Earnings call transcript Q4 2022

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Operator

Good morning, and welcome to the Bridgewater Bancshares 2022 Fourth Quarter Earnings Call. My name is Joe and I will be your conference operator today. All participants have been placed in a listen only mode during the duration of the call. After Bridgewater’s opening remarks, there will be a question-and-answer session [Operator Instructions]. Please note that today's call is being recorded.

I Relations to call. to time, Director Justin this Investor of begin at would introduce like Horstman, Now this conference go ahead. Please

Justin Horstman

Thank good and you, morning Joe everyone.

and be on provide Officer; Financial an moments, XXXX Officer. Chief Nick our Baack, call In me and Shellberg, Officer; fourth will overview Officer; results. Chief Joining Chairman, Chybowski, of today's Jeff President quarter we'll Place, Chief Credit Chief just Executive Joe few Jerry financial Lending a

that is We on referencing will slide presentation Bridgewater's investors.bridgewaterbankmn.com. be relations investor site of available section a the Web

remarks, for opening our we Following will open up questions. it

today's actual During future quarter statements financial make may see Please results are caution looking or the regarding the of other statements company. We differ disclosure fourth materially. presentation, forward-looking XXXX may forward in we our performance that earnings the or that future statement and events release. such projections predictions

disclosures understand earnings in results GAAP with XXXX financial release our For should of company's measures not we operating viewed the financial GAAP. and GAAP the more meaningful information information. addition help be and quarter call. We provide non-GAAP for trends information The in risks update them that with financial of to also will today We comparisons the determined disclosures believe to these certain which We to for related investors operating XX, the measures a Please non-GAAP us. performance to affect the may facilitate December fourth measures disclose uncertainties may measures. information peers. comparable the no duty about non-GAAP is to and performance during or caution provide of our XXXX as we non-GAAP undertake and accordance as reconciliations see to substitute

to President I Chairman, would CEO, the Baack. to Bridgewater and Jerry call over like turn now

Jerry Baack

XXXX think it X for have earnings we're you, business. been and in an assets and financial excited will to results We're more about us our our highlighted as our our overview sheet we today way Started share of good of IPO case by hosting calls to ever balance quarterly earnings. begin basis seeing consistently non you, point. a model we Slide asset was provide and ratio thank for Since loan highly growth, more us XX% efficient our for again performing Thank the on earnings and as Justin X, results quality. XXXX provide year joining total into across the everyone robust first call. XXXX, insight be an of growth of full in strong and superb just to XX.X%, we saw This business efficiency assets a what

the are best All among in the of which industry.

a As in earnings and another had we result, XXXX. revenue year record

to team was relationships, and as as the presence throughout Cities. in growth work as Twin ongoing and market continue to build of members due well the year disruption deepening brand the our sustained Our we hard the develop client our

are to of the value is significant book industry. XXXX creating. across X.X% good to rising the on value shareholder portfolios by market We're value is a rates, of book one securities important we related interest which it to of as most depreciation book measure tangible metrics put value the the Finally, value tangible able grow us despite tangible in pressure

quality continue front rates rise. interest as by net deals. earnings during of Turning as to share funding in well of quarter per quality was margin reported strong the $X.XX, continuation Loan and asset to growth our strong annualized We Slide quarter interest as a pressures the growth, driven high of X. which continued balances increasing impacted which trends, we with emerging remains efficiency XXXX, fourth to XX% as get

to generate not year up surprising we've able loan growth to funding of in and interest level cycle, we against are where the that Given during seen started us the pressures. it's we've the been to we've run that rate --

plan While deposit higher margin sheet costs saw to interest loan increased Joe funding the and teams our borrowings decline bring our support clients, to the our continue rates wholesale to provide fourth will to the how balance net with with more supplemented we current these work into X.XX% growth. we XXXX. head we Coupled as and interest in deposits, quarter. margin in on competition color to manage we core to on retain have

