Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the
parent company of Bridgewater Bank (the Bank), today announced net
income of $12.3 million for the first quarter of 2022, a 2.0%
decrease over net income of $12.5 million for the fourth quarter of
2021, and a 14.9% increase over net income of $10.7 million for the
first quarter of 2021. Earnings per diluted common share for the
first quarter of 2022 were $0.39, flat compared to $0.39 per
diluted common share for the fourth quarter of 2021, and a 4.7%
increase compared to $0.37 per diluted common share for the same
period in 2021.
“Bridgewater began 2022 by continuing the same growth and
profitability trends that made 2021 such a successful year,” said
Chairman, Chief Executive Officer, and President, Jerry Baack.
“During the first quarter, we again produced consistent results
highlighted by robust loan growth with strong asset quality, while
growing revenue and maintaining one of the lowest efficiency ratios
in the industry. We also took an important step toward enhancing
organizational efficiencies to support future growth through the
successful launch of our new commercial loan origination system in
March, which digitizes the end-to-end lending process. While we are
not immune to the various economic challenges and uncertainties
related to higher interest rates and inflation, we continue to
position the organization for success in the current environment by
investing in the business, adding top talent and deepening our
relationships throughout the Twin Cities market.”
Today the Company also announced that its Board of Directors
declared a quarterly cash dividend on its 5.875% Non-Cumulative
Perpetual Preferred Stock, Series A ("Series A Preferred Stock").
The quarterly cash dividend of $36.72 per share, equivalent to
$0.3672 per depositary share, each representing a 1/100th interest
in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is
payable on June 1, 2022 to shareholders of record of the Series A
Preferred Stock at the close of business on May 13, 2022.
First Quarter 2022 Financial Results
Diluted
Nonperforming
Adjusted
ROA
PPNR ROA (1)
ROE
earnings per share
assets to total assets
efficiency ratio (1)
1.42
%
2.12
%
12.98
%
$
0.39
0.02
%
42.0
%
___________________________________
(1)
Represents a non-GAAP financial
measure. See "Non-GAAP Financial Measures" for further details.
Linked-Quarter Highlights
- Diluted earnings per common share were $0.39 for both the first
quarter of 2022 and the fourth quarter of 2021.
- Annualized return on average assets (ROA) and annualized return
on average shareholders’ equity (ROE) for the first quarter of 2022
were 1.42% and 12.98%, compared to ROA and ROE of 1.46% and 13.27%,
respectively, for the fourth quarter of 2021. Annualized return on
average tangible common equity, a non-GAAP financial measure, was
14.56% for the first quarter of 2022, compared to 14.78% for the
fourth quarter of 2021.
- Record pre-provision net revenue (PPNR), a non-GAAP financial
measure, of $18.3 million for the first quarter of 2022, compared
to $18.1 million for the fourth quarter of 2021. PPNR ROA, a
non-GAAP financial measure, was 2.12% for the first quarter of
2022, compared to 2.11% for the fourth quarter of 2021.
- Gross loans increased $168.5 million in the first quarter of
2022, or 24.2% annualized, compared to the fourth quarter of 2021.
Gross loans, excluding Paycheck Protection Program (PPP) loans,
increased $182.3 million in the first quarter of 2022, or 26.5%
annualized, compared to the fourth quarter of 2021.
- Deposits increased $89.4 million in the first quarter of 2022,
or 12.3% annualized, compared to the fourth quarter of 2021.
- Net interest margin (on a fully tax-equivalent basis) was 3.60%
for the first quarter of 2022, compared to 3.51% in the fourth
quarter of 2021. Core net interest margin (on a fully
tax-equivalent basis), a non-GAAP financial measure which excludes
the impact of loan fees and PPP balances, interest, and fees,
expanded 9 basis points from 3.25% in the fourth quarter of 2021 to
3.34% in the first quarter of 2022.
- Adjusted efficiency ratio, a non-GAAP financial measure which
excludes the impact of certain non-routine income and expenses from
noninterest expense, was 42.0% for the first quarter of 2022,
compared to 40.3% for the fourth quarter of 2021.
- A loan loss provision of $1.7 million was recorded in the first
quarter of 2022 to support strong organic loan growth. The
allowance for loan losses to total loans was 1.40% at March 31,
2022, compared to 1.42% at December 31, 2021.
- Annualized net loan charge-offs as a percentage of average
loans were 0.00% for both the first quarter of 2022 and the fourth
quarter of 2021.
- Tangible book value per share, a non-GAAP financial measure,
was $11.01 at March 31, 2022, an increase compared to $10.98 at
December 31, 2021, despite the market value depreciation of the
securities portfolio due to rising interest rates, which negatively
impacted accumulated other comprehensive income.
Year-Over-Year Highlights
- Net income was $12.3 million for the first quarter of 2022,
compared to $10.7 million for the first quarter of 2021, an
increase of $1.6 million, or 14.9%.
- Diluted earnings per common share for the first quarter of 2022
were $0.39, compared to $0.37 for the first quarter of 2021, an
increase of 4.7%.
- Net interest margin (on a fully tax-equivalent basis) was
stable at 3.60% for both the first quarter of 2022 and the first
quarter of 2021. Core net interest margin (on a fully
tax-equivalent basis), a non-GAAP financial measure, was also
stable at 3.34% for both the first quarter of 2022 and the first
quarter of 2021.
- Gross loans increased $561.8 million at March 31, 2022, or
23.2%, compared to March 31, 2021. Gross loans, excluding PPP
loans, increased 31.5%, compared to March 31, 2021.
- Deposits increased $397.0 million at March 31, 2022, or 15.0%,
compared to March 31, 2021.
- Tangible book value per share, a non-GAAP financial measure,
increased 12.3%, or $1.21, to $11.01 at March 31, 2022, compared to
$9.80 at March 31, 2021.
