Bridgewater Bancshares, Inc._2023 Annual Report

Average Balances and Yields The following table presents, for the years ended December 31, 2023, 2022 and 2021, the average balances of each principal category of assets, liabilities and shareholders’ equity, and an analysis of net interest income. The average balances are principally daily averages and, for loans, include both performing and nonperforming balances. Interest income on loans includes the effects of net deferred loan origination fees and costs accounted for as yield adjustments. These tables are presented on a tax-equivalent basis, if applicable. December 31, 2023 December 31, 2022 December 31, 2021 Average Interest Yield/ Average Interest Yield/ Average Interest Yield/ Balance & Fees Rate Balance & Fees Rate Balance & Fees Rate (dollars in thousands) Interest Earning Assets: Cash Investments . . . . . . . . . . . $ 77,759 $ 3,170 4.08 % $ 66,072 $ 597 0.90 % $ 132,188 $ 199 0.15 % Investment Securities: Taxable Investment Securities . . 577,102 25,199 4.37 448,500 13,960 3.11 317,954 7,015 2.21 Tax-Exempt Investment Securities (1) ................ 29,004 1,325 4.57 72,379 3,101 4.29 75,313 3,242 4.30 Total Investment Securities 606,106 26,524 4.38 520,879 17,061 3.28 393,267 10,257 2.61 Paycheck Protection Program Loans (2) .................. NM NM NM 7,441 970 13.03 103,151 6,441 6.24 Loans (1)(2) ................. 3,699,252 192,679 5.21 3,183,271 145,857 4.58 2,481,706 112,587 4.54 TotalLoans ........... 3,699,252 192,679 5.21 3,190,712 146,827 4.60 2,584,857 119,028 4.60 Federal Home Loan Bank Stock 21,249 1,538 7.24 12,628 432 3.42 5,571 259 4.65 Total Interest Earning Assets................ 4,404,366 223,911 5.08 % 3,790,291 164,917 4.35 % 3,115,883 129,743 4.16 % Noninterest Earning Assets . . . . 86,438 76,189 73,917 Total Assets . . . . . . . . . . . $ 4,490,804 $ 3,866,480 $ 3,189,800 Interest Bearing Liabilities: Deposits: Interest Bearing Transaction Deposits.................. $ 650,028 $ 23,379 3.60 % $ 524,968 $ 4,336 0.83 % $ 441,528 $ 2,052 0.46 % Savings and Money Market Deposits . . . . . . . . . . . . . . . . . . 922,799 30,639 3.32 963,096 9,129 0.95 773,779 3,729 0.48 TimeDeposits.............. 263,161 7,064 2.68 284,868 3,264 1.15 323,638 4,099 1.27 Brokered Deposits. . . . . . . . . . . 909,662 34,963 3.84 449,095 6,650 1.48 406,863 3,962 0.97 Total Interest Bearing Deposits.............. 2,745,650 96,045 3.50 2,222,027 23,379 1.05 1,945,808 13,842 0.71 Federal Funds Purchased . . . . . . 169,645 8,521 5.02 149,608 4,507 3.01 2,479 6 0.24 NotesPayable.............. 13,750 1,143 8.31 2,863 202 7.04 1,658 61 3.66 FHLBAdvances............ 238,000 7,489 3.15 64,278 1,221 1.90 53,294 831 1.56 Subordinated Debentures. . . . . . 79,090 3,983 5.04 89,584 4,688 5.23 82,865 4,630 5.59 Total Interest Bearing Liabilities............. 3,246,135 117,181 3.61 % 2,528,360 33,997 1.34 % 2,086,104 19,370 0.93 %

Noninterest Bearing Liabilities: Noninterest Bearing Transaction Deposits . . . . . . . . . . . . . . . . . . Other Noninterest Bearing Liabilities................. Total Noninterest Bearing Liabilities............. Shareholders' Equity . . . . . . . . . Net Interest Income / Interest RateSpread................ Net Interest Margin (3) ........ Taxable Equivalent Adjustment: Tax-Exempt Investment Securities and Loans . . . . . . Net Interest Income . . . . . . . . . .

768,428

910,490

764,087

65,763

43,597

23,372

834,191 410,478

954,087 384,033

787,459 316,237

Total Liabilities and Shareholders' Equity . . . . . . . . . $ 4,490,804

$ 3,866,480

$ 3,189,800

106,730

1.47 % 2.42 %

130,920

3.01 % 3.45 %

110,373

3.23 % 3.54 %

(1,556)

(1,222)

(864)

$ 105,174

$ 129,698

$ 109,509

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