Business
Bridgewater Bancshares, Inc. Announces Fourth Quarter 2024 Financial Results
Fourth Quarter 2024 Highlights Net income of $8.2 million, or $0.26 per diluted common share; adjusted net income of $8.6 million, or $0.27 per diluted
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":"\nFourth Quarter 2024 Highlights\n\n\n\nNet income of $8.2 million, or $0.26 per diluted common share; adjusted net income of $8.6 million, or $0.27 per diluted common share.(1)\n\n\n\nCompleted the acquisition of First Minnetonka City Bank (FMCB) in just 107 days following announcement.\n\n\n\nNet interest income increased $1.4 million, or 5.3%, from the third quarter of 2024.\n\n\n\nNet interest margin (on a fully tax-equivalent basis) of 2.32% for the fourth quarter of 2024, an increase of eight basis points from the third quarter of 2024.\n\n\n\nCore deposits(2) increased by $428.2 million, or 63.6% annualized, from the third quarter of 2024; core deposits excluding FMCB increased by $210.9 million, or 31.3% annualized.\n\n\n\nGross loans increased by $182.9 million, or 19.7% annualized, from the third quarter of 2024; gross loans excluding FMCB increased by $65.8 million, or 7.1% annualized.\n\n\n\nAnnualized net loan charge-offs as a percentage of average loans of 0.03%, compared to 0.10% for the third quarter of 2024.\n\n\n\nFull Year 2024 Highlights\n\n\n\nNet income of $32.8 million, or $1.03 per diluted common share; adjusted net income of $33.4 million, or $1.05 per diluted common share.(1)\n\n\n\nTotal deposits increased by $376.8 million, or 10.2%, in 2024; core deposits(2) increased by $559.4 million, or 22.0%.\n\n\n\nGross loans increased by $144.2 million, or 3.9%, in 2024.\n\n\n\nLoan-to-deposit ratio of 94.7%, down from 100.4% at December 31, 2023.\n\n\n\nNet loan charge-offs as a percentage of average loans were 0.03% for the year ended December 31, 2024, compared to 0.01% for the year ended December 31, 2023.\n\n\n\nNonperforming assets to total assets of 0.01% for the year ended December 31, 2024, compared to 0.02% at December 31, 2023.\n\n\n\nTangible book value per share(1) of $13.49 at December 31, 2024, an increase of 5.1%, from 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 $8.2 million for the fourth quarter of 2024, c...