Bridgewater Bancshares Inc 8-K, filed Apr 28, 2022

Bridgewater Bancshares Inc (BWB)

8-K 2022-04-28 For: 2022-04-28

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Added on July 04, 2026

About this 8-K

Bridgewater Bancshares Inc filed this 8-K on April 28, 2022.

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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	Bridgewater Bancshares, Inc.


Date: April 28, 2022
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman, Chief Executive Officer and President


	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


	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


	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



	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


	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	%


(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


	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:


	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