Overview

• US regional bank's Q2 adjusted EPS met analyst expectations

• Net interest income rose 21% annualized from Q1, driven by loan growth and higher yields

• Company repurchased $700,000 of stock during the quarter

Outlook

• Company did not provide specific guidance for the current quarter or full year in the press release

Result Drivers

• LOAN GROWTH AND REPRICING - Net interest income and margin rose primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits

• MULTIFAMILY LOANS - Loan portfolio growth was primarily driven by increases in the multifamily portfolio

• NONINTEREST INCOME DECLINE - Noninterest income fell sharply due to no net gain on sale of securities compared to the previous quarter

Company press release: ID:nBw5nkZ4Da

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Adjusted EPS	Meet	$0.45	$0.45 (4 Analysts)
Q2 EPS		$0.45
Q2 Net Income		$14 mln
Q2 Net Interest Income		$38.60 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 $22.75, about 3.6% above its July 20 closing price of $21.95

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• July 21 - TrustCo Bank Q2 net interest income rises driven by loan repricing

• July 20 - ServisFirst Bancshares Q2 EPS rises 40% on loan growth, higher net interest margin

• July 21 - KeyCorp Q2 net interest income rises on lower deposit costs

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