Bridgewater Bancshares, Inc. Annual Report

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Cash Flows (dollars in thousands)

December 31,

December 31,

December 31,

2019

2018

2017

CASH FLOWS FROM OPERATING ACTIVITIES Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Amortization on Securities Available for Sale . . . . . . . . . . . . . . . . . . . . . . . Net (Gain) Loss on Sales of Securities Available for Sale . . . . . . . . . . . . . . . . . Provision for Loan Losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and Amortization of Premises and Equipment . . . . . . . . . . . . . . . . Loss on Sale of Premises and Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amortization of Other Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amortization of Subordinated Debt Issuance Costs . . . . . . . . . . . . . . . . . . . . . . Net (Gain) Loss on Sale of Foreclosed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . Stock-based Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deferred Income Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changes in Operating Assets and Liabilities: Accrued Interest Receivable and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . Accrued Interest Payable and Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CASH FLOWS FROM INVESTING ACTIVITIES (Increase) Decrease in Bank-owned Certificates of Deposit . . . . . . . . . . . . . . . . Proceeds from Sales of Securities Available for Sale . . . . . . . . . . . . . . . . . . . . . Proceeds from Maturities, Paydowns, Payups and Calls of Securities Available for Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Purchases of Securities Available for Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from Sale of Premises and Equipment. . . . . . . . . . . . . . . . . . . . . . . . . Net Increase in Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase in FHLB Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Purchases of Premises and Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from Sales of Foreclosed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Cash Used in Investing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CASH FLOWS FROM FINANCING ACTIVITIES Increase in Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Decrease in Federal Funds Purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Principal Payments on Notes Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from FHLB Advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Principal Payments on FHLB Advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from Issuance of Subordinated Debentures . . . . . . . . . . . . . . . . . . . . . Stock Options Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Issuance of Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stock Repurchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Cash Provided by Financing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET CHANGE IN CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . . . . Cash and Cash Equivalents Beginning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash and Cash Equivalents Ending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ SUPPLEMENTAL CASH FLOW DISCLOSURE Cash Paid for Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Cash Paid for Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loans Transferred to Foreclosed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Securities Purchased but Not Settled . . . . . . . . . . . . . . . . . . . . . . . . . . .

31,403 $

26,920 $

16,889

2,523

3,028

2,779

(516)

125

250

2,700 1,008

3,575

4,175

761

694

9

—

—

191 103

191 103 225 799

191

43

(69)

(356)

752

368

(747)

(1,298)

(2,062)

529

(7,627) 2,606 29,408

(122)

1,641 39,527

2,053 24,902

651

(233)

1,627 36,209

42,864

24,684

41,118 (98,817)

22,965 (78,368) (317,453) (2,467) (3,720) —

23,411 (68,453)

1

—

(247,573)

(346,231)

(210)

(157) (1,235) 4,647

(15,572)

1,327

356

(276,211)

(354,236)

(350,182)

262,376 (18,000) (2,000) 42,500 (30,000)

221,584 (5,000) (2,000) 70,000 (14,000)

315,842 (21,000) (2,000) 29,000 (14,000) 24,484

—

—

258

106

180

—

58,857

— —

(14,959) 240,175

—

329,547

332,506

3,491 28,444

4,719 23,725

7,226 16,499 23,725

31,935 $

28,444 $

29,367 $

19,987 $

11,334 12,110

7,625 1,258 14,673

7,865

— —

689

—

See accompanying notes to consolidated financial statements.

81