Total on- and off-balance sheet liquidity was $2.22 billion as of June 30, 2024, compared to $2.25 billion at March 31, 2024 and $1.96 billion at June 30, 2023. Asset Quality Capital Tangible book value per share, a non-GAAP financial measure, was $13.53 as of June 30, 2024, an increase of 2.4% from $13.20 as of March 31, 2024, and an increase of 11.4% from $12.15 as of June 30, 2023. ● The Company has increased tangible book value per share each of the past 30 quarters. Page 6 of 17 This earnings release c ...

Introduction Bridgewater Bancshares Financial Performance lillisphotography Bridgewater Bancshares, Inc. (NASDAQ:BWB) is a Minnesota-based regional bank that has been dealing with the industry pressures of higher interest rates and lower deposits over the past couple of years. Back in February, I examined why the bank's preferred share was a great income investment. After examining the most recent financial statements, I believe Bridgewater Bancshares preferred shares are still a good buy for income investo ...

FORM 10-Q (952) 893-6868 (Registrant's telephone number, including area code) share . Securities registered pursuant to Section 12(b) of the Act: Title of eachclass: Trading Symbol Name of eachexchange onwhichregistered: Common Stock, $0.01 Par Value BWB The Nasdaq Stock Market LLC Depositary Shares, each representing a BWBBP The Nasdaq Stock Market LLC th interest in a share of 5.875% 1/100 Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per PART I FINANCIAL INFORMATION 3 PART II OTHER ...

Bridgewater Bancshares, Inc. (NASDAQ:BWB) Q1 2024 Earnings Conference Call April 25, 2024 9:00 AM ET Company Participants Justin Horstman - Vice President of Investor Relations Jerry Baack - President and Chief Executive Officer Joe Chybowski - Chief Financial Officer Jeff Shellberg - Chief Credit Officer Nick Place - Chief Lending Officer Conference Call Participants Brendan Nosal - Hovde Group Nathan Race - Piper Sandler Jeffrey Rulis - D.A. Davidson Operator Good morning, and welcome to the Bridgewater B ...

Bridgewater (BWB) came out with quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4%. A quarter ago, it was expected that this company would post earnings of $0.26 per share when it actually produced earnings of $0.28, delivering a surprise of 7.69%.Over the last four quarters, the company has surpa ...

Exhibit 99.1 Media Contact: Jessica Stejskal | SVP Marketing Jessica.Stejskal@bwbmn.com | 952.893.6860 April 24, 2024 First Quarter 2024 Highlights ● Repurchased 193,802 shares of common stock at a weighted average price of $11.75 per share, for a total of $2.3 million. ● Loan-to-deposit ratio of 99.4%, compared to 100.4% at December 31, 2023. ● Efficiency ratio(1) of 58.2%, compared to 58.8% for the fourth quarter of 2023. Page 1 of 16 "During the first quarter, we also saw net interest margin compression ...

Financial Performance - Net Interest Income decreased to $105.2 million in 2023 from $129.7 million in 2022, a decline of 18.9%[253] - Net Income Available to Common Shareholders dropped to $39.96 million in 2023 from $53.39 million in 2022, a decrease of 25.2%[253] - Return on Average Assets (ROA) decreased to 0.89% in 2023 from 1.38% in 2022[253] - Efficiency Ratio worsened to 53.0% in 2023 from 41.5% in 2022[253] Asset and Loan Growth - Total Assets grew by 6.1% to $4.61 billion in 2023 from $4.35 billion in 2022[253] - Total Loans, Gross increased by 4.3% to $3.72 billion in 2023 from $3.57 billion in 2022[253] - Total interest-bearing deposits increased to $2.75 billion in 2023, up from $2.22 billion in 2022, with an average interest rate of 3.50%[268] Credit Quality - Nonperforming Loans to Total Loans ratio remained stable at 0.02% in 2023, consistent with 2022[254] - Allowance for Credit Losses on Loans to Total Loans ratio was 1.36% in 2023, slightly up from 1.34% in 2022[254] - Net Loan Charge-Offs to Average Loans ratio was 0.01% in 2023, compared to -0.01% in 2022[254] - The allowance for credit losses on loans is adjusted based on provisions or recoveries reported in the income statement, impacting the allowance for credit losses on off-balance sheet exposures[258] Interest Rate and Net Interest Margin - Net interest income is calculated on a tax-equivalent basis, with a 21% federal tax rate assumption, and is influenced by the FOMC's rate increases of 100 basis points in 2023 and 425 basis points in 2022[266] - The net interest margin for 2023 was 2.42%, compared to 3.45% in 2022 and 3.54% in 2021[269] - The company's net interest income would decrease by 2.39% in the event of an immediate and sustained 400 basis point increase in interest rates[796] - The company's net interest income would increase by 8.86% in the event of an immediate 300 basis point decrease in interest rates[796] - Forecasted net interest income for a +400 basis point change is $118,597, representing a 2.39% decrease from the base[797] - Forecasted net interest income for a +300 basis point change is $118,983, representing a 2.08% decrease from the base[797] - Forecasted net interest income for a +200 basis point change is $119,395, representing a 1.74% decrease from the base[797] - Forecasted net interest income for a +100 basis point change is $119,916, representing a 1.31% decrease from the base[797] - Forecasted net interest income for a -100 basis point change is $125,138, representing a 2.99% increase from the base[797] - Forecasted net interest income for a -200 basis point change is $128,643, representing a 5.87% increase from the base[797] - Forecasted net interest income for a -300 basis point change is $132,269, representing an 8.86% increase from the base[797] - The company uses a net interest income simulation model to measure potential changes in net interest income over the next 12 months, assuming no growth in interest-sensitive assets or liabilities[795] Capital and Risk Management - Tier 1 Leverage Ratio improved slightly to 9.57% in 2023 from 9.55% in 2022[253] - The Company's cash flow hedges had a total notional amount of $308.0 million at December 31, 2023, up from $288.0 million in 2022, aimed at managing interest rate exposure[794] Fair Value Measurement - The fair value of investment securities is determined using pricing models, broker quotes, and net present value of future cash flows, with adjustments made if a more appropriate fair value is identified[260] - The Company uses a three-level hierarchy to measure the fair value of financial instruments, considering observable market data and matrix pricing for non-traded instruments[261][263]

