Bridgewater Bancshares, Inc. Announces First Quarter 2024 Net Income of $7.8 Million, $0.24 Diluted Earnings Per Common Share
- Tangible book value per share increased to $13.20 for the first quarter of 2024, up by $0.37 from the previous quarter.
- Repurchased 193,802 shares of common stock at an average price of $11.75 per share, totaling $2.3 million.
- Gross loans grew by $59.9 million, with a loan-to-deposit ratio of 99.4%.
- Deposits increased by $97.3 million, including core deposits rising by $90.3 million.
- Net interest margin was 2.24%, and the efficiency ratio stood at 58.2%.
- Noninterest expenses decreased by $551,000 from the previous quarter.
- A provision for credit losses on loans of $850,000 was recorded to support loan growth.
- Annualized net loan charge-offs were 0.00% for the first quarter of 2024.
- Nonperforming assets to total assets decreased to 0.01% at March 31, 2024.
- Chairman Jerry Baack highlighted improved balance sheet growth, loan demand, and asset quality.
- The company remains optimistic about its performance despite economic uncertainties.
- Net income saw a decline compared to the previous quarter and the first quarter of 2023.
- Earnings per diluted common share decreased from the previous quarter and the first quarter of 2023.
- Net interest margin experienced a slight decrease from the fourth quarter of 2023.
- Loan-to-deposit ratio decreased slightly compared to the previous quarter.
- Nonperforming assets decreased but still represent a small percentage of total assets.
Insights
First Quarter 2024 Highlights
-
Tangible book value per share(1) of
$13.20 $0.37 11.5% annualized, compared to$12.84 -
Repurchased 193,802 shares of common stock at a weighted average price of
$11.75 $2.3 million -
Gross loans increased
$59.9 million 6.5% annualized, from the fourth quarter of 2023. -
Loan-to-deposit ratio of
99.4% , compared to100.4% at December 31, 2023. -
Deposits increased by
$97.3 million 10.5% annualized, from the fourth quarter of 2023, including an increase in core deposits(2) of$90.3 million 14.3% annualized. -
Net interest margin (on a fully tax-equivalent basis) of
2.24% , compared to2.27% in the fourth quarter of 2023. -
Efficiency ratio(1) of
58.2% , compared to58.8% for the fourth quarter of 2023. -
Noninterest expense declined
$551,000 3.5% , from the fourth quarter of 2023. Annualized noninterest expense to average assets was1.33% , compared to1.37% for the fourth quarter of 2023. -
A provision for credit losses on loans of
$850,000 1.36% at both March 31, 2024 and December 31, 2023. -
Annualized net loan charge-offs as a percentage of average loans of
0.00% for the first quarter of 2024, compared to0.01% for the fourth quarter of 2023. -
Nonperforming assets to total assets of
0.01% at March 31, 2024, compared to0.02% at December 31, 2023.
(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
“Bridgewater’s 2024 first quarter results were highlighted by improved balance sheet growth, including the loan portfolio and core deposits,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “We were encouraged by an uptick in loan balances due to the increased loan demand and pipelines we began seeing in late 2023. Deposit balances, including core deposits, also rebounded nicely during the quarter, resulting in our loan-to-deposit ratio dropping below
“During the first quarter, we also saw net interest margin compression continue to slow, well-controlled expenses, superb asset quality, and the 29th consecutive quarter of tangible book value per share growth. While the economic environment continues to evolve, we remain optimistic about our outlook as we execute on our proven business model and continue to provide a differentiated level of service to our clients.”
Key Financial Measures
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As of and for the Three Months Ended |
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March 31, |
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December 31, |
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March 31, |
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2024 |
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2023 |
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2023 |
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Per Common Share Data |
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Basic Earnings Per Share |
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$ |
0.25 |
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$ |
0.28 |
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$ |
0.38 |
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Diluted Earnings Per Share |
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0.24 |
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0.28 |
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0.37 |
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Book Value Per Share |
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13.30 |
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12.94 |
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12.05 |
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Tangible Book Value Per Share (1) |
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13.20 |
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12.84 |
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11.95 |
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Financial Ratios |
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Return on Average Assets (2) |
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0.69 |
% |
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0.77 |
% |
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1.07 |
% |
Pre-Provision Net Revenue Return on Average Assets (1)(2) |
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0.95 |
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0.96 |
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1.49 |
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Return on Average Shareholders' Equity (2) |
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7.35 |
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8.43 |
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11.70 |
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Return on Average Tangible Common Equity (1)(2) |
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7.64 |
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8.95 |
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12.90 |
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Net Interest Margin (3) |
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2.24 |
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2.27 |
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2.72 |
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Core Net Interest Margin (1)(3) |
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2.18 |
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2.21 |
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2.62 |
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Cost of Total Deposits |
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3.32 |
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3.19 |
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2.01 |
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Cost of Funds |
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3.34 |
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3.23 |
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2.41 |
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Efficiency Ratio (1) |
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58.2 |
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58.8 |
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45.9 |
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Noninterest Expense to Average Assets (2) |
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1.33 |
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1.37 |
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1.30 |
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Tangible Common Equity to Tangible Assets (1) |
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7.72 |
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7.73 |
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7.23 |
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Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4) |
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9.21 |
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9.16 |
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8.48 |
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Balance Sheet and Asset Quality (dollars in thousands) |
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Total Assets |
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$ |
4,723,109 |
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$ |
4,611,990 |
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$ |
4,602,899 |
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Total Loans, Gross |
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3,784,205 |
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3,724,282 |
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3,684,360 |
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Deposits |
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3,807,225 |
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3,709,948 |
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3,411,123 |
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Loan to Deposit Ratio |
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99.4 |
% |
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100.4 |
% |
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108.0 |
% |
Net Loan Charge-Offs (Recoveries) to Average Loans (2) |
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0.00 |
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0.01 |
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0.00 |
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Nonperforming Assets to Total Assets (5) |
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0.01 |
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0.02 |
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0.02 |
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Allowance for Credit Losses to Total Loans |
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1.36 |
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1.36 |
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1.36 |
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| _________________________________ | |
(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 |
(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 first quarter of 2024 was
- 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
- The linked-quarter and year-over year decreases in net interest income were primarily due to higher rates paid on deposits and growth in the rising interest rate environment, which outpaced the repricing of the loan and securities portfolios.
Interest income was
-
The yield on interest earning assets (on a fully tax-equivalent basis) was
5.28% in the first quarter of 2024, compared to5.22% in the fourth quarter of 2023 and4.91% in the first quarter of 2023. - 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
5.38% in the first quarter of 2024, five basis points higher than5.33% in the fourth quarter of 2023, and 32 basis points higher than5.06% in the first quarter of 2023. - Despite the overall decrease in fee recognition, 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:
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Three Months Ended |
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March 31, 2024 |
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December 31, 2023 |
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September 30, 2023 |
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June 30, 2023 |
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March 31, 2023 |
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Interest |
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5.31 |
% |
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5.25 |
% |
|
5.16 |
% |
|
5.09 |
% |
|
4.95 |
% |
Fees |
|
0.07 |
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0.08 |
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0.10 |
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0.10 |
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0.11 |
|
Yield on Loans |
|
5.38 |
% |
|
5.33 |
% |
|
5.26 |
% |
|
5.19 |
% |
|
5.06 |
% |
Interest expense was
-
The cost of interest bearing liabilities was
4.03% in the first quarter of 2024, compared to3.97% in the fourth quarter of 2023 and3.03% in the first quarter of 2023. - The linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher rates paid on deposits and changes in the deposit mix.
