Bridgewater Bancshares Inc 8-K, filed Oct 27, 2022

Bridgewater Bancshares Inc (BWB)

8-K 2022-10-27 For: 2022-10-27

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Added on April 04, 2026

About this 8-K

Bridgewater Bancshares Inc filed this 8-K on October 27, 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: October 27, 2022
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman, Chief Executive Officer and President


	As of and for the Three Months Ended									As of and for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2022			2022			2021			2022			2021
Per Common Share Data
Basic Earnings Per Share	$	0.49		$	0.43		$	0.41		$	1.32		$	1.18
Diluted Earnings Per Share		0.47			0.41			0.40			1.27			1.14
Book Value Per Share		11.44			11.14			10.73			11.44			10.73
Tangible Book Value Per Share ⁽¹⁾		11.33			11.03			10.62			11.33			10.62
Basic Weighted Average Shares Outstanding		27,520,117			27,839,260			28,047,280			27,825,517			28,035,246
Diluted Weighted Average Shares Outstanding		28,592,854			28,803,842			29,110,547			28,882,701			29,077,850
Shares Outstanding at Period End		27,587,978			27,677,372			28,066,822			27,587,978			28,066,822

Selected Performance Ratios
Return on Average Assets (Annualized)		1.46	%		1.38	%		1.37	%		1.42	%		1.42	%
Pre-Provision Net Revenue Return on Average Assets (Annualized) ⁽¹⁾		2.15			2.19			2.09			2.15			2.10
Return on Average Shareholders' Equity (Annualized)		14.99			13.55			13.81			13.85			14.95
Return on Average Tangible Common Equity (Annualized)⁽¹⁾		17.03			15.26			15.47			15.63			15.69
Yield on Interest Earning Assets⁽²⁾		4.37			4.16			4.14			4.23			4.20
Yield on Total Loans, Gross⁽²⁾		4.59			4.45			4.65			4.50			4.65
Cost of Total Deposits		0.73			0.46			0.48			0.55			0.53
Cost of Funds		0.93			0.63			0.65			0.73			0.70
Net Interest Margin ⁽²⁾		3.53			3.58			3.54			3.57			3.55
Core Net Interest Margin ⁽¹⁾⁽²⁾		3.38			3.34			3.22			3.36			3.29
Efficiency Ratio⁽¹⁾		39.8			40.2			43.9			40.7			42.4
Adjusted Efficiency Ratio ⁽¹⁾		39.4			40.0			41.5			40.4			41.3
Noninterest Expense to Average Assets (Annualized)		1.42			1.47			1.58			1.48			1.53
Adjusted Noninterest Expense to Average Assets (Annualized) ⁽¹⁾		1.41			1.47			1.49			1.47			1.49
Loan to Deposit Ratio		102.3			100.7			95.0
Core Deposits to Total Deposits ⁽³⁾		83.0			82.9			83.3
Tangible Common Equity to Tangible Assets ⁽¹⁾		7.57			7.87			8.81

Capital Ratios (Bank Only) ⁽⁴⁾
Tier 1 Leverage Ratio		11.24	%		11.43	%		10.96	%
Common Equity Tier 1 Risk-based Capital Ratio		11.46			11.53			11.88
Tier 1 Risk-based Capital Ratio		11.46			11.53			11.88
Total Risk-based Capital Ratio		12.67			12.74			13.13

Capital Ratios (Consolidated)⁽⁴⁾
Tier 1 Leverage Ratio		9.98	%		10.33	%		10.70	%
Common Equity Tier 1 Risk-based Capital Ratio		8.47			8.50			9.47
Tier 1 Risk-based Capital Ratio		10.19			10.29			11.65
Total Risk-based Capital Ratio		13.78			13.98			15.93


	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)	2022		2022		2022		2021		2021
Selected Balance Sheet Data
Total Assets	$	4,128,987	$	3,883,264	$	3,607,920	$	3,477,659	$	3,389,125
Total Loans, Gross		3,380,082		3,225,885		2,987,967		2,819,472		2,712,012
Allowance for Loan Losses		46,491		44,711		41,692		40,020		38,901
Goodwill and Other Intangibles		2,962		3,009		3,057		3,105		3,153

Deposits		3,305,074		3,201,953		3,035,611		2,946,237		2,854,157
Tangible Common Equity⁽¹⁾		312,531		305,360		309,870		309,653		298,135
Total Shareholders' Equity		382,007		374,883		379,441		379,272		367,803
Average Total Assets - Quarter-to-Date		3,948,201		3,743,575		3,513,798		3,403,270		3,332,301
Average Shareholders' Equity - Quarter-to-Date		384,020		381,448		383,024		374,035		330,604


	For the Three Months Ended						For the Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
(dollars in thousands)	2022		2022		2021		2022		2021
Selected Income Statement Data
Interest Income	$	42,359	$	37,782	$	33,517	$	114,835	$	95,104
Interest Expense		8,264		5,252		4,844		18,030		14,748
Net Interest Income		34,095		32,530		28,673		96,805		80,356
Provision for Loan Losses		1,500		3,025		1,300		6,200		4,000
Net Interest Income after Provision for Loan Losses		32,595		29,505		27,373		90,605		76,356
Noninterest Income		1,387		1,650		1,410		4,594		4,021
Noninterest Expense		14,157		13,752		13,236		41,417		35,636
Income Before Income Taxes		19,825		17,403		15,547		53,782		44,741
Provision for Income Taxes		5,312		4,521		4,038		14,125		11,568
Net Income		14,513		12,882		11,509		39,657		33,173
Preferred Stock Dividends		(1,013)		(1,014)		—		(3,040)		—
Net Income Available to Common Shareholders	$	13,500	$	11,868	$	11,509	$	36,617	$	33,173