extremely in during We offs fourth continue with no levels, quarter efficiently of as people charge quarter. and an and low we to operate saw the ratio our invest the very net even we efficiency XX% in

fact, net finished with for XXXX recoveries year. we In the

XXXX, into assess head environment in proactively warning we're but we really steps seeing our we're any at a more this early to uncertain not taking signs. point portfolio As

that, turn With will over I Joe it Chybowski. to

Joe Chybowski

Jerry. you, Thank

I'll during the Slide provide margin the X, more interest we some compression saw to quarter. Turning net net interest income details on and

growth years, strong in by Over loan a seen and stable trends driven few last income have the relatively we robust margin non-interest growth.

our and funding interest saw outlook, we in further we is However, saw in drop on yield current margin to rise. of maintain are inversion these near growth fourth where more implied challenging the cycle, the this the to term over income curve. meaningful loan quarter, flattening Last as interest what expectation largely have indicated begin this trends with well we strong costs in a our the net the net as based we become Coupled quarter. for as the

funding for basis the points bit was additional Our resulted the more a wholesale which XX than quarter, robust as margin we borrowings. expected in declined growth and during need loan

reset income a margin million. As We this $XX.X declined interest result, couple to for anticipating reasons. of were net a

recent support higher beta our deposits borrowings robust growth. the to in loan growth is and First

yields higher base north with sensitive market to especially Second, we the have and balance given from we the unprecedented X%. wherewithal the sophisticated rising of tends to has a have more be to more interest that client seen competition treasury rates deposit move,

faster which pace of is have thirds of far. rate loan than two repricing that of yields so loans, increased a is see slower This initially. loan you as X portfolio on Lastly, Slide our funding fixed evident means made up costs can

We expect loan for at these Many being new on with higher X.X% are with yield coming yields prepayment future, higher penalties, higher especially continue of grinding a which typically strong yields portfolio will rate. stickier make structured originations the today or longer. on for to help which foreseeable

over have reprice rate of over addition, to of their adjustable we loans million year and variable at $XXX rate floors. scheduled or In $XXX the fixed rate million over and next above loans

into costs all before of fourth On the funding managers side, pressure continue we the to beginning from additional our margin quarter steeper increase margin in stabilize. funding This [X.XX]. quarter first expect implies a to

continue saw Looking the is expect flatten in and quarter the compression fourth loan Obviously, funding caveat thereafter can a always similar as yields potential with with the stabilization to to to margin back and pace expand. quarter rate of first this costs ahead and that the margin we for uncertain change. expansion 'XX, just of as the we in half the the interest all of year outlook is see

assume fed remains peaks expectations throughout XXXX. there Our and X% funds at

to Turning X. Slide

that in based. the profitability. of margin track strong compression discussed the of a spread given demonstrated vast impacted is was This and long revenue fourth by majority our the have record quarter revenue we We

was up XX% revenue However, total year-over-year. still

noninterest recur. side typically don't fees, income to which included as feed up rate income XX% we don't the elevated On during was noninterest expect lock or we the other quarter

X. Turning to Slide

continue efficiency and a branch We CRE our with given light focused high portfolio. to operate level of loan model

growth we remained Expense XX%. which in ratio XX% collateral in a XX.X%. we the in did of efficiency bit growth primarily line in quarter growth, to core growth which remain expect We range was as XX% Our to grow to derivative asset XXXX. our annualized in higher with rate, low of below expense at elevated asset came fourth expenses the in due at typically fees, XX% look XXXX

Place. turn With that, Nick to it I'll over

Nick Place

Thanks, Joe.

