Bridgewater Bancshares, Inc. Announces Third Quarter 2023 Net Income of $9.6 Million, $0.30 Diluted Earnings Per Common Share

Third Quarter 2023 Highlights

Annualized return on average assets (ROA) of 0.85%, compared to 0.88% for the second quarter of 2023.
Annualized return on average shareholders’ equity (ROE) of 9.23%, compared to 9.69% for the second quarter of 2023, and annualized return on average tangible common equity (ROATCE)(1) of 9.92%, compared to 10.48% for the second quarter of 2023.
Deposits increased by $97.6 million, or 10.8% annualized, from the second quarter of 2023, including an increase of core deposits(2) of $69.9 million, or 11.0% annualized.
Core deposit growth exceeded loan growth for the second consecutive quarter as gross loans declined slightly by $13.9 million from the second quarter of 2023, lowering the loan-to-deposit ratio to 101.3%.
Net interest margin (on a fully tax-equivalent basis) of 2.32%, compared to 2.40% in the second quarter of 2023.
Efficiency ratio(1) of 56.5%, compared to 52.7% for the second quarter of 2023.
No provision for credit losses on loans was recorded in the third quarter of 2023. The allowance for credit losses on loans to total loans was 1.36% at both September 30, 2023 and June 30, 2023.
Annualized net loan charge-offs as a percentage of average loans of 0.01% for the third quarter of 2023, compared to 0.00% for the second quarter of 2023.
Nonperforming assets to total assets of 0.02% at September 30, 2023 and June 30, 2023.
Tangible book value per share(1) of $12.37 at September 30, 2023, an increase of $0.23, or 7.4% annualized, compared to $12.15 at June 30, 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 $250,000.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $9.6 million for the third quarter of 2023, compared to $9.8 million for the second quarter of 2023, and $14.5 million for the third quarter of 2022. Earnings per diluted common share were $0.30 for the third quarter of 2023, compared to $0.31 for the second quarter of 2023, and $0.47 per diluted common share for the same period in 2022.

“Throughout the third quarter, Bridgewater saw the continuation of several encouraging trends, including signs of net interest margin stabilization, enhanced balance sheet composition, and superb asset quality,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “A second consecutive quarter of strong core deposit growth and reduced borrowings aided our net interest margin. In addition, we are being very thoughtful in how we position the balance sheet for longer term success as this unique banking environment continues to evolve.

“The quality of our loan portfolio was evident again during the quarter due to our consistent underwriting standards, active credit oversight, and experienced lending and credit teams. We also remained focused on our ongoing client engagement efforts, investments in our people, and creating efficiencies across the organization, all with an eye toward continuing our track record of consistent tangible book value growth, which has increased each of the past 27 quarters.”

Key Financial Measures

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

September 30,

2023

2022

2023

2022

Per Common Share Data

Basic Earnings Per Share

0.31

0.32

0.49

1.01

1.32

Diluted Earnings Per Share

0.30

0.31

0.47

0.99

1.27

Book Value Per Share

12.47

12.25

11.44

12.47

11.44

Tangible Book Value Per Share (1)

12.37

12.15

11.33

12.37

11.33

Financial Ratios

Return on Average Assets (2)

0.85

0.88

1.46

0.93

1.42

Pre-Provision Net Revenue Return on Average Assets (1)(2)

1.01

1.16

2.15

1.22

2.15

Return on Average Shareholders' Equity (2)

9.23

9.69

14.99

10.19

13.85

Return on Average Tangible Common Equity (1)(2)

9.92

10.48

17.03

11.07

15.63

Net Interest Margin (3)

2.32

2.40

3.53

2.47

3.57

Core Net Interest Margin (1)(3)

2.24

2.31

3.38

2.39

3.35

Cost of Total Deposits

2.99

2.66

0.73

2.57

0.55

Cost of Funds

3.10

2.91

0.93

2.81

0.73

Efficiency Ratio (1)

56.5

52.7

39.8

51.6

40.7

Noninterest Expense to Average Assets (2)

1.35

1.29

1.42

1.32

1.48

Tangible Common Equity to Tangible Assets (1)

7.61

7.39

7.57

7.61

7.57

Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4)

9.07

8.72

8.47

9.07

8.47

Balance Sheet and Asset Quality (dollars in thousands)

Total Assets

4,557,070

4,603,185

4,128,987

4,557,070

4,128,987

Total Loans, Gross

3,722,271

3,736,211

3,380,082

3,722,271

3,380,082

Deposits

3,675,509

3,577,932

3,305,074

3,675,509

3,305,074

Loan to Deposit Ratio

101.3

104.4

102.3

101.3

102.3

Net Loan Charge-Offs (Recoveries) to Average Loans (2)

0.01

0.00

(0.03

)

0.00

(0.01

)

Nonperforming Assets to Total Assets (5)

0.02

Allowance for Credit Losses to Total Loans

1.36

1.38

1.36

1.38

(1)

Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2)

Annualized.

(3)

Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4)

Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

(5)

Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Income Statement

Net Interest Income and Net Interest Margin

Net interest margin (on a fully tax-equivalent basis) for the third quarter of 2023 was 2.32%, an eight basis point decline from 2.40% in the second quarter of 2023 and a 121 basis point decline from 3.53% in the third quarter of 2022. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and PPP balances, interest, and fees was 2.24% for the third quarter of 2023, a seven basis point decline from 2.31% in the second quarter of 2023, and a 114 basis point decline from 3.38% in the third quarter of 2022.

