Bridgewater Bancshares, Inc. Depositary Shares, Each Representing a 1/100th Interest in a Share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A - BWBBP STOCK NEWS

Bridgewater Bancshares (Nasdaq: BWB) reported a second-quarter 2024 net income of $8.1 million, up from $7.8 million in Q1 2024 but down from $9.8 million in Q2 2023. Earnings per diluted share were $0.26, compared to $0.24 in Q1 2024 and $0.31 in Q2 2023. Net interest income rose by $365,000 to $25.0 million, marking the first sequential increase since Q3 2022. The net interest margin stayed flat at 2.24%. Tangible book value per share increased by $0.32 to $13.53. Gross loans grew by $16.2 million, while deposits increased marginally by $487,000. Efficiency ratio increased to 58.7% from 58.2% in Q1. The bank repurchased 252,707 shares at an average price of $11.48 per share, totaling $2.9 million.

Asset quality remained strong with nonperforming assets at 0.01% of total assets. The allowance for credit losses to total loans was 1.37%. The company has maintained 30 consecutive quarters of tangible book value per share growth.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) reported a net income of $11.6 million for Q1 2023, down from $13.7 million in Q4 2022 and $12.3 million YoY. Earnings per diluted share decreased to $0.37 from $0.45 in Q4 2022 and $0.39 in Q1 2022. The net interest margin contracted to 2.72%, a decline from 3.16% in Q4 2022, reflecting higher funding costs. Total assets increased 5.9% to $4.60 billion, driven by strong loan growth, with gross loans up 3.2% QoQ. Despite a slight dip in deposits by 0.2% to $3.41 billion, the bank maintained a strong balance sheet with a tangible book value of $11.95 per share. The company declared a cash dividend of $36.72 per share on its Series A Preferred Stock, payable on June 1, 2023.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) reported a fourth-quarter net income of $13.7 million, down 5.4% from Q3 2022 but up 9.8% from Q4 2021. Earnings per diluted share were $0.45, a 5.6% decrease from the previous quarter. The company noted strong balance sheet growth, with gross loans increasing by $189.4 million (22.2% annualized) and deposits up $111.5 million (13.4% annualized). However, net interest margin compressed to 3.16% from 3.53% in Q3 due to rising interest rates. The company expects ongoing challenges in 2023 but intends to focus on profitable growth. Annual earnings per share for 2022 increased 12.0% to $1.72 compared to 2021.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) reported record net income of $14.5 million for Q3 2022, reflecting a 12.7% increase quarter-over-quarter and a 26.1% increase year-over-year. Diluted EPS rose to $0.47, up 14.6% sequentially and 19.4% annually. The company experienced strong loan growth of 19.0% annualized and a 12.8% annualized increase in deposits. Despite rising interest rates impacting margins, Bridgewater's efficiency ratio improved to 39.4%, and tangible book value per share increased to $11.33. A quarterly dividend of $36.72 per share for Series A Preferred Stock was also declared.

Bridgewater Bancshares reported a net income of $12.9 million for Q2 2022, a 5.1% increase from Q1 2022 and a 17.2% increase year-over-year. Diluted EPS rose 6.8% and 9.2% from the previous quarter and year, respectively, reaching $0.41. The bank experienced a 31.9% annualized growth in gross loans and 22.0% in deposits. Net interest margin remained stable at 3.58%. The board declared a quarterly cash dividend of $36.72 per share of its Series A Preferred Stock, payable on September 1, 2022.