Q2 2024 Bridgewater Bancshares Inc Earnings Call Transcript
Key Points
- Stabilized net interest margin at 2.24%, halting previous compression trends.
- Return to revenue growth driven by higher net interest income and loan fees.
- Continued superb asset quality with no net charge-offs and very low levels of nonperforming assets.
- Tangible book value per share growth for 30 consecutive quarters, up 9.8% annualized from the first quarter.
- Recognition as a top workplace by the Star Tribune for the 5th year in a row, highlighting strong corporate culture.
- Loan and deposit growth were more muted in the second quarter due to higher levels of payoffs and seasonal factors.
- Continued deposit pricing pressures, with deposit costs increasing by 14 basis points in the second quarter.
- Elevated payoffs, which increased nearly $50 million from last quarter, contributing to slower loan growth.
- Potential headwinds from anticipated higher levels of loan payoffs in the back half of the year.
- Ongoing pressure on businesses from the higher interest rate environment, with expectations of some credit normalization over time.
Good morning, and welcome to the Bridgewater Bancshares 2024 second quarter earnings call. My name is Cole, and I'll be your conference operator today. (operator instructions) Please note that today's call is being recorded.
And at this time I would like to introduce Justin Horstman, Vice President of Investor Relations, to begin the conference call. Please go ahead, sir.
Thank you, Cole, and good morning, everyone.
Joining me on today's call are Jerry Baack, Chairman and Chief Executive Officer; Joe Chybowski, President and Chief Financial Officer; and Nick place, Chief Lending Officer.
In just a few moments, we will provide an overview of our 2024 second quarter financial results. We will be referencing a slide presentation that is available on the Investor Relations section of Bridgewater's website, investors.bridgewaterbankmn.com. Following our opening remarks, we'll open it up for questions.
During today's presentation, we may make
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