The linked-quarter decline in the margin was primarily due to higher funding costs, offset partially by higher earning asset yields.
The year-over-year decline in the margin was primarily due to higher funding costs and increased borrowings in the rising interest rate environment, offset partially by higher earning asset yields.

Net interest income was $25.4 million for the third quarter of 2023, a decrease of $451,000 from $25.9 million in the second quarter of 2023, and a decrease of $8.7 million from $34.1 million in the third quarter of 2022.

The linked-quarter decrease in net interest income was primarily due to higher rates paid on deposits in the rising interest rate environment.
The year-over-year decrease in net interest income was primarily due to higher rates paid on deposits and increased borrowings in the rising interest rate environment.
Average interest earning assets were $4.42 billion for the third quarter of 2023, an increase of $21.4 million, or 0.5%, from $4.40 billion for the second quarter of 2023, and an increase of $544.5 million, or 14.1%, from $3.87 billion for the third quarter of 2022. The linked-quarter increase in average interest earning assets was primarily due to an increase in cash. The year-over-year increase in average interest earning assets was primarily due to strong growth in the loan portfolio and purchases of investment securities.

Interest income was $56.8 million for the third quarter of 2023, an increase of $1.8 million from $55.0 million in the second quarter of 2023, and an increase of $14.5 million from $42.4 million in the third quarter of 2022.

The yield on interest earning assets (on a fully tax-equivalent basis) was 5.14% in the third quarter of 2023, compared to 5.06% in the second quarter of 2023 and 4.37% in the third quarter of 2022.
The linked-quarter increase in the yield on interest earning assets was primarily due to the increase in market interest rates resulting in new loan originations 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, excluding PPP loans, increased to 5.26% in the third quarter of 2023, which was seven basis points higher than 5.19% in the second quarter of 2023, and 67 basis points higher than 4.59% in the third quarter of 2022.
While loan fees have historically maintained a relatively stable contribution to the aggregate loan yield, the recent periods saw fewer loan prepayments, which historically has accelerated the recognition of loan fees. Despite the overall decrease in fee recognition, the Company is encouraged that 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, excluding PPP loans, for the periods indicated is as follows:

Three Months Ended

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

Interest

5.16

5.09

4.95

4.74

4.42

Fees

0.10

0.11

0.12

0.17

Yield on Loans, Excluding PPP Loans

5.26

5.19

5.06

4.86

4.59

Interest expense was $31.4 million for the third quarter of 2023, an increase of $2.3 million from $29.1 million in the second quarter of 2023, and an increase of $23.1 million from $8.3 million in the third quarter of 2022.

The cost of interest bearing liabilities increased 22 basis points on a linked-quarter basis from 3.59% in the second quarter of 2023 to 3.81% in the third quarter of 2023, primarily due to higher rates paid on deposits in the rising interest rate environment.
On a year-over-year basis, the cost of interest bearing liabilities increased 251 basis points from 1.30% in the third quarter of 2022 to 3.81% in the third quarter of 2023, primarily due to the rapid increase in market interest rates that occurred between the periods, which impacted all funding sources.

Interest expense on deposits was $27.2 million for the third quarter of 2023, an increase of $4.2 million from $23.0 million in the second quarter of 2023, and an increase of $21.2 million from $6.0 million in the third quarter of 2022.

The cost of total deposits increased 33 basis points on a linked-quarter basis from 2.66% in the second quarter of 2023, to 2.99% in the third quarter of 2023, primarily due to the rising interest rate environment and increased competition from other market alternatives.
On a year-over-year basis, the cost of total deposits increased 226 basis points from 0.73% in the third quarter of 2022, to 2.99% in the third quarter of 2023, 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 zero for the third quarter of 2023, compared to $550,000 for the second quarter of 2023 and $1.5 million for the third quarter of 2022.

No provision for credit losses on loans was recorded in the third quarter of 2023 due to a more managed pace of loan growth.
The allowance for credit losses on loans to total loans was 1.36% at September 30, 2023, compared to 1.36% at June 30, 2023, and 1.38% at September 30, 2022.

The provision for credit losses for off-balance sheet credit exposures was a negative provision of $600,000 for the third quarter of 2023, compared to a negative $500,000 for the second quarter of 2023 and zero for the third quarter of 2022.

The negative provision during the quarter 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 $1.7 million for the third quarter of 2023, an increase of $311,000 from $1.4 million for the second quarter of 2023 and an increase of $339,000 from $1.4 million for the third quarter of 2022.

The linked-quarter increase was primarily due to $0.5 million of FHLB prepayment income, offset partially by lower other income.
The year-over-year increase was primarily due to $0.5 million of FHLB prepayment income, offset partially by decreased letter of credit fees and other income.

Noninterest Expense

Noninterest expense was $15.4 million for the third quarter of 2023, an increase of $962,000 from $14.4 million for the second quarter of 2023 and an increase of $1.2 million from $14.2 million for the third quarter of 2022. It is worth noting, on a year-to-date basis through the third quarter, noninterest expense increased $2.5 million, or 6.0%, compared to year-to-date in 2022.

