BWB - Earnings call transcript Q4 2024 | Bridgewater Bancshares, Inc.

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Operator

Good morning, and welcome to the Bridgewater Bancshares 2024 Fourth Quarter Earnings Call. My name is Rocco, and I will be your conference operator today. [Operator Instructions]. Please note that today's call is being recorded. At this time, I would like to introduce Justin Horstman, Vice President of Investor Relations, to begin the conference call. Please go ahead, sir.

Justin Horstman

good and Rocco, you, morning, everyone. Thank

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

investors.brigwaterbankmn.com. Investor a We that the of presentation referencing on slide Relations will Bridgewater's website, be available is section

the call Following questions. remarks, our will open opening for we

XXXX During performance today's projections for that for provide presentation December other quarter and company. The the fourth about presentation, Please risks affect release and information. we and may or which will XX, information materially. to and the we undertake quarter or caution differ predictions of see forward-looking make information in the events slide earnings uncertainties, future forward-looking as that no the more statements may may disclosure duty actual such us. we We update ended of the regarding XXXX, statements are is future results financial and today the statement our

disclose disclosures a viewed XX,XXXth to GAAP. non-GAAP of measures. for these also believe non-GAAP the measures Please performance be and comparisons the for company's the measures, trends. slide to during should non-GAAP this and results as our and presentation certain to to provide GAAP call. release facilitate related with help comparable in quarter reconciliations We addition meaningful measures understand them substitute caution determined financial our peers. financial accordance see GAAP information may to We investors We operating operating performance the not earnings in of with disclosures

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

Gerald Baack

superb interest We asset joining growth, and net for We return a Justin, a quarter. to pleased quality. strong XXXX this everyone, morning. you, and thank margin robust were saw balance to you, finish us expansion with Thank sheet

In Minnetonka share, quick close was our acquisition adjusted team. of addition, First mid-December, to a thanks reported or we turnaround, increased excludes the excluding talented momentum fourth annualized, of Bank. which growth deposit acquired the efforts the Bank, million City balances $XXX We in incredibly quarter First deposits earnings City of merger-related expenses. which XX% as to continued were Minnetonka $X.XX per excited completed our Core in from

relationships core deposit X on focus years our over as ones. new renewed past off Our expand has the and growth teams continue paid onboard to

XXXX pickup wanted deposit loan profile, into core First City annualized this moving forward, with First including offensive-minded have to growth loan perspective Minnetonka growth This where more the our to in combined look fourth a our of demand XXXX. of Minnetonka After due over exceeded growth strong translated the as be to defensive-minded we more loan core saw growth, putting strong over from to We City time. acquired the back in our loan growth to we balances in couple side, XXXX, growth a increased deposit we rebound generated challenging acquisition ratio loans excluding being growth past half is the deposit be. and acquisition, quarter. On total the aim position to years ahead our the market improved reduced in range. -- important align X% reducing which end core of XX%, lower conditions Bank of a XX%, demand, is from liquidity as X%, exactly core Again, of we the of the Bank. ultimately always loan-to-deposit with the In in our us

total much see of were X quarter points contributed in remaining basis the in we improved, revenue steady net environment throughout to rate interest the after interest nearly fourth fourth XXXX. quarter. expand the pleased As growth X% to margin This of

charge-offs to the business down Asset the was remains sold nonperforming briefly ticked in After when the metrics higher quarter third December. came fourth assets central quarter property in back net district one in and office office quality superb. due also loan, both

loan good feel to about continue the quality team. our We of credit of the and portfolio our strength

Bank. welcoming regulatory learned The days Perhaps very our position through the this happened the us clients and regulators process members transaction XXX received worth closing this processes and deal advance. quarter has that First announcement, we thing most well on closed taken impactful noting following our and and XX approval prepare Minnetonka was days we new transaction as the response of overall from and clients think been that lessons smooth positive. was just to we team members with is the following onboarding just developed team City efforts the the the the a in for about and to future we relationship It in testament acquisitions. executing in The

X. to Turning Slide

key our a decline as driver acquisition, our to saw still X% book tangible After the grow tangible the highlighted we modest growth, consecutive ability of Over a book past saw X% but fourth in years, the strategy. to the consistently due we've value quarters XX growth value of of for year. few value quarter

part I'll of on Our and XXXX. in to expect turn growth story, to that, it to With tangible Joe. focus over an book building our value consistently resume be continues we important

