Q3 2024 Bridgewater Bancshares Inc Earnings Call Transcript
Key Points
- Bridgewater Bancshares Inc (BWB) reported a solid quarter with earnings of 27 cents per share.
- The company experienced a second consecutive quarter of net interest income growth and ongoing net interest margin stability.
- Strong core deposit growth was noted, enhancing the overall deposit mix.
- The acquisition of First Minnetonka City Bank is expected to provide additional liquidity and balance sheet optionality.
- Asset quality remains strong with no uptick in net charge-offs and non-performing loans, despite challenges in the office loan sector.
- Loan balances declined due to elevated loan payoffs and increased market competition.
- The company expects loan balances to remain relatively flat in the fourth quarter due to continued payoff headwinds.
- There was a $935,000 charge-off related to a central business district office loan.
- Expenses are expected to continue to move modestly higher, excluding merger-related expenses.
- Deposit costs have been pressured, although they are expected to decline with future rate cuts.
Good morning and welcome to the Bridgewater Bancshares 2024 third quarter earnings call. My name is Wyatt and I will be your conference operator today. All participants have been placed in listen-only mode after Bridgewater's opening remarks, there will be a question and answer session to ask a question. Please press star. Then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys to withdraw your question. Please press star. Then two. Please note that today's call is being recorded at this time. I would like to introduce Justin Horstman, Vice President of investor relations to begin the conference call. Please go ahead.
Thank you Wyatt 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, Nick Place, Chief Banking Officer and Jeff Shellberg, Chief Credit Officer. In just a few moments, we will provide an overview of our
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