Third Quarter 2024 Highlights
- Tangible book value per share(1) of $13.96 for the third
quarter of 2024, an increase of $0.43, or 12.8% annualized,
compared to $13.53 for the second quarter of 2024.
- Pre-provision net revenue(1) increased $489,000, or 4.5%, from
the second quarter of 2024.
- Net interest income increased $603,000, or 2.4%, from the
second quarter of 2024.
- Net interest margin (on a fully tax-equivalent basis) of 2.24%
for the third quarter of 2024, in line with the second quarter of
2024.
- Core deposits(2) increased by $93.6 million, or 14.4%
annualized, from the second quarter of 2024. Total deposits
decreased by $60.3 million from the second quarter of 2024,
primarily driven by a decrease in brokered deposits of $131.3
million.
- Gross loans decreased $114.8 million from the second quarter of
2024, primarily driven by elevated levels of loan payoffs.
- Loan-to-deposit ratio of 98.3%, compared to 99.8% at June 30,
2024.
- Efficiency ratio(1) of 58.0%, down from 58.7% for the second
quarter of 2024.
- No provision for credit losses on loans was recorded in the
third quarter of 2024. The allowance for credit losses on loans to
total loans was 1.38% at September 30, 2024, compared to 1.37% at
June 30, 2024.
- Annualized net loan charge-offs as a percentage of average
loans of 0.10% for the third quarter of 2024, compared to 0.00% for
the second quarter of 2024, primarily driven by one central
business district office loan.
- Nonperforming assets to total assets of 0.19% at September 30,
2024, compared to 0.01% at June 30, 2024.
- Announced the strategic acquisition of First Minnetonka City
Bank. Received all required regulatory approvals in October 2024
and expect to close on the transaction during the fourth quarter of
2024.
(1) Represents a non-GAAP financial measure. See "Non-GAAP
Financial Measures" for further details. (2) Core deposits are
defined as total deposits less brokered deposits and certificates
of deposit greater than $250,000.
Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the
parent company of Bridgewater Bank (the Bank), today announced net
income of $8.7 million for the third quarter of 2024, compared to
$8.1 million for the second quarter of 2024, and $9.6 million for
the third quarter of 2023. Earnings per diluted common share were
$0.27 for the third quarter of 2024, compared to $0.26 for the
second quarter of 2024, and $0.30 for the third quarter of
2023.
“Bridgewater’s third quarter results were highlighted by robust
core deposit growth and a stable net interest margin amid an
improving interest rate backdrop following the Fed’s rate cut in
September,” said Chairman and Chief Executive Officer, Jerry Baack.
“As a result, we generated improved net interest income and
pre-provision net revenue growth. Asset quality also remained a
strength as we continued to see improving multifamily trends in the
Twin Cities, such as declining vacancy rates.
“In August, we were excited to announce the signing of a
definitive agreement for the acquisition of First Minnetonka City
Bank, which we expect to close during the fourth quarter of 2024.
This deal brings several strategic benefits including a low-cost,
core deposit base and balance sheet optionality. When combined with
the strong core deposit growth we have generated year-to-date, we
believe we will have an enhanced funding and liquidity profile that
positions us well moving forward.”
Key Financial Measures
As of and for the Three Months
Ended
As of and for the Nine Months
Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Per Common Share Data
Basic Earnings Per Share
$
0.28
$
0.26
$
0.31
$
0.79
$
1.01
Diluted Earnings Per Share
0.27
0.26
0.30
0.77
0.99
Book Value Per Share
14.06
13.63
12.47
14.06
12.47
Tangible Book Value Per Share (1)
13.96
13.53
12.37
13.96
12.37
Financial Ratios
Return on Average Assets (2)
0.73
%
0.70
%
0.85
%
0.71
%
0.93
%
Pre-Provision Net Revenue Return on
Average Assets (1)(2)
0.96
0.94
1.01
0.95
1.22
Return on Average Shareholders' Equity
(2)
7.79
7.49
9.23
7.55
10.19
Return on Average Tangible Common Equity
(1)(2)
8.16
7.80
9.92
7.87
11.07
Net Interest Margin (3)
2.24
2.24
2.32
2.24
2.47
Core Net Interest Margin (1)(3)
2.16
2.17
2.24
2.17
2.39
Cost of Total Deposits
3.58
3.46
2.99
3.45
2.57
Cost of Funds
3.54
3.49
3.10
3.46
2.81
Efficiency Ratio (1)
58.0
58.7
56.1
58.3
51.2
Noninterest Expense to Average Assets
(2)
1.33
1.35
1.34
1.34
1.30
Tangible Common Equity to Tangible Assets
(1)
8.17
7.90
7.61
8.17
7.61
Common Equity Tier 1 Risk-based Capital
Ratio (Consolidated) (4)
9.79
9.41
9.07
9.79
9.07
Balance Sheet and Asset Quality
(dollars in thousands)
Total Assets
$
4,691,517
$
4,687,035
$
4,557,070
$
4,691,517
$
4,557,070
Total Loans, Gross
3,685,590
3,800,385
3,722,271
3,685,590
3,722,271
Deposits
3,747,442
3,807,712
3,675,509
3,747,442
3,675,509
Loan to Deposit Ratio
98.3
%
99.8
%
101.3
%
98.3
%
101.3
%
Net Loan Charge-Offs to Average Loans
(2)
0.10
0.00
0.01
0.03
0.00
Nonperforming Assets to Total Assets
(5)
0.19
0.01
0.02
0.19
0.02
Allowance for Credit Losses to Total
Loans
1.38
1.37
1.36
1.38
1.36
(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
third quarter of 2024 was 2.24%, stable with the second quarter of
2024, and an eight basis point decline from 2.32% in the third
quarter of 2023. Core net interest margin (on a fully
tax-equivalent basis), a non-GAAP financial measure which excludes
the impact of loan fees, was 2.16% for the third quarter of 2024, a
one basis point decline from 2.17% in the second quarter of 2024,
and an eight basis point decline from 2.24% in the third quarter of
2023.
