Business
Bridgewater Bancshares, Inc. Announces Record Second Quarter 2021 Net Income of $11.0 Million, $0.38 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 $11.0 million for the second quarter of 2021, a 3.0% increase over net income of $10.7 million for the first quarter of 2021, and a 44.7% increase over net income of $7.6 million for the second quarter of 2020. Net income per diluted common share for the second quarter of 2021 was $0.38, a 2.4% increase compared to $0.37 per diluted common share for the first quarter of 2021, and a 44.9% increase, compared to $0.26 per diluted common share for the same period in 2020.\n\n“Bridgewater reported another quarter of record net income driven by robust organic loan growth, superb asset quality and a highly efficient business model,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “Our unique ability to generate profitable loan growth in the current market has been the result of client acquisition opportunities from M&A-related market disruption, the expansion of our lending teams through opportunistic hires, and our strong brand and service model in the Twin Cities. This loan growth, along with a stabilizing core net interest margin, has led to continued revenue growth, all while maintaining consistently low levels of net charge-offs and nonperforming assets. With our proven growth engine and an efficiency ratio among the lowest in the industry, we believe we are well-positioned to continue gaining market share in the attractive Twin Cities market.”\n\nSecond Quarter 2021 Financial Results\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nDiluted\n\n\n\n \n\n\n\nNonperforming\n\n\n\n \n\n\n\nAdjusted\n\n\n\n\n\nROA\n\n\n\n \n\n\n\nPPNR ROA (1)\n\n\n\n \n\n\n\nROE\n\n\n\n \n\n\n\nearnings per share\n\n\n\n \n\n\n\nassets to total assets\n\n\n\n \n\n\n\nefficiency ratio (1)\n\n\n\n\n\n1.43%\n\n\n\n \n\n\n\n2.07%\n\n\n\n \n\n\n\n15.40%\n\n\n\n \n\n\n\n$\n\n\n\n0.38\n\n\n\n \n\n\n\n0.02%\n\n\n\n \n\n\n\n41.5%\n\n\n\n\n_________________________________\n\n\n\n(1) Represents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n\n\n\nSecond Quarter 2021 Highlights\n\n\nDiluted earnings per common share were $0.38 for the second quarter of 2021, compared to $0.37 per common share for the first quar...