Exhibit 99.1 Media Contact: Emily Karpenske | Senior Communication Specialist Emily.Karpenske@bwbmn.com | 952.653.0624 Investor Contact: Justin Horstman | VP Investor Relations Justin.Horstman@bwbmn.com | 952.542.5169 October 21, 2025 Bridgewater Bancshares, Inc. Announces Third Quarter 2025 Financial Results Third Quarter 2025 Highlights (1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. (2) Core deposits are defined as total deposits less brokered deposits ...

Group 1 - The focus is on income investing through common shares, preferred shares, or bonds [1] - The author has been investing since 2000 and has a background in history, political science, and an MBA with a specialization in Finance and Economics [1] - The author targets two articles per week for publication on Monday and Tuesday [1] Group 2 - The author has a beneficial long position in the shares of BWBBP through stock ownership, options, or other derivatives [2] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2] - There is no business relationship with any company whose stock is mentioned in the article [2]

PART I FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) This section presents Bridgewater Bancshares, Inc.'s unaudited consolidated financial statements, including balance sheets, income, comprehensive income, equity, and cash flows, with explanatory notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets show an increase in total assets and liabilities, primarily driven by growth in loans and deposits, from December 31, 2024, to June 30, 2025 | ASSETS (dollars in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 | | :---------------------------- | :------------------------ | :------------------ | | Cash and Cash Equivalents | $217,495 | $229,760 | | Securities Available for Sale | $743,889 | $768,247 | | Loans, Net | $4,082,405 | $3,809,436 | | Total Assets | $5,296,673 | $5,066,242 | | LIABILITIES (dollars in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 | | :---------------------------- | :------------------------ | :------------------ | | Total Deposits | $4,236,742 | $4,086,767 | | FHLB Advances | $404,500 | $359,500 | | Subordinated Debentures, Net | $108,689 | $79,670 | | Total Liabilities | $4,820,391 | $4,608,307 | | SHAREHOLDERS' EQUITY (dollars in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 | | :---------------------------- | :------------------------ | :------------------ | | Total Shareholders' Equity | $476,282 | $457,935 | | Total Liabilities and Equity | $5,296,673 | $5,066,242 | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) The Consolidated Statements of Income show a significant increase in net interest income and net income for both the three and six months ended June 30, 2025, compared to the same periods in 2024, driven by higher interest income from loans and investment securities | (dollars in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total Interest Income | $69,198 | $60,878 | $134,906 | $119,547 | | Total Interest Expense | $36,746 | $35,882 | $72,246 | $69,920 | | NET INTEREST INCOME | $32,452 | $24,996 | $62,660 | $49,627 | | Provision for Credit Losses | $2,000 | $600 | $3,500 | $1,350 | | Total Noninterest Income | $3,627 | $1,763 | $5,706 | $3,313 | | Total Noninterest Expense | $18,941 | $15,539 | $37,077 | $30,728 | | NET INCOME | $11,520 | $8,115 | $21,153 | $15,946 | | NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $10,506 | $7,101 | $19,126 | $13,919 | | Basic Earnings Per Share | $0.38 | $0.26 | $0.70 | $0.51 | | Diluted Earnings Per Share | $0.38 | $0.26 | $0.68 | $0.50 | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) The Consolidated Statements of Comprehensive Income show an increase in net income but a decrease in total other comprehensive income (loss) for the three and six months ended June 30, 2025, compared to 2024, primarily due to unrealized losses on cash flow hedges and reclassification adjustments | (dollars in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Income | $11,520 | $8,115 | $21,153 | $15,946 | | Other Comprehensive Income (Loss): | | | | | | Unrealized Gains (Losses) on Available for Sale Securities | (479) | 1,168 | 7,208 | 1,403 | | Unrealized Gains (Losses) on Cash Flow Hedges | (1,455) | 2,036 | (4,497) | 7,748 | | Reclassification Adjustment for Gains Realized in Income | (2,091) | (2,649) | (3,924) | (5,045) | | Income Tax Impact | 1,156 | (159) | 349 | (1,180) | | Total Other Comprehensive Income (Loss), Net of Tax | (2,869) | 396 | (864) | 2,926 | | Comprehensive Income | $8,651 | $8,511 | $20,289 | $18,872 | [Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) The Consolidated Statements of Shareholders' Equity detail changes in equity components, including net income, stock-based compensation, stock repurchases, and comprehensive income (loss), showing an overall increase in total shareholders' equity from December 31, 2204, to June 30, 2025 | (dollars in thousands) | Preferred Stock | Common