Key Financial Measures
As of and for the Three Months
Ended
March 31,
December 31,
March 31,
2022
2021
2021
Per Common Share Data
Basic Earnings Per Share
$
0.40
$
0.41
$
0.38
Diluted Earnings Per Share
0.39
0.39
0.37
Book Value Per Share
11.12
11.09
9.92
Tangible Book Value Per Share (1)
11.01
10.98
9.80
Basic Weighted Average Shares
Outstanding
28,123,809
28,004,334
28,017,366
Diluted Weighted Average Shares
Outstanding
29,156,085
29,038,785
28,945,212
Shares Outstanding at Period End
28,150,389
28,206,566
28,132,929
Selected Performance
Ratios
Return on Average Assets (Annualized)
1.42
%
1.46
%
1.47
%
Pre-Provision Net Revenue Return on
Average Assets (Annualized) (1)
2.12
2.11
2.15
Return on Average Shareholders' Equity
(Annualized)
12.98
13.27
15.87
Return on Average Tangible Common Equity
(Annualized) (1)
14.56
14.78
16.06
Yield on Interest Earning Assets
4.13
4.06
4.31
Yield on Total Loans, Gross
4.45
4.49
4.74
Cost of Interest Bearing Liabilities
0.80
0.86
1.04
Cost of Total Deposits
0.43
0.45
0.59
Net Interest Margin (2)
3.60
3.51
3.60
Core Net Interest Margin (1)(2)
3.34
3.25
3.34
Efficiency Ratio (1)
42.4
40.8
41.2
Adjusted Efficiency Ratio (1)
42.0
40.3
40.7
Noninterest Expense to Average Assets
(Annualized)
1.56
1.45
1.51
Adjusted Noninterest Expense to Average
Assets (Annualized) (1)
1.55
1.43
1.49
Loan to Deposit Ratio
98.4
95.7
91.9
Core Deposits to Total Deposits (3)
84.3
85.4
83.5
Tangible Common Equity to Tangible Assets
(1)
8.60
8.91
8.99
Capital Ratios (Bank Only)
(4)
Tier 1 Leverage Ratio
11.13
%
11.09
%
10.65
%
Common Equity Tier 1 Risk-based Capital
Ratio
11.42
11.69
12.08
Tier 1 Risk-based Capital Ratio
11.42
11.69
12.08
Total Risk-based Capital Ratio
12.65
12.94
13.33
Capital Ratios (Consolidated)
(4)
Tier 1 Leverage Ratio
10.78
%
10.82
%
9.11
%
Common Equity Tier 1 Risk-based Capital
Ratio
9.13
9.36
10.34
Tier 1 Risk-based Capital Ratio
11.08
11.43
10.34
Total Risk-based Capital Ratio
15.02
15.55
14.46
____________________________
(1)
Represents a non-GAAP financial
measure. See "Non-GAAP Financial Measures" for further details.
(2)
Amounts calculated on a
tax-equivalent basis using the statutory federal tax rate of
21%.
(3)
Core deposits are defined as
total deposits less brokered deposits and certificates of deposit
greater than $250,000.
(4)
Preliminary data. Current period
subject to change prior to filings with applicable regulatory
agencies.
Selected Financial Data
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2022
2021
2021
2021
2021
Selected Balance Sheet Data
Total Assets
$
3,607,920
$
3,477,659
$
3,389,125
$
3,162,612
$
3,072,359
Total Loans, Gross
2,987,967
2,819,472
2,712,012
2,594,186
2,426,123
Allowance for Loan Losses
41,692
40,020
38,901
37,591
35,987
Goodwill and Other Intangibles
3,057
3,105
3,153
3,200
3,248
Deposits
3,035,611
2,946,237
2,854,157
2,720,906
2,638,654
Tangible Common Equity (1)
309,870
309,653
298,135
287,630
275,923
Total Shareholders' Equity
379,441
379,272
367,803
290,830
279,171
Average Total Assets - Quarter-to-Date
3,513,798
3,403,270
3,332,301
3,076,712
2,940,262
Average Shareholders' Equity -
Quarter-to-Date
383,024
374,035
330,604
286,311
272,729
____________________________
(1)
Represents a non-GAAP financial
measure. See "Non-GAAP Financial Measures" for further details
For the Three Months
Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2022
2021
2021
Selected Income Statement Data
Interest Income
$
34,694
$
33,775
$
30,440
Interest Expense
4,514
4,622
5,045
Net Interest Income
30,180
29,153
25,395
Provision for Loan Losses
1,675
1,150
1,100
Net Interest Income after Provision for
Loan Losses
28,505
28,003
24,295
Noninterest Income
1,557
1,288
1,008
Noninterest Expense
13,508
12,459
10,923
Income Before Income Taxes
16,554
16,832
14,380
Provision for Income Taxes
4,292
4,318
3,709
Net Income
12,262
12,514
10,671
Preferred Stock Dividends
(1,013
)
(1,171
)
—
Net Income Available to Common
Shareholders
$
11,249
$
11,343
$
10,671
Income Statement
Net Interest Income
Net interest income was $30.2 million for the first quarter of
2022, an increase of $1.0 million, or 3.5%, from $29.2 million in
the fourth quarter of 2021, and an increase of $4.8 million, or
18.8%, from $25.4 million in the first quarter of 2021. The
linked-quarter and year-over-year increases in net interest income
were primarily due to growth in average interest earning assets and
lower rates paid on deposits, offset partially by declining yields
on loans and lower PPP fee recognition. Average interest earning
assets were $3.43 billion for the first quarter of 2022, an
increase of $110.2 million, or 3.3%, from $3.32 billion for the
fourth quarter of 2021, and an increase of $547.7 million, or
19.0%, from $2.88 billion for the first quarter of 2021. The
linked-quarter and year-over-year increases in average interest
earning assets were primarily due to strong organic growth in the
loan portfolio and continued purchases of investment securities,
offset partially by the forgiveness of PPP loans and the reduction
of cash balances.
