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 Inc (NASDAQ: BWBBP) has demonstrated solid financial performance over the past two years through Q4 2024, marked by steady revenue growth, improving net income, and efficient management of expenses.
Positive trends:
- Net Interest Income has increased from $28.57 million in Q1 2023 to $26.97 million in Q4 2024, showing relatively stable core earnings despite quarterly fluctuations.
- Total Revenue grew from $30.51 million in Q1 2023 to $29.50 million in Q4 2024, supported by steady increases in non-interest income components such as other service charges and investment banking income.
- Net Income attributable to common shareholders has been solid, reaching $7.19 million in Q4 2024, and basic earnings per share held steady at $0.26 in Q4 2024 after a peak of $0.38 in Q1 2023.
- Provision for credit losses has shown prudent risk management with a $2.18 million expense in Q4 2024, reflecting caution in loan loss reserves over recent periods.
- Operating expenses are well controlled with total non-interest expenses increasing moderately from $14.07 million in Q1 2023 to $16.81 million in Q4 2024 amid expanded operations.
- Cash flow from operating activities improved significantly to $34.58 million in Q4 2024, indicating strong cash generation from core business activities.
- Total assets have grown moderately over recent quarters, with loans and leases net of allowance reaching approximately $3.63 billion at Q3 2024, demonstrating asset growth.
- The company maintains a strong deposit base of over $3.3 billion, supporting stable funding and liquidity.
- Issuance and repayment of debt are actively managed, with net repayments and issuances roughly balancing, preserving capital structure flexibility.
- Preferred stock dividends have remained consistent around $1 million per quarter, showing stable shareholder returns while preserving common equity growth.
Neutral factors:
- Interest expense on deposits and long-term debt has risen in line with growth in funding, contributing to flat net interest margin.
- Non-interest income components, while increasing, remain a smaller portion of total revenue compared to net interest income.
- Amortization and depreciation expenses remain steady but present ongoing fixed costs.
- The company's balance sheet reflects significant investments in securities and equipment, supporting growth but with capital expenditure outflows.
- The company’s weighted average shares outstanding have been stable, reducing dilution concerns but limiting share count growth benefits.
Negative considerations:
- Provision for credit losses increased to $2.18 million in Q4 2024 compared to negligible or negative provisions in some prior quarters, indicating potential rising credit risks.
- Interest expense on long-term debt rose from $1.6 million in Q3 2022 to over $3.2 million in Q4 2024, implying increased debt servicing costs which could pressure net interest margins if unchecked.
- Net cash from investing activities has been significantly negative across recent quarters, driven by large purchases of investment securities, impacting short-term liquidity.
- The company experienced negative net cash from operating activities in some quarters (e.g., Q3 2024 was negative $5.99 million), signaling fluctuations in operational cash flow which may affect funding.
- Marketing, insurance claims, and other operating expenses increased moderately, putting upward pressure on non-interest expenses.
Overall, Bridgewater Bancshares shows consistent profitability and revenue growth with careful management of expenses and credit risk. Investors should monitor credit loss provisions and interest expenses to ensure margins remain stable, while the company’s strong operating cash flows and deposit base provide financial stability moving forward.
10/03/25 08:40 AM ETAI Generated. May Contain Errors.