Bridgewater Bancshares reported a net income of $7.8 million for Q1 2024, with diluted earnings per share at $0.24. The company saw improved balance sheet growth, including increases in the loan portfolio and core deposits. Net interest margin compression slowed, and asset quality remained strong.
Tangible book value per share increased to $13.20, an 11.5% annualized increase.
Gross loans increased by $59.9 million, or 6.5% annualized.
Deposits increased by $97.3 million, or 10.5% annualized, including a core deposit increase of $90.3 million, or 14.3% annualized.
The loan-to-deposit ratio decreased to 99.4%.
The economic environment continues to evolve, Bridgewater remains optimistic about their outlook as they execute on their proven business model and continue to provide a differentiated level of service to their clients.
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