Stock Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | | :--------------------- | :-------------- | :------------------ | :------------------------- | :---------------- | :-------------------------------------------- | :---- | | BALANCE December 31, 2024 | $66,514 | $276 | $95,088 | $309,421 | $(13,364) | $457,935 | | Stock-based Compensation | — | — | 2,039 | — | — | 2,039 | | Comprehensive Income (Loss) | — | — | — | 21,153 | (864) | 20,289 | | Stock Options Exercised | — | — | 395 | — | — | 395 | | Stock Repurchases | — | (1) | (2,190) | — | — | (2,191) | | Restricted Shares Withheld for Taxes | — | — | (158) | — | — | (158) | | Preferred Stock Dividend | — | — | — | (2,027) | — | (2,027) | | BALANCE June 30, 2025 | $66,514 | $275 | $95,174 | $328,547 | $(14,228) | $476,282 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows indicate a net decrease in cash and cash equivalents for the six months ended June 30, 2025, primarily due to significant cash used in investing activities, despite positive cash flows from operating and financing activities | (dollars in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------- | :----------------------------- | :----------------------------- | | Net Cash Provided by Operating Activities | $11,459 | $17,785 | | Net Cash Used in Investing Activities | $(243,566) | $(70,301) | | Net Cash Provided by Financing Activities | $219,842 | $58,047 | | NET CHANGE IN CASH AND CASH EQUIVALENTS | $(12,265) | $5,531 | | Cash and Cash Equivalents Ending | $217,495 | $134,093 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations and disclosures supporting the consolidated financial statements, covering the Company's business, accounting policies, recent developments, and specific financial instrument details, including earnings per share, securities, loans, derivatives, and regulatory capital [Note 1: Description of the Business and Summary of Significant Accounting Policies

Exhibit 99.1 Media Contact: Jessica Stejskal | SVP Marketing Jessica.Stejskal@bwbmn.com | 952.893.6860 Investor Contact: Justin Horstman | VP Investor Relations Justin.Horstman@bwbmn.com | 952.542.5169 July 23, 2025 Bridgewater Bancshares, Inc. Announces Second Quarter 2025 Financial Results Second Quarter 2025 Highlights "Bridgewater's second quarter results demonstrated our ability to continue producing strong profitability and balance sheet growth trends as we also look to take advantage of continuing M& ...

PART I FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements for Bridgewater Bancshares, Inc. as of March 31, 2025, and for the three-month period then ended, including balance sheets, income statements, and detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $5.14 billion from $5.07 billion at year-end 2024, primarily driven by a rise in net loans, while total liabilities grew to $4.67 billion and total shareholders' equity increased to $469.0 million Consolidated Balance Sheet Highlights (unaudited) | Account | March 31, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | **$5,136,808** | **$5,066,242** | | Cash and Cash Equivalents | $166,205 | $229,760 | | Loans, Net | $3,959,092 | $3,809,436 | | **Total Liabilities** | **$4,667,833** | **$4,608,307** | | Total Deposits | $4,162,457 | $4,086,767 | | FHLB Advances | $349,500 | $359,500 | | **Total Shareholders' Equity** | **$468,975** | **$457,935** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2025, net income significantly increased to $9.6 million from $7.8 million in the prior-year period, driven by a 22.6% rise in net interest income to $30.2 million, resulting in diluted earnings per share of $0.31 Income Statement Summary (unaudited) | Metric | Three Months Ended Mar 31, 2025 ($ thousands) | Three Months Ended Mar 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Total Interest Income | $65,708 | $58,669 | | Total Interest Expense | $35,500 | $34,038 | | **Net Interest Income** | **$30,208** | **$24,631** | | Provision for Credit Losses | $1,500 | $750 | | Total Noninterest Income | $2,079 | $1,550 | | Total Noninterest Expense | $18,136 | $15,189 | | **Net Income** | **$9,633** | **$7,831** | | **Diluted EPS** | **$0.31** | **$0.24** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures, including the recent acquisition of First Minnetonka City Bank (FMCB), a breakdown of loan and securities portfolios, analysis of the allowance for credit losses (ACL), details on derivative instruments, and regulatory capital adequacy information - On December 13, 2024, the Bank completed its acquisition of First Minnetonka City Bank (FMCB), which added approximately **$225.7 million in deposits** and **$117.1 million in loans** as of year-end[23](index=23&type=chunk) Loan Portfolio Composition (March 31, 2025) | Loan Category | Amount ($ thousands) | % of Total | | :--- | :--- | :--- | | Commercial | $528,801 | 13.2% | | Real Estate Mortgage | $3,265,445 | 81.2% | | - Multifamily | $1,534,747 | 38.2% | | - CRE Nonowner Occupied | $1,055,157 | 26.2% | | Construction and Land Development | $128,073 | 3.2% | | Other | $97,757 | 2.4% | | **Total