Bridgewater Bancshares, Inc. Announces First Quarter 2024 Net Income of $7.8 Million, $0.24 Diluted Earnings Per Common Share

About this update from Bridgewater Bancshares, Inc.

[{"type":"text","content":" \n First Quarter 2024 Highlights \n\n \n \nTangible book value per share(1) of $13.20 for the first quarter of 2024, an increase of $0.37 , or 11.5% annualized, compared to $12.84 for the fourth quarter of 2023.\n\n \n \nRepurchased 193,802 shares of common stock at a weighted average price of $11.75 per share, for a total of $2.3 million .\n\n \n \nGross loans increased $59.9 million , or 6.5% annualized, from the fourth quarter of 2023.\n\n \n \nLoan-to-deposit ratio of 99.4%, compared to 100.4% at December 31, 2023 .\n\n \n \nDeposits increased by $97.3 million , or 10.5% annualized, from the fourth quarter of 2023, including an increase in core deposits(2) of $90.3 million , or 14.3% annualized.\n\n \n \nNet interest margin (on a fully tax-equivalent basis) of 2.24%, compared to 2.27% in the fourth quarter of 2023.\n\n \n \nEfficiency ratio(1) of 58.2%, compared to 58.8% for the fourth quarter of 2023.\n\n \n \nNoninterest expense declined $551,000 , or 3.5%, from the fourth quarter of 2023. Annualized noninterest expense to average assets was 1.33%, compared to 1.37% for the fourth quarter of 2023.\n\n \n \nA provision for credit losses on loans of $850,000 was recorded to support loan growth in the first quarter of 2024. The allowance for credit losses on loans to total loans was 1.36% at both March 31, 2024 and December 31, 2023 .\n\n \n \nAnnualized net loan charge-offs as a percentage of average loans of 0.00% for the first quarter of 2024, compared to 0.01% for the fourth quarter of 2023.\n\n \n \nNonperforming assets to total assets of 0.01% at March 31, 2024 , compared to 0.02% at December 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)--\n Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $7.8 million for the first quarter of 2024, compared to $8.9 million for the fourth quarter of 2023, and $11.6 million for the first quarter of 2023. Earnings per diluted common share were $0.24 for the first quarter of 2024, compared to $0.28 for the fourth quarter of 2023, and $0.37 for the first quarter of 2023.\n\n \n“Bridgewater’s 2024 first quarter results were highlighted by improved balance sheet growth, including the loan portfolio and core deposits,” said Chairman, Chief Executive Officer, and President, Jerry Baack . “We were encouraged by an uptick in loan balances due to the increased loan demand and pipelines we began seeing in late 2023. Deposit balances, including core deposits, also rebounded nicely during the quarter, resulting in our loan-to-deposit ratio dropping below 100% for the first time since the first quarter of 2022.\n\n \n“During the first quarter, we also saw net interest margin compression continue to slow, well-controlled expenses, superb asset quality, and the 29th consecutive quarter of tangible book value per share growth. While the economic environment continues to evolve, we remain optimistic about our outlook as we execute on our proven business model and continue to provide a differentiated level of service to our clients.”\n\n \n Key Financial Measures \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of and for the Three Months Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Per Common Share Data \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic Earnings Per Share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.38\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted Earnings Per Share\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook Value Per Share\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.30\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.05\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTangible Book Value Per Share (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.84\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.95\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Financial Ratios \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn on Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.69\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.77\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.07\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nPre-Provision Net Revenue Return on Average Assets (1)(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.95\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.96\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn on Average Shareholders' Equity (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.70\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn on Average Tangible Common Equity (1)(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.64\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.95\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.90\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Interest Margin (3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.72\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCore Net Interest Margin (1)(3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.18\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.21\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.62\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of Total Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.19\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of Funds\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.41\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEfficiency Ratio (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest Expense to Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.30\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTangible Common Equity to Tangible Assets (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.72\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.73\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.21\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.48\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Balance Sheet and Asset Quality (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,723,109\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,611,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,602,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Loans, Gross\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,784,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,724,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,684,360\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,807,225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,709,948\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,411,123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoan to Deposit Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n100.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n108.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNet Loan Charge-Offs (Recoveries) to Average Loans (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.00\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.00\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNonperforming Assets to Total Assets (5)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for Credit Losses to Total Loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n _________________________________ \n \n \n \n(1)\n\n \n\n \n\n \nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nAnnualized.\n\n \n\n \n\n \n \n \n(3)\n\n \n\n \n\n \nAmounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.\n\n \n\n \n\n \n \n \n(4)\n\n \n\n \n\n \nPreliminary data. Current period subject to change prior to filings with applicable regulatory agencies.\n\n \n\n \n\n \n \n \n(5)\n\n \n\n \n\n \nNonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.\n\n \n\n \n\n \n \n Income Statement \n\n \n Net Interest Margin and Net Interest Income \n\n \nNet interest margin (on a fully tax-equivalent basis) for the first quarter of 2024 was 2.24%, a three basis point decline from 2.27% in the fourth quarter of 2023 and a 48 basis point decline from 2.72% in the first quarter of 2023. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees, was 2.18% for the first quarter of 2024, a three basis point decline from 2.21% in the fourth quarter of 2023, and a 44 basis point decline from 2.62% in the first quarter of 2023.\n\n \n \nThe linked-quarter and year-over-year declines in the margin were primarily due to higher funding costs, offset partially by higher earning asset yields.\n\n \n \nNet interest income was $24.6 million for the first quarter of 2024, a decrease of $683,000 from $25.3 million in the fourth quarter of 2023, and a decrease of $3.9 million from $28.6 million in the first quarter of 2023.\n\n \n \nThe linked-quarter and year-over year decreases in net interest income were primarily due to higher rates paid on deposits and growth in the rising interest rate environment, which outpaced the repricing of the loan and securities portfolios.\n\n \n \nInterest income was $58.7 million for the first quarter of 2024, an increase of $116,000 from $58.6 million in the fourth quarter of 2023, and an increase of $6.7 million from $52.0 million in the first quarter of 2023.\n\n \n \nThe yield on interest earning assets (on a fully tax-equivalent basis) was 5.28% in the first quarter of 2024, compared to 5.22% in the fourth quarter of 2023 and 4.91% in the first quarter of 2023.