Bridgewater Bancshares Full Year 2023 Earnings: EPS Beats Expectations, Revenues Lag

Bridgewater Bancshares (NASDAQ:BWB) Full Year 2023 Results

Key Financial Results

• Revenue: US$111.8m (down 13% from FY 2022).
• Net income: US$35.9m (down 27% from FY 2022).
• Profit margin: 32% (down from 39% in FY 2022). The decrease in margin was driven by lower revenue.
• EPS: US$1.29 (down from US$1.78 in FY 2022).

BWB Banking Performance Indicators

• Net interest margin (NIM): 2.42% (down from 3.45% in FY 2022).
• Cost-to-income ratio: 53.0% (up from 41.5% in FY 2022).
• Non-performing loans: 0.02% (no change from 0.02% in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Bridgewater Bancshares EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) exceeded analyst estimates by 2.4%.

In the last 12 months, the only revenue segment was Banking contributing US$111.8m. The largest operating expense was General & Administrative costs, amounting to US$48.5m (64% of total expenses). Explore how BWB's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 1.7% from a week ago.

Risk Analysis

We should say that we've discovered 2 warning signs for Bridgewater Bancshares (1 can't be ignored!) that you should be aware of before investing here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.