Loans, Gross** | **$4,020,076** | **100.0%** | Allowance for Credit Losses (ACL) Activity - Q1 2025 | Metric | Amount ($ thousands) | | :--- | :--- | | Beginning Balance (Dec 31, 2024) | $52,277 | | Provision for Credit Losses | $1,500 | | Charge-offs | ($12) | | Recoveries | $1 | | **Ending Balance (Mar 31, 2025)** | **$53,766** | - The Company utilizes derivative instruments, including interest rate swaps and caps, for both non-hedge client facilitation and designated cash flow and fair value hedging to manage interest rate risk[60](index=60&type=chunk)[64](index=64&type=chunk)[67](index=67&type=chunk) Regulatory Capital Ratios (March 31, 2025) | Ratio | Company (Consolidated) | Bank | Well-Capitalized Minimum (Bank) | | :--- | :--- | :--- | :--- | | Common Equity Tier 1 Capital | 9.03% | 12.17% | 6.50% | | Tier 1 Risk-based Capital | 10.55% | 12.17% | 8.00% | | Total Risk-based Capital | 13.62% | 13.42% | 10.00% | | Tier 1 Leverage Ratio | 9.10% | 10.49% | 5.00% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2025 financial performance, highlighting strong growth in net income and net interest margin, the impact of the FMCB acquisition, loan and deposit growth, stable asset quality, and a robust liquidity and capital position, including non-GAAP financial measures [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Net income for Q1 2025 was $9.6 million, up from $7.8 million in Q1 2024, driven by a $5.6 million increase in net interest income, with the net interest margin expanding 27 basis points year-over-year to 2.51% due to loan growth and purchase accounting accretion Quarterly Performance Summary | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $9.6 million | $7.8 million | | Diluted EPS | $0.31 | $0.24 | | Net Interest Income | $30.2 million | $24.6 million | | Net Interest Margin (FTE) | 2.51% | 2.24% | - The increase in net interest income was primarily due to growth and higher yields in the loan and securities portfolios, along with purchase accounting accretion, partially offset by deposit growth[146](index=146&type=chunk) - Noninterest expense increased by **$2.9 million YoY** to **$18.1 million**, driven by higher salaries and benefits, costs related to the FMCB acquisition, and merger-related expenses of **$565,000**[134](index=134&type=chunk)[165](index=165&type=chunk) [Financial Condition](index=65&type=section&id=Financial%20Condition) Total assets grew to $5.14 billion at March 31, 2025, a 1.4% increase from year-end 2024, driven by a $151.6 million (3.9%) rise in gross loans, while total deposits increased by $75.7 million to $4.16 billion - Total assets increased by **$70.6 million** since year-end 2024, reaching **$5.14 billion**[172](index=172&type=chunk) - Gross loans increased by **$151.6 million (3.9%)** during the quarter to **$4.02 billion**, primarily from increased loan originations[180](index=180&type=chunk) - Total deposits grew by **$75.7 million (1.9%)** to **$4.16 billion**, supported by growth in core deposits[200](index=200&type=chunk) [Asset Quality](index=68&type=section&id=Asset%20Quality) Asset quality remains sound, although nonperforming loans increased to $10.3 million, or 0.26% of total loans, at March 31, 2025, from $0.3 million at year-end 2024, with the allowance for credit losses (ACL) at $53.8 million Asset Quality Indicators | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Nonaccrual Loans | $10,290 thousand | $301 thousand | | Nonperforming Loans to Total Loans | 0.26% | 0.01% | | ACL to Total Loans | 1.34% | 1.35% | - Loans rated 'substandard' increased to **$31.6 million** from **$21.8 million** at year-end, while 'watch/special mention' loans decreased to **$38.3 million** from **$46.6 million**[189](index=189&type=chunk) [Liquidity and Capital](index=77&type=section&id=Liquidity%20and%20Capital) The company maintained a strong liquidity position with total on- and off-balance sheet liquidity of $2.36 billion, while shareholders' equity grew by $11.0 million to $469.0 million, and all regulatory capital ratios significantly exceeded 'well-capitalized' thresholds Liquidity Position Summary | Liquidity Source | March 31, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Total Primary Liquidity (On-Balance Sheet) | $609,434 | $667,228 | | Total Secondary Liquidity (Off-Balance Sheet) | $1,747,781 | $1,628,898 | | **Total Liquidity** | **$2,357,215** | **$2,296,126** | - During Q1 2025, the company repurchased **45,005 shares** of common stock at a weighted average price of **$13.81 per share**[211](index=211&type=chunk) - As of March 31, 2025, the Company and the Bank met all capital adequacy requirements, with all ratios well above the minimums required to be considered 'well capitalized'[214](index=214&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=87&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed by the ALM Committee using net interest income simulation modeling, which projects that an immediate +400 basis point rate increase would decrease net interest income by 10.67% over 