- Net interest margin has remained stable at 2.24% each quarter
in 2024.
- The year-over-year decline in the margin was primarily due to
higher funding costs, offset partially by higher earning asset
yields.
Net interest income was $25.6 million for the third quarter of
2024, an increase of $603,000 from $25.0 million in the second
quarter of 2024, and an increase of $178,000 from $25.4 million in
the third quarter of 2023.
- The linked-quarter increase in net interest income was
primarily due to increased cash balances, higher yields in the
securities and loan portfolios and increased loan fees due to
elevated loan payoffs, offset partially by decreased loan balances
and higher rates paid on deposits.
- The year-over year increase in net interest income was
primarily due to increased cash balances, growth and higher yields
in the securities portfolio, and higher yields on loans, offset
partially by growth and higher rates on deposits.
Interest income was $63.0 million for the third quarter of 2024,
an increase of $2.1 million from $60.9 million in the second
quarter of 2024, and an increase of $6.2 million from $56.8 million
in the third quarter of 2023.
- The yield on interest earning assets (on a fully tax-equivalent
basis) was 5.48% in the third quarter of 2024, compared to 5.41% in
the second quarter of 2024 and 5.14% in the third quarter of
2023.
- The linked-quarter increase in the yield on interest earning
assets was primarily due to continued repricing of assets at
accretive yields.
- The year-over-year increase in the yield on interest earning
assets was primarily due to the purchase of higher yielding
securities and the repricing of the loan and securities portfolios
in the higher interest rate environment.
- Loan interest income and loan fees remained one of the primary
contributing factors to the changes in the yield on interest
earning assets. The aggregate loan yield increased to 5.57% in the
third quarter of 2024, seven basis points higher than 5.50% in the
second quarter of 2024, and 31 basis points higher than 5.26% in
the third quarter of 2023.
- The core loan yield continued 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
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Interest
5.47
%
5.42
%
5.31
%
5.25
%
5.16
%
Fees
0.10
0.08
0.07
0.08
0.10
Yield on Loans
5.57
%
5.50
%
5.38
%
5.33
%
5.26
%
Interest expense was $37.4 million for the third quarter of
2024, an increase of $1.5 million from $35.9 million in the second
quarter of 2024, and an increase of $6.0 million from $31.4 million
in the third quarter of 2023.
- The cost of interest bearing liabilities was 4.27% in the third
quarter of 2024, compared to 4.19% in the second quarter of 2024
and 3.81% in the third quarter of 2023.
- The linked-quarter increase in the cost of interest bearing
liabilities was primarily due to higher rates paid on deposits,
offset partially by a decrease in the utilization of overnight
borrowings.
- The year-over-year increase in the cost of interest bearing
liabilities was primarily due to continued deposit repricing in the
higher rate environment.
Interest expense on deposits was $34.2 million for the third
quarter of 2024, an increase of $2.6 million from $31.6 million in
the second quarter of 2024, and an increase of $7.0 million from
$27.2 million in the third quarter of 2023.
- The cost of total deposits was 3.58% in the third quarter of
2024, compared to 3.46% in the second quarter of 2024 and 2.99% in
the third quarter of 2023.
- The linked-quarter increase in the cost of total deposits was
primarily due to continued client demand for higher interest rates
and increased competition.
- 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 the third
quarter of 2024, compared to $600,000 for the second quarter of
2024 and $-0- for the third quarter of 2023.
- No provision for credit losses on loans was recorded in the
third quarter of 2024. Although loans decreased during the quarter,
increased loss rates and other qualitative factor adjustments
resulted in no provision for the quarter.
- The allowance for credit losses on loans to total loans was
1.38% at September 30, 2024, compared to 1.37% at June 30, 2024 and
1.36% at September 30, 2023.
The provision for credit losses for off-balance sheet credit
exposures was $-0- for the third quarter of 2024, compared to $-0-
for the second quarter of 2024, and a negative provision of
$600,000 for the third quarter of 2023.
- No provision was recorded during the third quarter of 2024 due
to unfunded commitments remaining stable as the migration to funded
loans was offset by the volume of newly originated loans with
unfunded commitments.
Noninterest Income
Noninterest income was $1.5 million for the third quarter of
2024, a decrease of $241,000 from $1.8 million for the second
quarter of 2024, and a decrease of $204,000 from $1.7 million for
the third quarter of 2023.
- The linked-quarter decrease was primarily due to a net loss on
sale of securities in the third quarter and a net gain on sale of
securities in the second quarter.
- The year-over-year decrease was primarily due to $493,000 of
FHLB prepayment income recognized in the previous year which did
not reoccur, offset partially by higher letter of credit fees, an
increase in the cash surrender value of bank-owned life insurance
and an increase in other income.
Noninterest Expense
Noninterest expense was $15.8 million for the third quarter of
2024, an increase of $221,000 from $15.5 million for the second
quarter of 2024 and an increase of $523,000 from $15.2 million for
the third quarter of 2023.
- The linked-quarter increase was primarily due to increases in
professional and consulting fees related to the acquisition of
First Minnetonka City Bank and salaries and employee benefits,
offset partially by a decrease in data processing and derivative
collateral fees.
- The year-over-year increase was primarily attributable to
increases in salaries and employee benefits, higher professional
and consulting fees relating to the acquisition of First Minnetonka
City Bank and increases in information technology and
telecommunications and marketing and advertising expenses, offset
partially by a decrease in the FDIC insurance assessment and lower
derivative collateral fees.
