Bridgewater Bancshares, Inc. Announces Fourth Quarter 2024 Financial Results

About this update from Bridgewater Bancshares, Inc.

[{"type":"text","content":" \n Fourth Quarter 2024 Highlights \n\n \n \nNet income of $8.2 million , or $0.26 per diluted common share; adjusted net income of $8.6 million , or $0.27 per diluted common share.(1)\n\n \n \nCompleted the acquisition of First Minnetonka City Bank (FMCB) in just 107 days following announcement.\n\n \n \nNet interest income increased $1.4 million , or 5.3%, from the third quarter of 2024.\n\n \n \nNet interest margin (on a fully tax-equivalent basis) of 2.32% for the fourth quarter of 2024, an increase of eight basis points from the third quarter of 2024.\n\n \n \nCore deposits(2) increased by $428.2 million , or 63.6% annualized, from the third quarter of 2024; core deposits excluding FMCB increased by $210.9 million , or 31.3% annualized.\n\n \n \nGross loans increased by $182.9 million , or 19.7% annualized, from the third quarter of 2024; gross loans excluding FMCB increased by $65.8 million , or 7.1% annualized.\n\n \n \nAnnualized net loan charge-offs as a percentage of average loans of 0.03%, compared to 0.10% for the third quarter of 2024.\n\n \n \n Full Year 2024 Highlights \n\n \n \nNet income of $32.8 million , or $1.03 per diluted common share; adjusted net income of $33.4 million , or $1.05 per diluted common share.(1)\n\n \n \nTotal deposits increased by $376.8 million , or 10.2%, in 2024; core deposits(2) increased by $559.4 million , or 22.0%.\n\n \n \nGross loans increased by $144.2 million , or 3.9%, in 2024.\n\n \n \nLoan-to-deposit ratio of 94.7%, down from 100.4% at December 31, 2023 .\n\n \n \nNet loan charge-offs as a percentage of average loans were 0.03% for the year ended December 31, 2024 , compared to 0.01% for the year ended December 31, 2023 .\n\n \n \nNonperforming assets to total assets of 0.01% for the year ended December 31, 2024 , compared to 0.02% at December 31, 2023 .\n\n \n \nTangible book value per share(1) of $13.49 at December 31, 2024 , an increase of 5.1%, from 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 $8.2 million for the fourth quarter of 2024, compared to $8.7 million for the third quarter of 2024, and $8.9 million for the fourth quarter of 2023. Earnings per diluted common share were $0.26 for the fourth quarter of 2024, compared to $0.27 for the third quarter of 2024, and $0.28 for the fourth quarter of 2023. Adjusted net income was $8.6 million for the fourth quarter of 2024, compared to $8.8 million for the third quarter of 2024, and $8.9 million for the fourth quarter of 2023. Adjusted earnings per diluted common share were $0.27 for the fourth quarter of 2024, compared to $0.28 for the third quarter of 2024, and $0.28 for the fourth quarter of 2023.\n\n \n“Bridgewater finished the year with positive momentum as the fourth quarter saw robust balance sheet growth, net interest margin expansion, superb asset quality, and the closing of our acquisition of First Minnetonka City Bank ,” said Chairman and Chief Executive Officer, Jerry Baack . “Core deposit growth was very strong and loan balances rebounded nicely as loan demand increased later in the year. We were also pleased to see margin expansion during the quarter as our balance sheet was well-positioned for recent Fed rate cuts.\n\n \n“In December, we welcomed new team members and clients as our acquisition of First Minnetonka City Bank was completed just 107 days after it was announced last August. We believe this acquisition, coupled with the strong core deposit growth and increased liquidity generated in 2024, will allow us to be more offensive-minded and return to more normalized levels of profitable growth in 2025.”\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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 As of and for the Year 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 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 December 31 , \n\n \n\n \n\n \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 December 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 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 \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 \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 \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 \n0.26\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 \n0.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.05\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.29\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 \n0.26\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.27\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 \n\n \n\n \n\n \n1.03\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Diluted Earnings Per Share (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.27\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 \n0.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.05\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.27\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 \n14.21\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.06\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 \n\n \n\n \n\n \n14.21\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 \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 \n13.49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.96\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 \n\n \n\n \n\n \n13.49\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \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 \n0.68\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.73\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 \n\n \n\n \n\n \n0.70\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.89\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 \n1.05\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 \n0.96\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.15\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 \n7.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.79\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 \n\n \n\n \n\n \n7.45\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.73\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 \n7.43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.16\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 \n\n \n\n \n\n \n7.75\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.53\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 \n2.32\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 \n \n\n \n\n \n\n \n2.26\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.42\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 \n2.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.16\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 \n\n \n\n \n\n \n2.19\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.34\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 \n3.40\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.58\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 \n\n \n\n \n\n \n3.44\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.73\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 \n3.38\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.54\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 \n\n \n\n \n\n \n3.44\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.92\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 \n56.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.0\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 \n\n \n\n \n\n \n57.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n53.0\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 \n1.40\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 \n \n\n \n\n \n\n \n1.35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.32\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 \n7.