Bridgewater Bancshares, Inc. (BWB) Bundle
An Overview of Bridgewater Bancshares, Inc. (BWB)
General Summary of Bridgewater Bancshares, Inc. (BWB)
Bridgewater Bancshares, Inc. (BWB) was founded in 2010 and is headquartered in Bloomington, Minnesota. The company primarily operates as a bank holding company for Bridgewater Bank, which provides a range of financial services primarily focused on commercial and residential real estate lending.
As of 2024, Bridgewater Bancshares offers various financial products and services, including:
- Commercial loans
- Residential mortgage loans
- Home equity lines of credit
- Deposit accounts (checking, savings, and certificates of deposit)
- Wealth management services
As of September 30, 2024, the company reported total assets of $4.69 billion, total net loans of $3.63 billion, and total deposits of $3.75 billion.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, Bridgewater Bancshares reported net income of $8.7 million, with earnings per diluted share of $0.27, compared to net income of $9.6 million and earnings per diluted share of $0.30 for the same period in 2023. For the nine months ended September 30, 2024, net income was $24.6 million, down from $31.1 million in 2023.
The company’s primary source of revenue, net interest income, was $25.6 million for the third quarter of 2024, slightly up from $25.4 million in the same quarter of 2023. The total interest income for the third quarter of 2024 reached $63.0 million, compared to $56.8 million in the prior year.
Bridgewater Bancshares also reported a noninterest expense of $15.8 million for the third quarter of 2024, an increase from $15.2 million in the third quarter of 2023. The efficiency ratio for the third quarter of 2024 stood at 58.0%, compared to 56.1% in the same quarter of 2023.
The following table summarizes key financial metrics for Bridgewater Bancshares:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Income | $8.7 million | $9.6 million | -9.4% |
| Earnings per Share (Diluted) | $0.27 | $0.30 | -10.0% |
| Net Interest Income | $25.6 million | $25.4 million | +0.8% |
| Total Interest Income | $63.0 million | $56.8 million | +10.2% |
| Noninterest Expense | $15.8 million | $15.2 million | +3.9% |
| Efficiency Ratio | 58.0% | 56.1% | +1.9% |
Introduction to Company as a Leader in the Industry
Bridgewater Bancshares has established itself as a significant player within the banking industry, particularly in the Minneapolis-St. Paul-Bloomington metropolitan area. As of September 30, 2024, the company reported that approximately 81.8% of its loan portfolio consists of real estate mortgage loans, reaffirming its strong focus on the real estate sector.
The company’s core deposits, which totaled approximately $2.68 billion as of September 30, 2024, represent 71.5% of total deposits, showcasing a stable funding base. Furthermore, Bridgewater Bancshares has consistently maintained strong regulatory capital ratios, with total risk-based capital at 14.62% as of September 30, 2024, well above the minimum requirements.
With a commitment to responsive service and local decision-making, Bridgewater Bancshares is well-positioned to navigate the evolving banking landscape. Readers are encouraged to explore further to understand the strategic initiatives that contribute to the company’s sustained success in the industry.
Mission Statement of Bridgewater Bancshares, Inc. (BWB)
Mission Statement Overview
Bridgewater Bancshares, Inc. (BWB) is committed to providing exceptional financial services to its clients, particularly within the Minneapolis-St. Paul-Bloomington metropolitan area. The mission statement of BWB emphasizes their dedication to responsive service, local decision-making, and efficient turnaround times from application to closing. This mission is significant in guiding the company's long-term goals and ensuring alignment with customer expectations and market demands.
Core Component 1: Exceptional Customer Service
BWB's mission statement highlights the importance of exceptional customer service. The company aims to deliver high-quality products and services that meet the diverse needs of its clients. In 2024, BWB reported total deposits of $3.75 billion, reflecting a $37.5 million increase from the previous year. This growth indicates a strong customer base and the effectiveness of their service model in attracting and retaining clients.
Core Component 2: Local Decision-Making
Local decision-making is a fundamental aspect of BWB's mission. The company focuses on understanding the unique needs of its community and making informed lending decisions. As of September 30, 2024, BWB's total gross loans amounted to $3.69 billion, with a significant portion dedicated to real estate mortgage lending, which constituted 81.8% of the portfolio. This alignment with local market conditions showcases the company’s commitment to serving its community effectively.
Core Component 3: Efficient Turnaround Times
Efficient turnaround times from application to closing are critical for BWB's operational success. The company prides itself on a streamlined process, which has been a significant factor in its loan portfolio growth. The total assets of BWB increased to $4.69 billion as of September 30, 2024, marking a 1.7% growth compared to the previous year. This efficiency not only enhances customer satisfaction but also positions BWB competitively in the financial services market.
| Financial Metrics | September 30, 2024 | December 31, 2023 | September 30, 2023 |
|---|---|---|---|
| Total Deposits | $3.75 billion | $3.71 billion | $3.68 billion |
| Total Gross Loans | $3.69 billion | $3.72 billion | $3.72 billion |
| Total Assets | $4.69 billion | $4.61 billion | $4.56 billion |
| Tangible Book Value Per Share | $13.96 | $12.84 | N/A |
In summary, Bridgewater Bancshares, Inc.'s mission statement reflects a strong commitment to exceptional customer service, local decision-making, and efficient processes, which are critical for achieving long-term success in the competitive banking sector.
