Bridgewater Bancshares, Inc. Announces Second Quarter 2026 Financial Results
Second Quarter 2026 Highlights
- Net income of $14.0 million, or $0.45 per diluted common share.
- Net interest income increased $1.9 million, or 21.0% annualized, from the first quarter of 2026.
- Net interest margin (on a fully tax-equivalent basis) of 3.07%, an increase of eight basis points from the first quarter of 2026.
- Yield on total loans of 5.91% for the second quarter of 2026, an increase of 10 basis points from the first quarter of 2026.
- Gross loans increased by $58.3 million, or 5.4% annualized, from the first quarter of 2026.
- Total deposits increased by $40.7 million, or 3.8% annualized, from the first quarter of 2026; core deposits(2) decreased by $29.9 million, or 3.5% annualized, from the first quarter of 2026.
- Efficiency ratio(1) of 53.0%, down from 56.3% for the first quarter of 2026.
- Annualized net loan charge-offs as a percentage of average loans of 0.04%, compared to 0.05% for the first quarter of 2026.
- Nonperforming assets to total assets of 0.40% at June 30, 2026, up from 0.22% at March 31, 2026.
- Tangible book value per share(1) of $16.61 at June 30, 2026, an increase of 17.1% annualized from the first quarter of 2026.
- Common Equity Tier 1 Risk-Based Capital Ratio of 9.61%, up from 9.53% at March 31, 2026.
- Repurchased 38,659 shares of common stock at a weighted average price of $18.12, for a total of $700,000.
ST. LOUIS PARK, Minn.–(BUSINESS WIRE)–
Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“the Company”), the parent company of Bridgewater Bank (“the Bank”), today announced net income of $14.0 million for the second quarter of 2026, compared to $17.4 million for the first quarter of 2026, and $11.5 million for the second quarter of 2025. Earnings per diluted common share were $0.45 for the second quarter of 2026, compared to $0.58 for the first quarter of 2026, and $0.38 for the second quarter of 2025.
“Bridgewater’s strong second quarter reflected continued progress across key profitability drivers, highlighted by improved revenue and net interest income growth trends,” said Chairman and Chief Executive Officer, Jerry Baack. “The profitable growth of our loan portfolio, supported by continued net interest margin expansion and higher loan repricing, helped drive stronger earnings performance while we maintained our disciplined credit underwriting approach and strong asset quality profile. Our results demonstrated the strength of our core banking model, the benefits of disciplined balance sheet management, and the continued momentum we are seeing across our markets.
“We remain focused on executing our relationship-based growth strategy and are continuing to proactively add top talent across our production and support teams. These investments will support our ability to capitalize on future growth opportunities, strengthen our ability to serve clients, and create long-term value for our shareholders.”
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________________________________________ |
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(1) |
Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for further details. |
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(2) |
Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000. |
Key Financial Measures
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As of and for the Three Months Ended |
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As of and for the Six Months Ended |
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June 30, |
March 31, |
June 30, |
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June 30, |
June 30, |
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2026 |
2026 |
2025 |
|
2026 |
2025 |
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Per Common Share Data |
|
|
|
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|
|
|
|
|
|
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|||
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Basic Earnings Per Share |
|
$ |
0.47 |
|
$ |
0.59 |
|
$ |
0.38 |
|
|
$ |
1.06 |
|
$ |
0.70 |
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|||
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Diluted Earnings Per Share |
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|
0.45 |
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|
0.58 |
|
|
0.38 |
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|
|
1.03 |
|
|
0.68 |
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|||
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Adjusted Diluted Earnings Per Share (1) |
|
|
0.45 |
|
|
0.41 |
|
|
0.37 |
|
|
|
0.86 |
|
|
0.69 |
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Book Value Per Share |
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17.27 |
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|
16.60 |
|
|
14.92 |
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|
|
17.27 |
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|
14.92 |
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|||
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Tangible Book Value Per Share (1) |
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|
16.61 |
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|
15.93 |
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|
14.21 |
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|
16.61 |
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|
14.21 |
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Financial Ratios |
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|||
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Return on Average Assets (2) |
|
|
1.06 |
% |
|
1.35 |
% |
|
0.90 |
% |
|
|
1.20 |
% |
|
0.83 |
% |
|||
|
Pre-Provision Net Revenue Return on Average Assets (1)(2) |
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|
1.43 |
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|
1.30 |
|
|
1.27 |
|
|
|
1.37 |
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|
1.20 |
|
|||
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Return on Average Shareholders’ Equity (2) |
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|
10.17 |
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|
13.45 |
|
|
9.80 |
|
|
|
11.76 |
|
|
9.10 |
|
|||
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Return on Average Tangible Common Equity (1)(2) |
|
|
11.15 |
|
|
15.13 |
|
|
10.93 |
|
|
|
13.07 |
|
|
10.08 |
|
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Net Interest Margin (3) |
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|
3.07 |
|
|
2.99 |
|
|
2.62 |
|
|
|
3.03 |
|
|
2.56 |
|
|||
|
Core Net Interest Margin (1)(3) |
|
|
2.94 |
|
|
2.86 |
|
|
2.49 |
|
|
|
2.90 |
|
|
2.43 |
|
|||
|
Cost of Total Deposits |
|
|
2.80 |
|
|
2.79 |
|
|
3.16 |
|
|
|
2.79 |
|
|
3.17 |
|
|||
|
Cost of Funds |
|
|
2.91 |
|
|
2.90 |
|
|
3.19 |
|
|
|
2.90 |
|
|
3.18 |
|
|||
|
Yield on Loans |
|
|
5.91 |
|
|
5.81 |
|
|
5.74 |
|
|
|
5.86 |
|
|
5.68 |
|
|||
|
Efficiency Ratio (1) |
|
|
53.0 |
|
|
56.3 |
|
|
52.6 |
|
|
|
54.6 |
|
|
53.9 |
|
|||
|
Noninterest Expense to Average Assets (2) |
|
|
1.65 |
|
|
1.71 |
|
|
1.47 |
|
|
|
1.68 |
|
|
1.46 |
|
|||
|
Tangible Common Equity to Tangible Assets (1) |
|
|
8.62 |
|
|
8.34 |
|
|
7.40 |
|
|
|
8.62 |
|
|
7.40 |
|
|||
|
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4) |
|
|
9.61 |
|
|
9.53 |
|
|
9.03 |
|
|
|
9.61 |
|
|
9.03 |
|
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Adjusted Financial Ratios (1) |
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|||
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Adjusted Return on Average Assets (2) |
|
|
1.06 |
% |
|
0.98 |
% |
|
0.88 |
% |
|
|
1.02 |
% |
|
0.84 |
% |
|||
|
Adjusted Pre-Provision Net Revenue Return on Average Assets (2) |
|
|
1.43 |
|
|
1.37 |
|
|
1.31 |
|
|
|
1.40 |
|
|
1.25 |
|
|||
|
Adjusted Return on Average Shareholders’ Equity (2) |
|
|
10.17 |
|
|
9.76 |
|
|
9.64 |
|
|
|
9.97 |
|
|
9.21 |
|
|||
|
Adjusted Return on Average Tangible Common Equity (2) |
|
|
11.15 |
|
|
10.72 |
|
|
10.74 |
|
|
|
10.94 |
|
|
10.22 |
|
|||
|
Adjusted Efficiency Ratio |
|
|
53.0 |
|
|
53.8 |
|
|
51.5 |
|
|
|
53.4 |
|
|
52.5 |
|
|||
|
Adjusted Noninterest Expense to Average Assets (2) |
|
|
1.65 |
|
|
1.64 |
|
|
1.43 |
|
|
|
1.65 |
|
|
1.42 |
|
|||
|
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Balance Sheet and Asset Quality (dollars in thousands) |
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|||
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Total Assets |
|
$ |
5,389,726 |
|
$ |
5,335,396 |
|
$ |
5,296,673 |
|
|
$ |
5,389,726 |
|
$ |
5,296,673 |
|
|||
|
Total Loans, Gross |
|
|
4,426,389 |
|
|
4,368,042 |
|
|
4,145,799 |
|
|
|
4,426,389 |
|
|
4,145,799 |
|
|||
|
Deposits |
|
|
4,346,204 |
|
|
4,305,511 |
|
|
4,236,742 |
|
|
|
4,346,204 |
|
|
4,236,742 |
|
|||
|
Loan to Deposit Ratio |
|
|
101.8 |
% |
|
101.5 |
% |
|
97.9 |
% |
|
|
101.8 |
% |
|
97.9 |
% |
|||
|
Net Loan Charge-Offs to Average Loans (2) |
|
|
0.04 |
|
|
0.05 |
|
|
0.00 |
|
|
|
0.04 |
|
|
0.00 |
|
|||
|
Nonperforming Assets to Total Assets (5) |
|
|
0.40 |
|
|
0.22 |
|
|
0.19 |
|
|
|
0.40 |
|
|
0.19 |
|
|||
|
Allowance for Credit Losses to Total Loans |
|
|
1.30 |
|
|
1.31 |
|
|
1.35 |
|
|
|
1.30 |
|
|
1.35 |
|
|||
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________________________________________ |
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|
(1) |
Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for further details. |
|
(2) |
Annualized. |
|
(3) |
Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%. |
|
(4) |
Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies. |
|
(5) |
Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets. |
Income Statement
Net Interest Margin and Net Interest Income
Net interest margin (on a fully tax-equivalent basis) for the second quarter of 2026 was 3.07%, an eight basis point increase from 2.99% in the first quarter of 2026, and a 45 basis point increase from 2.62% in the second quarter of 2025. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and purchase accounting accretion attributable to the acquisition of First Minnetonka City Bank (“FMCB”), was 2.94% for the second quarter of 2026, an eight basis point increase from 2.86% in the first quarter of 2026, and a 45 basis point increase from 2.49% in the second quarter of 2025.
- Net interest margin expanded to 3.07% in the second quarter of 2026 primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits.
- The year-over-year expansion in net interest margin was primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits, offset partially by the refinancing of subordinated debt at higher rates late in the second quarter of 2025.
Net interest income was $38.6 million for the second quarter of 2026, an increase of $1.9 million from $36.6 million in the first quarter of 2026, and an increase of $6.1 million from $32.5 million in the second quarter of 2025.
- The linked-quarter increase in net interest income was primarily driven by loan portfolio growth at higher yields, higher cash balances, and lower federal funds purchased balances, offset partially by higher deposit balances.
- The year-over-year increase in net interest income was primarily due to growth in the loan portfolio and lower rates paid on deposits, offset partially by lower investment securities balances following the sale of $208.5 million of securities in the first quarter of 2026, and higher balances and rates paid on subordinated debt.
Interest income was $72.7 million for the second quarter of 2026, an increase of $2.7 million from $70.0 million in the first quarter of 2026, and an increase of $3.5 million from $69.2 million in the second quarter of 2025.
- The yield on interest earning assets (on a fully tax-equivalent basis) was 5.73% in the second quarter of 2026, compared to 5.65% in the first quarter of 2026, and 5.56% in the second quarter of 2025.
- The linked-quarter increase in the yield on interest earning assets was primarily due to growth and repricing of the loan portfolio.
- The year-over-year increase in the yield on interest earning assets (on a fully tax-equivalent basis) was primarily due to growth and repricing of the loan portfolio at accretive yields.
- The aggregate loan yield was 5.91% in the second quarter of 2026, 10 basis points higher than 5.81% in the first quarter of 2026, and 17 basis points higher than 5.74% in the second quarter of 2025.
- Core loan yield, a non-GAAP financial measure, was 5.76% in the second quarter of 2026, 10 basis points higher than 5.66% in the first quarter of 2026, and 17 basis points higher than 5.59% in the second quarter of 2025.