The linked-quarter increase was primarily due to increases in salaries and employee benefits and industry-wide increases in the FDIC insurance assessment, offset partially by a decrease in professional and consulting fees.
The year-over-year increase was primarily attributable to increases in the FDIC insurance assessment and derivative collateral fees, offset partially by decreases in marketing and advertising.
The efficiency ratio, a non-GAAP financial measure, was 56.5% for the third quarter of 2023, compared to 52.7% for the second quarter of 2023, and 39.8% for the third quarter of 2022.
The Company had 255 full-time equivalent employees at September 30, 2023, compared to 253 employees at June 30, 2023, and 246 employees at September 30, 2022.

Income Taxes

The effective combined federal and state income tax rate for the third quarter of 2023 was 22.3%, a decrease from 23.6% for the second quarter of 2023 and 26.8% for the third quarter of 2022. The effective combined federal and state rate for the nine months ended September 30, 2023 and 2022 was 24.1% and 26.3%, respectively.

Balance Sheet

Loans

(dollars in thousands)

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

Commercial

459,063

459,184

454,193

435,344

412,448

Paycheck Protection Program

791

877

963

1,049

1,192

Construction and Land Development

294,818

351,069

312,277

295,554

280,380

1 - 4 Family Construction

64,463

69,648

85,797

70,242

55,177

Real Estate Mortgage:

1 - 4 Family Mortgage

404,716

400,708

380,210

355,474

341,102

Multifamily

1,378,669

1,314,524

1,320,081

1,306,738

1,230,509

CRE Owner Occupied

159,485

159,088

158,650

149,905

151,088

CRE Nonowner Occupied

951,263

971,532

962,671

947,008

900,691

Total Real Estate Mortgage Loans

2,894,133

2,845,852

2,821,612

2,759,125

2,623,390

Consumer and Other

9,003

9,581

9,518

8,132

7,495

Total Loans, Gross

3,722,271

3,736,211

3,684,360

3,569,446

3,380,082

Allowance for Loan Losses

(50,585

)

(50,701

)

(50,148

)

(47,996

)

(46,491

)

Net Deferred Loan Fees

(7,222

)

(7,718

)

(8,735

)

(9,293

)

(9,088

)

Total Loans, Net

3,664,464

3,677,792

3,625,477

3,512,157

3,324,503

Total gross loans at September 30, 2023 were $3.72 billion, a slight decrease of $13.9 million, or 1.5% annualized, over total gross loans of $3.74 billion at June 30, 2023, and an increase of $342.2 million, or 10.1%, over total gross loans of $3.38 billion at September 30, 2022.

The decrease in the loan portfolio during the third quarter of 2023 was primarily due to moderating loan originations and elevated payoffs and paydowns.

Deposits

(dollars in thousands)

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

Noninterest Bearing Transaction Deposits

754,297

751,217

742,198

884,272

961,084

Interest Bearing Transaction Deposits

780,863

719,488

630,037

451,992

510,396

Savings and Money Market Deposits

872,534

860,613

913,013

1,031,873

1,077,333

Time Deposits

265,737

271,783

266,213

272,253

293,052

Brokered Deposits

1,002,078

974,831

859,662

776,153

463,209

Total Deposits

3,675,509

3,577,932

3,411,123

3,416,543

3,305,074

Total deposits at September 30, 2023 were $3.68 billion, an increase of $97.6 million, or 10.8% annualized, over total deposits of $3.58 billion at June 30, 2023, and an increase of $370.4 million, or 11.2%, over total deposits of $3.31 billion at September 30, 2022.

Core deposits, defined as total deposits excluding brokered deposits and time deposits greater than $250,000, increased $69.9 million, or 11.0% annualized, from the second quarter 2023.
Brokered deposits continue to be used as a supplemental funding source, as needed.
Uninsured deposits were 22% of total deposits as of September 30, 2023 and June 30, 2023.

Liquidity

Total on- and off-balance sheet liquidity was $2.18 billion as of September 30, 2023, compared to $1.96 billion at June 30, 2023 and $1.41 billion at September 30, 2022. The Company did not utilize the Bank Term Funding Program (BTFP) or Federal Reserve Discount Window during the third quarter of 2023.

Primary Liquidity—On-Balance Sheet

September 30, 2023

June 30. 2023

March 31, 2023

December 31, 2022

September 30, 2022

(dollars in thousands)

Cash and Cash Equivalents

77,617

138,618

177,116

48,090

36,332

Securities Available for Sale

553,076

538,220

559,430

548,613

542,007

Less: Pledged Securities

(164,277)

(236,206)

(234,452)

—

Total Primary Liquidity

466,416

440,632

502,094

596,703

578,339

Ratio of Primary Liquidity to Total Deposits

12.7

12.3

14.7

17.5

Secondary Liquidity—Off-Balance Sheet Borrowing Capacity

Net Secured Borrowing Capacity with the FHLB

516,501

400,792

246,795

390,898

426,604

Net Secured Borrowing Capacity with the Federal Reserve Bank

1,022,128

986,644

990,685

157,827

156,534

Unsecured Borrowing Capacity with Correspondent Lenders

150,000

108,000

158,000

208,000

Secured Borrowing Capacity with Correspondent Lender

26,250

40,000

Total Secondary Liquidity

1,714,879

1,521,686

1,421,730

782,975

831,138

Total Primary and Secondary Liquidity

2,181,295

1,962,318

1,923,824

1,379,678

1,409,477

Ratio of Primary and Secondary Liquidity to Total Deposits

59.3

54.8

56.4

40.4

42.6

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 (recoveries) as a percentage of average loans were 0.01% for the third quarter of 2023, compared to 0.00% for the second quarter of 2023, and (0.03)% for the third quarter of 2022.
At September 30, 2023, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $749,000, or 0.02% of total assets, as compared to $778,000, or 0.02% of total assets at June 30, 2023, and $663,000, or 0.02% of total assets at September 30, 2022.
Loans with potential weaknesses that warrant a watchlist risk rating at September 30, 2023 totaled $26.9 million, compared to $27.2 million at June 30, 2023, and $22.8 million at September 30, 2022.
Loans that warranted a substandard risk rating at September 30, 2023 totaled $35.6 million, compared to $33.8 million at June 30, 2023, and $30.8 million at September 30, 2022. Increased uncertainty in the economic environment may result in future watchlist or adverse classifications in the loan portfolio.

