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Bridgewater Bancshares, Inc. Announces Second Quarter 2024 Net Income of $8.1 Million, $0.26 Diluted Earnings Per Common Share
Second Quarter 2024 Highlights Tangible book value per share(1) of $13.53 for the second quarter of 2024, an increase of $0.32, or 9.8% annualized, compared
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":"\nSecond Quarter 2024 Highlights\n\n\n\nTangible book value per share(1) of $13.53 for the second quarter of 2024, an increase of $0.32, or 9.8% annualized, compared to $13.20 for the first quarter of 2024.\n\n\n\nNet interest income increased $365,000, or 1.5%, from the first quarter of 2024, the first quarter-over-quarter increase since the third quarter of 2022.\n\n\n\nNet interest margin (on a fully tax-equivalent basis) of 2.24% for the second quarter of 2024, in line with the first quarter of 2024.\n\n\n\nLoan-to-deposit ratio of 99.8%, compared to 99.4% at March 31, 2024.\n\n\n\nGross loans increased $16.2 million, or 1.7% annualized, from the first quarter of 2024. On a year-to-date basis, gross loans increased $76.1 million, or 4.1% annualized.\n\n\n\nDeposits increased by $487,000, or 0.1% annualized, from the first quarter of 2024. On a year-to-date basis, deposits increased by $97.8 million, or 5.3% annualized, and core deposits(2) increased by $37.6 million, or 3.0% annualized.\n\n\n\nEfficiency ratio(1) of 58.7%, compared to 58.2% for the first quarter of 2024.\n\n\n\nA provision for credit losses on loans of $600,000 was recorded in the second quarter of 2024. The allowance for credit losses on loans to total loans was 1.37% at June 30, 2024, compared to 1.36% at March 31, 2024.\n\n\n\nAnnualized net loan charge-offs as a percentage of average loans of 0.00% for the second quarter of 2024, in line with the first quarter of 2024.\n\n\n\nNonperforming assets to total assets of 0.01% at both June 30, 2024 and March 31, 2024.\n\n\n\nRepurchased 252,707 shares of common stock at a weighted average price of $11.48 per share, for a total of $2.9 million.\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 $8.1 million for the second quarter of 2024, compared to $7.8 million for the first quarter of 2024, and $9.8 million for the second quarter of 2023. Earnings per diluted common share were $0.26 for the second quarter of 2024, compared to $0.24 for the first q...