Bridgewater Bancshares, Inc. Announces Second Quarter 2023 Net Income of $9.8 Million, $0.31 Diluted Earnings Per Common Share
- Bridgewater Bancshares reports positive Q2 2023 financial results with net income of $9.8 million. Gross loans increased by 5.6% annualized and deposits increased by 19.6% annualized. Tangible book value per share increased by 6.7% annualized to $12.15.
- Bridgewater Bancshares' net interest margin decreased to 2.40% in Q2 2023. Noninterest expense increased slightly. Return on average assets (ROA) decreased to 0.88% and return on average shareholders' equity (ROE) decreased to 9.69%.
Second Quarter 2023 Highlights
-
Annualized return on average assets (ROA) of
0.88% , compared to1.07% for the first quarter of 2023. -
Annualized return on average shareholders’ equity (ROE) of
9.69% , compared to11.70% for the first quarter of 2023, and annualized return on average tangible common equity (ROATCE)(1) of10.48% , compared to12.90% for the first quarter of 2023. -
Gross loans increased
$51.9 million 5.6% annualized, from the first quarter of 2023. -
Deposits increased by
$166.8 million 19.6% annualized, from the first quarter of 2023, including an increase of core deposits(2) of$45.3 million 7.4% annualized. -
Total borrowing capacity of
$1.5 billion $783.0 million -
Net interest margin (on a fully tax-equivalent basis) of
2.40% , compared to2.72% in the first quarter of 2023. -
Efficiency ratio(1) of
52.7% , compared to46.2% for the first quarter of 2023. -
Noninterest expense increased slightly by
$205,000 1.4% , from the first quarter of 2023, with annualized noninterest expense to average assets of1.29% , compared to1.31% for the first quarter of 2023. -
A credit loss provision of
$550,000 1.36% at both June 30, 2023 and March 31, 2023. -
Annualized net loan charge-offs (recoveries) as a percentage of average loans of
0.00% for the second quarter of 2023, in-line with the first quarter of 2023. -
Nonperforming assets to total assets of
0.02% at June 30, 2023 and March 31, 2023. -
Tangible book value per share(1) of
$12.15 $0.20 6.7% annualized, compared to$11.95
(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 second quarter results were highlighted by several improving financial trends as we continue to manage the business through a challenging banking environment,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “The overall composition of our balance sheet improved with a strong inflow of deposits, including growth in core deposits, and a reduction in overall borrowings. While our net interest margin remained under pressure, we saw the pace of compression slow noticeably on a month-to-month basis during the quarter. In addition, noninterest expense was again well controlled and asset quality remained superb.”
“During the quarter, our teams maintained their focus on supporting and growing our client base, both by proactively engaging with our existing clients and cultivating new relationships across
Key Financial Measures |
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As of and for the Three Months Ended |
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As of and for the Six Months Ended |
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June 30, |
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March 31, |
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June 30, |
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June 30, |
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June 30, |
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2023 |
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2023 |
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2022 |
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2023 |
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2022 |
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Per Common Share Data |
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Basic Earnings Per Share |
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$ |
0.32 |
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$ |
0.38 |
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$ |
0.43 |
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$ |
0.70 |
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$ |
0.83 |
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Diluted Earnings Per Share |
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0.31 |
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0.37 |
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0.41 |
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0.69 |
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0.80 |
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Book Value Per Share |
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12.25 |
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12.05 |
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11.14 |
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12.25 |
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11.14 |
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Tangible Book Value Per Share (1) |
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12.15 |
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11.95 |
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11.03 |
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12.15 |
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11.03 |
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Basic Weighted Average Shares Outstanding |
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27,886,425 |
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27,726,894 |
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27,839,260 |
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27,807,100 |
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27,980,749 |
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Diluted Weighted Average Shares Outstanding |
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28,198,739 |
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28,490,046 |
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28,803,842 |
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28,350,705 |
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28,991,780 |
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Shares Outstanding at Period End |
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27,973,995 |
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27,845,244 |
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27,677,372 |
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27,973,995 |
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27,677,372 |
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Selected Performance Ratios |
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Return on Average Assets (Annualized) |
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0.88 |
% |
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1.07 |
% |
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1.38 |
% |
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0.97 |
% |
|
1.40 |
% |