Capital

Total shareholders’ equity at September 30, 2023 was $416.0 million, an increase of $6.8 million, or 1.7%, compared to total shareholders’ equity of $409.1 million at June 30, 2023, and an increase of $34.0 million, or 8.9%, over total shareholders’ equity of $382.0 million at September 30, 2022.

The linked-quarter increase was due to net income retained and unrealized gains in the derivatives portfolio, offset partially by an increase in unrealized losses in the securities portfolio and preferred stock dividends.
The year-over-year increase was due to net income retained and unrealized gains in the derivatives portfolio, offset partially by an increase in unrealized losses in the securities portfolio, the adoption of the Current Expected Credit Losses (CECL) accounting methodology and preferred stock dividends.
The common equity Tier 1 risk-based capital ratio was 9.07% at September 30, 2023, compared to 8.72% at June 30, 2023 and 8.47% at September 30, 2022.
Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.61% at September 30, 2023, compared to 7.39% at June 30, 2023, and 7.57% at September 30, 2022.

Tangible book value per share, a non-GAAP financial measure, was $12.37 as of September 30, 2023, an increase of 1.9% from $12.15 as of June 30, 2023, and an increase of 9.2% from $11.33 as of September 30, 2022.

The linked-quarter and year-over-year increases occurred despite the market value depreciation of the securities portfolio driven by the rising interest rate environment.

The Company did not purchase any shares of its common stock during the third quarter of 2023.

The Company has $25.0 million remaining under its current share repurchase authorization.

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2023 to shareholders of record of the Series A Preferred Stock at the close of business on November 15, 2023.

Conference Call and Webcast

The Company will host a conference call to discuss its third quarter 2023 financial results on Thursday, October 26, 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 1859973. The replay will be available through November 2, 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 St. Louis Park, Minnesota-based financial holding company. Bridgewater's banking subsidiary, Bridgewater Bank, is a premier, full-service Twin Cities bank dedicated to serving the diverse needs of commercial real estate investors, entrepreneurs, business clients and successful individuals. By pairing a range of deposit, lending, and business services solutions with a responsive service model, Bridgewater has seen continuous growth and profitability. With total assets of $4.6 billion and seven branches as of September 30, 2023, Bridgewater is considered one of the largest locally led banks in the State of Minnesota, and has received numerous awards for its growth, banking services, and esteemed corporate culture.

Use of Non-GAAP financial measures

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Forward-Looking Statements

This earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of recent and potential additional rate increases by the Federal Reserve; 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 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, Signature Bank and First Republic 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; 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 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 failures of Silicon Valley Bank, Signature Bank and First Republic Bank; 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 (including the COVID-19 pandemic), acts of war or terrorism or other adverse external events, including the Israeli-Palestinian conflict and the Russian invasion of Ukraine; potential impairment to the goodwill the Company recorded in connection with our past acquisition; changes to U.S. or state tax laws, regulations and guidance, including the new 1% excise tax on stock buybacks by publicly traded companies; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Bridgewater Bancshares, Inc. and Subsidiaries

Financial Highlights

(dollars in thousands, except share data)

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31

September 30,

(dollars in thousands)

2023

2022

Income Statement

Net Interest Income

25,421

25,872

28,567

32,893

34,095

Provision for (Recovery of) Credit Losses

(600

)

625

1,500

Noninterest Income

1,726

1,415

1,943

1,738

1,387

Noninterest Expense

15,350

14,388

14,183

15,203

14,157

Net Income

9,629

9,816

11,642

13,735

14,513

Net Income Available to Common Shareholders

8,616

8,802

10,629

12,721

13,500

Per Common Share Data

Basic Earnings Per Share

0.31

0.32

0.38

0.46

0.49

Diluted Earnings Per Share

0.30

0.31

0.37

0.45

0.47

Book Value Per Share

12.47

12.25

12.05

11.80

11.44

Tangible Book Value Per Share (1)

12.37

12.15

11.95

11.69

11.33

Basic Weighted Average Shares Outstanding

27,943,409

27,886,425

27,726,894

27,558,983

27,520,117

Diluted Weighted Average Shares Outstanding

28,311,778

28,198,739

28,490,046

28,527,306

28,592,854

Shares Outstanding at Period End

28,015,505

27,973,995

27,845,244

27,751,950

27,587,978

Financial Ratios

Return on Average Assets (2)

0.85

0.88

1.07

1.28

1.46

Pre-Provision Net Revenue Return on Average Assets (1)(2)

1.01

1.16

1.49

1.82

2.15

Return on Average Shareholders' Equity (2)

9.23

9.69

11.70

14.06

14.99

Return on Average Tangible Common Equity (1)(2)

