Overview

• U.S. regional bank's Q1 adjusted EPS met analyst expectations

• Net interest income rose from prior quarter, driven by higher loan yields and lower deposit costs

• Company launched ATM offering for up to $50 mln of common stock; no shares sold in Q1

Outlook

• Company did not provide specific guidance for upcoming quarters or the full year

Result Drivers

• NET INTEREST MARGIN EXPANSION - Co said higher loan yields and lower deposit costs drove net interest margin expansion in Q1

• SECURITIES SALE - Gain on sale of $208.5 mln of securities boosted noninterest income and improved balance sheet efficiency

• LOAN GROWTH - Growth in commercial and CRE non-owner-occupied portfolios contributed to higher loan balances

Company press release: ID:nBwc80sHya

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted EPS	Meet	$0.41	$0.41 (4 Analysts)
Q1 EPS		$0.58
Q1 Net Income		$17.40 mln
Q1 Net Interest Income		$36.60 mln
Q1 Loan Loss Provision		$1.2 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Bridgewater Bancshares Inc is $22.25, about 16.6% above its April 20 closing price of $19.09

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

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