12 months, while a -400 basis point decrease would increase it by 18.74% - The primary market risk is interest rate risk, which is managed through an ALM Committee using net interest income simulation and hedging strategies[229](index=229&type=chunk)[230](index=230&type=chunk) Net Interest Income Sensitivity Analysis (12-Month Projection) | Rate Shock (bps) | Forecasted NII Change (%) | | :--- | :--- | | +400 | (10.67)% | | +200 | (5.33)% | | +100 | (2.68)% | | -100 | +3.98% | | -200 | +8.79% | | -400 | +18.74% | [Item 4. Controls and Procedures](index=89&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of March 31, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the quarter[238](index=238&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[239](index=239&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not a party to any material pending legal proceedings, apart from ordinary routine litigation incidental to its business - The Company and its subsidiaries are not subject to any material pending legal proceedings outside of ordinary routine litigation[240](index=240&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K filed on March 6, 2025 - No material changes to the risk factors disclosed in the Company's most recent Form 10-K have occurred[241](index=241&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2025, the company repurchased a total of 53,981 shares, with 45,005 shares part of the publicly announced stock repurchase program, and approximately $14.7 million remaining available for future repurchases as of March 31, 2025 Issuer Repurchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Avg. Price Paid Per Share | Shares Purchased Under Program | | :--- | :--- | :--- | :--- | | Jan 2025 | 225 | $13.43 | 0 | | Feb 2025 | 8,571 | $13.78 | 0 | | Mar 2025 | 45,185 | $13.81 | 45,005 | | **Total** | **53,981** | **$13.00** | **45,005** | - As of March 31, 2025, **$14.7 million** remained available for repurchase under the company's stock repurchase program, which was extended to August 20, 2025[242](index=242&type=chunk)[243](index=243&type=chunk) [Items 3, 4, 5 & 6. Other Information](index=65&type=section&id=Items%203,%204,%205%20%26%206.%20Other%20Information) This section confirms there were no defaults upon senior securities, mine safety disclosures are not applicable, and no directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the quarter, concluding with a list of exhibits filed with the report - There were no defaults upon senior securities during the period[246](index=246&type=chunk) - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the quarter ended March 31, 2025[248](index=248&type=chunk)

Financial Performance - Net income for Q1 2025 was $9.6 million, or $0.31 per diluted common share, compared to $8.2 million in Q4 2024 and $7.8 million in Q1 2024[3] - Net income for the three months ended March 31, 2025, was $9,633,000, up 17.5% from $8,204,000 in the previous quarter[34] - Basic earnings per share increased to $0.31 from $0.26 in the previous quarter, reflecting a 19.2% growth[34] - Net income available to common shareholders for Q1 2025 was $9,050,000, up from $7,571,000 in Q4 2024, representing a 19.5% increase[47] Revenue and Income - Pre-provision net revenue increased by $1.5 million, or 11.5%, from Q4 2024[2] - Net interest income rose by $3.2 million, or 12.0%, from Q4 2024, totaling $30.2 million for Q1 2025[8] - Noninterest income for Q1 2025 was $2,079,000, a decrease of 17.9% from $2,533,000 in Q4 2024[45] - Adjusted operating revenue for the same period was $32,286,000, compared to $29,500,000 in the prior quarter, reflecting a growth of 9.1%[46] Asset and Loan Growth - Gross loans increased by $151.6 million, or 15.9% annualized, from Q4 2024[2] - Total gross loans at March 31, 2025, were $4.02 billion, an increase of $151.6 million, or 15.9% annualized, from $3.87 billion at December 31, 2024[19] - Average loans increased to $3,899,258,000 in Q1 2025, a rise of 4.5% from $3,730,532,000 in Q4 2024[45] Deposit Growth - Total deposits increased by $75.7 million, or 7.5% annualized, with core deposits up by $63.7 million, or 8.3% annualized, from Q4 2024[2] - Total deposits at March 31, 2025, were $4.16 billion, an increase of $75.7 million, or 7.5% annualized, from $4.09 billion at December 31, 2024[21] - Total deposits reached $4,162,457 thousand, up from $4,086,767 thousand, reflecting a growth of 1.9%[38] Efficiency and Ratios - Efficiency ratio improved to 55.5%, down from 56.8% in Q4 2024; adjusted efficiency ratio was 53.7%, down from 55.2%[2] - The efficiency ratio for the first quarter of 2025 was 55.5%, compared to 56.8% for the fourth quarter of 2024, indicating improved operational efficiency[18] - The adjusted efficiency ratio improved to 53.7% in Q1 2025 from 55.2% in Q4 2024, indicating better cost management[46] Credit Quality - The provision for credit losses on loans was $1.5 million for Q1 2025, unchanged from Q4 2024[14] - Nonperforming assets to total assets ratio was 0.20% at March 