9.92

10.48

12.90

15.86

17.03

Net Interest Margin (3)

2.32

2.40

2.72

3.16

3.53

Core Net Interest Margin (1)(3)

2.24

2.31

2.62

3.05

3.38

Cost of Total Deposits

2.99

2.66

2.01

1.31

0.73

Cost of Funds

3.10

2.91

2.41

1.67

0.93

Efficiency Ratio (1)

56.5

52.7

46.2

43.8

39.8

Noninterest Expense to Average Assets (2)

1.35

1.29

1.31

1.42

Balance Sheet

Total Assets

4,557,070

4,603,185

4,602,899

4,345,662

4,128,987

Total Loans, Gross

3,722,271

3,736,211

3,684,360

3,569,446

3,380,082

Deposits

3,675,509

3,577,932

3,411,123

3,416,543

3,305,074

Total Shareholders' Equity

415,960

409,126

402,006

394,064

382,007

Loan to Deposit Ratio

101.3

104.4

108.0

104.5

102.3

Core Deposits to Total Deposits (4)

70.3

72.4

74.6

83.0

Uninsured Deposits to Total Deposits

22.2

22.1

24.0

38.5

42.5

Asset Quality

Net Loan Charge-Offs (Recoveries) to Average Loans (2)

0.01

0.00

(0.03

Nonperforming Assets to Total Assets (5)

0.02

0.01

0.02

Allowance for Credit Losses to Total Loans

1.36

1.34

1.38

Capital Ratios (Consolidated) (6)

Tier 1 Leverage Ratio

9.62

9.47

9.41

9.55

9.98

Common Equity Tier 1 Risk-based Capital Ratio

9.07

8.72

8.48

8.40

8.47

Tier 1 Risk-based Capital Ratio

10.69

10.33

10.08

10.03

10.19

Total Risk-based Capital Ratio

13.88

13.50

13.25

13.15

13.78

Tangible Common Equity to Tangible Assets (1)

7.61

7.39

7.23

7.48

7.57

(1)

Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2)

Annualized.

(3)

Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4)

Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.

(5)

Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

(6)

Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)

September 30,

June 30,

March 31,

December 31,

September 30,

2023

2022

(Unaudited)

Assets

Cash and Cash Equivalents

124,358

177,101

209,192

87,043

75,496

Bank-Owned Certificates of Deposit

1,225

1,181

1,182

Securities Available for Sale, at Fair Value

553,076

538,220

559,430

548,613

542,007

Loans, Net of Allowance for Credit Losses

3,664,464

3,677,792

3,625,477

3,512,157

3,324,503

Federal Home Loan Bank (FHLB) Stock, at Cost

17,056

21,557

28,632

19,606

15,603

Premises and Equipment, Net

49,331

49,710

47,801

48,445

48,941

Foreclosed Assets

—

116

—

Accrued Interest

15,182

13,822

13,377

13,479

11,198

Goodwill

2,626

Other Intangible Assets, Net

197

206

240

288

336

Bank-Owned Life Insurance

34,209

33,958

33,719

33,485

33,248

Other Assets

95,346

86,852

81,064

78,739

73,847

Total Assets

4,557,070

4,603,185

4,602,899

4,345,662

4,128,987

Liabilities and Equity

Liabilities

Deposits:

Noninterest Bearing

754,297

751,217

742,198

884,272

961,084

Interest Bearing

2,921,212

2,826,715

2,668,925

2,532,271

2,343,990

Total Deposits

3,675,509

3,577,932

3,411,123

3,416,543

3,305,074

Federal Funds Purchased

—

195,000

437,000

287,000

212,000

Notes Payable

13,750

—

FHLB Advances

294,500

262,000

197,000

97,000

71,500

Subordinated Debentures, Net of Issuance Costs

79,192

79,096

79,001

78,905

92,559

Accrued Interest Payable

3,816

2,974

3,257

2,831

2,214

Other Liabilities

74,343

63,307

59,762

55,569

63,633

Total Liabilities

4,141,110

4,194,059

4,200,893

3,951,598

3,746,980

SHAREHOLDERS' EQUITY

Preferred Stock- $0.01 par value; Authorized 10,000,000

Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at September 30, 2023 (unaudited), June 30, 2023 (unaudited), March 31, 2023 (unaudited), December 31, 2022, and September 30, 2022 (unaudited)

66,514

Common Stock- $0.01 par value; Authorized 75,000,000

Common Stock - Issued and Outstanding 28,015,505 at September 30, 2023 (unaudited), 27,973,995 at June 30, 2023 (unaudited), 27,845,244 at March 31, 2023 (unaudited), 27,751,950 at December 31, 2022 and 27,587,978 at September 30, 2022 (unaudited)

280

278

276

Additional Paid-In Capital

100,120

99,044

97,716

96,529

95,973

Retained Earnings

272,812

264,196

255,394

248,685

235,964

Accumulated Other Comprehensive Loss

(23,766

)

(20,908

)

(17,896

)

(17,942

)

(16,720

)