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.17\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 \n\n \n\n \n\n \n7.36\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 \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 \n9.08\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.79\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 \n\n \n\n \n\n \n9.08\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Financial Ratios (1) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Return on Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.71\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.75\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 \n\n \n\n \n\n \n0.71\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.89\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted Pre-Provision Net Revenue Return on Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.09\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.98\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 \n\n \n\n \n\n \n0.99\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.15\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Return 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 \n7.49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.94\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 \n\n \n\n \n\n \n7.57\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.73\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Return on Average Tangible Common Equity (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.82\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.34\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 \n\n \n\n \n\n \n7.90\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.53\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Efficiency Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.2\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 \n \n\n \n\n \n\n \n57.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n53.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Noninterest 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 \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.31\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 \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 \n1.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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$\n\n \n\n \n\n \n5,066,242\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,691,517\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 \n5,066,242\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 \nTotal Loans, Gross\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,868,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,685,590\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 \n3,868,514\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 \nDeposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,086,767\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,747,442\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 \n4,086,767\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 \nLoan to Deposit Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n94.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n98.3\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 \n\n \n\n \n\n \n94.7\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 \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 \n0.03\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 \n0.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.03\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 \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 \n0.19\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 \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 \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 \n1.35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.38\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 \n1.35\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 (1) \n \n \nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n \n\n \n\n \n \n (2) \n \n \nAnnualized.\n\n \n\n \n\n \n \n (3) \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 (4) \n \n \nPreliminary data. Current period subject to change prior to filings with applicable regulatory agencies.\n\n \n\n \n\n \n \n (5) \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 fourth quarter of 2024 was 2.32%, an eight basis point increase from 2.24% in the third quarter of 2024, and a five basis point increase from 2.27% in the fourth 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 2.25% for the fourth quarter of 2024, a nine basis point increase from 2.16% in the third quarter of 2024, and a four basis point increase from 2.21% in the fourth quarter of 2023.\n\n \n \nNet interest margin expanded to 2.32% in the fourth quarter of 2024 primarily due to lower costs of deposits and increased balances in the securities and loan portfolios.\n\n \n \nExcluding the stub period impact of the acquisition of FMCB during the quarter, total net interest margin (on a tax-equivalent basis) for the fourth quarter of 2024 was 2.30%.\n\n \n \nThe year-over-year expansion in margin was primarily due to increased balances in the securities and loan portfolios at higher yields, offset partially by higher deposit costs.\n\n \n \nNet interest income was $27.0 million for the fourth quarter of 2024, an increase of $1.4 million from $25.6 million in the third quarter of 2024, and an increase of $1.7 million from $25.3 million in the fourth quarter of 2023.\n\n \n \nThe linked-quarter increase in net interest income was primarily due to decreased rates paid on deposits.\n\n \n \nThe year-over year increase in net interest income was primarily due to growth and higher yields in the securities portfolio and higher yields on loans, offset partially by growth and higher rates on deposits.\n\n \n \nInterest income was $63.3 million for the fourth quarter of 2024, an increase of $297,000 from $63.0 million in the third quarter of 2024, and an increase of $4.8 million from $58.6 million in the fourth quarter of 2023.\n\n \n \nThe yield on interest earning assets (on a fully tax-equivalent basis) was 5.40% in the fourth quarter of 2024, compared to 5.48% in the third quarter of 2024, and 5.22% in the fourth quarter of 2023.\n\n \n \nThe linked-quarter decrease in the yield on interest earning assets was primarily due to higher cash and securities balances at lower yields and lower loan fees collected during the quarter.\n\n \n \nThe year-over-year increase in the yield on interest earning assets was primarily due to repricing of the securities and loan portfolios in the higher interest rate environment.\n\n \n \nThe aggregate loan yield decreased to 5.55% in the fourth quarter of 2024, two basis points lower than 5.57% in the third quarter of 2024, and 22 basis points higher than 5.33% in the fourth quarter of 2023.\n\n \n \nCore loan yield remained stable at 5.47% in the fourth quarter of 2024.\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 \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 December 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30, 2024 \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, 2024 \n\n \n\n \n\n \n \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 \n5.47\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.47\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.42\n\n \n\n \n\n \n%\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 \n \n \nFees\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 \n0.08\n\n \n\n \n\n \n \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 \n \n \nYield on Loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.55\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.57\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.50\n\n \n\n \n\n \n%\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 \n \nInterest expense was $36.4 million for the fourth quarter of 2024, a decrease of $1.1 million from $37.4 million in the third quarter of 2024, and an increase of $3.1 million from $33.2 million in the fourth quarter of 2023.