Pre-Provision Net Revenue Return on Average Assets (Annualized) (1) |
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1.16 |
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1.49 |
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2.19 |
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1.32 |
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2.16 |
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Return on Average Shareholders' Equity (Annualized) |
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9.69 |
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11.70 |
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13.55 |
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10.69 |
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13.27 |
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Return on Average Tangible Common Equity (Annualized) (1) |
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10.48 |
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12.90 |
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15.26 |
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11.68 |
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14.91 |
|
Yield on Interest Earning Assets (2) |
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5.06 |
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4.91 |
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4.16 |
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4.99 |
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4.15 |
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Yield on Total Loans, Gross (2) |
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5.19 |
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5.06 |
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4.45 |
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5.12 |
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|
4.45 |
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Cost of Total Deposits |
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2.66 |
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2.01 |
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0.46 |
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2.34 |
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0.44 |
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Cost of Funds |
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2.91 |
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2.41 |
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0.63 |
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2.66 |
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0.61 |
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Net Interest Margin (2) |
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2.40 |
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2.72 |
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3.58 |
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2.55 |
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|
3.59 |
|
Core Net Interest Margin (1)(2) |
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2.31 |
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2.62 |
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3.34 |
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2.47 |
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3.34 |
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Efficiency Ratio (1) |
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52.7 |
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46.2 |
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40.2 |
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49.3 |
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41.2 |
|
Noninterest Expense to Average Assets (Annualized) |
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1.29 |
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1.31 |
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1.47 |
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1.30 |
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1.51 |
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Loan to Deposit Ratio |
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104.4 |
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108.0 |
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100.7 |
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Core Deposits to Total Deposits (3) |
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70.3 |
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72.4 |
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82.9 |
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Tangible Common Equity to Tangible Assets (1) |
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7.39 |
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7.23 |
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7.87 |
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Capital Ratios (Bank Only) (4) |
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Tier 1 Leverage Ratio |
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10.69 |
% |
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10.61 |
% |
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11.43 |
% |
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Common Equity Tier 1 Risk-based Capital Ratio |
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11.66 |
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11.37 |
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11.53 |
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Tier 1 Risk-based Capital Ratio |
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11.66 |
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11.37 |
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11.53 |
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Total Risk-based Capital Ratio |
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12.91 |
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12.62 |
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12.74 |
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Capital Ratios (Consolidated) (4) |
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Tier 1 Leverage Ratio |
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9.47 |
% |
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9.41 |
% |
|
10.33 |
% |
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Common Equity Tier 1 Risk-based Capital Ratio |
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8.72 |
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8.48 |
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8.50 |
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Tier 1 Risk-based Capital Ratio |
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10.33 |
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10.08 |
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10.29 |
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Total Risk-based Capital Ratio |
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13.50 |
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13.25 |
