Bridgewater Bancshares Inc
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Let's analyse Bridgewater Bancshares Inc together

Penke I guess you are interested in Bridgewater Bancshares Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Bridgewater Bancshares Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

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Quick analysis of Bridgewater Bancshares Inc (30 sec.)

What can you expect buying and holding a share of Bridgewater Bancshares Inc? (30 sec.)

How much money do you get?

$0.14

When do you have the money?

1 year

How often do you get paid?

41.4%

What is your share worth?

Current worth

$15.07

Expected worth in 1 year

$16.32

How sure are you?

86.2%

+ What do you gain per year?

Total Gains per Share

$1.40

Return On Investment

11.9%

For what price can you sell your share?

Current Price per Share

$11.80

Expected price per share

$11.14 - $14.42

How sure are you?

50%

1. Valuation of Bridgewater Bancshares Inc (5 min.)

Live pricePrice per Share (EOD)

$11.80

Book Value per Share

$15.07

Intrinsic Value Per Share

$-3.98 - $-5.62

Total Value Per Share

$11.09 - $9.44

My calculation of the intrinsic value of Bridgewater Bancshares Inc is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 3Y: ($0.47) TTM: ($0.24)
The change per quarter (trend) of the Free Cash Flow Per Share is 3Y: ($-0.03) TTM: ($-0.12)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.51	$1.54	$1.37 - $1.37
2	$2.47	$2.54	$0.85 - $0.85
3	$2.92	$3.02	$0.33 - $0.33
4	$2.92	$3.03	$-0.19 - $-0.19
5	$2.53	$2.58	$-0.72 - $-0.72
6	$1.78	$1.69	$-1.24 - $-1.24
7	$0.72	$0.41	$-1.76 - $-1.76
8	$-0.62	$-1.25	$-2.28 - $-2.28
9	$-2.19	$-3.27	$-2.80 - $-2.80
10	$-3.98	$-5.62	$-3.32 - $-3.32

2. Growth of Bridgewater Bancshares Inc (5 min.)

Is Bridgewater Bancshares Inc growing?

	Current year	Previous year	Grow	Grow %
How rich?	$425.5m	$382.5m	$30.5m	7.4%

How much money is Bridgewater Bancshares Inc making?

	Current year	Previous year	Grow	Grow %
Making money	$9.9m	$12.5m	-$2.5m	-26.0%
Net Profit Margin	31.3%	37.0%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Bridgewater Bancshares Inc (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

What can you expect buying and holding a share of Bridgewater Bancshares Inc? (5 min.)

Welcome investor! Bridgewater Bancshares Inc's management wants to use your money to grow the business. In return you get a share of Bridgewater Bancshares Inc.

What can you expect buying and holding a share of Bridgewater Bancshares Inc?

First you should know what it really means to hold a share of Bridgewater Bancshares Inc. And how you can make/lose money.

Speculation

The Price per Share of Bridgewater Bancshares Inc is $11.80. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Bridgewater Bancshares Inc.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Bridgewater Bancshares Inc, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $15.07. Based on the TTM, the Book Value Change Per Share is $0.31 per quarter. Based on the YOY, the Book Value Change Per Share is $0.19 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.04 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Bridgewater Bancshares Inc.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.31	2.7%	0.33	2.8%	0.43	3.6%	0.33	2.8%	0.29	2.5%
Usd Book Value Change Per Share	0.38	3.2%	0.31	2.7%	0.19	1.6%	0.39	3.3%	0.52	4.4%
Usd Dividend Per Share	0.04	0.3%	0.04	0.3%	0.04	0.3%	0.02	0.2%	0.02	0.1%
Usd Total Gains Per Share	0.41	3.5%	0.35	3.0%	0.22	1.9%	0.41	3.5%	0.53	4.5%
Usd Price Per Share	13.52	-	10.92	-	16.76	-	13.39	-	10.94	-
Price to Earnings Ratio	10.76	-	8.22	-	9.82	-	10.44	-	9.11	-
Price-to-Total Gains Ratio	32.76	-	32.83	-	-215.71	-	38.63	-	35.88	-
Price to Book Ratio	0.90	-	0.75	-	1.26	-	1.24	-	1.10	-
Price-to-Total Gains Ratio	32.76	-	32.83	-	-215.71	-	38.63	-	35.88	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	11.8
Number of shares	84

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.04	0.02
Usd Book Value Change Per Share	0.31	0.39
Usd Total Gains Per Share	0.35	0.41
Gains per Quarter (84 shares)	29.37	34.73
Gains per Year (84 shares)	117.47	138.94

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	12	105	107	7	131	129
2	24	211	224	15	263	268
3	36	316	341	22	394	407
4	48	422	458	30	526	546
5	60	527	575	37	657	685
6	72	633	692	45	789	824
7	84	738	809	52	920	963
8	96	844	926	60	1052	1102
9	108	949	1043	67	1183	1241
10	120	1054	1160	75	1315	1380

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	29.0	0.0	0.0	100.0%	29.0	0.0	0.0	100.0%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	25.0	3.0	1.0	86.2%	25.0	3.0	1.0	86.2%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	12.0	0.0	8.0	60.0%	12.0	0.0	17.0	41.4%	12.0	0.0	17.0	41.4%
Total Gains per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	25.0	3.0	1.0	86.2%	25.0	3.0	1.0	86.2%

Fundamentals of Bridgewater Bancshares Inc

About Bridgewater Bancshares Inc

https://www.bridgewaterbankmn.com
Banks - Regional
255
4450 Excelsior Boulevard, Saint Louis Park, MN, United States, 55416
Google Maps Bing Maps

Bridgewater Bancshares, Inc. operates as the bank holding company for Bridgewater Bank that provides banking products and services to commercial real estate investors, entrepreneurs, business clients, and individuals in the United States. The company provides savings and money market accounts, demand deposits, time and brokered deposits, and interest and noninterest bearing transaction, as well as certificates of deposit. It offers commercial loans to sole proprietorships, partnerships, corporations, and other business enterprises to finance working capital, capital investment, or for other business related purposes; paycheck protection program loans; construction and land development loans; 1-4 family mortgage loans; multifamily lending products; owner and non-owner occupied commercial real estate loans; and consumer and other loans. In addition, the company online, mobile, and direct banking services. Bridgewater Bancshares, Inc. was incorporated in 2005 and is headquartered in Saint Louis Park, Minnesota.

Fundamental data was last updated by Penke on 2024-04-10 01:00:07.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of Bridgewater Bancshares Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Bridgewater Bancshares Inc earns for each $1 of revenue.

Above 10% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
A Net Profit Margin of 14.8% means that $0.15 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Bridgewater Bancshares Inc:

The MRQ is 14.8%. The company is making a huge profit. +2
The TTM is 31.3%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	14.8%	TTM	31.3%	-16.5%
TTM	31.3%	YOY	37.0%	-5.7%
TTM	31.3%	5Y	35.5%	-4.3%
5Y	35.5%	10Y	35.2%	+0.3%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	14.8%	18.4%	-3.6%
TTM	31.3%	28.0%	+3.3%
YOY	37.0%	25.2%	+11.8%
5Y	35.5%	22.8%	+12.7%
10Y	35.2%	19.8%	+15.4%

Measures how much net profit Bridgewater Bancshares Inc earns for each $1 of revenue.

Revenue is the amount of profit Bridgewater Bancshares Inc generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Bridgewater Bancshares Inc earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
Can be used to compare companies within the Banks - Regional industry.

You typically want a high profit margin. This means that for each $1 in sales, Bridgewater Bancshares Inc makes more profit. This shows the investor how efficiently Bridgewater Bancshares Inc is operating in general and compared to other companies in the same industry. Bridgewater Bancshares Inc operates in the Banks - Regional industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Bridgewater Bancshares Inc. If profit margins remain low (compared to the Banks - Regional industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Bridgewater Bancshares Inc is 0.15. This means that Bridgewater Bancshares Inc earned $0.15 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Banks - Regional industry is 18.4%.
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Bridgewater Bancshares Inc with other companies in the same industry (Banks - Regional).
Net profit margin should rise over the years.
Can be influenced when Bridgewater Bancshares Inc sells assets (profit will increase while costs remain the same).
It won’t show what part of Bridgewater Bancshares Inc is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Bridgewater Bancshares Inc

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Bridgewater Bancshares Inc = 8,873
Total revenue MRQ Bridgewater Bancshares Inc = 59,962
$8,873 / $59,962 = 0.15 or 14.8%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Bridgewater Bancshares Inc is using its assets to generate profit.

Above 5% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
0.2% Return on Assets means that Bridgewater Bancshares Inc generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Bridgewater Bancshares Inc:

The MRQ is 0.2%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.2%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.2%	TTM	0.2%	0.0%
TTM	0.2%	YOY	0.3%	-0.1%
TTM	0.2%	5Y	0.3%	-0.1%
5Y	0.3%	10Y	0.3%	0.0%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.2%	0.1%	+0.1%
TTM	0.2%	0.2%	+0.0%
YOY	0.3%	0.2%	+0.1%
5Y	0.3%	0.2%	+0.1%
10Y	0.3%	0.2%	+0.1%

Shows how efficient Bridgewater Bancshares Inc is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Bridgewater Bancshares Inc is using its resources to generate profit. If the return on assets (0.2%) from Bridgewater Bancshares Inc are higher than the Banks - Regional mean (0.1%) that means Bridgewater Bancshares Inc is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Bridgewater Bancshares Inc is 0.2%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Banks - Regional industry is 0.1%.
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Bridgewater Bancshares Inc

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Bridgewater Bancshares Inc = 8,873
Total assets MRQ (balance sheet) from Bridgewater Bancshares Inc = 4,611,990
8,873 / 4,611,990 = 0.00 or 0.2%

ROA is an important ratio as it will tell you how effectively Bridgewater Bancshares Inc is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Bridgewater Bancshares Inc is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
2.1% Return on Equity means Bridgewater Bancshares Inc generated $0.02 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Bridgewater Bancshares Inc:

The MRQ is 2.1%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 2.4%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	2.1%	TTM	2.4%	-0.3%
TTM	2.4%	YOY	3.3%	-0.9%
TTM	2.4%	5Y	3.0%	-0.6%
5Y	3.0%	10Y	3.1%	-0.1%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	2.1%	1.4%	+0.7%
TTM	2.4%	2.5%	-0.1%
YOY	3.3%	2.7%	+0.6%
5Y	3.0%	2.5%	+0.5%
10Y	3.1%	2.8%	+0.3%

Shows how efficient Bridgewater Bancshares Inc is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Banks - Regional industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Bridgewater Bancshares Inc is 2.1%. This means Bridgewater Bancshares Inc generated $0.02 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Banks - Regional industry is 1.4%.
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if Bridgewater Bancshares Inc existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Bridgewater Bancshares Inc

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Bridgewater Bancshares Inc = 8,873
Shareholders equity (balance sheet) MRQ Bridgewater Bancshares Inc = 425,515
8,873 / 425,515 = 0.02 or 2.1%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Bridgewater Bancshares Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Bridgewater Bancshares Inc is operating .

