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Bridgewater Bancshares, Inc. Announces Second Quarter 2023 Net Income of $9.8 Million, $0.31 Diluted Earnings Per Common Share
Second Quarter 2023 Highlights Annualized return on average assets (ROA) of 0.88%, compared to 1.07% for the first quarter of 2023. Annualized return on
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":"\nSecond Quarter 2023 Highlights\n\n\n\nAnnualized return on average assets (ROA) of 0.88%, compared to 1.07% for the first quarter of 2023.\n\n\n\nAnnualized return on average shareholders’ equity (ROE) of 9.69%, compared to 11.70% for the first quarter of 2023, and annualized return on average tangible common equity (ROATCE)(1) of 10.48%, compared to 12.90% for the first quarter of 2023.\n\n\n\nGross loans increased $51.9 million, or 5.6% annualized, from the first quarter of 2023.\n\n\n\nDeposits increased by $166.8 million, or 19.6% annualized, from the first quarter of 2023, including an increase of core deposits(2) of $45.3 million, or 7.4% annualized.\n\n\n\nTotal borrowing capacity of $1.5 billion at June 30, 2023, compared to $783.0 million at December 31, 2022.\n\n\n\nNet interest margin (on a fully tax-equivalent basis) of 2.40%, compared to 2.72% in the first quarter of 2023.\n\n\n\nEfficiency ratio(1) of 52.7%, compared to 46.2% for the first quarter of 2023.\n\n\n\nNoninterest expense increased slightly by $205,000, or 1.4%, from the first quarter of 2023, with annualized noninterest expense to average assets of 1.29%, compared to 1.31% for the first quarter of 2023.\n\n\n\nA credit loss provision of $550,000 was recorded to support continued loan growth, with allowance for credit losses to total loans of 1.36% at both June 30, 2023 and March 31, 2023.\n\n\n\nAnnualized net loan charge-offs (recoveries) as a percentage of average loans of 0.00% for the second quarter of 2023, in-line with the first quarter of 2023.\n\n\n\nNonperforming assets to total assets of 0.02% at June 30, 2023 and March 31, 2023.\n\n\n\nTangible book value per share(1) of $12.15 at June 30, 2023, an increase of $0.20, or 6.7% annualized, compared to $11.95 at March 31, 2023.\n\n\n\n(1) Represents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n(2) Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.\n\n\n 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 $9.8 million for the second quarter of 2023, compared to $11.6 million for the first quarter of 2023, and $12.9 million for the second quarter of 2022. Earnin...