Bridgewater Bancshares reports Q4 EPS 28c, two estimates 25c

Net interest margin on a fully tax-equivalent basis was 2.27%, compared to 2.32% in the third quarter of 2023. Tangible book value per share was $12.84 at December 31, 2023, an increase of $0.46, or 14.9% annualized, compared to $12.37 at September 30, 2023. “Bridgewater finished 2023 strong with the continuation of several positive trends as net interest margin continued to stabilize, deposit growth outpaced loan growth, and asset quality remained superb,” said Chairman, Chief Executive Officer, and President, Jerry Baack. “We also returned capital to shareholders by opportunistically repurchasing shares of common stock during the fourth quarter, while tangible book value per share increased for the 28th consecutive quarter. As we enter 2024, we are optimistic about our outlook as our balance sheet is well-positioned to benefit as the yield curve normalizes. In addition, our loan pipeline has begun to grow once again as loan demand has started to increase. By moderating our loan growth and reducing our loan-to-deposit ratio over the past few quarters, we believe we can continue to gain market share by deploying capital into more profitable loan growth as the interest rate environment improves.”