Measures how much profit Bridgewater Bancshares Inc makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Bridgewater Bancshares Inc:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	55.5%	-55.5%
TTM	55.5%	YOY	74.7%	-19.2%
TTM	55.5%	5Y	54.3%	+1.2%
5Y	54.3%	10Y	52.5%	+1.9%

Measures how efficient Bridgewater Bancshares Inc is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Bridgewater Bancshares Inc is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Bridgewater Bancshares Inc is 0.0%. This means that Bridgewater Bancshares Inc earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Bridgewater Bancshares Inc

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Bridgewater Bancshares Inc = 0
Total revenue MRQ Bridgewater Bancshares Inc = 59,962
$0 / $59,962 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Bridgewater Bancshares Inc is keeping operating costs low.

Below 1 is considered healthy (always compare to Banks - Regional industry mean).
An Operation Ratio of 0.08 means that the operating costs are $0.08 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Bridgewater Bancshares Inc:

The MRQ is 0.084. The company is very efficient in keeping operating costs low. +2
The TTM is -0.174.

Trends

Current period		Compared to		+/-
MRQ	0.084	TTM	-0.174	+0.259
TTM	-0.174	YOY	-0.352	+0.178
TTM	-0.174	5Y	-0.236	+0.062
5Y	-0.236	10Y	-0.090	-0.146

Measures how efficient Bridgewater Bancshares Inc is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Bridgewater Bancshares Inc is 8.4%. This means that Bridgewater Bancshares Inc earned $0.08 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Bridgewater Bancshares Inc

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(0 +5,063) \ 59,962 = 0.08

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Bridgewater Bancshares Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Bridgewater Bancshares Inc is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Banks - Regional industry mean).
A Current Ratio of 0.07 means the company has $0.07 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Bridgewater Bancshares Inc:

The MRQ is 0.072. The company is unable to pay all its short-term debts. -2
The TTM is 133.850. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	0.072	TTM	133.850	-133.778
TTM	133.850	YOY	263.302	-129.453
TTM	133.850	5Y	382.381	-248.531
5Y	382.381	10Y	312.868	+69.513

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
TTM	133.850	0.124	+133.726
YOY	263.302	0.225	+263.077
5Y	382.381	0.219	+382.162
10Y	312.868	0.131	+312.737

Measures if Bridgewater Bancshares Inc is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Banks - Regional industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Bridgewater Bancshares Inc if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Bridgewater Bancshares Inc is 0.07. This means Bridgewater Bancshares Inc has $0.07 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Bridgewater Bancshares Inc

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
145,259 \ 2,026,622) = 0.07

The current ratio measures if Bridgewater Bancshares Inc is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Bridgewater Bancshares Inc is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Bridgewater Bancshares Inc does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Bridgewater Bancshares Inc is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Bridgewater Bancshares Inc is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
A Quick Ratio of 0.24 means the company can pay off $0.24 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Bridgewater Bancshares Inc:

The MRQ is 0.243. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 232.409. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.243	TTM	232.409	-232.166
TTM	232.409	YOY	537.173	-304.764
TTM	232.409	5Y	290.617	-58.208
5Y	290.617	10Y	219.071	+71.545

Measures if Bridgewater Bancshares Inc is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Bridgewater Bancshares Inc can pay off its short term debts. This shows if Bridgewater Bancshares Inc can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Bridgewater Bancshares Inc is 0.24. This means that Bridgewater Bancshares Inc can pay off $0.24 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Bridgewater Bancshares Inc

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Bridgewater Bancshares Inc: (-128,562 + 604,104 +16,697) / 2,026,622 = 0.24

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Bridgewater Bancshares Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Bridgewater Bancshares Inc assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Bridgewater Bancshares Inc to Banks - Regional industry mean.
A Debt to Asset Ratio of 0.91 means that Bridgewater Bancshares Inc assets are financed with 90.8% credit (debt) and the remaining percentage (100% - 90.8%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Bridgewater Bancshares Inc:

The MRQ is 0.908. The company is just able to pay all its debts by selling its assets.
The TTM is 0.910. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.908	TTM	0.910	-0.002
TTM	0.910	YOY	0.904	+0.006
TTM	0.910	5Y	0.902	+0.008
5Y	0.902	10Y	0.901	+0.001

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.908	0.915	-0.007
TTM	0.910	0.917	-0.007
YOY	0.904	0.919	-0.015
5Y	0.902	0.919	-0.017
10Y	0.901	0.927	-0.026

Measures how much % of Bridgewater Bancshares Inc assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Bridgewater Bancshares Inc than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Bridgewater Bancshares Inc to Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Bridgewater Bancshares Inc is 0.91. This means means that Bridgewater Bancshares Inc is financed with 90.8% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Bridgewater Bancshares Inc has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Bridgewater Bancshares Inc

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
4,186,475 \ 4,611,990 = 90.8% or 0.91.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Bridgewater Bancshares Inc is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
A Debt to Equity ratio of 983.9% means that company has $9.84 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Bridgewater Bancshares Inc:

The MRQ is 9.839. The company is unable to pay all its debts with equity. -1
The TTM is 10.124. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	9.839	TTM	10.124	-0.285
TTM	10.124	YOY	9.426	+0.698
TTM	10.124	5Y	9.262	+0.862
5Y	9.262	10Y	9.216	+0.045

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	9.839	10.829	-0.990
TTM	10.124	11.013	-0.889
YOY	9.426	11.363	-1.937
5Y	9.262	11.437	-2.175
10Y	9.216	13.038	-3.822

Measures if Bridgewater Bancshares Inc is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Bridgewater Bancshares Inc is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Bridgewater Bancshares Inc is 9.84. This means that Bridgewater Bancshares Inc can pay off $9.84 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 10.83.
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Bridgewater Bancshares Inc

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
4,186,475 \ 425,515 = 9.84 or 983.9%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Bridgewater Bancshares Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Bridgewater Bancshares Inc generates.

Above 15 is considered overpriced but always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
A PE ratio of 10.76 means the investor is paying $10.76 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Bridgewater Bancshares Inc:

The EOD is 9.388. Based on the earnings, the company is underpriced. +1
The MRQ is 10.757. Based on the earnings, the company is underpriced. +1
The TTM is 8.220. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	9.388	MRQ	10.757	-1.368
MRQ	10.757	TTM	8.220	+2.537
TTM	8.220	YOY	9.817	-1.597
TTM	8.220	5Y	10.439	-2.219
5Y	10.439	10Y	9.106	+1.332

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	9.388	7.548	+1.840
MRQ	10.757	6.680	+4.077
TTM	8.220	5.295	+2.925
YOY	9.817	6.943	+2.874
5Y	10.439	9.770	+0.669
10Y	9.106	9.943	-0.837

Measures how much money you pay for each share for every $1 in earnings Bridgewater Bancshares Inc generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Bridgewater Bancshares Inc to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Bridgewater Bancshares Inc is 10.76. This means the investor is paying $10.76 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 6.68.
What is the trend?
The trend is important because it shows you how Bridgewater Bancshares Inc is performing over time. The most recent quarter might be important if Bridgewater Bancshares Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bridgewater Bancshares Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Bridgewater Bancshares Inc

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 28,238 = EPS
PE ratio MRQ = 10.76

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Bridgewater Bancshares Inc:

The EOD is -9.629. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -11.033. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is 2.202. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	-9.629	MRQ	-11.033	+1.404
MRQ	-11.033	TTM	2.202	-13.235
TTM	2.202	YOY	12.153	-9.951
TTM	2.202	5Y	9.238	-7.036
5Y	9.238	10Y	8.467	+0.771

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	-9.629	-2.110	-7.519
MRQ	-11.033	-1.868	-9.165
TTM	2.202	-0.342	+2.544
YOY	12.153	6.448	+5.705
5Y	9.238	0.429	+8.809
10Y	8.467	0.091	+8.376

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Bridgewater Bancshares Inc is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Banks - Regional industry mean).
A PB ratio of 0.90 means the investor is paying $0.90 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Bridgewater Bancshares Inc:

The EOD is 0.783. Based on the equity, the company is cheap. +2
The MRQ is 0.897. Based on the equity, the company is cheap. +2
The TTM is 0.747. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	0.783	MRQ	0.897	-0.114
MRQ	0.897	TTM	0.747	+0.150
TTM	0.747	YOY	1.260	-0.512
TTM	0.747	5Y	1.242	-0.494
5Y	1.242	10Y	1.099	+0.142

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	0.783	0.436	+0.347
MRQ	0.897	0.386	+0.511
TTM	0.747	0.470	+0.277
YOY	1.260	0.642	+0.618
5Y	1.242	0.795	+0.447
10Y	1.099	1.025	+0.074

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Bridgewater Bancshares Inc.

