Business
Bridgewater Bancshares, Inc. Announces Fourth Quarter 2022 Net Income of $13.7 Million, $0.45 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 $13.7 million for the fourth quarter of 2022, a 5.4% decrease from net income of $14.5 million for the third quarter of 2022, and a 9.8% increase from net income of $12.5 million for the fourth quarter of 2021. Earnings per diluted common share for the fourth quarter of 2022 were $0.45, a 5.6% decrease compared to $0.47 per diluted common share for the third quarter of 2022, and a 14.2% increase compared to $0.39 per diluted common share for the same period in 2021.\n\n“Bridgewater delivered another strong year of financial results in 2022 highlighted again by our robust balance sheet growth, highly efficient business model and superb asset quality, with all of these trends continuing in the fourth quarter,” said Chairman, Chief Executive Officer and President, Jerry Baack. “As expected, we also saw net interest margin compression during the quarter as the persistent rising interest rate environment created additional funding pressure given our strong loan growth. While we expect the operating environment to remain challenging as we head into 2023, we are taking steps to actively manage our balance sheet in the near-term, with a focus on profitable growth, to drive sustained success over the long-term.”\n\n\n\nFourth Quarter 2022 Financial Results\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nDiluted\n\n\n\n \n\n\n\n \n\n\n\nAdjusted\n\n\n\n \n\n\n\n \n\n\n\nNonperforming\n\n\n\n \n\n\n\n\n\nROA\n\n\n\n \n\n\n\n \n\n\n\nPPNR ROA (1)\n\n\n\n \n\n\n\n \n\n\n\nROE\n\n\n\n \n\n\n\n \n\n\n\nearnings per share\n\n\n\n \n\n\n\n \n\n\n\nefficiency ratio (1)\n\n\n\n \n\n\n\n \n\n\n\nassets to total assets\n\n\n\n \n\n\n\n\n\n1.28\n\n\n\n%\n\n\n\n \n\n\n\n1.82\n\n\n\n%\n\n\n\n \n\n\n\n14.06\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n0.45\n\n\n\n \n\n\n\n \n\n\n\n43.5\n\n\n\n%\n\n\n\n \n\n\n\n0.01\n\n\n\n%\n\n\n\n\n_________________________\n\n\n(1)\n\nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n\n\n\nFourth Quarter 2022 Highlights\n\n\nDiluted earnings per common share were $0.45, compared to $0.47 per common share for the third quarter of 2022.\n\n\nPre-provision net...