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Bridgewater Bancshares, Inc. Announces First Quarter 2020 Earnings
BLOOMINGTON, Minn.--(BUSINESS WIRE)-- Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":" BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nBridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $7.4 million for the first quarter of 2020, a 6.1% increase over net income of $7.0 million for the first quarter of 2019. Net income per diluted common share for the first quarter of 2020 was $0.25, a 10.4% increase, compared to $0.23 per diluted common share for the same period in 2019.\n\n\n“In this unprecedented time, it has become very clear that our people are passionate, flexible and committed to assisting our clients and communities in ways beyond measure. I have witnessed initiative, creativity, humor and resilience among our incredibly talented team,” commented Chairman, Chief Executive Officer, and President, Jerry Baack. “The COVID-19 pandemic has evolved rapidly and created a significant amount of disruption for our clients and their businesses. Our strong first quarter earnings and increased loan provisioning position us to be able to assist clients so that our communities will be able to better weather the severe business interruptions caused by the pandemic. The health and safety of our employees, their families and our clients and their businesses are our top priorities. We remain committed to safe and sound banking practices. As the situation continues to evolve, additional steps will be taken to further these efforts in the weeks ahead, subject to regulatory and governmental guidance.”\n\n\nFirst Quarter 2020 Financial Results\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nDiluted\n\n\n\n \n\n\n\nNonperforming\n\n\n\n \n\n\n\nAdjusted \n\n\n\n \n\n\n\nTangible common equity\n\n\n\n\n\nROA\n\n\n\n \n\n\n\nROE\n\n\n\n \n\n\n\nEarnings per share\n\n\n\n \n\n\n\nassets to total assets\n\n\n\n \n\n\n\nefficiency ratio (1)\n\n\n\n \n\n\n\nto tangible assets (2)\n\n\n\n\n\n1.29%\n\n\n\n \n\n\n\n11.94%\n\n\n\n \n\n\n\n$\n\n\n\n0.25\n\n\n\n \n\n\n\n0.03%\n\n\n\n \n\n\n\n44.1%\n\n\n\n \n\n\n\n10.13%\n\n\n\n\n\n\n(1)\n\n\nRatio excludes the amortization of tax credit investments and represents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n\n\n\n(2)\n\n\nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n\n\n\n\nLinked-Quarter Highlights\n\n\n\nAnnualized ...