3.1. Institutions holding Bridgewater Bancshares Inc

Institutions are holding 57.163% of the shares of Bridgewater Bancshares Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Thrivent Financial For Lutherans	9.6763	0.079	2681323	0	0
2023-12-31	BlackRock Inc	6.2561	0.0006	1733581	133446	8.3397
2023-12-31	Vanguard Group Inc	3.7697	0.0003	1044609	10347	1.0004
2023-12-31	Dimensional Fund Advisors, Inc.	2.3471	0.0026	650402	84206	14.8722
2023-12-31	Punch & Associates Inv Mgmt Inc	2.188	0.4793	606300	-48000	-7.3361
2023-12-31	Geode Capital Management, LLC	1.6075	0.0006	445452	21814	5.1492
2023-12-31	Renaissance Technologies Corp	1.5613	0.0091	432647	54500	14.4124
2023-12-31	State Street Corporation	1.5538	0.0003	430565	9947	2.3649
2023-12-31	Tradition Wealth Management LLC	1.4646	0.5741	405850	-11000	-2.6388
2023-12-31	AllianceBernstein L.P.	1.3027	0.0019	360991	13318	3.8306
2023-12-31	FMR Inc	1.16	0.0003	321446	-1325713	-80.4848
2023-12-31	Hotchkis & Wiley Capital Management LLC	0.982	0.0131	272129	-1500	-0.5482
2023-12-31	American Century Companies Inc	0.803	0.0021	222508	15473	7.4736
2023-12-31	Northern Trust Corp	0.6804	0.0005	188533	20435	12.1566
2023-12-31	Banc Funds Co LLC	0.6738	0.2488	186704	123695	196.3132
2023-12-31	Morgan Stanley - Brokerage Accounts	0.6551	0.0002	181532	21189	13.2148
2023-12-31	Stieven Capital Advisors, L.p.	0.5455	0.4388	151161	151161	0
2023-12-31	Acadian Asset Management LLC	0.5427	0.0079	150397	0	0
2023-12-31	Pacific Ridge Capital Partners, LLC	0.4363	0.332	120891	0	0
2023-09-30	Fourthstone LLC	0.4176	0.2489	115706	115706	0
Total		38.6235	2.4404	10702727	-610976	-5.7%

3.2. Funds holding Bridgewater Bancshares Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Thrivent Small Cap Stock A	6.1899	0.8436	1715229	0	0
2023-12-31	Thrivent Small Cap Stock	2.2579	0.8508	625668	0	0
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.0728	0.0004	574377	0	0
2024-02-29	iShares Russell 2000 ETF	2.0383	0.0107	564833	-92	-0.0163
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.236	0.004	342495	0	0
2024-02-29	Avantis US Small Cap Value ETF	0.8462	0.0279	234487	138	0.0589
2023-12-31	FIAM Small Cap Core Composite	0.7975	0.0765	221000	-947100	-81.0804
2023-12-31	FIAM Small Cap Core CIT Cl B	0.7975	0.0737	221000	-577974	-72.3395
2024-02-01	iShares Russell 2000 Value ETF	0.7961	0.023	220605	280	0.1271
2023-12-31	Fidelity Small Cap Index	0.7114	0.0105	197120	8747	4.6434
2024-02-29	Russell Inv Tax-Managed US Mid&Sm Cap S	0.5864	0.1199	162507	0	0
2024-01-31	DFA US Targeted Value I	0.5164	0.0139	143101	5287	3.8363
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.4236	0.0033	117390	1400	1.207
2024-01-31	Fidelity Extended Market Index	0.4036	0.0039	111843	0	0
2023-12-31	Foundry Partners Micro Cap Value	0.3371	0.2356	93400	0	0
2024-02-29	Dimensional US Targeted Value ETF	0.294	0.0101	81459	0	0
2024-01-31	Hotchkis & Wiley Sm Cp Divers Val I	0.2692	0.1174	74590	0	0
2024-02-29	Vanguard Russell 2000 ETF	0.2654	0.0091	73544	5696	8.3952
2023-12-31	Thrivent Aggressive Allocation S	0.2652	0.0421	73475	0	0
2024-02-29	State St Russell Sm Cap® Indx SL Cl I	0.2624	0.0091	72711	0	0
Total		21.3669	2.4855	5920834	-1503618	-25.4%

3.3. Insider Transactions

Insiders are holding 20.446% of the shares of Bridgewater Bancshares Inc.

Date	Owner	Type	Amount	Price
2024-03-06	James S Johnson	SELL	12590	11.62
2024-01-30	Jerry J Baack	SELL	15687	13.11
2023-11-02	Mary Jayne Crocker	BUY	2500	9.89
2023-09-14	Joseph M Chybowski	BUY	1500	10.17
2023-08-22	Lisa Brezonik	BUY	4900	10.08
2023-05-23	Mary Jayne Crocker	BUY	575	15
2023-05-23	Nicholas L Place	BUY	3300	9.25
2023-05-12	Joseph M Chybowski	BUY	10000	8.04

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Bridgewater Bancshares Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.377	0.314	+20%	0.188	+100%	0.391	-4%	0.520	-27%
Book Value Per Share	-	-	15.069	14.595	+3%	13.301	+13%	11.192	+35%	9.412	+60%
Current Ratio	-	-	0.072	133.850	-100%	263.302	-100%	382.381	-100%	312.868	-100%
Debt To Asset Ratio	-	-	0.908	0.910	0%	0.904	+0%	0.902	+1%	0.901	+1%
Debt To Equity Ratio	-	-	9.839	10.124	-3%	9.426	+4%	9.262	+6%	9.216	+7%
Dividend Per Share	-	-	0.036	0.036	+0%	0.035	+2%	0.022	+61%	0.015	+134%
Eps	-	-	0.314	0.335	-6%	0.429	-27%	0.328	-4%	0.293	+7%
Free Cash Flow Per Share	-	-	-0.306	0.239	-228%	0.721	-142%	0.321	-195%	0.280	-209%
Free Cash Flow To Equity Per Share	-	-	1.591	2.175	-27%	7.659	-79%	4.447	-64%	3.988	-60%
Gross Profit Margin	-	-	0.873	0.949	-8%	0.959	-9%	0.965	-10%	0.959	-9%
Intrinsic Value_10Y_max	-	-	-5.624	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-3.976	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	1.540	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.514	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	3.024	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	2.919	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	2.575	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	2.528	-	-	-	-	-	-	-	-
Market Cap	326981540.000	-17%	381778517.120	309190962.588	+23%	482054055.375	-21%	388784648.149	-2%	318775203.547	+20%
Net Profit Margin	-	-	0.148	0.313	-53%	0.370	-60%	0.355	-58%	0.352	-58%
Operating Margin	-	-	-	0.555	-100%	0.747	-100%	0.543	-100%	0.525	-100%
Operating Ratio	-	-	0.084	-0.174	+306%	-0.352	+517%	-0.236	+380%	-0.090	+207%
Pb Ratio	0.783	-15%	0.897	0.747	+20%	1.260	-29%	1.242	-28%	1.099	-18%
Pe Ratio	9.388	-15%	10.757	8.220	+31%	9.817	+10%	10.439	+3%	9.106	+18%
Price Per Share	11.800	-15%	13.520	10.923	+24%	16.758	-19%	13.389	+1%	10.936	+24%
Price To Free Cash Flow Ratio	-9.629	+13%	-11.033	2.202	-601%	12.153	-191%	9.238	-219%	8.467	-230%
Price To Total Gains Ratio	28.596	-15%	32.765	32.826	0%	-215.705	+758%	38.630	-15%	35.884	-9%
Quick Ratio	-	-	0.243	232.409	-100%	537.173	-100%	290.617	-100%	219.071	-100%
Return On Assets	-	-	0.002	0.002	-12%	0.003	-39%	0.003	-36%	0.003	-38%
Return On Equity	-	-	0.021	0.024	-14%	0.033	-37%	0.030	-31%	0.031	-33%
Total Gains Per Share	-	-	0.413	0.350	+18%	0.223	+85%	0.413	0%	0.535	-23%
Usd Book Value	-	-	425515000.000	413151750.000	+3%	382598750.000	+11%	323900650.000	+31%	273509103.448	+56%
Usd Book Value Change Per Share	-	-	0.377	0.314	+20%	0.188	+100%	0.391	-4%	0.520	-27%
Usd Book Value Per Share	-	-	15.069	14.595	+3%	13.301	+13%	11.192	+35%	9.412	+60%
Usd Dividend Per Share	-	-	0.036	0.036	+0%	0.035	+2%	0.022	+61%	0.015	+134%
Usd Eps	-	-	0.314	0.335	-6%	0.429	-27%	0.328	-4%	0.293	+7%
Usd Free Cash Flow	-	-	-8651000.000	6761250.000	-228%	20841500.000	-142%	9307800.000	-193%	8167379.310	-206%
Usd Free Cash Flow Per Share	-	-	-0.306	0.239	-228%	0.721	-142%	0.321	-195%	0.280	-209%
Usd Free Cash Flow To Equity Per Share	-	-	1.591	2.175	-27%	7.659	-79%	4.447	-64%	3.988	-60%
Usd Market Cap	326981540.000	-17%	381778517.120	309190962.588	+23%	482054055.375	-21%	388784648.149	-2%	318775203.547	+20%
Usd Price Per Share	11.800	-15%	13.520	10.923	+24%	16.758	-19%	13.389	+1%	10.936	+24%
Usd Profit	-	-	8873000.000	9990000.000	-11%	12588000.000	-30%	9729800.000	-9%	8337551.724	+6%
Usd Revenue	-	-	59962000.000	36090750.000	+66%	34007500.000	+76%	28348600.000	+112%	24198034.483	+148%
Usd Total Gains Per Share	-	-	0.413	0.350	+18%	0.223	+85%	0.413	0%	0.535	-23%
	EOD	+3 -5	MRQ	TTM	+16 -20	YOY	+14 -22	5Y	+9 -27	10Y	+14 -22

