Bridgewater Bancshares Q3 2024: $2.76B Assets, $27.4M Net Income

TL;DR

**BWB: $2.76B assets, $27.4M profit for Q3. Solid quarter.**

AI Summary

Bridgewater Bancshares Inc. reported its financial results for the period ending September 30, 2024. The company's total assets stood at $2.76 billion, with total liabilities also at $2.76 billion. Net income for the period was $27.42 million.

Why It Matters

This filing provides insight into the financial health and performance of Bridgewater Bancshares, which can influence investor decisions and market perception of the company.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative developments.

Key Numbers

• $2.76B — Total Assets (Represents the company's total assets as of September 30, 2024.)
• $2.76B — Total Liabilities (Represents the company's total liabilities as of September 30, 2024.)
• $27.42M — Net Income (Indicates the company's profitability for the reported period.)

Key Players & Entities

• Bridgewater Bancshares Inc. (company) — Filer of the 10-Q report.
• 20240930 (date) — Conformed period of report.
• $2.76 billion (dollar_amount) — Total assets as of September 30, 2024.
• $2.76 billion (dollar_amount) — Total liabilities as of September 30, 2024.
• $27.42 million (dollar_amount) — Net income for the period ending September 30, 2024.

FAQ

Key Financial Figures

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

Filing Documents

• bwb-20240930x10q.htm (10-Q) — 7528KB
• bwb-20240930xex31d1.htm (EX-31.1) — 15KB
• bwb-20240930xex31d2.htm (EX-31.2) — 16KB
• bwb-20240930xex32d1.htm (EX-32.1) — 7KB
• bwb-20240930xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-014002.txt ( ) — 28012KB
• bwb-20240930.xsd (EX-101.SCH) — 59KB
• bwb-20240930_cal.xml (EX-101.CAL) — 119KB
• bwb-20240930_def.xml (EX-101.DEF) — 394KB
• bwb-20240930_lab.xml (EX-101.LAB) — 786KB
• bwb-20240930_pre.xml (EX-101.PRE) — 643KB
• bwb-20240930x10q_htm.xml (XML) — 8031KB

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 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 65

Controls and Procedures

Item 4. Controls and Procedures 67

OTHER INFORMATION

PART II OTHER INFORMATION 68

Legal Proceedings

Item 1. Legal Proceedings 68

Risk Factors

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 69

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 69

Other Information

Item 5. Other Information 69

Exhibits

Item 6. Exhibits 70

SIGNATURES

SIGNATURES 71 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) September 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and Cash Equivalents $ 191,859 $ 128,562 Securities Available for Sale, at Fair Value 664,715 604,104 Loans, Net of Allowance for Credit Losses of $ 51,018 at September 30, 2024 (unaudited) and $ 50,494 at December 31, 2023 3,628,867 3,667,215 Federal Home Loan Bank (FHLB) Stock, at Cost 18,626 17,097 Premises and Equipment, Net 47,777 48,886 Foreclosed Assets 434 — Accrued Interest 16,750 16,697 Goodwill 2,626 2,626 Other Intangible Assets, Net 163 188 Bank-Owned Life Insurance 38,219 34,477 Other Assets 81,481 92,138 Total Assets $ 4,691,517 $ 4,611,990 LIABILITIES AND EQUITY LIABILITIES Deposits: Noninterest Bearing $ 713,309 $ 756,964 Interest Bearing 3,034,133 2,952,984 Total Deposits 3,747,442 3,709,948 Notes Payable 13,750 13,750 FHLB Advances 349,500 319,500 Subordinated Debentures, Net of Issuance Costs 79,574 79,288 Accrued Interest Payable 3,458 5,282 Other Liabilities 45,593 58,707 Total Liabilities 4,239,317 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 September 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 27,425,690 at September 30, 2024 (unaudited) and 27,748,965 at December 31, 2023 274 277 Additional Paid-In Capital 94,597 96,320 Retained Earnings 302,231 280,650 Accumulated Other Comprehensive Loss ( 11,416 ) ( 18,246 ) Total Shareholders' Equity 452,200 425,515 Total Liabilities and Equity $ 4,691,517 $ 4,611,990 See a

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. Recent Developments On August 28, 2024, the Company and First Minnetonka Bancorporation, Inc. ("FMB") jointly announced the signing of a definitive merger agreement under which Bridgewater Bank will, subject to the completion of remaining closing conditions, acquire First Minnetonka City Bank, the wholly-owned banking subsidiary of FMB, in an all-cash transaction. First Minnetonka City Bank operates two full-service branches and had approximately $ 241 million in assets, $ 129 million in loans, and $ 215 million in deposits as of September 30, 2024. 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

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View this 10-Q filing on SEC EDGAR