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Jun 30, 2023
Bridgewater Bank Q2 2023 Earnings Report
Net income of $9.8 million, with diluted earnings per common share of $0.31, was announced.
Key Takeaways
Bridgewater Bancshares reported a net income of $9.8 million for Q2 2023, with diluted earnings per share at $0.31. Improved balance sheet composition was driven by deposit inflows and reduced borrowings, while net interest margin compression slowed and asset quality remained strong.
Gross loans increased by $51.9 million, or 5.6% annualized, from the first quarter of 2023.
Deposits increased by $166.8 million, or 19.6% annualized, from the first quarter of 2023, including an increase of core deposits of $45.3 million, or 7.4% annualized.
Net interest margin of 2.40%, compared to 2.72% in the first quarter of 2023.
Efficiency ratio of 52.7%, compared to 46.2% for the first quarter of 2023.
Forward Guidance
This document does not contain any forward guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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