4.2. Fundamental Score

Let's check the fundamental score of Bridgewater Bancshares Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	9.388
Price to Book Ratio (EOD)	Between	0-1	0.783
Net Profit Margin (MRQ)	Greater than	0	0.148
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.243
Current Ratio (MRQ)	Greater than	1	0.072
Debt to Asset Ratio (MRQ)	Less than	1	0.908
Debt to Equity Ratio (MRQ)	Less than	1	9.839
Return on Equity (MRQ)	Greater than	0.15	0.021
Return on Assets (MRQ)	Greater than	0.05	0.002
Total			4/10 (40.0%)

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4.3. Technical Score

Let's check the technical score of Bridgewater Bancshares Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	11.840
Total			1/1 (100.0%)

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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Liabilities	-13,750	0	-13,750	10,776	-2,974	-842	-3,816	1,796,851	1,793,035
Inventory	-101,703	-122,207	-223,910	31,646	-192,264	36,317	-155,947	267,812	111,865
Long-term Assets Other	-22,917	-587,180	-610,097	19,335	-590,762	37,686	-553,076	4,879,237	4,326,161
Cash and Short Term Investments	94,599	675,248	769,847	-53,301	716,546	-39,112	677,434	-805,996	-128,562
Net Working Capital	105,247	674,720	779,967	-52,573	727,394	-63,710	663,684	-2,545,047	-1,881,363

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	4,611,990
Total Liabilities	4,186,475
Total Stockholder Equity	425,515

	As reported
Total Liabilities	4,186,475
Total Stockholder Equity	+ 425,515
Total Assets	= 4,611,990

Assets

Total Assets	4,611,990
Total Current Assets	145,259
Long-term Assets	4,466,731

Total Current Assets

Total Current Assets (as reported)	145,259
Cash And Cash Equivalents	128,562
Short-term Investments	604,104
Net Receivables	16,697
Inventory	111,865
Total Current Assets (calculated)	861,228
+/-	715,969

Long-term Assets

Long-term Assets (as reported)	4,466,731
Property Plant Equipment	50,824
Goodwill	2,626
Long Term Investments	604,104
Intangible Assets	188
Long-term Assets Other	4,326,161
Long-term Assets (calculated)	4,983,903
+/-	517,172

Liabilities & Shareholders' Equity

Total Current Liabilities	2,026,622
Long-term Liabilities	2,159,853
Total Stockholder Equity	425,515

Total Current Liabilities

Total Current Liabilities (as reported)	2,026,622
Short-term Debt	233,587
Accounts payable	5,282
Other Current Liabilities	1,793,035
Total Current Liabilities (calculated)	2,031,904
+/-	5,282

Long-term Liabilities

Long-term Liabilities (as reported)	2,159,853
Long term Debt	412,538
Long-term Liabilities (calculated)	412,538
+/-	1,747,315

Total Stockholder Equity

Total Stockholder Equity (as reported)	425,515
Common Stock	277
Retained Earnings	280,650
Other Stockholders Equity	96,320
Total Stockholder Equity (calculated)	377,247
+/-	48,268

Other

Capital Stock	66,791
Cash and Short Term Investments	-128,562
Common Stock Shares Outstanding	28,238
Current Deferred Revenue	-5,282
Liabilities and Stockholders Equity	4,611,990
Net Debt	285,948
Net Invested Capital	771,539
Net Working Capital	-1,881,363
Property Plant and Equipment Gross	57,880
Short Long Term Debt Total	414,510

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

> Total Assets

1,260,394
0
0
1,556,665
1,616,612
1,681,597
1,752,918
1,885,793
1,973,741
2,048,111
2,123,631
2,232,339
2,268,830
2,418,730
2,754,463
2,774,564
2,927,345
3,072,359
3,162,612
3,389,125
3,477,659
3,607,920
3,883,264
4,128,987
4,345,662
4,602,899
4,603,185
4,557,070
4,611,990

4,611,990

4,557,070

4,603,185

4,602,899

4,345,662

4,128,987

3,883,264

3,607,920

3,477,659

3,389,125

3,162,612

3,072,359

2,927,345

2,774,564

2,754,463

2,418,730

2,268,830

2,232,339

2,123,631

2,048,111

1,973,741

1,885,793

1,752,918

1,681,597

1,616,612

1,556,665

1,260,394

> Total Current Assets

16,499
0
0
24,426
1,373,137
1,430,806
1,492,617
1,629,894
1,703,611
1,778,499
1,859,501
1,939,237
1,947,838
2,072,703
2,381,715
2,348,380
2,482,433
2,620,488
2,706,449
2,923,020
593,897
530,977
556,100
617,503
108,078
783,224
730,368
677,434
145,259

145,259

677,434

730,368

783,224

108,078

617,503

556,100

530,977

593,897

2,923,020

2,706,449

2,620,488

2,482,433

2,348,380

2,381,715

2,072,703

1,947,838

1,939,237

1,859,501

1,778,499

1,703,611

1,629,894

1,492,617

1,430,806

1,373,137

24,426

16,499

Cash And Cash Equivalents

16,499
0
0
24,426
26,797
23,928
25,720
24,842
31,749
51,698
69,088
92,273
34,589
64,421
181,323
94,372
163,535
203,265
94,565
191,379
145,349
73,026
74,655
76,678
88,224
210,417
178,326
125,583
128,562

128,562

125,583

178,326

210,417

88,224

76,678

74,655

73,026

145,349

191,379

94,565

203,265

163,535

94,372

181,323

64,421

34,589

92,273

69,088

51,698

31,749

24,842

25,720

23,928

26,797

24,426

16,499

Short-term Investments

4,699
0
0
0
229,491
236,819
246,071
240,786
253,378
250,285
241,925
263,803
289,877
307,317
326,295
373,955
390,629
397,326
402,786
413,149
439,362
459,090
482,583
542,007
548,613
559,430
538,220
553,076
604,104

604,104

553,076

538,220

559,430

548,613

542,007

482,583

459,090

439,362

413,149

402,786

397,326

390,629

373,955

326,295

307,317

289,877

263,803

241,925

250,285

253,378

240,786

246,071

236,819

229,491

4,699

Net Receivables

0
0
0
0
5,342
5,753
5,971
6,400
6,589
7,058
7,583
6,519
6,775
7,102
8,267
9,647
9,172
8,718
8,728
8,550
9,186
9,596
10,010
11,198
13,479
13,377
13,822
15,182
16,697

16,697

15,182

13,822

13,377

13,479

11,198

10,010

9,596

9,186

8,550

8,728

8,718

9,172

9,647

8,267

7,102

6,775

6,519

7,583

7,058

6,589

6,400

5,971

5,753

5,342

Other Current Assets

3,953
0
0
0
1,111,507
1,164,306
1,214,855
1,357,866
1,411,895
1,469,458
1,540,905
1,576,642
1,616,597
1,693,863
1,865,830
1,870,406
1,919,097
2,011,179
2,200,370
2,309,942
-11,062
9,596
-11,148
87,876
101,703
223,910
192,264
140,765
145,259

145,259

140,765

192,264

223,910

101,703

87,876

-11,148

9,596

-11,062

2,309,942

2,200,370

2,011,179

1,919,097

1,870,406

1,865,830

1,693,863

1,616,597

1,576,642

1,540,905

1,469,458

1,411,895

1,357,866

1,214,855

1,164,306

1,111,507

3,953

> Long-term Assets

13,634
0
0
14,070
243,475
250,791
260,301
255,899
270,130
269,612
264,130
293,102
320,992
346,027
372,748
426,184
444,912
451,871
456,163
466,105
491,862
52,101
534,886
51,903
599,972
610,097
590,762
52,154
4,466,731

4,466,731

52,154

590,762

610,097

599,972

51,903

534,886

52,101

491,862

466,105

456,163

451,871

444,912

426,184

372,748

346,027

320,992

293,102

264,130

269,612

270,130

255,899

260,301

250,791

243,475

14,070

13,634

Property Plant Equipment

9,574
0
0
10,154
10,115
10,151
10,457
11,387
13,074
15,697
18,623
25,764
27,628
35,271
43,062
48,885
50,987
51,297
50,177
49,803
49,395
49,044
49,294
48,941
48,445
47,801
49,710
49,331
50,824

50,824

49,331

49,710

47,801

48,445

48,941

49,294

49,044

49,395

49,803

50,177

51,297

50,987

48,885

43,062

35,271

27,628

25,764

18,623

15,697

13,074

11,387

10,457

10,151

10,115

10,154

9,574

Goodwill

2,626
0
0
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626
2,626

2,626

Long Term Investments

222,073
0
0
0
234,638
1,387,972
1,445,399
1,820,798
260,992
250,285
241,925
263,803
289,877
307,317
326,295
2,594,297
2,675,925
397,326
402,786
413,149
439,362
459,090
482,583
542,007
548,613
559,430
538,220
553,076
604,104

604,104

553,076

538,220

559,430

548,613

542,007

482,583

459,090

439,362

413,149

402,786

397,326

2,675,925

2,594,297

326,295

307,317

289,877

263,803

241,925

250,285

260,992

1,820,798

1,445,399

1,387,972

234,638

222,073

Intangible Assets

1,434
0
0
1,290
1,243
1,195
1,147
1,100
1,052
1,004
956
909
861
813
765
718
670
622
574
527
479
431
383
336
288
240
206
197
188

188

197

206

240

288

336

383

431

479

527

574

622

670

718

765

813

861

909

956

1,004

1,052

1,100

1,147

1,195

1,243

1,290

1,434

Earning Assets

0
0
0
0
0
0
0
0
0
260,557
252,688
274,481
300,355
321,229
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