\n\n \n \nThe linked-quarter increase in the yield on interest earning assets was primarily due to the purchase of higher yielding securities and loans repricing at yields accretive to the existing portfolio.\n\n \n \nThe year-over-year increase in the yield on interest earning assets was primarily due to growth and repricing of the loan and securities portfolios in the rising interest rate environment.\n\n \n \nLoan interest income and loan fees remain the primary contributing factors to the changes in the yield on interest earning assets. The aggregate loan yield increased to 5.38% in the first quarter of 2024, five basis points higher than 5.33% in the fourth quarter of 2023, and 32 basis points higher than 5.06% in the first quarter of 2023.\n\n \n \nDespite the overall decrease in fee recognition, the core loan yield continues to rise as new loan originations and the existing portfolio reprice in the higher rate environment.\n\n \n \nA summary of interest and fees recognized on loans for the periods indicated is as follows:\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three Months Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.31\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.25\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.16\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.09\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.95\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nFees\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.07\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.08\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.11\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nYield on Loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.38\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.33\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.26\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.06\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \nInterest expense was $34.0 million for the first quarter of 2024, an increase of $799,000 from $33.2 million in the fourth quarter of 2023, and an increase of $10.6 million from $23.4 million in the first quarter of 2023.\n\n \n \nThe cost of interest bearing liabilities was 4.03% in the first quarter of 2024, compared to 3.97% in the fourth quarter of 2023 and 3.03% in the first quarter of 2023.\n\n \n \nThe linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher rates paid on deposits and changes in the deposit mix.\n\n \n \nThe year-over-year increase in the cost of interest bearing liabilities was primarily due to deposit repricing, which resulted from a rapid increase in market interest rates.\n\n \n \nInterest expense on deposits was $30.2 million for the first quarter of 2024, an increase of $742,000 from $29.4 million in the fourth quarter of 2023, and an increase of $13.8 million from $16.4 million in the first quarter of 2023.\n\n \n \nThe cost of total deposits was 3.32% in the first quarter of 2024, compared to 3.19% in the fourth quarter of 2023 and 2.01% in the first quarter of 2023.\n\n \n \nThe linked-quarter increase in the cost of total deposits was primarily due to client demands for higher interest rates, increased competition, and changes in the mix of deposits.\n\n \n \nThe year-over-year increase in the cost of total deposits was primarily due to upward repricing of the deposit portfolio in the higher interest rate environment.\n\n \n \n Provision for Credit Losses \n\n \nThe provision for credit losses on loans was $850,000 for the first quarter of 2024, compared to $0 for the fourth quarter of 2023 and $1.5 million for the first quarter of 2023.\n\n \n \nThe provision for credit losses on loans recorded in the first quarter of 2024 was primarily attributable to the increased growth of the loan portfolio.\n\n \n \nThe allowance for credit losses on loans to total loans was 1.36% at each of March 31, 2024 , December 31, 2023 and March 31, 2023 .\n\n \n \nThe provision for credit losses for off-balance sheet credit exposures was a negative provision of $100,000 for the first quarter of 2024, compared to a negative provision of $250,000 for the fourth quarter of 2023 and a negative provision of $875,000 for the first quarter of 2023.\n\n \n \nThe negative provision during the first quarter of 2024 was due to a reduction in outstanding unfunded commitments primarily attributable to the migration to funded loans, as well as a moderation in volume of newly originated projects with unfunded commitments.\n\n \n \n Noninterest Income \n\n \nNoninterest income was $1.6 million for the first quarter of 2024, an increase of $141,000 from $1.4 million for the fourth quarter of 2023 and a decrease of $393,000 from $1.9 million for the first quarter of 2023.\n\n \n \nThe linked-quarter increase was primarily due to a net gain on sale of securities and an increase in other income, offset partially by lower letter of credit fees.\n\n \n \nThe year-over-year decrease was primarily due to lower letter of credit fees and $299,000 of FHLB prepayment income recognized in the previous year which did not reoccur, offset partially by a net gain on sale of securities.\n\n \n \n Noninterest Expense \n\n \nNoninterest expense was $15.2 million for the first quarter of 2024, a decrease of $551,000 from $15.7 million for the fourth quarter of 2023 and an increase of $1.1 million from $14.1 million for the first quarter of 2023.\n\n \n \nThe linked-quarter decrease was primarily due to decreases in salaries and employee benefits, FDIC insurance assessment and other expense, offset partially by an increase in professional and consulting expense.\n\n \n \nThe year-over-year increase was primarily attributable to increases in salaries and employee benefits, industry-wide increases in the FDIC insurance assessment, higher professional and consulting fees, derivative collateral fees and information technology and telecommunications, offset partially by decreases in occupancy and equipment.\n\n \n \nThe efficiency ratio, a non-GAAP financial measure, was 58.2% for the first quarter of 2024, compared to 58.8% for the fourth quarter of 2023, and 45.9% for the first quarter of 2023.\n\n \n \nThe Company had 255 full-time equivalent employees at both March 31, 2024 and December 31, 2023 , compared to 246 employees at March 31, 2023 .\n\n \n \n Income Taxes \n\n \nThe effective combined federal and state income tax rate for the first quarter of 2024 was 23.5%, an increase from 21.0% for the fourth quarter of 2023 and a decrease from 26.4% for the first quarter of 2023.\n\n \n \nThe linked-quarter increase in the effective tax rate was primarily due to the timing and delivery of tax credits in the fourth quarter of 2023.\n\n \n \n Balance Sheet \n\n \n Loans \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2023 \n\n \n\n \n\n \n \n \nCommercial\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n483,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n464,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n459,854\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n460,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n455,156\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConstruction and Land Development \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n200,970\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n232,804\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n294,818\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n351,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n312,277\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n1 - 4 Family Construction \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,606\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,087\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64,463\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69,648\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n85,797\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReal Estate Mortgage:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n1 - 4 Family Mortgage\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n417,773\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n402,396\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n404,716\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n400,708\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n380,210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMultifamily\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,389,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,388,541\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,378,669\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,314,524\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,320,081\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCRE Owner Occupied\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n182,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n175,783\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n159,485\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n159,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n158,650\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCRE Nonowner Occupied\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,035,702\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n987,306\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n951,263\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n971,532\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n962,671\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Real