Bridgewater Bancshares, Inc. reported a net income of $9.6 million for the first quarter of 2025, reflecting a 23% increase from $7.8 million in the same period last year. Earnings per diluted share rose to $0.31, up from $0.24 in the first quarter of 2024. The company's total interest income increased to $65.7 million, a rise of 12% compared to $58.7 million in the prior year, driven by growth in the loan portfolio and higher yields on interest-earning assets. Net interest income also saw a significant increase, reaching $30.2 million, up from $24.6 million year-over-year.
The company’s total assets grew to $5.14 billion as of March 31, 2025, marking a 1.4% increase from $5.07 billion at the end of 2024. This growth was primarily attributed to a 3.9% increase in gross loans, which reached $4.02 billion, up from $3.87 billion at the end of 2024. The increase in loans was largely driven by organic growth and the acquisition of First Minnetonka City Bank (FMCB), which added approximately $225.7 million in deposits and $117.1 million in loans. The acquisition, completed in December 2024, also expanded the company’s branch network by two locations in Minnetonka, Minnesota.
Bridgewater Bancshares reported a total deposit increase to $4.16 billion, up 1.9% from $4.09 billion at the end of 2024. The growth in deposits was supported by both existing client balances and new client acquisitions. The company’s core deposits, which exclude brokered deposits and time deposits over $250,000, increased by 8.3% annualized. The company’s reliance on brokered deposits remained stable, totaling $831.5 million as of March 31, 2025.
Operationally, the company’s efficiency ratio improved to 55.5% for the first quarter of 2025, down from 58.2% in the same quarter of the previous year, indicating enhanced operational efficiency. The company also reported an increase in its employee headcount to 292, up from 255 a year earlier, largely due to the integration of FMCB. Looking ahead, Bridgewater Bancshares anticipates continued growth in its loan portfolio and overall financial performance, supported by its strategic initiatives and market conditions.
About Bridgewater Bancshares Inc
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