321,229

300,355

274,481

252,688

260,557

Long-term Assets Other

-13,634
0
0
-14,070
-229,491
-236,819
1,218,658
1,361,171
1,415,200
1,472,406
1,543,604
1,579,296
1,619,251
1,696,758
1,868,725
-422,840
-441,616
-448,623
-452,963
54,737
-488,757
-459,090
59,523
-542,007
-22,917
-610,097
-590,762
-553,076
4,326,161

4,326,161

-553,076

-590,762

-610,097

-22,917

-542,007

59,523

-459,090

-488,757

54,737

-452,963

-448,623

-441,616

-422,840

1,868,725

1,696,758

1,619,251

1,579,296

1,543,604

1,472,406

1,415,200

1,361,171

1,218,658

-236,819

-229,491

-14,070

-13,634

> Total Liabilities

1,145,028
0
0
1,422,990
1,479,450
1,482,558
1,546,991
1,674,941
1,752,743
1,816,336
1,894,494
1,996,280
2,024,036
2,170,587
2,497,273
2,509,132
2,661,940
2,793,188
2,871,782
3,021,322
3,098,387
3,228,479
3,508,381
3,746,980
3,951,598
4,200,893
4,194,059
4,141,110
4,186,475

4,186,475

4,141,110

4,194,059

4,200,893

3,951,598

3,746,980

3,508,381

3,228,479

3,098,387

3,021,322

2,871,782

2,793,188

2,661,940

2,509,132

2,497,273

2,170,587

2,024,036

1,996,280

1,894,494

1,816,336

1,752,743

1,674,941

1,546,991

1,482,558

1,479,450

1,422,990

1,145,028

> Total Current Liabilities

612
0
0
992
1,408
16,500
16,000
15,500
15,000
14,500
14,000
13,500
13,000
12,500
12,000
11,500
11,000
1,736
2,654
1,656
1,409
1,576
1,393
2,214
2,831
3,257
2,974
13,750
2,026,622

2,026,622

13,750

2,974

3,257

2,831

2,214

1,393

1,576

1,409

1,656

2,654

1,736

11,000

11,500

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,500

16,000

16,500

1,408

992

612

Short-term Debt

14,000
116,000
0
0
14,000
16,500
16,000
15,500
15,000
14,500
14,000
13,500
13,000
12,500
12,000
11,500
11,000
11,000
0
0
0
0
106,000
267,000
13,750
13,750
13,750
13,750
233,587

233,587

13,750

267,000

106,000

11,000

11,500

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,500

16,000

16,500

14,000

116,000

14,000

Short Long Term Debt

14,000
116,000
0
0
14,000
15,500
16,000
22,000
22,000
22,000
23,000
12,000
12,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

12,000

23,000

22,000

16,000

15,500

14,000

116,000

14,000

Accounts payable

1,023,508
0
0
0
1,408
1,085
1,502
1,230
1,806
1,679
2,109
1,763
1,982
1,688
1,953
2,082
1,615
1,736
2,654
1,656
1,409
1,576
1,393
2,214
2,831
3,257
2,974
3,816
5,282

5,282

3,816

2,974

3,257

2,831

2,214

1,393

1,576

1,409

1,656

2,654

1,736

1,615

2,082

1,953

1,688

1,982

1,763

2,109

1,679

1,806

1,230

1,502

1,085

1,408

1,023,508

Other Current Liabilities

0
0
0
0
-1,408
-1,085
-1,502
-1,230
-1,806
-1,679
-2,109
-1,763
-1,982
-1,688
-1,953
-2,082
-1,615
-1,736
-2,654
-1,656
-1,409
-1,576
-1,393
-2,214
-13,750
-13,750
-2,974
-3,816
1,793,035

1,793,035

-3,816

-2,974

-13,750

-2,214

-1,393

-1,576

-1,409

-1,656

-2,654

-1,736

-1,615

-2,082

-1,953

-1,688

-1,982

-1,763

-2,109

-1,679

-1,806

-1,230

-1,502

-1,085

-1,408

> Long-term Liabilities

58,000
0
0
98,001
109,527
114,052
124,578
134,104
163,630
163,156
181,181
179,707
174,233
244,759
233,158
212,665
142,239
131,326
131,413
139,653
134,739
1,576
148,959
2,214
2,831
3,257
354,846
4,127,360
2,159,853

2,159,853

4,127,360

354,846

3,257

2,831

2,214

148,959

1,576

134,739

139,653

131,413

131,326

142,239

212,665

233,158

244,759

174,233

179,707

181,181

163,156

163,630

134,104

124,578

114,052

109,527

98,001

58,000

Long term Debt Total

0
0
0
0
0
41,052
40,578
40,104
39,630
39,156
38,681
38,207
37,733
37,259
85,658
85,165
84,739
73,826
73,913
92,153
92,239
92,349
92,459
92,559
92,655
92,751
92,846
0
0

92,846

92,751

92,655

92,559

92,459

92,349

92,239

92,153

73,913

73,826

84,739

85,165

85,658

37,259

37,733

38,207

38,681

39,156

39,630

40,104

40,578

41,052

Long term Debt

72,000
0
0
0
109,527
41,052
40,578
40,104
141,630
39,156
181,181
179,707
174,233
244,759
233,158
85,165
84,739
131,326
131,413
139,653
134,739
134,849
148,959
164,059
189,655
289,751
354,846
387,442
412,538

412,538

387,442

354,846

289,751

189,655

164,059

148,959

134,849

134,739

139,653

131,413

131,326

84,739

85,165

233,158

244,759

174,233

179,707

181,181

39,156

141,630

40,104

40,578

41,052

109,527

72,000

Other Liabilities

5,520
0
0
0
7,573
6,470
6,220
7,519
8,373
7,835
11,939
12,574
23,893
20,480
15,891
13,851
16,450
21,472
14,034
25,856
16,002
33,443
70,076
63,633
43,531
50,333
53,926
0
0

53,926

50,333

43,531

63,633

70,076

33,443

16,002

25,856

14,034

21,472

16,450

13,851

15,891

20,480

23,893

12,574

11,939

7,835

8,373

7,519

6,220

6,470

7,573

5,520

Long-term Liabilities Other

0
0
0
0
0
78,385
90,220
101,519
0
0
154,439
154,074
161,011
231,513
167,611
148,841
73,950
78,972
74,309
73,356
58,502
75,943
126,576
135,133
152,569
256,762
325,307
0
0

325,307

256,762

152,569

135,133

126,576

75,943

58,502

73,356

74,309

78,972

73,950

148,841

167,611

231,513

161,011

154,074

154,439

101,519

90,220

78,385

> Total Stockholder Equity

115,366
115,366
0
133,675
137,162
199,039
205,927
210,852
220,998
231,775
229,137
236,059
244,794
248,143
257,190
265,432
265,405
279,171
290,830
367,803
379,272
379,441
374,883
382,007
394,064
402,006
409,126
415,960
425,515

425,515

415,960

409,126

402,006

394,064

382,007

374,883

379,441

379,272

367,803

290,830

279,171

265,405

265,432

257,190

248,143

244,794

236,059

229,137

231,775

220,998

210,852

205,927

199,039

137,162

133,675

115,366

Common Stock

245
0
0
246
246
300
300
300
301
301
290
288
290
288
288
287
281
281
282
281
282
282
277
276
278
278
280
280
277

277

280

278

276

277

282

281

282

281

287

288

290

288

290

301

300

246

245

Retained Earnings

52,619
0
0
66,174
69,508
75,264
82,010
88,473
96,234
103,252
111,261
119,066
127,637
135,080
142,678
149,852
154,831
165,502
176,495
188,004
199,347
210,596
222,464
235,964
248,685
255,394
264,196
272,812
280,650

280,650

272,812

264,196

255,394

248,685

235,964

222,464

210,596

199,347

188,004

176,495

165,502

154,831

149,852

142,678

135,080

127,637

119,066

111,261

103,252

96,234

88,473

82,010

75,264

69,508

66,174

52,619

Capital Surplus

0
0
0
0
0
125,326
125,516
125,715
126,031
126,209
113,838
111,670
112,093
110,446
110,906
110,010
103,714
104,087
104,811
103,471
104,123
103,756
96,689
95,973
96,529
97,716
99,044
0
0

99,044

97,716

96,529

95,973

96,689

103,756

104,123

103,471

104,811

104,087

103,714

110,010

110,906

110,446

112,093

111,670

113,838

126,209

126,031

125,715

125,516

125,326

Treasury Stock

Other Stockholders Equity

62,502
0
0
67,255
66,324
125,326
125,516
125,715
126,031
126,209
113,838
111,670
112,093
110,446
110,906
110,010
103,714
104,087
104,811
103,471
104,123
103,756
96,689
95,973
96,529
97,716
99,044
100,120
96,320