Net interest margin (on a fully tax-equivalent basis) for the
first quarter of 2022 was 3.60%, a 9 basis point increase from
3.51% in the fourth quarter of 2021, and no change from 3.60% in
the first quarter of 2021. Core net interest margin (on a fully
tax-equivalent basis), a non-GAAP financial measure which excludes
the impact of loan fees and PPP balances, interest, and fees, for
the first quarter of 2022 was 3.34%, a 9 basis point increase from
3.25% in the fourth quarter of 2021, and no change from 3.34% in
the first quarter of 2021. The increase in core net interest margin
compared to the fourth quarter of 2021 was primarily due to the
deployment of cash into higher yielding assets and the continued
reduction of funding costs. The Company remains focused on the
impact of anticipated interest rate hikes and the evolving shape of
the yield curve throughout 2022.
As the PPP loan portfolio pays down, the recognition of fees
associated with the originations has decreased, which impacts
comparability between periods. The Company recognized $519,000 of
PPP origination fees during the first quarter of 2022, compared to
$958,000 during the fourth quarter of 2021. Remaining PPP
origination fees to be recognized as of March 31, 2022 were
$379,000.
The following table summarizes PPP loan originations and net
origination fees as of March 31, 2022:
Originated
Outstanding
Program Lifetime
Number
Principal
Number
Principal
Net Origination
Net Origination
(dollars in thousands)
of Loans
Balance
of Loans
Balance
Fees Generated
Fees Earned
Round One PPP Loans
1,200
$
181,600
4
$
293
$
5,706
$
5,706
Round Two PPP Loans
651
78,386
59
12,016
3,544
3,165
Totals
1,851
$
259,986
63
$
12,309
$
9,250
$
8,871
Interest income was $34.7 million for the first quarter of 2022,
an increase of $919,000, or 2.7%, from $33.8 million in the fourth
quarter of 2021, and an increase of $4.3 million, or 14.0%, from
$30.4 million in the first quarter of 2021. The yield on interest
earning assets (on a fully tax-equivalent basis) was 4.13% in the
first quarter of 2022, compared to 4.06% in the fourth quarter of
2021, and 4.31% in the first quarter of 2021. The linked-quarter
expansion in the yield on interest earning assets was primarily due
to the decrease in average cash balances, which were deployed to
support growth of the higher yielding loan and investment
securities portfolios. The year-over-year decline in the yield on
interest earning assets was primarily due to the historically low
interest rate environment resulting in lower loan yields.
Loan interest income and loan fees remain the primary
contributing factors to the changes in yield on interest earning
assets. The aggregate loan yield, excluding PPP loans, decreased to
4.40% in the first quarter of 2022, which was 1 basis point lower
than 4.41% in the fourth quarter of 2021, and 32 basis points lower
than 4.72% in the first quarter of 2021. While loan fees have
maintained a relatively stable contribution to the aggregate loan
yield, the historically low yield curve has resulted in a declining
core yield on loans in comparison to both prior periods.
A summary of interest and fees recognized on loans, excluding
PPP loans, for the periods indicated is as follows:
Three Months Ended
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
Interest
4.15
%
4.20
%
4.28
%
4.37
%
4.50
%
Fees
0.25
0.21
0.23
0.17
0.22
Yield on Loans, Excluding PPP Loans
4.40
%
4.41
%
4.51
%
4.54
%
4.72
%
Interest expense was $4.5 million for the first quarter of 2022,
a decrease of $108,000, or 2.3%, from $4.6 million in the fourth
quarter of 2021, and a decrease of $531,000, or 10.5%, from $5.0
million in the first quarter of 2021. The cost of interest bearing
liabilities declined 6 basis points on a linked-quarter basis from
0.86% in the fourth quarter of 2021 to 0.80% in the first quarter
of 2022, primarily due to lower rates paid on deposits. On a
year-over-year basis, the cost of interest bearing liabilities
decreased 24 basis points from 1.04% in the first quarter of 2021
to 0.80% in the first quarter of 2022, primarily due to lower rates
paid on deposits, and the payoff of the Company’s notes payable,
offset partially by strong growth of interest bearing deposits and
the issuance of additional subordinated debentures.
Interest expense on deposits was $3.2 million for the first
quarter of 2022, a decrease of $83,000, or 2.6%, from $3.2 million
in the fourth quarter of 2021, and a decrease of $513,000, or
14.0%, from $3.7 million in the first quarter of 2021. The cost of
total deposits declined 2 basis points on a linked-quarter basis
from 0.45% in the fourth quarter of 2021, and declined 16 basis
points on a year-over-year basis from 0.59% in the first quarter of
2021, to 0.43% in the first quarter of 2022, primarily due to
deposit rate cuts consistent with a lower rate environment and the
continued downward repricing of time deposits.