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13.98 |
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______________________________
(1) |
Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. |
(2) |
Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of |
(3) |
Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than |
(4) |
Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies. |
Selected Financial Data |
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June 30, |
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March 31, |
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December 31, |
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September 30, |
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June 30, |
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(dollars in thousands) |
|
2023 |
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2023 |
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2022 |
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2022 |
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2022 |
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Selected Balance Sheet Data |
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Total Assets |
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$ |
4,603,185 |
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$ |
4,602,899 |
|
$ |
4,345,662 |
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$ |
4,128,987 |
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$ |
3,883,264 |
Total Loans, Gross |
|
|
3,736,211 |
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3,684,360 |
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3,569,446 |
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3,380,082 |
|
|
3,225,885 |
Allowance for Credit Losses |
|
|
50,701 |
|
|
50,148 |
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|
47,996 |
|
|
46,491 |
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|
44,711 |
Goodwill and Other Intangibles |
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|
2,832 |
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2,866 |
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2,914 |
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2,962 |
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3,009 |
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Deposits |
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3,577,932 |
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3,411,123 |
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3,416,543 |
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|
3,305,074 |
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|
3,201,953 |
Tangible Common Equity (1) |
|
|
339,780 |
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|
332,626 |
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324,636 |
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|
312,531 |
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|
305,360 |
Total Shareholders' Equity |
|
|
409,126 |
|
|
402,006 |
|
|
394,064 |
|
|
382,007 |
|
|
374,883 |
Average Total Assets - Quarter-to-Date |
|
|
4,483,662 |
|
|
4,405,234 |
|
|
4,251,345 |
|
|
3,948,201 |
|
|
3,743,575 |
Average Shareholders' Equity - Quarter-to-Date |
|
|
406,347 |
|
|
403,533 |
|
|
387,589 |
|
|
384,020 |
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|
381,448 |
______________________________
(1) |
Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. |
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, |
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March 31, |
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June 30, |
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June 30, |
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June 30, |
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(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
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2022 |
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Selected Income Statement Data |
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Interest Income |
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$ |
55,001 |
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$ |
51,992 |
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$ |
37,782 |
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$ |
106,993 |
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|
$ |
72,476 |
|
Interest Expense |
|
|
29,129 |
|
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|
23,425 |
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|
|
5,252 |
|
|
|
52,554 |
|
|
|
9,766 |
|
Net Interest Income |
|
|
25,872 |
|
|
|
28,567 |
|
|
|
32,530 |
|
|
|
54,439 |
|
|
|
62,710 |
|
Provision for Credit Losses |
|
|
50 |
|
|
|
625 |
|
|
|
3,025 |
|
|
|
675 |
|
|
|
4,700 |
|
Net Interest Income after Provision for Credit Losses |
|
|
25,822 |
|
|
|
27,942 |
|
|
|
29,505 |
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|
|
53,764 |
|
|
|
58,010 |
|
Noninterest Income |
|
|
1,415 |
|
|
|
1,943 |
|
|
|
1,650 |
|
|
|
3,358 |
|
|
|
3,207 |
|
Noninterest Expense |
|
|
14,388 |
|
|
|
14,183 |
|
|
|
13,752 |
|
|
|
28,571 |
|
|
|
27,260 |
|
Income Before Income Taxes |
|
|
12,849 |
|
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|
15,702 |
|
|
|
17,403 |
|
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|
28,551 |
|
|
|
33,957 |
|
Provision for Income Taxes |
|
|
3,033 |
|
|
|
4,060 |
|
|
|
4,521 |
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|
|
7,093 |
|
|
|
8,813 |
|
Net Income |
|
|
9,816 |
|
|
|
11,642 |
|
|
|
12,882 |
|
|
|
21,458 |
|
|
|
25,144 |
|
Preferred Stock Dividends |
|
|
(1,014 |
) |
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|
(1,013 |
) |
|
|
(1,014 |
) |
|
|
(2,027 |
) |
|
|
(2,027 |
) |
Net Income Available to Common Shareholders |
|
$ |
8,802 |
|
|
$ |
10,629 |
|
|
$ |
11,868 |
|
|
$ |
19,431 |
|
|
$ |
23,117 |
|
Income Statement
Net Interest Income
Net interest income was
Net interest margin (on a fully tax-equivalent basis) for the second quarter of 2023 was
Interest income was
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, excluding PPP loans, increased to
A summary of interest and fees recognized on loans, excluding PPP loans, for the periods indicated is as follows:
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Three Months Ended |
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June 30, 2023 |
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March 31, 2023 |
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December 31, 2022 |
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September 30, 2022 |
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|
June 30, 2022 |
|
|
Interest |
|
5.09 |
% |
|
4.95 |
% |
|
4.74 |
% |
|
4.42 |
% |
|
4.17 |
% |
|
Fees |
|
0.10 |
|
|
0.11 |
|
|
0.12 |
|
|
0.17 |
|
|
0.26 |
|
|
Yield on Loans, Excluding PPP Loans |
|
5.19 |
% |
|
5.06 |
% |
|
4.86 |
% |
|
4.59 |
% |
|
4.43 |
% |
|
Interest expense was
Interest expense on deposits was
A summary of the Company’s average balances, interest yields and rates, and net interest margin for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 is as follows:
