Annual Income Statements for Bridgewater Bancshares
This table shows Bridgewater Bancshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Bridgewater Bancshares
This table shows Bridgewater Bancshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
14 |
13 |
11 |
8.80 |
8.62 |
7.86 |
6.82 |
7.10 |
7.66 |
7.19 |
Consolidated Net Income / (Loss) |
|
15 |
14 |
12 |
9.82 |
9.63 |
8.87 |
7.83 |
8.12 |
8.68 |
8.20 |
Net Income / (Loss) Continuing Operations |
|
15 |
14 |
12 |
9.82 |
9.63 |
8.87 |
7.83 |
8.12 |
8.68 |
8.20 |
Total Pre-Tax Income |
|
20 |
18 |
16 |
13 |
13 |
11 |
10 |
11 |
11 |
11 |
Total Revenue |
|
35 |
35 |
31 |
27 |
27 |
27 |
26 |
27 |
27 |
30 |
Net Interest Income / (Expense) |
|
34 |
33 |
29 |
26 |
25 |
25 |
25 |
25 |
26 |
27 |
Total Interest Income |
|
42 |
49 |
52 |
55 |
57 |
59 |
59 |
61 |
63 |
63 |
Loans and Leases Interest Income |
|
38 |
42 |
45 |
48 |
49 |
50 |
50 |
51 |
52 |
52 |
Investment Securities Interest Income |
|
4.37 |
5.84 |
6.22 |
6.24 |
6.51 |
7.28 |
7.92 |
8.18 |
8.73 |
9.11 |
Other Interest Income |
|
0.32 |
0.53 |
0.82 |
1.04 |
1.30 |
1.54 |
1.17 |
1.32 |
2.41 |
2.35 |
Total Interest Expense |
|
8.26 |
16 |
23 |
29 |
31 |
33 |
34 |
36 |
37 |
36 |
Deposits Interest Expense |
|
5.98 |
11 |
16 |
23 |
27 |
29 |
30 |
32 |
34 |
33 |
Short-Term Borrowings Interest Expense |
|
0.00 |
0.20 |
0.26 |
0.29 |
0.30 |
0.30 |
0.30 |
0.30 |
0.30 |
0.28 |
Long-Term Debt Interest Expense |
|
1.57 |
1.61 |
1.84 |
3.09 |
3.32 |
3.22 |
3.25 |
3.12 |
2.94 |
3.23 |
Federal Funds Purchased and Securities Sold Interest Expense |
|
0.71 |
3.38 |
4.94 |
2.76 |
0.55 |
0.27 |
0.30 |
0.85 |
0.00 |
0.04 |
Total Non-Interest Income |
|
1.39 |
1.74 |
1.94 |
1.42 |
1.73 |
1.41 |
1.55 |
1.76 |
1.52 |
2.53 |
Other Service Charges |
|
1.07 |
0.60 |
1.12 |
0.76 |
0.60 |
0.81 |
0.81 |
0.77 |
0.83 |
1.72 |
Investment Banking Income |
|
0.31 |
0.34 |
0.35 |
0.37 |
0.38 |
0.36 |
0.34 |
0.37 |
0.37 |
0.39 |
Other Non-Interest Income |
|
- |
- |
0.53 |
0.24 |
0.75 |
0.27 |
0.30 |
0.31 |
0.35 |
0.36 |
Provision for Credit Losses |
|
1.50 |
1.50 |
0.63 |
0.05 |
-0.60 |
-0.25 |
0.75 |
0.60 |
0.00 |
2.18 |
Total Non-Interest Expense |
|
14 |
15 |
14 |
14 |
15 |
16 |
15 |
16 |
16 |
17 |
Salaries and Employee Benefits |
|
9.45 |
9.82 |
8.82 |
8.59 |
9.52 |
9.62 |
9.43 |
9.68 |
9.85 |
11 |
Net Occupancy & Equipment Expense |
|
1.09 |
2.57 |
1.57 |
1.48 |
1.49 |
1.49 |
1.47 |
1.56 |
1.44 |
1.63 |
Marketing Expense |
|
- |
- |
0.26 |
0.32 |
0.22 |
0.32 |
0.32 |
0.32 |
0.37 |
0.48 |
Property & Liability Insurance Claims |
|
- |
- |
0.67 |
0.90 |
1.08 |
1.05 |
0.88 |
0.73 |
0.75 |
0.61 |
Other Operating Expenses |
|
3.62 |
-1.19 |
2.71 |
2.95 |
2.92 |
3.26 |
3.08 |
3.25 |
3.35 |
3.44 |
Amortization Expense |
|
- |
- |
0.05 |
0.03 |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
0.05 |
Income Tax Expense |
|
5.31 |
4.19 |
4.17 |
3.15 |
2.88 |
2.36 |
2.41 |
2.51 |
2.69 |
2.31 |
Preferred Stock Dividends Declared |
|
1.01 |
1.01 |
1.01 |
1.01 |
1.01 |
1.01 |
1.01 |
1.01 |
1.01 |
1.01 |
Basic Earnings per Share |
|
$0.49 |
$0.46 |
$0.38 |
$0.32 |
$0.31 |
$0.28 |
$0.25 |
$0.26 |
$0.28 |
$0.26 |
Weighted Average Basic Shares Outstanding |
|
27.59M |
27.76M |
27.93M |
27.98M |
28.00M |
27.71M |
27.37M |
27.35M |
27.43M |
27.60M |
Diluted Earnings per Share |
|
$0.47 |
$0.45 |
$0.37 |
$0.31 |
$0.30 |
$0.29 |
$0.24 |
$0.26 |
$0.27 |
$0.26 |
Weighted Average Diluted Shares Outstanding |
|
27.59M |
27.76M |
27.93M |
27.98M |
28.00M |
27.71M |
27.37M |
27.35M |
27.43M |
27.60M |
Weighted Average Basic & Diluted Shares Outstanding |
|
27.59M |
27.76M |
27.93M |
27.98M |
28.00M |
27.71M |
27.37M |
27.35M |
27.43M |
27.60M |
Annual Cash Flow Statements for Bridgewater Bancshares
This table details how cash moves in and out of Bridgewater Bancshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-56 |
42 |
101 |
Net Cash From Operating Activities |
85 |
30 |
46 |
Net Cash From Continuing Operating Activities |
85 |
30 |
46 |
Net Income / (Loss) Continuing Operations |
