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BRIDGEWATER BANC(BWBBP) - 2025 Q1 - Quarterly Results
BWBBPBRIDGEWATER BANC(BWBBP)2025-04-23 20:50

Financial Performance - Net income for Q1 2025 was 9.6million,or9.6 million, or 0.31 per diluted common share, compared to 8.2millioninQ42024and8.2 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,up17.59,633,000, up 17.5% from 8,204,000 in the previous quarter[34] - Basic earnings per share increased to 0.31from0.31 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,upfrom9,050,000, up from 7,571,000 in Q4 2024, representing a 19.5% increase[47] Revenue and Income - Pre-provision net revenue increased by 1.5million,or11.51.5 million, or 11.5%, from Q4 2024[2] - Net interest income rose by 3.2 million, or 12.0%, from Q4 2024, totaling 30.2millionforQ12025[8]−NoninterestincomeforQ12025was30.2 million for Q1 2025[8] - Noninterest income for Q1 2025 was 2,079,000, a decrease of 17.9% from 2,533,000inQ42024[45]−Adjustedoperatingrevenueforthesameperiodwas2,533,000 in Q4 2024[45] - Adjusted operating revenue for the same period was 32,286,000, compared to 29,500,000inthepriorquarter,reflectingagrowthof9.129,500,000 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 4.02billion,anincreaseof4.02 billion, an increase of 151.6 million, or 15.9% annualized, from 3.87billionatDecember31,2024[19]−Averageloansincreasedto3.87 billion at December 31, 2024[19] - Average loans increased to 3,899,258,000 in Q1 2025, a rise of 4.5% from 3,730,532,000inQ42024[45]DepositGrowth−Totaldepositsincreasedby3,730,532,000 in Q4 2024[45] Deposit Growth - Total deposits increased by 75.7 million, or 7.5% annualized, with core deposits up by 63.7million,or8.363.7 million, or 8.3% annualized, from Q4 2024[2] - Total deposits at March 31, 2025, were 4.16 billion, an increase of 75.7million,or7.575.7 million, or 7.5% annualized, from 4.09 billion at December 31, 2024[21] - Total deposits reached 4,162,457thousand,upfrom4,162,457 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 1.5millionforQ12025,unchangedfromQ42024[14]−Nonperformingassetstototalassetsratiowas0.201.5 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 301inthepreviousquarter,showingasignificantrise[43]−Theallowanceforcreditlossesonloanstototalloanswas1.34301 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 11.0million,or2.411.0 million, or 2.4%, from 457.9 million at December 31, 2024[24] - Tangible book value per share increased by 12.2% annualized to 13.89atMarch31,2025[2]−Thetotalcommonshareholders′equitywas13.89 at March 31, 2025[2] - The total common shareholders' equity was 402,461,000 as of March 31, 2025, up from 391,421,000inthepreviousquarter[46]CapitalRatios−TheCommonEquityTier1Risk−BasedCapitalRatiowas9.03391,421,000 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 5,066,242,000attheendofthepreviousquarter[34]−Cashandcashequivalentsdecreasedto5,066,242,000 at the end of the previous quarter[34] - Cash and cash equivalents decreased to 166,205 thousand from 229,760thousand,adeclineof27.7229,760 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]