- The year-over-year increase in the cost of interest bearing liabilities was primarily due to deposit repricing, which resulted from a rapid increase in market interest rates.
Interest expense on deposits was
-
The cost of total deposits was
3.32% in the first quarter of 2024, compared to3.19% in the fourth quarter of 2023 and2.01% in the first quarter of 2023. - The linked-quarter increase in the cost of total deposits was primarily due to client demands for higher interest rates, increased competition, and changes in the mix of 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
- The provision for credit losses on loans recorded in the first quarter of 2024 was primarily attributable to the increased growth of the loan portfolio.
-
The allowance for credit losses on loans to total loans was
1.36% at each of March 31, 2024, December 31, 2023 and March 31, 2023.
The provision for credit losses for off-balance sheet credit exposures was a negative provision of
- The negative provision during the first quarter of 2024 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
- The linked-quarter increase was primarily due to a net gain on sale of securities and an increase in other income, offset partially by lower letter of credit fees.
-
The year-over-year decrease was primarily due to lower letter of credit fees and
$299,000
Noninterest Expense
Noninterest expense was
- The linked-quarter decrease was primarily due to decreases in salaries and employee benefits, FDIC insurance assessment and other expense, offset partially by an increase in professional and consulting expense.
- The year-over-year increase was primarily attributable to increases in salaries and employee benefits, industry-wide increases in the FDIC insurance assessment, higher professional and consulting fees, derivative collateral fees and information technology and telecommunications, offset partially by decreases in occupancy and equipment.
-
The efficiency ratio, a non-GAAP financial measure, was
58.2% for the first quarter of 2024, compared to58.8% for the fourth quarter of 2023, and45.9% for the first quarter of 2023. - The Company had 255 full-time equivalent employees at both March 31, 2024 and December 31, 2023, compared to 246 employees at March 31, 2023.
Income Taxes
The effective combined federal and state income tax rate for the first quarter of 2024 was
- The linked-quarter increase in the effective tax rate was primarily due to the timing and delivery of tax credits in the fourth quarter of 2023.
Balance Sheet
Loans
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(dollars in thousands) |
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March 31, 2024 |
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December 31, 2023 |
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September 30, 2023 |
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June 30, 2023 |
|
March 31, 2023 |
||||||||||
Commercial |
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$ |
483,069 |
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$ |
464,061 |
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$ |
459,854 |
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$ |
460,061 |
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$ |
455,156 |
|
Construction and Land Development |
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|
200,970 |
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|
232,804 |
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294,818 |
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351,069 |
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312,277 |
|
1 - 4 Family Construction |
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|
65,606 |
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|
65,087 |
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64,463 |
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|
69,648 |
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|
85,797 |
|
Real Estate Mortgage: |
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1 - 4 Family Mortgage |
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417,773 |
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402,396 |
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404,716 |
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400,708 |
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|
380,210 |
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Multifamily |
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1,389,345 |
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1,388,541 |
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1,378,669 |
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1,314,524 |
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|
1,320,081 |
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CRE Owner Occupied |
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182,589 |
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|
175,783 |
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|
159,485 |
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|
159,088 |
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|
158,650 |
|
CRE Nonowner Occupied |
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1,035,702 |
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|
987,306 |
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|
951,263 |
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|
971,532 |
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|
962,671 |
|
Total Real Estate Mortgage Loans |
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3,025,409 |
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|
2,954,026 |
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|
2,894,133 |
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2,845,852 |
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|
2,821,612 |
|
Consumer and Other |
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|
9,151 |
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|
8,304 |
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|
9,003 |
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9,581 |
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|
9,518 |
|
Total Loans, Gross |
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3,784,205 |
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3,724,282 |
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3,722,271 |
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3,736,211 |
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3,684,360 |
|
Allowance for Credit Losses on Loans |
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|
(51,347 |
) |
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|
(50,494 |
) |
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|
(50,585 |
) |
|
|
(50,701 |
) |
|
|
(50,148 |
) |
Net Deferred Loan Fees |
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|
(6,356 |
) |
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(6,573 |
) |
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|
(7,222 |
) |
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(7,718 |
) |
|
|
(8,735 |
) |
Total Loans, Net |
|
$ |
3,726,502 |
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$ |
3,667,215 |
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$ |
3,664,464 |
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$ |
3,677,792 |
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$ |
3,625,477 |
|
Total gross loans at March 31, 2024 were
- The increase in the loan portfolio during the first quarter of 2024 was due to increased loan demand and originations, partially offset by a decrease in construction and land development due to migration out of this category as deals complete the construction phase.
Deposits
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(dollars in thousands) |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
||||||||||
Noninterest Bearing Transaction Deposits |
|
$ |
698,432 |
|
$ |
756,964 |
|
$ |
754,297 |
|
$ |
751,217 |
|
$ |
742,198 |
|
||||
Interest Bearing Transaction Deposits |
|
|
783,736 |
|
|
692,801 |
|
|
780,863 |
|
|
719,488 |
|
|
630,037 |
|
||||
Savings and Money Market Deposits |
|
|
979,773 |
|
|
935,091 |
|
|
872,534 |
|
|
860,613 |
|
|
913,013 |
|
||||
Time Deposits |
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352,510 |
|
|
300,651 |
|
|
265,737 |
|
|
271,783 |
|
|
266,213 |
|
||||
Brokered Deposits |
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|
992,774 |
|
|
1,024,441 |
|
|
1,002,078 |
|
|
974,831 |
|
|
859,662 |
|
||||
Total Deposits |
|
$ |
3,807,225 |
|
$ |
3,709,948 |
|
$ |
3,675,509 |
|
$ |
3,577,932 |
|
$ |
3,411,123 |
|
||||
Total deposits at March 31, 2024 were
-
Core deposits, defined as total deposits excluding brokered deposits and time deposits greater than
$250,000 $90.3 million 14.3% annualized, from the fourth quarter of 2023. Growth in core deposits was primarily due to increased balances of existing clients and new client acquisitions. Based on the nature of these inflows, management believes core deposits could fluctuate in future periods as deposit growth is not always linear. - Brokered deposits, which declined for the first time since the fourth quarter of 2021, continue to be used as a supplemental funding source, as needed.
-
Uninsured deposits were
26% of total deposits as of March 31, 2024 and24% of total deposits as of December 31, 2023.
