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- **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.

Bridgewater Bancshares, Inc. (BWB) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BWBBP

BWBBP fundamentals

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