96,320

100,120

99,044

97,716

96,529

95,973

96,689

103,756

104,123

103,471

104,811

104,087

103,714

110,010

110,906

110,446

112,093

111,670

113,838

126,209

126,031

125,715

125,516

125,326

66,324

67,255

62,502

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Accounts Payable	5,282	2,831	1,409	1,615	1,982	1,806	1,408	612
Accumulated Amortization	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-18,246	-17,942	9,006	6,579	4,774	-1,568	1,084	-3,275
Additional Paid In Capital	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0
Capital Stock	66,791	66,792	66,796	281	290	301	0	0
Capital Surpluse	0	96,529	104,123	103,714	112,093	126,031	66,324	65,777
Cash	128,562	88,224	145,349	163,535	34,589	31,749	26,797	21,198
Cash And Equivalents	0	0	0	0	0	0	0	0
Cash And Short Term Investments	-128,562	94,599	584,711	554,164	324,466	285,127	256,288	238,281
Common Stock	277	278	282	281	290	301	246	245
Common Stock Shares Outstanding	28,316	28,668	28,968	29,170	29,997	29,436	29,054	30,059
Common Stock Total Equity	0	278	282	281	290	301	246	245
Current Deferred Revenue	-5,282	0	0	-9,385	-11,018	-13,194	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	300,355	264,297	237,710	226,772
Good Will	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626
Intangible Assets	188	288	479	670	861	1,052	1,243	1,434
Inventory	111,865	-101,703	-154,535	-172,707	-41,364	0	581	4,183
Liabilities And Stockholders Equity	4,611,990	4,345,662	3,477,659	2,927,345	2,268,830	1,973,741	1,616,612	1,260,394
Long Term Debt	412,538	189,655	134,739	84,739	174,233	163,630	109,527	72,000
Long Term Debt Total	0	92,655	92,239	84,739	37,733	39,630	0	19,000
Long Term Investments	604,104	548,613	439,362	2,675,925	289,877	253,378	229,491	217,083
Negative Goodwill	0	0	0	0	0	0	0	0
Net Debt	285,948	101,431	-10,610	-21,296	139,644	131,881	82,730	50,802
Net Invested Capital	771,539	517,205	447,497	407,644	419,027	384,628	246,689	0
Net Receivables	16,697	13,479	9,186	9,172	6,775	6,589	5,342	3,953
Net Tangible Assets	0	324,636	309,653	262,109	241,307	217,320	133,293	111,306
Net Working Capital	-1,881,363	105,247	592,488	561,721	329,259	1,701,805	1,371,729	1,029,065
Non Current Assets Total	4,466,731	599,972	491,862	444,912	320,992	270,130	243,475	230,717
Non Current Liabilities Other	0	152,569	58,502	73,950	161,011	0	0	0
Non Current Liabilities Total	2,159,853	2,831	134,739	142,239	174,233	163,630	109,527	72,000
Non Currrent Assets Other	4,326,161	-22,917	-11,890	-8,013	-5,903	1,415,200	-229,491	-217,083
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0
Other Assets	0	3,637,612	2,391,900	1,919,097	1,616,597	2,243,871	1,860,087	1,491,111
Other Current Assets	145,259	101,703	154,535	172,707	41,364	1,411,895	1,111,507	787,443
Other Current Liab	1,793,035	-13,750	-1,409	-1,615	-1,982	-1,806	-1,408	-612
Other Liab	0	43,531	16,002	16,450	23,893	8,373	6,165	4,908
Other Stockholder Equity	96,320	96,529	104,123	103,714	112,093	126,031	66,324	65,777
Preferred Stock Redeemable	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	66,514	66,514	0	0	0	0	0
Property Plant And Equipment Gross	57,880	55,797	55,674	50,987	27,628	13,074	10,115	9,574
Property Plant And Equipment Net	50,824	48,445	49,395	50,987	27,628	13,074	10,115	9,574
Property Plant Equipment	0	48,445	49,395	50,987	27,628	13,074	10,115	9,574
Retained Earnings	280,650	248,685	199,347	154,831	127,637	96,234	69,508	52,619
Retained Earnings Total Equity	0	248,685	199,347	154,831	127,637	0	0	0
Short Long Term Debt	0	0	0	0	12,000	20,000	14,000	14,000
Short Long Term Debt Total	414,510	189,655	134,739	142,239	174,233	163,630	109,527	72,000
Short Term Debt	233,587	13,750	0	11,000	13,000	15,000	14,000	14,000
Short Term Investments	604,104	548,613	439,362	390,629	289,877	253,378	229,491	217,083
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0
Total Assets	4,611,990	4,345,662	3,477,659	2,927,345	2,268,830	1,973,741	1,616,612	1,260,394
Total Current Assets	145,259	108,078	593,897	563,336	331,241	1,703,611	1,373,137	1,029,677
Total Current Liabilities	2,026,622	2,831	1,409	1,615	1,982	1,806	1,408	612
Total Liab	4,186,475	3,951,598	3,098,387	2,661,940	2,024,036	1,752,743	1,479,450	1,145,028
Total Permanent Equity	0	0	0	0	0	0	0	0
Total Stockholder Equity	425,515	394,064	379,272	265,405	244,794	220,998	137,162	115,366
Treasury Stock	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Accounts Payable	5,282	3,816	2,974	3,257	2,831	2,214	1,393	1,576	1,409	1,656	2,654	1,736	1,615	2,082	1,953	1,688	1,982	1,763	2,109	1,679	1,806	1,230	1,502	1,085	1,408	0	0	0	1,023,508
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-18,246	-23,766	-20,908	-17,896	-17,942	-16,720	-11,061	-1,707	9,006	9,532	9,242	9,301	6,579	5,283	3,318	2,329	4,774	5,035	3,748	2,013	-1,568	-3,636	-1,899	-1,851	1,084	0	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	66,791	66,794	66,794	66,792	66,792	66,790	66,791	66,796	66,796	66,796	282	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	99,044	97,716	96,529	95,973	96,689	103,756	104,123	103,471	104,811	104,087	103,714	110,010	110,906	110,446	112,093	111,670	113,838	126,209	126,031	125,715	125,516	125,326	0	0	0	0	0
Cash	128,562	125,583	178,326	210,417	88,224	76,678	74,655	73,026	145,349	191,379	94,565	203,265	163,535	94,372	181,323	64,421	34,589	92,273	69,088	51,698	31,749	24,842	25,720	23,928	26,797	24,426	0	0	16,499
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	-128,562	677,434	716,546	769,847	94,599	617,503	557,238	530,977	584,711	604,528	497,351	600,591	554,164	468,327	507,618	371,738	324,466	356,076	311,013	301,983	285,127	265,628	271,791	260,747	256,288	24,426	0	0	16,499
Common Stock	277	280	280	278	278	276	277	282	282	281	282	281	281	287	288	288	290	288	290	301	301	300	300	300	246	246	0	0	245
Common Stock Shares Outstanding	28,238	28,312	28,199	28,490	28,527	28,593	28,804	29,156	29,039	29,111	29,128	28,945	28,823	29,175	29,165	29,502	29,561	29,498	30,312	30,707	30,507	30,490	30,487	26,171	29,054	30,059	30,059	30,059	25,251
Common Stock Total Equity	0	0	280	278	278	276	277	282	282	281	282	281	281	287	288	288	290	288	290	301	301	300	300	300	246	0	0	0	0
Current Deferred Revenue	-5,282	0	-10,776	0	0	-264,786	-104,607	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	321,229	300,355	274,481	252,688	260,557	0	0	0	0	0	0	0	0	0
Good Will	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	2,626	0	0	2,626
Intangible Assets	188	197	206	240	288	336	383	431	479	527	574	622	670	718	765	813	861	909	956	1,004	1,052	1,100	1,147	1,195	1,243	1,290	0	0	1,434
Inventory	111,865	-155,947	-192,264	-223,910	-101,703	-99,074	0	0	0	0	0	0	0	0	0	0	0	0	1,033	0	0	0	148	288	581	0	0	0	4,183
Liabilities And Stockholders Equity	4,611,990	4,557,070	4,603,185	4,602,899	4,345,662	4,128,987	3,883,264	3,607,920	3,477,659	3,389,125	3,162,612	3,072,359	2,927,345	2,774,564	2,754,463	2,418,730	2,268,830	2,232,339	2,123,631	2,048,111	1,973,741	1,885,793	1,752,918	1,681,597	1,616,612	0	0	0	0
Long Term Debt	412,538	387,442	354,846	289,751	189,655	164,059	148,959	134,849	134,739	139,653	131,413	131,326	84,739	85,165	233,158	244,759	174,233	179,707	181,181	39,156	141,630	40,104	40,578	41,052	109,527	0	0	0	72,000
Long Term Debt Total	0	0	92,846	92,751	92,655	92,559	92,459	92,349	92,239	92,153	73,913	73,826	84,739	85,165	85,658	37,259	37,733	38,207	38,681	39,156	39,630	40,104	40,578	41,052	0	0	0	0	0
Long Term Investments	604,104	553,076	538,220	559,430	548,613	542,007	482,583	459,090	439,362	413,149	402,786	397,326	2,675,925	2,594,297	326,295	307,317	289,877	263,803	241,925	250,285	260,992	1,820,798	1,445,399	1,387,972	234,638	0	0	0	222,073
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	285,948	261,859	176,520	79,334	101,431	87,381	74,304	61,823	-10,610	-51,726	36,848	-71,939	-21,296	118,293	51,835	180,338	139,644	87,434	112,093	111,458	131,881	109,262	98,858	90,124	82,730	-24,426	0	0	-16,499
Net Invested Capital	771,539	736,888	697,458	625,243	517,205	479,552	457,328	447,776	447,497	440,941	422,243	410,497	407,644	478,097	490,348	492,902	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	16,697	15,182	13,822	13,377	13,479	11,198	10,010	9,596	9,186	8,550	8,728	8,718	9,172	9,647	8,267	7,102	6,775	6,519	7,583	7,058	6,589	6,400	5,971	5,753	5,342	0	0	0	0
Net Tangible Assets	0	0	339,780	332,626	324,636	312,531	305,360	309,870	309,653	298,135	287,630	275,923	262,109	262,088	253,799	244,704	241,307	232,524	225,555	228,145	217,320	207,126	202,154	195,218	133,293	0	0	111,306	111,306
Net Working Capital	-1,881,363	663,684	727,394	779,967	105,247	615,289	554,707	529,401	592,488	2,921,364	2,703,795	2,618,752	2,471,433	2,336,880	2,369,715	2,060,203	1,934,838	1,925,737	1,845,501	1,763,999	1,688,611	1,614,394	1,476,617	1,414,306	1,371,729	23,434	0	0	15,887
Non Current Assets Total	4,466,731	52,154	590,762	610,097	599,972	51,903	534,886	52,101	491,862	466,105	456,163	451,871	444,912	426,184	372,748	346,027	320,992	293,102	264,130	269,612	270,130	255,899	260,301	250,791	243,475	14,070	0	0	13,634
Non Current Liabilities Other	0	0	325,307	256,762	152,569	135,133	126,576	75,943	58,502	73,356	74,309	78,972	73,950	148,841	167,611	231,513	161,011	154,074	154,439	0	0	101,519	90,220	78,385	0	0	0	0	0
Non Current Liabilities Total	2,159,853	4,127,360	354,846	3,257	2,831	2,214	148,959	1,576	134,739	139,653	131,413	131,326	142,239	212,665	233,158	244,759	174,233	179,707	181,181	163,156	163,630	134,104	124,578	114,052	109,527	98,001	0	0	58,000
Non Currrent Assets Other	4,326,161	-553,076	-590,762	-610,097	-22,917	-542,007	59,523	-459,090	-488,757	54,737	-452,963	-448,623	-441,616	-422,840	1,868,725	1,696,758	1,619,251	1,579,296	1,543,604	1,472,406	1,415,200	1,361,171	1,218,658	-236,819	-229,491	-14,070	0	0	-13,634
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	3,827,482	3,282,055	3,209,578	3,637,612	3,459,581	2,792,278	3,024,842	2,391,900	3,389,125	3,162,612	3,072,359	2,927,345	2,774,564	2,754,463	2,418,730	2,589,822	2,525,441	2,387,761	2,317,723	2,243,871	2,141,692	2,013,219	1,932,388	1,860,087	1,518,169	0	0	1,230,261
Other Current Assets	145,259	140,765	192,264	223,910	101,703	87,876	-11,148	9,596	-11,062	2,309,942	2,200,370	2,011,179	1,919,097	1,870,406	1,865,830	1,693,863	1,616,597	1,576,642	1,540,905	1,469,458	1,411,895	1,357,866	1,214,855	1,164,306	1,111,507	0	0	0	3,953
Other Current Liab	1,793,035	-3,816	-2,974	-13,750	-13,750	-2,214	-1,393	-1,576	-1,409	-1,656	-2,654	-1,736	-1,615	-2,082	-1,953	-1,688	-1,982	-1,763	-2,109	-1,679	-1,806	-1,230	-1,502	-1,085	-1,408	0	0	0	0
Other Liab	0	0	53,926	50,333	43,531	63,633	70,076	33,443	16,002	25,856	14,034	21,472	16,450	13,851	15,891	20,480	23,893	12,574	11,939	7,835	8,373	7,519	6,220	6,470	7,573	0	0	0	5,520
Other Stockholder Equity	96,320	100,120	99,044	97,716	96,529	95,973	96,689	103,756	104,123	103,471	104,811	104,087	103,714	110,010	110,906	110,446	112,093	111,670	113,838	126,209	126,031	125,715	125,516	125,326	66,324	67,255	0	0	62,502
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	66,514	66,514	66,514	66,514	66,514	66,514	66,514	66,515	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	57,880	0	0	0	55,797	0	0	0	0	0	50,177	51,297	50,987	48,885	43,062	35,271	27,628	25,764	18,623	15,697	13,074	11,387	10,457	10,151	10,115	0	0	0	0
Property Plant And Equipment Net	50,824	49,331	49,710	47,801	48,445	48,941	49,294	49,044	49,395	49,803	50,177	51,297	50,987	48,885	43,062	35,271	27,628	25,764	18,623	15,697	13,074	11,387	10,457	10,151	10,115	10,154	0	0	9,574
Property Plant Equipment	0	0	49,710	47,801	48,445	48,941	49,294	49,044	49,395	49,803	50,177	51,297	50,987	48,885	43,062	35,271	27,628	25,764	18,623	15,697	13,074	11,387	10,457	10,151	10,115	0	0	0	9,574
Retained Earnings	280,650	272,812	264,196	255,394	248,685	235,964	222,464	210,596	199,347	188,004	176,495	165,502	154,831	149,852	142,678	135,080	127,637	119,066	111,261	103,252	96,234	88,473	82,010	75,264	69,508	66,174	0	0	52,619
Retained Earnings Total Equity	0	0	264,196	255,394	248,685	235,964	222,464	210,596	199,347	188,004	176,495	165,502	154,831	149,852	142,678	135,080	127,637	119,066	111,261	0	0	88,473	82,010	75,264	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12,000	12,000	23,000	22,000	22,000	22,000	16,000	15,500	14,000	0	0	116,000	14,000
Short Long Term Debt Total	414,510	387,442	354,846	289,751	189,655	164,059	148,959	134,849	134,739	139,653	131,413	131,326	142,239	212,665	233,158	244,759	174,233	179,707	181,181	163,156	163,630	134,104	124,578	114,052	109,527	0	0	0	0
Short Term Debt	233,587	13,750	13,750	13,750	13,750	267,000	106,000	0	0	0	0	11,000	11,000	11,500	12,000	12,500	13,000	13,500	14,000	14,500	15,000	15,500	16,000	16,500	14,000	0	0	116,000	14,000
Short Term Investments	604,104	553,076	538,220	559,430	548,613	542,007	482,583	459,090	439,362	413,149	402,786	397,326	390,629	373,955	326,295	307,317	289,877	263,803	241,925	250,285	253,378	240,786	246,071	236,819	229,491	0	0	0	4,699
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	4,611,990	4,557,070	4,603,185	4,602,899	4,345,662	4,128,987	3,883,264	3,607,920	3,477,659	3,389,125	3,162,612	3,072,359	2,927,345	2,774,564	2,754,463	2,418,730	2,268,830	2,232,339	2,123,631	2,048,111	1,973,741	1,885,793	1,752,918	1,681,597	1,616,612	1,556,665	0	0	1,260,394
Total Current Assets	145,259	677,434	730,368	783,224	108,078	617,503	556,100	530,977	593,897	2,923,020	2,706,449	2,620,488	2,482,433	2,348,380	2,381,715	2,072,703	1,947,838	1,939,237	1,859,501	1,778,499	1,703,611	1,629,894	1,492,617	1,430,806	1,373,137	24,426	0	0	16,499
Total Current Liabilities	2,026,622	13,750	2,974	3,257	2,831	2,214	1,393	1,576	1,409	1,656	2,654	1,736	11,000	11,500	12,000	12,500	13,000	13,500	14,000	14,500	15,000	15,500	16,000	16,500	1,408	992	0	0	612
Total Liab	4,186,475	4,141,110	4,194,059	4,200,893	3,951,598	3,746,980	3,508,381	3,228,479	3,098,387	3,021,322	2,871,782	2,793,188	2,661,940	2,509,132	2,497,273	2,170,587	2,024,036	1,996,280	1,894,494	1,816,336	1,752,743	1,674,941	1,546,991	1,482,558	1,479,450	1,422,990	0	0	1,145,028
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	425,515	415,960	409,126	402,006	394,064	382,007	374,883	379,441	379,272	367,803	290,830	279,171	265,405	265,432	257,190	248,143	244,794	236,059	229,137	231,775	220,998	210,852	205,927	199,039	137,162	133,675	0	115,366	115,366
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Begin Period Cash Flow	87,043	143,473	160,675	31,935	28,444	23,725	16,499	13,573
Capital Expenditures	2,970	1,633	777	24,688	15,572	3,720	1,235	2,191
Cash And Cash Equivalents Changes	0	-56,430	-17,202	128,740	3,491	4,719	0	0
Cash Flows Other Operating	0	-13,665	-4,814	-6,624	13	-7,502	0	0
Change In Cash	41,519	-56,430	-17,202	128,740	3,491	4,719	7,226	2,926
Change In Working Capital	-17,989	16,496	-118	-18,813	2,170	-5,021	7	-2,573
Change Receivables	0	0	0	0	0	0	0	0
Change To Account Receivables	-21,894	-14,080	-4,064	-5,121	529	-7,627	-2,046	-2,144
Change To Inventory	0	0	0	0	0	0	0	0
Change To Liabilities	0	30,576	3,946	-13,692	1,641	2,606	0	0
Change To Netincome	0	9,657	3,054	11,830	2,645	3,301	5,154	3,599
Change To Operating Activities	0	30,576	3,946	-13,692	1,641	2,606	2,053	-429
Depreciation	3,143	3,253	2,560	1,397	1,199	952	885	690
Dividends Paid	4,054	4,054	1,171	317	258	1,171	0	0
End Period Cash Flow	128,562	87,043	143,473	160,675	31,935	28,444	23,725	16,499
Exchange Rate Changes	0	0	0	0	0	0	0	0
Free Cash Flow	27,045	83,366	53,459	-1,669	23,955	25,688	23,667	12,740
Investments	-372,090	-929,203	-545,648	-505,778	-261,967	-350,872	-350,182	-266,096
Issuance Of Capital Stock	0	-1	66,514	0	0	58,857	0	0
Net Borrowings	0	341,500	-7,941	-32,217	-7,500	49,000	16,484	32,458
Net Income	39,960	53,392	45,687	27,194	31,403	26,920	16,889	13,215
Other Cashflows From Financing Activities	292,819	929,631	541,148	827,426	287,134	286,690	348,506	246,779
Other Cashflows From Investing Activities	0	-7,407	-25,000	134	1,328	356	4,490	-1,595
Other Non Cash Items	271	9,919	8,203	14,163	4,750	7,056	6,891	4,447
Sale Purchase Of Stock	-4,541	-11,513	-2,740	-10,373	-14,959	58,963	0	-192
Stock Based Compensation	3,954	3,340	2,426	1,668	752	799	368	222
Total Cash From Financing Activities	220,687	796,814	499,987	636,053	240,175	329,547	332,506	254,091
Total Cash From Operating Activities	30,015	84,999	54,236	23,019	39,527	29,408	24,902	14,931
Total Cashflows From Investing Activities	0	-938,243	-571,425	-530,332	-276,211	-354,236	-350,182	-266,096