Liquidity
Total on- and off-balance sheet liquidity was
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Primary Liquidity—On-Balance Sheet |
|
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
||||||||||||||
(dollars in thousands) |
|
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|
|
|
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Cash and Cash Equivalents |
|
$ |
105,784 |
|
$ |
96,594 |
|
$ |
77,617 |
|
$ |
138,618 |
|
$ |
177,116 |
|
||||
Securities Available for Sale |
|
|
633,282 |
|
|
604,104 |
|
|
553,076 |
|
|
538,220 |
|
|
559,430 |
|
||||
Less: Pledged Securities |
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|
(169,479 |
) |
|
(170,727 |
) |
|
(164,277 |
) |
|
(236,206 |
) |
|
(234,452 |
) |
||||
Total Primary Liquidity |
|
$ |
569,587 |
|
$ |
529,971 |
|
$ |
466,416 |
|
$ |
440,632 |
|
$ |
502,094 |
|
||||
Ratio of Primary Liquidity to Total Deposits |
|
|
15.0 |
% |
|
14.3 |
% |
|
12.7 |
% |
|
12.3 |
% |
|
14.7 |
% |
||||
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Secondary Liquidity—Off-Balance Sheet Borrowing Capacity |
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Net Secured Borrowing Capacity with the FHLB |
|
$ |
446,801 |
|
$ |
498,736 |
|
$ |
516,501 |
|
$ |
400,792 |
|
$ |
246,795 |
|
||||
Net Secured Borrowing Capacity with the Federal Reserve Bank |
|
|
1,006,010 |
|
|
979,448 |
|
|
1,022,128 |
|
|
986,644 |
|
|
990,685 |
|
||||
Unsecured Borrowing Capacity with Correspondent Lenders |
|
|
200,000 |
|
|
200,000 |
|
|
150,000 |
|
|
108,000 |
|
|
158,000 |
|
||||
Secured Borrowing Capacity with Correspondent Lender |
|
|
26,250 |
|
|
26,250 |
|
|
26,250 |
|
|
26,250 |
|
|
26,250 |
|
||||
Total Secondary Liquidity |
|
$ |
1,679,061 |
|
$ |
1,704,434 |
|
$ |
1,714,879 |
|
$ |
1,521,686 |
|
$ |
1,421,730 |
|
||||
Total Primary and Secondary Liquidity |
|
$ |
2,248,648 |
|
$ |
2,234,405 |
|
$ |
2,181,295 |
|
$ |
1,962,318 |
|
$ |
1,923,824 |
|
||||
Ratio of Primary and Secondary Liquidity to Total Deposits |
|
|
59.1 |
% |
|
60.2 |
% |
|
59.3 |
% |
|
54.8 |
% |
|
56.4 |
% |
||||
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
0.00% for the first quarter of 2024,0.01% for the fourth quarter of 2023, and0.00% for the first quarter of 2023. -
At March 31, 2024, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were
$269,000 0.01% of total assets, compared to$919,000 0.02% , of total assets at December 31, 2023, and$809,000 0.02% of total assets at March 31, 2023. -
Loans with potential weaknesses that warrant a watchlist risk rating at March 31, 2024 totaled
$21.6 million $26.5 million $27.6 million -
Loans that warranted a substandard risk rating at March 31, 2024 totaled
$33.8 million $35.9 million $36.3 million
Capital
Total shareholders’ equity at March 31, 2024 was
- The linked-quarter increase was primarily due to net income retained and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends and stock repurchases.
- The year-over-year increase was due to net income retained and an increase in unrealized gains in the derivatives portfolio, offset partially by an increase in unrealized losses in the securities portfolio, preferred stock dividends, and stock repurchases.
-
The Common Equity Tier 1 Risk-Based Capital Ratio was
9.21% at March 31, 2024, compared to9.16% at December 31, 2023 and8.48% at March 31, 2023. -
Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was
7.72% at March 31, 2024, compared to7.73% at December 31, 2023, and7.23% at March 31, 2023.
Tangible book value per share, a non-GAAP financial measure, was
- The Company has increased tangible book value per share each of the past 29 quarters.
During the first quarter of 2024, the Company repurchased 193,802 shares of its common stock. Shares were repurchased at a weighted average price of
-
The Company has
$18.2 million
Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its
Conference Call and Webcast
The Company will host a conference call to discuss its first quarter 2024 financial results on Thursday, April 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 8126492. The replay will be available through May 2, 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
Use of Non-GAAP financial measures
In addition to the results presented in accordance with
Forward-Looking Statements
This earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the
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 significant rate increases by the Federal Reserve since 2020; 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 high 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 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, 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 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 Israeli-Palestinian conflict and the Russian invasion of
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) |
|||||||||||||||||||
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As of and for the Three Months Ended |
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March 31, |
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December 31, |
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September 30, |
|
June 30, |
|
March 31, |
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||||||||
(dollars in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
||||||||
Income Statement |
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|
|
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|||
Net Interest Income |
|
$ |
24,631 |
|
$ |
25,314 |
|
$ |
25,421 |
|