Total Shareholders' Equity

415,960

409,126

402,006

394,064

382,007

Total Liabilities and Equity

4,557,070

4,603,185

4,602,899

4,345,662

4,128,987

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2023

2022

2023

2022

Interest Income

Loans, Including Fees

48,999

47,721

44,955

42,488

37,666

141,675

103,768

Investment Securities

6,507

6,237

6,218

5,843

4,372

18,962

10,567

Other

1,303

1,043

819

529

321

3,165

500

Total Interest Income

56,809

55,001

51,992

48,860

42,359

163,802

114,835

Interest Expense

Deposits

27,225

22,998

16,374

10,781

5,984

66,597

12,598

Notes Payable

296

285

263

202

—

844

—

FHLB Advances

2,316

2,092

861

575

329

5,269

646

Subordinated Debentures

1,003

993

983

1,030

1,242

2,979

3,658

Federal Funds Purchased

548

2,761

4,944

3,379

709

8,253

1,128

Total Interest Expense

31,388

29,129

23,425

15,967

8,264

83,942

18,030

Net Interest Income

25,421

25,872

28,567

32,893

34,095

79,860

96,805

Provision for (Recovery of) Credit Losses

(600)

625

1,500

6,200

Net Interest Income After Provision for Credit Losses

26,021

25,822

27,942

31,393

32,595

79,785

90,605

Noninterest Income

Customer Service Fees

379

368

349

344

313

1,096

892

Net Gain (Loss) on Sales of Securities

—

(56)

—

(6)

Letter of Credit Fees

315

379

634

358

428

1,328

1,234

Debit Card Interchange Fees

150

155

138

148

153

443

438

Swap Fees

—

557

Bank-Owned Life Insurance

252

238

234

238

227

724

524

FHLB Prepayment Income

493

—

299

—

792

—

Other Income

137

225

345

620

266

707

897

Total Noninterest Income

1,726

1,415

1,943

1,738

1,387

5,084

4,594

Noninterest Expense

Salaries and Employee Benefits

9,519

8,589

8,815

9,821

9,449

26,923

27,120

Occupancy and Equipment

1,101

1,075

1,209

1,177

1,086

3,385

3,213

FDIC Insurance Assessment

1,075

900

665

360

315

2,640

1,005

Data Processing

392

401

357

371

372

1,150

1,025

Professional and Consulting Fees

715

829

755

635

594

2,299

2,030

Derivative Collateral Fees

543

404

380

535

122

1,327

151

Information Technology and Telecommunications

683

711

683

673

650

2,077

1,822

Marketing and Advertising

222

321

262

403

479

805

1,629

Intangible Asset Amortization

143

Amortization of Tax Credit Investments

113

114

341

294

Other Expense

978

1,010

895

1,066

928

2,883

2,985

Total Noninterest Expense

15,350

14,388

14,183

15,203

14,157

43,921

41,417

Income Before Income Taxes

12,397

12,849

15,702

17,928

19,825

40,948

53,782

Provision for Income Taxes

2,768

3,033

4,060

4,193

5,312

9,861

14,125

Net Income

9,629

9,816

11,642

13,735

14,513

31,087

39,657

Preferred Stock Dividends

(1,013)

(1,014)

(1,013)

(1,014)

(1,013)

(3,040)

Net Income Available to Common Shareholders

8,616

8,802

10,629

12,721

13,500

28,047

36,617

Earnings Per Share

Basic

0.31

0.32

0.38

0.46

0.49

1.01

1.32

Diluted

0.30

0.31

0.37

0.45

0.47

0.99

1.27

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Three Months Ended

September 30, 2023

June 30, 2023

September 30, 2022

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

81,038

903

4.42

59,963

587

3.93

57,613

165

1.13

Investment Securities:

Taxable Investment Securities

565,008

6,234

4.38

568,143

6,000

4.24

461,255

3,741

3.22

Tax-Exempt Investment Securities (1)

29,955

346

4.58

27,081

300

4.44

75,801

799

4.18

Total Investment Securities

594,963

6,580

4.39

595,224

6,300

4.24

537,056

4,540

3.35

Paycheck Protection Program Loans (2)

828

1.00

913

1.00

2,424

15.75

Loans (1)(2)

3,721,766

49,324

5.26

3,715,621

48,064

5.19

3,263,390

37,724

4.59

Total Loans

3,722,594

49,326

5.26

3,716,534

48,066

5.19

3,265,814

37,820

4.59

Federal Home Loan Bank Stock

17,829

400

8.89

23,330

456

7.84

11,413

156

5.42

Total Interest Earning Assets

4,416,424

57,209

5.14

4,395,051

55,409

5.06

3,871,896

42,681

4.37

Noninterest Earning Assets

88,513

88,611

76,305

Total Assets

4,504,937

4,483,662

3,948,201

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

730,244

7,136

3.88

683,034

5,918

3.48

517,658

1,032

0.79

Savings and Money Market Deposits

874,612

8,089

3.67

861,947

7,048

3.28

999,932

2,494

0.99

Time Deposits

266,635

1,962

2.92

269,439

1,702

2.53

288,621

847

1.16

Brokered Deposits

985,276

10,038

4.04

896,989

8,330

3.72

447,034

1,612

1.43

Total Interest Bearing Deposits

2,856,767

27,225

3.78

2,711,409

22,998

3.40

2,253,245

5,985

1.05

Federal Funds Purchased

39,641

548

5.48

210,677

2,761

5.26

106,826

709

2.63

Notes Payable

13,750

296

8.58

13,750

285

8.33

—

FHLB Advances

275,261

2,316

3.34

242,714

2,092

3.46

72,343

328

1.80

Subordinated Debentures

79,137

1,003

5.03

79,041

993

5.04

92,503

1,242

5.33

Total Interest Bearing Liabilities

3,264,556

31,388

3.81

3,257,591

29,129

3.59

2,524,917

8,264

1.30

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

754,567

755,040

991,545

Other Noninterest Bearing Liabilities

71,767

64,684

47,719

Total Noninterest Bearing Liabilities

826,334

819,724

1,039,264

Shareholders' Equity

414,047

406,347

384,020

Total Liabilities and Shareholders' Equity

4,504,937

4,483,662

3,948,201

Net Interest Income / Interest Rate Spread

25,821

1.33

26,280

1.47

34,417

3.07

Net Interest Margin (3)

