Business
Bridgewater Bancshares, Inc. Announces Record Third Quarter 2021 Net Income of $11.5 Million, $0.40 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 $11.5 million for the third quarter of 2021, a 4.7% increase over net income of $11.0 million for the second quarter of 2021, and a 60.4% increase over net income of $7.2 million for the third quarter of 2020. Net income per diluted common share for the third quarter of 2021 was $0.40, a 4.8% increase compared to $0.38 per diluted common share for the second quarter of 2021, and a 60.8% increase, compared to $0.25 per diluted common share for the same period in 2020.\n\n“Bridgewater’s third consecutive quarter of record net income was highlighted by a continuation of our robust organic loan growth, as well as two capital raising transactions to support our ongoing growth plans,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “Driven by expanded lending teams, strong brand penetration and M&A-related market disruption, we are generating consistent loan growth by providing our clients with our signature high-touch and responsive level of service. As a result, we have been able to drive continued revenue growth and maintain an adjusted efficiency ratio in the low 40% range, even as we make incremental investments in the business to support our broader growth strategy. With superb asset quality trends and successful subordinated debt and preferred stock issuances during the third quarter, we are well positioned to continue our unique growth story and drive shareholder value going forward.”\n\nThird Quarter 2021 Financial Results\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nDiluted\n\n\n\n \n\n\n\n \n\n\n\nNonperforming\n\n\n\n \n\n\n\nAdjusted\n\n\n\n\n\nROA\n\n\n\n \n\n\n\nPPNR ROA (1)\n\n\n\n \n\n\n\nROE\n\n\n\n \n\n\n\nearnings per share\n\n\n\n \n\n\n\n \n\n\n\nassets to total assets\n\n\n\n \n\n\n\nefficiency ratio (1)\n\n\n\n\n\n1.37\n\n\n\n%\n\n\n\n \n\n\n\n2.09\n\n\n\n%\n\n\n\n \n\n\n\n13.81\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n0.40\n\n\n\n \n\n\n\n \n\n\n\n0.02\n\n\n\n%\n\n\n\n \n\n\n\n41.5\n\n\n\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) Represents a non-GAAP financial measure. See \"Non-GAAP Finan...