Business
Bridgewater Bancshares, Inc. Announces First Quarter 2024 Net Income of $7.8 Million, $0.24 Diluted Earnings Per Common Share
First Quarter 2024 Highlights Tangible book value per share(1) of $13.20 for the first quarter of 2024, an increase of $0.37, or 11.5% annualized, compared
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":"\nFirst Quarter 2024 Highlights\n\n\n\nTangible book value per share(1) of $13.20 for the first quarter of 2024, an increase of $0.37, or 11.5% annualized, compared to $12.84 for the fourth quarter of 2023.\n\n\n\nRepurchased 193,802 shares of common stock at a weighted average price of $11.75 per share, for a total of $2.3 million.\n\n\n\nGross loans increased $59.9 million, or 6.5% annualized, from the fourth quarter of 2023.\n\n\n\nLoan-to-deposit ratio of 99.4%, compared to 100.4% at December 31, 2023.\n\n\n\nDeposits increased by $97.3 million, or 10.5% annualized, from the fourth quarter of 2023, including an increase in core deposits(2) of $90.3 million, or 14.3% annualized.\n\n\n\nNet interest margin (on a fully tax-equivalent basis) of 2.24%, compared to 2.27% in the fourth quarter of 2023.\n\n\n\nEfficiency ratio(1) of 58.2%, compared to 58.8% for the fourth quarter of 2023.\n\n\n\nNoninterest expense declined $551,000, or 3.5%, from the fourth quarter of 2023. Annualized noninterest expense to average assets was 1.33%, compared to 1.37% for the fourth quarter of 2023.\n\n\n\nA provision for credit losses on loans of $850,000 was recorded to support loan growth in the first quarter of 2024. The allowance for credit losses on loans to total loans was 1.36% at both March 31, 2024 and December 31, 2023.\n\n\n\nAnnualized net loan charge-offs as a percentage of average loans of 0.00% for the first quarter of 2024, compared to 0.01% for the fourth quarter of 2023.\n\n\n\nNonperforming assets to total assets of 0.01% at March 31, 2024, compared to 0.02% at December 31, 2023.\n\n\n\n(1) Represents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n(2) Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.\n\n\n 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 $7.8 million for the first quarter of 2024, compared to $8.9 million for the fourth quarter of 2023, and $11.6 million for the first quarter of 2023. Earnings per diluted common share were $0.24 for the first quarter of 2024, compared to $0.28 for the fourth quarter of 2023, and $0.37 for the first quarter of 2023.\n\n\n“Bridgewater’s 2024 fir...