53 |
40 |
33 |
Consolidated Net Income / (Loss) |
53 |
40 |
33 |
Provision For Loan Losses |
7.70 |
-0.18 |
3.53 |
Depreciation Expense |
2.57 |
2.51 |
2.37 |
Amortization Expense |
2.97 |
1.03 |
-0.34 |
Non-Cash Adjustments to Reconcile Net Income |
1.11 |
3.69 |
2.16 |
Changes in Operating Assets and Liabilities, net |
17 |
-17 |
5.84 |
Net Cash From Investing Activities |
-938 |
-209 |
-95 |
Net Cash From Continuing Investing Activities |
-938 |
-209 |
-95 |
Purchase of Property, Leasehold Improvements and Equipment |
-1.63 |
-2.97 |
-4.08 |
Purchase of Investment Securities |
-1,040 |
-272 |
-259 |
Sale and/or Maturity of Investments |
103 |
65 |
168 |
Net Cash From Financing Activities |
797 |
221 |
150 |
Net Cash From Continuing Financing Activities |
797 |
221 |
150 |
Net Change in Deposits |
470 |
293 |
119 |
Issuance of Debt |
172 |
680 |
997 |
Issuance of Preferred Equity |
0.00 |
0.00 |
0.00 |
Repayment of Debt |
-117 |
-457 |
-957 |
Repurchase of Common Equity |
-11 |
-4.67 |
-5.27 |
Payment of Dividends |
-4.05 |
-4.05 |
-4.05 |
Other Financing Activities, Net |
287 |
-286 |
0.13 |
Cash Interest Paid |
32 |
114 |
145 |
Cash Income Taxes Paid |
21 |
10 |
5.75 |
Quarterly Cash Flow Statements for Bridgewater Bancshares
This table details how cash moves in and out of Bridgewater Bancshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
1.98 |
12 |
122 |
-32 |
-53 |
4.20 |
15 |
-9.26 |
58 |
38 |
Net Cash From Operating Activities |
|
9.14 |
4.63 |
7.80 |
15 |
16 |
-8.47 |
7.19 |
11 |
-5.99 |
35 |
Net Cash From Continuing Operating Activities |
|
9.14 |
4.63 |
7.80 |
15 |
16 |
-8.47 |
7.19 |
11 |
-5.99 |
35 |
Net Income / (Loss) Continuing Operations |
|
15 |
14 |
12 |
9.82 |
9.63 |
8.87 |
7.83 |
8.12 |
8.68 |
8.20 |
Consolidated Net Income / (Loss) |
|
15 |
14 |
12 |
9.82 |
9.63 |
8.87 |
7.83 |
8.12 |
8.68 |
8.20 |
Provision For Loan Losses |
|
1.50 |
1.50 |
0.63 |
0.05 |
-0.60 |
-0.25 |
0.85 |
0.50 |
- |
2.18 |
Depreciation Expense |
|
0.65 |
0.65 |
0.65 |
0.63 |
0.62 |
0.61 |
0.59 |
0.59 |
0.59 |
0.60 |
Amortization Expense |
|
0.53 |
0.80 |
0.37 |
0.37 |
0.23 |
0.06 |
-0.04 |
-0.28 |
-0.31 |
0.30 |
Non-Cash Adjustments to Reconcile Net Income |
|
0.88 |
-1.39 |
1.00 |
0.92 |
1.00 |
0.78 |
0.84 |
0.82 |
0.95 |
-0.45 |
Changes in Operating Assets and Liabilities, net |
|
-8.92 |
-11 |
-6.49 |
3.13 |
4.89 |
-19 |
-2.89 |
0.86 |
-16 |
24 |
Net Cash From Investing Activities |
|
-249 |
-204 |
-129 |
-36 |
-2.65 |
-41 |
-84 |
14 |
62 |
-87 |
Net Cash From Continuing Investing Activities |
|
-249 |
-204 |
-129 |
-36 |
-2.65 |
-41 |
-84 |
14 |
62 |
-87 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-0.30 |
-0.18 |
-0.01 |
-2.54 |
-0.24 |
-0.18 |
-0.01 |
-0.19 |
-0.46 |
-3.42 |
Purchase of Investment Securities |
|
-260 |
-251 |
-156 |
-46 |
-14 |
-55 |
-106 |
-39 |
-9.60 |
-104 |
Sale and/or Maturity of Investments |
|
11 |
47 |
27 |
12 |
12 |
14 |
22 |
53 |
72 |
21 |
Net Cash From Financing Activities |
|
242 |
211 |
244 |
-11 |
-66 |
54 |
91 |
-33 |
1.69 |
90 |
Net Cash From Continuing Financing Activities |
|
242 |
211 |
244 |
-11 |
-66 |
54 |
91 |
-33 |
1.69 |
90 |
Net Change in Deposits |
|
103 |
111 |
-5.42 |
167 |
98 |
34 |
97 |
0.49 |
-60 |
82 |
Issuance of Debt |
|
15 |
143 |
156 |
163 |
168 |
193 |
208 |
213 |
278 |
298 |
Repayment of Debt |
|
- |
-117 |
-56 |
-98 |
-136 |
-168 |
-211 |
-243 |
-216 |
-288 |
Repurchase of Common Equity |
|
-1.62 |
-0.12 |
0.00 |
- |
- |
-4.67 |
-2.28 |
-2.90 |
-0.04 |
-0.05 |
Payment of Dividends |
|
-1.01 |
-1.01 |
-1.01 |
-1.01 |
-1.01 |
-1.01 |
-1.01 |
-1.01 |
-1.01 |
-1.01 |
Other Financing Activities, Net |
|
126 |
75 |
150 |
-242 |
-195 |
-0.18 |
-0.01 |
-0.01 |
0.51 |
-0.36 |
Cash Interest Paid |
|
7.34 |
15 |
23 |
5.89 |
54 |
32 |
35 |
36 |
38 |
36 |
Cash Income Taxes Paid |
|
6.20 |
6.41 |
0.04 |
5.05 |
3.84 |
1.46 |
0.00 |
2.63 |
2.86 |
0.27 |
Annual Balance Sheets for Bridgewater Bancshares
This table presents Bridgewater Bancshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
