Business
Bridgewater Bancshares, Inc. Announces Record Third Quarter 2022 Net Income of $14.5 Million, $0.47 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 record net income of $14.5 million for the third quarter of 2022, a 12.7% increase over net income of $12.9 million for the second quarter of 2022, and a 26.1% increase over net income of $11.5 million for the third quarter of 2021. Earnings per diluted common share for the third quarter of 2022 were $0.47, a 14.6% increase compared to $0.41 per diluted common share for the second quarter of 2022, and a 19.4% increase compared to $0.40 per diluted common share for the same period in 2021.\n\n“Bridgewater’s ability to produce consistent financial results remained evident in the third quarter with record pre-provision net revenue and continued growth of tangible book value per share,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “Our impressive profitability was driven by robust loan growth, well controlled expenses and the hard work of our team members to expand and deepen our client relationships.\n\n“While the current economic environment creates an elevated level of uncertainty, we remain confident in our business model. As the rise in interest rates drives deposit costs higher and creates near-term net interest margin pressure, we believe our proven ability to grow the balance sheet can support our continued focus on overall revenue growth. Couple this with our superb credit quality and an efficiency ratio among the best in the industry and we have a story that is poised to continue driving sustained shareholder value.”\n\nThird Quarter 2022 Financial Results\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nDiluted\n\n\n\n \n\n\n\n \n\n\n\nAdjusted\n\n\n\n \n\n\n\n \n\n\n\nNonperforming\n\n\n\n \n\n\n\n\n\nROA\n\n\n\n \n\n\n\n \n\n\n\nPPNR ROA (1)\n\n\n\n \n\n\n\n \n\n\n\nROE\n\n\n\n \n\n\n\n \n\n\n\nearnings per share\n\n\n\n \n\n\n\n \n\n\n\nefficiency ratio (1)\n\n\n\n \n\n\n\n \n\n\n\nassets to total assets\n\n\n\n \n\n\n\n\n\n1.46\n\n\n\n%\n\n\n\n \n\n\n\n2.15\n\n\n\n%\n\n\n\n \n\n\n\n14.99\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n0.47\n\n\n\n \n\n\n\n \n\n\n\n39.4\n\n\n\n%\n\n\n\n \n\n\n\n0.02\n\n\n\n%\n\n\n\n\n\n________________________________\n\n\n\n(1)\n\n\n\nRepresents a non-GAAP financial measur...