Joseph Chybowski

Jerry. you, Thank

Return net big X. a growth income to interest been Slide to has us. Turning for focus steady

late of quarters The point result expansion for quarter. million increase from asset interest $X.X We stub deal have to impact a third following basis X growth X.X% to as close now a as the seen one the related an strong X.XX%. average the as of net margin in loan was or this row, earning income well This of a margin by XXXX. There accretion. was point basis driven including expansion basis X the Bank's well following mid-December interest steady impact yield from and X Fed purchase costs as the in Minnetonka deposit point net cuts First City declining was accounting in period

sheet we've cuts. rate positioned for our quarters, about several well is past the For been balance how talking

are play this to in quarter. out see the fourth We pleased

through our during basis X short-term a rate our immediate portfolio rate broker yields at in fixed higher seen rates, due to the reduction cost Loan shift repriced deposits, to accounts other basis deposit fourth margin funding a positive Slide cuts in on following deposit also XX lower variable held XXX. resulting saw mix since in stable following as to quarter while points rate base cuts. rate larger the points closer portfolio, on smaller a of declining provides tied relatively XXX costs yields We've the begun XXXX. large With We've well. a we portion rates our look drivers. reduce to of repricing

the with the the quarter. ramped [ we originations fourth in yield weighted full loan Xs a average the but New ] impact until quarter, high see up first won't in

Given we expect short-term fall. rates see $XXX yields continue have the XX million still below months the new levels. if loans origination would to yield composition our portfolio, loan to continue fixed to even over rate forward, at next and repricing the We slowly or adjustable of going of increase maturing

will modest the Fed margin the expect and we Overall, dependent the which net of XXXX, shape moves interest be curve. expansion magnitude future on in of

X. Slide to Turning

revenue see that increase. revenue to net pre-provision and continued can You total

and expansion was was driven very sense margin swaps While letter and $X much $XXX,XXX income over due in also to by of strong construction fourth interest income, given XX%. this the elevated credit more structures made fees, borrowers other was of up relative million noninterest to due higher in activity the swap the This the of of as for shape curve. fees net quarter, increase or to

fee fees income will we of may letter credit ahead the normalized and likely XXXX, to educate well Looking as borrowers. to as We levels. to additional more some continue swap leverage return product see

Minnetonka acquisition income The not the closed materially did very However, be specific, Bank to in is likely transaction to quarter City it fourth it in the mid-December. is fee so as contribute acquisition sporadic. First

controlled Total quarter and to On $XXX,XXX noninterest in $XX.X of expense Slide expenses. track expenses X, with line continue included expectations. fourth be million of merger-related well

salary majority this, was the to increase benefit Excluding expense. of and the related quarterly

in the quarter. saw mid-December, closing we expenses fourth of period approximately With $XXX,XXX during the acquisition stub

efficiency from ratio high trend to We have the XXs the been into our past of also mid-XXs the pleased see over couple quarters. adjusted

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

Nicholas Place

Joe. Thanks,

us growth of increased deposits annualized. highlight Minnetonka balances X. Slide core City Core as for quarter this to million excludes Bank This million First XX% the Turning $XXX deposit or from again $XXX was acquisition. a

For strong growth in The the acquired year, the expanding we during half existing were a able back year. the the to we grow result was launched deposits. core XX%, of relationships leveraging deposits savings of new a new product quarter excluding clients, online high-yield the and on bringing

longer-term a $XX also over deposit the fourth deliberate as to This $XXX The was we balance of sheet the profitable and for part growth. of XXXX. course deposits million improved optimize pushed of million nearly the mix out quarter strategy in broker

nature As we due steadily growth from time. deposits always of base, our grow we to have over but deposit ability linear not deposit the said, have quarter-to-quarter shown core core is an to

expect mind core We keeping outflows. with we in deposit could that growth, in loan inflows to XXXX some larger line growth or see quarters with track

quarters, we growth this of target increased balances $XXX uptick growth X%, or saw new loan quarter low also which we nice have year. was loan the total, in the million year of in annualized, line growth Slide a for quarter, into acquired with demand result mid-single-digit the can recent you of up in In full to strong our X% as fourth originations. Loan on with see loans. nearly XX, -- acquired excluding was deposits The translated seen

projects demand has rate interested borrowers cuts. continued new remain following as in This recent strong the

