Bridgewater Bancshares Full Year 2023 Earnings: EPS Beats Expectations, Revenues Lag
Bridgewater Bancshares (NASDAQ:BWB) Full Year 2023 Results
Key Financial Results
Revenue: US$111.8m (down 13% from FY 2022).
Net income: US$35.9m (down 27% from FY 2022).
Profit margin: 32% (down from 39% in FY 2022). The decrease in margin was driven by lower revenue.
EPS: US$1.29 (down from US$1.78 in FY 2022).
BWB Banking Performance Indicators
Net interest margin (NIM): 2.42% (down from 3.45% in FY 2022).
Cost-to-income ratio: 53.0% (up from 41.5% in FY 2022).
Non-performing loans: 0.02% (no change from 0.02% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Bridgewater Bancshares EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) exceeded analyst estimates by 2.4%.
In the last 12 months, the only revenue segment was Banking contributing US$111.8m. The largest operating expense was General & Administrative costs, amounting to US$48.5m (64% of total expenses). Explore how BWB's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are up 1.7% from a week ago.
Risk Analysis
We don't want to rain on the parade too much, but we did also find 2 warning signs for Bridgewater Bancshares (1 is a bit unpleasant!) that you need to be mindful of.
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