$ |
25,872 |
|
$ |
28,567 |
|
|||
Provision for (Recovery of) Credit Losses |
|
|
750 |
|
|
(250 |
) |
|
(600 |
) |
|
50 |
|
|
625 |
|
|||
Noninterest Income |
|
|
1,550 |
|
|
1,409 |
|
|
1,726 |
|
|
1,415 |
|
|
1,943 |
|
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Noninterest Expense |
|
|
15,189 |
|
|
15,740 |
|
|
15,237 |
|
|
14,274 |
|
|
14,069 |
|
|||
Net Income |
|
|
7,831 |
|
|
8,873 |
|
|
9,629 |
|
|
9,816 |
|
|
11,642 |
|
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Net Income Available to Common Shareholders |
|
|
6,818 |
|
|
7,859 |
|
|
8,616 |
|
|
8,802 |
|
|
10,629 |
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Per Common Share Data |
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Basic Earnings Per Share |
|
$ |
0.25 |
|
$ |
0.28 |
|
$ |
0.31 |
|
$ |
0.32 |
|
$ |
0.38 |
|
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Diluted Earnings Per Share |
|
|
0.24 |
|
|
0.28 |
|
|
0.30 |
|
|
0.31 |
|
|
0.37 |
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Book Value Per Share |
|
|
13.30 |
|
|
12.94 |
|
|
12.47 |
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|
12.25 |
|
|
12.05 |
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Tangible Book Value Per Share (1) |
|
|
13.20 |
|
|
12.84 |
|
|
12.37 |
|
|
12.15 |
|
|
11.95 |
|
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Basic Weighted Average Shares Outstanding |
|
|
27,691,401 |
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27,870,430 |
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|
27,943,409 |
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27,886,425 |
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27,726,894 |
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Diluted Weighted Average Shares Outstanding |
|
|
28,089,805 |
|
|
28,238,056 |
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|
28,311,778 |
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|
28,198,739 |
|
|
28,490,046 |
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Shares Outstanding at Period End |
|
|
27,589,827 |
|
|
27,748,965 |
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|
28,015,505 |
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27,973,995 |
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27,845,244 |
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Financial Ratios |
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Return on Average Assets (2) |
|
|
0.69 |
% |
|
0.77 |
% |
|
0.85 |
% |
|
0.88 |
% |
|
1.07 |
% |
|||
Pre-Provision Net Revenue Return on Average Assets (1)(2) |
|
|
0.95 |
|
|
0.96 |
|
|
1.01 |
|
|
1.16 |
|
|
1.49 |
|
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Return on Average Shareholders' Equity (2) |
|
|
7.35 |
|
|
8.43 |
|
|
9.23 |
|
|
9.69 |
|
|
11.70 |
|
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Return on Average Tangible Common Equity (1)(2) |
|
|
7.64 |
|
|
8.95 |
|
|
9.92 |
|
|
10.48 |
|
|
12.90 |
|
|||
Net Interest Margin (3) |
|
|
2.24 |
|
|
2.27 |
|
|
2.32 |
|
|
2.40 |
|
|
2.72 |
|
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Core Net Interest Margin (1)(3) |
|
|
2.18 |
|
|
2.21 |
|
|
2.24 |
|
|
2.31 |
|
|
2.62 |
|
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Cost of Total Deposits |
|
|
3.32 |
|
|
3.19 |
|
|
2.99 |
|
|
2.66 |
|
|
2.01 |
|
|||
Cost of Funds |
|
|
3.34 |
|
|
3.23 |
|
|
3.10 |
|
|
2.91 |
|
|
2.41 |
|
|||
Efficiency Ratio (1) |
|
|
58.2 |
|
|
58.8 |
|
|
56.1 |
|
|
52.3 |
|
|
45.9 |
|
|||
Noninterest Expense to Average Assets (2) |
|
|
1.33 |
|
|
1.37 |
|
|
1.34 |
|
|
1.28 |
|
|
1.30 |
|
|||
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Balance Sheet |
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Total Assets |
|
$ |
4,723,109 |
|
$ |
4,611,990 |
|
$ |
4,557,070 |
|
$ |
4,603,185 |
|
$ |
4,602,899 |
|
|||
Total Loans, Gross |
|
|
3,784,205 |
|
|
3,724,282 |
|
|
3,722,271 |
|
|
3,736,211 |
|
|
3,684,360 |
|
|||
Deposits |
|
|
3,807,225 |
|
|
3,709,948 |
|
|
3,675,509 |
|
|
3,577,932 |
|
|
3,411,123 |
|
|||
Total Shareholders' Equity |
|
|
433,611 |
|
|
425,515 |
|
|
415,960 |
|
|
409,126 |
|
|
402,006 |
|
|||
Loan to Deposit Ratio |
|
|
99.4 |
% |
|
100.4 |
% |
|
101.3 |
% |
|
104.4 |
% |
|
108.0 |
% |
|||
Core Deposits to Total Deposits (4) |
|
|
69.3 |
|
|
68.7 |
|
|
70.3 |
|
|
70.3 |
|
|
72.4 |
|
|||
Uninsured Deposits to Total Deposits |
|
|
26.0 |
|
|
24.3 |
|
|
22.2 |
|
|
22.1 |
|
|
24.0 |
|
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Asset Quality |
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|
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Net Loan Charge-Offs to Average Loans (2) |
|
|
0.00 |
% |
|
0.01 |
% |
|
0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||
Nonperforming Assets to Total Assets (5) |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|||
Allowance for Credit Losses to Total Loans |
|
|
1.36 |
|
|
1.36 |
|
|
1.36 |
|
|
1.36 |
|
|
1.36 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Capital Ratios (Consolidated) (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 Leverage Ratio |
|
|
9.66 |
% |
|
9.57 |
% |
|
9.62 |
% |
|
9.47 |
% |
|
9.41 |
% |
|||
Common Equity Tier 1 Risk-based Capital Ratio |
|
|
9.21 |
|
|
9.16 |
|
|
9.07 |
|
|
8.72 |
|
|
8.48 |
|
|||
Tier 1 Risk-based Capital Ratio |
|
|
10.83 |
|
|
10.79 |
|
|
10.69 |
|
|
10.33 |
|
|
10.08 |
|
|||
Total Risk-based Capital Ratio |
|
|
14.00 |
|
|
13.97 |
|
|
13.88 |
|
|
13.50 |
|
|
13.25 |
|
|||
Tangible Common Equity to Tangible Assets (1) |
|
|
7.72 |
|
|
7.73 |
|
|
7.61 |
|
|
7.39 |
|
|