A summary of interest and fees recognized on loans for the periods indicated is as follows:
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|
|
Three Months Ended |
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|
|
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
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|
Interest |
|
5.76 |
% |
|
5.66 |
% |
|
5.63 |
% |
|
5.66 |
% |
|
5.59 |
% |
|
|
Fees |
|
0.13 |
|
|
0.12 |
|
|
0.10 |
|
|
0.09 |
|
|
0.11 |
|
|
|
Accretion |
|
0.02 |
|
|
0.03 |
|
|
0.05 |
|
|
0.04 |
|
|
0.04 |
|
|
|
Yield on Loans |
|
5.91 |
% |
|
5.81 |
% |
|
5.78 |
% |
|
5.79 |
% |
|
5.74 |
% |
|
Interest expense was $34.1 million for the second quarter of 2026, an increase of $772,000 from $33.3 million in the first quarter of 2026, and a decrease of $2.7 million from $36.7 million in the second quarter of 2025.
- The cost of interest bearing liabilities was 3.51% in the second quarter of 2026, compared to 3.53% in the first quarter of 2026, and 3.83% in the second quarter of 2025.
- The linked-quarter decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits and lower balances and rates paid on federal funds purchased.
- The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits, lower balances on FHLB advances, and no balances drawn on the notes payable for the quarter, offset partially by an increase in balances and rates paid on subordinated debentures.
Interest expense on deposits was $29.7 million for the second quarter of 2026, an increase of $918,000 from $28.8 million in the first quarter of 2026, and a decrease of $2.8 million from $32.5 million in the second quarter of 2025.
- The cost of total deposits was 2.80% in the second quarter of 2026, one basis point higher than 2.79% in the first quarter of 2026, and 36 basis points lower than 3.16% in the second quarter of 2025.
- The linked-quarter increase in the cost of total deposits was primarily due to higher balances and rates paid on interest bearing transaction deposits and a decrease in noninterest bearing deposits.
- The year-over-year decrease in the cost of total deposits was primarily due to lower rates paid on deposits following interest rate cuts in 2025 and an increase in noninterest bearing deposits.
Provision for Credit Losses
The provision for credit losses on loans and leases was $550,000 for the second quarter of 2026, compared to $1.4 million for the first quarter of 2026, and $2.0 million for the second quarter of 2025.
- The provision recorded in the second quarter of 2026 was primarily attributable to growth in the loan portfolio, offset partially by changes to qualitative factors.
- The allowance for credit losses on loans to total loans was 1.30% at June 30, 2026, compared to 1.31% at March 31, 2026, and 1.35% at June 30, 2025.
The provision for credit losses for off-balance sheet credit exposures was $-0- for the second quarter of 2026, compared to a negative provision of $150,000 for the first quarter of 2026, and a provision of $-0- for the second quarter of 2025.
Noninterest Income
Noninterest income was $2.3 million for the second quarter of 2026, a decrease of $7.2 million from $9.6 million for the first quarter of 2026, and a decrease of $1.3 million from $3.6 million for the second quarter of 2025.
- The linked-quarter decrease was primarily due to no net gain on the sale of securities, offset partially by higher letter of credit fees.
- The year-over-year decrease was primarily due to lower swap fees, net gain on the sale of securities, and FHLB prepayment income.
- Noninterest income included net gain on sales of securities of $-0- during the second quarter of 2026, compared to $7.3 million for the first quarter of 2026, and $474,000 for the second quarter of 2025, which is considered a non-core item.
Noninterest Expense
Noninterest expense was $21.9 million for the second quarter of 2026, a decrease of $276,000 from $22.2 million for the first quarter of 2026, and an increase of $3.0 million from $18.9 million for the second quarter of 2025.
- The linked-quarter decrease was primarily due to no FHLB prepayment penalty, offset partially by higher salaries and employee benefits.
- The year-over-year increase was primarily attributable to increases in salaries and employee benefits and information technology expenses.
- Noninterest expense for the second quarter of 2026 and the first quarter of 2026 included no merger-related expenses associated with the acquisition of FMCB, compared to merger-related expenses of $540,000 for the second quarter of 2025, which was considered non-core.
- Noninterest expense for the second quarter of 2026 included no FHLB prepayment penalty, compared to $982,000 for the first quarter of 2026, and no FHLB prepayment penalty for the second quarter of 2025, which was considered non-core.
- The efficiency ratio (on a fully tax-equivalent basis), a non-GAAP financial measure, was 53.0% for the second quarter of 2026, compared to 56.3% for the first quarter of 2026, and 52.6% for the second quarter of 2025.
- The Company had 355 full-time equivalent employees at June 30, 2026, compared to 337 at March 31, 2026, and 308 at June 30, 2025. The linked-quarter increase was primarily driven by the hiring of seasonal interns and hiring of key talent across the organization. The year-over-year increase was primarily driven by the hiring of key talent across the organization admist continued M&A disruption.
Income Taxes
The effective combined federal and state income tax rate was 24.1% for the second quarter of 2026, compared to 23.8% for the first quarter of 2026, and 23.9% for the second quarter of 2025.
Balance Sheet
Loans
|
(dollars in thousands) |
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
||||||||||
|
Commercial |
|
$ |
591,034 |
|
|
$ |
593,406 |
|
|
$ |
547,245 |
|
|
$ |
533,476 |
|
|
$ |
549,259 |
|
|
|
Leases |
|
|
41,802 |
|
|
|
41,791 |
|
|
|
43,407 |
|
|
|
43,186 |
|
|
|
44,817 |
|
|
|
Construction and Land Development |
|
|
186,248 |
|
|
|
209,421 |
|
|
|
216,163 |
|
|
|
159,991 |
|
|
|
136,438 |
|
|
|
1-4 Family Construction |
|
|
46,539 |
|
|
|
50,629 |
|
|
|
45,152 |
|
|
|
41,739 |
|
|
|
39,095 |
|
|
|
Real Estate Mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
1-4 Family Mortgage |
|
|
485,288 |
|
|
|
488,029 |
|
|
|
496,142 |
|
|
|
487,297 |
|
|
|
474,269 |
|
|
|
Multifamily |
|
|
1,690,566 |
|
|
|
1,590,091 |
|
|
|
1,587,338 |
|
|
|
1,578,223 |
|
|
|
1,555,731 |
|
|
|
CRE Owner Occupied |
|
|
191,153 |
|
|
|
188,588 |
|
|
|
189,754 |
|
|
|
192,966 |
|
|
|
192,837 |
|
|
|
CRE Nonowner Occupied |
|
|
1,168,863 |
|
|
|
1,185,371 |
|
|
|
1,165,104 |
|
|
|
1,158,622 |
|
|
|
1,137,007 |
|
|
|
Total Real Estate Mortgage Loans |
|
|
3,535,870 |
|
|
|
3,452,079 |
|
|
|
3,438,338 |
|
|
|
3,417,108 |
|
|
|
3,359,844 |
|
|
|
Consumer and Other |
|
|
24,896 |
|
|
|
20,716 |
|
|
|
19,212 |
|
|
|
19,054 |
|
|
|
16,346 |
|
|
|
Total Loans, Gross |
|
|
4,426,389 |
|
|
|
4,368,042 |
|
|
|
4,309,517 |
|
|
|
4,214,554 |
|
|
|
4,145,799 |
|
|
|
Allowance for Credit Losses on Loans |
|
|
(57,418 |
) |
|
|
(57,277 |
) |
|
|
(56,443 |
) |
|
|
(56,390 |
) |
|
|
(55,765 |
) |
|
|
Net Deferred Loan Fees |
|
|
(8,469 |
) |
|
|
(8,633 |
) |
|
|
(8,966 |
) |
|
|
(8,282 |
) |
|
|
(7,629 |
) |
|
|
Total Loans, Net |
|
$ |
4,360,502 |
|
|
$ |
4,302,132 |
|
|
$ |
4,244,108 |
|
|
$ |
4,149,882 |
|
|
$ |
4,082,405 |
|
|
Total gross loans at June 30, 2026 were $4.43 billion, an increase of $58.3 million, or 5.4% annualized, compared to total gross loans of $4.37 billion at March 31, 2026, and an increase of $280.6 million, or 6.8%, compared to total gross loans of $4.15 billion at June 30, 2025.
- The increase in the loan portfolio during the second quarter of 2026 was primarily due to growth in the multifamily portfolio.
Deposits
|
(dollars in thousands) |
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
|||||
|
Noninterest Bearing Transaction Deposits |
|
$ |
830,952 |
|
$ |
828,845 |
|
$ |
923,070 |
|
$ |
822,632 |
|
$ |
787,868 |
|
|
Interest Bearing Transaction Deposits |
|
|
944,502 |
|
|
899,911 |
|
|
893,740 |
|
|
860,774 |
|
|
791,748 |
|
|
Savings and Money Market Deposits |
|
|
1,435,582 |
|
|
1,497,517 |
|
|
1,380,922 |
|
|
1,428,726 |
|
|
1,441,694 |
|
|
Time Deposits |
|
|
243,694 |
|
|
232,959 |
|
|
312,154 |
|
|
346,214 |
|
|
344,882 |
|
|
Brokered Deposits |
|
|
891,474 |
|
|
846,279 |
|
|
810,483 |
|
|
834,418 |
|
|
870,550 |
|
|
Total Deposits |
|
$ |
4,346,204 |
|
$ |
4,305,511 |
|
$ |
4,320,369 |
|
$ |
4,292,764 |
|
$ |
4,236,742 |
|
Total deposits at June 30, 2026 were $4.35 billion, an increase of $40.7 million, or 3.8% annualized, compared to total deposits of $4.31 billion at March 31, 2026, and an increase of $109.5 million, or 2.6%, compared to total deposits of $4.24 billion at June 30, 2025.
- Core deposits, defined as total deposits excluding brokered deposits and certificates of deposit greater than $250,000, decreased $29.9 million, or 3.5% annualized, from March 31, 2026, and increased $161.1 million, or 5.1%, from June 30, 2025.
- Interest bearing transaction deposits increased $44.6 million, or 19.9% annualized, from March 31, 2026, and increased $152.8 million, or 19.3%, from June 30, 2025.
- Brokered deposits increased $45.2 million from March 31, 2026, and increased $20.9 million from June 30, 2025. Consistent with historical practice, brokered deposits continue to be used as a supplemental funding source, as needed.
Asset Quality
Overall asset quality remained strong due to the Company’s measured risk selection, consistent underwriting standards, active credit oversight, and experienced lending and credit teams.
- Annualized net charge-offs as a percentage of average loans were 0.04% for the second quarter of 2026, compared to 0.05% for the first quarter of 2026, and 0.00% for the second quarter of 2025.
- At June 30, 2026, the Company’s nonperforming assets, which included nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $21.6 million, or 0.40% of total assets, compared to $11.7 million, or 0.22% of total assets, at March 31, 2026, and $10.3 million, or 0.19% of total assets, at June 30, 2025.
- Loans with potential weaknesses that warranted a watch/special mention risk rating at June 30, 2026 totaled $38.5 million, compared to $47.7 million at March 31, 2026, and $53.3 million at June 30, 2025.
- Loans that warranted a substandard risk rating at June 30, 2026 totaled $43.9 million, compared to $43.1 million at March 31, 2026, and $45.0 million at June 30, 2025.
Capital
Total shareholders’ equity at June 30, 2026 was $547.9 million, an increase of $19.5 million, or 14.8% annualized, compared to $528.4 million at March 31, 2026, and an increase of $71.6 million, or 15.0%, over $476.3 million at June 30, 2025.
- The linked-quarter increase was primarily due to net income retained, a decrease in unrealized losses in the investment securities portfolio, and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends.