Turning X. to Slide

the growth as nearly to quarter are due fewer out a increased and We we balances recent Overall, to fourth rates. in in higher continued deals demand loan penciling as generate decline seen XX% year-over-year. have in interest XX% months annualized robust

loans clients with our business good get yielding good teams our in of front are continuing core high However, to in quality lines.

to some clients able there have develop We pulled banks are to example, term the is XXXX Twin been to large these the many quarter This years. in over on during to other the still bring some for were back. Cities what we we long in trying bring we've similar as For XXXX to of today. that of names relationships board did client

a long in puts better position So near-term, despite the our term. the in us growth is funding for believe pressures we creating the it

our comfort enter We have certainly also deposit XXX% a as of excess to with the XX%, that to portfolio loan but loan bear in growing our to ratio we comfort of close are end level XXXX top we is aware the range. demonstrated

taking core participations manage of and being forward, for balances a compensating and loan look portfolio as selling new growth. renewed alignment on requiring are on credit slower in growth expect the deposit deposit we growth going much and XXXX to do actions We selective pace new help more several loans, We increased including loans. on of pricing the better with

Turning to Slide XX.

in advances, reduced a totaled the million Given demand the we in fourth down loan for see originations $XXX pace quarter, year-over-year. the which XX% slower and market, to continue

many XX% Pay more has downs pay borrowers interest have to payoffs year market offs of our rates offset contributing current in which ago decline by been the continuation a However, from refinancing pay than rates as growth. this attractive. loan less downs, declined is the and below robust making and

been new originations manage As our have participations selling also I we growth. on help mentioned, to

two and participations XXX originations past quarters, our the advances. XX% we of million sold of Over total have for

is and portfolio commitments. including million balance over participation $XXX loan unfunded Our million now $XXX over

added growth strong the this loan the XX, given In Twin you the loan portfolio. and quarter growth, Slide which the of risk addition see Cities servicing market well. our key driver can our various helping expertise across we types manage low benefit led revenue multifamily, by in had On continues be an a as to growth characteristics provides fourth to

in We construction construction draws on the existing and to also in portfolio, given saw expect good we continue XXXX which development growth loans. upcoming the

balances these saw into some prior in what other quarters. As projects to we portfolios of loan their phase, complete the migrate construction similar will

In we creating loan in growth continued taking drive implement a XXXX deposit portfolio time addition will see growth steps are out while that our and are we of take building also to we to term our future This to portfolio, but expect help the diversification years. incremental time. in C&I the is benefit channels to in growth new over expand C&I function initiative long to

fourth to Turning Slide XX% has the balances as XX% year-over-year. increased XX. during and annualized quarter Growth on deposits strong remained

growth challenging later As deposit keep loan core became we've mentioned, up in growth to with sufficient generating more our XXXX.

onboarding precise linear relationships a pipeline. commercial less our the In always which than in nature loan fashion larger don't come our longer addition, new have of sophistication given and deposit deposits, and

a As higher result, than past. brought during we in the and brokered fourth beta borrowings deposits have more the quarter in we

loan Increased our date. course cumulative deposits help the be of deposits more controlled have our beta is XXXX, It Over -- betas funding deposits. at core bearing even will funding well likely our has overall to trending growth core lower from XX% with worth on spreads the as noting core interest higher. focus are that we to on beta cycle been our continue of should

I'll Jeff Shellberg. now over it turn to

Jeff Shellberg

Thanks, Nick.

Turning assets XX, already assets of quality Non-performing declining and total asset X.XX% end. have been totaled be levels just year continues steadily low to to superb. Slide our at from

we second consecutive net the for year. no had addition, charge offs In

is the had risk credit consistent standards, fees. have This our experienced we credit cumulative last active of fact, $XXX,XXX over oversight charge five due measured years. and lending selection, In offs just underwriting and largely net to

without on While environment some we have and at rate normalization taking given expect period seen recession proactive we the issues, to credit credit point an address the horizon. future our extended concerns. we're Therefore, higher potential interest do steps

current a we're covenants repricing For fixed noting to assessing risk. loan worth it It's reduces portfolio repricing helps actually some ability from of by rate loan the our interest the credit rate meet standpoint example, loan client's that environment. our evaluating risk in as

losses. impact given be we not CECL the will low material first the historical day adopting we our addition, one expect and quarter in In do