Estate Mortgage Loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,025,409\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,954,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,894,133\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,845,852\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,821,612\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsumer and Other\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,151\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,304\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,003\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,518\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Loans, Gross\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,784,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,724,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,722,271\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,736,211\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,684,360\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for Credit Losses on Loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51,347\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50,494\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50,585\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50,701\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50,148\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet Deferred Loan Fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,356\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,573\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,222\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,718\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,735\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal Loans, Net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,726,502\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,667,215\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,664,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,677,792\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,625,477\n\n \n\n \n\n \n \n\n \n\n \n\n \n \nTotal gross loans at March 31, 2024 were $3.78 billion , an increase of $59.9 million , or 6.5% annualized, over total gross loans of $3.72 billion at December 31, 2023 , and an increase of $99.8 million , or 2.7%, over total gross loans of $3.68 billion at March 31, 2023 .\n\n \n \nThe increase in the loan portfolio during the first quarter of 2024 was due to increased loan demand and originations, partially offset by a decrease in construction and land development due to migration out of this category as deals complete the construction phase.\n\n \n \n Deposits \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2023 \n\n \n\n \n\n \n \n \nNoninterest Bearing Transaction Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n698,432\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n756,964\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n754,297\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n751,217\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n742,198\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest Bearing Transaction Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n783,736\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n692,801\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n780,863\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n719,488\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n630,037\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSavings and Money Market Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n979,773\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n935,091\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n872,534\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n860,613\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n913,013\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTime Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n352,510\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n300,651\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n265,737\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n271,783\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n266,213\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBrokered Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n992,774\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,024,441\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,002,078\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n974,831\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n859,662\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,807,225\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,709,948\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,675,509\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,577,932\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,411,123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \nTotal deposits at March 31, 2024 were $3.81 billion , an increase of $97.3 million , or 10.5% annualized, over total deposits of $3.71 billion at December 31, 2023 , and an increase of $396.1 million , or 11.6%, over total deposits of $3.41 billion at March 31, 2023 .\n\n \n \nCore deposits, defined as total deposits excluding brokered deposits and time deposits greater than $250,000 , increased $90.3 million , or 14.3% annualized, from the fourth quarter of 2023. Growth in core deposits was primarily due to increased balances of existing clients and new client acquisitions. Based on the nature of these inflows, management believes core deposits could fluctuate in future periods as deposit growth is not always linear.\n\n \n \nBrokered deposits, which declined for the first time since the fourth quarter of 2021, continue to be used as a supplemental funding source, as needed.\n\n \n \nUninsured deposits were 26% of total deposits as of March 31, 2024 and 24% of total deposits as of December 31, 2023 .\n\n \n \n Liquidity \n\n \nTotal on- and off-balance sheet liquidity was $2.25 billion as of March 31, 2024 , compared to $2.23 billion at December 31, 2023 and $1.92 billion at March 31, 2023 .\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Primary Liquidity—On-Balance Sheet \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n December 31, 2023 \n\n \n\n \n\n \n \n September 30, 2023 \n\n \n\n \n\n \n \n June 30, 2023 \n\n \n\n \n\n \n \n March 31, 2023 \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and Cash Equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n105,784\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n96,594\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n77,617\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n138,618\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n177,116\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSecurities Available for Sale\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n633,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n604,104\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n553,076\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n538,220\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n559,430\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: Pledged Securities \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(169,479\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(170,727\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(164,277\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(236,206\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(234,452\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal Primary Liquidity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n569,587\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n529,971\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n466,416\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n440,632\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n502,094\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRatio of Primary Liquidity to Total Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n14.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n14.