2023-04-26 17:23:25 ET
- Bridgewater Bancshares press release ( NASDAQ: BWB ): Q1 GAAP EPS of $0.37 beats by $0.04 .
- Revenue of $30.51M (-3.9% Y/Y) beats by $0.16M .
- Gross loans increased $114.9 million, or 13.1% annualized, from the fourth quarter of 2022.
- Deposits decreased slightly by $5.4 million, or 0.6% annualized, from the fourth quarter of 2022.
- Net interest margin (on a fully tax-equivalent basis) was 2.72%, compared to 3.16% in the fourth quarter of 2022.
- Efficiency ratio, a non-GAAP financial measure, was 46.2%, compared to 43.8% for the fourth quarter of 2022.
- Noninterest expense declined $1.0 million, or 6.7%, from the fourth quarter of 2022. Annualized noninterest expense to average assets was 1.31%, compared to 1.42% for the fourth quarter of 2022.
- A credit loss provision of $1.5 million was recorded to support continued loan growth in the first quarter of 2023. The allowance for credit losses to total loans was 1.36% at March 31, 2023, compared to 1.34% at December 31, 2022.
- Annualized net loan charge-offs (recoveries) as a percentage of average loans were 0.00% for the first quarter of 2023 and for the fourth quarter of 2022.
- Tangible book value per share, a non-GAAP financial measure, increased $0.26, or 8.9% annualized, to $11.95 at March 31, 2023 compared to $11.69 at December 31, 2022.
For further details see:
Bridgewater Bancshares GAAP EPS of $0.37 beats by $0.04, revenue of $30.51M beats by $0.16M