- The year-over-year increase was primarily due to net income retained, a decrease in unrealized losses in the investment securities portfolio, and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends and stock repurchases.
- The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.61% at June 30, 2026, compared to 9.53% at March 31, 2026, and 9.03% at June 30, 2025.
- Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.62% at June 30, 2026, compared to 8.34% at March 31, 2026, and 7.40% at June 30, 2025.
Tangible book value per share, a non-GAAP financial measure, was $16.61 as of June 30, 2026, an increase of 17.1% annualized from $15.93 as of March 31, 2026, and an increase of 16.9% from $14.21 as of June 30, 2025.
During the second quarter of 2026, the Company repurchased 38,659 shares of its common stock at an aggregate purchase price of $700,000 (weighted average price of $18.12 per share).
- The Company had $12.4 million remaining under its current share repurchase authorization at June 30, 2026.
The Company did not sell any shares during the second quarter of 2026 as part of its existing at-the-market offering.
Today, 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 September 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on August 14, 2026.
Conference Call and Webcast
The Company will host a conference call to discuss its second quarter 2026 financial results on Wednesday, July 22, 2026 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 855-669-9658 and enter access code 9039549. The replay will be available through July 29, 2026. 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.
About the Company
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 received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.4 billion as of June 30, 2026 and nine strategically located branches, 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.
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 meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the 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 known and unknown uncertainties, risks, changes in circumstances and other factors 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 actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; 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 future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including 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 Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation 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; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; 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, domestic or foreign; 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 global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, widespread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, and the effect of the merger on the Company’s customer and employee relationships and operating results; the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; 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. 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.
|
Bridgewater Bancshares, Inc. and Subsidiaries Financial Highlights (dollars in thousands, except share data) |
||||||||||||||||||||
|
|
|
As of and for the Three Months Ended |
||||||||||||||||||
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||||||||||
|
(dollars in thousands) |
|
2026 |
2026 |
2025 |
2025 |
2025 |
||||||||||||||
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Interest Income |
|
$ |
38,566 |
|
$ |
36,647 |
|
$ |
35,687 |
|
$ |
34,091 |
|
$ |
32,452 |
|
||||
|
Provision for Credit Losses |
|
|
550 |
|
|
1,200 |
|
|
1,450 |
|
|
1,100 |
|
|
2,000 |
|
||||
|
Noninterest Income |
|
|
2,324 |
|
|
9,564 |
|
|
3,148 |
|
|
2,061 |
|
|
3,627 |
|
||||
|
Noninterest Expense |
|
|
21,894 |
|
|
22,170 |
|
|
20,238 |
|
|
19,956 |
|
|
18,941 |
|
||||
|
Net Income |
|
|
14,007 |
|
|
17,406 |
|
|
13,334 |
|
|
11,601 |
|
|
11,520 |
|
||||
|
Net Income Available to Common Shareholders |
|
|
12,993 |
|
|
16,393 |
|
|
12,320 |
|
|
10,588 |
|
|
10,506 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic Earnings Per Share |
|
$ |
0.47 |
|
$ |
0.59 |
|
$ |
0.45 |
|
$ |
0.38 |
|
$ |
0.38 |
|
||||
|
Diluted Earnings Per Share |
|
|
0.45 |
|
|
0.58 |
|
|
0.43 |
|
|
0.38 |
|
|
0.38 |
|
||||
|
Adjusted Diluted Earnings Per Share (1) |
|
|
0.45 |
|
|
0.41 |
|
|
0.44 |
|
|
0.39 |
|
|
0.37 |
|
||||
|
Book Value Per Share |
|
|
17.27 |
|
|
16.60 |
|
|
16.23 |
|
|
15.62 |
|
|
14.92 |
|
||||
|
Tangible Book Value Per Share (1) |
|
|
16.61 |
|
|
15.93 |
|
|
15.55 |
|
|
14.93 |
|
|
14.21 |
|
||||
|
Basic Weighted Average Shares Outstanding |
|
|
27,861,522 |
|
|
27,800,091 |
|
|
27,641,138 |
|
|
27,504,840 |
|
|
27,460,982 |
|
||||
|
Diluted Weighted Average Shares Outstanding |
|
|
28,589,332 |
|
|
28,490,176 |
|
|
28,354,756 |
|
|
28,190,406 |
|
|
27,998,008 |
|
||||
|
Shares Outstanding at Period End |
|
|
27,880,830 |
|
|
27,832,867 |
|
|
27,759,970 |
|
|
27,584,732 |
|
|
27,470,283 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Financial Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Return on Average Assets (2) |
|
|
1.06 |
% |
|
1.35 |
% |
|
0.97 |
% |
|
0.86 |
% |
|
0.90 |
% |
||||
|
Pre-Provision Net Revenue Return on Average Assets (1)(2) |
|
|
1.43 |
|
|
1.30 |
|
|
1.35 |
|
|
1.19 |
|
|
1.27 |
|
||||
|
Return on Average Shareholders’ Equity (2) |
|
|
10.17 |
|
|
13.45 |
|
|
10.38 |
|
|
9.47 |
|
|
9.80 |
|
||||
|
Return on Average Tangible Common Equity (1)(2) |
|
|
11.15 |
|
|
15.13 |
|
|
11.53 |
|
|
10.50 |
|
|
10.93 |
|
||||
|
Net Interest Margin (3) |
|
|
3.07 |
|
|
2.99 |
|
|
2.75 |
|
|
2.63 |
|
|
2.62 |
|
||||
|
Core Net Interest Margin (1)(3) |
|
|
2.94 |
|
|
2.86 |
|
|
2.62 |
|
|
2.52 |
|
|
2.49 |
|
||||
|
Cost of Total Deposits |
|
|
2.80 |
|
|
2.79 |
|
|
2.97 |
|
|
3.19 |
|
|
3.16 |
|
||||
|
Cost of Funds |
|
|
2.91 |
|
|
2.90 |
|
|
3.07 |
|
|
3.25 |
|
|
3.19 |
|
||||
|
Yield on Loans |
|
|
5.91 |
|
|
5.81 |
|
|
5.78 |
|
|
5.79 |
|
|
5.74 |
|
||||
|
Efficiency Ratio (1) |
|
|
53.0 |
|
|
56.3 |
|
|
51.6 |
|
|
54.7 |
|
|
52.6 |
|
||||
|
Noninterest Expense to Average Assets (2) |
|
|
1.65 |
|
|
1.71 |
|
|
1.48 |
|
|
1.47 |
|
|
1.47 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted Financial Ratios (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted Return on Average Assets (2) |
|
|
1.06 |
% |
|
0.98 |
% |
|
0.99 |
% |
|
0.88 |
% |
|
0.88 |
% |
||||
|
Adjusted Pre-Provision Net Revenue Return on Average Assets (2) |
|
|
1.43 |
|
|
1.37 |
|
|
1.38 |
|
|
1.23 |
|
|
1.31 |
|
||||
|
Adjusted Return on Average Shareholders’ Equity (2) |
|
|
10.17 |
|
|
9.76 |
|
|
10.54 |
|
|
9.77 |
|
|
9.64 |
|
||||
|
Adjusted Return on Average Tangible Common Equity (2) |
|
|
11.15 |
|
|
10.72 |
|
|
11.72 |
|
|
10.86 |
|
|
10.74 |
|
||||
|
Adjusted Efficiency Ratio |
|
|
53.0 |
|
|
53.8 |
|
|
50.7 |
|
|
53.2 |
|
|
51.5 |
|
||||
|
Adjusted Noninterest Expense to Average Assets (2) |
|
|
1.65 |
|
|
1.64 |
|
|
1.45 |
|
|
1.43 |
|
|
1.43 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Assets |
|
$ |
5,389,726 |
|
$ |
5,335,396 |
|
$ |
5,407,002 |
|
$ |
5,359,994 |
|
$ |
5,296,673 |
|
||||
|
Total Loans, Gross |
|
|
4,426,389 |
|
|
4,368,042 |
|
|
4,309,517 |
|
|
4,214,554 |
|
|
4,145,799 |
|
||||
|
Deposits |
|
|
4,346,204 |
|
|
4,305,511 |
|
|
4,320,369 |
|
|
4,292,764 |
|
|
4,236,742 |
|
||||
|
Total Shareholders’ Equity |
|
|
547,909 |
|
|
528,424 |
|
|
517,095 |
|
|
497,463 |
|
|
476,282 |
|
||||
|
Loan to Deposit Ratio |
|
|
101.8 |
% |
|
101.5 |
% |
|
99.7 |
% |
|
98.2 |
% |
|
97.9 |
% |
||||
|
Core Deposits to Total Deposits (4) |
|
|
77.0 |
|
|
78.4 |
|
|
77.6 |
|
|
76.4 |
|
|
75.2 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Loan Charge-Offs to Average Loans (2) |
|
|
0.04 |
% |
|
0.05 |
% |
|
0.11 |
% |
|
0.03 |
% |
|
0.00 |
% |
||||
|
Nonperforming Assets to Total Assets (5) |
|
|
0.40 |
|
|
0.22 |
|
|
0.41 |
|
|
0.19 |
|
|
0.19 |
|
||||
|
Allowance for Credit Losses to Total Loans |
|
|
1.30 |
|
|
1.31 |
|
|
1.31 |
|
|
1.34 |
|
|
1.35 |
|
||||
|
|
||||||||||||||||||||
|
|
|
As of and for the Three Months Ended |
||||||||||||||||||
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||||||||||
|