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Secondary Liquidity—Off-Balance Sheet Borrowing Capacity \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Secured Borrowing Capacity with the FHLB\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n446,801\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n498,736\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n516,501\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n400,792\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n246,795\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Secured Borrowing Capacity with the Federal Reserve Bank \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,006,010\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n979,448\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,022,128\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n986,644\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n990,685\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUnsecured Borrowing Capacity with Correspondent Lenders\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n200,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n200,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n150,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n108,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n158,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSecured Borrowing Capacity with Correspondent Lender\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,250\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n26,250\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n26,250\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n26,250\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n26,250\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Secondary Liquidity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,679,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,704,434\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,714,879\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,521,686\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,421,730\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Primary and Secondary Liquidity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,248,648\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n2,234,405\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n2,181,295\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,962,318\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,923,824\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRatio of Primary and Secondary Liquidity to Total Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n60.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n59.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n54.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n56.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n Asset Quality \n\n \nOverall asset quality remained superb due to the Company’s measured risk selection, consistent underwriting standards, active credit oversight, and experienced lending and credit teams.\n\n \n \nAnnualized net charge-offs as a percentage of average loans were 0.00% for the first quarter of 2024, 0.01% for the fourth quarter of 2023, and 0.00% for the first quarter of 2023.\n\n \n \nAt March 31, 2024 , the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $269,000 , or 0.01% of total assets, compared to $919,000 , or 0.02%, of total assets at December 31, 2023 , and $809,000 , or 0.02% of total assets at March 31, 2023 .\n\n \n \nLoans with potential weaknesses that warrant a watchlist risk rating at March 31, 2024 totaled $21.6 million , compared to $26.5 million at December 31, 2023 , and $27.6 million at March 31, 2023 .\n\n \n \nLoans that warranted a substandard risk rating at March 31, 2024 totaled $33.8 million , compared to $35.9 million at December 31, 2023 , and $36.3 million at March 31, 2023 .\n\n \n \n Capital \n\n \nTotal shareholders’ equity at March 31, 2024 was $433.6 million , an increase of $8.1 million , or 1.9%, compared to total shareholders’ equity of $425.5 million at December 31, 2023 , and an increase of $31.6 million , or 7.9%, over total shareholders’ equity of $402.0 million at March 31, 2023 .\n\n \n \nThe linked-quarter increase was primarily due to net income retained and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends and stock repurchases.\n\n \n \nThe year-over-year increase was due to net income retained and an increase in unrealized gains in the derivatives portfolio, offset partially by an increase in unrealized losses in the securities portfolio, preferred stock dividends, and stock repurchases.\n\n \n \nThe Common Equity Tier 1 Risk-Based Capital Ratio was 9.21% at March 31, 2024 , compared to 9.16% at December 31, 2023 and 8.48% at March 31, 2023 .\n\n \n \nTangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.72% at March 31, 2024 , compared to 7.73% at December 31, 2023 , and 7.23% at March 31, 2023 .\n\n \n \nTangible book value per share, a non-GAAP financial measure, was $13.20 as of March 31, 2024 , an increase of 2.9% from $12.84 as of December 31, 2023 , and an increase of 10.5% from $11.95 as of March 31, 2023 .\n\n \n \nThe Company has increased tangible book value per share each of the past 29 quarters.\n\n \n \nDuring the first quarter of 2024, the Company repurchased 193,802 shares of its common stock. Shares were repurchased at a weighted average price of $11.75 per share, for a total of $2.3 million .\n\n \n \nThe Company has $18.2 million remaining under its current share repurchase authorization.\n\n \n \nToday, the Company also announced that its Board of Directors has 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 June 3, 2024 to shareholders of record of the Series A Preferred Stock at the close of business on May 15, 2024 .\n\n \n Conference Call and Webcast \n\n \nThe Company will host a conference call to discuss its first quarter 2024 financial results on Thursday, April 25, 2024 at 8:00 a.m. Central Time . The conference call can be accessed by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. To listen to a replay of the conference call via phone, please dial 877-344-7529 and enter access code 8126492. The replay will be available through May 2, 2024 . The conference call will also be available via a live webcast on the Investor Relations section of the Company’s website, investors.bridgewaterbankmn.com , and archived for replay.\n\n \n About the Company \n\n \n Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park, Minnesota -based financial holding company. Bridgewater's banking subsidiary, Bridgewater Bank , is a premier, full-service Twin Cities bank dedicated to serving the diverse needs of commercial real estate investors, entrepreneurs, business clients and successful individuals. By pairing a range of deposit, lending, and business services solutions with a responsive service model, Bridgewater has seen continuous growth and profitability. With total assets of $4.7 billion and seven branches as of March 31, 2024 , Bridgewater is considered one of the largest locally led banks in the State of Minnesota , and has received numerous awards for its growth, banking services, and esteemed corporate culture.\n\n \n Use of Non-GAAP financial measures \n\n \nIn addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.\n\n \n Forward-Looking Statements \n\n \nThis earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.\n\n \nForward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of significant rate increases by the Federal Reserve since 2020; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including high rates of inflation and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in recent bank failures; loan concentrations in our portfolio; the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards; the concentration of large loans to certain borrowers; the concentration of large deposits from certain clients, who have balances above current FDIC insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and high rates of employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions and “fintech” companies; the effectiveness of our risk management framework; the commencement and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, including in response to the recent bank failures; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of other governmental policies impacting the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war or terrorism or other adverse external events, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine ; potential impairment to the goodwill the Company recorded in connection with our past acquisition; changes to U.S. or state tax laws, regulations and guidance, including the 1% excise tax on stock buybacks by publicly traded companies; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission .\n\n \nAny forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.\n\n \n \n \n Bridgewater Bancshares, Inc. and Subsidiaries \n\n \n\n \n Financial Highlights \n\n \n\n \n (dollars in thousands, except share data) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of and for the Three Months Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n March 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Income Statement \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Interest Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,631\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n25,314\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n25,421\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n25,872\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n28,567\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProvision for (Recovery of) Credit Losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(250\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(600\n\n \n\n \n\n ) \n \n \n\n \n\n \n\n \n50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n625\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,550\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,409\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,726\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,415\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,943\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest Expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,189\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n15,740\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n15,237\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,274\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n14,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,831\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8,873\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9,629\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,816\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n11,642\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Income Available to Common Shareholders\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,818\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n7,859\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8,616\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,802\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10,629\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Per Common Share Data \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic Earnings Per Share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n0.