and growth resulting First spreads, for while That shape loan-to-deposit and our impact XXXX. in feel has the As us loan more the liquidity mid- we said, yield we a single-digit acquisition this growth XX%. below Bank, ratio including level pipeline today, highs. with moving as near profitable the better here sit X City a deposit can past be stiff the year our of growth XXXX, high aggressive of tighter normalized favorable environment, quarters, returning is target of remains forward. Overall, more full the in the curve strong demand may to dropped X-year as put remains longer we competition we of rates position more for potential Couple to and Minnetonka the loan in over higher of

at a fourth saw provides payoff during a quarter. and XX activity, origination which look our reversal closer Slide the

few past slowing the increase As in I mentioned, large we after a quarters. originations new over saw

a elevated, saw also seasonal off. redeploy XXXX new to in from balances can the hand, we third fourth remained which run continues be as could headwind just growth quarter, an the create levels. which that other on in advances market, This yields. Payoffs, declined early there the higher in loans means likely line liquidity the but in these We increase at quarter

continue levels be upon growth given payoffs current to and will loan dependent environment. originations net rate the Overall, new of the

family loan portfolio, from quarter. mix First all including the made CRE X the growth, of of portfolios. slightly Slide nonowner-occupied fourth in the growth up of majority X XX the strong declined multifamily mix our now the mortgages saw We in Despite the growth looks Bank, which to acquisition. to overall the and at in the due the the Minnetonka City the loans and leases during growth multifamily of

acquisition. out the fourth in expect the increase migration remain the would the these While especially of additional mix comfortable the portfolio of we to have very construction next we seen in continued, translate over an have We diversification commitments from quarter overall growth into since of highest sheet construction quarter portfolio, We the the so. new XXXX. with fourth were year fund seen loan the or the with and balance projects. Construction

XXXX, to in expertise our as expect growth well see we multifamily, and CRE housing across to C&I continue we additional ahead space. the where Looking affordable leverage to as

it Jeff. turn to over I'll that, With

Jeffrey Shellberg

highlights outlook and slowed. multifamily has to absorption as with Thanks, and Cities the remained for XX and labor rent affordability improved The elevated trends of all favorable continued has vacancy our and exposure. rates below growth. Nick. market demand market peak strong multifamily a future Slide have levels, near well nation-leading occupancy in suggest Positive led office Twin has levels construction which

about which we We multifamily started have portfolios, quarter. to for complete nonowner-occupied covenant XX% the XXXX of expect first our by and the end our testing also CRE

Cities prior As space. our in Twin will in the plans the trends expertise have bullish market any given multifamily in issues improved record identified. We years, and and place track we this action remain for on in

limited exposure office Our X districts loans. located in nonowner-occupied CRE business $XX total includes This at totaling quite properties central office X% million. just of remains

currently is cash rollover we today, loans rated flows of has One mention. monitoring. It lease are which these risk, special but

The other are X well. loans performing

agreement quarter. office recall the December. be third to mentioned We central under completed may on in We that You a $XXX,XXX it was we took took charge-off purchase business was a is sold, The loan during district reasonable cleanup environment. in now total $XXX,XXX but on off fourth loan the books. XX% this principal quarter, it about another loss given of this was our balance, today's is the credit on which charge-off which

While characteristics, which is still with office comfortable risk portfolio overall, their in depending in we this market on feel our class for ratings. asset our is there stress properties reflected

to Turning Slide XX.

credit net $X.X loans nonperforming metrics in charge-offs with point City very fourth in assets. Minnetonka of only We Bank. provision million overall points remain recorded basis the for X which quarter, fourth of basis Our clean First $XXX,XXX a and X the non-PCD included acquired from quarter

reserved is a had credit sheet also well remain $XXX,XXX provision unfunded gross excess peer We off-balance X.XX% loans, exposure in of We to commitments. levels. which well for related at of

keeping watch to we the sale the We of special watch an first addition mention Bank due bucket did loans loans. loan On Substandard Slide which our special list earlier. Business I mention list multifamily on and including City eye Central rated office of loan, XX, First an property our mentioned watch the to in declined see loans. with and Minnetonka uptick we are are one due District

quality We as head environments. economic as the XXXX. book and continue the rate of to But feel good overall, we interest monitor as loan we into the well portfolio the about

turn Joe. I'll it to now over back

Joseph Chybowski

strong XX slowed. Slide quarters over highlights capital our which as steadily loan Jeff. have been the Thanks, several past ratios, building growth

the the saw the we completed fourth ratios. in quarter, Given modest a decline acquisition in

our above X% However, CETX remained target.