31, 2025, compared to 0.01% at December 31, 2024[2] - Nonperforming loans increased to $10,290, compared to $301 in the previous quarter, showing a significant rise[43] - The allowance for credit losses on loans to total loans was 1.34% at March 31, 2025, slightly down from 1.35% at December 31, 2024[18] Shareholder Equity - Total shareholders' equity at March 31, 2025, was $469.0 million, an increase of $11.0 million, or 2.4%, from $457.9 million at December 31, 2024[24] - Tangible book value per share increased by 12.2% annualized to $13.89 at March 31, 2025[2] - The total common shareholders' equity was $402,461,000 as of March 31, 2025, up from $391,421,000 in the previous quarter[46] Capital Ratios - The Common Equity Tier 1 Risk-Based Capital Ratio was 9.03% at March 31, 2025, compared to 9.08% at December 31, 2024[30] - The Tier 1 leverage ratio as of March 31, 2025, was 9.10%, down from 9.45% in the previous quarter, reflecting changes in capital structure[35] - The tangible common equity to tangible assets ratio was 7.48% as of March 31, 2025, compared to 7.36% in the previous quarter[46] Other Financial Metrics - Total assets as of March 31, 2025, reached $5,136,808,000, up from $5,066,242,000 at the end of the previous quarter[34] - Cash and cash equivalents decreased to $166,205 thousand from $229,760 thousand, a decline of 27.7%[38] - Interest expense for the quarter was $35,500,000, a slight decrease from $36,357,000 in the previous quarter[39]

Financial Performance - Net Income for 2024 was $32,825,000, down 17.9% from $39,960,000 in 2023[303] - Basic Earnings Per Share decreased to $1.05 in 2024 from $1.29 in 2023, a decline of 18.6%[303] - Net income for 2024 was $32.8 million, down from $40.0 million in 2023, representing a decrease of 18%[313] - Earnings per diluted common share decreased to $1.03 in 2024 from $1.27 in 2023, a decline of 18.9%[313] - Adjusted net income for 2024 was $33.4 million, compared to $40.0 million in 2023, a decrease of 16.5%[313] - Pre-Provision Net Revenue for 2024 is $45,876 thousand, a decrease of 11.0% from $51,588 thousand in 2023[425] - Net Income for 2024 is $32,825 thousand, down 17.7% from $39,960 thousand in 2023[425] - Net income available to common shareholders for 2024 is $28,771,000, a decrease of 20% from $35,906,000 in 2023[427] Asset and Loan Growth - Total Assets increased by 9.8% to $5,066,242,000 in 2024 from $4,611,990,000 in 2023[304] - Total Loans, Gross rose by 3.9% to $3,868,514,000 in 2024 compared to $3,724,282,000 in 2023[304] - Total assets increased to $4.68 billion in 2024 from $4.49 billion in 2023, an increase of 4.2%[318] - Total gross loans rose by $144.2 million, or 3.9%, to $3.87 billion at December 31, 2024, compared to $3.72 billion in 2023[373] - The Company experienced a moderation in loan growth in 2024, with a 0.7% increase excluding loans acquired in the FMCB transaction[373] Deposits and Funding - Deposits grew by 10.2% to $4,086,767,000 in 2024 from $3,709,948,000 in 2023[304] - The acquisition of FMCB added approximately $245,000,000 in assets and $225,700,000 in deposits[308] - The company had total uninsured deposits of approximately $1.14 billion, or 28% of total deposits, at December 31, 2024, compared to $900.0 million, or 24%, in 2023[393] - Brokered deposits decreased by $198.7 million to $825.8 million at December 31, 2024, from $1.02 billion in 2023[391] - Core deposits totaled approximately $3.11 billion at December 31, 2024, representing 76.0% of total deposits[420] Interest Income and Expense - Net Interest Income for 2024 was $102,193,000, a decrease of 2.3% from $105,174,000 in 2023[303] - Total interest income on a tax-equivalent basis for 2024 was $247.1 million, an increase of $23.2 million, or 10.4%, from $223.9 million in 2023[328] - Interest income on loans for 2024 was $205.6 million, a $13.0 million, or 6.7%, increase from $192.7 million in 2023[330] - Interest expense on interest bearing liabilities was $143.7 million for 2024, an increase of $26.5 million, or 22.6%, from $117.2 million in 2023[332] - Interest expense on deposits rose to $128.8 million in 2024, a $32.8 million, or 34.1%, increase from $96.0 million in 2023[333] Efficiency and Ratios - The Efficiency Ratio increased to 57.9% in 2024 from 53.0% in 2023[303] - Return on Average Assets (ROA) for 2024 was 0.70%, down from 0.89% in 2023[303] - Return on average shareholder's equity (ROE) decreased to 7.45% in 2024 from 9.73% in 2023, a decline of 23.5%[314] - Core Net Interest Margin decreased to 2.19% in 2024 from 2.34% in 2023[426] - Adjusted return on average assets for 2024 is 0.71%, down from 0.89% in 2023, indicating a decrease of 20.2%[427] Credit Quality - Nonperforming Loans decreased to $301,000 in 2024 from $919,000 in 2023[304] - The allowance for credit losses on loans and leases was $52.3 million at December 31, 2024, an increase of $1.8 million from $50.5 million in 2023[385] - Loans classified as "watch/special mention" totaled $46.6 million at December 31, 2024, compared to $26.5 