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Sep 30, 2022
Bridgewater Bank Q3 2022 Earnings Report
Reported record net income and diluted earnings per share.
Key Takeaways
Bridgewater Bancshares, Inc. announced record net income of $14.5 million for Q3 2022, with diluted earnings per share of $0.47. The company's profitability was driven by loan growth and controlled expenses.
Diluted earnings per common share were $0.47, compared to $0.41 per common share for the second quarter of 2022.
Tangible book value per share increased to $11.33, compared to $11.03 at June 30, 2022.
Record pre-provision net revenue (PPNR) reached $21.4 million, compared to $20.4 million for the second quarter of 2022.
Adjusted efficiency ratio was 39.4%, compared to 40.0% for the second quarter of 2022.
Forward Guidance
While the current economic environment creates an elevated level of uncertainty, we remain confident in our business model.
Positive Outlook
- Proven ability to grow the balance sheet can support our continued focus on overall revenue growth.
- Superb credit quality
- Efficiency ratio among the best in the industry
- Story that is poised to continue driving sustained shareholder value.
- Impressive profitability was driven by robust loan growth.
Challenges Ahead
- The current economic environment creates an elevated level of uncertainty
- Rise in interest rates drives deposit costs higher
- Creates near-term net interest margin pressure
- Deposit portfolio in the higher interest rate environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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