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What does Bridgewater Pref A ADR do and what are its main business segments?

- **Deposit & Loan Growth**: 11.5% annualized core deposits and 6.6% loan growth, positioning for aggressive balance sheet expansion.
- **Margin Expansion**: Target 3% NIM by early 2027, driven by loan repricing and deposit cost decline.
- **Strategic Initiatives**: Successful platform launch and leadership succession ensure long-term growth and cultural continuity.
- **Credit Strength**: Minimal nonperforming assets (0.19%) and conservative reserves (1.34%), supporting risk-adjusted returns.
- **Rate Sensitivity**: 40% of adjustable loans tied to short-term rates, benefiting from Fed cuts.

**【CEO Summary Section】**
- **Core Deposit Growth**: 11.5% annualized, supporting aggressive loan growth with a 98% loan-to-deposit ratio.
- **Loan Growth**: 6.6% annualized, driven by multifamily, construction, and affordable housing sectors.
- **Net Interest Margin (NIM)**: Expanded 1 basis point to 2.63%, with optimism for meaningful expansion in 2026.
- **Tangible Book Value**: Increased 20% annualized, up 14% year-to-date, reflecting shareholder value creation.
- **Strategic Initiatives**: Successful launch of new online banking platform and completion of First Minnetonka City Bank systems conversion.
- **Leadership Transition**: Elevated internal talent to key roles, ensuring continuity and cultural alignment.

**【CFO Financial Commentary】**
- **Net Interest Income**: Grew $1.6 million, driven by 16% earning asset growth and 7 basis points of yield expansion.
- **Margin Challenges**: 6 basis point drag from subordinated debt issuance, offset by $1.7 billion in rate-sensitive deposits.
- **Forward Margin Outlook**: Target 3% NIM by early 2027, supported by loan repricing and deposit cost decline.
- **Expense Management**: One-time costs from systems conversion concluded; expect expense growth to align with asset growth.
- **Fee Income Volatility**: Swap fees rebounded in Q4, averaging $300,000 per quarter over the past 5 quarters.

**【Q&A Highlights】**
- **Margin Path**: 2-3 basis points per month, driven by $750 million in fixed and adjustable loans repricing in 2026.
- **Credit Health**: Nonperforming assets at 0.19% of total assets, with conservative 1.34% reserve ratio.
- **Rate Impact on Borrowers**: Proactive management of repricing risk, with 40% of adjustable loans tied to short-term rates.
- **M&A Efficiency**: Closing 1 of 2 acquired branches to streamline operations, opening a new East Metro branch in 2026.
- **Expense Normalization**: Core noninterest expense to grow in line with assets, excluding one-time merger costs.

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