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For the Three Months Ended |
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June 30, 2023 |
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March 31, 2023 |
|
June 30, 2022 |
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Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
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Balance |
|
& Fees |
|
Rate |
|
Balance |
|
& Fees |
|
Rate |
|
Balance |
|
& Fees |
|
Rate |
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(dollars in thousands) |
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Interest Earning Assets: |
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|||
Cash Investments |
|
$ |
59,963 |
|
$ |
587 |
|
|
3.93 |
% |
$ |
63,253 |
|
$ |
447 |
|
|
2.86 |
% |
$ |
61,046 |
|
$ |
40 |
|
|
0.26 |
% |
Investment Securities: |
|
|
|
|
|
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|
|
|
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|
|||
Taxable Investment Securities |
|
|
568,143 |
|
|
6,000 |
|
|
4.24 |
|
|
574,242 |
|
|
5,958 |
|
|
4.21 |
|
|
417,142 |
|
|
2,696 |
|
|
2.59 |
|
Tax-Exempt Investment Securities (1) |
|
|
27,081 |
|
|
300 |
|
|
4.44 |
|
|
29,803 |
|
|
330 |
|
|
4.49 |
|
|
74,261 |
|
|
795 |
|
|
4.30 |
|
Total Investment Securities |
|
|
595,224 |
|
|
6,300 |
|
|
4.24 |
|
|
604,045 |
|
|
6,288 |
|
|
4.22 |
|
|
491,403 |
|
|
3,491 |
|
|
2.85 |
|
Paycheck Protection Program Loans (2) |
|
|
913 |
|
|
2 |
|
|
1.00 |
|
|
999 |
|
|
2 |
|
|
1.00 |
|
|
8,335 |
|
|
263 |
|
|
12.67 |
|
Loans (1)(2) |
|
|
3,715,621 |
|
|
48,064 |
|
|
5.19 |
|
|
3,629,447 |
|
|
45,263 |
|
|
5.06 |
|
|
3,099,344 |
|
|
34,205 |
|
|
4.43 |
|
Total Loans |
|
|
3,716,534 |
|
|
48,066 |
|
|
5.19 |
|
|
3,630,446 |
|
|
45,265 |
|
|
5.06 |
|
|
3,107,679 |
|
|
34,468 |
|
|
4.45 |
|
Federal Home Loan Bank Stock |
|
|
23,330 |
|
|
456 |
|
|
7.84 |
|
|
25,962 |
|
|
372 |
|
|
5.81 |
|
|
11,620 |
|
|
59 |
|
|
2.04 |
|
Total Interest Earning Assets |
|
|
4,395,051 |
|
|
55,409 |
|
|
5.06 |
% |
|
4,323,706 |
|
|
52,372 |
|
|
4.91 |
% |
|
3,671,748 |
|
|
38,058 |
|
|
4.16 |
% |
Noninterest Earning Assets |
|
|
88,611 |
|
|
|
|
|
|
|
81,528 |
|
|
|
|
|
|
|
71,827 |
|
|
|
|
|
|
|||
Total Assets |
|
$ |
4,483,662 |
|
|
|
|
|
|
$ |
4,405,234 |
|
|
|
|
|
|
$ |
3,743,575 |
|
|
|
|
|
|
|||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest Bearing Transaction Deposits |
|
$ |
683,034 |
|
$ |
5,918 |
|
|
3.48 |
% |
$ |
461,372 |
|
$ |
2,780 |
|
|
2.44 |
% |
$ |
552,502 |
|
$ |
694 |
|
|
0.50 |
% |
Savings and Money Market Deposits |
|
|
861,947 |
|
|
7,048 |
|
|
3.28 |
|
|
1,044,794 |
|
|
6,499 |
|
|
2.52 |
|
|
925,354 |
|
|
1,185 |
|
|
0.51 |
|
Time Deposits |
|
|
269,439 |
|
|
1,702 |
|
|
2.53 |
|
|
248,174 |
|
|
1,069 |
|
|
1.75 |
|
|
280,645 |
|
|
665 |
|
|
0.95 |
|
Brokered Deposits |
|
|
896,989 |
|
|
8,330 |
|
|
3.72 |
|
|
743,465 |
|
|
6,026 |
|
|
3.29 |
|
|
403,931 |
|
|
912 |
|
|
0.91 |
|
Total Interest Bearing Deposits |
|
|
2,711,409 |
|
|
22,998 |
|
|
3.40 |
|
|
2,497,805 |
|
|
16,374 |
|
|
2.66 |
|
|
2,162,432 |
|
|
3,456 |
|
|
0.64 |
|
Federal Funds Purchased |
|
|
210,677 |
|
|
2,761 |
|
|
5.26 |
|
|
415,111 |
|
|
4,944 |
|
|
4.83 |
|
|
137,379 |
|
|
410 |
|
|
1.20 |
|
Notes Payable |
|
|
13,750 |
|
|
285 |
|
|
8.33 |
|
|
13,750 |
|
|
263 |
|
|
7.77 |
|
|
— |
|
|
— |
|
|
— |
|
FHLB Advances |
|
|
242,714 |
|
|
2,092 |
|
|
3.46 |
|
|
128,222 |
|
|
861 |
|
|
2.72 |
|
|
47,511 |
|
|
167 |
|
|
1.41 |
|
Subordinated Debentures |
|
|
79,041 |
|
|
993 |
|
|
5.04 |
|
|
78,945 |
|
|
983 |
|
|
5.05 |
|
|
92,396 |
|
|
1,219 |
|
|
5.29 |
|
Total Interest Bearing Liabilities |
|
|
3,257,591 |
|
|
29,129 |
|
|
3.59 |
% |
|
3,133,833 |
|
|
23,425 |
|
|
3.03 |
% |
|
2,439,718 |
|
|
5,252 |
|
|
0.86 |
% |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noninterest Bearing Transaction Deposits |
|
|
755,040 |
|
|
|
|
|
|
|
813,598 |
|
|
|
|
|
|
|
882,477 |
|
|
|
|
|
|
|||
Other Noninterest Bearing Liabilities |
|
|
64,684 |
|
|
|
|
|
|
|
54,270 |
|
|
|
|
|
|
|
39,932 |
|
|
|
|
|
|
|||
Total Noninterest Bearing Liabilities |
|
|
819,724 |
|
|
|
|
|
|
|
867,868 |
|
|
|
|
|
|
|
922,409 |
|
|
|
|
|
|
|||
Shareholders' Equity |
|
|
406,347 |
|
|
|
|
|
|
|
403,533 |
|
|
|
|
|
|
|
381,448 |
|
|
|
|
|
|
|||
Total Liabilities and Shareholders' Equity |
|
$ |
4,483,662 |
|
|
|
|
|
|
$ |
4,405,234 |
|
|
|
|
|
|
$ |
3,743,575 |
|
|
|
|
|
|
|||
Net Interest Income / Interest Rate Spread |
|
|
|
|
|
26,280 |
|
|
1.47 |
% |
|
|
|
|
28,947 |
|
|
1.88 |
% |
|
|
|
|
32,806 |
|
|
3.30 |
% |
Net Interest Margin (3) |
|
|
|
|
|
|
|
2.40 |
% |
|
|
|
|
|
|
2.72 |
% |
|
|
|
|
|
|
3.58 |
% |
|||
Taxable Equivalent Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tax-Exempt Investment Securities and Loans |
|
|
|
|
|
(408 |
) |
|
|
|
|
|
|
|
(380 |
) |
|
|
|
|
|
|
|
(276 |
) |
|
|
|
Net Interest Income |
|
|
|
|
$ |
25,872 |
|
|
|
|
|
|
|
$ |
28,567 |
|
|
|
|
|
|
|
$ |
32,530 |
|
|
|
|
______________________________
(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. |
Provision for Credit Losses
The provision for credit losses on loans was
The following table presents the activity in the Company’s allowance for credit losses on loans for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Balance at Beginning of Period |
|
$ |
50,148 |
|
|
$ |
47,996 |
|
|
$ |
41,692 |
|
|
$ |
47,996 |
|
|
$ |
40,020 |
|
Impact of Adopting CECL |
|
|
— |
|
|
|
650 |
|
|
|
— |
|
|
|
650 |
|
|
|
— |
|
Provision for Credit Losses |
|
|
550 |
|
|
|
1,500 |
|
|
|
3,025 |
|
|
|
2,050 |
|
|
|
4,700 |
|
Charge-offs |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(14 |
) |
|
|
(7 |
) |
|
|
(29 |
) |
Recoveries |
|
|
6 |
|
|
|
6 |
|
|
|
8 |
|
|
|
12 |
|
|
|
20 |
|
Balance at End of Period |
|
$ |
50,701 |
|
|
$ |
50,148 |
|
|
$ |
44,711 |
|
|
$ |
50,701 |
|
|
$ |
44,711 |
|
The provision for credit losses for off-balance sheet credit exposures was a negative provision of
The following table presents a summary of the activity in the provision for credit losses for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Provision for Credit Losses on Loans |
|
$ |
550 |
|
|
$ |
1,500 |
|
|
$ |
3,025 |
|
$ |
2,050 |
|
|
$ |
4,700 |
||
Provision for Credit Losses for Off-Balance Sheet Credit Exposures |
|
|
(500 |
) |
|
|
(875 |
) |
|
|
— |
|
|
(1,375 |
) |
|
|
— |
||
Provision for Credit Losses |
|
$ |
50 |
|
|
$ |
625 |
|
|
$ |
3,025 |
|
$ |
675 |
|
|
$ |
4,700 |
||
Noninterest Income
Noninterest income was
The following table presents the major components of noninterest income for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Customer Service Fees |
|
$ |
368 |
|
$ |
349 |
|
|
$ |
298 |
|
$ |
717 |
|
|
$ |
579 |
|||
Net Gain (Loss) on Sales of Securities |
|
|
50 |
|
|
(56 |
) |
|
|
52 |
|
|
(6 |
) |
|
|
52 |
|||
Letter of Credit Fees |
|
|
379 |
|
|
634 |
|
|
|
564 |
|
|
1,013 |
|
|
|
806 |
|||
Debit Card Interchange Fees |
|
|
155 |
|
|
138 |
|
|
|
152 |
|
|
293 |
|
|
|
285 |
|||
Swap Fees |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
557 |
|||
Bank-Owned Life Insurance |
|
|
238 |
|
|
234 |
|
|
