Bridgewater Bancshares Inc. (BWB) reports earnings

Bridgewater Bancshares Inc. (BWB) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.

The filing reports total assets of $5.07 billion, an increase from $4.61 billion in 2023. Total gross loans rose to $3.87 billion, up from $3.72 billion the previous year.

Net income for 2024 was $32.8 million, a decrease from $40.0 million in 2023. Earnings per diluted share were $1.03, compared to $1.27 in the prior year.

The company's net interest income was $102.2 million, down from $105.2 million in 2023. The net interest margin decreased to 2.26% from 2.42%.

Noninterest income increased to $7.4 million from $6.5 million in 2023, driven by gains on sales of securities and other factors.

Noninterest expense was $63.3 million, up from $59.3 million in 2023, primarily due to increases in salaries and employee benefits and merger-related expenses.

The company's allowance for credit losses on loans and leases was $52.3 million, compared to $50.5 million in 2023. The provision for credit losses was $3.5 million, up from a recovery of $175,000 in 2023.

Total deposits increased to $4.09 billion from $3.71 billion, with interest-bearing transaction deposits and savings and money market deposits showing significant growth.

The company's capital ratios remained strong, with a total risk-based capital ratio of 13.76% and a Tier 1 leverage ratio of 9.44%.

Bridgewater Bancshares completed the acquisition of FMCB in December 2024, adding approximately $245.0 million of assets and $225.7 million of deposits.

The company continues to focus on organic growth and strategic acquisitions to expand its market presence in the Twin Cities area.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bridgewater Bancshares Inc. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].