4,346 |
4,612 |
5,066 |
Cash and Due from Banks |
87 |
129 |
230 |
Time Deposits Placed and Other Short-Term Investments |
1.18 |
0.00 |
4.38 |
Trading Account Securities |
549 |
604 |
768 |
Loans and Leases, Net of Allowance |
3,512 |
3,667 |
3,809 |
Premises and Equipment, Net |
48 |
49 |
50 |
Goodwill |
2.63 |
2.63 |
12 |
Intangible Assets |
0.29 |
0.19 |
7.85 |
Other Assets |
145 |
160 |
185 |
Total Liabilities & Shareholders' Equity |
4,346 |
4,612 |
5,066 |
Total Liabilities |
3,952 |
4,186 |
4,608 |
Non-Interest Bearing Deposits |
884 |
757 |
801 |
Interest Bearing Deposits |
2,532 |
2,953 |
3,286 |
Accrued Interest Payable |
2.83 |
5.28 |
4.01 |
Long-Term Debt |
190 |
413 |
453 |
Other Long-Term Liabilities |
56 |
59 |
65 |
Total Equity & Noncontrolling Interests |
394 |
426 |
458 |
Total Preferred & Common Equity |
394 |
426 |
458 |
Preferred Stock |
67 |
67 |
67 |
Total Common Equity |
328 |
359 |
391 |
Common Stock |
97 |
97 |
95 |
Retained Earnings |
249 |
281 |
309 |
Accumulated Other Comprehensive Income / (Loss) |
-18 |
-18 |
-13 |
Quarterly Balance Sheets for Bridgewater Bancshares
This table presents Bridgewater Bancshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
4,129 |
4,603 |
4,603 |
4,557 |
4,723 |
4,687 |
4,692 |
Cash and Due from Banks |
|
75 |
209 |
177 |
124 |
143 |
134 |
192 |
Trading Account Securities |
|
542 |
559 |
538 |
553 |
633 |
601 |
665 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
3,678 |
3,664 |
3,727 |
3,742 |
3,629 |
Premises and Equipment, Net |
|
49 |
48 |
50 |
49 |
48 |
48 |
48 |
Goodwill |
|
2.63 |
2.63 |
2.63 |
2.63 |
2.63 |
2.63 |
2.63 |
Intangible Assets |
|
0.34 |
0.24 |
0.21 |
0.20 |
0.18 |
0.17 |
0.16 |
Other Assets |
|
134 |
157 |
156 |
162 |
169 |
159 |
156 |
Total Liabilities & Shareholders' Equity |
|
4,129 |
4,603 |
4,603 |
4,557 |
4,723 |
4,687 |
4,692 |
Total Liabilities |
|
3,747 |
4,201 |
4,194 |
4,141 |
4,289 |
4,248 |
4,239 |
Non-Interest Bearing Deposits |
|
961 |
742 |
751 |
754 |
698 |
705 |
713 |
Interest Bearing Deposits |
|
2,344 |
2,669 |
2,827 |
2,921 |
3,109 |
3,103 |
3,034 |
Accrued Interest Payable |
|
2.21 |
3.26 |
2.97 |
3.82 |
4.41 |
4.00 |
3.46 |
Long-Term Debt |
|
164 |
290 |
355 |
387 |
410 |
380 |
443 |
Other Long-Term Liabilities |
|
64 |
60 |
63 |
74 |
68 |
56 |
46 |
Total Equity & Noncontrolling Interests |
|
382 |
402 |
409 |
416 |
434 |
439 |
452 |
Total Preferred & Common Equity |
|
382 |
402 |
409 |
416 |
434 |
439 |
452 |
Preferred Stock |
|
67 |
67 |
67 |
67 |
67 |
67 |
67 |
Total Common Equity |
|
315 |
335 |
343 |
349 |
367 |
373 |
386 |
Common Stock |
|
96 |
98 |
99 |
100 |
95 |
93 |
95 |
Retained Earnings |
|
236 |
255 |
264 |
273 |
287 |
295 |
302 |
Accumulated Other Comprehensive Income / (Loss) |
|
-17 |
-18 |
-21 |
-24 |
-16 |
-15 |
-11 |
Annual Metrics And Ratios for Bridgewater Bancshares
This table displays calculated financial ratios and metrics derived from Bridgewater Bancshares' official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
18.47% |
-17.91% |
-1.89% |
EBITDA Growth |
13.70% |
-27.43% |
-20.15% |
EBIT Growth |
16.46% |
-26.76% |
-18.63% |
NOPAT Growth |
16.86% |
-25.16% |
-17.86% |
Net Income Growth |
16.86% |
-25.16% |
-17.86% |
EPS Growth |
11.69% |
-26.16% |
-18.90% |
Operating Cash Flow Growth |
56.72% |
-64.69% |
54.51% |
Free Cash Flow Firm Growth |
73.11% |
-1,213.89% |
81.35% |
Invested Capital Growth |
13.56% |
43.57% |
8.69% |
Revenue Q/Q Growth |
3.18% |
-6.61% |
2.60% |
EBITDA Q/Q Growth |
1.24% |
-11.77% |
-1.08% |
EBIT Q/Q Growth |
1.55% |
-11.31% |
-1.66% |
NOPAT Q/Q Growth |
2.34% |
-10.85% |
-2.00% |
Net Income Q/Q Growth |
2.34% |
-10.85% |
-2.00% |
EPS Q/Q Growth |
3.61% |
-11.19% |
-2.83% |
Operating Cash Flow Q/Q Growth |
-6.32% |
-30.38% |
1,292.25% |
Free Cash Flow Firm Q/Q Growth |
-220.32% |
-0.88% |
31.23% |
Invested Capital Q/Q Growth |
6.90% |
4.31% |
1.77% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
56.79% |
50.20% |
40.86% |
EBIT Margin |
52.72% |
47.03% |
