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Bridgewater Bancshares Inc (BWB) provides essential financial services to personal and commercial clients across the Twin Cities region. This news hub offers investors and stakeholders timely updates about the company's operational milestones, financial disclosures, and market positioning.
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Bridgewater Bancshares, Inc. (Nasdaq: BWB) has announced a strategic acquisition of First Minnetonka City Bank in an all-cash transaction. The merger will create a combined organization with approximately $4.9 billion in total assets, $4.0 billion in deposits, $3.9 billion in loans and leases, and nine full-service branches across the Twin Cities. First Minnetonka City Bank, founded in 1964, brings a granular core deposit base and a diversified loan mix to Bridgewater. The acquisition is expected to close during the fourth quarter of 2024, subject to regulatory approvals and customary closing conditions. This strategic move aligns with Bridgewater's priorities and expands its product offerings, including an investment advisory platform.
Bridgewater Bancshares (Nasdaq: BWB) reported a second-quarter 2024 net income of $8.1 million, up from $7.8 million in Q1 2024 but down from $9.8 million in Q2 2023. Earnings per diluted share were $0.26, compared to $0.24 in Q1 2024 and $0.31 in Q2 2023. Net interest income rose by $365,000 to $25.0 million, marking the first sequential increase since Q3 2022. The net interest margin stayed flat at 2.24%. Tangible book value per share increased by $0.32 to $13.53. Gross loans grew by $16.2 million, while deposits increased marginally by $487,000. Efficiency ratio increased to 58.7% from 58.2% in Q1. The bank repurchased 252,707 shares at an average price of $11.48 per share, totaling $2.9 million.
Asset quality remained strong with nonperforming assets at 0.01% of total assets. The allowance for credit losses to total loans was 1.37%. The company has maintained 30 consecutive quarters of tangible book value per share growth.
Bridgewater Bancshares (Nasdaq: BWB) will release its Q2 2024 financial results after the market closes on July 24, 2024. The company will discuss these results in a conference call and webcast on July 25, 2024, at 8:00 a.m. Central Time. To join the call, dial 844-481-2913. A replay will be available until August 1, 2024, by dialing 877-344-7529 with access code 3041856. The webcast will be live on Bridgewater's Investor Relations website and archived for later access.
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