\n\n \n \nThe cost of interest bearing liabilities was 4.06% in the fourth quarter of 2024, compared to 4.27% in the third quarter of 2024, and 3.97% in the fourth quarter of 2023.\n\n \n \nThe linked-quarter decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on deposits and a decrease in brokered deposit balances.\n\n \n \nThe year-over-year increase in the cost of interest bearing liabilities was primarily due to the upward repricing of the deposit portfolio in the higher rate environment, offset partially by a decrease in brokered deposit balances.\n\n \n \nInterest expense on deposits was $32.8 million for the fourth quarter of 2024, a decrease of $1.4 million from $34.2 million in the third quarter of 2024, and an increase of $3.4 million from $29.4 million in the fourth quarter of 2023.\n\n \n \nThe cost of total deposits was 3.40% in the fourth quarter of 2024, compared to 3.58% in the third quarter of 2024, and 3.19% in the fourth quarter of 2023.\n\n \n \nThe linked-quarter decrease in the cost of total deposits was primarily due to interest rate cuts by the Federal Reserve and the reduction of higher cost funding; brokered deposits decreased during the quarter by $75.2 million , or 8.3%.\n\n \n \nThe year-over-year increase in the cost of total deposits was primarily due to the 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 $1.5 million for the fourth quarter of 2024, which included a $950,000 provision for non-purchase credit deteriorated (PCD) loans acquired in the FMCB transaction. The provision for credit losses on loans was $-0 - for both the third quarter of 2024 and the fourth quarter of 2023.\n\n \n \nThe provision for credit losses on loans recorded in the fourth quarter of 2024 was primarily attributable to the acquisition of FMCB and growth in the loan portfolio.\n\n \n \nThe allowance for credit losses on loans to total loans was 1.35% at December 31, 2024 , compared to 1.38% at September 30, 2024 , and 1.36% at December 31, 2023 .\n\n \n \nThe provision for credit losses for off-balance sheet credit exposures was $725,000 for the fourth quarter of 2024, compared to $-0 - for the third quarter of 2024, and a negative provision of $250,000 for the fourth quarter of 2023.\n\n \n \nA provision was recorded during the fourth quarter of 2024 due to an increase in the volume of newly originated loans with unfunded commitments in the commercial and construction and land development segments.\n\n \n \n Noninterest Income \n\n \nNoninterest income was $2.5 million for the fourth quarter of 2024, an increase of $1.0 million from $1.5 million for the third quarter of 2024, and an increase of $1.1 million from $1.4 million for the fourth quarter of 2023.\n\n \n \nThe linked-quarter increase was primarily due to higher letter of credit fees and swap fees. There was no material stub period impact from the completion of the FMCB transaction in the fourth quarter of 2024.\n\n \n \nThe year-over-year increase was primarily due to higher letter of credit fees and swap fees.\n\n \n \n Noninterest Expense \n\n \nNoninterest expense was $16.8 million for the fourth quarter of 2024, an increase of $1.1 million from $15.8 million for the third quarter of 2024 and an increase of $1.1 million from $15.7 million for the fourth quarter of 2023.\n\n \n \nThe linked-quarter increase was primarily due to increases in salaries and employee benefits and merger-related expenses.\n\n \n \nNoninterest expense for the fourth quarter of 2024 included $488,000 of merger-related expenses, compared to $224,000 for the third quarter of 2024.\n\n \n \nThe stub period impact from the completion of the FMCB transaction to noninterest expense, excluding merger-related expenses, was $199,000 for the fourth quarter of 2024.\n\n \n \nThe year-over-year increase was primarily attributable to increases in salaries and employee benefits and merger-related expenses, offset partially by a decrease in the FDIC insurance assessment, which resulted from decreased brokered deposits and moderated loan growth.\n\n \n \nThe efficiency ratio, a non-GAAP financial measure, was 56.8% for the fourth quarter of 2024, compared to 58.0% for the third quarter of 2024, and 58.8% for the fourth quarter of 2023.\n\n \n \nThe Company had 290 full-time equivalent employees at December 31, 2024 , compared to 265 at September 30, 2024 , and 255 at December 31, 2023 . The increase during the quarter was largely driven by the addition of 25 new employees from the acquisition of FMCB.\n\n \n \n Income Taxes \n\n \nThe effective combined federal and state income tax rate was 22.0% for the fourth quarter of 2024, compared to 23.6% for the third quarter of 2024, and 21.0% for the fourth quarter of 2023.\n\n \n Balance Sheet \n\n \n Loans \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n497,662\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n493,403\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n518,762\n\n \n\n \n\n \n \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 \nLeases\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44,291\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \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 \n97,255\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n118,596\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n134,096\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 \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 \n1 - 4 Family Construction \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41,961\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45,822\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 \n60,551\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,606\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 \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\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 \n474,383\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 \n421,179\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n416,944\n\n \n\n \n\n \n \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 \nMultifamily\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,425,610\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,379,814\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,404,835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,389,345\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 \nCRE Owner Occupied\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n191,248\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n182,239\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 \n185,988\n\n \n\n \n\n \n \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 \nCRE Nonowner Occupied\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,083,108\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,032,142\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,070,050\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,035,702\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 \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 \n3,174,349\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,015,374\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,077,817\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,025,409\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 \nConsumer and Other\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,996\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,395\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,159\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,151\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 \nTotal Loans, Gross\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,868,514\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 \n3,685,590\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,800,385\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,784,205\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 \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(52,277\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51,018\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51,949\n\n \n\n \n\n \n)\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 \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(6,801\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,705\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,214\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,356\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 \nTotal Loans, Net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,809,436\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,628,867\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,742,222\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \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 \nTotal gross loans at December 31, 2024 were $3.87 billion , an increase of $182.9 million , or 5.0%, over total gross loans of $3.69 billion at September 30, 2024 , and an increase of $144.2 million , or 3.9%, over total gross loans of $3.72 billion at December 31, 2023 .