Bridgewater Bancshares, Inc. Annual Report
Bridgewater Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (dollars in thousands, except share data)
Note 7: Intangible Assets The following table presents a summary of intangible assets at December 31, 2019 and 2018:
December 31,
2019 2018 Core Deposit Intangible . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,093 $ 1,093 Favorable Lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445 445 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,538 1,538 Accumulated Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (677) (486) Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 861 $ 1,052
Amortization expense of intangible assets was $191 for the years ended December 31, 2019, 2018 and 2017. The following table presents the estimated future amortization of the core deposit premium intangible and favorable lease asset for the next five years and thereafter. The projections of amortization expense are based on existing asset balances as of December 31, 2019.
Core Deposit Favorable Intangible Lease
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
157 $
34 34 34 34 34
157 157
65 — —
155 325
536 $
Note 8: Deposits
The following table presents the composition of deposits at December 31, 2019 and 2018:
December 31,
2019 2018 Transaction Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 712,136 $ 548,770 Savings and Money Market Deposits . . . . . . . . . . . . . . . . . . . . . . . . 516,785 402,639 Time Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,027 318,356 Brokered Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,362 291,169 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,823,310 $ 1,560,934
Brokered deposits contain brokered money market accounts of $2,443 and $26,990 as of December 31, 2019 and 2018, respectively.
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