Welcome to our dedicated page for Bridgewater Bancshares news (Ticker: BWB), a resource for investors and traders seeking the latest updates and insights on Bridgewater Bancshares stock.
Bridgewater Bancshares, Inc. reports developments as a Minnesota financial holding company and the parent of Bridgewater Bank, a full-service bank serving businesses, entrepreneurs and individuals across the Twin Cities. Company updates commonly address net interest income, net interest margin, loan and core deposit growth, asset quality, tangible book value trends and capital actions tied to its banking balance sheet.
Recurring news also covers Bridgewater Bank's deposit, lending, commercial real estate and treasury management services, branch expansion in the Twin Cities market, online banking capabilities, credit-risk leadership and specialized lending verticals such as C&I, SBA and affordable housing.
Bridgewater Bancshares (BWB) reported Q3 2024 net income of $8.7 million, or $0.27 diluted earnings per share, compared to $8.1 million in Q2 2024. Key highlights include a stable net interest margin of 2.24%, core deposit growth of $93.6 million (14.4% annualized), and a decrease in total deposits by $60.3 million. Gross loans decreased by $114.8 million due to elevated payoffs. The company maintained strong asset quality with an allowance for credit losses on loans at 1.38%. The efficiency ratio improved to 58.0% from 58.7% in Q2. The company also announced the strategic acquisition of First Minnetonka City Bank, expected to close in Q4 2024.
Bridgewater Bancshares (Nasdaq: BWB) has received all required regulatory approvals from the Federal Deposit Insurance and the Minnesota Department of Commerce for its subsidiary Bridgewater Bank's planned acquisition of First Minnetonka City Bank. The transaction is expected to be completed in the fourth quarter of 2024, pending satisfaction of customary closing conditions.
Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, has announced its schedule for releasing third quarter 2024 financial results. The company will disclose its financial performance after the market closes on Wednesday, October 23, 2024. Following this, Bridgewater will host a conference call and webcast to discuss the results on Thursday, October 24, 2024, at 8:00 a.m. Central Time.
Interested parties can join the conference call by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. A replay will be available until October 31, 2024, by dialing 877-344-7529 with access code 1933700. Additionally, a live webcast of the call will be accessible on the Investor Relations section of Bridgewater's website at investors.bridgewaterbankmn.com, where it will also be archived for future viewing.
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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