Bridgewater Bancshares, Inc. (NASDAQ:BWB) Q1 2024 Earnings Call Transcript

Jeff Shellberg: I think our C&I is relatively limited. I don’t see a lot of risk. We’ve always been more of a heavily CRE multifamily institution. So if you look at pure dollars out the door, those would probably be the ones that are most exposed. As I said, we feel good about the portfolio at this point in time, but there’s always going to be when you have a portfolio that’s $3.7 billion you’re always going to have specific properties that may or having some type of an issue that needs to be dealt with. And our credit department is working really hard in order to identify properties that aren’t meeting performance so that we can get in front of them and work with the client. We felt really good when we have identified properties that are underperforming that our clients are willing to step up and inject capital.

And when they’re willing to work with us and they can do that, we’re usually able to find solutions. I think it all really starts with the sponsor, the client that we’re working with and I think we’ve had a really good history of picking the right players that are doing business in the Twin Cities. And I think that bodes well for us going forward.

Jeffrey Rulis: Great. Thanks. And one last one. Joe, do you have the March interests margin? I think the December margin was maybe a bit of a head bake relative to the Q4 average, but just wanted to see what March margin was?

Joe Chybowski: Yes, March it was 223%. So basis point lower than the quarter.

Jeffrey Rulis: Yes. All right. Appreciate it. Thank you.

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

Jerry Baack: Thanks everybody for joining our call today. We continue to be encouraged by our loan and deposit growth, and then and our overall business model continue to have a very strong brand and our team members have done a phenomenal job here. Today is bring your kid to work day. So it’s odd when we’re sitting here during a conference call and there’s little kids running all over. So if anybody wants free babysitting, there’s 60 to 70 kids here. So thanks, everybody. Bye.

Operator: The conference is now concluded. Thank you for attending today’s presentation and you may now disconnect.