity/Tangible Assets

Total Shareholders' Equity

425,515

415,960

409,126

402,006

394,064

Less: Preferred Stock

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

Total Common Shareholders' Equity

359,001

349,446

342,612

335,492

327,550

Less: Intangible Assets

(2,814

)

(2,823

)

(2,832

)

(2,866

)

(2,914

)

Tangible Common Equity

356,187

346,623

339,780

332,626

324,636

Total Assets

4,611,990

4,557,070

4,603,185

4,602,899

4,345,662

Less: Intangible Assets

(2,814

)

(2,823

)

(2,832

)

(2,866

)

(2,914

)

Tangible Assets

4,609,176

4,554,247

4,600,353

4,600,033

4,342,748

Tangible Common Equity/Tangible Assets

7.73

7.61

7.39

7.23

7.48

Tangible Book Value Per Share

Book Value Per Common Share

12.94

12.47

12.25

12.05

11.80

Less: Effects of Intangible Assets

(0.10

)

(0.10

)

(0.10

)

(0.10

)

(0.11

)

Tangible Book Value Per Common Share

12.84

12.37

12.15

11.95

11.69

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders

7,859

8,616

8,802

10,629

12,721

35,906

49,338

Average Shareholders' Equity

417,789

414,047

406,347

403,533

387,589

410,478

384,033

Less: Average Preferred Stock

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

Average Common Equity

351,275

347,533

339,833

337,019

321,075

343,964

317,519

Less: Effects of Average Intangible Assets

(2,819

)

(2,828

)

(2,846

)

(2,894

)

(2,941

)

(2,847

)

(3,012

)

Average Tangible Common Equity

348,456

344,705

336,987

334,125

318,134

341,117

314,507

Return on Average Tangible Common Equity

8.95

9.92

10.48

12.90

15.86

10.53

15.69

View source version on businesswire.com: https://www.businesswire.com/news/home/20240123324643/en/

Investor Contact: Justin Horstman | Vice President, Investor Relations Justin.Horstman@bwbmn.com | 952.542.5169

Bridgewater Bancshares (NASDAQ:BWB)
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