\n\n \n \nTotal gross loan balances included $117.1 million of loans at amortized cost acquired in the FMCB transaction.\n\n \n \nExcluding loans acquired in the FMCB transaction, total gross loans were up 7.1% annualized from the third quarter of 2024. The increase in the loan portfolio during the fourth quarter of 2024 was due to increased loan originations, partially offset by loan payoffs.\n\n \n \n Deposits \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest Bearing Transaction Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n800,763\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n713,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n705,175\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 \n756,964\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 \n862,242\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n805,756\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n752,568\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 \n692,801\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 \n1,259,503\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n980,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n943,994\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 \n935,091\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 \n338,506\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n347,080\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n373,713\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 \n300,651\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 \n825,753\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n900,952\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,032,262\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 \n1,024,441\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$\n\n \n\n \n\n \n4,086,767\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,747,442\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,807,712\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\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 \nTotal deposits at December 31, 2024 were $4.09 billion , an increase of $339.3 million , or 9.1%, over total deposits of $3.75 billion at September 30, 2024 , and an increase of $376.8 million , or 10.2%, over total deposits of $3.71 billion at December 31, 2023 .\n\n \n \nTotal deposit balances included $225.7 million of deposits acquired in the FMCB transaction as of December 31, 2024 .\n\n \n \nCore deposits, defined as total deposits excluding brokered deposits and time deposits greater than $250,000 , increased $428.2 million , or 63.6% annualized, from the third quarter of 2024; core deposits, excluding deposits assumed in the FMCB transaction, increased by $210.9 million , or 31.3% annualized. Growth in core deposits was due to both increased balances of existing clients and new client acquisitions. On a year-to-date basis, core deposits increased by $559.4 million , or 22.0%. Based on the nature of the Company’s client base, core deposit balances can fluctuate from quarter to quarter, as deposit growth is not always linear.\n\n \n \nBrokered deposits declined by $75.2 million , or 8.3%, in the fourth quarter of 2024 and declined by $198.7 million , or 19.4%, from December 31, 2023 . While balances are down, we continue to use as a supplemental funding source, as needed.\n\n \n \nUninsured deposits were 27.7% of total deposits as of December 31, 2024 , compared to 25.0% of total deposits as of September 30, 2024 .\n\n \n \n Liquidity \n\n \nTotal on- and off-balance sheet liquidity was $2.30 billion as of December 31, 2024 , compared to $2.29 billion at September 30, 2024 , and $2.23 billion at December 31, 2023 .\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Primary Liquidity—On-Balance Sheet \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and Cash Equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n188,884\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n167,869\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n97,237\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n105,784\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n96,594\n\n \n\n \n\n \n \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 \n768,247\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n664,715\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 \n601,057\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 \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 \nLess: Pledged Securities \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(289,903\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(146,144\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(169,095\n\n \n\n \n\n \n)\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\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 \nTotal Primary Liquidity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n667,228\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n686,440\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n529,199\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\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$\n\n \n\n \n\n \n529,971\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRatio of Primary Liquidity to Total Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n18.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n13.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n15.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n14.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Secondary Liquidity—Off-Balance Sheet Borrowing Capacity \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Secured Borrowing Capacity with the FHLB\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n483,245\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n509,223\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n451,171\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n446,801\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\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 \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 \n925,798\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n867,955\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,015,873\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,006,010\n\n \n\n \n\n \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 \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 \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 \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 \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 \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 \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 \n19,855\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,250\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 \n26,250\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 \n26,250\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 \n26,250\n\n \n\n \n\n \n \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$\n\n \n\n \n\n \n1,628,898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,603,428\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,693,294\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,679,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,704,434\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Primary and Secondary Liquidity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,296,126\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,289,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,222,493\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,248,648\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,234,405\n\n \n\n \n\n \n \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 \n56.