(dollars in thousands) |
|
2026 |
2026 |
2025 |
2025 |
2025 |
||||||||||||||
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
|
Capital Ratios (Consolidated) (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Tier 1 Leverage Ratio |
|
|
10.02 |
% |
|
9.89 |
% |
|
9.20 |
% |
|
9.02 |
% |
|
9.14 |
% |
||||
|
Common Equity Tier 1 Risk-based Capital Ratio |
|
|
9.61 |
|
|
9.53 |
|
|
9.17 |
|
|
9.08 |
|
|
9.03 |
|
||||
|
Tier 1 Risk-based Capital Ratio |
|
|
10.98 |
|
|
10.94 |
|
|
10.57 |
|
|
10.52 |
|
|
10.51 |
|
||||
|
Total Risk-based Capital Ratio |
|
|
14.48 |
|
|
14.48 |
|
|
14.12 |
|
|
14.12 |
|
|
14.17 |
|
||||
|
Tangible Common Equity to Tangible Assets (1) |
|
|
8.62 |
|
|
8.34 |
|
|
8.01 |
|
|
7.71 |
|
|
7.40 |
|
||||
|
________________________________________ |
|
|
(1) |
Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for further details. |
|
(2) |
Annualized. |
|
(3) |
Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%. |
|
(4) |
Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000. |
|
(5) |
Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets. |
|
(6) |
Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies. |
|
Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets (dollars in thousands, except share data) |
|||||||||||||||
|
|
|||||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|||||
|
|
|
2026 |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
|||||
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
169,806 |
|
$ |
222,154 |
|
$ |
123,511 |
|
$ |
131,818 |
|
$ |
217,495 |
|
Bank-Owned Certificates of Deposit |
|
|
— |
|
|
— |
|
|
— |
|
|
3,658 |
|
|
3,897 |
|
Securities Available for Sale, at Fair Value |
|
|
605,412 |
|
|
566,565 |
|
|
776,441 |
|
|
826,473 |
|
|
743,889 |
|
Loans, Net of Allowance for Credit Losses |
|
|
4,360,502 |
|
|
4,302,132 |
|
|
4,244,108 |
|
|
4,149,882 |
|
|
4,082,405 |
|
Federal Home Loan Bank (FHLB) Stock, at Cost |
|
|
17,979 |
|
|
18,398 |
|
|
21,122 |
|
|
21,373 |
|
|
21,472 |
|
Premises and Equipment, Net |
|
|
52,730 |
|
|
52,784 |
|
|
51,576 |
|
|
50,955 |
|
|
49,979 |
|
Foreclosed Assets |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
185 |
|
Accrued Interest |
|
|
16,946 |
|
|
15,841 |
|
|
18,929 |
|
|
19,244 |
|
|
17,711 |
|
Goodwill |
|
|
11,982 |
|
|
11,982 |
|
|
11,982 |
|
|
11,982 |
|
|
11,982 |
|
Other Intangible Assets, Net |
|
|
6,477 |
|
|
6,703 |
|
|
6,930 |
|
|
7,160 |
|
|
7,390 |
|
Bank-Owned Life Insurance |
|
|
45,671 |
|
|
45,219 |
|
|
46,576 |
|
|
46,121 |
|
|
45,413 |
|
Other Assets |
|
|
102,221 |
|
|
93,618 |
|
|
105,827 |
|
|
91,328 |
|
|
94,855 |
|
Total Assets |
|
$ |
5,389,726 |
|
$ |
5,335,396 |
|
$ |
5,407,002 |
|
$ |
5,359,994 |
|
$ |
5,296,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing |
|
$ |
830,952 |
|
$ |
828,845 |
|
$ |
923,070 |
|
$ |
822,632 |
|
$ |
787,868 |
|
Interest Bearing |
|
|
3,515,252 |
|
|
3,476,666 |
|
|
3,397,299 |
|
|
3,470,132 |
|
|
3,448,874 |
|
Total Deposits |
|
|
4,346,204 |
|
|
4,305,511 |
|
|
4,320,369 |
|
|
4,292,764 |
|
|
4,236,742 |
|
Notes Payable |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13,750 |
|
FHLB Advances |
|
|
326,000 |
|
|
336,000 |
|
|
399,500 |
|
|
404,500 |
|
|
404,500 |
|
Subordinated Debentures, Net of Issuance Costs |
|
|
108,882 |
|
|
108,782 |
|
|
108,677 |
|
|
108,588 |
|
|
108,689 |
|
Accrued Interest Payable |
|
|
2,565 |
|
|
4,254 |
|
|
3,227 |
|
|
5,208 |
|
|
4,110 |
|
Other Liabilities |
|
|
58,166 |
|
|
52,425 |
|
|
58,134 |
|
|
51,471 |
|
|
52,600 |
|
Total Liabilities |
|
|
4,841,817 |
|
|
4,806,972 |
|
|
4,889,907 |
|
|
4,862,531 |
|
|
4,820,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2026 (unaudited), March 31, 2026 (unaudited), December 31, 2025, September 30, 2025 (unaudited), and June 30, 2025 (unaudited) |
|
|
66,514 |
|
|
66,514 |
|
|
66,514 |
|
|
66,514 |
|
|
66,514 |
|
Common Stock- $0.01 par value; Authorized 75,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock – Issued and Outstanding 27,880,830 at June 30, 2026 (unaudited), 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, 27,584,732 at September 30, 2025 (unaudited), and 27,470,283 at June 30, 2025 (unaudited) |
|
|
279 |
|
|
278 |
|
|
278 |
|
|
276 |
|
|
275 |
|
Additional Paid-In Capital |
|
|
100,868 |
|
|
99,564 |
|
|
98,287 |
|
|
97,101 |
|
|
95,174 |
|
Retained Earnings |
|
|
380,841 |
|
|
367,848 |
|
|
351,455 |
|
|
339,135 |
|
|
328,547 |
|
Accumulated Other Comprehensive Gain (Loss) |
|
|
(593) |
|
|
(5,780) |
|
|
561 |
|
|
(5,563) |
|
|
(14,228) |
|
Total Shareholders’ Equity |
|
|
547,909 |
|
|
528,424 |
|
|
517,095 |
|
|
497,463 |
|
|
476,282 |
|
Total Liabilities and Equity |
$ |
5,389,726 |
|
$ |
5,335,396 |
|
$ |
5,407,002 |
|
$ |
5,359,994 |
|
$ |
5,296,673 |
|
|
Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (dollars in thousands, except per share data) |
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||
|
|
|
2026 |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
|
2026 |
|
2025 |
||||||||||||||
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|||||||||||||
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loans, Including Fees |
|
$ |
64,146 |
|
|
$ |
61,726 |
|
|
$ |
61,444 |
|
|
$ |
60,038 |
|
|
$ |
57,888 |
|
|
$ |
125,872 |
|
|
$ |
111,708 |
|
|
Investment Securities |
|
|
6,904 |
|
|
|
6,923 |
|
|
|
9,720 |
|
|
|
10,371 |
|
|
|
9,200 |
|
|
|
13,827 |
|
|
|
18,597 |
|
|
Other |
|
|
1,606 |
|
|
|
1,316 |
|
|
|
2,145 |
|
|
|
3,224 |
|
|
|
2,110 |
|
|
|
2,922 |
|
|
|
4,601 |
|
|
Total Interest Income |
|
|
72,656 |
|
|
|
69,965 |
|
|
|
73,309 |
|
|
|
73,633 |
|
|
|
69,198 |
|
|
|
142,621 |
|
|
|
134,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Deposits |
|
|
29,711 |
|
|
|
28,793 |
|
|
|
32,203 |
|
|
|
34,615 |
|
|
|
32,497 |
|
|
|
58,504 |
|
|
|
64,600 |
|
|
Federal Funds Purchased |
|
|
19 |
|
|
|
238 |
|
|
|
5 |
|
|
|
— |
|
|
|
16 |
|
|
|
257 |
|
|
|
16 |
|
|
Notes Payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106 |
|
|
|
260 |
|
|
|
— |
|
|
|
518 |
|
|
FHLB Advances |
|
|
2,494 |
|
|
|
2,438 |
|
|
|
3,524 |
|
|
|
2,933 |
|
|
|
2,852 |
|
|
|
4,932 |
|
|
|
5,008 |
|
|
Subordinated Debentures |
|
|
1,866 |
|
|
|
1,849 |
|
|
|
1,890 |
|
|
|
1,888 |
|
|
|
1,121 |
|
|
|
3,715 |
|
|
|
2,104 |
|
|
Total Interest Expense |
|
|
34,090 |
|
|
|
33,318 |
|
|
|
37,622 |
|
|
|
39,542 |
|
|
|
36,746 |
|
|
|
67,408 |
|
|
|
72,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Interest Income |
|
|
38,566 |
|
|
|
36,647 |
|
|
|
35,687 |
|
|
|
34,091 |
|
|
|
32,452 |
|
|
|
75,213 |
|
|
|
62,660 |
|
|
Provision for Credit Losses |
|
|
550 |
|
|
|
1,200 |
|
|
|
1,450 |
|
|
|
1,100 |
|
|
|
2,000 |
|
|
|
1,750 |
|
|
|
3,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Interest Income After Provision for Credit Losses |
|
|
38,016 |
|
|
|
35,447 |
|
|
|
34,237 |
|
|
|
32,991 |
|
|
|
30,452 |
|
|
|
73,463 |
|
|
|
59,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Customer Service Fees |
|
|
520 |
|
|
|
527 |
|
|
|
521 |
|
|
|
501 |
|
|
|
496 |
|
|
|
1,047 |
|
|
|
991 |
|
|
Net Gain on Sales of Securities |
|
|
— |
|
|
|
7,251 |
|
|
|
80 |
|
|
|
59 |
|
|
|
474 |
|
|
|
7,251 |
|
|
|
475 |
|
|
Letter of Credit Fees |
|
|
304 |
|
|
|
185 |
|
|
|
668 |
|
|
|
383 |
|
|
|
323 |
|
|
|
489 |
|
|
|
778 |
|
|
Debit Card Interchange Fees |
|
|
230 |
|
|
|
201 |
|
|
|
178 |
|
|
|
173 |
|
|
|
152 |
|
|
|
431 |
|
|
|
289 |
|
|
Swap Fees |
|
|
263 |
|
|
|
240 |
|
|
|
651 |
|
|
|
— |
|
|
|
938 |
|
|
|
503 |
|
|
|
980 |
|
|
Bank-Owned Life Insurance |
|
|
451 |
|
|
|
447 |
|
|
|
455 |
|
|
|
440 |
|
|
|
387 |
|
|
|
898 |
|
|
|
766 |
|
|
Investment Advisory Fees |
|
|
260 |
|
|
|
213 |
|
|
|
227 |
|
|
|
208 |
|
|
|
213 |
|
|
|
474 |
|
|
|
538 |
|
|
FHLB Prepayment Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
301 |
|
|
|
— |
|
|
|
301 |
|
|
Other Income |
|
|
296 |
|
|
|
500 |
|
|
|
368 |
|
|
|
297 |
|
|
|
343 |
|
|
|
795 |
|
|
|
588 |
|
|
Total Noninterest Income |
|
|
2,324 |
|
|
|
9,564 |
|
|
|
3,148 |
|
|
|
2,061 |
|
|
|
3,627 |
|
|
|
11,888 |
|
|
|
5,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Salaries and Employee Benefits |
|
|
13,916 |
|
|
|
13,492 |
|
|
|
12,434 |
|
|
|
12,229 |
|
|
|
11,363 |
|
|
|
27,408 |
|
|
|
22,734 |
|
|
Occupancy and Equipment |
|
|
1,360 |
|
|
|
1,375 |
|
|
|
