Bridgewater Bancshares Inc

For the period ended Sep 30, 2024. Filed Oct 31, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Oct 31, 2024

BWB$20.64+0.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income

(dollars in thousands, except per share data)


· · Three Months Ended · · Nine Months Ended
· · September 30, · · September 30, · · September 30, · · September 30,
· 2024 · 2023 · 2024 · 2023
INTEREST INCOME · · · ·
Loans, Including Fees	$51,895	$48,999	$152,861	$141,675
Investment Securities	8,725	6,507	24,818	18,962
Other	2,407	1,303	4,895	3,165
Total Interest Income	63,027	56,809	182,574	163,802

INTEREST EXPENSE
Deposits	34,187	27,225	95,995	66,597
Federal Funds Purchased	2	548	1,159	8,253
Notes Payable	296	296	887	844
FHLB Advances	1,942	2,316	6,325	5,269
Subordinated Debentures	1,001	1,003	2,982	2,979
Total Interest Expense	37,428	31,388	107,348	83,942

NET INTEREST INCOME	25,599	25,421	75,226	79,860
Provision for (Recovery of) Credit Losses	—	(600)	1,350	75

NET INTEREST INCOME AFTER
PROVISION FOR (RECOVERY OF) CREDIT LOSSES	25,599	26,021	73,876	79,785

NONINTEREST INCOME
Customer Service Fees	373	379	1,081	1,096
Net Gain (Loss) on Sales of Available for Sale Securities	(28)	—	385	(6)
Letter of Credit Fees	424	315	1,127	1,328
Debit Card Interchange Fees	152	150	448	443
Bank-Owned Life Insurance	352	252	965	724
FHLB Prepayment Income	—	493	—	792
Other Income	249	137	829	707
Total Noninterest Income	1,522	1,726	4,835	5,084

NONINTEREST EXPENSE
Salaries and Employee Benefits	9,851	9,519	28,959	26,923
Occupancy and Equipment	1,069	1,101	3,218	3,385
FDIC Insurance Assessment	750	1,075	2,350	2,640
Data Processing	368	392	1,252	1,150
Professional and Consulting Fees	1,149	715	2,890	2,299
Derivative Collateral Fees	381	543	1,395	1,327
Information Technology and Telecommunications	840	683	2,448	2,077
Marketing and Advertising	367	222	1,006	805
Intangible Asset Amortization	9	9	26	91
Other Expense	976	978	2,944	2,883
Total Noninterest Expense	15,760	15,237	46,488	43,580

INCOME BEFORE INCOME TAXES	11,361	12,510	32,223	41,289
Provision for Income Taxes	2,686	2,881	7,602	10,202
NET INCOME	8,675	9,629	24,621	31,087
Preferred Stock Dividends	(1,013)	(1,013)	(3,040)	(3,040)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$7,662	$8,616	$21,581	$28,047

EARNINGS PER SHARE
Basic	$0.28	$0.31	$0.79	$1.01
Diluted	0.27	0.30	0.77	0.99

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.