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Begin Period Cash Flow	124,358	177,101	209,192	87,043	75,496	73,517	71,887	143,473	189,502	92,197	200,896	160,675	91,510	178,428	61,526	31,935	89,619	66,389	48,750	28,444	21,537	21,917	20,125	23,725	24,426	21,811	16,504	16,499	0
Capital Expenditures	183	239	2,541	7	176	298	882	277	206	235	528	864	2,648	6,105	8,105	7,830	2,220	7,386	3,133	2,833	1,888	1,122	490	220	133	137	251	714	1,028
Cash And Cash Equivalents Changes	0	0	-32,091	122,149	11,547	1,979	1,630	-71,586	-46,029	97,305	-108,699	40,221	69,165	-86,918	116,902	29,591	0	23,230	17,639	20,306	6,907	-380	1,792	-3,600	0	0	0	0	0
Cash Flows Other Operating	0	0	-602	-7,063	-5,754	-2,915	-3,619	-1,377	2,893	-2,135	-6,713	1,141	-1,158	3,972	-4,228	-5,210	0	1,570	-3,536	1,579	-2,713	-97	-2,608	-2,084	0	0	0	0	0
Change In Cash	4,204	-52,743	-32,091	122,149	11,547	1,979	1,630	-71,586	-46,029	97,305	-108,699	40,221	69,165	-86,918	116,902	29,591	-57,684	23,230	17,639	20,306	6,907	-380	1,792	-3,600	-701	2,615	5,307	5	16,499
Change In Working Capital	-19,523	-2,376	3,132	-6,487	-11,425	-8,923	21,798	15,046	-1,037	979	-7,496	7,436	-3,104	4,872	-7,638	-12,943	-2,117	1,916	1,462	909	-1,300	822	-1,356	-3,187	144	-82	-2,542	2,487	-628
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-12,971	-2,376	-178	-6,369	-6,221	-2,915	-3,567	-1,377	2,893	-2,087	-6,011	1,141	-1,128	4,081	-2,867	-5,207	400	1,628	-3,073	1,574	-2,730	-205	-2,608	-2,084	-77	-1,493	-1,208	732	-628
Change To Inventory	0	0	0	0	0	0	0	0	0	-582,835	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	0	3,310	-118	-5,204	-6,008	25,365	16,423	-3,930	3,066	-1,485	6,295	-1,976	791	-4,771	-7,736	0	288	4,535	-665	1,430	1,027	1,252	-1,103	0	0	0	0	0
Change To Netincome	0	0	1,522	2,441	900	2,376	3,875	2,506	-2,711	1,908	2,422	1,674	1,772	4,136	3,421	2,501	748	1,007	773	775	-287	1,503	1,290	795	5,154	0	1,523	1,671	3,599
Change To Operating Activities	0	0	3,310	-118	-5,204	-6,008	25,365	16,423	-7,876	3,066	-1,485	6,295	-1,976	791	-4,771	-7,736	-2,517	288	4,535	-665	1,430	1,027	1,252	-1,103	2,053	0	-1,334	1,755	-429
Depreciation	755	772	792	824	1,199	698	680	676	662	656	640	602	594	327	241	235	394	293	254	258	249	240	231	232	220	234	208	223	225
Dividends Paid	1,014	1,013	1,014	1,013	1,014	1,013	1,014	1,013	1,171	1,171	1,171	1,171	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	128,562	124,358	177,101	209,192	87,043	75,496	73,517	71,887	143,473	189,502	92,197	200,896	160,675	91,510	178,428	61,526	31,935	89,619	66,389	48,750	28,444	21,537	21,917	20,125	23,725	24,426	21,811	16,504	16,499
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-8,651	15,528	12,377	7,791	4,454	8,845	39,063	31,004	10,159	15,706	7,174	20,420	2,448	11,136	-5,262	-9,991	5,402	4,243	7,484	6,826	5,297	8,711	7,386	4,294	5,758	6,424	3,735	7,750	1,343
Investments	-40,906	-2,653	-33,620	-129,456	-203,637	-240,974	-271,839	-212,753	-142,198	-124,167	-5,374	-106,015	-84,600	-107,187	-208,172	-105,819	-81,077	-81,240	-50,889	-50,755	-74,842	-136,048	-68,748	-71,234	-7,206	0	1,497	-12,291	-110,342
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	-177,000	250,000	100,500	141,000	77,000	23,000	-5,056	8,115	8,115	-11,000	-70,511	-20,579	-11,627	70,500	-5,500	-1,500	18,000	-18,500	-5,500	62,500	1,500	-9,500	16,484	0	6,500	-31,500	32,458
Net Income	8,873	9,629	9,816	11,642	13,735	14,513	12,882	12,262	12,514	11,509	10,993	10,671	4,979	7,174	7,598	7,443	8,571	7,805	8,009	7,018	7,761	6,463	6,746	5,950	3,334	4,675	4,797	4,083	3,384
Other Cashflows From Financing Activities	83,887	-64,844	88,175	300,341	329,691	385,121	243,384	112,394	91,333	229,220	82,395	137,029	232,844	30,929	410,836	152,817	26,271	117,970	65,544	64,735	81,952	132,397	67,655	4,686	61,782	103,192	96,203	87,329	79,926
Other Cashflows From Investing Activities	0	0	7,075	-9,026	-4,003	-7,407	-3,075	-1,604	166	-166	-25,012	-793	2,790	800	2,400	134	425	1,102	-740	-50,755	200	60	-1	297	4,647	0	1,166	2,257	115
Other Non Cash Items	-293	5,366	95	878	338	1,979	3,735	2,466	142	125	87	87	85	86	26	26	26	-43	25	26	26	114	167	21	22	-185	-111	-39	-666
Sale Purchase Of Stock	-4,541	-11	-9	-14	-697	-1,634	-7,964	-1,218	-489	-2,038	142	-213	-7,027	-1,296	39	-2,050	0	-2,345	-12,555	3	106	58,857	58,857	58,857	180	0	59	59	26,146
Stock Based Compensation	1,044	877	972	941	783	876	850	831	661	608	583	574	462	384	421	401	228	176	173	175	211	199	190	199	212	52	51	53	56
Total Cash From Financing Activities	53,578	-65,857	-10,848	243,814	210,730	241,515	234,406	110,163	85,844	205,932	82,395	125,816	151,317	9,133	330,336	145,267	15,771	99,125	61,044	64,235	76,452	126,897	63,155	63,043	56,161	102,813	86,703	86,829	79,426
Total Cash From Operating Activities	-8,468	15,767	14,918	7,798	4,630	9,143	39,945	31,281	10,365	15,941	6,646	21,284	5,096	17,241	2,843	-2,161	7,622	11,629	10,617	9,659	7,185	9,833	7,876	4,514	5,891	6,561	3,986	8,464	2,371
Total Cashflows From Investing Activities	0	0	-36,161	-129,463	-203,813	-248,679	-272,721	-213,030	-142,238	-124,568	-197,740	-106,879	-87,248	-113,292	-216,277	-113,515	-81,077	-87,524	-54,022	-53,588	-76,730	-137,110	-69,239	-71,157	-350,182	0	-85,382	-95,288	-266,096