Bridgewater Bancshares, Inc. (NASDAQ:BWB) Q4 2023 Earnings Conference Call January 25, 2024 9:00 AM ET Company Participants Justin Horstman - Vice President, Investor Relations Jerry Baack - Chairman, President and Chief Executive Officer Joe Chybowski - Chief Financial Officer Nick Place - Chief Lending Officer Jeff Shellberg - Chief Credit Officer Conference Call Participants Jeff Rulis - D.A. Davidson Nathan Race - Piper Sandler Operator Good morning, and welcome to the Bridgewater Bancshares 2023 Fourth ...

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 $8.9 million for the fourth quarter of 2023, compared to $9.6 million for the third quarter of 2023, and $13.7 million for the fourth quarter of 2022. Earnings per diluted common share were $0.28 for the fourth quarter of 2023, compared to $0.30 for the third quarter of 2023, and $0.45 for the fourth quarter of 2022. “Bridgewate ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This part presents the company's unaudited financial statements, management's analysis, market risk disclosures, and control procedures [Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) Presents the unaudited consolidated financial statements and notes, highlighting the adoption of the CECL accounting standard [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2023 (Unaudited) | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$4,557,070** | **$4,345,662** | | Total Loans, Net | $3,664,464 | $3,512,157 | | **Total Liabilities** | **$4,141,110** | **$3,951,598** | | Total Deposits | $3,675,509 | $3,416,543 | | **Total Shareholders' Equity** | **$415,960** | **$394,064** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Income Statement Highlights (in thousands, except per share) | Metric (in thousands, except per share) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $25,421 | $34,095 | $79,860 | $96,805 | | Provision for Credit Losses | ($600) | $1,500 | $75 | $6,200 | | **Net Income** | **$9,629** | **$14,513** | **$31,087** | **$39,657** | | **Diluted EPS** | **$0.30** | **$0.47** | **$0.99** | **$1.27** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive Income Highlights (in thousands) | Metric (in thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $9,629 | $14,513 | $31,087 | $39,657 | | Total Other Comprehensive Loss, Net of Tax | ($2,858) | ($5,659) | ($5,824) | ($25,726) | | **Comprehensive Income** | **$6,771** | **$8,854** | **$25,263** | **$13,931** | [Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) - Total Shareholders' Equity increased from **$394.1 million** at December 31, 2022, to **$416.0 million** at September 30, 2023, driven by net income and partially offset by the CECL adoption and other comprehensive loss[16](index=16&type=chunk)[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (in thousands) | Cash Flow Activity (Nine Months Ended Sep 30) | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $38,483 | $80,369 | | Net Cash Used in Investing Activities | ($168,277) | ($734,430) | | Net Cash Provided by Financing Activities | $167,109 | $586,084 | | **Net Change in Cash and Cash Equivalents** | **$37,315** | **($67,977)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The Company adopted the CECL accounting standard on January 1, 2023, resulting in a net decrease to retained earnings of **$3.9 million**[56](index=56&type=chunk)[64](index=64&type=chunk) - The securities available for sale portfolio had a fair value of **$553.1 million** and gross unrealized losses of **$63.3 million** as of September 30, 2023, which management attributes to interest rate changes[74](index=74&type=chunk)[79](index=79&type=chunk) - Total gross loans were **$3.72 billion** as of September 30, 2023, with an Allowance for Credit Losses (ACL) of **$50.6 million**, representing **1.36%** of total gross loans[85](index=85&type=chunk)[166](index=166&type=chunk) - The Company and the Bank met all regulatory capital requirements, with a consolidated Total Risk-based Capital ratio of **13.88%** as of September 30, 2023[202](index=202&type=chunk)[206](index=206&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased net income and margin compression due to higher funding costs, alongside strong loan and asset growth [Operating Results Overview](index=43&type=section&id=Operating%20Results%20Overview) Key Performance Metrics (in thousands, except per share) | Metric (in thousands, except per share) | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $9,629 | $14,513 | $31,087 | $39,657 | | Diluted EPS | $0.30 | $0.47 | $0.99 | $1.27 | | Net Interest Income | $25,421 | $34,095 | $79,860 | $96,805 | - The net interest margin (tax-equivalent) declined to **2.32%** in Q3 2023 from **3.53%** in Q3 2022, primarily due to higher funding costs in the rising interest rate environment[286](index=286&type=chunk) - Noninterest expense increased to **$15.4 million** in