1,171 |
|
|
|
1,266 |
|
|
|
1,274 |
|
|
|
2,735 |
|
|
|
2,508 |
|
|
FDIC Insurance Assessment |
|
|
595 |
|
|
|
780 |
|
|
|
770 |
|
|
|
775 |
|
|
|
750 |
|
|
|
1,375 |
|
|
|
1,200 |
|
|
Data Processing |
|
|
692 |
|
|
|
611 |
|
|
|
638 |
|
|
|
637 |
|
|
|
625 |
|
|
|
1,303 |
|
|
|
1,244 |
|
|
Professional and Consulting Fees |
|
|
1,267 |
|
|
|
1,196 |
|
|
|
1,404 |
|
|
|
1,261 |
|
|
|
1,110 |
|
|
|
2,463 |
|
|
|
2,104 |
|
|
Derivative Collateral Fees |
|
|
206 |
|
|
|
168 |
|
|
|
237 |
|
|
|
309 |
|
|
|
372 |
|
|
|
374 |
|
|
|
823 |
|
|
Information Technology and Telecommunications |
|
|
1,258 |
|
|
|
1,067 |
|
|
|
976 |
|
|
|
973 |
|
|
|
971 |
|
|
|
2,325 |
|
|
|
1,942 |
|
|
Marketing and Advertising |
|
|
604 |
|
|
|
776 |
|
|
|
718 |
|
|
|
658 |
|
|
|
435 |
|
|
|
1,380 |
|
|
|
762 |
|
|
Intangible Asset Amortization |
|
|
227 |
|
|
|
226 |
|
|
|
231 |
|
|
|
230 |
|
|
|
230 |
|
|
|
453 |
|
|
|
460 |
|
|
FHLB Prepayment Penalty |
|
|
— |
|
|
|
982 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
982 |
|
|
|
— |
|
|
Other Expense |
|
|
1,769 |
|
|
|
1,497 |
|
|
|
1,659 |
|
|
|
1,618 |
|
|
|
1,811 |
|
|
|
3,266 |
|
|
|
3,300 |
|
|
Total Noninterest Expense |
|
|
21,894 |
|
|
|
22,170 |
|
|
|
20,238 |
|
|
|
19,956 |
|
|
|
18,941 |
|
|
|
44,064 |
|
|
|
37,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income Before Income Taxes |
|
|
18,446 |
|
|
|
22,841 |
|
|
|
17,147 |
|
|
|
15,096 |
|
|
|
15,138 |
|
|
|
41,287 |
|
|
|
27,789 |
|
|
Provision for Income Taxes |
|
|
4,439 |
|
|
|
5,435 |
|
|
|
3,813 |
|
|
|
3,495 |
|
|
|
3,618 |
|
|
|
9,874 |
|
|
|
6,636 |
|
|
Net Income |
|
|
14,007 |
|
|
|
17,406 |
|
|
|
13,334 |
|
|
|
11,601 |
|
|
|
11,520 |
|
|
|
31,413 |
|
|
|
21,153 |
|
|
Preferred Stock Dividends |
|
|
(1,014 |
) |
|
|
(1,013 |
) |
|
|
(1,014 |
) |
|
|
(1,013 |
) |
|
|
(1,014 |
) |
|
|
(2,027 |
) |
|
|
(2,027 |
) |
|
Net Income Available to Common Shareholders |
|
$ |
12,993 |
|
|
$ |
16,393 |
|
|
$ |
12,320 |
|
|
$ |
10,588 |
|
|
$ |
10,506 |
|
|
$ |
29,386 |
|
|
$ |
19,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Basic |
|
$ |
0.47 |
|
|
$ |
0.59 |
|
|
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.38 |
|
|
$ |
1.06 |
|
|
$ |
0.70 |
|
|
Diluted |
|
|
0.45 |
|
|
|
0.58 |
|
|
|
0.43 |
|
|
|
0.38 |
|
|
|
0.38 |
|
|
|
1.03 |
|
|
|
0.68 |
|
|
Bridgewater Bancshares, Inc. and Subsidiaries Analysis of Average Balances, Yields and Rates (dollars in thousands, except per share data) (Unaudited) |
||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
|
|
For the Three Months Ended |
||||||||||||||||||||||||||||||||||
|
|
|
June 30, 2026 |
March 31, 2026 |
June 30, 2025 |
||||||||||||||||||||||||||||||||
|
|
|
Average |
Interest |
Yield/ |
Average |
Interest |
Yield/ |
Average |
Interest |
Yield/ |
||||||||||||||||||||||||||
|
(dollars in thousands) |
|
|||||||||||||||||||||||||||||||||||
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash Investments |
|
$ |
140,738 |
|
$ |
1,167 |
|
|
3.33 |
% |
$ |
97,488 |
|
$ |
771 |
|
|
3.21 |
% |
$ |
166,164 |
|
$ |
1,681 |
|
|
4.06 |
% |
||||||||
|
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Taxable Investment Securities |
|
|
460,567 |
|
|
5,233 |
|
|
4.56 |
|
|
506,154 |
|
|
5,530 |
|
|
4.43 |
|
|
734,998 |
|
|
8,883 |
|
|
4.85 |
|
||||||||
|
Tax-Exempt Investment Securities (1) |
|
|
144,241 |
|
|
2,115 |
|
|
5.88 |
|
|
119,582 |
|
|
1,764 |
|
|
5.98 |
|
|
31,940 |
|
|
401 |
|
|
5.04 |
|
||||||||
|
Total Investment Securities |
|
|
604,808 |
|
|
7,348 |
|
|
4.87 |
|
|
625,736 |
|
|
7,294 |
|
|
4.73 |
|
|
766,938 |
|
|
9,284 |
|
|
4.86 |
|
||||||||
|
Loans (1)(2) |
|
|
4,380,477 |
|
|
64,537 |
|
|
5.91 |
|
|
4,336,869 |
|
|
62,102 |
|
|
5.81 |
|
|
4,064,540 |
|
|
58,122 |
|
|
5.74 |
|
||||||||
|
Federal Home Loan Bank Stock |
|
|
18,692 |
|
|
438 |
|
|
9.39 |
|
|
19,337 |
|
|
546 |
|
|
11.45 |
|
|
21,416 |
|
|
429 |
|
|
8.03 |
|
||||||||
|
Total Interest Earning Assets |
|
|
5,144,715 |
|
|
73,490 |
|
|
5.73 |
% |
|
5,079,430 |
|
|
70,713 |
|
|
5.65 |
% |
|
5,019,058 |
|
|
69,516 |
|
|
5.56 |
% |
||||||||
|
Noninterest Earning Assets |
|
|
172,500 |
|
|
|
|
|
|
|
163,331 |
|
|
|
|
|
|
|
143,124 |
|
|
|
|
|
|
|||||||||||
|
Total Assets |
|
$ |
5,317,215 |
|
|
|
|
|
|
$ |
5,242,761 |
|
|
|
|
|
|
$ |
5,162,182 |
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Interest Bearing Transaction Deposits |
|
$ |
931,588 |
|
$ |
7,504 |
|
|
3.23 |
% |
$ |
888,301 |
|
$ |
6,936 |
|
|
3.17 |
% |
$ |
813,906 |
|
$ |
7,769 |
|
|
3.83 |
% |
||||||||
|
Savings and Money Market Deposits |
|
|
1,436,829 |
|
|
11,650 |
|
|
3.25 |
|
|
1,411,090 |
|
|
11,423 |
|
|
3.28 |
|
|
1,370,831 |
|
|
12,692 |
|
|
3.71 |
|
||||||||
|
Time Deposits |
|
|
230,949 |
|
|
2,089 |
|
|
3.63 |
|
|
252,426 |
|
|
2,333 |
|
|
3.75 |
|
|
326,024 |
|
|
3,268 |
|
|
4.02 |
|
||||||||
|
Brokered Deposits |
|
|
843,456 |
|
|
8,468 |
|
|
4.03 |
|
|
804,618 |
|
|
8,101 |
|
|
4.08 |
|
|
833,629 |
|
|
8,768 |
|
|
4.22 |
|
||||||||
|
Total Interest Bearing Deposits |
|
|
3,442,822 |
|
|
29,711 |
|
|
3.46 |
|
|
3,356,435 |
|
|
28,793 |
|
|
3.48 |
|
|
3,344,390 |
|
|
32,497 |
|
|
3.90 |
|
||||||||
|
Federal Funds Purchased |
|
|
1,901 |
|
|
19 |
|
|
3.90 |
|
|
24,478 |
|
|
238 |
|
|
3.95 |
|
|
1,369 |
|
|
16 |
|
|
4.64 |
|
||||||||
|
Notes Payable |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13,750 |
|
|
260 |
|
|
7.58 |
|
||||||||
|
FHLB Advances |
|
|
340,341 |
|
|
2,494 |
|
|
2.94 |
|
|
336,472 |
|
|
2,438 |
|
|
2.94 |
|
|
404,473 |
|
|
2,852 |
|
|
2.83 |
|
||||||||
|
Subordinated Debentures |
|
|
108,835 |
|
|
1,866 |
|
|
6.87 |
|
|
108,730 |
|
|
1,849 |
|
|
6.90 |
|
|
83,892 |
|
|
1,121 |
|
|
5.36 |
|
||||||||
|
Total Interest Bearing Liabilities |
|
|
3,893,899 |
|
|
34,090 |
|
|
3.51 |
% |
|
3,826,115 |
|
|
33,318 |
|
|
3.53 |
% |
|
3,847,874 |
|
|
36,746 |
|
|
3.83 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Noninterest Bearing Transaction Deposits |
|
|
808,295 |
|
|
|
|
|
|
|
834,916 |
|
|
|
|
|
|
|
774,424 |
|
|
|
|
|
|
|||||||||||
|
Other Noninterest Bearing Liabilities |
|
|
62,446 |
|
|
|
|
|
|
|
56,905 |
|
|
|
|
|
|
|
69,178 |
|
|
|
|
|
|
|||||||||||
|
Total Noninterest Bearing Liabilities |
|
|
870,741 |
|
|
|
|
|
|
|
891,821 |
|
|
|
|
|
|
|
843,602 |
|
|
|
|
|
|
|||||||||||
|
Shareholders’ Equity |
|
|
552,575 |
|
|
|
|
|
|
|
524,825 |
|
|
|
|
|
|
|
470,706 |
|
|
|
|
|
|
|||||||||||
|
Total Liabilities and Shareholders’ Equity |
|
$ |
5,317,215 |
|
|
|
|
|
|
$ |
5,242,761 |
|
|
|
|
|
|
$ |
5,162,182 |
|
|
|
|
|
|
|||||||||||
|
Net Interest Income / Interest Rate Spread |
|
|
|
|
|
39,400 |
|
|
2.22 |
% |
|
|
|
|
37,395 |
|
|
2.11 |
% |
|
|
|
|
32,770 |
|
|
1.73 |
% |
||||||||
|
Net Interest Margin (3) |
|
|
|
|
|
|
|
3.07 |
% |
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
2.62 |
% |
|||||||||||
|
Taxable Equivalent Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Tax-Exempt Investment Securities and Loans |
|
|
|
|
|
(834 |
) |
|
|
|
|
|
|
|
(748 |
) |
|
|
|
|
|
|
|
(318 |
) |
|
|
|
||||||||
|
Net Interest Income |
|
|
|
|
$ |
38,566 |
|
|
|
|
|
|
|
$ |
36,647 |
|
|
|
|
|
|
|
$ |
32,452 |
|
|
|
|
||||||||
|
________________________________________ |
|
|
(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. |
|
Bridgewater Bancshares, Inc. and Subsidiaries Analysis of Average Balances, Yields and Rates (dollars in thousands, except per share data) (Unaudited) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
|
For the Six Months Ended |
||||||||||||||||||||
|
|
|
June 30, 2026 |
June 30, 2025 |
|||||||||||||||||||
|
|
|
Average |
Interest |
Yield/ |
Average |
Interest |
Yield/ |
|||||||||||||||
|
(dollars in thousands) |
|
|||||||||||||||||||||
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash Investments |
|
$ |
119,232 |
|
$ |
1,938 |
|
3.28 |
% |
$ |
185,850 |
|
$ |
3,737 |
|
4.06 |
% |
|||||
|
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Taxable Investment Securities |
|
|
483,235 |
|
|
10,763 |
|
4.49 |
|
|
751,702 |
|
|
17,916 |
|
4.81 |
|
|||||
|
Tax-Exempt Investment Securities (1) |
|
|
131,980 |
|
|
3,879 |
|
5.93 |
|
|
33,734 |
|
|
862 |
|
5.15 |
|
|||||
|
Total Investment Securities |
|
|
615,215 |
|
|
14,642 |
|
4.80 |
|
|
785,436 |
|
|
18,778 |
|
4.82 |
|
|||||
|
Loans (1)(2) |
|
|
4,358,793 |
|
|
126,639 |
|
5.86 |
