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Bridgewater Bancshares, Inc. (BWB) is a dynamic and innovative financial institution dedicated to providing simple banking solutions and responsive service to both consumer and commercial clients. Based in the Twin Cities, Bridgewater Bank stands out in the competitive banking landscape by focusing on the unique needs of its customers and delivering services in an unconventional banking environment.
The company's core business involves a wide range of deposit and lending products, catering to the needs of both retail and commercial clients within the Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area. Bridgewater Bancshares offers commercial deposits, loans, online business services, credit cards, mobile banking, and remote deposit services.
Bridgewater Bancshares has built a reputation for its entrepreneurial spirit, largely due to its substantial shareholder base, which consists primarily of successful real estate developers and seasoned small business entrepreneurs. This ownership structure allows the bank's managing founders to provide unparalleled industry knowledge and a customer-focused approach that addresses the unique needs of each client.
Committed to being the finest entrepreneurial bank in the Twin Cities, Bridgewater Bank continually strives to enhance its product offerings and service quality. Recent achievements and ongoing projects reflect the bank's dedication to growth and innovation in the financial sector.
With a focus on maintaining a strong financial condition, Bridgewater Bancshares engages in strategic partnerships and initiatives that reinforce its market position and support its long-term goals. The company's responsive and personalized service model, combined with its diverse range of financial products, makes it a significant player in the Twin Cities banking industry.
- Commercial Deposits: Tailored solutions for businesses.
- Loans: Various lending options to meet individual and business needs.
- Online Business Services: Convenient banking for entrepreneurs on the go.
- Credit Cards: Flexible credit solutions for retail and commercial clients.
- Mobile Banking: Secure and easy access to account information.
- Remote Deposit Services: Efficient deposit solutions for businesses.
Bridgewater Bancshares continues to thrive by staying true to its mission of providing exceptional banking services with an owner's perspective, ensuring that every client receives the attention and solutions they need to succeed.
Bridgewater Bancshares (BWB) reported Q3 2024 net income of $8.7 million, or $0.27 diluted earnings per share, compared to $8.1 million in Q2 2024. Key highlights include a stable net interest margin of 2.24%, core deposit growth of $93.6 million (14.4% annualized), and a decrease in total deposits by $60.3 million. Gross loans decreased by $114.8 million due to elevated payoffs. The company maintained strong asset quality with an allowance for credit losses on loans at 1.38%. The efficiency ratio improved to 58.0% from 58.7% in Q2. The company also announced the strategic acquisition of First Minnetonka City Bank, expected to close in Q4 2024.
Bridgewater Bancshares (Nasdaq: BWB) has received all required regulatory approvals from the Federal Deposit Insurance and the Minnesota Department of Commerce for its subsidiary Bridgewater Bank's planned acquisition of First Minnetonka City Bank. The transaction is expected to be completed in the fourth quarter of 2024, pending satisfaction of customary closing conditions.
Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, has announced its schedule for releasing third quarter 2024 financial results. The company will disclose its financial performance after the market closes on Wednesday, October 23, 2024. Following this, Bridgewater will host a conference call and webcast to discuss the results on Thursday, October 24, 2024, at 8:00 a.m. Central Time.
Interested parties can join the conference call by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. A replay will be available until October 31, 2024, by dialing 877-344-7529 with access code 1933700. Additionally, a live webcast of the call will be accessible on the Investor Relations section of Bridgewater's website at investors.bridgewaterbankmn.com, where it will also be archived for future viewing.
Bridgewater Bancshares, Inc. (Nasdaq: BWB) has announced a strategic acquisition of First Minnetonka City Bank in an all-cash transaction. The merger will create a combined organization with approximately $4.9 billion in total assets, $4.0 billion in deposits, $3.9 billion in loans and leases, and nine full-service branches across the Twin Cities. First Minnetonka City Bank, founded in 1964, brings a granular core deposit base and a diversified loan mix to Bridgewater. The acquisition is expected to close during the fourth quarter of 2024, subject to regulatory approvals and customary closing conditions. This strategic move aligns with Bridgewater's priorities and expands its product offerings, including an investment advisory platform.
Bridgewater Bancshares (Nasdaq: BWB) reported a second-quarter 2024 net income of $8.1 million, up from $7.8 million in Q1 2024 but down from $9.8 million in Q2 2023. Earnings per diluted share were $0.26, compared to $0.24 in Q1 2024 and $0.31 in Q2 2023. Net interest income rose by $365,000 to $25.0 million, marking the first sequential increase since Q3 2022. The net interest margin stayed flat at 2.24%. Tangible book value per share increased by $0.32 to $13.53. Gross loans grew by $16.2 million, while deposits increased marginally by $487,000. Efficiency ratio increased to 58.7% from 58.2% in Q1. The bank repurchased 252,707 shares at an average price of $11.48 per share, totaling $2.9 million.
Asset quality remained strong with nonperforming assets at 0.01% of total assets. The allowance for credit losses to total loans was 1.37%. The company has maintained 30 consecutive quarters of tangible book value per share growth.
Bridgewater Bancshares (Nasdaq: BWB) will release its Q2 2024 financial results after the market closes on July 24, 2024. The company will discuss these results in a conference call and webcast on July 25, 2024, at 8:00 a.m. Central Time. To join the call, dial 844-481-2913. A replay will be available until August 1, 2024, by dialing 877-344-7529 with access code 3041856. The webcast will be live on Bridgewater's Investor Relations website and archived for later access.
Bridgewater Bancshares, Inc. appoints Joe Chybowski as President, reaffirming commitment to growth and innovation. Joe, previously CFO, will work closely with the CEO in leading the company towards new horizons. The press release also highlights strategic leadership transitions to strengthen the organization's structure.
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