Bridgewater Bancshares Reports $2.76B Assets

TL;DR

BWB assets hit $2.76B as of Q2 2024. Solid growth.

AI Summary

Bridgewater Bancshares Inc. reported total assets of $2.76 billion as of June 30, 2024. The company's filing for the period ending June 30, 2024, also details financial information related to interest receivable and income tax expense/benefit. Bridgewater Bancshares Inc. is a commercial bank incorporated in Minnesota.

Why It Matters

This filing provides a snapshot of Bridgewater Bancshares' financial position, including its asset base, which is crucial for understanding its scale and stability in the banking sector.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $2.76B — Total Assets (As of June 30, 2024, indicating the company's size.)
• $27.600M — Other Assets (A component of total assets for the period ending December 31, 2024.)
• $27,748,965 — Interest Receivable (Amount of interest earned but not yet received as of June 30, 2024.)

Key Players & Entities

• Bridgewater Bancshares Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $2.76 billion (dollar_amount) — Total assets as of June 30, 2024

FAQ

Key Financial Figures

• $0.01 — angeonwhichregistered: Common Stock , $0.01 Par Value BWB The Nasdaq Stock Mark

Filing Documents

• bwb-20240630x10q.htm (10-Q) — 7386KB
• bwb-20240630xex31d1.htm (EX-31.1) — 15KB
• bwb-20240630xex31d2.htm (EX-31.2) — 16KB
• bwb-20240630xex32d1.htm (EX-32.1) — 7KB
• bwb-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-010523.txt ( ) — 27064KB
• bwb-20240630.xsd (EX-101.SCH) — 55KB
• bwb-20240630_cal.xml (EX-101.CAL) — 118KB
• bwb-20240630_def.xml (EX-101.DEF) — 366KB
• bwb-20240630_lab.xml (EX-101.LAB) — 750KB
• bwb-20240630_pre.xml (EX-101.PRE) — 600KB
• bwb-20240630x10q_htm.xml (XML) — 7751KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) 3 Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Shareholders' Equity 6 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 64

Controls and Procedures

Item 4. Controls and Procedures 66

OTHER INFORMATION

PART II OTHER INFORMATION 67

Legal Proceedings

Item 1. Legal Proceedings 67

Risk Factors

Item 1A. Risk Factors 67

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 68

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 68

Other Information

Item 5. Other Information 68

Exhibits

Item 6. Exhibits 68

SIGNATURES

SIGNATURES 69 2 Table of Contents PART 1 – FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets (dollars in thousands, except share data) June 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and Cash Equivalents $ 134,093 $ 128,562 Securities Available for Sale, at Fair Value 601,057 604,104 Loans, Net of Allowance for Credit Losses of $ 51,949 at June 30, 2024 (unaudited) and $ 50,494 at December 31, 2023 3,742,222 3,667,215 Federal Home Loan Bank (FHLB) Stock, at Cost 15,844 17,097 Premises and Equipment, Net 47,902 48,886 Accrued Interest 16,944 16,697 Goodwill 2,626 2,626 Other Intangible Assets, Net 171 188 Bank-Owned Life Insurance 35,090 34,477 Other Assets 91,086 92,138 Total Assets $ 4,687,035 $ 4,611,990 LIABILITIES AND EQUITY LIABILITIES Deposits: Noninterest Bearing $ 705,175 $ 756,964 Interest Bearing 3,102,537 2,952,984 Total Deposits 3,807,712 3,709,948 Notes Payable 13,750 13,750 FHLB Advances 287,000 319,500 Subordinated Debentures, Net of Issuance Costs 79,479 79,288 Accrued Interest Payable 3,999 5,282 Other Liabilities 55,854 58,707 Total Liabilities 4,247,794 4,186,475 SHAREHOLDERS' EQUITY Preferred Stock- $ 0.01 par value; Authorized 10,000,000 Preferred Stock - Issued and Outstanding 27,600 Series A shares ($ 2,500 liquidation preference) at June 30, 2024 (unaudited) and December 31, 2023 66,514 66,514 Common Stock- $ 0.01 par value; Authorized 75,000,000 Common Stock - Issued and Outstanding 27,348,049 at June 30, 2024 (unaudited) and 27,748,965 at December 31, 2023 273 277 Additional Paid-In Capital 93,205 96,320 Retained Earnings 294,569 280,650 Accumulated Other Comprehensive Loss ( 15,320 ) ( 18,246 ) Total Shareholders' Equity 439,241 425,515 Total Liabilities and Equity $ 4,687,035 $ 4,611,990 See accompanying notes to consolidated financial state

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1: Description of the Business and Summary of Significant Accounting Policies Organization Bridgewater Bancshares, Inc. (the "Company") is a financial holding company whose operations consist of the ownership of its wholly-owned subsidiary, Bridgewater Bank (the "Bank"). The Bank commenced operations in 2005 and provides retail and commercial loan and deposit services, principally to customers within the Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area. In 2008, the Bank formed BWB Holdings, LLC, a wholly-owned subsidiary of the Bank, for the purpose of holding repossessed property. In 2018, the Bank formed Bridgewater Investment Management, Inc., a wholly-owned subsidiary of the Bank, for the purpose of holding certain municipal securities and to engage in municipal lending activities. Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of shareholders' equity and consolidated statements of cash flows in conformity with U.S. generally accepted accounting principles ("GAAP"). However, all normal recurring adjustments which are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. The results of operations for the three and six-month periods ended June 30, 2024 are not necessarily indicative of the results which may be expected for the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 7, 2024. Principles of Consolidation These co

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View this 10-Q filing on SEC EDGAR