|
|
3,982,389 |
|
|
112,101 |
|
5.68 |
|
|||||
|
Federal Home Loan Bank Stock |
|
|
19,012 |
|
|
984 |
|
10.43 |
|
|
20,209 |
|
|
864 |
|
8.62 |
|
|||||
|
Total Interest Earning Assets |
|
|
5,112,252 |
|
|
144,203 |
|
5.69 |
% |
|
4,973,884 |
|
|
135,480 |
|
5.49 |
% |
|||||
|
Noninterest Earning Assets |
|
|
167,942 |
|
|
|
|
|
|
|
143,115 |
|
|
|
|
|
|
|||||
|
Total Assets |
|
$ |
5,280,194 |
|
|
|
|
|
|
$ |
5,116,999 |
|
|
|
|
|
|
|||||
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest Bearing Transaction Deposits |
|
$ |
910,253 |
|
$ |
14,440 |
|
3.20 |
% |
$ |
834,537 |
|
$ |
15,958 |
|
3.86 |
% |
|||||
|
Savings and Money Market Deposits |
|
|
1,424,031 |
|
|
23,073 |
|
3.27 |
|
|
1,336,632 |
|
|
24,627 |
|
3.72 |
|
|||||
|
Time Deposits |
|
|
241,628 |
|
|
4,422 |
|
3.69 |
|
|
327,613 |
|
|
6,577 |
|
4.05 |
|
|||||
|
Brokered Deposits |
|
|
824,144 |
|
|
16,569 |
|
4.05 |
|
|
834,244 |
|
|
17,438 |
|
4.22 |
|
|||||
|
Total Interest Bearing Deposits |
|
|
3,400,056 |
|
|
58,504 |
|
3.47 |
|
|
3,333,026 |
|
|
64,600 |
|
3.91 |
|
|||||
|
Federal Funds Purchased |
|
|
13,127 |
|
|
257 |
|
3.94 |
|
|
688 |
|
|
16 |
|
4.64 |
|
|||||
|
Notes Payable |
|
|
— |
|
|
— |
|
— |
|
|
13,750 |
|
|
518 |
|
7.60 |
|
|||||
|
FHLB Advances |
|
|
338,417 |
|
|
4,932 |
|
2.94 |
|
|
379,652 |
|
|
5,008 |
|
2.66 |
|
|||||
|
Subordinated Debentures |
|
|
108,783 |
|
|
3,715 |
|
6.89 |
|
|
81,813 |
|
|
2,104 |
|
5.19 |
|
|||||
|
Total Interest Bearing Liabilities |
|
|
3,860,383 |
|
|
67,408 |
|
3.52 |
% |
|
3,808,929 |
|
|
72,246 |
|
3.82 |
% |
|||||
|
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Noninterest Bearing Transaction Deposits |
|
|
821,342 |
|
|
|
|
|
|
|
770,849 |
|
|
|
|
|
|
|||||
|
Other Noninterest Bearing Liabilities |
|
|
59,692 |
|
|
|
|
|
|
|
68,607 |
|
|
|
|
|
|
|||||
|
Total Noninterest Bearing Liabilities |
|
|
881,034 |
|
|
|
|
|
|
|
839,456 |
|
|
|
|
|
|
|||||
|
Shareholders’ Equity |
|
|
538,777 |
|
|
|
|
|
|
|
468,614 |
|
|
|
|
|
|
|||||
|
Total Liabilities and Shareholders’ Equity |
|
$ |
5,280,194 |
|
|
|
|
|
|
$ |
5,116,999 |
|
|
|
|
|
|
|||||
|
Net Interest Income / Interest Rate Spread |
|
|
|
|
|
76,795 |
|
2.17 |
% |
|
|
|
|
63,234 |
|
1.67 |
% |
|||||
|
Net Interest Margin (3) |
|
|
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
|
2.56 |
% |
|||||
|
Taxable Equivalent Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tax-Exempt Investment Securities and Loans |
|
|
|
|
|
(1,582) |
|
|
|
|
|
|
|
(574) |
|
|
|
|||||
|
Net Interest Income |
|
|
|
|
$ |
75,213 |
|
|
|
|
|
|
$ |
62,660 |
|
|
|
|||||
|
________________________________________ |
|
|
(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. |
|
Bridgewater Bancshares, Inc. and Subsidiaries Asset Quality Summary (unaudited) |
|||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
As of and for the Three Months Ended |
As of and for the Six Months Ended |
||||||||||||||||||||||||||||||||
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
June 30, |
June 30, |
|||||||||||||||||||||||||||
|
(dollars in thousands) |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
|||||||||||||||||||||||||||
|
Allowance for Credit Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Balance at Beginning of Period |
|
$ |
57,277 |
|
|
$ |
56,443 |
|
|
$ |
56,390 |
|
|
$ |
55,765 |
|
|
$ |
53,766 |
|
|
$ |
56,443 |
|
|
$ |
52,277 |
|
|
||||||
|
Provision for Credit Losses |
|
|
550 |
|
|
|
1,350 |
|
|
|
1,250 |
|
|
|
900 |
|
|
|
2,000 |
|
|
|
1,900 |
|
|
|
3,500 |
|
|
||||||
|
Charge-offs |
|
|
(738 |
) |
|
|
(658 |
) |
|
|
(1,259 |
) |
|
|
(276 |
) |
|
|
(6 |
) |
|
|
(1,396 |
) |
|
|
(18 |
) |
|
||||||
|
Recoveries |
|
|
329 |
|
|
|
142 |
|
|
|
62 |
|
|
|
1 |
|
|
|
5 |
|
|
|
471 |
|
|
|
6 |
|
|
||||||
|
Net Charge-offs |
|
|
(409 |
) |
|
|
(516 |
) |
|
|
(1,197 |
) |
|
|
(275 |
) |
|
|
(1 |
) |
|
|
(925 |
) |
|
|
(12 |
) |
|
||||||
|
Balance at End of Period |
|
$ |
57,418 |
|
|
$ |
57,277 |
|
|
$ |
56,443 |
|
|
$ |
56,390 |
|
|
$ |
55,765 |
|
|
$ |
57,418 |
|
|
$ |
55,765 |
|
|
||||||
|
Allowance for Credit Losses to Total Loans |
|
|
1.30 |
% |
|
1.31 |
% |
|
1.31 |
% |
|
1.34 |
% |
|
1.35 |
% |
|
1.30 |
% |
|
1.35 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
As of and for the Three Months Ended |
|
As of and for the Six Months Ended |
|||||||||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|||||||||
|
(dollars in thousands) |
|
2026 |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
|
2026 |
|
2025 |
|||||||||
|
Provision for Credit Losses on Loans and Leases |
|
$ |
550 |
|
$ |
1,350 |
|
|
$ |
1,250 |
|
$ |
900 |
|
$ |
2,000 |
|
$ |
1,900 |
|
|
$ |
3,500 |
|
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures |
|
|
— |
|
|
(150 |
) |
|
|
200 |
|
|
200 |
|
|
— |
|
|
(150 |
) |
|
|
— |
|
Provision for Credit Losses |
|
$ |
550 |
|
$ |
1,200 |
|
|
$ |
1,450 |
|
$ |
1,100 |
|
$ |
2,000 |
|
$ |
1,750 |
|
|
$ |
3,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
As of and for the Three Months Ended |
||||||||||||||||||
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||||||||||
|
(dollars in thousands) |
|
2026 |
2026 |
2025 |
2025 |
2025 |
||||||||||||||
|
Selected Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loans 30-89 Days Past Due |
|
$ |
871 |
|
$ |
494 |
|
$ |
968 |
|
$ |
2,906 |
|
$ |
12,492 |
|
||||
|
Loans 30-89 Days Past Due to Total Loans |
|
|
0.02 |
% |
|
0.01 |
% |
|
0.02 |
% |
|
0.07 |
% |
|
0.30 |
% |
||||
|
Nonperforming Loans |
|
$ |
21,648 |
|
$ |
11,715 |
|
$ |
22,034 |
|
$ |
9,991 |
|
$ |
10,134 |
|
||||
|
Nonperforming Loans to Total Loans |
|
|
0.49 |
% |
|
0.27 |
% |
|
0.51 |
% |
|
0.24 |
% |
|
0.24 |
% |
||||
|
Nonaccrual Loans to Total Loans |
|
|
0.49 |
|
|
0.27 |
|
|
0.51 |
|
|
0.24 |
|
|
0.24 |
|
||||
|
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans |
|
|
0.49 |
|
|
0.27 |
|
|
0.51 |
|
|
0.24 |
|
|
0.24 |
|
||||
|
Foreclosed Assets |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
185 |
|
||||
|
Nonperforming Assets (1) |
|
|
21,648 |
|
|
11,715 |
|
|
22,034 |
|
|
9,991 |
|
|
10,319 |
|
||||
|
Nonperforming Assets to Total Assets (1) |
|
|
0.40 |
% |
|
0.22 |
% |
|
0.41 |
% |
|
0.19 |
% |
|
0.19 |
% |
||||
|
Net Loan Charge-Offs (Annualized) to Average Loans |
|
|
0.04 |
|
|
0.05 |
|
|
0.11 |
|
|
0.03 |
|
|
0.00 |
|
||||
|
Watchlist/Special Mention Risk Rating Loans |
|
$ |
38,469 |
|
$ |
47,681 |
|
$ |
47,823 |
|
$ |
40,642 |
|
$ |
53,282 |
|
||||
|
Substandard Risk Rating Loans |
|
|
43,888 |
|
|
43,074 |
|
|
52,956 |
|
|
58,074 |
|
|
44,986 |
|
||||
|
________________________________________ |
|
|
(1) |
Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets. |
|
Bridgewater Bancshares, Inc. and Subsidiaries Non-GAAP Financial Measures (unaudited) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
||||||||||||||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
||||||||||||||
|
(dollars in thousands) |
|
2026 |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
|
2026 |
|
2025 |
|
||||||||||||||
|
Pre-Provision Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Income |
|
$ |
2,324 |
|
|
$ |
9,564 |
|
|
$ |
3,148 |
|
|
$ |
2,061 |
|
|
$ |
3,627 |
|
|
$ |
11,888 |
|
|
$ |
5,706 |
|
|
|
Less: Gain on Sales of Securities |
|
|
— |
|
|
|
(7,251 |
) |
|
|
(80 |
) |
|
|
(59 |
) |
|
|
(474 |
) |
|
|
(7,251 |
) |
|
|
(475 |
) |
|
|
Less: FHLB Advance Prepayment Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(301 |
) |
|
|
— |
|
|
|
(301 |
) |
|
|
Total Operating Noninterest Income |
|
|
2,324 |
|
|
|
2,313 |
|
|
|
3,068 |
|
|
|
2,002 |
|
|
|
2,852 |
|
|
|
4,637 |
|
|
|
4,930 |
|
|
|
Plus: Net Interest Income |
|
|
38,566 |
|
|
|
36,647 |
|
|
|
35,687 |
|
|
|
34,091 |
|
|
|
32,452 |
|
|
|
75,213 |
|
|
|
62,660 |
|
|
|
Net Operating Revenue |
|
$ |
40,890 |
|
|
$ |
38,960 |
|
|
$ |
38,755 |
|
|
$ |
36,093 |
|
|
$ |
35,304 |
|
|
$ |
79,850 |
|
|
$ |
67,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
22,170 |
|
|
$ |
20,238 |
|
|
$ |
19,956 |
|
|
$ |
18,941 |
|
|
$ |
44,064 |
|
|
$ |
37,077 |
|
|
|
Total Operating Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
22,170 |
|
|
$ |
20,238 |
|
|
$ |
19,956 |
|
|
$ |
18,941 |
|
|
$ |
44,064 |
|
|
$ |
37,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Pre-Provision Net Revenue |
|
$ |