A summary of the Company’s average balances, interest yields and
rates, and net interest margin for the three months ended March 31,
2022, December 31, 2021, and March 31, 2021 is as follows:
For the Three Months
Ended
March 31, 2022
December 31, 2021
March 31, 2021
Average
Interest
Yield/
Average
Interest
Yield/
Average
Interest
Yield/
Balance
& Fees
Rate
Balance
& Fees
Rate
Balance
& Fees
Rate
(dollars in thousands)
Interest Earning Assets:
Cash Investments
$
80,497
$
26
0.13
%
$
146,744
$
65
0.18
%
$
105,477
$
34
0.13
%
Investment Securities:
Taxable Investment Securities
373,021
2,255
2.45
341,325
1,893
2.20
301,680
1,723
2.32
Tax-Exempt Investment Securities (1)
71,591
779
4.41
71,602
782
4.33
80,963
881
4.41
Total Investment Securities
444,612
3,034
2.77
412,927
2,675
2.57
382,643
2,604
2.76
Paycheck Protection Program Loans (2)
18,140
563
12.58
39,900
1,057
10.51
148,881
1,864
5.08
Loans (1)(2)
2,881,845
31,275
4.40
2,715,722
30,154
4.41
2,241,038
26,074
4.72
Total Loans
2,899,985
31,838
4.45
2,755,622
31,211
4.49
2,389,919
27,938
4.74
Federal Home Loan Bank Stock
5,680
54
3.84
5,310
59
4.39
5,045
78
6.28
Total Interest Earning Assets
3,430,774
34,952
4.13
%
3,320,603
34,010
4.06
%
2,883,084
30,654
4.31
%
Noninterest Earning Assets
83,024
82,667
57,178
Total Assets
$
3,513,798
$
3,403,270
$
2,940,262
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits
$
566,279
$
597
0.43
%
$
499,475
$
548
0.43
%
$
364,017
422
0.47
%
Savings and Money Market Deposits
876,580
918
0.42
803,848
876
0.43
724,104
1,008
0.56
Time Deposits
288,914
745
1.05
299,823
830
1.10
344,715
1,267
1.49
Brokered Deposits
406,648
898
0.90
404,438
987
0.97
402,694
974
0.98
Total Interest Bearing Deposits
2,138,421
3,158
0.60
2,007,584
3,241
0.64
1,835,530
3,671
0.81
Federal Funds Purchased
10,600
9
0.35
10
—
0.67
—
—
—
Notes Payable
—
—
—
—
—
—
6,722
61
3.66
FHLB Advances
42,500
150
1.43
44,185
162
1.46
57,500
228
1.61
Subordinated Debentures
92,286
1,197
5.26
92,189
1,219
5.25
73,776
1,085
5.96
Total Interest Bearing Liabilities
2,283,807
4,514
0.80
%
2,143,968
4,622
0.86
%
1,973,528
5,045
1.04
%
Noninterest Bearing
Liabilities:
Noninterest Bearing Transaction
Deposits
822,488
861,473
676,173
Other Noninterest Bearing Liabilities
24,479
23,794
17,832
Total Noninterest Bearing Liabilities
846,967
885,267
694,005
Shareholders' Equity
383,024
374,035
272,729
Total Liabilities and Shareholders'
Equity
$
3,513,798
$
3,403,270
$
2,940,262
Net Interest Income / Interest Rate
Spread
30,438
3.33
%
29,388
3.20
%
25,609
3.27
%
Net Interest Margin (3)
3.60
%
3.51
%
3.60
%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and
Loans
(258
)
(235
)
(214
)
Net Interest Income
$
30,180
$
29,153
$
25,395
___________________________
(1)
Interest income and average rates
for tax-exempt investment securities and loans are presented on a
tax-equivalent basis, assuming a statutory federal income tax rate
of 21%.
(2)
Average loan balances include
nonaccrual loans. Interest income on loans includes amortization of
deferred loan fees, net of deferred loan costs.
(3)
Net interest margin includes the
tax equivalent adjustment and represents the annualized results of:
(i) the difference between interest income on interest earning
assets and the interest expense on interest bearing liabilities,
divided by (ii) average interest earning assets for the period.
Provision for Loan Losses
The provision for loan losses was $1.7 million for the first
quarter of 2022, an increase of $525,000 from $1.2 million for the
fourth quarter of 2021, and an increase of $575,000 from $1.1
million for the first quarter of 2021. The provision recorded in
the first quarter of 2022 was primarily attributable to the robust
growth of the loan portfolio. The allowance for loan losses to
total loans was 1.40% at March 31, 2022, compared to 1.42% at
December 31, 2021, and 1.48% at March 31, 2021. The allowance for
loan losses to total loans, excluding PPP loans, was 1.40% at March
31, 2022, compared to 1.43% at December 31, 2021, and 1.59% at
March 31, 2021.
As an emerging growth company, the Company is not subject to
Accounting Standards Update No. 2016-13 “Financial Instruments –
Credit Losses (Topic 326): Measurement of Credit Losses of
Financial Instruments,“ or CECL, until January 1, 2023.
The following table presents the activity in the Company’s
allowance for loan losses for the periods indicated:
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2022
2021
2021
Balance at Beginning of Period
$
40,020
$
38,901
$
34,841
Provision for Loan Losses
1,675
1,150
1,100
Charge-offs
(15
)
(37
)
(14
)
Recoveries
12
6
60
Balance at End of Period
$
41,692
$
40,020
$
35,987
Noninterest Income
Noninterest income was $1.6 million for the first quarter of
2022, an increase of $269,000 from $1.3 million for the fourth
quarter of 2021, and an increase of $549,000 from $1.0 million for
the first quarter of 2021. The linked-quarter increase was
primarily due to increased swap fees, offset partially by a
decrease in letter of credit fees. The year-over-year increase was
primarily due to increased swap fees and bank-owned life insurance
income.
The following table presents the major components of noninterest
income for the periods indicated:
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2022
2021
2021
Noninterest Income:
Customer Service Fees
$
281
$
274
$
234
Letter of Credit Fees
242
541
327
Debit Card Interchange Fees
133
149
130
Swap Fees
557
—
—
Bank-Owned Life Insurance
148
150
—
Other Income
196
174
317
Totals
$
1,557
$
1,288
$
1,008
Noninterest Expense
Noninterest expense was $13.5 million for the first quarter of
2022, an increase of $1.0 million from $12.5 million for the fourth
quarter of 2021, and an increase of $2.6 million from $10.9 million
for the first quarter of 2021. The linked-quarter increase was
primarily due to an increase in salaries and employee benefits,
occupancy and equipment, and marketing and advertising expenses,
offset partially by lower amortization of tax credit investments.
The linked-quarter increase in salaries and employee benefits was
impacted by the timing of merit increases, which all went into
effect during the first quarter of 2022, a change from prior years
in which merit increases occurred throughout the year based on
service anniversary dates. The year-over-year increase was
primarily attributable to increased salaries and employee benefits,
professional and consulting fees, technology, and marketing and
advertising expenses.
The following table presents the major components of noninterest
expense for the periods indicated:
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2022
2022
2021
Noninterest Expense:
Salaries and Employee Benefits
$
8,694
$
7,966
$
7,102
Occupancy and Equipment
1,085
939
1,055
FDIC Insurance Assessment
360
345
315
Data Processing
297
306
291
Professional and Consulting Fees
696
719
544
Information Technology and
Telecommunications
578
554
462
Marketing and Advertising
626
469
286
Intangible Asset Amortization
48
48
48
Amortization of Tax Credit Investments
117
152
118
Other Expense
1,007
961
702
Totals
$
13,508
$
12,459
$
10,923
The Company continues to add key talent across the organization,
reaching 229 full-time equivalent employees at March 31, 2022,
compared to 220 employees at December 31, 2021, and 200 employees
at March 31, 2021.
