Bridgewater Bancshares, Inc Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2018
January 24, 2019 at 05:41 pm IST
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Bridgewater Bancshares, Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2018. The company announced net income of $7.8 million for the fourth quarter of 2018, a 132.8% increase over net income of $3.3 million for the fourth quarter of 2017. Net income per diluted common share for the fourth quarter of 2018 was $0.25, a 91.1% increase, compared to $0.13 of net income per diluted common share for the same period in 2017. Basic earnings per share was $0.26 against $0.14 a year ago. Net interest income was $17.4 million for the fourth quarter of 2018, an increase of $2.6 million, or 17.5%, compared to $14.8 million for the fourth quarter of 2017. The increase in net interest income was largely attributable to growth in average interest earning assets, which increased by 23.3% to $1.94 billion for the three months ended December 31, 2018, from $1.57 billion for the three months ended December 31, 2017. This increase in average interest earning assets was primarily due to continued organic growth in the loan portfolio. Total interest income $23,988,000 against $18,576,000 a year ago.
For the year, the company reported, total interest income was $85,226,000 against $66,346,000 a year ago. Net interest income was $64,738,000 against $54,173,000 a year ago. Net income was $26,920,000 against $16,889,000 a year ago. Basic earnings per share was $0.93 against $0.69 a year ago. Diluted earnings per share was $0.91 against $0.68 a year ago.
Bridgewater Bancshares, Inc. is a financial holding company with one wholly owned subsidiary: Bridgewater Bank (the Bank). The Bank focuses primarily on commercial lending, consisting of loans secured by nonfarm, nonresidential properties, loans secured by multifamily residential properties, nonowner occupied single family residential properties, construction loans, land development loans and commercial and industrial loans. It offers loan and deposit products primarily for commercial clients. The Bank has developed a suite of deposit products targeted at commercial clients, including a variety of remote deposit and cash management products, along with commercial transaction accounts. The Bank also offers consumers traditional retail deposit products through its branch network, along with online, mobile, and direct banking channels. The Bank has seven full-service offices located in Bloomington, Greenwood, Minneapolis (two), St. Louis Park, Orono, and St. Paul, Minnesota.