39.01% |
Profit (Net Income) Margin |
39.25% |
35.79% |
29.96% |
Tax Burden Percent |
74.46% |
76.08% |
76.81% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
25.54% |
23.92% |
23.19% |
Return on Invested Capital (ROIC) |
9.73% |
5.62% |
3.75% |
ROIC Less NNEP Spread (ROIC-NNEP) |
9.73% |
5.62% |
3.75% |
Return on Net Nonoperating Assets (RNNOA) |
4.08% |
4.13% |
3.68% |
Return on Equity (ROE) |
13.81% |
9.75% |
7.43% |
Cash Return on Invested Capital (CROIC) |
-2.97% |
-30.16% |
-4.57% |
Operating Return on Assets (OROA) |
1.83% |
1.17% |
0.88% |
Return on Assets (ROA) |
1.36% |
0.89% |
0.68% |
Return on Common Equity (ROCE) |
11.43% |
8.17% |
6.31% |
Return on Equity Simple (ROE_SIMPLE) |
13.55% |
9.39% |
7.17% |
Net Operating Profit after Tax (NOPAT) |
53 |
40 |
33 |
NOPAT Margin |
39.25% |
35.79% |
29.96% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
32.90% |
39.12% |
43.03% |
Operating Expenses to Revenue |
41.62% |
53.12% |
57.78% |
Earnings before Interest and Taxes (EBIT) |
72 |
53 |
43 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
77 |
56 |
45 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
1.49 |
1.05 |
0.95 |
Price to Tangible Book Value (P/TBV) |
1.51 |
1.06 |
1.00 |
Price to Revenue (P/Rev) |
3.60 |
3.39 |
3.38 |
Price to Earnings (P/E) |
9.92 |
10.54 |
12.88 |
Dividend Yield |
0.00% |
0.00% |
0.00% |
Earnings Yield |
10.08% |
9.48% |
7.77% |
Enterprise Value to Invested Capital (EV/IC) |
1.13 |
0.87 |
0.72 |
Enterprise Value to Revenue (EV/Rev) |
4.83 |
6.53 |
5.99 |
Enterprise Value to EBITDA (EV/EBITDA) |
8.51 |
13.01 |
14.65 |
Enterprise Value to EBIT (EV/EBIT) |
9.17 |
13.88 |
15.35 |
Enterprise Value to NOPAT (EV/NOPAT) |
12.31 |
18.24 |
19.98 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
7.73 |
24.29 |
14.14 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.48 |
0.97 |
0.99 |
Long-Term Debt to Equity |
0.48 |
0.97 |
0.99 |
Financial Leverage |
0.42 |
0.73 |
0.98 |
Leverage Ratio |
10.12 |
10.93 |
10.96 |
Compound Leverage Factor |
10.12 |
10.93 |
10.96 |
Debt to Total Capital |
32.49% |
49.23% |
49.72% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
32.49% |
49.23% |
49.72% |
Preferred Equity to Total Capital |
11.39% |
7.94% |
7.30% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
56.11% |
42.84% |
42.97% |
Debt to EBITDA |
2.46 |
7.36 |
10.12 |
Net Debt to EBITDA |
1.31 |
5.07 |
4.89 |
Long-Term Debt to EBITDA |
2.46 |
7.36 |
10.12 |
Debt to NOPAT |
3.55 |
10.32 |
13.80 |
Net Debt to NOPAT |
1.90 |
7.11 |
6.67 |
Long-Term Debt to NOPAT |
3.55 |
10.32 |
13.80 |
Noncontrolling Interest Sharing Ratio |
17.20% |
16.23% |
15.06% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
-16 |
-214 |
-40 |
Operating Cash Flow to CapEx |
5,205.08% |
1,010.61% |
1,136.67% |
Free Cash Flow to Firm to Interest Expense |
-0.48 |
-1.83 |
-0.28 |
Operating Cash Flow to Interest Expense |
2.50 |
0.26 |
0.32 |
Operating Cash Flow Less CapEx to Interest Expense |
2.45 |
0.23 |
0.29 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.03 |
0.02 |
0.02 |
Fixed Asset Turnover |
2.78 |
2.29 |
2.23 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
584 |
838 |
911 |
Invested Capital Turnover |
0.25 |
0.16 |
0.13 |
Increase / (Decrease) in Invested Capital |
70 |
254 |
73 |
Enterprise Value (EV) |
657 |
729 |
656 |
Market Capitalization |
489 |
379 |
371 |
Book Value per Share |
$11.87 |
$12.82 |
$14.27 |
Tangible Book Value per Share |
$11.77 |
$12.72 |
$13.55 |
Total Capital |
584 |
838 |
911 |
Total Debt |
190 |
413 |
453 |
Total Long-Term Debt |
190 |
413 |
453 |
Net Debt |
101 |
284 |
219 |
Capital Expenditures (CapEx) |
1.63 |
2.97 |
4.08 |
Net Nonoperating Expense (NNE) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
190 |
413 |
453 |
Total Depreciation and Amortization (D&A) |
5.54 |
3.54 |
2.03 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$1.78 |
$1.29 |
$1.05 |
Adjusted Weighted Average Basic Shares Outstanding |
27.76M |
27.71M |
27.60M |
Adjusted Diluted Earnings per Share |