7.23 |
|
|||
| ___________________________________ | |
(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 |
(4) |
Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than |
(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) |
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|
|||||
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and Cash Equivalents |
|
$ |
143,355 |
|
|
$ |
128,562 |
|
|
$ |
124,358 |
|
|
$ |
177,101 |
|
|
$ |
209,192 |
|
Bank-Owned Certificates of Deposit |
|
|
— |
|
|
|
— |
|
|
|
1,225 |
|
|
|
1,225 |
|
|
|
1,225 |
|
Securities Available for Sale, at Fair Value |
|
|
633,282 |
|
|
|
604,104 |
|
|
|
553,076 |
|
|
|
538,220 |
|
|
|
559,430 |
|
Loans, Net of Allowance for Credit Losses |
|
|
3,726,502 |
|
|
|
3,667,215 |
|
|
|
3,664,464 |
|
|
|
3,677,792 |
|
|
|
3,625,477 |
|
Federal Home Loan Bank (FHLB) Stock, at Cost |
|
|
17,195 |
|
|
|
17,097 |
|
|
|
17,056 |
|
|
|
21,557 |
|
|
|
28,632 |
|
Premises and Equipment, Net |
|
|
48,299 |
|
|
|
48,886 |
|
|
|
49,331 |
|
|
|
49,710 |
|
|
|
47,801 |
|
Accrued Interest |
|
|
16,696 |
|
|
|
16,697 |
|
|
|
15,182 |
|
|
|
13,822 |
|
|
|
13,377 |
|
Goodwill |
|
|
2,626 |
|
|
|
2,626 |
|
|
|
2,626 |
|
|
|
2,626 |
|
|
|
2,626 |
|
Other Intangible Assets, Net |
|
|
180 |
|
|
|
188 |
|
|
|
197 |
|
|
|
206 |
|
|
|
240 |
|
Bank-Owned Life Insurance |
|
|
34,778 |
|
|
|
34,477 |
|
|
|
34,209 |
|
|
|
33,958 |
|
|
|
33,719 |
|
Other Assets |
|
|
100,196 |
|
|
|
92,138 |
|
|
|
95,346 |
|
|
|
86,968 |
|
|
|
81,180 |
|
Total Assets |
|
$ |
4,723,109 |
|
|
$ |
4,611,990 |
|
|
$ |
4,557,070 |
|
|
$ |
4,603,185 |
|
|
$ |
4,602,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Equity |
|
|
|
|
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|
|
|
|
|
|
|
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|
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest Bearing |
|
$ |
698,432 |
|
|
$ |
756,964 |
|
|
$ |
754,297 |
|
|
$ |
751,217 |
|
|
$ |
742,198 |
|
Interest Bearing |
|
|
3,108,793 |
|
|
|
2,952,984 |
|
|
|
2,921,212 |
|
|
|
2,826,715 |
|
|
|
2,668,925 |
|
Total Deposits |
|
|
3,807,225 |
|
|
|
3,709,948 |
|
|
|
3,675,509 |
|
|
|
3,577,932 |
|
|
|
3,411,123 |
|
Federal Funds Purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
195,000 |
|
|
|
437,000 |
|
Notes Payable |
|
|
13,750 |
|
|
|
13,750 |
|
|
|
13,750 |
|
|
|
13,750 |
|
|
|
13,750 |
|
FHLB Advances |
|
|
317,000 |
|
|
|
319,500 |
|
|
|
294,500 |
|
|
|
262,000 |
|
|
|
197,000 |
|
Subordinated Debentures, Net of Issuance Costs |
|
|
79,383 |
|
|
|
79,288 |
|
|
|
79,192 |
|
|
|
79,096 |
|
|
|
79,001 |
|
Accrued Interest Payable |
|
|
4,405 |
|
|
|
5,282 |
|
|
|
3,816 |
|
|
|
2,974 |
|
|
|
3,257 |
|
Other Liabilities |
|
|
67,735 |
|
|
|
58,707 |
|
|
|
74,343 |
|
|
|
63,307 |
|
|
|
59,762 |
|
Total Liabilities |
|
|
4,289,498 |
|
|
|
4,186,475 |
|
|
|
4,141,110 |
|
|
|
4,194,059 |
|
|
|
4,200,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Preferred Stock- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Preferred Stock - Issued and Outstanding 27,600 Series A shares ( |
|
|
66,514 |
|
|
|
66,514 |
|
|
|
66,514 |
|
|
|
66,514 |
|
|
|
66,514 |
|
Common Stock- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common Stock - Issued and Outstanding 27,589,827 at March 31, 2024 (unaudited), 27,748,965 at December 31, 2023, 28,015,505 at September 30, 2023 (unaudited), 27,973,995 at June 30, 2023 (unaudited), and 27,845,244 at March 31, 2023 (unaudited) |
|
|
276 |
|
|
|
277 |
|
|
|
280 |
|
|
|
280 |
|
|
|
278 |
|
Additional Paid-In Capital |
|
|
95,069 |
|
|
|
96,320 |
|
|
|
100,120 |
|
|
|
99,044 |
|
|
|
97,716 |
|
Retained Earnings |
|
|
287,468 |
|
|
|
280,650 |
|
|
|
272,812 |
|
|
|
264,196 |
|
|
|
255,394 |
|
Accumulated Other Comprehensive Loss |
|
|
(15,716 |
) |
|
|
(18,246 |
) |
|
|
(23,766 |
) |
|
|
(20,908 |
) |
|
|
(17,896 |
) |
Total Shareholders' Equity |
|
|
433,611 |
|
|
|
425,515 |
|
|
|
415,960 |
|
|
|
409,126 |
|
|
|
402,006 |
|
Total Liabilities and Equity |
|
$ |
4,723,109 |
|
|
$ |
4,611,990 |
|
|
$ |
4,557,070 |
|
|
$ |
4,603,185 |
|
|
$ |
4,602,899 |
|
Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (dollars in thousands, except per share data) (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
(dollars in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, Including Fees |
|
$ |
49,581 |
|
|
$ |
49,727 |
|
|
$ |
48,999 |
|
|
$ |
47,721 |
|
|
$ |
44,955 |
|
Investment Securities |
|
|
7,916 |
|
|
|
7,283 |
|
|
|
6,507 |
|
|
|
6,237 |
|
|
|
6,218 |
|
Other |
|
|
1,172 |
|
|
|
1,543 |
|
|
|
1,303 |
|
|
|
1,043 |
|
|
|
819 |
|
Total Interest Income |
|
|
58,669 |
|
|
|
58,553 |
|
|
|
56,809 |
|
|
|
55,001 |
|
|
|
51,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
30,190 |
|
|
|
29,448 |
|
|
|
27,225 |
|
|
|
22,998 |
|
|
|
16,374 |
|
Federal Funds Purchased |
|
|
304 |
|
|
|
268 |
|
|
|
548 |
|
|
|
2,761 |
|
|
|
4,944 |
|
Notes Payable |
|
|
295 |
|
|
|
299 |
|
|
|
296 |
|
|
|
285 |
|
|
|
263 |
|
FHLB Advances |
|
|
2,258 |
|
|
|
2,220 |
|
|
|
2,316 |
|
|
|
2,092 |
|
|
|
861 |
|
Subordinated Debentures |
|
|
991 |
|
|
|
1,004 |
|
|
|
1,003 |
|
|
|
993 |
|
|
|
983 |
|
Total Interest Expense |
|
|
34,038 |
|
|
|
33,239 |
|
|
|
31,388 |
|
|
|
29,129 |
|
|
|
23,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Interest Income |
|
|
24,631 |
|
|
|
25,314 |
|
|
|
25,421 |
|
|
|
25,872 |
|
|
|
28,567 |
|
Provision for (Recovery of) Credit Losses |
|
|
750 |
|
|
|
(250 |
) |
|
|
(600 |
) |
|
|
50 |
|
|
|
625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Interest Income After Provision for Credit Losses |
