Bridgewater Bancshares Inc

For the period ended Jun 30, 2024. Filed Aug 1, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 1, 2024

BWB$20.64+0.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income

(dollars in thousands, except per share data)


· · Three Months Ended · · Six Months Ended
· · June 30, · · June 30, · · June 30, · · June 30,
· 2024 · 2023 · 2024 · 2023
INTEREST INCOME · · · ·
Loans, Including Fees	$51,385	$47,721	$100,966	$92,676
Investment Securities	8,177	6,237	16,093	12,455
Other	1,316	1,043	2,488	1,862
Total Interest Income	60,878	55,001	119,547	106,993

INTEREST EXPENSE
Deposits	31,618	22,998	61,808	39,372
Federal Funds Purchased	853	2,761	1,157	7,705
Notes Payable	296	285	591	548
FHLB Advances	2,125	2,092	4,383	2,953
Subordinated Debentures	990	993	1,981	1,976
Total Interest Expense	35,882	29,129	69,920	52,554

NET INTEREST INCOME	24,996	25,872	49,627	54,439
Provision for Credit Losses	600	50	1,350	675

NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES	24,396	25,822	48,277	53,764

NONINTEREST INCOME
Customer Service Fees	366	368	708	717
Net Gain (Loss) on Sales of Available for Sale Securities	320	50	413	(6)
Letter of Credit Fees	387	379	703	1,013
Debit Card Interchange Fees	155	155	296	293
Bank-Owned Life Insurance	312	238	613	472
FHLB Prepayment Income	—	—	—	299
Other Income	223	225	580	570
Total Noninterest Income	1,763	1,415	3,313	3,358

NONINTEREST EXPENSE
Salaries and Employee Benefits	9,675	8,589	19,108	17,404
Occupancy and Equipment	1,092	1,075	2,149	2,284
FDIC Insurance Assessment	725	900	1,600	1,565
Data Processing	472	401	884	758
Professional and Consulting Fees	852	829	1,741	1,584
Derivative Collateral Fees	528	404	1,014	784
Information Technology and Telecommunications	812	711	1,608	1,394
Marketing and Advertising	317	321	639	583
Intangible Asset Amortization	8	34	17	82
Other Expense	1,058	1,010	1,968	1,905
Total Noninterest Expense	15,539	14,274	30,728	28,343

INCOME BEFORE INCOME TAXES	10,620	12,963	20,862	28,779
Provision for Income Taxes	2,505	3,147	4,916	7,321
NET INCOME	8,115	9,816	15,946	21,458
Preferred Stock Dividends	(1,014)	(1,014)	(2,027)	(2,027)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$7,101	$8,802	$13,919	$19,431

EARNINGS PER SHARE
Basic	$0.26	$0.32	$0.51	$0.70
Diluted	0.26	0.31	0.50	0.69

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.