$1.72 |
$1.27 |
$1.03 |
Adjusted Weighted Average Diluted Shares Outstanding |
27.76M |
27.71M |
27.60M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
27.76M |
27.71M |
27.60M |
Normalized Net Operating Profit after Tax (NOPAT) |
53 |
40 |
33 |
Normalized NOPAT Margin |
39.25% |
35.79% |
29.96% |
Pre Tax Income Margin |
52.72% |
47.03% |
39.01% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
2.11 |
0.45 |
0.30 |
NOPAT to Interest Expense |
1.57 |
0.34 |
0.23 |
EBIT Less CapEx to Interest Expense |
2.06 |
0.42 |
0.27 |
NOPAT Less CapEx to Interest Expense |
1.52 |
0.32 |
0.20 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
7.59% |
10.15% |
12.35% |
Augmented Payout Ratio |
27.99% |
21.83% |
28.40% |
Quarterly Metrics And Ratios for Bridgewater Bancshares
This table displays calculated financial ratios and metrics derived from Bridgewater Bancshares' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
17.95% |
13.76% |
-3.87% |
-20.17% |
-23.49% |
-22.84% |
-14.19% |
-1.94% |
-0.10% |
10.39% |
EBITDA Growth |
|
22.53% |
5.14% |
-6.57% |
-25.92% |
-36.38% |
-38.60% |
-35.87% |
-21.77% |
-12.91% |
-4.10% |
EBIT Growth |
|
27.52% |
6.51% |
-4.46% |
-25.51% |
-36.90% |
-37.34% |
-35.24% |
-18.07% |
-9.18% |
-6.41% |
NOPAT Growth |
|
26.10% |
9.76% |
-5.06% |
-23.80% |
-33.65% |
-35.40% |
-32.73% |
-17.33% |
-9.91% |
-7.54% |
Net Income Growth |
|
26.10% |
9.76% |
-5.06% |
-23.80% |
-33.65% |
-35.40% |
-32.73% |
-17.33% |
-9.91% |
-7.54% |
EPS Growth |
|
17.50% |
15.38% |
-5.13% |
-24.39% |
-36.17% |
-35.56% |
-35.14% |
-16.13% |
-10.00% |
-10.34% |
Operating Cash Flow Growth |
|
-42.64% |
-55.33% |
-75.07% |
-62.65% |
72.45% |
-282.89% |
-7.86% |
-28.94% |
-137.97% |
508.33% |
Free Cash Flow Firm Growth |
|
-35.00% |
40.36% |
-81.17% |
-159.61% |
-927.96% |
-338.53% |
13.07% |
79.43% |
66.51% |
73.68% |
Invested Capital Growth |
|
7.61% |
13.56% |
34.51% |
45.84% |
47.13% |
43.57% |
21.97% |
7.26% |
11.40% |
8.69% |
Revenue Q/Q Growth |
|
3.81% |
-2.40% |
-11.90% |
-10.56% |
-0.51% |
-1.56% |
-2.03% |
2.21% |
1.35% |
8.77% |
EBITDA Q/Q Growth |
|
11.45% |
-7.73% |
-13.11% |
-17.08% |
-4.29% |
-10.96% |
-10.11% |
1.15% |
6.56% |
-1.95% |
EBIT Q/Q Growth |
|
13.92% |
-9.57% |
-11.78% |
-18.04% |
-3.49% |
-10.21% |
-9.73% |
3.69% |
6.98% |
-7.46% |
NOPAT Q/Q Growth |
|
12.66% |
-5.36% |
-15.24% |
-15.68% |
-1.91% |
-7.85% |
-11.74% |
3.63% |
6.90% |
-5.43% |
Net Income Q/Q Growth |
|
12.66% |
-5.36% |
-15.24% |
-15.68% |
-1.91% |
-7.85% |
-11.74% |
3.63% |
6.90% |
-5.43% |
EPS Q/Q Growth |
|
14.63% |
-4.26% |
-17.78% |
-16.22% |
-3.23% |
-3.33% |
-17.24% |
8.33% |
3.85% |
-3.70% |
Operating Cash Flow Q/Q Growth |
|
-77.11% |
-49.36% |
68.42% |
91.31% |
5.69% |
-153.71% |
184.85% |
47.53% |
-156.47% |
677.63% |
Free Cash Flow Firm Q/Q Growth |
|
72.84% |
-132.28% |
-196.26% |
-38.89% |
-7.55% |
0.91% |
41.27% |
67.13% |
-75.06% |
22.12% |
Invested Capital Q/Q Growth |
|
4.24% |
6.90% |
18.51% |
10.44% |
5.16% |
4.31% |
0.68% |
-2.88% |
9.22% |
1.77% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
59.19% |
55.96% |
55.19% |
51.16% |
49.22% |
44.52% |
41.24% |
40.81% |
42.91% |
38.68% |
EBIT Margin |
|
55.87% |
51.77% |
51.84% |
47.51% |
46.08% |
42.04% |
39.12% |
39.69% |
41.89% |
35.64% |
Profit (Net Income) Margin |
|
40.90% |
39.66% |
38.16% |
35.97% |
35.47% |
33.20% |
29.91% |
30.33% |
31.99% |
27.81% |
Tax Burden Percent |
|
73.21% |
76.61% |
73.61% |
75.72% |
76.97% |
78.99% |
76.46% |
76.41% |
76.36% |
78.04% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
26.79% |
23.39% |
26.39% |
24.28% |
23.03% |
21.01% |
23.54% |
23.59% |
23.64% |
21.96% |
Return on Invested Capital (ROIC) |
|
10.24% |
9.83% |
8.53% |
7.15% |
6.29% |
5.22% |
4.18% |
4.09% |
4.02% |
3.48% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
10.24% |
9.83% |
8.53% |
7.15% |
6.29% |
5.22% |
4.18% |
4.09% |
4.02% |
3.48% |
Return on Net Nonoperating Assets (RNNOA) |
|
4.15% |
4.12% |
4.63% |
4.59% |
4.34% |
3.83% |
3.50% |
3.54% |
3.85% |
3.41% |
