Bridgewater Bancshares Inc (BWB) Announces Q3 2023 Earnings
Bridgewater Bancshares Inc (NASDAQ:BWB) reports Q3 2023 net income of $9.6 million, down from $9.8 million in Q2 2023, and $14.5 million in Q3 2022.
Diluted earnings per share for Q3 2023 were $0.30, compared to $0.31 in Q2 2023, and $0.47 in Q3 2022.
Net interest margin for Q3 2023 was 2.32%, a decline from 2.40% in Q2 2023 and 3.53% in Q3 2022.
Total assets as of September 30, 2023, were $4.56 billion, a slight decrease from $4.60 billion as of June 30, 2023.
On October 25, 2023, Bridgewater Bancshares Inc (NASDAQ:BWB) announced its third-quarter earnings for 2023. The company reported a net income of $9.6 million, slightly down from $9.8 million in the previous quarter and significantly lower than the $14.5 million reported in the same period in 2022. The diluted earnings per share were $0.30, compared to $0.31 in the second quarter of 2023, and $0.47 in the third quarter of 2022.
Financial Performance
The company's net interest margin for the third quarter of 2023 was 2.32%, an eight basis point decline from 2.40% in the second quarter of 2023 and a 121 basis point decline from 3.53% in the third quarter of 2022. The total assets as of September 30, 2023, were $4.56 billion, a slight decrease from $4.60 billion as of June 30, 2023.
Income Statement Highlights
Net interest income was $25.4 million for the third quarter of 2023, a decrease of $451,000 from $25.9 million in the second quarter of 2023, and a decrease of $8.7 million from $34.1 million in the third quarter of 2022. Interest income was $56.8 million for the third quarter of 2023, an increase of $1.8 million from $55.0 million in the second quarter of 2023, and an increase of $14.5 million from $42.4 million in the third quarter of 2022.
Balance Sheet and Asset Quality
As of September 30, 2023, the total gross loans were $3.72 billion, a slight decrease of $13.9 million, or 1.5% annualized, over total gross loans of $3.74 billion at June 30, 2023, and an increase of $342.2 million, or 10.1%, over total gross loans of $3.38 billion at September 30, 2022. Total deposits at September 30, 2023, were $3.68 billion, an increase of $97.6 million, or 10.8% annualized, over total deposits of $3.58 billion at June 30, 2023, and an increase of $370.4 million, or 11.2%, over total deposits of $3.31 billion at September 30, 2022.
Company's Outlook
Despite the slight decrease in net income and diluted earnings per share, Bridgewater Bancshares Inc (NASDAQ:BWB) remains optimistic about its financial performance. The company's CEO, Jerry Baack, commented,
Throughout the third quarter, Bridgewater saw the continuation of several encouraging trends, including signs of net interest margin stabilization, enhanced balance sheet composition, and superb asset quality."
For more detailed information, please refer to the full earnings report on the official Bridgewater Bancshares Inc (NASDAQ:BWB) website.
Explore the complete 8-K earnings release (here) from Bridgewater Bancshares Inc for further details.
This article first appeared on GuruFocus.
