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Sep 30, 2024
Bridgewater Bank Q3 2024 Earnings Report
Net income increased driven by deposit growth and stable net interest margin.
Key Takeaways
Bridgewater Bancshares, Inc. reported a net income of $8.7 million for Q3 2024, with diluted earnings per share of $0.27. The results were driven by robust core deposit growth and a stable net interest margin. The company also announced a strategic acquisition of First Minnetonka City Bank, expected to close in Q4 2024.
Tangible book value per share increased to $13.96, an increase of $0.43 from the previous quarter.
Pre-provision net revenue increased $489,000, or 4.5%, from the second quarter of 2024.
Net interest income increased $603,000, or 2.4%, from the second quarter of 2024.
Core deposits increased by $93.6 million, or 14.4% annualized, from the second quarter of 2024.
Forward Guidance
The Company expects to close the acquisition of First Minnetonka City Bank during the fourth quarter of 2024, which is expected to bring strategic benefits including a low-cost, core deposit base and balance sheet optionality.
Positive Outlook
- Enhanced funding and liquidity profile.
- Improved net interest income growth.
- Improved pre-provision net revenue growth.
- Low-cost, core deposit base from First Minnetonka City Bank acquisition.
- Balance sheet optionality from First Minnetonka City Bank acquisition.
Challenges Ahead
- Interest rate risk, including the effects of changes in interest rates.
- Fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates.
- Business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation and possible recession.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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