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n0.31\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n0.38\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted Earnings Per Share\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.30\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.31\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook Value Per Share\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.30\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.47\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.05\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTangible Book Value Per Share (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.84\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.15\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n11.95\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic Weighted Average Shares Outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,691,401\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n27,870,430\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n27,943,409\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,886,425\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n27,726,894\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted Weighted Average Shares Outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,089,805\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n28,238,056\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n28,311,778\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,198,739\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n28,490,046\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShares Outstanding at Period End\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,589,827\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n27,748,965\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n28,015,505\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,973,995\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n27,845,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Financial Ratios \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn on Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.69\n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.77\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.85\n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.88\n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.07\n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n \nPre-Provision Net Revenue Return on Average Assets (1)(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.95\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.96\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn on Average Shareholders' Equity (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8.43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.69\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n11.70\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn on Average Tangible Common Equity (1)(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.64\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8.95\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.92\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.48\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.90\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Interest Margin (3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.40\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.72\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCore Net Interest Margin (1)(3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.18\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.21\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.31\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.62\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of Total Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3.19\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.99\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.66\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of Funds\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3.23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3.10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.91\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2.41\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEfficiency Ratio (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n58.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n56.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n45.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest Expense to Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.30\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Balance Sheet \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,723,109\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n4,611,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n4,557,070\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,603,185\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n4,602,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Loans, Gross\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,784,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,724,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,722,271\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,736,211\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,684,360\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,807,225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,709,948\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,675,509\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,577,932\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,411,123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Shareholders' Equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n433,611\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n425,515\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n415,960\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n409,126\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n402,006\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoan to Deposit Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n100.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n101.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n104.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n108.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCore Deposits to Total Deposits (4)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n68.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n70.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n70.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n72.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUninsured Deposits to Total Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n24.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n22.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n24.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Asset Quality \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Loan Charge-Offs to Average Loans (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.00\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.00\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.00\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNonperforming Assets to Total Assets (5)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n0.02\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for Credit Losses to Total Loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Capital Ratios (Consolidated) (6) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTier 1 Leverage Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.66\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.57\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.62\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n9.47\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.41\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCommon Equity Tier 1 Risk-based Capital Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.21\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.07\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.72\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8.48\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTier 1 Risk-based Capital Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.83\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10.79\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10.69\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10.08\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Risk-based Capital Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.00\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n13.97\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n13.88\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n13.