million in 2023, indicating a growing concern over asset quality[380] - The total balance of nonperforming assets and modified accruing loans was $301 thousand in 2024, down from $10,528 thousand in 2023[382] - The percentage of nonaccrual loans to total loans was 0.01% as of December 31, 2024, unchanged from 0.02% in 2023[382] Employee and Operational Changes - The company had 290 full-time equivalent employees at December 31, 2024, an increase from 255 employees in 2023, largely due to the FMCB acquisition[357] - Noninterest expense totaled $63.3 million for the year ended December 31, 2024, a $4.0 million, or 6.7%, increase from $59.3 million in 2023, mainly due to higher salaries and merger-related expenses[356] Capital and Liquidity - Total risk-based capital for the Company as of December 31, 2024, was $585,966 thousand, representing a ratio of 13.76%[408] - The Company's Tier 1 risk-based capital was $453,049 thousand, with a ratio of 10.64% as of December 31, 2024[408] - Total on- and off-balance sheet liquidity increased to $2.30 billion as of December 31, 2024, compared to $2.23 billion in 2023[418] - The ratio of primary liquidity to total deposits increased to 16.3% as of December 31, 2024, compared to 14.3% in 2023[419] - The Company maintained compliance with all established liquidity guidelines as of December 31, 2024[422]

Financial Performance - Net income for Q4 2024 was $8.2 million, or $0.26 per diluted common share, a decrease from $8.7 million in Q3 2024[5] - Net income for the quarter was $8,204,000, a decrease of 5.4% compared to $8,675,000 in the previous quarter[41] - Net income available to common shareholders for the year ended December 31, 2024, was $28,771,000, down from $35,906,000 in 2023, a decrease of 20%[46] - Net income for Q4 2024 was $8,204,000, a decrease from $8,873,000 in Q4 2023, representing a decline of 7.5%[46] - Basic earnings per share (EPS) for the quarter was $0.26, consistent with the previous quarter's EPS of $0.28[41] Deposits and Loans - Core deposits increased by $428.2 million, or 63.6% annualized, from Q3 2024; excluding the acquisition of First Minnetonka City Bank (FMCB), core deposits increased by $210.9 million, or 31.3% annualized[4] - Gross loans increased by $182.9 million, or 19.7% annualized, from Q3 2024; excluding FMCB, gross loans increased by $65.8 million, or 7.1% annualized[4] - Total deposits increased by $376.8 million, or 10.2%, in 2024; core deposits increased by $559.4 million, or 22.0%[4] - Total gross loans reached $3.87 billion in Q4 2024, an increase of $182.9 million, or 5.0%, from Q3 2024[23] - Total deposits were $4.09 billion in Q4 2024, an increase of $339.3 million, or 9.1%, from Q3 2024[24] Interest Income and Expenses - Net interest income for Q4 2024 was $27.0 million, an increase of $1.4 million from Q3 2024[11] - Total interest income for Q4 2024 was $63,324,000, an increase from $58,669,000 in Q4 2023, representing an 8.8% year-over-year growth[46] - Interest expense on deposits was $32.8 million in Q4 2024, down $1.4 million from Q3 2024, and up $3.4 million from Q4 2023[16] - The cost of interest-bearing liabilities decreased to 4.06% in Q4 2024 from 4.27% in Q3 2024, while it was 3.97% in Q4 2023[15] - The company reported a total interest expense of $36,357,000 for Q4 2024, compared to $33,239,000 in Q4 2023, which is an increase of 9.4%[46] Asset Quality - Nonperforming assets to total assets ratio was 0.01% for the year ended December 31, 2024, compared to 0.02% at December 31, 2023[4] - Nonperforming assets totaled $301,000, or 0.01% of total assets, at December 31, 2024, down from $8.8 million, or 0.19% of total assets, at September 30, 2024[31] - Annualized net charge-offs as a percentage of average loans were 0.03% for Q4 2024, compared to 0.10% for Q3 2024, and 0.01% for Q4 2023[31] - The provision for credit losses on loans was $1.5 million in Q4 2024, including $950,000 for non-Purchase Credit Deteriorated loans[17] - Loans with potential weaknesses totaled $46.6 million at December 31, 2024, compared to $32.0 million at September 30, 2024[31] Capital and Equity - Tangible book value per share increased by 5.1% to $13.49 at December 31, 2024[4] - Total shareholders' equity rose to $457.9 million in Q4 2024, an increase of $5.7 million, or 1.3%, from Q3 2024[30] - The Common Equity Tier 1 Risk-Based Capital Ratio was 9.08% at December 31, 2024, down from 9.79% at September 30, 2024[31] - Tangible common equity as a percentage of tangible assets was 7.36% at December 31, 2024, compared to 8.17% at September 30, 2024[31] Operational Efficiency - The efficiency ratio improved to 56.8% in Q4 2024 from 58.0% in Q3 2024[22] - Total noninterest expense for Q4 2024 was $16,812,000, up from $15,740,000 in Q4 2023, indicating a 6.8% increase[46] - Adjusted Noninterest Expense to Average Assets (Annualized) was 1.36% for December 31, 2024, compared to 1.31% for September 30, 2024[54] Future Outlook - The Company will host a conference call on January 30, 2025, to discuss its Q4 2024 financial results[33] - The Company declared a quarterly cash dividend of $36.72 per share on its 5.875% Non-Cumulative Perpetual Preferred Stock, payable on March 3, 2025[32]