The efficiency ratio, a non-GAAP financial measure, was 42.4%
for the first quarter of 2022, compared to 40.8% for the fourth
quarter of 2021, and 41.2% for the first quarter of 2021. Excluding
the impact of certain non-routine income and expenses, the adjusted
efficiency ratio, a non-GAAP financial measure, was 42.0% for the
first quarter of 2022, 40.3% for the fourth quarter of 2021 and
40.7% for the first quarter of 2021.
Income Taxes
The effective combined federal and state income tax rate for the
first quarter of 2022 was 25.9%, a slight increase from 25.7% for
the fourth quarter of 2021 and a slight increase from 25.8% for the
first quarter of 2021.
Balance Sheet
Total assets at March 31, 2022 were $3.61 billion, a 3.7%
increase from $3.48 billion at December 31, 2021, and a 17.4%
increase from $3.07 billion at March 31, 2021. The linked-quarter
increase in total assets was primarily due to strong organic loan
growth, offset partially by a decrease in cash and cash
equivalents. The year-over-year increase in total assets was
primarily due to robust organic loan growth and the continued
purchases of investment securities, offset partially by a decrease
in cash and cash equivalents.
Total gross loans at March 31, 2022 were $2.99 billion, an
increase of $168.5 million, or 6.0%, over total gross loans of
$2.82 billion at December 31, 2021, and an increase of $561.8
million, or 23.2%, over total gross loans of $2.43 billion at March
31, 2021. The increase in the loan portfolio during the first
quarter of 2022 was primarily due to growth in the construction and
land development, multifamily and CRE nonowner occupied segments,
offset partially by the payoff of PPP loans. When excluding PPP
loans, gross loans grew $182.3 million during the first quarter of
2022, or 26.5% on an annualized basis. The Company's continued
strong loan growth has been driven by the expansion of its talented
lending teams, new client acquisitions, the strong, growing brand
of the Bank in the Twin Cities market and the M&A-related
market disruption in the Twin Cities resulting in client and banker
acquisition opportunities.
The following table presents the dollar composition of the
Company’s loan portfolio, by category, at the dates indicated:
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
(dollars in thousands)
Commercial
$
363,290
$
360,169
$
350,081
$
321,474
$
301,023
Paycheck Protection Program
12,309
26,162
54,190
99,072
163,258
Construction and Land Development
321,131
281,474
257,167
251,573
193,372
Real Estate Mortgage:
1 - 4 Family Mortgage
312,201
305,317
290,535
277,943
294,964
Multifamily
1,012,623
910,243
865,172
790,275
665,415
CRE Owner Occupied
117,969
111,096
101,834
87,507
79,665
CRE Nonowner Occupied
840,463
818,569
786,271
758,101
720,396
Total Real Estate Mortgage Loans
2,283,256
2,145,225
2,043,812
1,913,826
1,760,440
Consumer and Other
7,981
6,442
6,762
8,241
8,030
Total Loans, Gross
2,987,967
2,819,472
2,712,012
2,594,186
2,426,123
Allowance for Loan Losses
(41,692
)
(40,020
)
(38,901
)
(37,591
)
(35,987
)
Net Deferred Loan Fees
(9,065
)
(9,535
)
(10,199
)
(11,450
)
(11,273
)
Total Loans, Net
$
2,937,210
$
2,769,917
$
2,662,912
$
2,545,145
$
2,378,863
Total deposits at March 31, 2022 were $3.04 billion, an increase
of $89.4 million, or 3.0%, over total deposits of $2.95 billion at
December 31, 2021, and an increase of $397.0 million, or 15.0%,
over total deposits of $2.64 billion at March 31, 2021. Deposit
growth in the first quarter of 2022 was primarily due to an
increase in interest bearing transaction deposits, savings and
money market deposits, and brokered deposits, offset partially by
declines in noninterest bearing transaction deposits and time
deposits. On a year-over-year basis, noninterest bearing
transaction deposits increased $122.5 million, or 17.2%, compared
to March 31, 2021. Similar to the loan portfolio, the growth in
core deposits has been a result of successful new client and banker
acquisition initiatives and the strong, growing brand of the Bank
in the Twin Cities market. Given the likelihood of higher interest
rates, management believes deposits could experience fluctuations
in future periods.
The following table presents the dollar composition of the
Company’s deposit portfolio, by category, at the dates
indicated:
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
(dollars in thousands)
Noninterest Bearing Transaction
Deposits
$
835,482
$
875,084
$
846,490
$
758,023
$
712,999
Interest Bearing Transaction Deposits
598,402
544,789
488,785
432,123
433,344
Savings and Money Market Deposits
890,926
863,567
791,861
761,485
791,583
Time Deposits
286,674
293,474
309,824
321,857
344,581
Brokered Deposits
424,127
369,323
417,197
447,418
356,147
Total Deposits
$
3,035,611
$
2,946,237
$
2,854,157
$
2,720,906
$
2,638,654
Capital
Total shareholders’ equity at March 31, 2022 was $379.4 million,
a slight increase of $169,000 over total shareholders’ equity of
$379.3 million at December 31, 2021, and an increase of $100.3
million, or 35.9%, over total shareholders’ equity of $279.2
million at March 31, 2021. The linked-quarter increase was due to
net income retained and unrealized gains in the derivatives
portfolio, offset by stock repurchases made under the Company’s
stock repurchase program and unrealized losses in the securities
portfolio. The year-over-year increase was due to net income
retained, the issuance of preferred stock, and unrealized gains in
the derivatives portfolio, offset partially by an increase in stock
repurchases made under the Company’s stock repurchase program and
unrealized losses in the securities portfolio.
During the first quarter of 2022, the Company repurchased 71,038
shares of its common stock. Shares were repurchased at a weighted
average price of $16.95 for a total of $1.2 million. The Company
remains committed to maintaining strong capital levels while
enhancing shareholder value as it strategically executes its stock
repurchase program in this fluid economic environment.