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTangible Common Equity to Tangible Assets (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.72\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n7.73\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n7.61\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n7.23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n ___________________________________ \n \n \n \n(1)\n\n \n\n \n\n \nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nAnnualized.\n\n \n\n \n\n \n \n \n(3)\n\n \n\n \n\n \nAmounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.\n\n \n\n \n\n \n \n \n(4)\n\n \n\n \n\n \nCore deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 .\n\n \n\n \n\n \n \n \n(5)\n\n \n\n \n\n \nNonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.\n\n \n\n \n\n \n \n \n(6)\n\n \n\n \n\n \nPreliminary data. Current period subject to change prior to filings with applicable regulatory agencies.\n\n \n\n \n\n \n \n \n \n Bridgewater Bancshares, Inc. and Subsidiaries \n\n \n\n \n Consolidated Balance Sheets \n\n \n\n \n (dollars in thousands, except share data) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n (Unaudited) \n\n \n\n \n\n \n \n \n Assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and Cash Equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n143,355\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n128,562\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n124,358\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n177,101\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n209,192\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBank-Owned Certificates of Deposit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSecurities Available for Sale, at Fair Value\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n633,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n604,104\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n553,076\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n538,220\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n559,430\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoans, Net of Allowance for Credit Losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,726,502\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,667,215\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,664,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,677,792\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,625,477\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Federal Home Loan Bank (FHLB) Stock, at Cost\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,195\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,097\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,056\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,557\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,632\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPremises and Equipment, Net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,299\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,886\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,331\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,710\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,801\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued Interest\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,696\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,697\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,182\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,822\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther Intangible Assets, Net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n180\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n188\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n197\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n206\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n240\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBank-Owned Life Insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,778\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,477\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,209\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,958\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,719\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther Assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100,196\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n92,138\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n95,346\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n86,968\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n81,180\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,723,109\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,611,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,557,070\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,603,185\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,602,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liabilities and Equity \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liabilities \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeposits:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest Bearing\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n698,432\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n756,964\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n754,297\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n751,217\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n742,198\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest Bearing\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,108,793\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,952,984\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,921,212\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,826,715\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,668,925\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,807,225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,709,948\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,675,509\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,577,932\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,411,123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFederal Funds Purchased\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n195,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n437,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNotes Payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFHLB Advances\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n317,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n319,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n294,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n262,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n197,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSubordinated Debentures, Net of Issuance Costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,383\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,192\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,096\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,001\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued Interest Payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,405\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,816\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,974\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,257\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther Liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67,735\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58,707\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n74,343\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n63,307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59,762\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,289,498\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,186,475\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,141,110\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,194,059\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,200,893\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n SHAREHOLDERS' EQUITY \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPreferred Stock- $0.01 par value; Authorized 10,000,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPreferred Stock - Issued and Outstanding 27,600 Series A shares ( $2,500 liquidation preference) at March 31, 2024 (unaudited), December 31, 2023 , September 30, 2023 (unaudited), June 30, 2023 (unaudited), and March 31, 2023 (unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon Stock- $0.01 par value; Authorized 75,000,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon Stock - Issued and Outstanding 27,589,827 at March 31, 2024 (unaudited), 27,748,965 at December 31, 2023 , 28,015,505 at September 30, 2023 (unaudited), 27,973,995 at June 30, 2023 (unaudited), and 27,845,244 at March 31, 2023 (unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n276\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n277\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n280\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n280\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n278\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Additional Paid-In Capital \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n95,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n96,320\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100,120\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99,044\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97,716\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRetained Earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n287,468\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n280,650\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n272,812\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n264,196\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n255,394\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccumulated Other Comprehensive Loss\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(15,716\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18,246\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23,766\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20,908\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(17,896\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal Shareholders' Equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n433,611\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n425,515\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n415,960\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n409,126\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n402,006\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Liabilities and Equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,723,109\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,611,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,557,070\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,603,185\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,602,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n Bridgewater Bancshares, Inc. and Subsidiaries \n\n \n\n \n Consolidated Statements of Income \n\n \n\n \n (dollars in thousands, except per share data) \n\n \n\n \n (Unaudited) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three Months Ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n \n Interest Income \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoans, Including Fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n49,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n49,727\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n48,999\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n47,721\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n44,955\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Investment Securities \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,916\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,283\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,507\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,237\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,543\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,303\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,043\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n819\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Interest Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58,669\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58,553\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56,809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55,001\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51,992\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Interest Expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30,190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,448\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,998\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,374\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFederal Funds Purchased\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n304\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n268\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n548\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,761\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,944\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNotes Payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n295\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n299\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n296\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n285\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n263\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFHLB Advances\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,258\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,220\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,316\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,092\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n861\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSubordinated Debentures\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n991\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,004\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,003\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n993\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n983\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Interest Expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,038\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,239\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,388\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,129\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,425\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net Interest Income \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,631\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,314\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,421\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,872\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,567\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProvision for (Recovery of) Credit Losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(250\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n625\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net Interest Income After Provision for Credit Losses \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,881\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,564\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,021\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,822\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,942\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest Income \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCustomer Service Fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n342\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n359\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n379\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n368\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n349\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net Gain (Loss) on Sales of Securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n93\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(27\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(56\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLetter of Credit Fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n316\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n418\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n315\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n379\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n634\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDebit Card Interchange Fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n141\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n152\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n150\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n138\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBank-Owned Life Insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n301\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n268\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n252\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n238\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n234\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFHLB Prepayment Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n493\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n299\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n357\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n239\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n137\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Noninterest Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,550\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,409\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,726\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,415\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,943\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest Expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSalaries and Employee Benefits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,615\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,519\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,815\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOccupancy and Equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,057\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,062\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,101\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,075\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,209\n\n \n\n \n\n \n \n\n \n...

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