|
|
23,881 |
|
|
|
25,564 |
|
|
|
26,021 |
|
|
|
25,822 |
|
|
|
27,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Customer Service Fees |
|
|
342 |
|
|
|
359 |
|
|
|
379 |
|
|
|
368 |
|
|
|
349 |
|
Net Gain (Loss) on Sales of Securities |
|
|
93 |
|
|
|
(27 |
) |
|
|
— |
|
|
|
50 |
|
|
|
(56 |
) |
Letter of Credit Fees |
|
|
316 |
|
|
|
418 |
|
|
|
315 |
|
|
|
379 |
|
|
|
634 |
|
Debit Card Interchange Fees |
|
|
141 |
|
|
|
152 |
|
|
|
150 |
|
|
|
155 |
|
|
|
138 |
|
Bank-Owned Life Insurance |
|
|
301 |
|
|
|
268 |
|
|
|
252 |
|
|
|
238 |
|
|
|
234 |
|
FHLB Prepayment Income |
|
|
— |
|
|
|
— |
|
|
|
493 |
|
|
|
— |
|
|
|
299 |
|
Other Income |
|
|
357 |
|
|
|
239 |
|
|
|
137 |
|
|
|
225 |
|
|
|
345 |
|
Total Noninterest Income |
|
|
1,550 |
|
|
|
1,409 |
|
|
|
1,726 |
|
|
|
1,415 |
|
|
|
1,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and Employee Benefits |
|
|
9,433 |
|
|
|
9,615 |
|
|
|
9,519 |
|
|
|
8,589 |
|
|
|
8,815 |
|
Occupancy and Equipment |
|
|
1,057 |
|
|
|
1,062 |
|
|
|
1,101 |
|
|
|
1,075 |
|
|
|
1,209 |
|
FDIC Insurance Assessment |
|
|
875 |
|
|
|
1,050 |
|
|
|
1,075 |
|
|
|
900 |
|
|
|
665 |
|
Data Processing |
|
|
412 |
|
|
|
424 |
|
|
|
392 |
|
|
|
401 |
|
|
|
357 |
|
Professional and Consulting Fees |
|
|
889 |
|
|
|
782 |
|
|
|
715 |
|
|
|
829 |
|
|
|
755 |
|
Derivative Collateral Fees |
|
|
486 |
|
|
|
573 |
|
|
|
543 |
|
|
|
404 |
|
|
|
380 |
|
Information Technology and Telecommunications |
|
|
796 |
|
|
|
812 |
|
|
|
683 |
|
|
|
711 |
|
|
|
683 |
|
Marketing and Advertising |
|
|
322 |
|
|
|
324 |
|
|
|
222 |
|
|
|
321 |
|
|
|
262 |
|
Intangible Asset Amortization |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
34 |
|
|
|
48 |
|
Other Expense |
|
|
910 |
|
|
|
1,089 |
|
|
|
978 |
|
|
|
1,010 |
|
|
|
895 |
|
Total Noninterest Expense |
|
|
15,189 |
|
|
|
15,740 |
|
|
|
15,237 |
|
|
|
14,274 |
|
|
|
14,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income Before Income Taxes |
|
|
10,242 |
|
|
|
11,233 |
|
|
|
12,510 |
|
|
|
12,963 |
|
|
|
15,816 |
|
Provision for Income Taxes |
|
|
2,411 |
|
|
|
2,360 |
|
|
|
2,881 |
|
|
|
3,147 |
|
|
|
4,174 |
|
Net Income |
|
|
7,831 |
|
|
|
8,873 |
|
|
|
9,629 |
|
|
|
9,816 |
|
|
|
11,642 |
|
Preferred Stock Dividends |
|
|
(1,013 |
) |
|
|
(1,014 |
) |
|
|
(1,013 |
) |
|
|
(1,014 |
) |
|
|
(1,013 |
) |
Net Income Available to Common Shareholders |
|
$ |
6,818 |
|
|
$ |
7,859 |
|
|
$ |
8,616 |
|
|
$ |
8,802 |
|
|
$ |
10,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.25 |
|
|
$ |
0.28 |
|
|
$ |
0.31 |
|
|
$ |
0.32 |
|
|
$ |
0.38 |
|
Diluted |
|
|
0.24 |
|
|
|
0.28 |
|
|
|
0.30 |
|
|
|
0.31 |
|
|
|
0.37 |
|
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 |
|
|||||||||||||||||||||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 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 |
|
$ |
75,089 |
|
$ |
829 |
|
|
4.44 |
% |
$ |
106,275 |
|
$ |
1,233 |
|
|
4.60 |
% |
$ |
63,253 |
|
$ |
447 |
|
|
2.86 |
% |
||
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Taxable Investment Securities |
|
|
638,509 |
|
|
7,600 |
|
|
4.79 |
|
|
600,856 |
|
|
7,007 |
|
|
4.63 |
|
|
574,242 |
|
|
5,958 |
|
|
4.21 |
|
||
Tax-Exempt Investment Securities (1) |
|
|
31,745 |
|
|
400 |
|
|
5.07 |
|
|
29,172 |
|
|
350 |
|
|
4.75 |
|
|
29,803 |
|
|
330 |
|
|
4.49 |
|
||
Total Investment Securities |
|
|
670,254 |
|
|
8,000 |
|
|
4.80 |
|
|
630,028 |
|
|
7,357 |
|
|
4.63 |
|
|
604,045 |
|
|
6,288 |
|
|
4.22 |
|
||
Loans (1)(2) |
|
|
3,729,355 |
|
|
49,858 |
|
|
5.38 |
|
|
3,726,126 |
|
|
50,022 |
|
|
5.33 |
|
|
3,630,446 |
|
|
45,265 |
|
|
5.06 |
|
||
Federal Home Loan Bank Stock |
|
|
18,058 |
|
|
343 |
|
|
7.64 |
|
|
17,999 |
|
|
310 |
|
|
6.85 |
|
|
25,962 |
|
|
372 |
|
|
5.81 |
|
||
Total Interest Earning Assets |
|
|
4,492,756 |
|
|
59,030 |
|
|
5.28 |
% |
|
4,480,428 |
|
|
58,922 |
|
|
5.22 |
% |
|
4,323,706 |
|
|
52,372 |
|
|
4.91 |
% |
||
Noninterest Earning Assets |
|
|
100,082 |
|
|
|
|
|
|
|
87,018 |
|
|
|
|
|
|
|
81,528 |
|
|
|
|
|
|
|||||
Total Assets |
|
$ |
4,592,838 |
|
|
|
|
|
|
$ |
4,567,446 |
|
|
|
|
|
|
$ |
4,405,234 |
|
|
|
|
|
|
|||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest Bearing Transaction Deposits |
|
$ |
732,186 |
|
|
7,693 |
|
|
4.23 |
% |
$ |
719,630 |
|
$ |
7,546 |
|
|
4.16 |
% |
$ |
461,372 |
|
$ |
2,780 |
|
|
2.44 |
% |
||
Savings and Money Market Deposits |
|
|
896,844 |
|
|
8,781 |
|
|
3.94 |
|
|
911,835 |
|
|
9,003 |
|
|
3.92 |
|
|
1,044,794 |
|
|
6,499 |
|
|
2.52 |
|
||
Time Deposits |
|
|
317,595 |
|
|
3,167 |
|
|
4.01 |
|
|
268,140 |
|
|
2,330 |
|
|
3.45 |
|
|
248,174 |
|
|
1,069 |
|
|
1.75 |
|
||
Brokered Deposits |
|
|
1,014,197 |
|
|
10,549 |
|
|
4.18 |
|
|
1,009,166 |
|
|
10,569 |
|
|
4.16 |
|
|
743,465 |
|
|
6,026 |
|
|
3.29 |
|
||
Total Interest Bearing Deposits |
|
|
2,960,822 |
|
|
30,190 |
|
|
4.10 |
|
|
2,908,771 |
|
|
29,448 |
|
|
4.02 |
|
|
2,497,805 |
|
|
16,374 |
|
|
2.66 |
|
||
Federal Funds Purchased |
|
|
21,824 |
|
|
304 |
|
|
5.60 |
|
|
18,932 |
|
|
268 |
|
|
5.62 |
|
|
415,111 |
|
|
4,944 |
|
|
4.83 |
|
||
Notes Payable |
|
|
13,750 |
|
|
295 |
|
|
8.64 |
|
|
13,750 |
|
|
299 |
|
|
8.62 |
|
|
13,750 |
|
|
263 |
|
|
7.77 |
|
||
FHLB Advances |
|
|
318,648 |
|
|
2,258 |
|
|
2.85 |
|
|
303,467 |
|
|
2,220 |
|
|
2.90 |
|
|
128,222 |
|
|
861 |
|
|
2.72 |
|
||
Subordinated Debentures |
|
|
79,328 |
|
|
991 |
|
|
5.02 |
|
|
79,233 |
|
|
1,004 |
|
|
5.02 |
|
|
78,945 |
|
|
983 |
|
|
5.05 |
|
||
Total Interest Bearing Liabilities |
|
|
3,394,372 |
|
|
34,038 |
|
|
4.03 |
% |
|
3,324,153 |