- The efficiency ratio, a non-GAAP financial measure, was 58.0%
for the third quarter of 2024, compared to 58.7% for the second
quarter of 2024, and 56.1% for the third quarter of 2023.
- The Company had 265 full-time equivalent employees at September
30, 2024, compared to 258 at June 30, 2024, and 255 at September
30, 2023.
Income Taxes
The effective combined federal and state income tax rate was
23.6% for both the second and third quarter of 2024, compared to
23.0% for the third quarter of 2023.
Balance Sheet
Loans
(dollars in thousands)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Commercial
$
493,403
$
518,762
$
483,069
$
464,061
$
459,854
Construction and Land Development
118,596
134,096
200,970
232,804
294,818
1 - 4 Family Construction
45,822
60,551
65,606
65,087
64,463
Real Estate Mortgage:
1 - 4 Family Mortgage
421,179
416,944
417,773
402,396
404,716
Multifamily
1,379,814
1,404,835
1,389,345
1,388,541
1,378,669
CRE Owner Occupied
182,239
185,988
182,589
175,783
159,485
CRE Nonowner Occupied
1,032,142
1,070,050
1,035,702
987,306
951,263
Total Real Estate Mortgage Loans
3,015,374
3,077,817
3,025,409
2,954,026
2,894,133
Consumer and Other
12,395
9,159
9,151
8,304
9,003
Total Loans, Gross
3,685,590
3,800,385
3,784,205
3,724,282
3,722,271
Allowance for Credit Losses on Loans
(51,018
)
(51,949
)
(51,347
)
(50,494
)
(50,585
)
Net Deferred Loan Fees
(5,705
)
(6,214
)
(6,356
)
(6,573
)
(7,222
)
Total Loans, Net
$
3,628,867
$
3,742,222
$
3,726,502
$
3,667,215
$
3,664,464
Total gross loans at September 30, 2024 were $3.69 billion, a
decrease of $114.8 million, or 3.0%, over total gross loans of
$3.80 billion at June 30, 2024, and a decrease of $36.7 million, or
1.0%, over total gross loans of $3.72 billion at September 30,
2023.
- The decrease in the loan portfolio during the third quarter of
2024 was due to elevated loan payoffs.
Deposits
(dollars in thousands)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Noninterest Bearing Transaction
Deposits
$
713,309
$
705,175
$
698,432
$
756,964
$
754,297
Interest Bearing Transaction Deposits
805,756
752,568
783,736
692,801
780,863
Savings and Money Market Deposits
980,345
943,994
979,773
935,091
872,534
Time Deposits
347,080
373,713
352,510
300,651
265,737
Brokered Deposits
900,952
1,032,262
992,774
1,024,441
1,002,078
Total Deposits
$
3,747,442
$
3,807,712
$
3,807,225
$
3,709,948
$
3,675,509
Total deposits at September 30, 2024 were $3.75 billion, a
decrease of $60.3 million, or 1.6%, over total deposits of $3.81
billion at June 30, 2024, and an increase of $71.9 million, or
2.0%, over total deposits of $3.68 billion at September 30,
2023.
- Core deposits, defined as total deposits excluding brokered
deposits and time deposits greater than $250,000, increased $93.6
million, or 14.4% annualized, from the second quarter of 2024.
Growth in core deposits was due to both increased balances of
existing clients and new client acquisitions. On a year-to-date
basis, core deposits increased by $131.2 million, or 6.9%
annualized. Based on the nature of the Company’s client base, core
deposit balances can fluctuate from quarter to quarter, as deposit
growth is not always linear.
- Brokered deposits, which declined by $131.3 million, or 12.7%,
in the current quarter, continue to be used as a supplemental
funding source, as needed.
- Uninsured deposits were 25.0% of total deposits as of September
30, 2024, compared to 22.5% of total deposits as of June 30,
2024.
Liquidity
Total on- and off-balance sheet liquidity was $2.29 billion as
of September 30, 2024, compared to $2.22 billion at June 30, 2024
and $2.18 billion at September 30, 2023.
Primary Liquidity—On-Balance
Sheet
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
(dollars in thousands)
Cash and Cash Equivalents
$
167,869
$
97,237
$
105,784
$
96,594
$
77,617
Securities Available for Sale
664,715
601,057
633,282
604,104
553,076
Less: Pledged Securities
(146,144
)
(169,095
)
(169,479
)
(170,727
)
(164,277
)
Total Primary Liquidity
$
686,440
$
529,199
$
569,587
$
529,971
$
466,416
Ratio of Primary Liquidity to Total
Deposits
18.3
%
13.9
%
15.0
%
14.3
%
12.7
%
Secondary Liquidity—Off-Balance Sheet
Borrowing Capacity
Net Secured Borrowing Capacity with the
FHLB
$
509,223
$
451,171
$
446,801
$
498,736
$
516,501
Net Secured Borrowing Capacity with the
Federal Reserve Bank
867,955
1,015,873
1,006,010
979,448
1,022,128
Unsecured Borrowing Capacity with
Correspondent Lenders
200,000
200,000
200,000
200,000
150,000
Secured Borrowing Capacity with
Correspondent Lender
26,250
26,250
26,250
26,250
26,250
Total Secondary Liquidity
$
1,603,428
$
1,693,294
$
1,679,061
$
1,704,434
$
1,714,879
Total Primary and Secondary Liquidity
$
2,289,868
$
2,222,493
$
2,248,648
$
2,234,405
$
2,181,295
Ratio of Primary and Secondary Liquidity
to Total Deposits
61.1
%
58.4
%
59.1
%
60.2
%
59.3
%
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 0.10% for the third quarter of 2024, compared to 0.00% for the
second quarter of 2024, and 0.01% for the third quarter of 2023.