|
149 |
|
|
472 |
|
|
|
297 |
|||
FHLB Prepayment Income |
|
|
— |
|
|
299 |
|
|
|
— |
|
|
299 |
|
|
|
— |
|||
Other Income |
|
|
225 |
|
|
345 |
|
|
|
435 |
|
|
570 |
|
|
|
631 |
|||
Totals |
|
$ |
1,415 |
|
$ |
1,943 |
|
|
$ |
1,650 |
|
$ |
3,358 |
|
|
$ |
3,207 |
|||
Noninterest Expense
Noninterest expense was
The following table presents the major components of noninterest expense for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and Employee Benefits |
|
$ |
8,589 |
|
$ |
8,815 |
|
$ |
8,977 |
|
$ |
17,404 |
|
$ |
17,671 |
Occupancy and Equipment |
|
|
1,075 |
|
|
1,209 |
|
|
1,042 |
|
|
2,284 |
|
|
2,127 |
FDIC Insurance Assessment |
|
|
900 |
|
|
665 |
|
|
330 |
|
|
1,565 |
|
|
690 |
Data Processing |
|
|
401 |
|
|
357 |
|
|
356 |
|
|
758 |
|
|
653 |
Professional and Consulting Fees |
|
|
829 |
|
|
755 |
|
|
742 |
|
|
1,584 |
|
|
1,436 |
Derivative Collateral Fees |
|
|
404 |
|
|
380 |
|
|
27 |
|
|
784 |
|
|
29 |
Information Technology and Telecommunications |
|
|
711 |
|
|
683 |
|
|
594 |
|
|
1,394 |
|
|
1,172 |
Marketing and Advertising |
|
|
321 |
|
|
262 |
|
|
524 |
|
|
583 |
|
|
1,150 |
Intangible Asset Amortization |
|
|
34 |
|
|
48 |
|
|
47 |
|
|
82 |
|
|
95 |
Amortization of Tax Credit Investments |
|
|
114 |
|
|
114 |
|
|
63 |
|
|
228 |
|
|
180 |
Other Expense |
|
|
1,010 |
|
|
895 |
|
|
1,050 |
|
|
1,905 |
|
|
2,057 |
Totals |
|
$ |
14,388 |
|
$ |
14,183 |
|
$ |
13,752 |
|
$ |
28,571 |
|
$ |
27,260 |
The Company had 253 full-time equivalent employees at June 30, 2023, compared to 246 employees at March 31, 2023, and 236 employees at June 30, 2022. The efficiency ratio, a non-GAAP financial measure, was
Income Taxes
The effective combined federal and state income tax rate for the second quarter of 2023 was
Balance Sheet
Total assets at June 30, 2023 and March 31, 2023 were
Total gross loans at June 30, 2023 were
The following table presents the dollar composition of the Company’s loan portfolio, by category, at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial |
|
$ |
459,184 |
|
|
$ |
454,193 |
|
|
$ |
435,344 |
|
|
$ |
412,448 |
|
|
$ |
403,569 |
|
Paycheck Protection Program |
|
|
877 |
|
|
|
963 |
|
|
|
1,049 |
|
|
|
1,192 |
|
|
|
4,860 |
|
Construction and Land Development |
|
|
351,069 |
|
|
|
312,277 |
|
|
|
295,554 |
|
|
|
280,380 |
|
|
|
305,552 |
|
1 - 4 Family Construction |
|
|
69,648 |
|
|
|
85,797 |
|
|
|
70,242 |
|
|
|
55,177 |
|
|
|
53,639 |
|
Real Estate Mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
1 - 4 Family Mortgage |
|
|
400,708 |
|
|
|
380,210 |
|
|
|
355,474 |
|
|
|
341,102 |
|
|
|
334,815 |
|
Multifamily |
|
|
1,314,524 |
|
|
|
1,320,081 |
|
|
|
1,306,738 |
|
|
|
1,230,509 |
|
|
|
1,087,865 |
|
CRE Owner Occupied |
|
|
159,088 |
|
|
|
158,650 |
|
|
|
149,905 |
|
|
|
151,088 |
|
|
|
142,214 |
|
CRE Nonowner Occupied |
|
|
971,532 |
|
|
|
962,671 |
|
|
|
947,008 |
|
|
|
900,691 |
|
|
|
886,432 |
|
Total Real Estate Mortgage Loans |
|
|
2,845,852 |
|
|
|
2,821,612 |
|
|
|
2,759,125 |
|
|
|
2,623,390 |
|
|
|
2,451,326 |
|
Consumer and Other |
|
|
9,581 |
|
|
|
9,518 |
|
|
|
8,132 |
|
|
|
7,495 |
|
|
|
6,939 |
|
Total Loans, Gross |
|
|
3,736,211 |
|
|
|
3,684,360 |
|
|
|
3,569,446 |
|
|
|
3,380,082 |
|
|
|
3,225,885 |
|
Allowance for Loan Losses |
|
|
(50,701 |
) |
|
|
(50,148 |
) |
|
|
(47,996 |
) |
|
|
(46,491 |
) |
|
|
(44,711 |
) |
Net Deferred Loan Fees |
|
|
(7,718 |
) |
|
|
(8,735 |
) |
|
|
(9,293 |
) |
|
|
(9,088 |
) |
|
|
(9,536 |
) |
Total Loans, Net |
|
$ |
3,677,792 |
|
|
$ |
3,625,477 |
|
|
$ |
3,512,157 |
|
|
$ |
3,324,503 |
|
|
$ |
3,171,638 |
|
Total deposits at June 30, 2023 were
The following table presents the dollar composition of the Company’s deposit portfolio, by category, at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noninterest Bearing Transaction Deposits |
|
$ |
751,217 |
|
$ |
742,198 |
|
$ |
884,272 |
|
$ |
961,084 |
|
$ |
961,998 |
|
||||
Interest Bearing Transaction Deposits |
|
|
719,488 |
|
|
630,037 |
|
|
451,992 |
|
|
510,396 |
|
|
522,151 |
|
||||
Savings and Money Market Deposits |
|
|
860,613 |
|
|
913,013 |
|
|
1,031,873 |
|
|
1,077,333 |
|
|
952,138 |
|
||||
Time Deposits |
|
|
271,783 |
|
|
266,213 |
|
|
272,253 |
|
|
293,052 |
|
|
272,424 |
|
||||
Brokered Deposits |
|
|
974,831 |
|
|
859,662 |
|
|
776,153 |
|
|
463,209 |
|
|
493,242 |
|
||||
Total Deposits |
|
$ |
3,577,932 |
|
$ |
3,411,123 |
|
$ |
3,416,543 |
|
$ |
3,305,074 |
|
$ |
3,201,953 |
|
||||
Capital
Total shareholders’ equity at June 30, 2023 was
Tangible book value per share, a non-GAAP financial measure, was
Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its
Liquidity
Total on- and off-balance sheet liquidity was
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Primary Liquidity—On-Balance Sheet |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
|
||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and Cash Equivalents |
|
$ |
138,618 |
|
|
$ |
177,116 |
|
|
$ |
48,090 |
|
$ |
36,332 |
|
$ |
43,168 |
|
|||
Securities Available for Sale |
|
|
538,220 |
|
|
|
559,430 |
|
|
|
548,613 |
|
|
542,007 |
|
|
482,583 |
|
|||
Less: Pledged Securities |
|
|
(236,206 |
) |
|
|
(234,452 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|||
Total Primary Liquidity |
|
$ |
440,632 |
|
|
$ |
502,094 |
|
|
$ |
596,703 |
|
$ |
578,339 |
|
$ |
525,751 |
|
|||
Ratio of Primary Liquidity to Total Deposits |
|
|
12.3 |
|
% |
|
14.7 |
|
% |
|
17.5 |
% |
|
17.5 |
% |
|
16.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secondary Liquidity—Off-Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Borrowing Capacity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Secured Borrowing Capacity with the FHLB |
|
$ |
400,792 |
|
|
$ |
246,795 |
|
|
$ |
390,898 |
|
$ |
426,604 |
|
$ |
569,076 |
|
|||
Net Secured Borrowing Capacity with the Federal Reserve Bank |
|
|
986,644 |
|
|
|
990,685 |
|
|
|
157,827 |
|
|
156,534 |
|
|
169,766 |
|
|||
Unsecured Borrowing Capacity with Correspondent Lenders |
|
|
108,000 |
|
|
|
158,000 |
|
|
|
208,000 |
|
|
208,000 |
|
|
208,000 |
|
|||
Secured Borrowing Capacity with Correspondent Lender |
|
|
26,250 |
|
|
|
26,250 |
|
|
|
26,250 |
|
|
40,000 |
|
|
25,000 |
|
|||
Total Secondary Liquidity |
|
|
1,521,686 |
|
|
|
1,421,730 |
|
|
|
782,975 |
|
|
831,138 |
|
|
971,842 |
|
|||
Total Primary and Secondary Liquidity |
|
$ |
1,962,318 |
|
|
$ |
1,923,824 |
|
|
$ |
1,379,678 |
|
$ |
1,409,477 |
|
$ |
1,497,593 |
|
|||
Ratio of Primary and Secondary Liquidity to Total Deposits |
|
|
54.8 |
|
% |
|
56.4 |
|
% |
|
40.4 |
% |
|
42.6 |
% |
|
46.8 |
% |
|||
Asset Quality
Annualized net charge-offs (recoveries) as a percentage of average loans were
Loans that have potential weaknesses that warrant a watchlist risk rating at June 30, 2023 totaled
The following table presents a summary of asset quality measurements at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
As of and for the Three Months Ended |
|
||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
December 31 |
|
September 30, |
|
June 30, |
|
||||||||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
||||||||||
Selected Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans 30-89 Days Past Due |