2.32

2.40

3.53

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(400)

(408)

(322)

Net Interest Income

25,421

25,872

34,095

(1)

Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

(2)

Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3)

Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Bridgewater Bancshares, Inc. and Subsidiaries Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Nine Months Ended

September 30, 2023

September 30, 2022

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

68,150

1,937

3.80

66,301

231

0.47

Investment Securities:

Taxable Investment Securities

569,097

18,192

4.27

417,462

8,692

2.78

Tax-Exempt Investment Securities (1)

28,947

975

4.50

73,900

2,373

4.29

Total Investment Securities

598,044

19,167

4.29

491,362

11,065

3.01

Paycheck Protection Program Loans (2)

913

1.00

9,575

922

12.88

Loans (1)(2)

3,689,283

142,652

5.17

3,082,924

103,204

4.48

Total Loans

3,690,196

142,659

5.17

3,092,499

104,126

4.50

Federal Home Loan Bank Stock

22,343

1,228

7.34

9,593

269

3.75

Total Interest Earning Assets

4,378,733

164,991

5.04

3,659,755

115,691

4.23

Noninterest Earning Assets

86,243

77,028

Total Assets

4,464,976

3,736,783

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

625,531

15,833

3.38

545,301

2,322

0.57

Savings and Money Market Deposits

926,494

21,636

3.12

934,408

4,597

0.66

Time Deposits

261,474

4,734

2.42

286,059

2,257

1.05

Brokered Deposits

876,130

24,394

3.72

419,352

3,422

1.09

Total Interest Bearing Deposits

2,689,629

66,597

3.31

2,185,120

12,598

0.77

Federal Funds Purchased

220,434

8,253

5.01

85,287

1,128

1.77

Notes Payable

13,750

844

8.21

—

FHLB Advances

215,938

5,269

3.26

54,227

646

1.59

Subordinated Debentures

79,042

2,979

5.04

92,396

3,658

5.29

Total Interest Bearing Liabilities

3,218,793

83,942

3.49

2,417,030

18,030

1.00

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

774,523

899,456

Other Noninterest Bearing Liabilities

63,646

37,463

Total Noninterest Bearing Liabilities

838,169

936,919

Shareholders' Equity

408,014

382,834

Total Liabilities and Shareholders' Equity

4,464,976

3,736,783

Net Interest Income / Interest Rate Spread

81,049

1.55

97,661

3.23

Net Interest Margin (3)

2.47

3.57

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(1,189

)

(856

)

Net Interest Income

79,860

96,805

(1)

Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

(2)

Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3)

Bridgewater Bancshares, Inc. and Subsidiaries

Asset Quality Summary

(dollars in thousands) (unaudited)

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

March 31,

December 31

September 30,

(dollars in thousands)

2023

2022

2023

2022

Allowance for Credit Losses

Balance at Beginning of Period

50,701

50,148

47,996

46,491

44,711

47,996

40,020

Impact of Adopting CECL

—

650

—

650

—

Provision for Credit Losses

—

550

1,500

2,050

6,200

Charge-offs

(122

)

(129

)

(34

)

Recoveries

285

305

Net Charge-offs

(116

)

280

(111

)

271

Balance at End of Period

50,585

50,701

50,148

47,996

46,491

50,585

46,491

Allowance for Credit Losses to Total Loans

1.36

1.34

1.38

1.36

1.38

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

March 31,

December 31

September 30,

(dollars in thousands)

2023

2022

2023

2022

Provision for Credit Losses on Loans

—

550

1,500

2,050

6,200

Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures

(600

)

(500

)

(875

)

—

(1,975

)

—

Provision for (Recovery of) Credit Losses

(600

)

625

1,500

6,200

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31

September 30,

(dollars in thousands)

2023

2022

Selected Asset Quality Data

Loans 30-89 Days Past Due

—

186

Loans 30-89 Days Past Due to Total Loans

0.00

0.01

0.00

Nonperforming Loans

749

662

693

639

663

Nonperforming Loans to Total Loans

0.02

Foreclosed Assets

—

116

—

Nonaccrual Loans to Total Loans

0.02

Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans

0.02

Nonperforming Assets (1)

749

778

809

639

663

Nonperforming Assets to Total Assets (1)

0.02

0.01

0.02

Net Loan Charge-Offs (Recoveries) (Annualized) to Average Loans

0.01

0.00

(0.03

)

Watchlist Risk Rating Loans

26,877

27,215

27,574

32,252

22,759

Substandard Risk Rating Loans

35,621

33,821

36,258

28,049

30,767

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(dollars in thousands) (unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2023

2022

2023

2022

Pre-Provision Net Revenue

Noninterest Income

1,726

1,415

1,943

1,738

1,387

5,084

4,594

Less: (Gain) Loss on Sales of Securities

—

(50

)

(30

)

—

(52

)

Less: FHLB Advance Prepayment Income

(493

)