In saw million of fourth the in quarter. $X.X of classified decrease terms assets, a we

loans The and a XX $X.X assets Slide up in C&I watchlist majority more some bottom increase of saw classified our over we less of In fourth classified loans. assets, the which of X% total it are total head detail million quarter, the feel included than balances, relationship primarily capital. of the provide just to on made moved risk relationships X% monitoring multifamily the relationships to two is due the These we profile we and of feel into our ongoing as positioned C&I good portfolio. the about and and well watch. XXXX. of Overall, loan portfolio reflect The we

to I'll now Joe. over turn back it

Joe Chybowski

equity at liquidity XX we due current capital finished highlights and capital XXXX ratios $XX.X strong our at lower trend our repurchased [X.XX]. to the growth common robust comfortable remain million [X.XX] We ratios, with the and year. Slide year levels capital Jeff. our see throughout in and at positions. We of Thanks, CETX tangible common stock did primarily loan

we not the during purchase did Although any fourth stock quarter.

our XXXX of we to organic loan ratios focus. as priority tangible continue primary will From common retain earnings. the and backup We capital looking CETX pace throughout build growth be our standpoint, slow and to a growth remains equity

Beyond and opportunities. evaluate review that to continue M&A we potential

by that have repurchase stock also a the in We was program approved board new XXXX. $XX million

here, will conditions. from shares term repurchase However, build in it the based we unlikely market on we as to look levels opportunistic remain near capital is but will

maintained with end We investment with comfortable billion unencumbered. also and on liquidity balance completely $X.X we at year remain portfolio our of as off sheet position liquidity being our

summarize thoughts head XXXX. Turning to as on our into term Slide XX. I'll our expectations near we

on expect beta the of peak a growth we balance of with. general, digit bring growth we loan our here. We high and overall as deposit single the its pipeline with that XXXX. to factors reliance we're to course are funding couple comfortable in loan reduce third higher one with growth was keep There the what the low is growth loan align to loan sources able core to of Coupled In mid deposit sheet core it to over look we XXXX. at about growth better in double in the be in range more mind growth XXXX, more will slow expect digit for

payoffs downs can and net to level predict the difficult and pay our growth. of is First, affect

plan XX% approximately to portfolio Second, previously in totaling loan fundings today. XXX% maintain we deposit of range. ratio loans our to in originated we a on throughout already have the to loan XXXX construction coming built X% Overall, in

earlier, mentioned the to we similar in As the in saw what be I expect quarter quarter. to compression we just first margin fourth

margin again loan margin the years. the growth up back then the be the stabilizes, to we net growth, first expect to expansion levels year near the we loan the half Once seen repricing with the past side. several funding for However, catches of stabilize quarter to will tied the similar to pace in what interest potential in XXXX income have of over as

slightly We the very higher expect range, strong revenue. is our mid still efficiency as ratio XX% to impacts move pressure into margin which

slower We mentioned to standpoint, bit our common I slow also expect CETX asset pace noninterest expense as look growth we to equity XXXX. ratios and of tangible And a a capital and align from will with our growth. throughout build

I'll back to now Jerry. it turn over

Jerry Baack

Thanks, Joe.

did which identified want growth loan very for strong. as priority ahead look questions, strategic minute was XXXX Slide On balance to back we up Before sheet I continue our was open in we XXXX. the were look priorities priorities first to take to to XXXX at a trajectory, in our and our XX, a growth

commercial also established other launch our and in ServiceNow, system including Encino in business such partnerships This in of origination addition to we've invested as is March. We the scalability, Salesforce.