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n61.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n58.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n59.1\n\n \n\n \n\n \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 \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 0.03% for the fourth quarter of 2024, compared to 0.10% for the third quarter of 2024, and 0.01% for the fourth quarter of 2023.\n\n \n \nAt December 31, 2024 , the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $301,000 , or 0.01% of total assets, compared to $8.8 million , or 0.19% of total assets, at September 30, 2024 , and $919,000 , or 0.02% of total assets, at December 31, 2023 .\n\n \n \nLoans with potential weaknesses that warranted a special mention/watchlist risk rating at December 31, 2024 totaled $46.6 million , compared to $32.0 million at September 30, 2024 , and $26.5 million at December 31, 2023 .\n\n \n \nLoans that warranted a substandard risk rating at December 31, 2024 totaled $21.8 million , compared to $31.6 million at September 30, 2024 , and $35.9 million at December 31, 2023 .\n\n \n \n Capital \n\n \nTotal shareholders’ equity at December 31, 2024 was $457.9 million , an increase of $5.7 million , or 1.3%, compared to total shareholders’ equity of $452.2 million at September 30, 2024 , and an increase of $32.4 million , or 7.6%, over total shareholders’ equity of $425.5 million at December 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 an increase in unrealized losses in the securities portfolio and preferred stock dividends.\n\n \n \nThe year-over-year increase was due to net income retained, a decrease in unrealized losses in the securities portfolio, and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends and stock repurchases.\n\n \n \nThe Common Equity Tier 1 Risk-Based Capital Ratio was 9.08% at December 31, 2024 , compared to 9.79% at September 30, 2024 , and 9.16% at December 31, 2023 .\n\n \n \nTangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.36% at December 31, 2024 , compared to 8.17% at September 30, 2024 , and 7.73% at December 31, 2023 .\n\n \n \nTangible book value per share, a non-GAAP financial measure, was $13.49 as of December 31, 2024 , a decrease of 3.4% from $13.96 as of September 30, 2024 , and an increase of 5.1% from $12.84 as of December 31, 2023 .\n\n \nThe Company did not repurchase any shares of its common stock during the fourth quarter of 2024.\n\n \n \nThe Company had $15.3 million remaining under its current share repurchase authorization at December 31, 2024 .\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 March 3, 2025 to shareholders of record of the Series A Preferred Stock at the close of business on February 14, 2025 .\n\n \n Conference Call and Webcast \n\n \nThe Company will host a conference call to discuss its fourth quarter 2024 financial results on Thursday, January 30, 2025 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 8644808. The replay will be available through February 6, 2025 . 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 founded in 2005. Its banking subsidiary, Bridgewater Bank , is a premier, full-service bank dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals across the Twin Cities . Bridgewater offers a comprehensive suite of products and services spanning deposits, lending, and treasury management solutions. Bridgewater has also received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.1 billion and nine strategically located branches as of December 31, 2024 , Bridgewater is one of the largest locally-led banks in Minnesota and is committed to being the finest entrepreneurial bank. For more information, please visit www.bridgewaterbankmn.com .\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 changes in interest rates; effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; 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 the level and impact 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 several bank failures; credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including CRE loans); 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 as may be adopted by state and federal regulatory agencies, the FASB, SEC or PCAOB; the concentration of large deposits from certain clients, including those 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 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 or as a result of insider fraud; 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, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; the commencement, cost 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 prior bank failures; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or 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 ongoing conflicts in the Middle East and the Russian invasion of Ukraine ; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our acquisition of First Minnetonka City Bank , including the possibility that the merger may be more difficult or expensive to integrate than anticipated, and the effect of the merger on the Company’s customer and employee relationships and operating results; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization and changes in response to prior bank failures; 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 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 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 December 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 2024 \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 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 \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 \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 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 \nNet Interest Income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n26,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n25,599\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,996\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 \n25,314\n\n \n\n \n\n \n \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 \n2,175\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n600\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(250\n\n \n\n \n\n \n)\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 \n2,533\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,522\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,763\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 \n1,409\n\n \n\n \n\n \n \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 \n16,812\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,760\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,539\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 \n15,740\n\n \n\n \n\n \n \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 \n8,204\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,675\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,115\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 \n8,873\n\n \n\n \n\n \n \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 \n7,190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,662\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,101\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 \n7,859\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \nBasic Earnings Per