Business
Bridgewater Bancshares, Inc. Announces Second Quarter 2022 Net Income of $12.9 Million, $0.41 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 $12.9 million for the second quarter of 2022, a 5.1% increase over net income of $12.3 million for the first quarter of 2022, and a 17.2% increase over net income of $11.0 million for the second quarter of 2021. Earnings per diluted common share for the second quarter of 2022 were $0.41, a 6.8% increase compared to $0.39 per diluted common share for the first quarter of 2022, and a 9.2% increase compared to $0.38 per diluted common share for the same period in 2021.\n\n“Bridgewater produced another strong quarter of financial results highlighted by record revenue and continued robust balance sheet growth,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “During the quarter, we were able to maintain a stable net interest margin with well-controlled expenses, all while providing responsive support and simple solutions to our growing client base. While our asset quality continues to be superb, we remain diligent in how we are managing the business in this uncertain macroeconomic environment. We were also active in repurchasing our common stock during the quarter, demonstrating our continued confidence in the momentum we have established.\n\n“This momentum is a direct result of our unconventional corporate culture. We were once again recognized as a top workplace in 2022 by the Star Tribune and as the best business bank, small business bank and commercial mortgage lender in the Twin Cities by the Finance & Commerce reader rankings. The hard work and dedication of our team members remain primary catalysts for our continued growth.”\n\nToday the Company also announced that its Board of Directors declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (\"Series A Preferred Stock\"). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on September 1, 2022 to shareholders of record of the Series A Preferred Stock at the close of business on August 15, 2022.\n\nSecond 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 ...