Business
Bridgewater Bancshares, Inc. Announces Record Annual and Fourth Quarter 2019 Earnings
BLOOMINGTON, 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":" BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nBridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $8.6 million for the fourth quarter of 2019, a 10.4% increase over net income of $7.8 million for the fourth quarter of 2018. Net income per diluted common share for the fourth quarter of 2019 was $0.29, a 14.0% increase, compared to $0.25 per diluted common share for the same period in 2018.\n\n\n“We are pleased to announce record earnings for the fourth quarter and full year of 2019, which reflects the hard work and dedication of our BWB team,” noted Chairman, Chief Executive Officer, and President, Jerry Baack. “We continue to work diligently to grow both sides of the balance sheet as demonstrated by the Company’s annual, organic growth of 14.8% in gross loans and 16.8% in deposits. Despite this challenging rate environment, we are encouraged by our net interest margin stabilization as we actively manage our deposit costs lower. As our loan trajectory continues, asset quality remains strong with our nonperforming assets to total assets ratio at just 0.02% at the end of the year. Heading into 2020, we look forward to further technology investments aimed at enhancing our current client experience and servicing prospective clients attracted to our responsive support and simple solutions. We are grateful to be operating within the vibrant Twin Cities market and continue to brand ourselves as the only locally led, publicly traded community bank.”\n\n\n\n\nFourth Quarter 2019 Financial Results\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nDiluted\n\n\n\n \n\n\n\nNonperforming\n\n\n\n \n\n\n\nAdjusted \n\n\n\n \n\n\n\nTangible book\n\n\n\n\n\nROA\n\n\n\n \n\n\n\nROE\n\n\n\n \n\n\n\nEarnings per share\n\n\n\n \n\n\n\nassets to total assets\n\n\n\n \n\n\n\nefficiency ratio (1)\n\n\n\n \n\n\n\nvalue per share (2)\n\n\n\n\n\n1.53%\n\n\n\n \n\n\n\n14.16%\n\n\n\n \n\n\n\n$\n\n\n\n0.29\n\n\n\n \n\n\n\n0.02%\n\n\n\n \n\n\n\n44.3%\n\n\n\n \n\n\n\n$\n\n\n\n8.33\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n(1) Ratio excludes the amortization of tax credit investments and represents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n(2) Represents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n...