The increase in net charge-offs was primarily due to one central
business district office loan.
- At September 30, 2024, the Company’s nonperforming assets,
which include nonaccrual loans, loans past due 90 days and still
accruing, and foreclosed assets, were $8.8 million, or 0.19% of
total assets, compared to $678,000, or 0.01%, of total assets at
June 30, 2024, and $749,000, or 0.02%, of total assets at September
30, 2023. The increase in nonperforming assets was primarily due to
one central business district office loan that previously had a
substandard risk rating.
- Loans with potential weaknesses that warranted a watchlist risk
rating at September 30, 2024 totaled $32.0 million, compared to
$30.4 million at June 30, 2024, and $26.9 million at September 30,
2023.
- Loans that warranted a substandard risk rating at September 30,
2024 totaled $31.6 million, compared to $33.9 million at June 30,
2024, and $35.6 million at September 30, 2023.
Capital
Total shareholders’ equity at September 30, 2024 was $452.2
million, an increase of $13.0 million, or 3.0%, compared to total
shareholders’ equity of $439.2 million at June 30, 2024, and an
increase of $36.2 million, or 8.7%, over total shareholders’ equity
of $416.0 million at September 30, 2023.
- The linked-quarter increase was primarily 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 and preferred stock dividends.
- 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, preferred stock dividends, and stock repurchases.
- The Common Equity Tier 1 Risk-Based Capital Ratio was 9.79% at
September 30, 2024, compared to 9.41% at June 30, 2024, and 9.07%
at September 30, 2023.
- Tangible common equity as a percentage of tangible assets, a
non-GAAP financial measure, was 8.17% at September 30, 2024,
compared to 7.90% at June 30, 2024, and 7.61% at September 30,
2023.
Tangible book value per share, a non-GAAP financial measure, was
$13.96 as of September 30, 2024, an increase of 12.8% annualized
from $13.53 as of June 30, 2024, and an increase of 12.8% from
$12.37 as of September 30, 2023.
- The Company has increased tangible book value per share each of
the past 31 quarters.
The Company did not repurchase any shares of its common stock
during the third quarter of 2024.
- The Company has $15.3 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 December 2, 2024 to shareholders of record of the Series A
Preferred Stock at the close of business on November 15, 2024.
Conference Call and Webcast
The Company will host a conference call to discuss its third
quarter 2024 financial results on Thursday, October 24, 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
1933700. The replay will be available through October 31, 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
treasury management solutions with a responsive service model,
Bridgewater has seen continuous growth and profitability. With
total assets of $4.7 billion and seven branches as of September 30,
2024, 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 changes in
interest rates; 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 the level and impact 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 that resulted in recent bank failures;
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, including
those 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 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 recent bank failures; 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
ongoing conflict in the Middle East and the Russian invasion of
Ukraine; potential impairment to the goodwill the Company recorded
in connection with acquisitions; risks associated with our ongoing
acquisition of First Minnetonka City Bank, including the
possibility that the merger may be more difficult or expensive to
accomplish than anticipated, diversion of management's attention
from daily operations and the effect of the proposed merger on the
Company’s customer and employee relationships and operating
results; changes to U.S. or state tax laws, regulations and
guidance; 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
September 30,
June 30,
March 31,
December 31,
September 30,
(dollars in thousands)
2024
2024
2024
2023
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Income Statement
Net Interest Income
$
25,599
$
24,996
$
24,631
$
25,314
$
25,421
Provision for (Recovery of) Credit
Losses
—
600
750
(250
)
(600
)
Noninterest Income
1,522
1,763
1,550
1,409
1,726
Noninterest Expense
15,760
15,539
15,189
15,740
15,237
Net Income
8,675
8,115
7,831
8,873
9,629
Net Income Available to Common
Shareholders
7,662
7,101
6,818
7,859
8,616
