Business
Bridgewater Bancshares, Inc. Announces Third Quarter 2024 Net Income of $8.7 Million, $0.27 Diluted Earnings Per Common Share
Third Quarter 2024 Highlights Tangible book value per share(1) of $13.96 for the third quarter of 2024, an increase of $0.43, or 12.8% annualized, compared
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":"\nThird Quarter 2024 Highlights\n\n\nTangible book value per share(1) of $13.96 for the third quarter of 2024, an increase of $0.43, or 12.8% annualized, compared to $13.53 for the second quarter of 2024.\n\n\nPre-provision net revenue(1) increased $489,000, or 4.5%, from the second quarter of 2024.\n\n\nNet interest income increased $603,000, or 2.4%, from the second quarter of 2024.\n\n\nNet interest margin (on a fully tax-equivalent basis) of 2.24% for the third quarter of 2024, in line with the second quarter of 2024.\n\n\nCore deposits(2) increased by $93.6 million, or 14.4% annualized, from the second quarter of 2024. Total deposits decreased by $60.3 million from the second quarter of 2024, primarily driven by a decrease in brokered deposits of $131.3 million.\n\n\nGross loans decreased $114.8 million from the second quarter of 2024, primarily driven by elevated levels of loan payoffs.\n\n\nLoan-to-deposit ratio of 98.3%, compared to 99.8% at June 30, 2024.\n\n\nEfficiency ratio(1) of 58.0%, down from 58.7% for the second quarter of 2024.\n\n\nNo provision for credit losses on loans was recorded in the third quarter of 2024. The allowance for credit losses on loans to total loans was 1.38% at September 30, 2024, compared to 1.37% at June 30, 2024.\n\n\nAnnualized net loan charge-offs as a percentage of average loans of 0.10% for the third quarter of 2024, compared to 0.00% for the second quarter of 2024, primarily driven by one central business district office loan.\n\n\nNonperforming assets to total assets of 0.19% at September 30, 2024, compared to 0.01% at June 30, 2024.\n\n\nAnnounced the strategic acquisition of First Minnetonka City Bank. Received all required regulatory approvals in October 2024 and expect to close on the transaction during the fourth quarter of 2024.\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 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 $8.7 million for the third quarter of 2024, compared to $8.1 million for the second quarter of 2024, and $9.6 million for the third quarter of...