Bridgewater Bancshares Inc
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Oct 31, 2024
BWB$20.64+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
(dollars in thousands)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Nine Months Ended | ||||||
| · · September 30, | ||||||
| · · 2024 · · 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | |
| Net Income | | $24,621 | | $31,087 | ||
| Adjustments to Reconcile Net Income to Net Cash | | | | | ||
| Provided by Operating Activities: | | | | | ||
| Net Amortization on Securities Available for Sale | | (1,064) | | 196 | ||
| Net (Gain) Loss on Sales of Securities Available for Sale | | (385) | | 6 | ||
| Provision for Credit Losses on Loans | | 1,450 | | 2,050 | ||
| Credit for Credit Losses on Off-Balance Sheet Exposures | | | (100) | | | (1,975) |
| Depreciation of Premises and Equipment | | 1,767 | | 1,901 | ||
| Amortization of Other Intangible Assets | | 26 | | 91 | ||
| Amortization of Right-of Use Asset | | | 117 | | | 396 |
| Amortization of Subordinated Debt Issuance Costs | | | 286 | | | 287 |
| Stock-based Compensation | | 2,994 | | 2,910 | ||
| Changes in Operating Assets and Liabilities: | | | | | ||
| Accrued Interest Receivable and Other Assets | | (2,530) | | (8,923) | ||
| Accrued Interest Payable and Other Liabilities | | (15,383) | | 10,457 | ||
| Net Cash Provided by Operating Activities | | 11,799 | | 38,483 | ||
| | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | ||
| Increase in Bank-Owned Certificates of Deposit | | — | | | (44) | |
| Proceeds from Sales of Securities Available for Sale | | 101,612 | | | 26,976 | |
| Proceeds from Maturities, Paydowns, Payups and Calls of Securities Available for Sale | | 45,219 | | | 23,812 | |
| Purchases of Securities Available for Sale | | (189,344) | | | (63,777) | |
| Net Decrease (Increase) in Loans | | 36,464 | | | (155,123) | |
| Net Decrease (Increase) in FHLB Stock | | (1,529) | | | 2,550 | |
| Purchases of Premises and Equipment | | (658) | | | (2,787) | |
| Proceeds from Sales of Foreclosed Assets | | — | | | 116 | |
| Net Cash Used in Investing Activities | | | (8,236) | | (168,277) | |
| | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | ||
| Net Increase in Deposits | | 37,494 | | | 258,966 | |
| Net Decrease in Federal Funds Purchased | | | — | | | (287,000) |
| Proceeds from FHLB Advances | | 699,000 | | | 486,500 | |
| Principal Payments on FHLB Advances | | | (669,000) | | | (289,000) |
| Preferred Stock Dividends Paid | | | (3,040) | | | (3,040) |
| Stock Options Exercised | | | 587 | | | 717 |
| Stock Repurchases | | | (5,177) | | | — |
| Shares Repurchased for Tax Withholdings Upon Vesting of Restricted Stock-Based Awards | | | (94) | | | (34) |
| Shares Repurchased for Tax Withholdings Upon Exercise Stock Options | | | (36) | | | — |
| Net Cash Provided by Financing Activities | | 59,734 | | 167,109 | ||
| | | | | | | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | | 63,297 | | 37,315 | ||
| Cash and Cash Equivalents Beginning | | 128,562 | | 87,043 | ||
| Cash and Cash Equivalents Ending | | $191,859 | | $124,358 | ||
| | | | | | | |
| SUPPLEMENTAL CASH FLOW DISCLOSURE | | | | | ||
| Cash Paid for Interest | | $108,886 | | $82,670 | ||
| Cash Paid for Income Taxes | | 5,485 | | 8,931 | ||
| SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | | | | | | |
| Net Investment Securities Sold but Not Settled | | | — | | | 6,007 |
| Loans Transferred to Foreclosed Assets | | | 434 | | | — |
| | | | | | | |
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