Per Common Share Data
Basic Earnings Per Share
$
0.28
$
0.26
$
0.25
$
0.28
$
0.31
Diluted Earnings Per Share
0.27
0.26
0.24
0.28
0.30
Book Value Per Share
14.06
13.63
13.30
12.94
12.47
Tangible Book Value Per Share (1)
13.96
13.53
13.20
12.84
12.37
Basic Weighted Average Shares
Outstanding
27,382,798
27,386,713
27,691,401
27,870,430
27,943,409
Diluted Weighted Average Shares
Outstanding
27,904,910
27,748,184
28,089,805
28,238,056
28,311,778
Shares Outstanding at Period End
27,425,690
27,348,049
27,589,827
27,748,965
28,015,505
Financial Ratios
Return on Average Assets (2)
0.73
%
0.70
%
0.69
%
0.77
%
0.85
%
Pre-Provision Net Revenue Return on
Average Assets (1)(2)
0.96
0.94
0.95
0.96
1.01
Return on Average Shareholders' Equity
(2)
7.79
7.49
7.35
8.43
9.23
Return on Average Tangible Common Equity
(1)(2)
8.16
7.80
7.64
8.95
9.92
Net Interest Margin (3)
2.24
2.24
2.24
2.27
2.32
Core Net Interest Margin (1)(3)
2.16
2.17
2.18
2.21
2.24
Cost of Total Deposits
3.58
3.46
3.32
3.19
2.99
Cost of Funds
3.54
3.49
3.34
3.23
3.10
Efficiency Ratio (1)
58.0
58.7
58.2
58.8
56.1
Noninterest Expense to Average Assets
(2)
1.33
1.35
1.33
1.37
1.34
Balance Sheet
Total Assets
$
4,691,517
$
4,687,035
$
4,723,109
$
4,611,990
$
4,557,070
Total Loans, Gross
3,685,590
3,800,385
3,784,205
3,724,282
3,722,271
Deposits
3,747,442
3,807,712
3,807,225
3,709,948
3,675,509
Total Shareholders' Equity
452,200
439,241
433,611
425,515
415,960
Loan to Deposit Ratio
98.3
%
99.8
%
99.4
%
100.4
%
101.3
%
Core Deposits to Total Deposits (4)
71.5
67.9
69.3
68.7
70.3
Uninsured Deposits to Total Deposits
25.0
22.5
26.0
24.3
22.2
Asset Quality
Net Loan Charge-Offs to Average Loans
(2)
0.10
%
0.00
%
0.00
%
0.01
%
0.01
%
Nonperforming Assets to Total Assets
(5)
0.19
0.01
0.01
0.02
0.02
Allowance for Credit Losses to Total
Loans
1.38
1.37
1.36
1.36
1.36
Capital Ratios (Consolidated)
(6)
Tier 1 Leverage Ratio
9.75
%
9.66
%
9.66
%
9.57
%
9.62
%
Common Equity Tier 1 Risk-based Capital
Ratio
9.79
9.41
9.21
9.16
9.07
Tier 1 Risk-based Capital Ratio
11.44
11.03
10.83
10.79
10.69
Total Risk-based Capital Ratio
14.62
14.16
14.00
13.97
13.88
Tangible Common Equity to Tangible Assets
(1)
8.17
7.90
7.72
7.73
7.61
(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)
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Assets
Cash and Cash Equivalents
$
191,859
$
134,093
$
143,355
$
128,562
$
124,358
Bank-Owned Certificates of Deposit
—
—
—
—
1,225
Securities Available for Sale, at Fair
Value
664,715
601,057
633,282
604,104
553,076
Loans, Net of Allowance for Credit
Losses
3,628,867
3,742,222
3,726,502
3,667,215
3,664,464
Federal Home Loan Bank (FHLB) Stock, at
Cost
18,626
15,844
17,195
17,097
17,056
Premises and Equipment, Net
47,777
47,902
48,299
48,886
49,331
Foreclosed Assets
434
—
20
—
—
Accrued Interest
16,750
16,944
16,696
16,697
15,182
Goodwill
2,626
2,626
2,626
2,626
2,626
Other Intangible Assets, Net
163
171
180
188
197
Bank-Owned Life Insurance
38,219
35,090
34,778
34,477
34,209
Other Assets
81,481
91,086
100,176
92,138
95,346
Total Assets
$
4,691,517
$
4,687,035
$
4,723,109
$
4,611,990
$
4,557,070
Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing
$
713,309
$
705,175
$
698,432
$
756,964
$
754,297
Interest Bearing
3,034,133
3,102,537
3,108,793
2,952,984
2,921,212
Total Deposits
3,747,442
3,807,712
3,807,225
3,709,948
3,675,509
Notes Payable
13,750
13,750
13,750
13,750
13,750
FHLB Advances
349,500
287,000
317,000
319,500
294,500
Subordinated Debentures, Net of Issuance
Costs
79,574
79,479
79,383
79,288
79,192
Accrued Interest Payable
3,458
3,999
4,405
5,282
3,816
Other Liabilities
45,593
55,854
67,735
58,707
74,343
Total Liabilities
4,239,317
4,247,794
4,289,498
4,186,475
4,141,110
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 September
30, 2024 (unaudited), June 30, 2024 (unaudited), March 31, 2024
(unaudited), December 31, 2023, and September 30, 2023
(unaudited)
66,514
66,514
66,514
66,514
66,514
Common Stock- $0.01 par value; Authorized
75,000,000
Common Stock - Issued and Outstanding
27,425,690 at September 30, 2024 (unaudited), 27,348,049 at June
30, 2024 (unaudited), 27,589,827 at March 31, 2024 (unaudited),
27,748,965 at December 31, 2023 and 28,015,505 at September 30,
2023 (unaudited)
274
273
276
277
280
Additional Paid-In Capital
94,597
93,205
95,069
96,320
100,120
Retained Earnings
302,231
294,569
287,468
280,650
272,812
Accumulated Other Comprehensive Loss
(11,416
)
(15,320
)
(15,716
)
(18,246
)
(23,766
)
Total Shareholders' Equity
452,200
439,241
433,611
425,515
415,960
Total Liabilities and Equity
$
4,691,517
$
4,687,035
$
4,723,109
$
4,611,990
$
4,557,070
