Bridgewater Bancshares Q1 net income $11.6M, EPS $0.37, down QoQ; NIM falls to 2.72%

Bridgewater Bancshares Inc

2023-Q1 EPS reported $0.37

Net income $11.6M ($0.37 diluted EPS) vs $13.7M ($0.45) Q4 2022; ROA 1.07%, ROE 11.70%.
Net interest margin (tax-equiv) 2.72%, down 44 bps QoQ; cost of deposits rose to 2.01% from 1.31%.
Gross loans increased $114.9M (13.1% annualized) to $3.68B; deposits slightly down $5.4M.
Credit loss provision $1.5M; ACL to loans 1.36%; net charge-offs near zero.
Preferred Series A dividend $0.3672/depositary share payable June 1, record May 15.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bridgewater Bancshares Inc reported first quarter of 2023 results: net income net income of $11.6 million, EPS Earnings per diluted common share ... were $0.37.

Period: first quarter of 2023
Net income: net income of $11.6 million
EPS: Earnings per diluted common share ... were $0.37
Result: reported results

Exact text from the filing

Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $11.6 million for the first quarter of 2023, compared to $13.7 million for the fourth quarter of 2022, and $12.3 million for the first quarter of 2022. Earnings per diluted common share for the first quarter of 2023 were $0.37, compared to $0.45 per diluted common share for the fourth quarter of 2022, and $0.39 per diluted common share for the same period in 2022.

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Source: SEC EDGAR

accession 0001558370-23-006853

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