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.
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Consolidated Statements of Income
(dollars in thousands, except per share data)
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended · · Nine Months Ended | ||||||||||||
| · · September 30, · · September 30, · · September 30, · · September 30, | ||||||||||||
| · 2024 · 2023 · 2024 · 2023 | ||||||||||||
| INTEREST INCOME · · · · | ||||||||||||
| Loans, Including Fees | | $51,895 | | $48,999 | | $152,861 | | $141,675 | ||||
| Investment Securities | | 8,725 | | 6,507 | | 24,818 | | 18,962 | ||||
| Other | | 2,407 | | 1,303 | | 4,895 | | 3,165 | ||||
| Total Interest Income | | 63,027 | | 56,809 | | 182,574 | | 163,802 | ||||
| | | | | | | | | | | | | |
| INTEREST EXPENSE | | | | | | | | | ||||
| Deposits | | 34,187 | | 27,225 | | 95,995 | | | 66,597 | |||
| Federal Funds Purchased | | | 2 | | | 548 | | | 1,159 | | | 8,253 |
| Notes Payable | | 296 | | 296 | | 887 | | | 844 | |||
| FHLB Advances | | 1,942 | | 2,316 | | 6,325 | | | 5,269 | |||
| Subordinated Debentures | | 1,001 | | 1,003 | | 2,982 | | | 2,979 | |||
| Total Interest Expense | | 37,428 | | 31,388 | | 107,348 | | 83,942 | ||||
| | | | | | | | | | | | | |
| NET INTEREST INCOME | | 25,599 | | 25,421 | | 75,226 | | 79,860 | ||||
| Provision for (Recovery of) Credit Losses | | — | | (600) | | 1,350 | | | 75 | |||
| | | | | | | | | | | | | |
| NET INTEREST INCOME AFTER | | | | | ||||||||
| PROVISION FOR (RECOVERY OF) CREDIT LOSSES | | 25,599 | | 26,021 | | 73,876 | | 79,785 | ||||
| | | | | | | | | | | | | |
| NONINTEREST INCOME | | | | | ||||||||
| Customer Service Fees | | 373 | | | 379 | | 1,081 | | | 1,096 | ||
| Net Gain (Loss) on Sales of Available for Sale Securities | | (28) | | | — | | 385 | | | (6) | ||
| Letter of Credit Fees | | 424 | | | 315 | | 1,127 | | | 1,328 | ||
| Debit Card Interchange Fees | | | 152 | | | 150 | | | 448 | | | 443 |
| Bank-Owned Life Insurance | | | 352 | | | 252 | | | 965 | | | 724 |
| FHLB Prepayment Income | | | — | | | 493 | | | — | | | 792 |
| Other Income | | | 249 | | | 137 | | | 829 | | | 707 |
| Total Noninterest Income | | 1,522 | | 1,726 | | 4,835 | | 5,084 | ||||
| | | | | | | | | | | | | |
| NONINTEREST EXPENSE | | | | | ||||||||
| Salaries and Employee Benefits | | 9,851 | | | 9,519 | | 28,959 | | | 26,923 | ||
| Occupancy and Equipment | | 1,069 | | | 1,101 | | 3,218 | | | 3,385 | ||
| FDIC Insurance Assessment | | 750 | | | 1,075 | | 2,350 | | | 2,640 | ||
| Data Processing | | | 368 | | | 392 | | | 1,252 | | | 1,150 |
| Professional and Consulting Fees | | | 1,149 | | | 715 | | | 2,890 | | | 2,299 |
| Derivative Collateral Fees | | | 381 | | | 543 | | | 1,395 | | | 1,327 |
| Information Technology and Telecommunications | | | 840 | | | 683 | | | 2,448 | | | 2,077 |
| Marketing and Advertising | | | 367 | | | 222 | | | 1,006 | | | 805 |
| Intangible Asset Amortization | | | 9 | | | 9 | | | 26 | | | 91 |
| Other Expense | | | 976 | | | 978 | | | 2,944 | | | 2,883 |
| Total Noninterest Expense | | 15,760 | | 15,237 | | 46,488 | | 43,580 | ||||
| | | | | | | | | | | | | |
| INCOME BEFORE INCOME TAXES | | 11,361 | | 12,510 | | 32,223 | | 41,289 | ||||
| Provision for Income Taxes | | 2,686 | | 2,881 | | 7,602 | | 10,202 | ||||
| NET INCOME | | | 8,675 | | | 9,629 | | | 24,621 | | | 31,087 |
| Preferred Stock Dividends | | | (1,013) | | | (1,013) | | | (3,040) | | | (3,040) |
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | | $7,662 | | $8,616 | | $21,581 | | $28,047 | ||||
| | | | | | | | | | | | | |
| EARNINGS PER SHARE | | | | | | | | |||||
| Basic | | $0.28 | | $0.31 | | $0.79 | | $1.01 | ||||
| Diluted | | | 0.27 | | | 0.30 | | | 0.77 | | | 0.99 |
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