operate we the top continue As efficient models expense than developed in most week, recruited, I've asset industry of business growth. coming to in retained And and the with we last mentioned, talent. lower growth one

our environment, XX% hires expecting challenging bank. key as the add areas were While as all people we year, hiring including employee to the due the during increased still of we didn't many base across

our are Finishing term for on on the based up long priorities for XX, Slide strategic positioning bank XXXX success.

better of the balance core quality XXXX. loan high with manage course our growth to want growth by deposit aligning sheet we over growth First,

the maintain business. want we continuing to to efficiency while invest our in strong Second,

pace on leverage slower pulling to of back also made this some eliminate, which while the areas sheet investments have embrace do by balance expenses, technology looking growth, years. in to at plan can we means of we spend Given and we continuing recent discretionary

be includes normalize initiative expect prepare shared want at Third, as well environment week, that out assess this implement credit the be Last longer a to we actions we we us earlier, as initiatives C&I Jeff now his us preparing bank XXXX, become for to thoughts our success. earlier. to term asset mentioned long as proactively we the want quality opportunities begin build and Overall, as risk the term. This usual will strong we're repricing Nick on taking some growth continue available. we as M&A to point. to opportunistic challenging remain optimistic while remains allow to and efficiency high that over

going With open that, for to this questions. up we're

Operator

of [Operator Instructions] question Sandler. come Piper And Nosal our with from first line will the here Brendan

Brendan Nosal

quarter. a of later on inflection increases It kind start not like really if deposit after first year. the here the that question is key pricing To off getting the really to margin just in stabilization the slowdown in feels

realize just So stability higher can that the kind actually your slowdown confidence just a about year? pressures you grind funding and that and talking than that rather of throughout continuous

Joe Chybowski

I the us, funding in think, higher the I and growth to at loan pace and the we overnight throughout the to look we've having fourth highlighted when if for think, cost it feel that core lower broker with of obviously given of or and or than with third confident meaningfully betas we, our -- quarter, beta that experienced you are levels, gap mean, fill wholesale I deposits, XXXX. in growth mean, those ability And is wholesale deposit those the deposits grow the to I borrow markets. we where core kind

really there. to slowdown about, -- there's to certainly think sight side, that in we that's on funding experienced the throughout component continue mean, margin more I the side talked in I for this then is markets in cost definitely downs environment. loan the the good ability betas feel line XXXX. rate and I fee opportunities on as coming we margin at time the feel core which, more those like, in the I lower that's really flip piece the think asset from to your higher to about the from of should time I to accretive book XXXX. And wholesale talk based. to pay also, We passes, the And a deposits obviously, than other mean, pay offs about real think question, and the, them grow loan really reprice that's our have So we

compared in last And was to so half it quarters third you on in was historically. certainly quarter quarter what the saw that and the

do do see if positive up of acceleration obviously, So loan margin as fee an payoffs and it you feels loan pick income, like that's well. that

Brendan Nosal

Maybe one given the kind in slowdown of more from of me, just growth. intention loan

Just kind a after of years higher staff lending curious of light record you how very in that motivated long your of much of track keep growth?

Jerry Baack

been they when there Nick little we meeting whole their which, bit and kind our actually it we're since go maybe out bank and more process had actually a with let and sell. We're last and a deposits how But pivoting and through obviously, to. good all thought staff a their in incentivizing they of talk loans he change manages -- out stuff had them them. I'll eagerly I probably at And really representing is that. need talked go night has to mean, the out versus of get about it learning

Nick Place

new we only find The in -- loan I'd and to touched our presentation, is I on good continue think, it to will we thing opportunities. add that

focusing good we long really to encouraging that our with that well term be clients of diligent core, types long those in good long through staff business bring for acquiring on I the do term. known, healed growth organization well the will can help just history, about think we're opportunities

today. we're wins additional us long fourth of mentioned, And term some allows the aspect, some deposit just working fund clients, of continue which got the we're is and really energy Jerry which in We've to on now. wins put had that focusing to then as to we're we where the So really those our time historical transactions on quarter. our trying

going feels game the XXXX. Jerry's the balance about manage to So to to forward through we're try our that comments I good and staff how plan echo sheet continue going

