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]
BRIDGEWATER BANC(BWBBP) - 2025 Q1 - Quarterly Results