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Bridgewater Bancshares, Inc. Announces Fourth Quarter 2023 Net Income of $8.9 Million, $0.28 Diluted Earnings Per Common Share
Fourth Quarter 2023 Highlights Deposit growth of $34.4 million, or 3.7% annualized, from the third quarter of 2023, exceeded gross loan growth which remained
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":"\nFourth Quarter 2023 Highlights\n\n\n\nDeposit growth of $34.4 million, or 3.7% annualized, from the third quarter of 2023, exceeded gross loan growth which remained relatively stable from the third quarter of 2023, lowering the loan-to-deposit ratio to 100.4%.\n\n\n\nNet interest margin (on a fully tax-equivalent basis) of 2.27%, compared to 2.32% in the third quarter of 2023.\n\n\n\nNo provision for credit losses on loans was recorded in the fourth quarter of 2023. The allowance for credit losses on loans to total loans was 1.36% at December 31, 2023 and September 30, 2023, respectively.\n\n\n\nNonperforming assets to total assets of 0.02% at December 31, 2023 and September 30, 2023.\n\n\n\nTangible book value per share(1) of $12.84 at December 31, 2023, an increase of $0.46, or 14.9% annualized, compared to $12.37 at September 30, 2023.\n\n\n\nRepurchased 423,749 shares of common stock at a weighted average price of $10.72, for a total of $4.5 million.\n\n\n\nEarly adopted ASU 2023-02 applying the modified retrospective method which reclassified noninterest expense to income tax expense effective January 1, 2023, which may impact comparability to prior 2023 filings.\n\n\n\nAnnual 2023 Highlights\n\n\n\nDiluted earnings per common share for the year ended December 31, 2023 were $1.27, compared to $1.72 for the year ended December 31, 2022.\n\n\n\nAsset growth of 6.1% compared to December 31, 2022 exceeded 2023 full-year noninterest expense growth of 4.8% compared to the full year of 2022.\n\n\n\nDeposit growth of $293.4 million, or 8.6%, in 2023 exceeded gross loan growth of $154.8 million, or 4.3%.\n\n\n\nNet loan charge-offs (recoveries) as a percentage of average loans were 0.01% for the year ended December 31, 2023, compared to (0.01)% for the year ended December 31, 2022.\n\n\n\nTangible book value per share(1) increased $1.15, or 9.8%, to $12.84 at December 31, 2023, compared to $11.69 at December 31, 2022.\n\n\n\nCommon Equity Tier 1 Risk-Based Capital Ratio was 9.16% at December 31, 2023, compared to 8.40% at December 31, 2022.\n\n\n\n(1) Represents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\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...