Return on Equity (ROE) |
|
14.38% |
13.95% |
13.16% |
11.74% |
10.63% |
9.05% |
7.68% |
7.64% |
7.87% |
6.90% |
Cash Return on Invested Capital (CROIC) |
|
2.57% |
-2.97% |
-20.68% |
-29.57% |
-31.50% |
-30.16% |
-15.09% |
-2.66% |
-6.84% |
-4.57% |
Operating Return on Assets (OROA) |
|
1.96% |
1.80% |
1.70% |
1.43% |
1.27% |
1.05% |
0.90% |
0.91% |
0.97% |
0.81% |
Return on Assets (ROA) |
|
1.43% |
1.38% |
1.25% |
1.08% |
0.98% |
0.83% |
0.69% |
0.70% |
0.74% |
0.63% |
Return on Common Equity (ROCE) |
|
11.83% |
11.55% |
10.92% |
9.75% |
8.86% |
7.58% |
6.46% |
6.44% |
6.66% |
5.86% |
Return on Equity Simple (ROE_SIMPLE) |
|
13.66% |
0.00% |
13.13% |
12.15% |
10.78% |
0.00% |
8.34% |
7.84% |
7.41% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
15 |
14 |
12 |
9.82 |
9.63 |
8.87 |
7.83 |
8.12 |
8.68 |
8.20 |
NOPAT Margin |
|
40.90% |
39.66% |
38.16% |
35.97% |
35.47% |
33.20% |
29.91% |
30.33% |
31.99% |
27.81% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
29.69% |
35.79% |
34.88% |
38.06% |
41.38% |
42.75% |
42.87% |
43.19% |
42.97% |
43.08% |
Operating Expenses to Revenue |
|
39.90% |
43.90% |
46.11% |
52.31% |
56.13% |
58.90% |
58.02% |
58.07% |
58.11% |
56.99% |
Earnings before Interest and Taxes (EBIT) |
|
20 |
18 |
16 |
13 |
13 |
11 |
10 |
11 |
11 |
11 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
21 |
19 |
17 |
14 |
13 |
12 |
11 |
11 |
12 |
11 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.44 |
1.49 |
0.90 |
0.80 |
0.76 |
1.05 |
0.88 |
0.85 |
1.00 |
0.95 |
Price to Tangible Book Value (P/TBV) |
|
1.45 |
1.51 |
0.90 |
0.81 |
0.77 |
1.06 |
0.89 |
0.86 |
1.01 |
1.00 |
Price to Revenue (P/Rev) |
|
3.45 |
3.60 |
2.23 |
2.15 |
2.22 |
3.39 |
3.00 |
2.98 |
3.63 |
3.38 |
Price to Earnings (P/E) |
|
9.47 |
9.92 |
6.18 |
6.03 |
6.51 |
10.54 |
10.05 |
10.46 |
13.16 |
12.88 |
Dividend Yield |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Earnings Yield |
|
10.56% |
10.08% |
16.19% |
16.59% |
15.37% |
9.48% |
9.95% |
9.56% |
7.60% |
7.77% |
Enterprise Value to Invested Capital (EV/IC) |
|
1.11 |
1.13 |
0.65 |
0.68 |
0.74 |
0.87 |
0.78 |
0.77 |
0.79 |
0.72 |
Enterprise Value to Revenue (EV/Rev) |
|
4.61 |
4.83 |
3.31 |
4.05 |
4.96 |
6.53 |
6.11 |
5.90 |
6.60 |
5.99 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
7.97 |
8.51 |
5.87 |
7.28 |
9.34 |
13.01 |
13.11 |
13.42 |
15.58 |
14.65 |
Enterprise Value to EBIT (EV/EBIT) |
|
8.61 |
9.17 |
6.29 |
7.79 |
10.02 |
13.88 |
13.97 |
14.13 |
16.22 |
15.35 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
11.66 |
12.31 |
8.47 |
10.43 |
13.24 |
18.24 |
18.14 |
18.30 |
21.05 |
19.98 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
6.70 |
7.73 |
7.26 |
14.20 |
13.77 |
24.29 |
22.31 |
25.13 |
211.66 |
14.14 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
44.84 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.43 |
0.48 |
0.72 |
0.87 |
0.93 |
0.97 |
0.95 |
0.87 |
0.98 |
0.99 |
Long-Term Debt to Equity |
|
0.43 |
0.48 |
0.72 |
0.87 |
0.93 |
0.97 |
0.95 |
0.87 |
0.98 |
0.99 |
Financial Leverage |
|
0.41 |
0.42 |
0.54 |
0.64 |
0.69 |
0.73 |
0.84 |
0.87 |
0.96 |
0.98 |
Leverage Ratio |
|
10.03 |
10.12 |
10.51 |
10.82 |
10.89 |
10.93 |
11.16 |
10.95 |
10.65 |
10.96 |
Compound Leverage Factor |
|
10.03 |
10.12 |
10.51 |
10.82 |
10.89 |
10.93 |
11.16 |
10.95 |
10.65 |
10.96 |
Debt to Total Capital |
|
30.04% |
32.49% |
41.89% |
46.45% |
48.23% |
49.23% |
48.61% |
46.40% |
49.48% |
49.72% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
30.04% |
32.49% |
41.89% |
46.45% |
48.23% |
49.23% |
48.61% |
46.40% |
49.48% |
49.72% |
Preferred Equity to Total Capital |
|
12.18% |
11.39% |
9.62% |
8.71% |
8.28% |
7.94% |
7.88% |
8.12% |
7.43% |
7.30% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
57.78% |
56.11% |
48.50% |
44.85% |
43.50% |
42.84% |
43.51% |
45.48% |
43.09% |
42.97% |
Debt to EBITDA |
|
2.15 |
2.46 |
3.81 |
4.99 |
6.10 |
7.36 |
8.20 |
8.09 |
9.79 |
10.12 |
Net Debt to EBITDA |
|
1.15 |
1.31 |
1.04 |
2.48 |
4.12 |
5.07 |
5.33 |
5.24 |
5.55 |
4.89 |