that building we Going XXXX. the pace expect mind capital, in modestly continue we increase loan to in of anticipate keeping to growth forward,

shares Given the any $XX.X repurchase have fourth acquisition, did the we still remaining under we the quarter, share current during not authorization. and million repurchase

a based levels, factors, including We of of opportunities will other and continue on capital future repurchases to capital. evaluate variety uses growth

First than as expectations we our savings would To realize total XX% City remain XX, expenses. a to favorable of Bank merger-related came start, XXXX assumptions Minnetonka that expect resulting to less actually This all recap And in our the I expected, I'll for the Turning in accounting in the Slide purchase the on cost XXXX. well track. goodwill. more as acquisition includes say marks from bit

be full deal, expect year With from loan-to-deposit in the in to while liquidity between the XXX%. high the mid- growth and additional we range, maintaining to a loan single-digit ratio XXXX XX%

which rate expansion yield margin interest XXXX, the in pace will the shape depend and net modest on continued the the of curve. expect We outlook of

to environment higher As additional upside. see growth, could pickup accretion for in longer basis income continued X we and a to We we per XXXX. of quarter and yield purchase mute some some in anticipate and the expansion curve a flat margin accounting Regardless, points margin that will interest an will the loan believe revenue contribute X net growth. with

expenses, supporting reach be the and teens growth noninterest the portfolio. also in until the loan Expense investments conversion. to high dependent expect asset redundant Provision from the remain full technology loan of our merger-related by will new acquisition well driven in and construction continues. growth, see We anticipated expense expenses pace for our overall could as some XXXX, people unfunded be of and year excluding additional systems of range We assets increase pace activity commitments we continued on in growth. as for will the the additional of quality growth the provision as

over Jerry. turn now it back I'll to

Gerald Baack

an strategic provide overview for to want priorities XXXX. I XX, Slide on Finishing Joe. Thanks, of our

on we to especially improved loan digits and up can certainly we the returning to think we market high a without And mid- foremost, compromising to is our level back this credit. of conditions forward believe liquidity normalized position. do given First We wrapping growth. the look stronger profitable feasible, and to more single

to us aspirations, our loan an aim Obviously, we and growing key priority Twin competition expansion expanded branch and new a acquisition is growth clients. current Metro is have concentration with X the of East an open This a the adding novo Cities market of with little later into we year. and in through new de continue branches deposit scheduled a year. nice share. this Second, a very to now network, and gaining for potential every this But the part branch

our targeted We such also housing. to as in and network make women's continue inroads affordable verticals

several With by we of space for local have market This in a leverage well banks the out-of-state opportunities are know new Twin have national housing the this of plenty about relationships. in excited client affordable an the XXXX, We years, and are acquired will our to Cities of been as grow buyers. is win as and the on commitment over to more add opportunity likely we to this we we level. coming room see Also, in expertise we suited past several the talent beneficiary were disruption space.

support the leveraging the investments a Third as includes client bank. well investments across technology as our is expanding experience out efficiencies This and online retail of base recent expand serve more the scope growth, to and offering, rolling to already product will business and making client for even our to beyond. we attractive small us the clients. banking solution us This enable new

Finally, systems which transition. a acquisition, expect in ensure to occur recent to the third the we on quarter. great in a conversion will our smooth position of focus we We're

additional strategic us. ready M&A sense We become want on and to make for be opportunities that execute also to available any may

XXXX. excited I'm for outlook about Overall, the

the We team, and have bank support forward. the engaged Board to moving leadership continue

execute takes team Our has and proven independent to of plan time it forces. market can

ultimately, that shareholders. advantage drive value intend and will opportunities our of that of take to us plenty to the for have We organization we enable

up for With questions. that, open we'll it

Operator

Hovde. from [Operator Instructions]. Brendan with Nosal Today's first comes question

Brendan Nosal

XXXX. market how Can that growth of loan here tie you your Maybe that increase I seems you the XX versus factors improved growth that greenlit an you part certainly just it is outlook in in the into like for funding and complex underlying into much off about XX. in next the talk mean, in then increase how on saw the over starting supply demand than an months? on credit more

Nicholas Place

always Nick. our and operating. is that is We've this felt there Brendan, growth engine

we in align growth. very growth to that, category. a our prepared in we deposit mentioned to trying And throughout As job the but about that I we intentional loan remarks, not with our do exceed 'XX were only did good think

the Minnetonka 'XX, continuing be to about positioned our really quarter the that seen in feel addition core take we As think teams that we're in we of of opportunities in growth you we First had able then fourth think the to through the and I we've layer as and our deposit like with City advantage Bank, momentum market.