|
$ |
— |
|
$ |
21 |
|
$ |
186 |
|
$ |
38 |
|
|
$ |
225 |
|
||||
Loans 30-89 Days Past Due to Total Loans |
|
|
0.00 |
% |
|
0.00 |
% |
|
0.01 |
% |
|
0.00 |
|
% |
|
0.01 |
% |
||||
Nonperforming Loans |
|
$ |
662 |
|
$ |
693 |
|
$ |
639 |
|
$ |
663 |
|
|
$ |
688 |
|
||||
Nonperforming Loans to Total Loans |
|
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
|
% |
|
0.02 |
% |
||||
Foreclosed Assets |
|
$ |
116 |
|
$ |
116 |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
||||
Nonaccrual Loans to Total Loans |
|
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
|
% |
|
0.02 |
% |
||||
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
|
0.02 |
|
||||
Nonperforming Assets (1) |
|
$ |
778 |
|
$ |
809 |
|
$ |
639 |
|
$ |
663 |
|
|
$ |
688 |
|
||||
Nonperforming Assets to Total Assets (1) |
|
|
0.02 |
% |
|
0.02 |
% |
|
0.01 |
% |
|
0.02 |
|
% |
|
0.02 |
% |
||||
Allowance for Credit Losses to Total Loans |
|
|
1.36 |
|
|
1.36 |
|
|
1.34 |
|
|
1.38 |
|
|
|
1.39 |
|
||||
Allowance for Credit Losses to Nonaccrual Loans |
|
|
7,658.76 |
|
|
7,236.36 |
|
|
7,511.11 |
|
|
7,012.22 |
|
|
|
6,498.69 |
|
||||
Net Loan Charge-Offs (Recoveries) (Annualized) to Average Loans |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
(0.03 |
) |
|
|
0.00 |
|
||||
______________________________
(1) |
Nonperforming assets are defined as nonaccrual loans plus loans 90 days past due and still accruing plus foreclosed assets. |
The Company will host a conference call to discuss its second quarter 2023 financial results on Thursday, July 27, 2023 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 5127957. The replay will be available through August 3, 2023. 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 recent and anticipated rate increases by the Federal Reserve; fluctuations in the values of the securities held in our securities portfolio, including as the result of rising interest rates, which has resulted in unrealized losses in our portfolio; business and economic conditions generally and in the financial services industry, nationally and within our market area, including rising rates of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time at Silicon Valley Bank and Signature Bank that resulted in the failure of those institutions; loan concentrations in our portfolio; the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for loan losses; new or revised accounting standards, including as a result of the implementation of the Current Expected Credit Loss standard; the concentration of large loans to certain borrowers; the concentration of large deposits from certain clients, who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; 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; developments and uncertainty related to the future use and availability of some reference rates, such as the expected discontinuation of the London Interbank Offered Rate, as well as other alternative reference rates; 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 information security controls or cybersecurity-related incidents; 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 failures of Silicon Valley Bank and Signature Bank; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics (including the COVID-19 pandemic), acts of war or terrorism or other adverse external events including 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 Consolidated Balance Sheets (dollars in thousands, except share data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
June 30, |
|
December 31, |
|
June 30, |
||||||
|
|
2023 |
|
2022 |
|
2022 |
||||||
|
|
(Unaudited) |
|
|
|
|
(Unaudited) |
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|||
Cash and Cash Equivalents |
|
$ |
177,101 |
|
|
$ |
87,043 |
|
|
$ |
73,517 |
|
Bank-Owned Certificates of Deposit |
|
|
1,225 |
|
|
|
1,181 |
|
|
|
1,138 |
|
Securities Available for Sale, at Fair Value |
|
|
538,220 |
|
|
|
548,613 |
|
|
|
482,583 |
|
Loans, Net of Allowance for Credit Losses of |
|
|
3,677,792 |
|
|
|
3,512,157 |
|
|
|
3,171,638 |
|
Federal Home Loan Bank (FHLB) Stock, at Cost |
|
|
21,557 |
|
|
|
19,606 |
|
|
|
9,921 |
|
Premises and Equipment, Net |
|
|
49,710 |
|
|
|
48,445 |
|
|
|
49,294 |
|
Foreclosed Assets |
|
|
116 |
|
|
|
— |
|
|
|
— |
|
Accrued Interest |
|
|
13,822 |
|
|
|
13,479 |
|
|
|
10,010 |
|
Goodwill |
|
|
2,626 |
|
|
|
2,626 |
|
|
|
2,626 |
|
Other Intangible Assets, Net |
|
|
206 |
|
|
|
288 |
|
|
|
383 |
|
Bank-Owned Life Insurance |
|
|
33,958 |
|
|
|
33,485 |
|
|
|
25,614 |
|
Other Assets |
|
|
86,852 |
|
|
|
78,739 |
|
|
|
56,540 |
|
Total Assets |
|
$ |
4,603,185 |
|
|
$ |
4,345,662 |
|
|
$ |
3,883,264 |
|
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|
|||
Noninterest Bearing |
|
$ |
751,217 |
|
|
$ |
884,272 |
|
|
$ |
961,998 |
|
Interest Bearing |
|
|
2,826,715 |
|
|
|
2,532,271 |
|
|
|
2,239,955 |
|
Total Deposits |
|
|
3,577,932 |
|
|
|
3,416,543 |
|
|
|
3,201,953 |
|
Federal Funds Purchased |
|
|
195,000 |
|
|
|
287,000 |
|
|
|
86,000 |
|
Notes Payable |
|
|
13,750 |
|
|
|
13,750 |
|
|
|
— |
|
FHLB Advances |
|
|
262,000 |
|
|
|
97,000 |
|
|
|
56,500 |
|
Subordinated Debentures, Net of Issuance Costs |
|
|
79,096 |
|
|
|
78,905 |
|
|
|
92,459 |
|
Accrued Interest Payable |
|
|
2,974 |
|
|
|
2,831 |
|
|
|
1,393 |
|
Other Liabilities |
|
|
63,307 |
|
|
|
55,569 |
|
|
|
70,076 |
|
Total Liabilities |
|
|
4,194,059 |
|
|
|
3,951,598 |
|
|
|
3,508,381 |
|
|
|
|
|
|
|
|
|
|
|
|||
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|||
Preferred Stock- |
|
|
|
|
|
|
|
|
|
|||
Preferred Stock - Issued and Outstanding 27,600 Series A shares ( |
|
|
66,514 |
|
|
|
66,514 |
|
|
|
66,514 |
|
Common Stock- |
|
|
|
|
|
|
|
|
|
|||
Common Stock - Issued and Outstanding 27,973,995 at June 30, 2023 (unaudited), 27,751,950 at December 31, 2022 and 27,677,372 at June 30, 2022 (unaudited) |
|
|
280 |
|
|
|
278 |
|
|
|
277 |
|
Additional Paid-In Capital |
|
|
99,044 |
|
|
|
96,529 |
|
|
|
96,689 |
|
Retained Earnings |
|
|
264,196 |
|
|
|
248,685 |
|
|
|
222,464 |
|
Accumulated Other Comprehensive Loss |
|
|
(20,908 |
) |
|
|
(17,942 |
) |
|
|
(11,061 |
) |
Total Shareholders' Equity |
|
|
409,126 |
|
|
|
394,064 |
|
|
|
374,883 |
|
Total Liabilities and Equity |
|
$ |
4,603,185 |
|
|
$ |
4,345,662 |
|
|
$ |
3,883,264 |
|
Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (dollars in thousands, except per share data) (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, Including Fees |
|
$ |
47,721 |
|
|
$ |
44,955 |
|
|
$ |
34,358 |
|
|
$ |
92,676 |
|
|
$ |
66,102 |
|
Investment Securities |
|
|
6,237 |
|
|
|
6,218 |
|
|
|
3,325 |
|
|
|
12,455 |
|
|
|
6,195 |
|
Other |
|
|
1,043 |
|
|
|
819 |
|
|
|
99 |
|
|
|
1,862 |
|
|
|
179 |
|
Total Interest Income |
|
|
55,001 |
|
|
|
51,992 |
|
|
|
37,782 |
|
|
|
106,993 |
|
|
|
72,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
22,998 |
|
|
|
16,374 |
|
|
|
3,456 |
|
|
|
39,372 |
|
|
|
6,614 |
|
Notes Payable |
|
|
285 |
|
|
|
263 |
|
|
|
— |
|
|
|
548 |
|
|
|
— |
|
FHLB Advances |
|
|
2,092 |
|
|
|
861 |
|
|
|
167 |
|
|
|
2,953 |
|
|
|
317 |
|
Subordinated Debentures |
|
|
993 |
|
|
|
983 |
|
|
|
1,219 |