	Three Months Ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Interest	4.42	%	4.17	%	4.15	%	4.20	%	4.28	%
Fees	0.17		0.26		0.25		0.21		0.23
Yield on Loans, Excluding PPP Loans	4.59	%	4.43	%	4.40	%	4.41	%	4.51	%


Media Contact: Jessica Stejskal \| SVP Marketing Jessica.stejskal@bwbmn.com \| 952.893.6860	Investor Contact: Justin Horstman \| Director of Investor Relations Justin.Horstman@bwbmn.com \| 952.542.5169


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
(dollars in thousands)	2022		2022		2021		2022		2021
Balance at Beginning of Period	$	44,711	$	41,692	$	37,591	$	40,020	$	34,841
Provision for Loan Losses		1,500		3,025		1,300		6,200		4,000
Charge-offs		(5)		(14)		(20)		(34)		(37)
Recoveries		285		8		30		305		97
Balance at End of Period	$	46,491	$	44,711	$	38,901	$	46,491	$	38,901


	For the Three Months Ended
	September 30, 2022						June 30, 2022						September 30, 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	$	57,613	$	165	1.13	%	$	61,046	$	40	0.26	%	$	187,405	$	67	0.14	%
Investment Securities:
Taxable Investment Securities		461,255		3,741	3.22			417,142		2,696	2.59			314,367		1,751	2.21
Tax-Exempt Investment Securities⁽¹⁾		75,801		799	4.18			74,261		795	4.30			71,801		737	4.07
Total Investment Securities		537,056		4,540	3.35			491,403		3,491	2.85			386,168		2,488	2.56
Paycheck Protection Program Loans ⁽²⁾		2,424		96	15.75			8,335		263	12.67			76,006		1,753	9.15
Loans ⁽¹⁾⁽²⁾		3,263,390		37,724	4.59			3,099,344		34,205	4.43			2,579,021		29,348	4.51
Total Loans		3,265,814		37,820	4.59			3,107,679		34,468	4.45			2,655,027		31,101	4.65
Federal Home Loan Bank Stock		11,413		156	5.42			11,620		59	2.04			5,701		68	4.65
Total Interest Earning Assets		3,871,896		42,681	4.37	%		3,671,748		38,058	4.16	%		3,234,301		33,724	4.14	%
Noninterest Earning Assets		76,305						71,827						98,000
Total Assets	$	3,948,201					$	3,743,575					$	3,332,301
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits	$	517,658	$	1,032	0.79	%	$	552,502	$	694	0.50	%	$	479,580	$	562	0.47	%
Savings and Money Market Deposits		999,932		2,494	0.99			925,354		1,185	0.51			801,354		904	0.45
Time Deposits		288,621		847	1.16			280,645		665	0.95			318,222		928	1.16
Brokered Deposits		447,034		1,612	1.43			403,931		912	0.91			440,167		1,023	0.92
Total Interest Bearing Deposits		2,253,245		5,985	1.05			2,162,432		3,456	0.64			2,039,323		3,417	0.66
Federal Funds Purchased		106,826		709	2.63			137,379		410	1.20			—		—	—
FHLB Advances		72,343		328	1.80			47,511		167	1.41			54,130		213	1.56
Subordinated Debentures		92,503		1,242	5.33			92,396		1,219	5.29			91,337		1,214	5.27
Total Interest Bearing Liabilities		2,524,917		8,264	1.30	%		2,439,718		5,252	0.86	%		2,184,790		4,844	0.88	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		991,545						882,477						784,148
Other Noninterest Bearing Liabilities		47,719						39,932						32,759
Total Noninterest Bearing Liabilities		1,039,264						922,409						816,907
Shareholders' Equity		384,020						381,448						330,604
Total Liabilities and Shareholders' Equity	$	3,948,201					$	3,743,575					$	3,332,301
Net Interest Income / Interest Rate Spread				34,417	3.07	%				32,806	3.30	%				28,880	3.26	%
Net Interest Margin ⁽³⁾					3.53	%					3.58	%					3.54	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(322)						(276)						(207)


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
(dollars in thousands)	2022		2022		2021		2022		2021
Noninterest Income:
Customer Service Fees	$	313	$	298	$	268	$	892	$	733
Net Gain on Sales of Securities		—		52		48		52		750
Letter of Credit Fees		428		564		577		1,234		1,135
Debit Card Interchange Fees		153		152		143		438		414
Swap Fees		—		—		—		557		—
Bank-Owned Life Insurance		227		149		166		524		166
Other Income		266		435		208		897		823
Totals	$	1,387	$	1,650	$	1,410	$	4,594	$	4,021


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
(dollars in thousands)	2022		2022		2021		2022		2021
Noninterest Expense:
Salaries and Employee Benefits	$	9,449	$	8,977	$	8,309	$	27,120	$	22,923
Occupancy and Equipment		1,086		1,042		942		3,213		2,977
FDIC Insurance Assessment		315		330		355		1,005		960
Data Processing		372		356		325		1,025		916
Professional and Consulting Fees		716		769		708		2,181		1,804
Information Technology and Telecommunications		650		594		598		1,822		1,609
Marketing and Advertising		479		524		418		1,629		1,018
Intangible Asset Amortization		48		47		48		143		143
Amortization of Tax Credit Investments		114		63		152		294		410
Debt Prepayment Fees		—		—		582		—		582
Other Expense		928		1,050		799		2,985		2,294
Totals	$	14,157	$	13,752	$	13,236	$	41,417	$	35,636