18,996 |
|
|
$ |
16,790 |
|
|
$ |
18,517 |
|
|
$ |
16,137 |
|
|
$ |
16,363 |
|
|
$ |
35,786 |
|
|
$ |
30,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-Operating Revenue Adjustments |
|
|
— |
|
|
|
7,251 |
|
|
|
80 |
|
|
|
59 |
|
|
|
775 |
|
|
|
7,251 |
|
|
|
776 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Provision for Credit Losses |
|
|
550 |
|
|
|
1,200 |
|
|
|
1,450 |
|
|
|
1,100 |
|
|
|
2,000 |
|
|
|
1,750 |
|
|
|
3,500 |
|
|
|
Provision for Income Taxes |
|
|
4,439 |
|
|
|
5,435 |
|
|
|
3,813 |
|
|
|
3,495 |
|
|
|
3,618 |
|
|
|
9,874 |
|
|
|
6,636 |
|
|
|
Net Income |
|
$ |
14,007 |
|
|
$ |
17,406 |
|
|
$ |
13,334 |
|
|
$ |
11,601 |
|
|
$ |
11,520 |
|
|
$ |
31,413 |
|
|
$ |
21,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Assets |
|
$ |
5,317,215 |
|
|
$ |
5,242,761 |
|
|
$ |
5,438,555 |
|
|
$ |
5,372,443 |
|
|
$ |
5,162,182 |
|
|
$ |
5,280,194 |
|
|
$ |
5,116,999 |
|
|
|
Pre-Provision Net Revenue Return on Average Assets |
|
|
1.43 |
|
% |
|
1.30 |
|
% |
|
1.35 |
|
% |
|
1.19 |
|
% |
|
1.27 |
|
% |
|
1.37 |
|
% |
|
1.20 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Pre-Provision Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Operating Revenue |
|
$ |
40,890 |
|
|
$ |
38,960 |
|
|
$ |
38,755 |
|
|
$ |
36,093 |
|
|
$ |
35,304 |
|
|
$ |
79,850 |
|
|
$ |
67,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
22,170 |
|
|
$ |
20,238 |
|
|
$ |
19,956 |
|
|
$ |
18,941 |
|
|
$ |
44,064 |
|
|
$ |
37,077 |
|
|
|
Less: Merger-related Expenses |
|
|
— |
|
|
|
— |
|
|
|
(346 |
) |
|
|
(530 |
) |
|
|
(540 |
) |
|
|
— |
|
|
|
(1,105 |
) |
|
|
Less: FHLB Prepayment Penalty |
|
|
— |
|
|
|
(982 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(982 |
) |
|
|
— |
|
|
|
Adjusted Total Operating Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
21,188 |
|
|
$ |
19,892 |
|
|
$ |
19,426 |
|
|
$ |
18,401 |
|
|
$ |
43,082 |
|
|
$ |
35,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Pre-Provision Net Revenue |
|
$ |
18,996 |
|
|
$ |
17,772 |
|
|
$ |
18,863 |
|
|
$ |
16,667 |
|
|
$ |
16,903 |
|
|
$ |
36,768 |
|
|
$ |
31,618 |
|
|
|
Adjusted Pre-Provision Net Revenue Return on Average Assets |
|
|
1.43 |
|
% |
|
1.37 |
|
% |
|
1.38 |
|
% |
|
1.23 |
|
% |
|
1.31 |
|
% |
|
1.40 |
|
% |
|
1.25 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Interest Income (Tax-equivalent Basis) |
|
$ |
39,400 |
|
|
$ |
37,395 |
|
|
$ |
36,447 |
|
|
$ |
34,614 |
|
|
$ |
32,770 |
|
|
$ |
76,795 |
|
|
$ |
63,234 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loan Fees |
|
|
(1,464 |
) |
|
|
(1,257 |
) |
|
|
(1,041 |
) |
|
|
(966 |
) |
|
|
(1,019 |
) |
|
|
(2,721 |
) |
|
|
(1,738 |
) |
|
|
Purchase Accounting Accretion: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loan Accretion |
|
|
(171 |
) |
|
|
(324 |
) |
|
|
(546 |
) |
|
|
(380 |
) |
|
|
(425 |
) |
|
|
(495 |
) |
|
|
(767 |
) |
|
|
Bond Accretion |
|
|
(17 |
) |
|
|
(22 |
) |
|
|
(33 |
) |
|
|
(89 |
) |
|
|
(152 |
) |
|
|
(39 |
) |
|
|
(730 |
) |
|
|
Bank-Owned Certificates of Deposit Accretion |
|
|
— |
|
|
|
— |
|
|
|
(16 |
) |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
— |
|
|
|
(11 |
) |
|
|
Deposit Certificates of Deposit Accretion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13 |
) |
|
|
(37 |
) |
|
|
— |
|
|
|
(75 |
) |
|
|
Total Purchase Accounting Accretion |
|
|
(188 |
) |
|
|
(346 |
) |
|
|
(595 |
) |
|
|
(488 |
) |
|
|
(618 |
) |
|
|
(534 |
) |
|
|
(1,583 |
) |
|
|
Core Net Interest Income (Tax-equivalent Basis) |
|
$ |
37,748 |
|
|
$ |
35,792 |
|
|
$ |
34,811 |
|
|
$ |
33,160 |
|
|
$ |
31,133 |
|
|
$ |
73,540 |
|
|
$ |
59,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Interest Earning Assets |
|
$ |
5,144,715 |
|
|
$ |
5,079,430 |
|
|
$ |
5,264,700 |
|
|
$ |
5,223,139 |
|
|
$ |
5,019,058 |
|
|
$ |
5,112,252 |
|
|
$ |
4,973,884 |
|
|
|
Core Net Interest Margin |
|
|
2.94 |
|
% |
|
2.86 |
|
% |
|
2.62 |
|
% |
|
2.52 |
|
% |
|
2.49 |
|
% |
|
2.90 |
|
% |
|
2.43 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loan Interest Income (Tax-equivalent Basis) |
|
$ |
64,537 |
|
|
$ |
62,102 |
|
|
$ |
61,746 |
|
|
$ |
60,317 |
|
|
$ |
58,122 |
|
|
$ |
126,639 |
|
|
$ |
112,101 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loan Fees |
|
|
(1,464 |
) |
|
|
(1,257 |
) |
|
|
(1,041 |
) |
|
|
(966 |
) |
|
|
(1,019 |
) |
|
|
(2,721 |
) |
|
|
(1,738 |
) |
|
|
Loan Accretion |
|
|
(171 |
) |
|
|
(324 |
) |
|
|
(546 |
) |
|
|
(380 |
) |
|
|
(425 |
) |
|
|
(495 |
) |
|
|
(767 |
) |
|
|
Core Loan Interest Income |
|
$ |
62,902 |
|
|
$ |
60,521 |
|
|
$ |
60,159 |
|
|
$ |
58,971 |
|
|
$ |
56,678 |
|
|
$ |
123,423 |
|
|
$ |
109,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Loans |
|
$ |
4,380,477 |
|
|
$ |
4,336,869 |
|
|
$ |
4,239,936 |
|
|
$ |
4,132,987 |
|
|
$ |
4,064,540 |
|
|
$ |
4,358,793 |
|
|
$ |
3,982,389 |
|
|
|
Core Loan Yield |
|
|
5.76 |
|
% |
|
5.66 |
|
% |
|
5.63 |
|
% |
|
5.66 |
|
% |
|
5.59 |
|
% |
|
5.71 |
|
% |
|
5.55 |
|
% |
|
Bridgewater Bancshares, Inc. and Subsidiaries Non-GAAP Financial Measures (unaudited) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
||||||||||||||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
||||||||||||||
|
(dollars in thousands) |
|
2026 |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
|
2026 |
|
2025 |
|
||||||||||||||
|
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
22,170 |
|
|
$ |
20,238 |
|
|
$ |
19,956 |
|
|
$ |
18,941 |
|
|
$ |
44,064 |
|
|
$ |
37,077 |
|
|
|
Less: Amortization of Intangible Assets |
|
|
(227 |
) |
|
|
(226 |
) |
|
|
(231 |
) |
|
|
(230 |
) |
|
|
(230 |
) |
|
|
(453 |
) |
|
|
(460 |
) |
|
|
Adjusted Noninterest Expense |
|
$ |
21,667 |
|
|
$ |
21,944 |
|
|
$ |
20,007 |
|
|
$ |
19,726 |
|
|
$ |
18,711 |
|
|
$ |
43,611 |
|
|
$ |
36,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Interest Income |
|
$ |
38,566 |
|
|
$ |
36,647 |
|
|
$ |
35,687 |
|
|
$ |
34,091 |
|
|
$ |
32,452 |
|
|
$ |
75,213 |
|
|
$ |
62,660 |
|
|
|
Noninterest Income |
|
|
2,324 |
|
|
|
9,564 |
|
|
|
3,148 |
|
|
|
2,061 |
|
|
|
3,627 |
|
|
|
11,888 |
|
|
|
5,706 |
|
|
|
Less: Gain on Sales of Securities |
|
|
— |
|
|
|
(7,251 |
) |
|
|
(80 |
) |
|
|
(59 |
) |
|
|
(474 |
) |
|
|
(7,251 |
) |
|
|
(475 |
) |
|
|
Adjusted Operating Revenue |
|
$ |
40,890 |
|
|
$ |
38,960 |
|
|
$ |
38,755 |
|
|
$ |
36,093 |
|
|
$ |
35,605 |
|
|
$ |
79,850 |
|
|
$ |
67,891 |
|
|
|
Efficiency Ratio |
|
|
53.0 |
|
% |
|
56.3 |
|
% |
|
51.6 |
|
% |
|
54.7 |
|
% |
|
52.6 |
|
% |
|
54.6 |
|
% |
|
53.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
22,170 |
|
|
$ |
20,238 |
|
|
$ |
19,956 |
|
|
$ |
18,941 |
|
|
$ |
44,064 |
|
|
$ |
37,077 |
|
|
|
Less: Amortization of Intangible Assets |
|
|
(227 |
) |
|
|
(226 |
) |
|
|
(231 |
) |
|
|
(230 |
) |
|
|
(230 |
) |
|
|
(453 |
) |
|
|
(460 |
) |
|
|
Less: Merger-related Expenses |
|
|
— |
|
|
|
— |
|
|
|
(346 |
) |
|
|
(530 |
) |
|
|
(540 |
) |
|
|
— |
|
|
|
(1,105 |
) |
|
|
Less: FHLB Advance Prepayment Penalty |
|
|
— |
|
|
|
(982 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(982 |
) |
|
|
— |
|
|
|
Adjusted Noninterest Expense |
|
$ |
21,667 |
|
|
$ |
20,962 |
|
|
$ |
19,661 |
|
|
$ |
19,196 |
|
|
$ |
18,171 |
|
|
$ |
42,629 |
|
|
$ |
35,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Interest Income |
|
$ |
38,566 |
|
|
$ |
36,647 |
|
|
$ |
35,687 |
|
|
$ |
34,091 |
|
|
$ |
32,452 |
|
|
$ |
75,213 |
|
|
$ |
62,660 |
|
|
|
Noninterest Income |
|
|
2,324 |
|
|
|
9,564 |
|
|
|
3,148 |
|
|
|
2,061 |
|
|
|
3,627 |
|
|
|
11,888 |
|
|
|
5,706 |
|
|
|
Less: Gain on Sales of Securities |
|
|
— |
|
|
|
(7,251 |
) |
|
|
(80 |
) |
|
|
(59 |
) |
|
|
(474 |
) |
|
|
(7,251 |
) |
|
|
(475 |
) |
|
|
Less: FHLB Advance Prepayment Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(301 |
) |
|
|
— |
|
|
|
(301 |
) |
|
|
Adjusted Operating Revenue |
|
$ |
40,890 |
|
|
$ |
38,960 |
|
|
$ |
38,755 |
|
|
$ |
36,093 |
|
|
$ |
35,304 |
|
|
$ |
79,850 |
|
|
$ |
67,590 |
|
|
|
Adjusted Efficiency Ratio |
|
|
53.0 |
|
% |
|
53.8 |
|
% |
|
50.7 |
|
% |
|
53.2 |
|
% |
|
51.5 |
|
% |
|
53.4 |
|
% |
|
52.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Noninterest Expense to Average Assets (Annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
22,170 |
|
|
$ |
20,238 |
|
|
$ |
19,956 |
|
|
$ |
18,941 |
|
|
$ |
44,064 |
|
|
$ |
37,077 |