|
|
|
1,976 |
|
|
|
2,416 |
|
Federal Funds Purchased |
|
|
2,761 |
|
|
|
4,944 |
|
|
|
410 |
|
|
|
7,705 |
|
|
|
419 |
|
Total Interest Expense |
|
|
29,129 |
|
|
|
23,425 |
|
|
|
5,252 |
|
|
|
52,554 |
|
|
|
9,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NET INTEREST INCOME |
|
|
25,872 |
|
|
|
28,567 |
|
|
|
32,530 |
|
|
|
54,439 |
|
|
|
62,710 |
|
Provision for Credit Losses |
|
|
50 |
|
|
|
625 |
|
|
|
3,025 |
|
|
|
675 |
|
|
|
4,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PROVISION FOR CREDIT LOSSES |
|
|
25,822 |
|
|
|
27,942 |
|
|
|
29,505 |
|
|
|
53,764 |
|
|
|
58,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Customer Service Fees |
|
|
368 |
|
|
|
349 |
|
|
|
298 |
|
|
|
717 |
|
|
|
579 |
|
Net Gain (Loss) on Sales of Available for Sale Securities |
|
|
50 |
|
|
|
(56 |
) |
|
|
52 |
|
|
|
(6 |
) |
|
|
52 |
|
Other Income |
|
|
997 |
|
|
|
1,650 |
|
|
|
1,300 |
|
|
|
2,647 |
|
|
|
2,576 |
|
Total Noninterest Income |
|
|
1,415 |
|
|
|
1,943 |
|
|
|
1,650 |
|
|
|
3,358 |
|
|
|
3,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and Employee Benefits |
|
|
8,589 |
|
|
|
8,815 |
|
|
|
8,977 |
|
|
|
17,404 |
|
|
|
17,671 |
|
Occupancy and Equipment |
|
|
1,075 |
|
|
|
1,209 |
|
|
|
1,042 |
|
|
|
2,284 |
|
|
|
2,127 |
|
Other Expense |
|
|
4,724 |
|
|
|
4,159 |
|
|
|
3,733 |
|
|
|
8,883 |
|
|
|
7,462 |
|
Total Noninterest Expense |
|
|
14,388 |
|
|
|
14,183 |
|
|
|
13,752 |
|
|
|
28,571 |
|
|
|
27,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
INCOME BEFORE INCOME TAXES |
|
|
12,849 |
|
|
|
15,702 |
|
|
|
17,403 |
|
|
|
28,551 |
|
|
|
33,957 |
|
Provision for Income Taxes |
|
|
3,033 |
|
|
|
4,060 |
|
|
|
4,521 |
|
|
|
7,093 |
|
|
|
8,813 |
|
NET INCOME |
|
|
9,816 |
|
|
|
11,642 |
|
|
|
12,882 |
|
|
|
21,458 |
|
|
|
25,144 |
|
Preferred Stock Dividends |
|
|
(1,014 |
) |
|
|
(1,013 |
) |
|
|
(1,014 |
) |
|
|
(2,027 |
) |
|
|
(2,027 |
) |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
8,802 |
|
|
$ |
10,629 |
|
|
$ |
11,868 |
|
|
$ |
19,431 |
|
|
$ |
23,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.32 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.70 |
|
|
$ |
0.83 |
|
Diluted |
|
|
0.31 |
|
|
|
0.37 |
|
|
|
0.41 |
|
|
|
0.69 |
|
|
|
0.80 |
|
Bridgewater Bancshares, Inc. and Subsidiaries Analysis of Average Balances, Yields and Rates (dollars in thousands, except per share data) (Unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
For the Six Months Ended |
|
||||||||||||||||
|
|
June 30, 2023 |
|
June 30, 2022 |
|
||||||||||||||
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
||||||
|
|
Balance |
|
& Fees |
|
Rate |
|
Balance |
|
& Fees |
|
Rate |
|
||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cash Investments |
|
$ |
61,599 |
|
$ |
1,034 |
|
|
3.38 |
% |
$ |
70,718 |
|
$ |
66 |
|
|
0.19 |
% |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Taxable Investment Securities |
|
|
571,176 |
|
|
11,958 |
|
|
4.22 |
|
|
395,203 |
|
|
4,951 |
|
|
2.53 |
|
Tax-Exempt Investment Securities (1) |
|
|
28,435 |
|
|
629 |
|
|
4.46 |
|
|
72,933 |
|
|
1,574 |
|
|
4.35 |
|
Total Investment Securities |
|
|
599,611 |
|
|
12,587 |
|
|
4.23 |
|
|
468,136 |
|
|
6,525 |
|
|
2.81 |
|
Paycheck Protection Program Loans (2) |
|
|
956 |
|
|
5 |
|
|
1.00 |
|
|
13,210 |
|
|
826 |
|
|
12.61 |
|
Loans (1)(2) |
|
|
3,672,772 |
|
|
93,327 |
|
|
5.12 |
|
|
2,991,195 |
|
|
65,480 |
|
|
4.41 |
|
Total Loans |
|
|
3,673,728 |
|
|
93,332 |
|
|
5.12 |
|
|
3,004,405 |
|
|
66,306 |
|
|
4.45 |
|
Federal Home Loan Bank Stock |
|
|
24,639 |
|
|
828 |
|
|
6.77 |
|
|
8,667 |
|
|
113 |
|
|
2.63 |
|
Total Interest Earning Assets |
|
|
4,359,577 |
|
|
107,781 |
|
|
4.99 |
% |
|
3,551,926 |
|
|
73,010 |
|
|
4.15 |
% |
Noninterest Earning Assets |
|
|
85,087 |
|
|
|
|
|
|
|
77,395 |
|
|
|
|
|
|
||
Total Assets |
|
$ |
4,444,664 |
|
|
|
|
|
|
$ |
3,629,321 |
|
|
|
|
|
|
||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Bearing Transaction Deposits |
|
$ |
570,964 |
|
$ |
8,698 |
|
|
3.07 |
% |
$ |
559,352 |
|
$ |
1,291 |
|
|
0.47 |
% |
Savings and Money Market Deposits |
|
|
952,865 |
|
|
13,547 |
|
|
2.87 |
|
|
901,102 |
|
|
2,103 |
|
|
0.47 |
|
Time Deposits |
|
|
258,865 |
|
|
2,771 |
|
|
2.16 |
|
|
284,757 |
|
|
1,410 |
|
|
1.00 |
|
Brokered Deposits |
|
|
820,651 |
|
|
14,356 |
|
|
3.53 |
|
|
405,282 |
|
|
1,810 |
|
|
0.90 |
|
Total Interest Bearing Deposits |
|
|
2,603,345 |
|
|
39,372 |
|
|
3.05 |
|
|
2,150,493 |
|
|
6,614 |
|
|
0.62 |
|
Federal Funds Purchased |
|
|
312,329 |
|
|
7,705 |
|
|
4.97 |
|
|
74,340 |
|
|
419 |
|
|
1.14 |
|
Notes Payable |
|
|
13,750 |
|
|
548 |
|
|
8.03 |
|
|
— |
|
|
— |
|
|
— |
|
FHLB Advances |
|
|
185,785 |
|
|
2,953 |
|
|
3.21 |
|
|
45,019 |
|
|
317 |
|
|
1.42 |
|
Subordinated Debentures |
|
|
78,994 |
|
|
1,976 |
|
|
5.05 |
|
|
92,341 |
|
|
2,416 |
|
|
5.28 |
|
Total Interest Bearing Liabilities |
|
|
3,194,203 |
|
|
52,554 |
|
|
3.32 |
% |
|
2,362,193 |
|
|
9,766 |
|
|
0.83 |
% |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Noninterest Bearing Transaction Deposits |
|
|
786,009 |
|
|
|
|
|
|
|
852,648 |
|
|
|
|
|
|
||
Other Noninterest Bearing Liabilities |
|
|
59,504 |
|
|
|
|
|
|
|
32,248 |
|
|
|
|
|
|
||
Total Noninterest Bearing Liabilities |
|
|
845,513 |
|
|
|
|
|
|
|
884,896 |
|
|
|
|
|
|
||
Shareholders' Equity |
|
|
404,948 |
|
|
|
|
|
|
|
382,232 |
|
|
|
|
|
|
||
Total Liabilities and Shareholders' Equity |
|
$ |
4,444,664 |
|
|
|
|
|
|
$ |
3,629,321 |
|
|
|
|
|
|
||
Net Interest Income / Interest Rate Spread |
|
|
|
|
|
55,227 |
|
|
1.67 |
% |
|
|
|
|
63,244 |
|
|
3.32 |
% |
Net Interest Margin (3) |
|
|
|
|
|
|
|
2.55 |
% |
|
|
|
|
|
|
3.59 |
% |
||
Taxable Equivalent Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Tax-Exempt Investment Securities and Loans |
|
|
|
|
|
(788 |
) |
|
|
|
|
|
|
|
(534 |
) |
|
|
|
Net Interest Income |
|
|
|
|
$ |
54,439 |
|
|
|
|
|
|
|
$ |
62,710 |
|
|
|
|
______________________________
(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 Non-GAAP Financial Measures (dollars in thousands) (unaudited) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
||||||||||
Pre-Provision Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest Income |
|
$ |
1,415 |
|
|
$ |
1,943 |
|
|
$ |
1,650 |
|
|
$ |
3,358 |
|
|
$ |
3,207 |
|
|
Less: (Gain) Loss on Sales of Securities |
|
|
(50 |
) |
|
|
56 |
|
|
|
(52 |
) |
|
|
6 |
|
|
|
(52 |
) |
|
Less: FHLB Advance Prepayment Income |
|
|
— |
|
|
|
(299 |
) |
|
|
— |
|
|
|
(299 |
) |
|
|
— |
|
|
Total Operating Noninterest Income |
|
|
1,365 |
|
|
|
1,700 |
|
|
|
1,598 |
|
|
|
3,065 |
|
|
|
3,155 |
|
|
Plus: Net Interest Income |
|
|
25,872 |
|
|
|
28,567 |
|
|
|
32,530 |
|
|
|
54,439 |
|
|
|
62,710 |
|
|
Net Operating Revenue |
|
$ |
27,237 |
|
|
$ |
30,267 |
|
|
$ |
34,128 |
|
|
$ |
57,504 |
|
|
$ |
65,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest Expense |
|
$ |
14,388 |
|
|
$ |
14,183 |
|
|
$ |
13,752 |
|
|
$ |
28,571 |
|
|
$ |
27,260 |
|
|
Less: Amortization of Tax Credit Investments |
|
|
(114 |
) |
|
|
(114 |
) |
|
|
(63 |
) |
|
|
(228 |
) |
|
|
(180 |
) |
|
Total Operating Noninterest Expense |
|
$ |
14,274 |
|
|
$ |
14,069 |
|
|
$ |
13,689 |
|
|
$ |
28,343 |
