BRIDGEWATER BANC(BWBBP) - 2025 Q2 - Quarterly Results

Financial Performance - Net income for Q2 2025 was $11.5 million, or $0.38 per diluted common share, compared to $9.6 million in Q1 2025 and $8.1 million in Q2 2024[4] - Net income for Q2 2025 reached $11,520,000, up 19.2% from $9,633,000 in Q1 2025[37] - Net income available to common shareholders reached $10,506,000 in Q2 2025, up 21.6% from $8,620,000 in Q1 2025[42] - Adjusted net income available to common shareholders for the first half of 2025 was $19,376,000, compared to $13,603,000 for the same period in 2024, reflecting a 42% year-over-year growth[51] Revenue and Income Growth - Pre-provision net revenue increased by $2.2 million, or 15.6%, from Q1 2025, with net interest income rising by $2.2 million, or 7.4%[3] - Record noninterest income reached $3.6 million, up $1.5 million, or 74.5%, from Q1 2025[3] - Noninterest income rose to $3.6 million in Q2 2025, an increase of $1.5 million from Q1 2025 and $1.9 million from Q2 2024[17] - Total interest income for Q2 2025 was $69,198,000, an increase of 5.3% from $65,708,000 in Q1 2025[42] Asset and Loan Growth - Total gross loans reached $4.15 billion in Q2 2025, an increase of $125.7 million, or 12.5% annualized, from Q1 2025, and $345.4 million, or 9.1%, from Q2 2024[20] - Total assets as of June 30, 2025, were $5,296,673,000, up from $5,136,808,000 as of March 31, 2025[37] - Total deposits were $4.24 billion in Q2 2025, up by $74.3 million, or 7.2% annualized, from Q1 2025, and $429.0 million, or 11.3%, from Q2 2024[22] - The loan to deposit ratio stood at 97.9%, indicating strong liquidity management[7] Cost Management and Efficiency - Efficiency ratio improved to 52.6%, down from 55.5% in Q1 2025, indicating better cost management[3] - The efficiency ratio improved to 52.6% in Q2 2025, down from 55.5% in Q1 2025 and 58.7% in Q2 2024[19] - Adjusted efficiency ratio improved to 51.5% in Q2 2025 from 53.7% in Q1 2025, indicating enhanced operational efficiency[50] Credit Quality and Provisions - Provision for credit losses on loans was $2.0 million in Q2 2025, compared to $1.5 million in Q1 2025 and $600,000 in Q2 2024[15] - Nonperforming assets to total assets decreased to 0.19% from 0.20% in Q1 2025, demonstrating improved asset quality[3] - Nonperforming Loans decreased to $10,134,000 as of June 30, 2025, compared to $10,290,000 in March 2025, indicating improved asset quality[47] Shareholder Returns - The company repurchased 122,704 shares at an average price of $12.80 per share, totaling $1.6 million[3] - Tangible book value per share increased to $14.21, reflecting a 9.2% annualized growth from Q1 2025[3] - Basic earnings per share (EPS) for Q2 2025 was $0.38, compared to $0.31 in Q1 2025, representing a 22.6% increase[37] Capital and Leverage - The Tier 1 leverage ratio was 9.14% as of June 30, 2025, compared to 9.10% in Q1 2025, indicating a stable capital position[38] - The tangible common equity to tangible assets ratio was 7.40% in Q2 2025, slightly down from 7.48% in Q1 2025[50]