Bridgewater Bancshares Inc Stock Price, News & Analysis

Bridgewater Bancshares, Inc. (Nasdaq: BWB) announced the successful completion of a public offering of 2,760,000 depositary shares, representing 5.875% Non-Cumulative Perpetual Preferred Stock, Series A. The offering raised $69.0 million in gross proceeds, with net proceeds of $66.5 million after expenses. These funds will support organic growth, enhance capital ratios, and may be used for debt repurchase. The depositary shares commenced trading on August 18, 2021, under the symbol BWBBP.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) has successfully closed its public offering of 2,400,000 depositary shares representing a 1/100th interest in 5.875% Non-Cumulative Perpetual Preferred Stock, Series A. The offering generated approximately $57.8 million in net proceeds, which will support organic growth and enhance capital ratios. Dividends on the Series A Preferred Stock will be paid quarterly at an annual rate of 5.875%, commencing December 1, 2021. The depositary shares will trade on Nasdaq under the symbol 'BWBBP.'

Bridgewater Bancshares, Inc. (Nasdaq: BWB) has announced the pricing of its public offering of 2,400,000 depositary shares, representing a 1/100th interest in 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, expected to generate gross proceeds of $60 million. The offering includes a 30-day option for underwriters to purchase an additional 360,000 shares. Proceeds will be used for general corporate purposes and supporting growth plans. The offering is set to close around August 17, 2021, with dividends payable quarterly starting December 1, 2021.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) has announced an underwritten public offering of depositary shares, each representing a 1/100th interest in its Non-Cumulative Perpetual Preferred Stock, Series A. The offering price is set at $25.00 per depositary share with a liquidation preference of $2,500 each. Proceeds will support growth, enhance capital ratios, and manage existing debt. D.A. Davidson & Co. and Performance Trust Capital Partners, LLC are the lead managers. The company plans to file for a Nasdaq listing for the shares.

Bridgewater Bancshares reported a net income of $11.0 million for Q2 2021, a 3.0% increase from Q1 2021 and a 44.7% rise from Q2 2020. Earnings per share rose to $0.38, up 2.4% from Q1 2021 and 44.9% from the previous year. The bank experienced robust organic loan growth, with gross loans increasing by $168.1 million, or 27.8% annualized, and deposits climbing by $82.3 million. The net interest margin was 3.52%, down from 3.60% in Q1 2021. Subsequent to the quarter, it completed a $30.0 million private placement of subordinated notes.

Bridgewater Bank, a prominent Twin Cities bank and subsidiary of Bridgewater Bancshares (Nasdaq: BWB), has increased its minimum wage to $20 per hour for all full-time employees, effective August 1, 2021. This marks an 11% rise from the previous wage and impacts 14% of its workforce. With Minnesota's current minimum wage at $10.08, Bridgewater's decision positions it among the few local companies to adopt such a wage. The bank offers competitive benefits, including comprehensive healthcare, 401(k) matching, and professional development opportunities, supporting its reputation as an employer of choice.

Bridgewater Bancshares (Nasdaq: BWB) announced a successful private placement of $30 million in subordinated notes with a fixed-to-floating interest rate. These 3.25% notes are due 2031 and will support the company’s organic growth, capital ratios, and potential debt repurchases. Interest rates are fixed until mid-2026, after which they will float based on the SOFR plus 252 basis points. The notes qualify as Tier 2 capital for regulatory purposes. Piper Sandler acted as placement agent, with legal support from Barack Ferrazzano Kirschbaum & Nagelberg LLP.

Bridgewater Bank has appointed Joseph Birkholz as Chief Risk Officer, enhancing its risk management capabilities. Birkholz brings over 15 years of experience, previously serving as Senior Vice President of Risk Operations at TCF Bank. His expertise will be pivotal in developing risk frameworks and credit risk analytics, crucial as the bank continues its growth trajectory. As of March 31, 2021, Bridgewater Bank has assets exceeding $3.07 billion and operates seven branches, catering to a diverse clientele of high-net-worth individuals and entrepreneurs.

Bridgewater Bank has appointed Justin Horstman as the new Director of Investor Relations. With nearly 15 years of experience, Horstman previously worked at TCF Bank, where he managed investor relations functions. In his new role, he will oversee the investor relations program and serve as the main contact for the investment community. Bridgewater Bank, recognized for its growth and service quality, has over $3.07 billion in assets and is one of the largest locally led banks in Minnesota.