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Bridgewater Bancshares, Inc. Announces Third Quarter 2023 Net Income of $9.6 Million, $0.30 Diluted Earnings Per Common Share
Third Quarter 2023 Highlights Annualized return on average assets (ROA) of 0.85%, compared to 0.88% for the second quarter of 2023. Annualized return on
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":"\nThird Quarter 2023 Highlights\n\n\n\nAnnualized return on average assets (ROA) of 0.85%, compared to 0.88% for the second quarter of 2023.\n\n\n\nAnnualized return on average shareholders’ equity (ROE) of 9.23%, compared to 9.69% for the second quarter of 2023, and annualized return on average tangible common equity (ROATCE)(1) of 9.92%, compared to 10.48% for the second quarter of 2023.\n\n\n\nDeposits increased by $97.6 million, or 10.8% annualized, from the second quarter of 2023, including an increase of core deposits(2) of $69.9 million, or 11.0% annualized.\n\n\n\nCore deposit growth exceeded loan growth for the second consecutive quarter as gross loans declined slightly by $13.9 million from the second quarter of 2023, lowering the loan-to-deposit ratio to 101.3%.\n\n\n\nNet interest margin (on a fully tax-equivalent basis) of 2.32%, compared to 2.40% in the second quarter of 2023.\n\n\n\nEfficiency ratio(1) of 56.5%, compared to 52.7% for the second quarter of 2023.\n\n\n\nNo provision for credit losses on loans was recorded in the third quarter of 2023. The allowance for credit losses on loans to total loans was 1.36% at both September 30, 2023 and June 30, 2023.\n\n\n\nAnnualized net loan charge-offs as a percentage of average loans of 0.01% for the third quarter of 2023, compared to 0.00% for the second quarter of 2023.\n\n\n\nNonperforming assets to total assets of 0.02% at September 30, 2023 and June 30, 2023.\n\n\n\nTangible book value per share(1) of $12.37 at September 30, 2023, an increase of $0.23, or 7.4% annualized, compared to $12.15 at June 30, 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 $9.6 million for the third quarter of 2023, compared to $9.8 million for the second quarter of 2023, and $14.5 million for the third quarter of 2022. Earnings per diluted common share were $0.30 for the third quarter of 2023, compared to $0.31 for the second quarter of 2023, and $0.47 per diluted common share for the same period in 2022.\n\n\n“Thro...