Bridgewater Bancshares, Inc. and
Subsidiaries
Consolidated Statements of
Income
(dollars in thousands, except per share
data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Interest Income
Loans, Including Fees
$
51,895
$
51,385
$
49,581
$
49,727
$
48,999
$
152,861
$
141,675
Investment Securities
8,725
8,177
7,916
7,283
6,507
24,818
18,962
Other
2,407
1,316
1,172
1,543
1,303
4,895
3,165
Total Interest Income
63,027
60,878
58,669
58,553
56,809
182,574
163,802
Interest Expense
Deposits
34,187
31,618
30,190
29,448
27,225
95,995
66,597
Federal Funds Purchased
2
853
304
268
548
1,159
8,253
Notes Payable
296
296
295
299
296
887
844
FHLB Advances
1,942
2,125
2,258
2,220
2,316
6,325
5,269
Subordinated Debentures
1,001
990
991
1,004
1,003
2,982
2,979
Total Interest Expense
37,428
35,882
34,038
33,239
31,388
107,348
83,942
Net Interest Income
25,599
24,996
24,631
25,314
25,421
75,226
79,860
Provision for (Recovery of) Credit
Losses
—
600
750
(250
)
(600
)
1,350
75
Net Interest Income After Provision for
Credit Losses
25,599
24,396
23,881
25,564
26,021
73,876
79,785
Noninterest Income
Customer Service Fees
373
366
342
359
379
1,081
1,096
Net Gain (Loss) on Sales of Securities
(28
)
320
93
(27
)
—
385
(6
)
Letter of Credit Fees
424
387
316
418
315
1,127
1,328
Debit Card Interchange Fees
152
155
141
152
150
448
443
Bank-Owned Life Insurance
352
312
301
268
252
965
724
FHLB Prepayment Income
—
—
—
—
493
—
792
Other Income
249
223
357
239
137
829
707
Total Noninterest Income
1,522
1,763
1,550
1,409
1,726
4,835
5,084
Noninterest Expense
Salaries and Employee Benefits
9,851
9,675
9,433
9,615
9,519
28,959
26,923
Occupancy and Equipment
1,069
1,092
1,057
1,062
1,101
3,218
3,385
FDIC Insurance Assessment
750
725
875
1,050
1,075
2,350
2,640
Data Processing
368
472
412
424
392
1,252
1,150
Professional and Consulting Fees
1,149
852
889
782
715
2,890
2,299
Derivative Collateral Fees
381
528
486
573
543
1,395
1,327
Information Technology and
Telecommunications
840
812
796
812
683
2,448
2,077
Marketing and Advertising
367
317
322
324
222
1,006
805
Intangible Asset Amortization
9
8
9
9
9
26
91
Other Expense
976
1,058
910
1,089
978
2,944
2,883
Total Noninterest Expense
15,760
15,539
15,189
15,740
15,237
46,488
43,580
Income Before Income Taxes
11,361
10,620
10,242
11,233
12,510
32,223
41,289
Provision for Income Taxes
2,686
2,505
2,411
2,360
2,881
7,602
10,202
Net Income
8,675
8,115
7,831
8,873
9,629
24,621
31,087
Preferred Stock Dividends
(1,013
)
(1,014
)
(1,013
)
(1,014
)
(1,013
)
(3,040
)
(3,040
)
Net Income Available to Common
Shareholders
$
7,662
$
7,101
$
6,818
$
7,859
$
8,616
$
21,581
$
28,047
Earnings Per Share
Basic
$
0.28
$
0.26
$
0.25
$
0.28
$
0.31
$
0.79
$
1.01
Diluted
0.27
0.26
0.24
0.28
0.30
0.77
0.99
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
September 30, 2024
June 30, 2024
September 30, 2023
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
$
157,114
$
1,971
4.99
%
$
81,672
$
922
4.54
%
$
81,038
$
903
4.42
%
Investment Securities:
Taxable Investment Securities
668,429
8,406
5.00
641,469
7,861
4.93
565,008
6,234
4.38
Tax-Exempt Investment Securities (1)
31,496
402
5.08
31,550
401
5.11
29,955
346
4.58
Total Investment Securities
699,925
8,808
5.01
673,019
8,262
4.94
594,963
6,580
4.39
Loans (1)(2)
3,721,654
52,118
5.57
3,771,768
51,592
5.50
3,722,594
49,326
5.26
Federal Home Loan Bank Stock
16,828
436
10.31
19,461
394
8.15
17,829
400
8.89
Total Interest Earning Assets
4,595,521
63,333
5.48
%
4,545,920
61,170
5.41
%
4,416,424
57,209
5.14
%
Noninterest Earning Assets
108,283
100,597
88,513
Total Assets
$
4,703,804
$
4,646,517
$
4,504,937
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits
$
804,161
$
9,369
4.63
%
$
732,923
$
8,270
4.54
%
$
730,244
$
7,136
3.88
%
Savings and Money Market Deposits
939,665
10,262
4.34
914,397
9,459
4.16
874,612
8,089
3.67
Time Deposits
355,050
3,918
4.39
360,691
3,850
4.30
266,635
1,962
2.92
Brokered Deposits
989,712
10,638
4.28
976,467
10,039
4.13
985,276
10,038
4.04
Total Interest Bearing Deposits
3,088,588
34,187
4.40
2,984,478
31,618
4.26
2,856,767
27,225
3.78
Federal Funds Purchased
141
2
5.72
61,151
853
5.61
39,641
548
5.48
Notes Payable
13,750
296
8.58
13,750
296
8.64
13,750
296
8.58
FHLB Advances
309,120
1,942
2.50
306,396
2,125
2.79
275,261
2,316
3.34
Subordinated Debentures
79,519
1,001
5.01
79,424
990
5.02
79,137
1,003
5.03
Total Interest Bearing Liabilities
3,491,118
37,428
4.27
%
3,445,199
35,882
4.19
%
3,264,556
31,388
3.81
%
Noninterest Bearing
Liabilities:
Noninterest Bearing Transaction
Deposits
710,192
691,891
754,567
Other Noninterest Bearing Liabilities
59,417
73,842
71,767
Total Noninterest Bearing Liabilities