Tangible book value per share, a non-GAAP financial measure, was
$11.01 as of March 31, 2022, an increase of 0.3% from $10.98 as of
December 31, 2021, and an increase of 12.3% from $9.80 as of March
31, 2021. The linked-quarter increase occurred despite the market
value depreciation of the securities portfolio due to increases in
interest rates, which negatively impacted accumulated other
comprehensive income. Tangible common equity as a percentage of
tangible assets, a non-GAAP financial measure, was 8.60% at March
31, 2022, compared to 8.91% at December 31, 2021, and 8.99% at
March 31, 2021.
Asset Quality
Annualized net charge-offs (recoveries) as a percent of average
loans for both the first quarter of 2022 and fourth quarter of 2021
were 0.00%, compared to (0.01)% for the first quarter of 2021. At
March 31, 2022, the Company’s nonperforming assets, which include
nonaccrual loans, loans past due 90 days and still accruing, and
foreclosed assets, were $706,000, or 0.02% of total assets, as
compared to $722,000, or 0.02% of total assets at December 31,
2021, and $770,000 or 0.03% of total assets at March 31, 2021.
The Company has increased oversight and analysis of all segments
of the loan portfolio in response to the COVID-19 pandemic,
especially in vulnerable industries such as hospitality and
restaurants, to proactively monitor evolving credit risk. Loans
that have potential weaknesses that warrant a watchlist risk rating
at March 31, 2022 totaled $46.8 million, compared to $49.3 million
at December 31, 2021, and $58.3 million at March 31, 2021. Loans
that warranted a substandard risk rating at March 31, 2022, totaled
$18.6 million, compared to $22.6 million at December 31, 2021, and
$6.7 million at March 31, 2021.
The following table presents a summary of asset quality
measurements at the dates indicated:
As of and for the Three Months
Ended
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2022
2021
2021
2021
2021
Selected Asset Quality Data
Loans 30-89 Days Past Due
$
13
$
49
$
18
$
—
$
—
Loans 30-89 Days Past Due to Total
Loans
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Nonperforming Loans
$
706
$
722
$
734
$
761
$
770
Nonperforming Loans to Total Loans
0.02
%
0.03
%
0.03
%
0.03
%
0.03
%
Foreclosed Assets
$
—
$
—
$
—
$
—
$
—
Nonaccrual Loans to Total Loans
0.02
%
0.03
%
0.03
%
0.03
%
0.03
%
Nonaccrual Loans and Loans Past Due 90
Days and Still Accruing to Total Loans
0.02
0.03
0.03
0.03
0.03
Nonperforming Assets (1)
$
706
$
722
$
734
$
761
$
770
Nonperforming Assets to Total Assets
(1)
0.02
%
0.02
%
0.02
%
0.02
%
0.03
%
Allowance for Loan Losses to Total
Loans
1.40
1.42
1.43
1.45
1.48
Allowance for Loan Losses to Total Loans,
Excluding PPP Loans
1.40
1.43
1.46
1.50
1.59
Allowance for Loans Losses to Nonaccrual
Loans
5,905.38
5,542.94
5,299.86
4,939.68
4,673.64
Net Loan Charge-Offs (Recoveries)
(Annualized) to Average Loans
0.00
0.00
0.00
0.00
(0.01
)
_______________________________
(1)
Nonperforming assets are defined
as nonaccrual loans plus loans 90 days past due and still accruing
plus foreclosed assets.
The Company developed programs for clients who experienced
business and personal disruptions due to the COVID-19 pandemic by
providing interest-only modifications, loan payment deferrals, and
extended amortization modifications. In accordance with interagency
regulatory guidance and the CARES Act, qualifying loans modified in
response to the COVID-19 pandemic are not considered troubled debt
restructurings. The Company had 10 modified loans totaling $30.4
million outstanding as of March 31, 2022, representing 1.2% of the
total loan portfolio, excluding PPP loans, which is down from $35.0
million at December 31, 2021.
The following table presents a rollforward of loan modification
activity, by modification type, from December 31, 2021 to March 31,
2022:
(dollars in thousands)
Interest-Only
Extended Amortization
Total
Principal Balance - December 31, 2021
$
30,249
$
4,740
$
34,989
Modification Expired
(4,011
)
—
(4,011
)
Net Principal Advances (Payments)
(563
)
(25
)
(588
)
Principal Balance - March 31, 2022
$
25,675
$
4,715
$
30,390
About the Company
Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park,
Minnesota-based financial holding company. Bridgewater's banking
subsidiary, Bridgewater Bank, is a premier, full-service Twin
Cities bank dedicated to serving the diverse needs of commercial
real estate investors, entrepreneurs, business clients and
successful individuals. By pairing a range of deposit, lending and
business services solutions with a responsive service model,
Bridgewater has seen continuous growth and profitability. With
total assets of $3.6 billion and seven branches as of March 31,
2022, Bridgewater is considered one of the largest locally led
banks in the State of Minnesota, and has received numerous awards
for its growth, banking services and esteemed corporate
culture.
Use of Non-GAAP financial measures
In 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.
Forward-Looking Statements
This 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.