Vision Statement of Bridgewater Bancshares, Inc. (BWB)
Vision Statement of Bridgewater Bancshares, Inc. (BWB)
Bridgewater Bancshares, Inc. (BWB) aims to be a leading community bank, focused on delivering exceptional customer service and fostering long-lasting relationships within the communities it serves. The company emphasizes its commitment to local decision-making, responsiveness, and community engagement in its vision statement for 2024.
Local Decision-MakingBWB's vision incorporates a strong focus on local decision-making processes, ensuring that lending and service decisions are made by individuals who understand the community and its unique needs. As of September 30, 2024, total gross loans amounted to $3.69 billion, demonstrating the bank's robust lending capacity within the Minneapolis-St. Paul-Bloomington Metropolitan Statistical Area.
| Loan Type | Amount ($ in thousands) | Percentage of Total Loans |
|---|---|---|
| Commercial | 493,403 | 13.4% |
| Construction and Land Development | 118,596 | 3.2% |
| Real Estate Mortgage | 2,984,868 | 81.8% |
| Consumer and Other | 10,000 | 0.3% |
The bank prides itself on its ability to respond rapidly to customer needs. This is reflected in its efficient turnaround times for loan applications, which is a critical factor for attracting and retaining clients. The company has adapted to the current higher interest rate environment, focusing on aligning loan growth with funding outlooks. Despite a decrease in total gross loans by 1.0% from December 31, 2023, the bank continues to prioritize responsive service.
Community EngagementBWB's vision statement emphasizes community engagement as a core component. The bank actively participates in local initiatives and supports community development, which enhances its reputation as a trusted local financial institution. As of September 30, 2024, total assets reached $4.69 billion, indicating a stable growth trajectory that supports community investments.
| Asset Category | Amount ($ in thousands) |
|---|---|
| Cash and Cash Equivalents | 191,859 |
| Securities Available for Sale | 664,715 |
| Loans, Net | 3,628,867 |
| Other Assets | 206,076 |
The vision of Bridgewater Bancshares, Inc. encapsulates its dedication to becoming a premier community bank through local decision-making, responsiveness to customer needs, and active engagement in community development. This strategic focus not only enhances customer relationships but also contributes to the overall economic vitality of the regions it serves.
Core Values of Bridgewater Bancshares, Inc. (BWB)
Integrity
The core value of integrity at Bridgewater Bancshares, Inc. (BWB) is foundational to its operations and reputation. The Company emphasizes transparency and ethical behavior in all dealings, ensuring trust with clients and stakeholders.
In 2024, BWB implemented a comprehensive ethics training program for all employees, focusing on compliance and ethical decision-making. This program included workshops and online courses, resulting in a 95% employee participation rate. Furthermore, the Company maintained a zero-tolerance policy for unethical behavior, as demonstrated by the absence of regulatory fines or penalties in the past year.
Customer Focus
Customer focus is a pivotal value for BWB, driving the Company to prioritize client satisfaction and service quality. BWB has developed a robust feedback mechanism, allowing customers to share their experiences and suggestions.
As of September 30, 2024, BWB reported a customer satisfaction score of 88%, reflecting a 5% increase from the previous year. The Company also launched a new digital banking platform, which has seen over 10,000 users within the first three months of launch, significantly improving customer engagement and accessibility to services.
Collaboration
BWB champions collaboration as a core value, fostering teamwork across all departments to achieve common goals. The Company encourages cross-functional projects and initiatives that leverage diverse skills and perspectives.
In 2024, BWB initiated a collaborative project that brought together the marketing and IT departments to enhance online customer services. This initiative resulted in a 20% increase in online transactions and a 15% reduction in customer service response times.
Community Engagement
Community engagement represents BWB's commitment to giving back to the communities it serves. The Company actively participates in local events and supports various charitable organizations.
In 2024, BWB contributed over $150,000 to local nonprofits, including education and housing initiatives. Additionally, employee volunteer hours exceeded 2,000, with staff participating in community service projects, reinforcing the Company's commitment to social responsibility.
Innovation
Innovation is a driving force at BWB, encouraging continuous improvement and adaptation in its services and operations. The Company invests in technology and processes that enhance customer experiences and operational efficiency.
In 2024, BWB allocated $1 million towards technology upgrades, including a new customer relationship management (CRM) system that improved marketing outreach efficiency by 30%. This investment is expected to yield a return on investment (ROI) of 150% over the next two years, demonstrating the Company's commitment to leveraging innovation for growth.
| Core Value | Initiative/Program | Impact/Results |
|---|---|---|
| Integrity | Ethics Training Program | 95% employee participation, no regulatory fines |
| Customer Focus | Feedback Mechanism & Digital Banking Platform | 88% customer satisfaction score, 10,000 users |
| Collaboration | Cross-Functional Project | 20% increase in online transactions, 15% reduction in response times |
| Community Engagement | Charitable Contributions & Volunteer Hours | $150,000 contributed, over 2,000 volunteer hours |
| Innovation | Technology Upgrades | $1 million investment, expected ROI of 150% |
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Article updated on 8 Nov 2024
Resources:
- Bridgewater Bancshares, Inc. (BWB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bridgewater Bancshares, Inc. (BWB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Bridgewater Bancshares, Inc. (BWB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.