769,609
765,733
826,334
Shareholders' Equity
443,077
435,585
414,047
Total Liabilities and Shareholders'
Equity
$
4,703,804
$
4,646,517
$
4,504,937
Net Interest Income / Interest Rate
Spread
25,905
1.21
%
25,288
1.22
%
25,821
1.33
%
Net Interest Margin (3)
2.24
%
2.24
%
2.32
%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and
Loans
(306
)
(292
)
(400
)
Net Interest Income
$
25,599
$
24,996
$
25,421
(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 Nine Months
Ended
September 30, 2024
September 30, 2023
Average
Interest
Yield/
Average
Interest
Yield/
(dollars in thousands)
Balance
& Fees
Rate
Balance
& Fees
Rate
Interest Earning Assets:
Cash Investments
$
104,831
$
3,722
4.74
%
$
68,150
$
1,937
3.80
%
Investment Securities:
Taxable Investment Securities
649,538
23,867
4.91
569,097
18,192
4.27
Tax-Exempt Investment Securities (1)
31,597
1,203
5.09
28,947
975
4.50
Total Investment Securities
681,135
25,070
4.92
598,044
19,167
4.29
Loans (1)(2)
3,740,855
153,568
5.48
3,690,196
142,659
5.17
Federal Home Loan Bank Stock
18,111
1,173
8.65
22,343
1,228
7.34
Total Interest Earning Assets
4,544,932
183,533
5.39
%
4,378,733
164,991
5.04
%
Noninterest Earning Assets
102,993
86,243
Total Assets
$
4,647,925
$
4,464,976
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits
$
757,409
$
25,332
4.47
%
$
625,531
$
15,833
3.38
%
Savings and Money Market Deposits
917,051
28,502
4.15
926,494
21,636
3.12
Time Deposits
344,484
10,935
4.24
261,474
4,734
2.42
Brokered Deposits
993,445
31,226
4.20
876,130
24,394
3.72
Total Interest Bearing Deposits
3,012,389
95,995
4.26
2,689,629
66,597
3.31
Federal Funds Purchased
27,605
1,159
5.61
220,434
8,253
5.01
Notes Payable
13,750
887
8.62
13,750
844
8.21
FHLB Advances
311,380
6,325
2.71
215,938
5,269
3.26
Subordinated Debentures
79,424
2,982
5.02
79,042
2,979
5.04
Total Interest Bearing Liabilities
3,444,548
107,348
4.16
%
3,218,793
83,942
3.49
%
Noninterest Bearing
Liabilities:
Noninterest Bearing Transaction
Deposits
700,308
774,523
Other Noninterest Bearing Liabilities
67,405
63,646
Total Noninterest Bearing Liabilities
767,713
838,169
Shareholders' Equity
435,664
408,014
Total Liabilities and Shareholders'
Equity
$
4,647,925
$
4,464,976
Net Interest Income / Interest Rate
Spread
76,185
1.23
%
81,049
1.55
%
Net Interest Margin (3)
2.24
%
2.47
%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and
Loans
(959
)
(1,189
)
Net Interest Income
$
75,226
$
79,860
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 Nine Months
Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Allowance for Credit Losses
Balance at Beginning of Period
$
51,949
$
51,347
$
50,494
$
50,585
$
50,701
$
50,494
$
47,996
Impact of Adopting CECL
—
—
—
—
—
—
650
Provision for Credit Losses
—
600
850
—
—
1,450
2,050
Charge-offs
(937
)
(10
)
(2
)
(95
)
(122
)
(949
)
(129
)
Recoveries
6
12
5
4
6
23
18
Net Charge-offs
$
(931
)
$
2
$
3
$
(91
)
$
(116
)
$
(926
)
$
(111
)
Balance at End of Period
51,018
51,949
51,347
50,494
50,585
51,018
50,585
Allowance for Credit Losses to Total
Loans
1.38
%
1.37
%
1.36
%
1.36
%
1.36
%
1.38
%
1.36
%
As of and for the Three Months
Ended
As of and for the Nine Months
Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Provision for Credit Losses on Loans
$
—
$
600
$
850
$
—
$
—
$
1,450
$
2,050
Recovery of Credit Losses for Off-Balance
Sheet Credit Exposures
—
—
(100
)
(250
)
(600
)
(100
)
(1,975
)
Provision for (Recovery of) Credit
Losses
$
—
$
600
$
750
$
(250
)
$
(600
)
$
1,350
$
75
As of and for the Three Months
Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(dollars in thousands)
2024
2024
2024
2023
2023
Selected Asset Quality Data
Loans 30-89 Days Past Due
$
65
$
502
$
—
$
15,110
$
11
Loans 30-89 Days Past Due to Total
Loans
0.00
%
0.01
%
0.00
%
0.41
%
0.00
%
Nonperforming Loans
$
8,378
$
678
$
249
$
919
$
749
Nonperforming Loans to Total Loans
0.23
%
0.02
%
0.01
%
0.02
%
0.02
%
Nonaccrual Loans to Total Loans
0.23
0.02
0.01
0.02
0.02
Nonaccrual Loans and Loans Past Due 90
Days and Still Accruing to Total Loans
0.23
0.02
0.01
0.02
0.02
Foreclosed Assets
$
434
$
—
$
20
$
—
$
—
Nonperforming Assets (1)
8,812
678
269
919
749
Nonperforming Assets to Total Assets
(1)
0.19
%
0.01
%
0.01
%
0.02
%
0.02
%
Net Loan Charge-Offs (Annualized) to
Average Loans
0.10
0.00
0.00
0.01
0.01
Watchlist Risk Rating Loans
$
31,991
$
30,436
$
21,624
$
26,485
$
26,877
Substandard Risk Rating Loans
31,637
33,908
33,829
35,858
35,621
(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 Nine Months
Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Pre-Provision Net Revenue
Noninterest Income
$
1,522
$
1,763
$
1,550
$