Financial Performance - Net income for Q3 2024 was $8.7 million, a decrease from $9.6 million in Q3 2023, with diluted earnings per share of $0.27 compared to $0.30 in the prior year[143]. - Net interest income increased to $25.6 million in Q3 2024 from $25.3 million in Q2 2024, while noninterest income was $1.5 million, down from $1.8 million in the previous quarter[140]. - Basic earnings per share for the nine months ended September 30, 2024, were $0.77, down from $0.99 for the same period in 2023[143]. - Net income for the nine months ended September 30, 2024, was $24.6 million, down from $31.1 million for the same period in 2023, indicating a 20.0% decrease[247]. - The company reported a pre-provision net revenue of $11.4 million for the three months ended September 30, 2024, compared to $11.0 million in the previous quarter, marking a 3.5% increase[247]. Asset and Liability Management - The Company reported total assets of approximately $4.9 billion, with $4.0 billion in deposits and $3.9 billion in loans and leases expected post-acquisition of First Minnetonka City Bank[138]. - Total assets as of September 30, 2024, were $4.69 billion, slightly up from $4.69 billion as of June 30, 2024[140]. - Total assets increased to $4,703,804 thousand as of September 30, 2024, compared to $4,504,937 thousand as of September 30, 2023, indicating a growth of 4.41%[147]. - Total deposits reached $3.747 billion as of September 30, 2024, an increase of $37.5 million, or 1.0%, from December 31, 2023[221]. - Total interest bearing liabilities rose to $3,491,118 thousand for the three months ended September 30, 2024, compared to $3,264,556 thousand for the same period in 2023, marking an increase of 6.93%[147]. Credit Quality and Risk Management - The Company is actively managing credit risk and maintaining an adequate level of allowance for credit losses on loans[135]. - Nonperforming loans increased to $8.4 million, representing 0.23% of total loans, compared to $0.68 million or 0.02% in the previous quarter[141]. - The allowance for credit losses was $51,018,000 as of September 30, 2024, reflecting a slight decrease from $51,949,000 on June 30, 2024[204]. - The provision for credit losses on loans was $1.5 million for the nine months ended September 30, 2024, compared to $2.1 million for the same period in 2023[178]. - The company continues to emphasize credit quality, with no assets classified as "doubtful" or "loss" as of September 30, 2024[211]. Acquisition and Expansion - The acquisition of First Minnetonka City Bank is an all-cash transaction, with the merger expected to close in the fourth quarter of 2024[137]. - The Company has received all necessary regulatory approvals for the acquisition, indicating a positive outlook for future expansion[138]. - The merger with First Minnetonka City Bank will enhance the Company's market presence with nine full-service branches across the Twin Cities[138]. - The Company emphasizes the importance of attracting and retaining key personnel to implement its growth strategy effectively[135]. Income and Expense Analysis - Noninterest income for Q3 2024 was $1.5 million, a decrease of $204,000 from $1.7 million in Q3 2023, primarily due to the absence of prior year FHLB prepayment income[182]. - Noninterest expense for Q3 2024 was $15.8 million, an increase of $523,000 from $15.2 million in Q3 2023, driven by higher salaries and consulting fees related to the acquisition of First Minnetonka City Bank[185]. - The efficiency ratio improved to 58.0% in Q3 2024 from 58.7% in Q2 2024, indicating better cost management[140]. - The efficiency ratio for Q3 2024 was 58.0%, compared to 56.1% in Q3 2023, indicating increased operational costs relative to income[189]. Capital and Liquidity - Total shareholders' equity increased to $452.2 million, a rise of $26.7 million or 6.3% compared to $425.5 million at December 31, 2023[230]. - The Company maintained a commitment to strong capital levels while executing its stock repurchase program, with $15.3 million remaining for future repurchases[233]. - Total risk-based capital for the Company was $589.1 million with a ratio of 14.62% as of September 30, 2024, exceeding the minimum required[235]. - Total on- and off-balance sheet liquidity was $2.29 billion as of September 30, 2024, compared to $2.23 billion at December 31, 2023[242]. Interest Rate Exposure - The company has a total notional amount of $308.0 million in cash flow hedges as of September 30, 2024, to manage interest rate exposure[253]. - In a hypothetical scenario of a 400 basis point increase in interest rates, the company would experience a 6.58% decrease in net interest income[257]. - The average rate paid on interest-bearing transaction deposits increased to 4.63% for the three months ended September 30, 2024, compared to 3.88% for the same period in 2023[224].