|
|
|
Less: Merger-related Expenses |
|
|
— |
|
|
|
— |
|
|
|
(346 |
) |
|
|
(530 |
) |
|
|
(540 |
) |
|
|
— |
|
|
|
(1,105 |
) |
|
|
Less: FHLB Advance Prepayment Penalty |
|
|
— |
|
|
|
(982 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(982 |
) |
|
|
— |
|
|
|
Adjusted Noninterest Expense |
|
$ |
21,894 |
|
|
$ |
21,188 |
|
|
$ |
19,892 |
|
|
$ |
19,426 |
|
|
$ |
18,401 |
|
|
$ |
43,082 |
|
|
$ |
35,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Assets |
|
$ |
5,317,215 |
|
|
$ |
5,242,761 |
|
|
$ |
5,438,555 |
|
|
$ |
5,372,443 |
|
|
$ |
5,162,182 |
|
|
$ |
5,280,194 |
|
|
$ |
5,116,999 |
|
|
|
Adjusted Noninterest Expense to Average Assets (Annualized) |
|
|
1.65 |
|
% |
|
1.64 |
|
% |
|
1.45 |
|
% |
|
1.43 |
|
% |
|
1.43 |
|
% |
|
1.65 |
|
% |
|
1.42 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Tangible Common Equity and Tangible Common Equity/Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total Shareholders’ Equity |
|
$ |
547,909 |
|
|
$ |
528,424 |
|
|
$ |
517,095 |
|
|
$ |
497,463 |
|
|
$ |
476,282 |
|
|
|
|
|
|
|
|
||
|
Less: Preferred Stock |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
|
|
|
|
|
||
|
Total Common Shareholders’ Equity |
|
|
481,395 |
|
|
|
461,910 |
|
|
|
450,581 |
|
|
|
430,949 |
|
|
|
409,768 |
|
|
|
|
|
|
|
|
||
|
Less: Intangible Assets |
|
|
(18,459 |
) |
|
|
(18,685 |
) |
|
|
(18,912 |
) |
|
|
(19,142 |
) |
|
|
(19,372 |
) |
|
|
|
|
|
|
|
||
|
Tangible Common Equity |
|
$ |
462,936 |
|
|
$ |
443,225 |
|
|
$ |
431,669 |
|
|
$ |
411,807 |
|
|
$ |
390,396 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total Assets |
|
$ |
5,389,726 |
|
|
$ |
5,335,396 |
|
|
$ |
5,407,002 |
|
|
$ |
5,359,994 |
|
|
$ |
5,296,673 |
|
|
|
|
|
|
|
|
||
|
Less: Intangible Assets |
|
|
(18,459 |
) |
|
|
(18,685 |
) |
|
|
(18,912 |
) |
|
|
(19,142 |
) |
|
|
(19,372 |
) |
|
|
|
|
|
|
|
||
|
Tangible Assets |
|
$ |
5,371,267 |
|
|
$ |
5,316,711 |
|
|
$ |
5,388,090 |
|
|
$ |
5,340,852 |
|
|
$ |
5,277,301 |
|
|
|
|
|
|
|
|
||
|
Tangible Common Equity/Tangible Assets |
|
|
8.62 |
|
% |
|
8.34 |
|
% |
|
8.01 |
|
% |
|
7.71 |
|
% |
|
7.40 |
|
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Book Value Per Common Share |
|
$ |
17.27 |
|
|
$ |
16.60 |
|
|
$ |
16.23 |
|
|
$ |
15.62 |
|
|
$ |
14.92 |
|
|
|
|
|
|
|
|
||
|
Less: Effects of Intangible Assets |
|
|
(0.66 |
) |
|
|
(0.67 |
) |
|
|
(0.68 |
) |
|
|
(0.69 |
) |
|
|
(0.71 |
) |
|
|
|
|
|
|
|
||
|
Tangible Book Value Per Common Share |
|
$ |
16.61 |
|
|
$ |
15.93 |
|
|
$ |
15.55 |
|
|
$ |
14.93 |
|
|
$ |
14.21 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Return on Average Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Income Available to Common Shareholders |
|
$ |
12,993 |
|
|
$ |
16,393 |
|
|
$ |
12,320 |
|
|
$ |
10,588 |
|
|
$ |
10,506 |
|
|
$ |
29,386 |
|
|
$ |
19,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Shareholders’ Equity |
|
$ |
552,575 |
|
|
$ |
524,825 |
|
|
$ |
509,655 |
|
|
$ |
485,869 |
|
|
$ |
471,700 |
|
|
$ |
538,777 |
|
|
$ |
468,614 |
|
|
|
Less: Average Preferred Stock |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
Average Common Equity |
|
|
486,061 |
|
|
|
458,311 |
|
|
|
443,141 |
|
|
|
419,355 |
|
|
|
405,186 |
|
|
|
472,263 |
|
|
|
402,100 |
|
|
|
Less: Effects of Average Intangible Assets |
|
|
(18,588 |
) |
|
|
(18,816 |
) |
|
|
(19,042 |
) |
|
|
(19,274 |
) |
|
|
(19,504 |
) |
|
|
(18,702 |
) |
|
|
(19,620 |
) |
|
|
Average Tangible Common Equity |
|
$ |
467,473 |
|
|
$ |
439,495 |
|
|
$ |
424,099 |
|
|
$ |
400,081 |
|
|
$ |
385,682 |
|
|
$ |
453,561 |
|
|
$ |
382,480 |
|
|
|
Return on Average Tangible Common Equity |
|
|
11.15 |
|
% |
|
15.13 |
|
% |
|
11.53 |
|
% |
|
10.50 |
|
% |
|
10.93 |
|
% |
|
13.07 |
|
% |
|
10.08 |
|
% |
|
Bridgewater Bancshares, Inc. and Subsidiaries Non-GAAP Financial Measures (unaudited) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
||||||||||||||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
||||||||||||||
|
(dollars in thousands) |
|
2026 |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
|
2026 |
|
2025 |
|
||||||||||||||
|
Adjusted Diluted Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Income Available to Common Shareholders |
|
$ |
12,993 |
|
|
$ |
16,393 |
|
|
$ |
12,320 |
|
|
$ |
10,588 |
|
|
$ |
10,506 |
|
|
$ |
29,386 |
|
|
$ |
19,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Add: Merger-related Expenses |
|
|
— |
|
|
— |
|
|
|
346 |
|
|
|
530 |
|
|
|
540 |
|
|
|
— |
|
|
|
1,105 |
|
|
|
|
Add: FHLB Advance Prepayment Penalty |
|
|
— |
|
|
|
982 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
982 |
|
|
|
— |
|
|
|
Less: FHLB Advance Prepayment Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(301 |
) |
|
|
— |
|
|
|
(301 |
) |
|
|
Less: Gain on Sales of Securities |
|
|
— |
|
|
|
(7,251 |
) |
|
|
(80 |
) |
|
|
(59 |
) |
|
|
(474 |
) |
|
|
(7,251 |
) |
|
|
(475 |
) |
|
|
Total Adjustments |
|
|
— |
|
|
|
(6,269 |
) |
|
|
266 |
|
|
|
471 |
|
|
|
(235 |
) |
|
|
(6,269 |
) |
|
|
329 |
|
|
|
Less: Tax Impact of Adjustments |
|
|
— |
|
|
|
1,492 |
|
|
|
(59 |
) |
|
|
(110 |
) |
|
|
56 |
|
|
|
1,498 |
|
|
|
(79 |
) |
|
|
Adjusted Net Income Available to Common Shareholders |
|
$ |
12,993 |
|
|
$ |
11,616 |
|
|
$ |
12,527 |
|
|
$ |
10,949 |
|
|
$ |
10,327 |
|
|
$ |
24,615 |
|
|
$ |
19,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Diluted Weighted Average Shares Outstanding |
|
|
28,589,332 |
|
|
|
28,490,176 |
|
|
|
28,354,756 |
|
|
|
28,190,406 |
|
|
|
27,998,008 |
|
|
|
28,546,721 |
|
|
|
28,022,592 |
|
|
|
Adjusted Diluted Earnings Per Common Share |
|
$ |
0.45 |
|
|
$ |
0.41 |
|
|
$ |
0.44 |
|
|
$ |
0.39 |
|
|
$ |
0.37 |
|
|
$ |
0.86 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Income |
|
$ |
14,007 |
|
|
$ |
17,406 |
|
|
$ |
13,334 |
|
|
$ |
11,601 |
|
|
$ |
11,520 |
|
|
$ |
31,413 |
|
|
$ |
21,153 |
|
|
|
Add: Total Adjustments |
|
|
— |
|
|
|
(6,269 |
) |
|
|
266 |
|
|
|
471 |
|
|
|
(235 |
) |
|
|
(6,269 |
) |
|
|
329 |
|
|
|
Less: Tax Impact of Adjustments |
|
|
— |
|
|
|
1,492 |
|
|
|
(59 |
) |
|
|
(110 |
) |
|
|
56 |
|
|
|
1,498 |
|
|
|
(79 |
) |
|
|
Adjusted Net Income |
|
$ |
14,007 |
|
|
$ |
12,629 |
|
|
$ |
13,541 |
|
|
$ |
11,962 |
|
|
$ |
11,341 |
|
|
$ |
26,642 |
|
|
$ |
21,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Assets |
|
$ |
5,317,215 |
|
|
$ |
5,242,761 |
|
|
$ |
5,438,555 |
|
|
$ |
5,372,443 |
|
|
$ |
5,162,182 |
|
|
$ |
5,280,194 |
|
|
$ |
5,116,999 |
|
|
|
Adjusted Return on Average Assets |
|
|
1.06 |
|
% |
|
0.98 |
|
% |
|
0.99 |
|
% |
|
0.88 |
|
% |
|
0.88 |
|
% |
|
1.02 |
|
% |
|
0.84 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Return on Average Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Net Income |
|
$ |
14,007 |
|
|
$ |
12,629 |
|
|
$ |
13,541 |
|
|
$ |
11,962 |
|
|
$ |
11,341 |
|
|
$ |
26,642 |
|
|
$ |
21,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Shareholders’ Equity |
|
$ |
552,575 |
|
|
$ |
524,825 |
|
|
$ |
509,655 |
|
|
$ |
485,869 |
|
|
$ |
471,700 |
|
|
$ |
538,777 |
|
|
$ |
468,614 |
|
|
|
Adjusted Return on Average Shareholders’ Equity |
|
|
10.17 |
|
% |
|
9.76 |
|
% |
|
10.54 |
|
% |
|
9.77 |
|
% |
|
9.64 |
|
% |
|
9.97 |
|
% |
|
9.21 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Return on Average Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted Net Income Available to Common Shareholders |
|
$ |
12,993 |
|
|
$ |
11,616 |
|
|
$ |
12,527 |
|
|
$ |
10,949 |
|
|
$ |
10,327 |
|
|
$ |
24,615 |
|
|
$ |
19,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average Tangible Common Equity |
|
$ |
467,473 |
|
|
$ |
439,495 |
|
|
$ |
424,099 |
|
|
$ |
400,081 |
|
|
$ |
385,682 |
|
|
$ |
453,561 |
|
|
$ |
382,480 |
|
|
|
Adjusted Return on Average Tangible Common Equity |
|
|
11.15 |
|
% |
|
10.72 |
|
% |
|
11.72 |
|
% |
|
10.86 |
|
% |
|
10.74 |
|
% |
|
10.94 |
|
% |
|
10.22 |
|
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260720434694/en/
Media Contact:
Emily Karpenske | Senior Communication Specialist
[email protected] | 952.653.0624
Investor Contact:
Justin Horstman | VP Investor Relations
[email protected] | 952.542.5169
KEYWORDS: Minnesota United States North America
INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance
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