|
|
33,239 |
|
|
3.97 |
% |
|
3,133,833 |
|
|
23,425 |
|
|
3.03 |
% |
||
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest Bearing Transaction Deposits |
|
|
701,175 |
|
|
|
|
|
|
|
753,430 |
|
|
|
|
|
|
|
813,598 |
|
|
|
|
|
|
|||||
Other Noninterest Bearing Liabilities |
|
|
69,043 |
|
|
|
|
|
|
|
72,074 |
|
|
|
|
|
|
|
54,270 |
|
|
|
|
|
|
|||||
Total Noninterest Bearing Liabilities |
|
|
770,218 |
|
|
|
|
|
|
|
825,504 |
|
|
|
|
|
|
|
867,868 |
|
|
|
|
|
|
|||||
Shareholders' Equity |
|
|
428,248 |
|
|
|
|
|
|
|
417,789 |
|
|
|
|
|
|
|
403,533 |
|
|
|
|
|
|
|||||
Total Liabilities and Shareholders' Equity |
|
$ |
4,592,838 |
|
|
|
|
|
|
$ |
4,567,446 |
|
|
|
|
|
|
$ |
4,405,234 |
|
|
|
|
|
|
|||||
Net Interest Income / Interest Rate Spread |
|
|
|
|
|
24,992 |
|
|
1.25 |
% |
|
|
|
|
25,683 |
|
|
1.25 |
% |
|
|
|
|
28,947 |
|
|
1.88 |
% |
||
Net Interest Margin (3) |
|
|
|
|
|
|
|
2.24 |
% |
|
|
|
|
|
|
2.27 |
% |
|
|
|
|
|
|
2.72 |
% |
|||||
Taxable Equivalent Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tax-Exempt Investment Securities and Loans |
|
|
|
|
|
(361 |
) |
|
|
|
|
|
|
|
(369 |
) |
|
|
|
|
|
|
|
(380 |
) |
|
|
|
||
Net Interest Income |
|
|
|
|
$ |
24,631 |
|
|
|
|
|
|
|
$ |
25,314 |
|
|
|
|
|
|
|
$ |
28,567 |
|
|
|
|
||
| ___________________________________ | |
(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 |
(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 Asset Quality Summary (dollars in thousands) (unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
As of and for the Three Months Ended |
||||||||||||||||||
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
(dollars in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Allowance for Credit Losses |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at Beginning of Period |
|
$ |
50,494 |
|
$ |
50,585 |
|
$ |
50,701 |
|
$ |
50,148 |
|
$ |
47,996 |
|
||||
Impact of Adopting CECL |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
650 |
|
||||
Provision for Credit Losses |
|
|
850 |
|
|
— |
|
|
— |
|
|
550 |
|
|
1,500 |
|
||||
Charge-offs |
|
|
(2 |
) |
|
(95 |
) |
|
(122 |
) |
|
(3 |
) |
|
(4 |
) |
||||
Recoveries |
|
|
5 |
|
|
4 |
|
|
6 |
|
|
6 |
|
|
6 |
|
||||
Net Charge-offs |
|
$ |
3 |
|
$ |
(91 |
) |
$ |
(116 |
) |
$ |
3 |
|
$ |
2 |
|
||||
Balance at End of Period |
|
|
51,347 |
|
|
50,494 |
|
|
50,585 |
|
|
50,701 |
|
|
50,148 |
|
||||
Allowance for Credit Losses to Total Loans |
|
|
1.36 |
% |
|
1.36 |
% |
|
1.36 |
% |
|
1.36 |
% |
|
1.36 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
As of and for the Three Months Ended |
||||||||||||||||||
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
(dollars in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Provision for Credit Losses on Loans |
|
$ |
850 |
|
$ |
— |
|
$ |
— |
|
$ |
550 |
|
$ |
1,500 |
|
||||
Recovery of Credit Losses for Off-Balance Sheet Credit Exposures |
|
|
(100 |
) |
|
(250 |
) |
|
(600 |
) |
|
(500 |
) |
|
(875 |
) |
||||
Provision for (Recovery of) Credit Losses |
|
$ |
750 |
|
$ |
(250 |
) |
$ |
(600 |
) |
$ |
50 |
|
$ |
625 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
As of and for the Three Months Ended |
||||||||||||||||||
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
(dollars in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Selected Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans 30-89 Days Past Due |
|
$ |
— |
|
$ |
15,110 |
|
$ |
11 |
|
$ |
— |
|
$ |
21 |
|
||||
Loans 30-89 Days Past Due to Total Loans |
|
|
0.00 |
% |
|
0.41 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
||||
Nonperforming Loans |
|
$ |
249 |
|
$ |
919 |
|
$ |
749 |
|
$ |
662 |
|
$ |
693 |
|
||||
Nonperforming Loans to Total Loans |
|
|
0.01 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
||||
Nonaccrual Loans to Total Loans |
|
|
0.01 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
||||
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
||||
Foreclosed Assets |
|
$ |
20 |
|
$ |
— |
|
$ |
— |
|
$ |
116 |
|
$ |
116 |
|
||||
Nonperforming Assets (1) |
|
|
269 |
|
|
919 |
|
|
749 |
|
|
778 |
|
|
809 |
|
||||
Nonperforming Assets to Total Assets (1) |
|
|
0.01 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
||||
Net Loan Charge-Offs (Annualized) to Average Loans |
|
|
0.00 |
|
|
0.01 |
|
|
0.01 |
|
|
0.00 |
|
|
0.00 |
|
||||
Watchlist Risk Rating Loans |
|
$ |
21,624 |
|
$ |
26,485 |
|
$ |
26,877 |
|
$ |
27,215 |
|
$ |
27,574 |
|
||||
Substandard Risk Rating Loans |
|
|
33,829 |
|
|
35,858 |
|
|
35,621 |
|
|
33,821 |
|
|
36,258 |
|
||||
| __________________________________ | |
(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 |
||||||||||||||||||
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
(dollars in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pre-Provision Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest Income |
|
$ |
1,550 |
|
$ |
1,409 |
|
$ |
1,726 |
|
$ |
1,415 |
|
$ |
1,943 |
|
||||
Less: (Gain) Loss on Sales of Securities |
|
|
(93 |
) |
|
27 |
|
|
— |
|
|
(50 |
) |
|
56 |
|
||||
Less: FHLB Advance Prepayment Income |
|
|
— |
|
|
— |
|
|
(493 |
) |
|
— |
|
|
(299 |
) |
||||
Total Operating Noninterest Income |
|
|
1,457 |
|
|
1,436 |
|
|
1,233 |
|
|
1,365 |
|
|
1,700 |
|
||||
Plus: Net Interest Income |
|
|
24,631 |
|
|
25,314 |
|
|
25,421 |
|
|
25,872 |
|
|
28,567 |
|
||||
Net Operating Revenue |
|
$ |
26,088 |
|
$ |
26,750 |
|
$ |
26,654 |
|
$ |
27,237 |
|
$ |
30,267 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest Expense |
|
$ |
15,189 |
|
$ |
15,740 |
|
$ |
15,237 |
|
$ |
14,274 |