Operator

Rulis Jeff D.A. next will come from question Davidson. with Our

Jeff Rulis

those appreciate the sort of deck slides, are and helpful. the I outlook

I into deposit you just customers to mind I well. So that wanted framed up get sensitive think kind it rate. bunch sophisticated of of your of the that to sort

are as quarter up to like maybe fourth those thought your had aligns want satisfied, approached rate? QX it? they better that's see feel that and rate the beyond and Just feel customers and with margin if gone that's a conversations. they've piece if first vast In of a have through of then troughing you kind words, little in of delivering that and them the catch you need kind a stabilizing, of you bit round you'd received now, Do other quarter like the

Jerry Baack

to going Nick’s that handle -- one. let I'll

Nick Place

-- think great relationships deposit that customers we've them. we've deposit the I our customer, core with got

be continue we that giving pleased is deposits. we to opportunity I by think is to keep us the that relationship have what that those

we some do sophisticated So least as clients the to the and calls to while we attracted at high try deposit reprice potentially relationship where seen where and on those we are some yield have retain client to increase ability them, that have of we up. betas the and accounts have savings the other treasuries get with goodwill

think and those balances. just I given thing overall declines seen industry some we've that our been niche deposit of industries in, other is have note to markets the

company are would XX/XX like be as down that higher industry some that interest that has examples slowed, mortgage So and have of clients refinances title that and have rates some are we that balances slowed.

their And has really then shown ability structural not we on feel really attention So nature months. historically to due recent some increased things, we have new and in do only side Joe in to it a mean, And that strong on of business briefly. businesses. I deposits about grow of core our changed. that mean, has this the just I of some to touched just is good

other on wholesale to much our about betas customers are that feel I borrowings and deposit will that So have continue ability funding. core bring to lower of than good sort

feel we ability So that. do our about to good

don't know else if anything Joe, the on the insight an just margin? that's on you customer. I I maybe have mean So

Jerry Baack

it. No, I you nailed think

some to think it over. mean, think in of if continue where you that's Nick's about as I to this time relationship pipeline, I momentum, takes it's are deposit said have to time prepared visibility out ability you that precise certainly But reiterate keep high good in which disruption since to the get Nick our I to loan market as out mean, I think when and I either, think relative linear bring public. too. our there's I and we've front here like are 'XX or lands. we on think there's in opportunity in like pipeline, and we serve went remarks, to period that it right prior point not of in of been feel our I continue certainly competitors. relationships and it's a relationships front his real we in in to those But those opportunities -- to get less that we confident huge see a and certainly precise quality and quarters and material customer have landing our it's look that we we really we chunky talked hits a

it obviously so about but it. feel And takes continue that time that momentum, good we

Jeff Rulis

or growth, How comp of that a pause take on that's back Just gear intended the bit to of a is bit expense incentive tabled kind also that a slower expectations with little slow? My for the hiring. function to of Is that end? to a side. guess but sort pivot of

Jerry Baack

don't treasury people, always going that, if some would be key great some all but we're to our Outside and upgrades of Yes, our of I the lot business. continue But in scale over management really yes, we -- a hires find it's going to to overall, mean, XXXX just also to some of in and staff area. obviously risk that. build replacements we're expect we generally

of come that term, to the we we're So either. that to going the long from right away value if think not our bank adds people along shy

Jeff Rulis

could. coming, question maybe of last the if mention a And Jeff. for one maybe CECL one, I The adoption

what levels? if of impact looks you mean, modeling there? NPA a would of skinny, you guess, track expect want adjustment this kind how I dual I to that pretty at kind to reserve like of see but Just kind level just big expect the