1,409
$
1,726
$
4,835
$
5,084
Less: (Gain) Loss on Sales of
Securities
28
(320
)
(93
)
27
—
(385
)
6
Less: FHLB Advance Prepayment Income
—
—
—
—
(493
)
—
(792
)
Total Operating Noninterest Income
1,550
1,443
1,457
1,436
1,233
4,450
4,298
Plus: Net Interest Income
25,599
24,996
24,631
25,314
25,421
75,226
79,860
Net Operating Revenue
$
27,149
$
26,439
$
26,088
$
26,750
$
26,654
$
79,676
$
84,158
Noninterest Expense
$
15,760
$
15,539
$
15,189
$
15,740
$
15,237
$
46,488
$
43,580
Total Operating Noninterest Expense
$
15,760
$
15,539
$
15,189
$
15,740
$
15,237
$
46,488
$
43,580
Pre-Provision Net Revenue
$
11,389
$
10,900
$
10,899
$
11,010
$
11,417
$
33,188
$
40,578
Plus:
Non-Operating Revenue Adjustments
(28
)
320
93
(27
)
493
385
786
Less:
Provision (Recovery of) for Credit
Losses
—
600
750
(250
)
(600
)
1,350
75
Provision for Income Taxes
2,686
2,505
2,411
2,360
2,881
7,602
10,202
Net Income
$
8,675
$
8,115
$
7,831
$
8,873
$
9,629
$
24,621
$
31,087
Average Assets
$
4,703,804
$
4,646,517
$
4,592,838
$
4,567,446
$
4,504,937
$
4,647,925
$
4,464,976
Pre-Provision Net Revenue Return on
Average Assets
0.96
%
0.94
%
0.95
%
0.96
%
1.01
%
0.95
%
1.22
%
Core Net Interest Margin
Net Interest Income (Tax-equivalent
Basis)
$
25,905
$
25,288
$
24,992
$
25,683
$
25,822
$
76,185
$
81,049
Less: Loan Fees
(968
)
(767
)
(608
)
(751
)
(914
)
(2,342
)
(2,853
)
Core Net Interest Income
$
24,937
$
24,521
$
24,384
$
24,932
$
24,908
$
73,843
$
78,196
Average Interest Earning Assets
$
4,595,521
$
4,545,920
$
4,492,756
$
4,480,428
$
4,416,424
$
4,544,932
$
4,378,733
Core Net Interest Margin
2.16
%
2.17
%
2.18
%
2.21
%
2.24
%
2.17
%
2.39
%
Efficiency Ratio
Noninterest Expense
$
15,760
$
15,539
$
15,189
$
15,740
$
15,237
$
46,488
$
43,580
Less: Amortization of Intangible
Assets
(9
)
(8
)
(9
)
(9
)
(9
)
(26
)
(91
)
Adjusted Noninterest Expense
$
15,751
$
15,531
$
15,180
$
15,731
$
15,228
$
46,462
$
43,489
Net Interest Income
$
25,599
$
24,996
$
24,631
$
25,314
$
25,421
$
75,226
$
79,860
Noninterest Income
1,522
1,763
1,550
1,409
1,726
4,835
5,084
Less: Gain (Loss) on Sales of
Securities
28
(320
)
(93
)
27
—
(385
)
6
Adjusted Operating Revenue
$
27,149
$
26,439
$
26,088
$
26,750
$
27,147
$
79,676
$
84,950
Efficiency Ratio
58.0
%
58.7
%
58.2
%
58.8
%
56.1
%
58.3
%
51.2
%
Bridgewater Bancshares, Inc. and
Subsidiaries
Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
For the Three Months
Ended
For the Nine Months
Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Tangible Common Equity and Tangible
Common Equity/Tangible Assets
Total Shareholders' Equity
$
452,200
$
439,241
$
433,611
$
425,515
$
415,960
Less: Preferred Stock
(66,514
)
(66,514
)
(66,514
)
(66,514
)
(66,514
)
Total Common Shareholders' Equity
385,686
372,727
367,097
359,001
349,446
Less: Intangible Assets
(2,789
)
(2,797
)
(2,806
)
(2,814
)
(2,823
)
Tangible Common Equity
$
382,897
$
369,930
$
364,291
$
356,187
$
346,623
Total Assets
$
4,691,517
$
4,687,035
$
4,723,109
$
4,611,990
$
4,557,070
Less: Intangible Assets
(2,789
)
(2,797
)
(2,806
)
(2,814
)
(2,823
)
Tangible Assets
$
4,688,728
$
4,684,238
$
4,720,303
$
4,609,176
$
4,554,247
Tangible Common Equity/Tangible Assets
8.17
%
7.90
%
7.72
%
7.73
%
7.61
%
Tangible Book Value Per Share
Book Value Per Common Share
$
14.06
$
13.63
$
13.30
$
12.94
$
12.47
Less: Effects of Intangible Assets
(0.10
)
(0.10
)
(0.10
)
(0.10
)
(0.10
)
Tangible Book Value Per Common Share
$
13.96
$
13.53
$
13.20
$
12.84
$
12.37
Return on Average Tangible Common
Equity
Net Income Available to Common
Shareholders
$
7,662
$
7,101
$
6,818
$
7,859
$
8,616
$
21,581
$
28,047
Average Shareholders' Equity
$
443,077
$
435,585
$
428,248
$
417,789
$
414,047
$
435,664
$
408,014
Less: Average Preferred Stock
(66,514
)
(66,514
)
(66,514
)
(66,514
)
(66,514
)
(66,514
)
(66,514
)
Average Common Equity
376,563
369,071
361,734
351,275
347,533
369,150
341,500
Less: Effects of Average Intangible
Assets
(2,794
)
(2,802
)
(2,811
)
(2,819
)
(2,828
)
(2,802
)
(2,856
)
Average Tangible Common Equity
$
373,769
$
366,269
$
358,923
$
348,456
$
344,705
$
366,348
$
338,644
Return on Average Tangible Common
Equity
8.16
%
7.80
%
7.64
%
8.95
%
9.92
%
7.87
%
11.07
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241023106462/en/
Media Contact: Jessica Stejskal | SVP Marketing
Jessica.Stejskal@bwbmn.com | 952.893.6860
Investor Contact: Justin Horstman | VP Investor Relations
Justin.Horstman@bwbmn.com | 952.542.5169
Bridgewater Bancshares (NASDAQ:BWB)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Bridgewater Bancshares (NASDAQ:BWB)
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부터 11월(11) 2023 으로 11월(11) 2024
