- Bridgewater Bancshares, Inc. (BWB, Financial) reported a net income of $9.6 million for Q1 2025, up from $8.2 million in Q4 2024.
- Net interest income increased by 12.0% to $30.2 million compared to Q4 2024.
- The company saw a significant increase in gross loans to $4.02 billion, a 15.9% annualized growth from the previous quarter.
Bridgewater Bancshares, Inc. (BWB), the parent company of Bridgewater Bank, announced its financial results for the first quarter of 2025, reporting a solid start to the year with a net income of $9.6 million, compared to $8.2 million in the fourth quarter of 2024 and $7.8 million in the same quarter of the previous year. Earnings per diluted common share were $0.31 for Q1 2025, up from $0.26 in Q4 2024.
Net interest income saw a significant increase, reaching $30.2 million, a 12.0% growth from the $27.0 million reported in Q4 2024. This improvement was primarily driven by increased loan interest and fee income, higher purchase accounting accretion, and lower costs of deposits.
The net interest margin expanded to 2.51%, marking a 19 basis point increase from the previous quarter's 2.32%. This growth was attributed to the reduced cost of deposits and enhanced core loan yields.
Bridgewater experienced strong loan activity, with gross loans increasing by $151.6 million, or 15.9% annualized, from Q4 2024. Total deposits also grew, reaching $4.16 billion, an increase of $75.7 million, or 7.5% annualized, over the same period.
Chairman and CEO Jerry Baack highlighted the company's focus on maintaining asset quality and growing tangible book value amid economic uncertainties. Bridgewater Bancshares continues to leverage core deposit growth to support offensive loan growth strategies.