Joe Chybowski

we -- remarks, impact material a prepared one. said day in as to don't don't We we expect

we that think of really think, conditions certainly can talked sit basis feel reserve levels as to can CECL where the change. today on we And portfolio. current obviously we the a I those I feel me in within about change levels, X% good we are But appropriate. that as under percentage future macro do

Operator

our come from Ben question next And Hovde Group. with will Gerlinger

Ben Gerlinger

the likely on margin Just from be the change prepared XQ linked compression to guys said you that curious, in XQ quarter to is remarks, similar.

just kind you So kind of I to on therefore then X.XX confirm of follow-up then and a, I wanted range, the based that, type half X.X, and guiding towards I've increases? call roughly in that it, bottom that. first got and then

Joe Chybowski

way. think the about think it right you I Yes,

Ben Gerlinger

the of the down. or kind the again that off fed end year throughout X you I the that and above have you of let's half know at Can back of get 'XX, kind good. things repricing and I'm once before based hit assume So of it get is of you FY mean, I upside is of that here, magnitude trying to look that stops the bottom, rather just let's call it, the kind X% that muted? there's I But terminal? upside slows assuming

Joe Chybowski

an I Yes, mean, think uncertain I rate environment. it's certainly

sides sheet, won't the the expansion possible. in on that I we’re loans when inputs mean, those X% I I we you deposit all just the both think a outlook, deposit rate a on fed we year is the comfortable half assuming of I balance of I -- number. it funds consider I variables and core specifically think growth back when the feel rate. mean, the call and mean our consider given

comfortable the in expansion with I think, half. back we're

at I’ll So leave that. it

Ben Gerlinger

nature, I then from given shareholder intentionally. kind is doing job perspective. a is assuming philosophical the makes and of things across mean, rates a more market are bit And higher I down guys this think just large board a that the good value little you given And in costs slowed sense.

you the off expenses table But dependent I changed you deposits the think to you is So the a out part get to we're really I to taking intentionally -- has little? guys more just year, I'm terms a the profitability. and growth beyond. just franchise hard potentially trying business. or XX or longer far in deposits think when that strategy trying the for of there growing term? I'm it longer of I and upon are of think, as kind so from brakes retain years, the initiatives pretty say things mean of about base term, maybe manage let's tapping you so things is or deposit that are get the are the

Jerry Baack

I say share. to I to Cities and continue I we of our here. clients. Wells continue big at a theirs front get of clients strategy part mean, that decades market has Twin you're No, aware, as the Bank wouldn't of mean, control I mean, well market in And long great term changed long overall all. US take we

Joe on And And side yes, so compared of pausing we grow be we've strong to in to take continue and had the loan still the certainly continuing in super front say, that. share. market on in business. we're to let But follow-up trying anything past. community, network, the people growth certainly be the I mean, with we front I'll I'd continuing the of to in clientele out to

Joe Chybowski

And I’d there, if initiatives, internal too. part of your question the to speak there's more, just Ben,

a last of the really of starting I see lot lot over a business just and harness years, done couple think to really the value. technology we've think, scaling investment. we're of I And the

clients. us really just that been And so really better our investment a it's that optimizing we've has to internally lot focused help technology of serve

lot staff technology an investment standpoint FTE use more of a Jerry of the allow us amount hiring and if will feel from muted standpoint, from we As comfortable, still said, an productivity. to the is same internally FTE get

internal continue a should So optimize a I of And couple we think see lot fruit. the muted efficiency an and to on those more investments initiatives based years while even the basis, bear good feel might, asset really starting we lot of to growth. technology that are of over last we about stay

Operator

for Baack over closing any turn the back our This concludes like session. I would remarks. Jerry call to question-and-answer to

Jerry Baack

to be want the just taking in touch appreciate today. for and everybody I We it we'll soon. thank time

Operator

for now very concluded. has attending conference Thank today's presentation. you The much

You now disconnect your lines. may

Bridgewater Bancshares (BWB) 26 Jan 232022 Q4 Earnings call transcript