Share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.26\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.26\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\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 \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 \n0.26\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.26\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 \n \n \nAdjusted Diluted Earnings Per Share (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.27\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 \n0.26\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 \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 \n14.21\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.06\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.63\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 \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 \n13.49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.96\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.53\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 \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 \n27,459,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,382,798\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,386,713\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 \n27,870,430\n\n \n\n \n\n \n \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 \n28,055,532\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,904,910\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,748,184\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 \n28,238,056\n\n \n\n \n\n \n \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 \n27,552,449\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,425,690\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,348,049\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 \n27,748,965\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \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 \n0.68\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.73\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.70\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 \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 \n1.05\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 \n0.94\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 \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 \n7.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.79\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.49\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 \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 \n7.43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.80\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 \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 \n2.32\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 \n2.24\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 \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 \n2.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.17\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 \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 \n3.40\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.58\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.46\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 \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 \n3.38\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.54\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.49\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 \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 \n56.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.7\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 \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 \n1.40\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 \n1.35\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 \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Financial Ratios (1) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Return on Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.71\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.75\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.70\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 \n \n \nAdjusted Pre-Provision Net Revenue Return on Average Assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.09\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.94\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 \n \n \nAdjusted Return 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 \n7.49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.49\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 \n \n \nAdjusted Return on Average Tangible Common Equity (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.82\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.80\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 \n \n \nAdjusted Efficiency Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.7\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 \n \n \nAdjusted Noninterest 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 \n1.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.31\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.35\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 \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \nTotal Assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,066,242\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,691,517\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,687,035\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 \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 \n3,868,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,685,590\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,800,385\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 \n \n \nDeposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,086,767\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,747,442\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,807,712\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 \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 \n457,935\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n452,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n439,241\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 \n425,515\n\n \n\n \n\n \n \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 \n94.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n98.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n99.8\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 \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 \n76.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n71.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67.9\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 \n68.7\n\n \n\n \n\n \n \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 \n27.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.5\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 \n24.