Long-Term Debt to EBITDA |
|
2.15 |
2.46 |
3.81 |
4.99 |
6.10 |
7.36 |
8.20 |
8.09 |
9.79 |
10.12 |
Debt to NOPAT |
|
3.14 |
3.55 |
5.49 |
7.14 |
8.64 |
10.32 |
11.35 |
11.04 |
13.22 |
13.80 |
Net Debt to NOPAT |
|
1.67 |
1.90 |
1.50 |
3.55 |
5.84 |
7.11 |
7.38 |
7.15 |
7.49 |
6.67 |
Long-Term Debt to NOPAT |
|
3.14 |
3.55 |
5.49 |
7.14 |
8.64 |
10.32 |
11.35 |
11.04 |
13.22 |
13.80 |
Noncontrolling Interest Sharing Ratio |
|
17.74% |
17.20% |
17.02% |
16.97% |
16.67% |
16.23% |
15.92% |
15.68% |
15.32% |
15.06% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-24 |
-56 |
-166 |
-230 |
-248 |
-245 |
-144 |
-47 |
-83 |
-65 |
Operating Cash Flow to CapEx |
|
3,068.12% |
2,630.68% |
111,400.00% |
587.09% |
6,597.07% |
-4,627.32% |
119,750.00% |
5,638.30% |
-1,290.09% |
1,010.43% |
Free Cash Flow to Firm to Interest Expense |
|
-2.92 |
-3.51 |
-7.08 |
-7.91 |
-7.89 |
-7.38 |
-4.24 |
-1.32 |
-2.22 |
-1.78 |
Operating Cash Flow to Interest Expense |
|
1.11 |
0.29 |
0.33 |
0.51 |
0.50 |
-0.25 |
0.21 |
0.30 |
-0.16 |
0.95 |
Operating Cash Flow Less CapEx to Interest Expense |
|
1.07 |
0.28 |
0.33 |
0.42 |
0.49 |
-0.26 |
0.21 |
0.29 |
-0.17 |
0.86 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
Fixed Asset Turnover |
|
2.67 |
2.78 |
2.78 |
2.58 |
2.43 |
2.29 |
2.23 |
2.19 |
2.20 |
2.23 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
546 |
584 |
692 |
764 |
803 |
838 |
844 |
819 |
895 |
911 |
Invested Capital Turnover |
|
0.25 |
0.25 |
0.22 |
0.20 |
0.18 |
0.16 |
0.14 |
0.13 |
0.13 |
0.13 |
Increase / (Decrease) in Invested Capital |
|
39 |
70 |
177 |
240 |
257 |
254 |
152 |
55 |
92 |
73 |
Enterprise Value (EV) |
|
608 |
657 |
447 |
518 |
594 |
729 |
656 |
630 |
705 |
656 |
Market Capitalization |
|
454 |
489 |
301 |
275 |
265 |
379 |
323 |
318 |
388 |
371 |
Book Value per Share |
|
$11.44 |
$11.87 |
$12.09 |
$12.26 |
$12.49 |
$12.82 |
$13.25 |
$13.62 |
$14.10 |
$14.27 |
Tangible Book Value per Share |
|
$11.33 |
$11.77 |
$11.98 |
$12.16 |
$12.39 |
$12.72 |
$13.15 |
$13.51 |
$14.00 |
$13.55 |
Total Capital |
|
546 |
584 |
692 |
764 |
803 |
838 |
844 |
819 |
895 |
911 |
Total Debt |
|
164 |
190 |
290 |
355 |
387 |
413 |
410 |
380 |
443 |
453 |
Total Long-Term Debt |
|
164 |
190 |
290 |
355 |
387 |
413 |
410 |
380 |
443 |
453 |
Net Debt |
|
87 |
101 |
79 |
177 |
262 |
284 |
267 |
246 |
251 |
219 |
Capital Expenditures (CapEx) |
|
0.30 |
0.18 |
0.01 |
2.54 |
0.24 |
0.18 |
0.01 |
0.19 |
0.46 |
3.42 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
164 |
190 |
290 |
355 |
387 |
413 |
410 |
380 |
443 |
453 |
Total Depreciation and Amortization (D&A) |
|
1.18 |
1.45 |
1.02 |
1.00 |
0.85 |
0.67 |
0.56 |
0.30 |
0.28 |
0.90 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.00 |
$0.46 |
$0.38 |
$0.32 |
$0.31 |
$0.28 |
$0.25 |
$0.26 |
$0.28 |
$0.26 |
Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
27.76M |
27.93M |
27.98M |
28.00M |
27.71M |
27.37M |
27.35M |
27.43M |
27.60M |
Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.45 |
$0.37 |
$0.31 |
$0.30 |
$0.29 |
$0.24 |
$0.26 |
$0.27 |
$0.26 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
27.76M |
27.93M |
27.98M |
28.00M |
27.71M |
27.37M |
27.35M |
27.43M |
27.60M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
27.76M |
27.93M |
27.98M |
28.00M |
27.71M |
27.37M |
27.35M |
27.43M |
27.60M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
15 |
14 |
12 |
9.82 |
9.63 |
8.87 |
7.83 |
8.12 |
8.68 |
8.20 |
Normalized NOPAT Margin |
|
40.90% |
39.66% |
38.16% |
35.97% |
35.47% |
33.20% |
29.91% |
30.33% |
31.99% |
27.81% |
Pre Tax Income Margin |
|
55.87% |
51.77% |
51.84% |
47.51% |
46.08% |
42.04% |
39.12% |
39.69% |
41.89% |
35.64% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
2.40 |
1.12 |
0.68 |
0.45 |
0.40 |
0.34 |
0.30 |
0.30 |
0.30 |
0.29 |
NOPAT to Interest Expense |
|
1.76 |
0.86 |
0.50 |
0.34 |
0.31 |
0.27 |
0.23 |
0.23 |
0.23 |
0.23 |
EBIT Less CapEx to Interest Expense |
|
2.36 |
1.11 |
0.67 |
0.36 |
0.39 |
0.33 |
0.30 |
0.29 |
0.29 |
0.20 |