|
$ |
14,069 |
|
||||
Total Operating Noninterest Expense |
|
$ |
15,189 |
|
$ |
15,740 |
|
$ |
15,237 |
|
$ |
14,274 |
|
$ |
14,069 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pre-Provision Net Revenue |
|
$ |
10,899 |
|
$ |
11,010 |
|
$ |
11,417 |
|
$ |
12,963 |
|
$ |
16,198 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-Operating Revenue Adjustments |
|
|
93 |
|
|
(27 |
) |
|
493 |
|
|
50 |
|
|
243 |
|
||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Provision (Recovery of) for Credit Losses |
|
|
750 |
|
|
(250 |
) |
|
(600 |
) |
|
50 |
|
|
625 |
|
||||
Provision for Income Taxes |
|
|
2,411 |
|
|
2,360 |
|
|
2,881 |
|
|
3,147 |
|
|
4,174 |
|
||||
Net Income |
|
$ |
7,831 |
|
$ |
8,873 |
|
$ |
9,629 |
|
$ |
9,816 |
|
$ |
11,642 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average Assets |
|
$ |
4,592,838 |
|
$ |
4,567,446 |
|
$ |
4,504,937 |
|
$ |
4,483,662 |
|
$ |
4,405,234 |
|
||||
Pre-Provision Net Revenue Return on Average Assets |
|
|
0.95 |
% |
|
0.96 |
% |
|
1.01 |
% |
|
1.16 |
% |
|
1.49 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Interest Income (Tax-equivalent Basis) |
|
$ |
24,992 |
|
$ |
25,683 |
|
$ |
25,822 |
|
$ |
26,280 |
|
$ |
28,947 |
|
||||
Less: Loan Fees |
|
|
(608 |
) |
|
(751 |
) |
|
(914 |
) |
|
(941 |
) |
|
(998 |
) |
||||
Core Net Interest Income |
|
$ |
24,384 |
|
$ |
24,932 |
|
$ |
24,908 |
|
$ |
25,339 |
|
$ |
27,949 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average Interest Earning Assets |
|
$ |
4,492,756 |
|
$ |
4,480,428 |
|
$ |
4,416,424 |
|
$ |
4,395,050 |
|
$ |
4,323,706 |
|
||||
Core Net Interest Margin |
|
|
2.18 |
% |
|
2.21 |
% |
|
2.24 |
% |
|
2.31 |
% |
|
2.62 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest Expense |
|
$ |
15,189 |
|
$ |
15,740 |
|
$ |
15,237 |
|
$ |
14,274 |
|
$ |
14,069 |
|
||||
Less: Amortization of Intangible Assets |
|
|
(9 |
) |
|
(9 |
) |
|
(9 |
) |
|
(34 |
) |
|
(48 |
) |
||||
Adjusted Noninterest Expense |
|
$ |
15,180 |
|
$ |
15,731 |
|
$ |
15,228 |
|
$ |
14,240 |
|
$ |
14,021 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Interest Income |
|
|
24,631 |
|
|
25,314 |
|
$ |
25,421 |
|
$ |
25,872 |
|
$ |
28,567 |
|
||||
Noninterest Income |
|
|
1,550 |
|
|
1,409 |
|
|
1,726 |
|
|
1,415 |
|
|
1,943 |
|
||||
Less: Gain (Loss) on Sales of Securities |
|
|
(93 |
) |
|
27 |
|
|
— |
|
|
(50 |
) |
|
56 |
|
||||
Adjusted Operating Revenue |
|
$ |
26,088 |
|
$ |
26,750 |
|
$ |
27,147 |
|
$ |
27,237 |
|
$ |
30,566 |
|
||||
Efficiency Ratio |
|
|
58.2 |
% |
|
58.8 |
% |
|
56.1 |
% |
|
52.3 |
% |
|
45.9 |
% |
||||
Bridgewater Bancshares, Inc. and Subsidiaries Non-GAAP Financial Measures (dollars in thousands) (unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
For the Three Months Ended |
||||||||||||||||||
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
(dollars in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tangible Common Equity and Tangible Common Equity/Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Shareholders' Equity |
|
$ |
433,611 |
|
$ |
425,515 |
|
$ |
415,960 |
|
$ |
409,126 |
|
$ |
402,006 |
|
||||
Less: Preferred Stock |
|
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,514 |
) |
||||
Total Common Shareholders' Equity |
|
|
367,097 |
|
|
359,001 |
|
|
349,446 |
|
|
342,612 |
|
|
335,492 |
|
||||
Less: Intangible Assets |
|
|
(2,806 |
) |
|
(2,814 |
) |
|
(2,823 |
) |
|
(2,832 |
) |
|
(2,866 |
) |
||||
Tangible Common Equity |
|
$ |
364,291 |
|
$ |
356,187 |
|
$ |
346,623 |
|
$ |
339,780 |
|
$ |
332,626 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
|
$ |
4,723,109 |
|
$ |
4,611,990 |
|
$ |
4,557,070 |
|
$ |
4,603,185 |
|
$ |
4,602,899 |
|
||||
Less: Intangible Assets |
|
|
(2,806 |
) |
|
(2,814 |
) |
|
(2,823 |
) |
|
(2,832 |
) |
|
(2,866 |
) |
||||
Tangible Assets |
|
$ |
4,720,303 |
|
$ |
4,609,176 |
|
$ |
4,554,247 |
|
$ |
4,600,353 |
|
$ |
4,600,033 |
|
||||
Tangible Common Equity/Tangible Assets |
|
|
7.72 |
% |
|
7.73 |
% |
|
7.61 |
% |
|
7.39 |
% |
|
7.23 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Book Value Per Common Share |
|
$ |
13.30 |
|
$ |
12.94 |
|
$ |
12.47 |
|
$ |
12.25 |
|
$ |
12.05 |
|
||||
Less: Effects of Intangible Assets |
|
|
(0.10 |
) |
|
(0.10 |
) |
|
(0.10 |
) |
|
(0.10 |
) |
|
(0.10 |
) |
||||
Tangible Book Value Per Common Share |
|
$ |
13.20 |
|
$ |
12.84 |
|
$ |
12.37 |
|
$ |
12.15 |
|
$ |
11.95 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Return on Average Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Income Available to Common Shareholders |
|
$ |
6,818 |
|
$ |
7,859 |
|
$ |
8,616 |
|
$ |
8,802 |
|
$ |
10,629 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average Shareholders' Equity |
|
$ |
428,248 |
|
$ |
417,789 |
|
$ |
414,047 |
|
$ |
406,347 |
|
$ |
403,533 |
|
||||
Less: Average Preferred Stock |
|
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,514 |
) |
||||
Average Common Equity |
|
|
361,734 |
|
|
351,275 |
|
|
347,533 |
|
|
339,833 |
|
|
337,019 |
|
||||
Less: Effects of Average Intangible Assets |
|
|
(2,811 |
) |
|
(2,819 |
) |
|
(2,828 |
) |
|
(2,846 |
) |
|
(2,894 |
) |
||||
Average Tangible Common Equity |
|
$ |
358,923 |
|
$ |
348,456 |
|
$ |
344,705 |
|
$ |
336,987 |
|
$ |
334,125 |
|
||||
Return on Average Tangible Common Equity |
|
|
7.64 |
% |
|
8.95 |
% |
|
9.92 |
% |
|
10.48 |
% |
|
12.90 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423397106/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
Source: Bridgewater Bancshares, Inc.
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