were sure The deals I pullback cases, deals we help But in the structure a our quotes transactions And margin transactions that in selective needed positioned be to or as on think in lot we're pencil which looks to composition. the transactions as in in that balance today, the get -- them given some growth. be our given aggressive a rates to some some been quarter. future translate to really continue to easier said, of, that of did in the really continue a balance to be make we of the we've that sheet a profitable great lot past bit well our we front sheet those get had on just of on to should able at fourth favorable to wider more market

like prospects position our for what about look the year. great feel really we So next and

Brendan Nosal

in the expense turning the to cost relationship growth. versus high-teens your Maybe And mean just high the Awesome. to organic pairing First is cost coming just still asset outlook loan discrepancy expense due outlook. is core mid- words, and single-digit your of Minnetonka intact? Okay. guess up I to that Kind growth that on entirely base. other between to I like the growth

Joseph Chybowski

Yes, question, Brendan. good Yes.

other if will, like it guide your First high-teens the to growth you said, you the of terms which see operation. obviously, just you that, get we're Minnetonka City translate, -- that's point, think the I where loan half So of Bridgewater it's Yes. expenses. assuming high single-digit legacy is really And guide, our the in confident

of XX% when our it, think at expense assets, but X% look were base. of our we I they

through and saves. really I good expenses. So I some 'XX. spend the feel work obviously, rationalize throughout in to through we'll -- million certainly we that trying think there's $XX duplication cost those But about going redundancies

how So that's to your high guide. teens into you point, back that

Brendan Nosal

Yes.

That sense, Okay. Joe. makes

Joe, Let little outlook you me here. a for going more more and down peg in, sneak try I'm on margin to you one the

points So was earning basis from up the any without equation. X quarter core margin of asset the really help yields for out

still we more lag powerful the should So left which side I little guess, of and down sheet repricing, more you back help then look balance as the ahead, book pricing should a loan that get yields. deposit

basis modest X does to expansion? relative margin what of expansion guide quarter So points quarter's per mean this

Joseph Chybowski

mean it's I a Yes. question. good

I expansion quarter think we think saw we when about think XQ, we the traction anticipate when I mean, that similar fourth about translated. we in that the

think you've exactly of out So I balance dynamics the the laid sheet.

cost of context, was December deposits For X.XX%. in at

points basis average quarterly X down from of that's the So X.XX%.

[ So I I But very think was -- overarching, that insight outlook obviously pretty think how too will to I in rate of uncertain. provide yesterday it. about ] think the mean, noncommittal cuts. terms on is Powell some it's

we so And rates. have cut have significant And amount the obviously, deposits a into we baked explicitly which funding of short-term that tied side, to 'XX. one only drives

think rationalize to deposit or see in look opportunity there's at But base costs less and the continued only expense the And continue have really 'XX, for I across you one there. and we deposit so we of deposit portfolio, us, the if cut rest there.

continue expand, I in more And growth, while with that when loan this feel put really pickup income. to yields like return what you net to we're interest And then we're with drive importantly, obviously, together, I to mean, all most focused I loan the that's trying growth, on. think the

I obviously, to similar with. should all XQ. feel XQ we're like you side, confident I NIM the kind of And on that together, think put guide modest the So look

Operator

Jeff from with Rulis D.A. comes question next Davidson. our And

Jeff Rulis

Do the circle average a margin. to just back for to have December the Joe, margin itself? you

Joseph Chybowski

Yes, X.XX% in December.

Jeff Rulis

be its modest the as -- that own the does basis the Got you. is well? include I And exclude know is that accretion that X in accretion Or the rate. of accretion, does would points X growth, on to modest margin top expansion? modest But the

Joseph Chybowski

that's No, included.

$X is how that's X accretion to basis year modest included around per That's million X to quarter. points full guide. the in So the right we get

Jeff Rulis

for fair attacking glean activity piece the would assumption some down, anything Anything of just of Okay, the or on would to be Nick, I number nail less, of our levels, payoffs? the tough of enough. maybe, guide, payoff loan there's ring-fencing this And other -- growth assume terms -- expect in year. expectations sustained anything you it's but on a on more to

Nicholas Place

Yes, think we it's down. mean we of QX. a tough what I pin number expecting sort we're to levels I saw as similar model to forward, in

to that's a out think about really for probably I replace rate We for feel good, ability continue while. good originations. those new little with -- though, run our to us a put

QX the new they've XXXX. summer as since were been Our high levels origination of

with allow face payoffs So us of levels continue originations that to normalized of to push should headwind last a growth. level seen new we've to with even the think more over of this elevated forward that couple the further quarters, I return and

Jeff Rulis

it. then trying just line merger where come And professional out? and those Got largely Just expenses? a to item On other mapping fees were those the might costs, housekeeping.