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \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 \n0.03\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 \n0.00\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 \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 \n0.19\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 \n0.01\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 \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 \n1.35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.38\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 \n1.36\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 \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 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 December 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 2024 \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 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 \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 \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 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 \nTier 1 Leverage Ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.45\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n9.75\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 \n9.66\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 \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 \n9.08\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.79\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\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 \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 \n10.64\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.44\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.03\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 \n10.79\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 \n13.76\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.62\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.16\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 \n13.97\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 \n7.36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.90\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(1)\n\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 \n \nAnnualized.\n\n \n\n \n\n \n \n \n(3)\n\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 \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 \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 \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 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 December 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 \n\n \n\n \n\n \n 2024 \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 \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \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 \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 \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 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 \n229,760\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n191,859\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n134,093\n\n \n\n \n\n \n \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 \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 \n4,377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\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 \n768,247\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n664,715\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 \n601,057\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 \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 \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 \n3,809,436\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,628,867\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,742,222\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 \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 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 \n19,297\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 \n18,626\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 \n15,844\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,195\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 \nPremises and Equipment, Net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,533\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,777\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,902\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,299\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 \nForeclosed 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 \n434\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\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 \n17,711\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,750\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 \n16,944\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,696\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 Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,982\n\n \n\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 \n7,850\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n163\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n171\n\n \n\n \n\n \n \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 \nBank-Owned Life Insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44,646\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,090\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,778\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 \nOther Assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n103,403\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n81,481\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n91,086\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100,176\n\n \n\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 \nTotal Assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,066,242\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,691,517\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,687,035\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,723,109\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,611,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liabilities and Equity \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liabilities \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeposits:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest Bearing\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n800,763\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n713,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n705,175\n\n \n\n \n\n \n \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 \nInterest Bearing\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,286,004\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 \n3,034,133\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 \n3,102,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,108,793\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 \nTotal Deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,086,767\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,747,442\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,807,712\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,807,225\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 \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 \n359,500\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 \n349,500\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 \n287,000\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 \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 \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 \n79,670\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,574\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,479\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,383\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 \nAccrued Interest Payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,008\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,458\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,999\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 \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 \nOther Liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64,612\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45,593\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55,854\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 \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 \nTotal Liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,608,307\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 \n4,239,317\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,247,794\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,289,498\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 December 31, 2024 (unaudited), September 30, 2024 (unaudited), June 30, 2024 (unaudited), March 31, 2024 (unaudited), and December 31, 2023 \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 ...

View stock analysis, news, and events for Bridgewater Bancshares, Inc.