$BWBBP

Bridgewater Bancshares Inc

CIK:0001341317|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Loans, Including Fees	$ 64,146	$ 57,888	$ 125,872	$ 111,708
Investment Securities	6,904	9,200	13,827	18,597
Other	1,606	2,110	2,922	4,601
Total Interest Income	72,656	69,198	142,621	134,906
INTEREST EXPENSE
Deposits	29,711	32,497	58,504	64,600
Federal Funds Purchased	19	16	257	16
Notes Payable		260		518
FHLB Advances	2,494	2,852	4,932	5,008
Subordinated Debentures	1,866	1,121	3,715	2,104
Total Interest Expense	34,090	36,746	67,408	72,246
NET INTEREST INCOME	38,566	32,452	75,213	62,660
Provision for Credit Losses	550	2,000	1,750	3,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	38,016	30,452	73,463	59,160
NONINTEREST INCOME
Customer Service Fees	520	496	1,047	991
Net Gain on Sales of Available for Sale Securities		474	7,251	475
Letter of Credit Fees	304	323	489	778
Debit Card Interchange Fees	230	152	431	289
Swap Fees	263	938	503	980
Bank-Owned Life Insurance	451	387	898	766
Investment Advisory Fees	260	213	474	538
FHLB Prepayment Income		301		301
Other Income	296	343	795	588
Total Noninterest Income	2,324	3,627	11,888	5,706
NONINTEREST EXPENSE
Salaries and Employee Benefits	13,916	11,363	27,408	22,734
Occupancy and Equipment	1,360	1,274	2,735	2,508
FDIC Insurance Assessment	595	750	1,375	1,200
Data Processing	692	625	1,303	1,244
Professional and Consulting Fees	1,267	1,110	2,463	2,104
Derivative Collateral Fees	206	372	374	823
Information Technology and Telecommunications	1,258	971	2,325	1,942
Marketing and Advertising	604	435	1,380	762
Intangible Asset Amortization	227	230	453	460
FHLB Prepayment Penalty			982
Other Expense	1,769	1,811	3,266	3,300
Total Noninterest Expense	21,894	18,941	44,064	37,077
INCOME BEFORE INCOME TAXES	18,446	15,138	41,287	27,789
Provision for Income Taxes	4,439	3,618	9,874	6,636
NET INCOME	14,007	11,520	31,413	21,153
Preferred Stock Dividends	(1,014)	(1,014)	(2,027)	(2,027)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 12,993	$ 10,506	$ 29,386	$ 19,126
EARNINGS PER SHARE
Basic (in dollars per share)	$ 0.47	$ 0.38	$ 1.06	$ 0.7
Diluted (in dollars per share)	$ 0.45	$ 0.38	$ 1.03	$ 0.68

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income			$ 31,413	$ 21,153
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net Amortization on Securities Available for Sale			(2,034)	(1,394)
Net Gain on Sales of Securities Available for Sale		$ (474)	(7,251)	(475)
Provision for Credit Losses on Loans	$ 550	2,000	1,900	3,500
Recovery of Off-Balance Sheet Exposures			(150)
Loan Discount Accretion			(495)	(767)
Depreciation of Premises and Equipment			1,310	1,256
Amortization of Other Intangible Assets	227	230	453	460
Amortization of Right-of Use Asset			281	280
Cash Surrender Value of Bank-Owned Life Insurance			(898)	(767)
Amortization of Subordinated Debt Issuance Costs			205	171
Stock-based Compensation			2,426	2,039
Deferred Income Taxes			(303)	(1,561)
Remeasurement of Interest Rate Swap			140
Changes in Operating Assets and Liabilities:
Accrued Interest Receivable and Other Assets			(2,724)	833
Accrued Interest Payable and Other Liabilities			1,676	(14,036)
Net Cash Provided by Operating Activities			25,949	10,692
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in Bank-Owned Certificates of Deposit				480
Proceeds from Sales of Securities Available for Sale		58,503	208,501	59,595
Proceeds from Termination of Interest Rate Swaps			10,403
Proceeds from Maturities, Paydowns, Payups and Calls of Securities Available for Sale			57,259	50,531
Purchases of Securities Available for Sale			(90,964)	(73,642)
Net Increase in Loans			(117,799)	(275,886)
Purchase of FHLB Stock			(47,729)	(2,175)
Redemption of FHLB Stock			50,872
Purchases of Premises and Equipment			(2,464)	(1,702)
Redemption of Bank-owned Life Insurance			1,803
Net Cash Provided (Used) by Investing Activities			69,882	(242,799)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits			25,835	149,975
Proceeds from FHLB Advances			490,000	633,500
Principal Payments on FHLB Advances			(563,500)	(588,500)
Issuance of Subordinated Debt, net of Issuance Costs				78,828
Redemption of Subordinated Debt, net of Issuance Costs				(49,980)
Preferred Stock Dividends Paid			(2,027)	(2,027)
Stock Options Exercised			1,174	365
Stock Repurchases			(700)	(2,191)
Shares Repurchased for Tax Withholdings Upon Vesting of Restricted Stock-Based Awards			(218)	(128)
Shares Repurchased for Tax Withholdings Upon Exercise Stock Options			(100)
Net Cash Provided (Used) by Financing Activities			(49,536)	219,842
NET CHANGE IN CASH AND CASH EQUIVALENTS			46,295	(12,265)
Cash and Cash Equivalents Beginning			123,511	229,760	$ 229,760
Cash and Cash Equivalents Ending	$ 169,806	$ 217,495	169,806	217,495	$ 123,511
SUPPLEMENTAL CASH FLOW DISCLOSURE
Cash Paid for Interest			67,865	71,973
Cash Paid for Income Taxes			$ 8,221	5,883
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Loans Transferred to Foreclosed Assets				$ 185

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and Cash Equivalents	$ 169,806	$ 123,511
Securities Available for Sale, at Fair Value	605,412	776,441
Loans, Net of Allowance for Credit Losses of $57,418 at June 30, 2026 (unaudited) and $56,443 at December 31, 2025	4,360,502	4,244,108
Federal Home Loan Bank (FHLB) Stock, at Cost	17,979	21,122
Premises and Equipment, Net	52,730	51,576
Accrued Interest	16,946	18,929
Goodwill	11,982	11,982
Other Intangible Assets, Net	6,477	6,930
Bank-Owned Life Insurance	45,671	46,576
Other Assets	102,221	105,827
Total Assets	5,389,726	5,407,002
Deposits:
Noninterest Bearing	830,952	923,070
Interest Bearing	3,515,252	3,397,299
Total Deposits	4,346,204	4,320,369
FHLB Advances	326,000	399,500
Subordinated Debentures, Net of Issuance Costs	108,882	108,677
Accrued Interest Payable	2,565	3,227
Other Liabilities	58,166	58,134
Total Liabilities	4,841,817	4,889,907
SHAREHOLDERS' EQUITY
Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at June 30, 2026 (unaudited) and December 31, 2025	66,514	66,514
Common Stock - Issued and Outstanding 27,880,830 at June 30, 2026 (unaudited) and 27,759,970 at December 31, 2025	279	278
Additional Paid-In Capital	100,868	98,287
Retained Earnings	380,841	351,455
Accumulated Other Comprehensive Gain (Loss)	(593)	561
Total Shareholders' Equity	547,909	517,095
Total Liabilities and Equity	$ 5,389,726	$ 5,407,002