Financial Performance - Net Interest Income for Q2 2024 was $24,996,000, an increase from $24,631,000 in Q1 2024[138] - Noninterest Income rose to $1,763,000 in Q2 2024, compared to $1,550,000 in Q1 2024[138] - Net Income for Q2 2024 was $8,115,000, up from $7,831,000 in Q1 2024[138] - Basic Earnings Per Share increased to $0.26 in Q2 2024 from $0.25 in Q1 2024[138] - Net income for Q2 2024 was $8.1 million, down from $9.8 million in Q2 2023, with diluted earnings per share decreasing from $0.31 to $0.26[141] - Adjusted operating revenue for the six months ended June 30, 2024, was $52,527,000, compared to $57,803,000 for the same period in 2023, reflecting a decrease of approximately 9.9%[248] Asset and Loan Metrics - Total Assets as of June 30, 2024, were $4,687,035,000, a slight decrease from $4,723,109,000 at the end of Q1 2024[138] - Total Loans, Gross reached $3,800,385,000 in Q2 2024, compared to $3,784,205,000 in Q1 2024[138] - Total assets as of June 30, 2024, were $4.62 billion, up from $4.44 billion a year earlier[148] - Total gross loans increased to $3.80 billion as of June 30, 2024, up $76.1 million or 2.0% from $3.72 billion at December 31, 2023[202] - Real estate mortgage lending constituted 81.1% of the total loan portfolio as of June 30, 2024, indicating a stable composition compared to prior periods[205] Deposits and Liquidity - Deposits remained stable at $3,807,712,000 in Q2 2024, compared to $3,807,225,000 in Q1 2024[138] - Total deposits reached $3.81 billion at June 30, 2024, an increase of $97.8 million from $3.71 billion at December 31, 2023, and a 6.4% increase from $3.58 billion at June 30, 2023[222] - Brokered deposits increased to $1.03 billion as of June 30, 2024, up by $7.8 million from $1.02 billion at December 31, 2023[224] - The Bank's borrowing availability from the Federal Reserve discount window was approximately $1.02 billion as of June 30, 2024, indicating strong liquidity[228] Credit Quality - Nonperforming loans rose to $678,000 in Q2 2024 from $249,000 in Q1 2024, with nonperforming loans to total loans at 0.02%[139] - The allowance for credit losses on loans to total loans ratio remained stable at 1.37%[139] - The total allowance for credit losses was $51.9 million as of June 30, 2024, compared to $51.3 million at March 31, 2024[204] - Loans classified as "watch" totaled $30.4 million at June 30, 2024, compared to $26.5 million at December 31, 2023[212] Interest Income and Expense - Total interest earning assets increased to $4.55 billion in Q2 2024, compared to $4.40 billion in Q2 2023, with net interest income at $25.29 million, down from $26.28 million[145] - Interest income on loans for Q2 2024 was $51.6 million, an increase of $3.5 million from $48.1 million in Q2 2023, due to growth and repricing in the loan portfolio[162] - Interest expense on interest bearing liabilities was $35.9 million for Q2 2024, an increase of $6.8 million from $29.1 million in Q2 2023, primarily due to deposit repricing[164] - The average rate paid on interest bearing liabilities was 4.11% for the six months ended June 30, 2024, compared to 3.32% for the same period in 2023[171] Capital and Equity - Total shareholders' equity increased by $13.7 million, or 3.2%, to $439.2 million as of June 30, 2024, primarily due to retained net income[231] - Tangible book value per share rose to $13.53, a 5.4% increase from $12.84 as of December 31, 2023[232] - The Company maintained a total risk-based capital ratio of 14.16% as of June 30, 2024, exceeding the minimum required ratio of 8.00%[235] Risk Management - The company maintains a risk management program to manage credit exposure within the loan portfolio, including stress testing and portfolio monitoring tools[201] - The company expects no significant changes in the composition of the loan portfolio or in the emphasis on real estate lending in the foreseeable future[205] - The company has entered into hedging transactions, including interest rate swaps and caps, with a total notional amount of $278.0 million as of June 30, 2024[254]