|
|
$ |
27,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pre-Provision Net Revenue |
|
$ |
12,963 |
|
|
$ |
16,198 |
|
|
$ |
20,439 |
|
|
$ |
29,161 |
|
|
$ |
38,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-Operating Revenue Adjustments |
|
|
50 |
|
|
|
243 |
|
|
|
52 |
|
|
|
293 |
|
|
|
52 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Provision for Credit Losses |
|
|
50 |
|
|
|
625 |
|
|
|
3,025 |
|
|
|
675 |
|
|
|
4,700 |
|
|
Non-Operating Expense Adjustments |
|
|
114 |
|
|
|
114 |
|
|
|
63 |
|
|
|
228 |
|
|
|
180 |
|
|
Provision for Income Taxes |
|
|
3,033 |
|
|
|
4,060 |
|
|
|
4,521 |
|
|
|
7,093 |
|
|
|
8,813 |
|
|
Net Income |
|
$ |
9,816 |
|
|
$ |
11,642 |
|
|
$ |
12,882 |
|
|
$ |
21,458 |
|
|
$ |
25,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Assets |
|
$ |
4,483,662 |
|
|
$ |
4,405,234 |
|
|
$ |
3,743,575 |
|
|
$ |
4,444,664 |
|
|
$ |
3,629,321 |
|
|
Pre-Provision Net Revenue Return on Average Assets |
|
|
1.16 |
|
% |
|
1.49 |
|
% |
|
2.19 |
|
% |
|
1.32 |
|
% |
|
2.16 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
As of and for the Three Months Ended |
|
|
As of and for the Six Months Ended |
|
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
||||||||||
Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Interest Income (Tax-Equivalent Basis) |
|
$ |
26,280 |
|
|
$ |
28,947 |
|
|
$ |
32,806 |
|
|
|
$ |
55,227 |
|
|
$ |
63,244 |
|
|
Less: Loan Fees |
|
|
(941 |
) |
|
|
(998 |
) |
|
|
(2,030 |
) |
|
|
|
(1,939 |
) |
|
|
(3,773 |
) |
|
Less: PPP Interest and Fees |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(263 |
) |
|
|
|
(5 |
) |
|
|
(826 |
) |
|
Core Net Interest Income |
|
$ |
25,336 |
|
|
$ |
27,947 |
|
|
$ |
30,513 |
|
|
|
$ |
53,283 |
|
|
$ |
58,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Interest Earning Assets |
|
$ |
4,395,050 |
|
|
$ |
4,323,706 |
|
|
$ |
3,671,748 |
|
|
|
$ |
4,359,576 |
|
|
$ |
3,551,926 |
|
|
Less: Average PPP Loans |
|
|
(913 |
) |
|
|
(999 |
) |
|
|
(8,335 |
) |
|
|
|
(956 |
) |
|
|
(13,210 |
) |
|
Core Average Interest Earning Assets |
|
$ |
4,394,137 |
|
|
$ |
4,322,707 |
|
|
$ |
3,663,413 |
|
|
|
$ |
4,358,620 |
|
|
$ |
3,538,716 |
|
|
Core Net Interest Margin |
|
|
2.31 |
|
% |
|
2.62 |
|
% |
|
3.34 |
|
% |
|
|
2.47 |
|
% |
|
3.34 |
|
% |
Non-GAAP Financial Measures (dollars in thousands) (unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
||||||||||
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest Expense |
|
$ |
14,388 |
|
|
$ |
14,183 |
|
|
$ |
13,752 |
|
|
|
$ |
28,571 |
|
|
$ |
27,260 |
|
|
Less: Amortization of Intangible Assets |
|
|
(34 |
) |
|
|
(48 |
) |
|
|
(47 |
) |
|
|
|
(82 |
) |
|
|
(95 |
) |
|
Adjusted Noninterest Expense |
|
$ |
14,354 |
|
|
$ |
14,135 |
|
|
$ |
13,705 |
|
|
|
$ |
28,489 |
|
|
$ |
27,165 |
|
|
Net Interest Income |
|
|
25,872 |
|
|
|
28,567 |
|
|
|
32,530 |
|
|
|
|
54,439 |
|
|
|
62,710 |
|
|
Noninterest Income |
|
|
1,415 |
|
|
|
1,943 |
|
|
|
1,650 |
|
|
|
|
3,358 |
|
|
|
3,207 |
|
|
Less: (Gain) Loss on Sales of Securities |
|
|
(50 |
) |
|
|
56 |
|
|
|
(52 |
) |
|
|
|
6 |
|
|
|
(52 |
) |
|
Adjusted Operating Revenue |
|
$ |
27,237 |
|
|
$ |
30,566 |
|
|
$ |
34,128 |
|
|
|
$ |
57,803 |
|
|
$ |
65,865 |
|
|
Efficiency Ratio |
|
|
52.7 |
|
% |
|
46.2 |
|
% |
|
40.2 |
|
% |
|
|
49.3 |
|
% |
|
41.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
As of and for the Three Months Ended |
|
|
As of and for the Six Months Ended |
|
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
||||||||||
Tangible Common Equity and Tangible Common Equity/Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Shareholders' Equity |
|
$ |
409,126 |
|
|
$ |
402,006 |
|
|
$ |
374,883 |
|
|
|
|
|
|
|
|
|
||
Less: Preferred Stock |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
|
|
|
|
|
|
||
Total Common Shareholders' Equity |
|
|
342,612 |
|
|
|
335,492 |
|
|
|
308,369 |
|
|
|
|
|
|
|
|
|
||
Less: Intangible Assets |
|
|
(2,832 |
) |
|
|
(2,866 |
) |
|
|
(3,009 |
) |
|
|
|
|
|
|
|
|
||
Tangible Common Equity |
|
$ |
339,780 |
|
|
$ |
332,626 |
|
|
$ |
305,360 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Assets |
|
$ |
4,603,185 |
|
|
$ |
4,602,899 |
|
|
$ |
3,883,264 |
|
|
|
|
|
|
|
|
|
||
Less: Intangible Assets |
|
|
(2,832 |
) |
|
|
(2,866 |
) |
|
|
(3,009 |
) |
|
|
|
|
|
|
|
|
||
Tangible Assets |
|
$ |
4,600,353 |
|
|
$ |
4,600,033 |
|
|
$ |
3,880,255 |
|
|
|
|
|
|
|
|
|
||
Tangible Common Equity/Tangible Assets |
|
|
7.39 |
|
% |
|
7.23 |
|
% |
|
7.87 |
|
% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Book Value Per Common Share |
|
$ |
12.25 |
|
|
$ |
12.05 |
|
|
$ |
11.14 |
|
|
|
|
|
|
|
|
|
||
Less: Effects of Intangible Assets |
|
|
(0.10 |
) |
|
|
(0.10 |
) |
|
|
(0.11 |
) |
|
|
|
|
|
|
|
|
||
Tangible Book Value Per Common Share |
|
$ |
12.15 |
|
|
$ |
11.95 |
|
|
$ |
11.03 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on Average Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Income Available to Common Shareholders |
|
$ |
8,802 |
|
|
$ |
10,629 |
|
|
$ |
11,868 |
|
|
|
$ |
19,431 |
|
|
$ |
23,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Shareholders' Equity |
|
$ |
406,347 |
|
|
$ |
403,533 |
|
|
$ |
381,448 |
|
|
|
$ |
404,948 |
|
|
$ |
382,232 |
|
|
Less: Average Preferred Stock |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
Average Common Equity |
|
|
339,833 |
|
|
|
337,019 |
|
|
|
314,934 |
|
|
|
|
338,434 |
|
|
|
315,718 |
|
|
Less: Effects of Average Intangible Assets |
|
|
(2,846 |
) |
|
|
(2,894 |
) |
|
|
(3,037 |
) |
|
|
|
(2,870 |
) |
|
|
(3,060 |
) |
|
Average Tangible Common Equity |
|
$ |
336,987 |
|
|
$ |
334,125 |
|
|
$ |
311,897 |
|
|
|
$ |
335,564 |
|
|
$ |
312,658 |
|
|
Return on Average Tangible Common Equity |
|
|
10.48 |
|
% |
|
12.90 |
|
% |
|
15.26 |
|
% |
|
|
11.68 |
|
% |
|
14.91 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
||||||||||
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Shareholders' Equity |
|
$ |
409,126 |
|
|
$ |
402,006 |
|
|
$ |
394,064 |
|
|
$ |
382,007 |
|
|
$ |
374,883 |
|
Less: Preferred Stock |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
Common Shareholders' Equity |
|
|
342,612 |
|
|
|
335,492 |
|
|
|
327,550 |
|
|
|
315,493 |
|
|
|
308,369 |
|
Less: Intangible Assets |
|
|
(2,832 |
) |
|
|
(2,866 |
) |
|
|
(2,914 |
) |
|
|
(2,962 |
) |
|
|
(3,009 |
) |
Tangible Common Equity |
|
$ |
339,780 |
|
|
$ |
332,626 |
|
|
$ |
324,636 |
|
|
$ |
312,531 |
|
|
$ |
305,360 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230725009497/en/
Media Contact:
Jessica Stejskal | SVP Marketing
Jessica.stejskal@bwbmn.com | 952.893.6860
Investor Contact:
Justin Horstman | Director of Investor Relations
Justin.Horstman@bwbmn.com | 952.542.5169
Source: Bridgewater Bancshares, Inc.
FAQ
What was Bridgewater Bancshares' net income for Q2 2023?
How much did gross loans and deposits increase by in Q2 2023?
What was the net interest margin for Q2 2023?
What was the change in tangible book value per share in Q2 2023?
What were the returns on average assets (ROA) and average shareholders' equity (ROE) for Q2 2023?
How did noninterest expense change in Q2 2023?
What is the definition of core deposits?