Joseph Chybowski

that's Yes, right. exactly

deal So on we was when the onetime obviously, in 'XX. track operational Still more that track Still the the primarily And translate for announced. then $XXX,XXX was that. outlined on about that. will for expenses

Operator

comes Nathan Sandler. Piper [Operator Instructions] next Our Race question with from

Nathan Race

X.XX%. reprice can Slide XX over next at out base lower with XX, at come funding months XX% the of the Looking XX%, that roughly your

of replacement what Just of can rate on CDs in terms that on wholesale you what kind channels in kind funding you're the of well? of see see as where curious you priced on and based today kind

Nicholas Place

Nick. this loan The question on off. deals roll was as Nathan, yields is

Nathan Race

balance was sheet. It of on the I'm right the sorry. side

about your funding this of Looking is lower year. going base, have at Slide reprice XX, XX% to you

in curious on incremental see kind rate kind just where funding So based what of replacement kind today CDs priced wholesale channels what of of you're well. you and that as on the on can

Joseph Chybowski

the is is Xs this better if mean to so Nate, want seeing in short-term to CDs. I now we're on reprice high stuff I you think opportunities replace there. Yes, obviously Joe.

to money market but linked on think Fed the to opportunities somewhat funds, market actually money I able with Fed are somewhat a of price minus funds side. we're

continue the to CD call portfolio. brokered have also optionality So to

So $XXX mindful I deposits I think always. with we've million year, of this of been brokered And called almost we north X%. that think really

We're quarter core we're had not in reissue last some lower or cost call deposit in where and to able bring certainly growth, replace to cases just and in able cases call and money. we obviously like core this strong

So definitely seeing deposits. funds opportunities also to reprice outside to explicitly of that, tied Fed that's

Nathan Race

this If to Okay. of year. That's Great. very part growth NII margin the and the in discussion middle just in kind And context it do expectations put going cut, of helpful. the that back Fed maybe the for year. we get X of

of and Just can that of magnitude speak loan kind from a curious deposit based growth outlook? the you to if you of growth expect on kind what we've discussed

Joseph Chybowski

that those, when place in roll with all expect I perspective, one growth. you mean put I an together, to of we it NII from think Yes. something it's asset

I income to if on you're translate like that expect side. asset single-digit high something growth, mean interest So you'd net the

the I the the all I higher repricing about net growth. anticipate think and composition timing sheet growth on side, of interest balance the good I you think when of look But what's that. we think we loan it's the income with continued that rolling given feel off hard about

Nathan Race

Okay. correct? necessarily high the not in But single-digit just range,

Joseph Chybowski

low range, the think think No, NII, I is think components. just given double-digit think how those about I I in we

Nathan Race

in Twin some Cities Got of from disruption your of benefit sense. on Okay. late. the in you going to the opportunities remarks, some Makes Jerry, mentioned it.

looking the you're where the add recent looking So but just believe of curious you small guys talent. forward. maybe going to acquisition, just management you're organization operation I curious at where maybe with picked wealth up the talent kind across

Gerald Baack

be with [indiscernible] -- in or been banks, positive being other of there's loan all across people and is to to over risk sold, be or with in whether -- there us. our disruption department continues really certainly departments, treasury that the our talked it It's portfolio. our It's too. from we've some for And

sure. to out That's there's some there left talent it's So be good for picked up.

Operator

our concludes conference session. question-and-answer over remarks. this Baack for And Jerry you. to turn like closing the Thank to I'd back

Gerald Baack

a Well, for members and thank I with our base. to time. shout just pleased call Minnetonka client of today. that want had here And the welcome We're XXXX out to in have First everybody that I Bank going in momentum finish team also XXXX. we joining we've here the the City for their very course, to team strong want long

it's to very XXXX, So and call optimistic joining I the be appreciate today. continue about everybody

Operator

attending today's We you, call. Thank today's presentation. sir. conference thank all for you concludes This

day. You may a now disconnect your And wonderful have lines.

Bridgewater Bancshares (BWB) 30 Jan 252024 Q4 Earnings call transcript