—

(299

)

—

(792

)

—

Total Operating Noninterest Income

1,233

1,365

1,700

1,708

1,387

4,298

4,542

Plus: Net Interest Income

25,421

25,872

28,567

32,893

34,095

79,860

96,805

Net Operating Revenue

26,654

27,237

30,267

34,601

35,482

84,158

101,347

Noninterest Expense

15,350

14,388

14,183

15,203

14,157

43,921

41,417

Less: Amortization of Tax Credit Investments

(113

)

(114

)

(114

)

(114

)

(114

)

(341

)

(294

)

Total Operating Noninterest Expense

15,237

14,274

14,069

15,089

14,043

43,580

41,123

Pre-Provision Net Revenue

11,417

12,963

16,198

19,512

21,439

40,578

60,224

Plus:

Non-Operating Revenue Adjustments

493

243

—

786

Less:

Provision (Recovery of) for Credit Losses

(600

)

625

1,500

6,200

Non-Operating Expense Adjustments

113

114

341

294

Provision for Income Taxes

2,768

3,033

4,060

4,193

5,312

9,861

14,125

Net Income

9,629

9,816

11,642

13,735

14,513

31,087

39,657

Average Assets

4,504,937

4,483,662

4,405,234

4,251,345

3,948,201

4,464,974

3,736,783

Pre-Provision Net Revenue Return on Average Assets

1.01

1.16

1.49

1.82

2.15

1.22

2.15

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis)

25,822

26,280

28,947

33,260

34,417

81,049

97,661

Less: Loan Fees

(914

)

(941

)

(998

)

(1,100

)

(1,400

)

(2,853

)

(5,173

)

Less: PPP Interest and Fees

)

(48

)

(96

)

(922

)

Core Net Interest Income

24,906

25,336

27,947

32,112

32,921

78,189

91,566

Average Interest Earning Assets

4,416,424

4,395,050

4,323,706

4,177,644

3,871,896

4,378,733

3,659,755

Less: Average PPP Loans

(828

)

(913

)

(999

)

(1,109

)

(2,424

)

(913

)

(9,575

)

Core Average Interest Earning Assets

4,415,596

4,394,137

4,322,707

4,176,535

3,869,472

4,377,820

3,650,180

Core Net Interest Margin

2.24

2.31

2.62

3.05

3.38

2.39

3.35

Efficiency Ratio

Noninterest Expense

15,350

14,388

14,183

15,203

14,157

43,921

41,417

Less: Amortization of Intangible Assets

)

(34

)

(48

)

(48

)

(48

)

(91

)

(143

)

Adjusted Noninterest Expense

15,341

14,354

14,135

15,155

14,109

43,830

41,274

Net Interest Income

25,421

25,872

28,567

32,893

34,095

79,860

96,805

Noninterest Income

1,726

1,415

1,943

1,738

1,387

5,084

4,594

Less: Gain (Loss) on Sales of Securities

—

(50

)

(30

)

—

(52

)

Adjusted Operating Revenue

27,147

27,237

30,566

34,601

35,482

84,950

101,347

Efficiency Ratio

56.5

52.7

46.2

43.8

39.8

51.6

40.7

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(dollars in thousands) (unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2023

2022

2023

2022

Tangible Common Equity and Tangible Common Equity/Tangible Assets

Total Shareholders' Equity

415,960

409,126

402,006

394,064

382,007

Less: Preferred Stock

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

Total Common Shareholders' Equity

349,446

342,612

335,492

327,550

315,493

Less: Intangible Assets

(2,823

)

(2,832

)

(2,866

)

(2,914

)

(2,962

)

Tangible Common Equity

346,623

339,780

332,626

324,636

312,531

Total Assets

4,557,070

4,603,185

4,602,899

4,345,662

4,128,987

Less: Intangible Assets

(2,823

)

(2,832

)

(2,866

)

(2,914

)

(2,962

)

Tangible Assets

4,554,247

4,600,353

4,600,033

4,342,748

4,126,025

Tangible Common Equity/Tangible Assets

7.61

7.39

7.23

7.48

7.57

Tangible Book Value Per Share

Book Value Per Common Share

12.47

12.25

12.05

11.80

11.44

Less: Effects of Intangible Assets

(0.10

)

(0.10

)

(0.10

)

(0.11

)

(0.11

)

Tangible Book Value Per Common Share

12.37

12.15

11.95

11.69

11.33

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders

8,616

8,802

10,629

12,721

13,500

28,047

36,617

Average Shareholders' Equity

414,047

406,347

403,533

387,589

384,020

408,014

382,834

Less: Average Preferred Stock

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

Average Common Equity

347,533

339,833

337,019

321,075

317,506

341,500

316,320

Less: Effects of Average Intangible Assets

(2,828

)

(2,846

)

(2,894

)

(2,941

)

(2,989

)

(2,856

)

(3,036

)

Average Tangible Common Equity

344,705

336,987

334,125

318,134

314,517

338,644

313,284

Return on Average Tangible Common Equity

9.92

10.48

12.90

15.86

17.03

11.07

15.63

View source version on businesswire.com: https://www.businesswire.com/news/home/20231024186087/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

Bridgewater Bancshares (NASDAQ:BWB)
過去株価チャート
から 12 2024 まで 1 2025

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Bridgewater Bancshares (NASDAQ:BWB)
過去株価チャート
から 1 2024 まで 1 2025

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