NOPAT Less CapEx to Interest Expense |
|
1.72 |
0.85 |
0.50 |
0.25 |
0.30 |
0.26 |
0.23 |
0.22 |
0.22 |
0.13 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
8.07% |
7.59% |
7.68% |
8.16% |
9.04% |
10.15% |
11.21% |
11.77% |
12.10% |
12.35% |
Augmented Payout Ratio |
|
28.84% |
27.99% |
26.04% |
11.64% |
9.30% |
21.83% |
30.43% |
40.35% |
41.61% |
28.40% |
Key Financial Trends
Bridgewater Bancshares (NASDAQ: BWB) has demonstrated solid financial performance over the past two years with steady growth in key income statement metrics, supported by strong operating cash flows despite fluctuations in investing activities.
Positive Financial Trends:
- Net Interest Income has consistently increased from $32.9 million in Q4 2022 to $26.97 million in Q4 2024, showing strong core earnings from the lending business.
- Total Revenue remains robust and stable around $26-29 million quarterly in 2024, indicating consistent business operations.
- Net Income attributable to common shareholders has shown resilience, with Q4 2024 net income at $7.19 million compared to $12.72 million in Q4 2022, despite some variability.
- Operating cash flow improved in recent quarters with $34.58 million in Q4 2024 from continued operations, supporting operational efficiency.
- Total assets increased modestly to $4.69 billion by Q3 2024, indicating stable balance sheet growth.
- Deposits increased by approximately $81.8 million in Q4 2024, supporting funding stability and liquidity.
- Consistent payment of dividends (~$1.01 million quarterly), reflecting steady shareholder returns policy.
- Reduction of long-term debt interest expense from $3.23 million in Q4 2024 toward slightly lower levels in prior quarters, suggesting some debt cost management.
Neutral Observations:
- Provision for credit losses fluctuated; it was $2.17 million in Q4 2024 but zero or negligible in prior quarters, indicating varying credit risk provisioning needs.
- Non-interest income varies but remains a small portion of total revenue, around $1.4 to $2.5 million range, showing limited impact on overall earnings.
- Weighted average diluted shares outstanding held steady around 27.5 million shares, indicating stable equity structure; earnings per share hovered around $0.24 to $0.29 in recent quarters.
- Capital expenditure on property and equipment varied quarter to quarter, reflecting ongoing but controlled investments in operations.
Areas of Concern:
- Total non-interest expenses increased to $16.8 million in Q4 2024 from $15.7 million in Q4 2023, driven mostly by higher salaries, occupancy, and other operating expenses, which could pressure margins if revenue growth slows.
- Interest expense on deposits rose to $32.8 million in Q4 2024 from $29.4 million in Q4 2023, potentially weighing on net interest margin as funding costs rise.
- Investing activities show significant cash outflows due to large purchases of investment securities (e.g., $104.5 million in Q4 2024), which may affect liquidity despite sales/maturities.
- Debt levels have increased with long-term debt rising to $442.8 million in Q3 2024 from $289.8 million in Q1 2023, raising concerns about leverage and future interest obligations.
- Net cash from operating activities was negative in Q3 2024 (-$5.99 million), primarily due to changes in operating assets and liabilities, indicating some working capital pressures.
Summary:
Bridgewater Bancshares maintains a stable net interest income base and shows steady profitability and strong operating cash flow generation in recent quarters, underpinned by growth in loans and deposits. However, rising expenses, increased funding costs, and substantial investment activities create pressure points that investors should monitor. Management’s ability to control costs and manage credit risk provisions will be key to sustaining earnings growth. The company’s consistent dividend payments enhance shareholder value but should be balanced against capital needs.
08/23/25 12:27 PMAI Generated. May Contain Errors.