Forward-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: the negative effects of the ongoing COVID-19 pandemic,
including its effects on the economic environment, our clients and
our operations, including due to supply chain disruptions, as well
as any changes to federal, state or local government laws,
regulations or orders in connection with the pandemic; loan
concentrations in our portfolio; the overall health of the local
and national real estate market; our ability to successfully manage
credit risk; business and economic conditions generally and in the
financial services industry, nationally and within our market area,
including rising rates of inflation; our ability to maintain an
adequate level of allowance for loan losses; new or revised
accounting standards, including as a result of the future
implementation of the Current Expected Credit Loss standard; the
concentration of large loans to certain borrowers; the
concentration of large deposits from certain clients; our ability
to successfully manage liquidity risk, especially in light of
recent excess liquidity at the Bank; our dependence on non-core
funding sources and 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;
developments and uncertainty related to the future use and
availability of some reference rates, such as the London Interbank
Offered Rate, as well as other alternative reference rates; the
composition of our senior leadership team and our ability to
attract and retain key personnel; talent and labor shortages and
high rates of employee turnover; the occurrence of fraudulent
activity, breaches or failures of our information security controls
or cybersecurity-related incidents; interruptions involving our
information technology and telecommunications systems or
third-party servicers; competition in the financial services
industry, including from nonbank competitors such as credit unions
and “fintech” companies; the effectiveness of our risk management
framework; the commencement and outcome of litigation and other
legal proceedings and regulatory actions against us; the impact of
recent and future legislative and regulatory changes, including
changes to federal and state corporate tax rates; interest rate
risk, including the effects of anticipated rate increases by the
Federal Reserve; fluctuations in the values of the securities held
in our securities portfolio; 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 (including the COVID-19 pandemic), acts
of war or terrorism or other adverse external events including the
Russian invasion of Ukraine; potential impairment to the goodwill
we recorded in connection with our past acquisition; changes to
U.S. or state tax laws, regulations and guidance, including recent
proposals to increase the federal corporate tax rate; and any other
risks described in the “Risk Factors” sections of reports filed by
the Company with the Securities and Exchange Commission.
Any 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. We undertake 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.
Bridgewater Bancshares, Inc. and
Subsidiaries
Consolidated Balance Sheets
(dollars in thousands, except share
data)
March 31,
December 31,
March 31,
2022
2021
2021
(Unaudited)
(Unaudited)
ASSETS
Cash and Cash Equivalents
$
71,887
$
143,473
$
200,896
Bank-Owned Certificates of Deposit
1,139
1,876
2,369
Securities Available for Sale, at Fair
Value
459,090
439,362
397,326
Loans, Net of Allowance for Loan Losses of
$41,692 at March 31, 2022 (unaudited), $40,020 at December 31, 2021
and $35,987 at March 31, 2021 (unaudited)
2,937,210
2,769,917
2,378,863
Federal Home Loan Bank (FHLB) Stock, at
Cost
6,846
5,242
5,820
Premises and Equipment, Net
49,044
49,395
51,297
Accrued Interest
9,596
9,186
8,718
Goodwill
2,626
2,626
2,626
Other Intangible Assets, Net
431
479
622
Other Assets
70,051
56,103
23,822
Total Assets
$
3,607,920
$
3,477,659
$
3,072,359
LIABILITIES AND EQUITY
LIABILITIES
Deposits:
Noninterest Bearing
$
835,482
$
875,084
$
712,999
Interest Bearing
2,200,129
2,071,153
1,925,655
Total Deposits
3,035,611
2,946,237
2,638,654
Federal Funds Purchased
23,000
—
—
FHLB Advances
42,500
42,500
57,500
Subordinated Debentures, Net of Issuance
Costs
92,349
92,239
73,826
Accrued Interest Payable
1,576
1,409
1,736
Other Liabilities
33,443
16,002
21,472
Total Liabilities
3,228,479
3,098,387
2,793,188
SHAREHOLDERS' EQUITY
Preferred Stock- $0.01 par value;
Authorized 10,000,000
Preferred Stock - Issued and Outstanding
27,600 Series A shares ($2,500 liquidation preference) at March 31,
2022 (unaudited), 27,600 at December 31, 2021 and -0- at March 31,
2021 (unaudited)
66,514
66,514
—
Common Stock- $0.01 par value; Authorized
75,000,000
Common Stock - Issued and Outstanding
28,150,389 at March 31, 2022 (unaudited), 28,206,566 at December
31, 2021 and 28,132,929 at March 31, 2021 (unaudited)
282
282
281
Additional Paid-In Capital
103,756
104,123
104,087
Retained Earnings
210,596
199,347
165,502
Accumulated Other Comprehensive Income
(Loss)
(1,707
)
9,006
9,301
Total Shareholders' Equity
379,441
379,272
279,171
Total Liabilities and Equity
$
3,607,920
$
3,477,659
$
3,072,359
Bridgewater Bancshares, Inc. and
Subsidiaries
Consolidated Statements of
Income
(dollars in thousands, except per share
data)
(Unaudited)
Three Months Ended
March 31,
December 31,
March 31,
2022
2021
2021
INTEREST INCOME
Loans, Including Fees
$
31,744
$
31,140
$
27,908
Investment Securities
2,870
2,511
2,420
Other
80
124
112
Total Interest Income
34,694
33,775
30,440
INTEREST EXPENSE
Deposits
3,158
3,241
3,671
Notes Payable
—
—
61
FHLB Advances
150
162
228
Subordinated Debentures
1,197
1,219
1,085
Federal Funds Purchased
9
—
—
Total Interest Expense
4,514
4,622
