Bridgewater Bancshares Inc 2025年季度报告

☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF1934For the transition period from ____________ to ________Commission File Number001-38412 BRIDGEWATER BANCSHARES,INC. (Exact name of registrant as specified in its charter) 26-0113412(I.R.S. EmployerIdentification No.) 4450 Excelsior Boulevard, Suite 100St. Louis Park,Minnesota(Address of principal executiveoffices) (952)893-6868(Registrant’s telephone number, including area code).Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to filesuch reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorterperiod that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐ No☒ The number of shares of the Common Stock outstanding as of April 29, 2025 was27,439,946. Table of Contents PARTI FINANCIAL INFORMATION3 Consolidated Balance Sheets3Consolidated Statements of Income4Consolidated Statements of Comprehensive Income5Consolidated Statements of Shareholders’ Equity6Consolidated Statements of Cash Flows7Notesto Consolidated Financial Statements8 Item2. Management’s Discussion and Analysis of Financial Condition and Results ofOperations37Item3. Quantitative and Qualitative Disclosures About Market Risk62Item4. Controls and Procedures63 PARTII OTHER INFORMATION Item1. Legal Proceedings64Item1A. Risk Factors64Item2. Unregistered Sales of Equity Securities and Use of Proceeds64Item3. Defaults Upon Senior Securities65Item4. Mine Safety Disclosures65Item5. Other Information65Item6. Exhibits66 SIGNATURES67 PART1– FINANCIAL INFORMATION Bridgewater Bancshares,Inc. and SubsidiariesConsolidated Balance Sheets(dollars in thousands, except share data) March31,December31,20252024(Unaudited)ASSETSCash and Cash Equivalents$166,205$229,760Bank-Owned Certificates of Deposit4,1394,377Securities Available for Sale, at Fair Value764,626768,247Loans, Net of Allowance for Credit Losses of $53,766at March 31, 2025 (unaudited) and$52,277at December 31, 20243,959,0923,809,436Federal Home Loan Bank (FHLB) Stock, at Cost18,98419,297Premises and Equipment, Net49,44249,533Accrued Interest17,70017,711Goodwill11,98211,982Other Intangible Assets, Net7,6207,850Bank-Owned Life Insurance45,02544,646Other Assets91,993103,403Total Assets$5,136,808$5,066,242 Bridgewater Bancshares,Inc. and SubsidiariesConsolidated Statements of Income(dollars in thousands, except per share data)(Unaudited) Bridgewater Bancshares,Inc. and SubsidiariesConsolidated Statements of Comprehensive Income(dollars in thousands)(Unaudited) Bridgewater Bancshares,Inc. and SubsidiariesConsolidated Statements of Cash Flows(dollars in thousands)(Unaudited) Three Months EndedMarch31,20252024CASH FLOWS FROM OPERATING ACTIVITIESNet Income$9,633$7,831Adjustments to Reconcile Net Income to Net CashProvided by Operating Activities:Net Amortization on Securities Available for Sale(783)(281)Net Gain on Sales of Securities Available for Sale(1)(93)Provision for Credit Losses on Loans1,500850Credit for Credit Losses on Off-Balance Sheet Exposures—(100)Depreciation of Premises and Equipment627593Amortization of Other Intangible Assets2309Amortization of Right-of Use Asset568139Cash Surrender Value of Bank-Owned Life Insurance(379)(301)Amortization of Subordinated Debt Issuance Costs9695Stock-based Compensation9861,031Deferred Income Taxes(428)(214)Changes in Operating Assets and Liabilities:Accrued Interest Receivable and Other Assets1,158(5,883)Accrued Interest Payable and Other Liabilities(5,744)3,509Net Cash Provided by Operating Activities7,4637,185 Decrease in Bank-Owned Certificates of Deposit238—Proceeds from Sales of Securities Available for Sale1,09212,784Proceeds from Maturities, Paydowns, Payups and Calls of Securities Available forSale26,5389,143Purchases of Secur