Business
Bridgewater Bancshares, Inc. Announces First Quarter 2022 Net Income of $12.3 Million, $0.39 Diluted Earnings Per Common Share
ST. LOUIS PARK, 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":" ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--\nBridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $12.3 million for the first quarter of 2022, a 2.0% decrease over net income of $12.5 million for the fourth quarter of 2021, and a 14.9% increase over net income of $10.7 million for the first quarter of 2021. Earnings per diluted common share for the first quarter of 2022 were $0.39, flat compared to $0.39 per diluted common share for the fourth quarter of 2021, and a 4.7% increase compared to $0.37 per diluted common share for the same period in 2021.\n\n“Bridgewater began 2022 by continuing the same growth and profitability trends that made 2021 such a successful year,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “During the first quarter, we again produced consistent results highlighted by robust loan growth with strong asset quality, while growing revenue and maintaining one of the lowest efficiency ratios in the industry. We also took an important step toward enhancing organizational efficiencies to support future growth through the successful launch of our new commercial loan origination system in March, which digitizes the end-to-end lending process. While we are not immune to the various economic challenges and uncertainties related to higher interest rates and inflation, we continue to position the organization for success in the current environment by investing in the business, adding top talent and deepening our relationships throughout the Twin Cities market.”\n\nToday the Company also announced that its Board of Directors 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 June 1, 2022 to shareholders of record of the Series A Preferred Stock at the close of business on May 13, 2022.\n\nFirst Quarter 2022 Financial Results\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n...