Financial Performance - Net income for Q3 2025 was $11.6 million, or $0.38 per diluted common share, compared to $11.5 million in Q2 2025 and $8.7 million in Q3 2024[3] - Net income for Q3 2025 was $11,601,000, slightly up from $11,520,000 in Q2 2025, reflecting a growth of 0.70%[36] - The company reported a net income available to common shareholders of $10,588,000 for Q3 2025, compared to $10,506,000 in Q2 2025[40] - Adjusted net income available to common shareholders for Q3 2025 was $10,949,000, compared to $7,571,000 in Q3 2024, reflecting a 44.5% increase[49] Income and Expenses - Net interest income increased by $1.6 million, or 5.1%, from Q2 2025, totaling $34.1 million for Q3 2025[8] - Noninterest income decreased to $2.1 million in Q3 2025, down $1.6 million from Q2 2025, but up $539,000 from Q3 2024[16] - Total noninterest expense increased to $19,956,000 in Q3 2025, up 5.4% from $18,941,000 in Q2 2025[40] - Total interest income for Q3 2025 was $73,633,000, an increase of 6.3% from $69,198,000 in Q2 2025[40] - The total interest expense for Q3 2025 was $39,542,000, an increase from $36,746,000 in Q2 2025[40] Asset and Deposit Growth - Total assets increased to $5,359,994,000 in Q3 2025 from $5,296,673,000 in Q2 2025, marking a growth of 1.19%[36] - Total deposits rose by $56.0 million, or 5.2% annualized, from Q2 2025, with core deposits increasing by $92.1 million, or 11.5% annualized[2] - Total deposits were $4.29 billion in Q3 2025, an increase of $56.0 million, or 5.2% annualized, from Q2 2025, and up $545.3 million, or 14.6%, from Q3 2024[21] - Total interest bearing deposits rose to $3,516,812 thousand for the three months ended September 30, 2025, compared to $3,344,390 thousand in the previous quarter, an increase of 5.15%[41] Loan Performance - Gross loans increased by $68.8 million, or 6.6% annualized, from Q2 2025, reaching a total of $4.21 billion[2] - Total gross loans reached $4.21 billion in Q3 2025, an increase of $68.8 million, or 6.6% annualized, from Q2 2025, and up $529.0 million, or 14.4%, from Q3 2024[19] - The annualized net charge-offs as a percentage of average loans were 0.03% in Q3 2025, compared to 0.00% in Q2 2025 and 0.10% in Q3 2024[23] - Nonperforming Loans amounted to $9,991,000 as of September 30, 2025, remaining stable compared to $10,134,000 in June 2025[45] Efficiency and Ratios - The efficiency ratio was 54.7%, up from 52.6% in Q2 2025, indicating increased operational costs relative to income[2] - The efficiency ratio for Q3 2025 was 54.7%, compared to 52.6% in Q2 2025 and 58.0% in Q3 2024[18] - The adjusted efficiency ratio for Q3 2025 was 53.2%, an improvement from 57.2% in Q3 2024, indicating better cost management[48] - The return on average assets for Q3 2025 was 0.86%, down from 0.90% in Q2 2025[36] Capital and Equity - Total shareholders' equity increased to $497.5 million in Q3 2025, up $21.2 million, or 17.6% annualized, from Q2 2025[25] - Tangible book value per share increased by 20.0% annualized to $14.93 at September 30, 2025[2] - Tangible common equity to tangible assets ratio improved to 7.71% in Q3 2025 from 8.17% in Q3 2024, reflecting a slight decrease in leverage[48] Operational Developments - The company successfully completed the systems conversion of the First Minnetonka City Bank acquisition[2] - A new retail and small business online banking platform was launched during the quarter, supporting future growth initiatives[5]
BRIDGEWATER BANC(BWBBP) - 2025 Q3 - Quarterly Results