5,045
NET INTEREST INCOME
30,180
29,153
25,395
Provision for Loan Losses
1,675
1,150
1,100
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
28,505
28,003
24,295
NONINTEREST INCOME
Customer Service Fees
281
274
234
Other Income
1,276
1,014
774
Total Noninterest Income
1,557
1,288
1,008
NONINTEREST EXPENSE
Salaries and Employee Benefits
8,694
7,966
7,102
Occupancy and Equipment
1,085
939
1,055
Other Expense
3,729
3,554
2,766
Total Noninterest Expense
13,508
12,459
10,923
INCOME BEFORE INCOME TAXES
16,554
16,832
14,380
Provision for Income Taxes
4,292
4,318
3,709
NET INCOME
12,262
12,514
10,671
Preferred Stock Dividends
(1,013
)
(1,171
)
—
NET INCOME TO COMMON
SHAREHOLDERS
$
11,249
$
11,343
$
10,671
EARNINGS PER SHARE
Basic
$
0.40
$
0.41
$
0.38
Diluted
0.39
0.39
0.37
Bridgewater Bancshares, Inc. and
Subsidiaries
Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
For the Three Months
Ended
March 31,
December 31,
March 31,
2022
2021
2021
Pre-Provision Net Revenue
Noninterest Income
$
1,557
$
1,288
$
1,008
Less: Gain on sales of Securities
—
—
—
Total Operating Noninterest
Income
1,557
1,288
1,008
Plus: Net Interest Income
30,180
29,153
25,395
Net Operating Revenue
$
31,737
$
30,441
$
26,403
Noninterest Expense
$
13,508
$
12,459
$
10,923
Less: Amortization of Tax Credit
Investments
(117
)
(152
)
(118
)
Total Operating Noninterest
Expense
$
13,391
$
12,307
$
10,805
Pre-Provision Net Revenue
$
18,346
$
18,134
$
15,598
Plus:
Non-Operating Revenue Adjustments
—
—
—
Less:
Provision for Loan Losses
1,675
1,150
1,100
Non-Operating Expense Adjustments
117
152
118
Provision for Income Taxes
4,292
4,318
3,709
Net Income
$
12,262
$
12,514
$
10,671
Average Assets
$
3,513,798
$
3,403,270
$
2,940,262
Pre-Provision Net Revenue Return on
Average Assets
2.12
%
2.11
%
2.15
%
As of and for the Three Months
Ended
March 31,
December 31,
March 31,
2022
2021
2021
Core Net Interest Margin
Net Interest Income (Tax-Equivalent
Basis)
$
30,438
$
29,388
$
25,609
Less: Loan Fees
(1,743
)
(1,462
)
(1,202
)
Less: PPP Interest and Fees
(563
)
(1,057
)
(1,864
)
Core Net Interest Income
$
28,132
$
26,869
$
22,543
Average Interest Earning Assets
3,430,774
3,320,603
2,883,084
Less: Average PPP Loans
(18,140
)
(39,900
)
(148,881
)
Core Average Interest Earning Assets
$
3,412,634
$
3,280,703
$
2,734,203
Core Net Interest Margin
3.34
%
3.25
%
3.34
%
Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
For the Three Months
Ended
March 31,
December 31,
March 31,
2022
2021
2021
Efficiency Ratio
Noninterest Expense
$
13,508
$
12,459
$
10,923
Less: Amortization of Intangible
Assets
(48
)
(48
)
(48
)
Adjusted Noninterest Expense
$
13,460
$
12,411
$
10,875
Net Interest Income
30,180
29,153
25,395
Noninterest Income
1,557
1,288
1,008
Adjusted Operating Revenue
$
31,737
$
30,441
$
26,403
Efficiency Ratio
42.4
%
40.8
%
41.2
%
Adjusted Efficiency Ratio
Noninterest Expense
$
13,508
$
12,459
$
10,923
Less: Amortization of Tax Credit
Investments
(117
)
(152
)
(118
)
Less: Amortization of Intangible
Assets
(48
)
(48
)
(48
)
Adjusted Noninterest Expense
$
13,343
$
12,259
$
10,757
Net Interest Income
30,180
29,153
25,395
Noninterest Income
1,557
1,288
1,008
Adjusted Operating Revenue
$
31,737
$
30,441
$
26,403
Adjusted Efficiency Ratio
42.0
%
40.3
%
40.7
%
For the Three Months
Ended
March 31,
December 31,
March 31,
2022
2021
2021
Adjusted Noninterest Expense to Average
Assets (Annualized)
Noninterest Expense
$
13,508
$
12,459
$
10,923
Less: Amortization of Tax Credit
Investments
(117
)
(152
)
(118
)
Adjusted Noninterest Expense
$
13,391
$
12,307
$
10,805
Average Assets
$
3,513,798
$
3,403,270
$
2,940,262
Adjusted Noninterest Expense to Average
Assets (Annualized)
1.55
%
1.43
%
1.49
%
Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
As of and for the Three Months
Ended
March 31,
December 31,
March 31,
2022
2021
2021
Tangible Common Equity and Tangible
Common Equity/Tangible Assets
Total Shareholders' Equity
$
379,441
$
379,272
$
279,171
Less: Preferred Stock
(66,514
)
(66,514
)
—
Total Common Shareholders' Equity
312,927
312,758
279,171
Less: Intangible Assets
(3,057
)
(3,105
)
(3,248
)
Tangible Common Equity
$
309,870
$
309,653
$
275,923
Total Assets
$
3,607,920
$
3,477,659
$
3,072,359
Less: Intangible Assets
(3,057
)
(3,105
)
(3,248
)
Tangible Assets
$
3,604,863
$
3,474,554
$
3,069,111
Tangible Common Equity/Tangible Assets
8.60
%
8.91
%
8.99
%
Tangible Book Value Per Share
Book Value Per Common Share
$
11.12
$
11.09
$
9.92
Less: Effects of Intangible Assets
(0.11
)
(0.11
)
(0.12
)
Tangible Book Value Per Common Share
$
11.01
$
10.98
$
9.80
Return on Average Tangible Common
Equity
Net Income Available to Common
Shareholders
$
11,249
$
11,343
$
10,671
Average Shareholders' Equity
$
383,024
$
374,035
$
272,729
Less: Average Preferred Stock
(66,514
)
(66,515
)
—
Average Common Equity
316,510
307,520
272,729
Less: Effects of Average Intangible
Assets
(3,084
)
(3,132
)
(3,276
)
Average Tangible Common Equity
$
313,426
$
304,388
$
269,453
Return on Average Tangible Common
Equity
14.56
%
14.78
%
16.06
%
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2022
2021
2021
2021
2021
Tangible Common Equity
Total Shareholders' Equity
$
379,441
$
379,272
$
367,803
$
290,830
$
279,171
Less: Preferred Stock
(66,514
)
(66,514
)
(66,515
)
—
—
Common Shareholders' Equity
312,927
312,758
301,288
290,830
279,171
Less: Intangible Assets
(3,057
)
(3,105
)
(3,153
)
(3,200
)
(3,248
)
Tangible Common Equity
$
309,870
$
309,653
$
298,135
$
287,630
$
275,923
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220427005597/en/
Investor Relations Contact: Justin Horstman Director of Investor
Relations investorrelations@bwbmn.com 952-542-5169
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