Q3 2023 from **$14.2 million** in Q3 2022, mainly due to higher FDIC insurance assessments and derivative collateral fees[135](index=135&type=chunk) [Financial Condition](index=54&type=section&id=Financial%20Condition) - Total assets grew to **$4.56 billion** at September 30, 2023, a **4.9%** increase from December 31, 2022, driven by strong organic loan growth[144](index=144&type=chunk) - Total gross loans reached **$3.72 billion** at September 30, 2023, a **4.3%** increase from year-end 2022, with growth moderated by active balance sheet management[145](index=145&type=chunk) - Total deposits increased by **7.6%** to **$3.68 billion** from year-end 2022, supported by inflows of core deposits and supplemental funding from brokered deposits[363](index=363&type=chunk)[364](index=364&type=chunk) [Asset Quality](index=57&type=section&id=Asset%20Quality) - Asset quality remained strong, with nonperforming loans at **$749,000**, representing just **0.02%** of total loans as of September 30, 2023[332](index=332&type=chunk)[333](index=333&type=chunk) - The allowance for credit losses on loans was **$50.6 million**, or **1.36%** of total loans, at September 30, 2023, compared to **$48.0 million**, or **1.34%**, at year-end 2022[360](index=360&type=chunk) [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) - The company maintained a strong liquidity position with total on- and off-balance sheet liquidity of **$2.18 billion** as of September 30, 2023, without utilizing the BTFP or Discount Window[354](index=354&type=chunk) - Total shareholders' equity increased to **$416.0 million** at September 30, 2023, from **$394.1 million** at year-end 2022, driven by retained earnings[371](index=371&type=chunk) - The company and the Bank remained well-capitalized, with all regulatory capital ratios exceeding minimum requirements, including a consolidated Tier 1 Leverage Ratio of **9.62%**[348](index=348&type=chunk)[350](index=350&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages its primary market risk, interest rate risk, using NII simulation models and hedging instruments - The company's main market risk is interest rate risk, managed through strategies overseen by its Asset Liability Management (ALM) Committee[404](index=404&type=chunk)[387](index=387&type=chunk) - To mitigate interest rate exposure, the company utilizes cash flow hedges, including interest rate swaps and caps, with a total notional amount of **$308.0 million** at September 30, 2023[390](index=390&type=chunk) Net Interest Income (NII) Sensitivity Analysis | Interest Rate Change (bps) | Forecasted NII Change (12-Month) | | :--- | :--- | | +400 | (1.69)% | | +200 | (1.14)% | | 0 | 0.00% | | -100 | +2.45% | | -300 | +7.23% | [Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[324](index=324&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[325](index=325&type=chunk) [PART II OTHER INFORMATION](index=70&type=section&id=PART%20II%20OTHER%20INFORMATION) This part covers legal proceedings, risk factors, equity securities transactions, and other required disclosures [Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The company is not party to any material pending legal proceedings outside of ordinary business litigation - The company reports no material pending legal proceedings outside of ordinary routine litigation[327](index=327&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported for the period - No material changes to the risk factors disclosed in the company's 2022 Form 10-K were reported[328](index=328&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company did not repurchase shares under its authorized program during the third quarter of 2023 - The company has a board-approved stock repurchase program authorizing up to **$25.0 million** of its common stock, which expires on August 16, 2024[306](index=306&type=chunk) - During the third quarter of 2023, no shares were repurchased under the publicly announced plan, though **1,078 shares** were withheld for tax purposes related to vesting of restricted stock[308](index=308&type=chunk) [Defaults Upon Senior Securities](index=71&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None reported[312](index=312&type=chunk) [Mine Safety Disclosures](index=71&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This disclosure requirement is not applicable to the company's operations - Not applicable[313](index=313&type=chunk) [Other Information](index=71&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the quarter - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the third quarter of 2023[314](index=314&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including Sarbanes-Oxley certifications and XBRL data - The report includes certifications from the CEO and CFO as required by the Sarbanes-Oxley Act, as well as financial statements formatted in inline XBRL[315](index=315&type=chunk)