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31
Cost Of Revenue	-792	0	0	0	0	24,063	16,348	11,764	-
Depreciation And Amortization	3,143	191	191	191	191	191	885	690	-
Discontinued Operations	0	0	0	0	0	0	0	0	-
Ebit	-3,043	108,769	61,573	35,666	38,326	53,393	39,211	29,781	-
Ebitda	100	108,960	61,764	35,857	38,517	53,584	40,096	30,471	-
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	-
Extraordinary Items	0	0	0	0	0	0	-2,005	0	-
Gross Profit	228,848	136,030	114,818	93,803	77,958	67,281	56,709	44,685	-
Income Before Tax	52,522	71,710	61,573	35,666	38,326	32,144	27,038	21,267	18,250
Income Tax Expense	12,562	18,318	15,886	8,472	6,923	5,224	10,149	8,052	7,055
Interest Expense	12,615	33,997	19,370	26,862	29,646	20,488	12,173	8,514	0
Interest Income	212,662	163,695	128,879	114,826	103,778	85,226	66,346	50,632	39,193
Minority Interest	0	0	0	0	0	0	0	0	-
Net Income	39,960	53,392	45,687	27,194	31,403	26,920	16,889	13,215	11,195
Net Income Applicable To Common Shares	0	49,338	44,516	27,194	31,403	26,920	16,889	13,215	11,195
Net Income From Continuing Ops	44,822	53,392	45,687	27,194	31,403	26,920	16,889	13,215	-
Net Interest Income	112,753	129,698	109,509	87,964	74,132	64,738	54,173	42,118	32,695
Non Operating Income Net Other	0	0	0	0	0	0	0	0	-
Non Recurring	0	0	0	0	0	0	0	0	-
Operating Income	-3,043	108,769	61,573	35,666	38,326	52,632	39,211	29,781	-
Other Items	0	0	0	0	0	0	0	0	-
Other Operating Expenses	176,326	27,261	53,245	58,137	39,632	14,649	17,498	14,904	-
Preferred Stock And Other Adjustments	0	4,054	1,171	0	0	0	0	0	-
Reconciled Depreciation	3,587	191	191	1,397	1,199	952	885	0	-
Research Development	0	0	0	0	0	0	0	0	-
Selling And Marketing Expenses	1,129	2,032	1,487	788	1,507	1,342	983	0	-
Selling General Administrative	41,802	38,306	35,579	28,757	24,454	20,937	15,095	12,087	-
Tax Provision	14,054	18,318	15,886	8,472	6,923	5,224	10,149	8,052	7,055
Total Operating Expenses	18,335	-27,261	-53,245	-58,137	-39,632	-14,649	-17,498	-14,904	-
Total Other Income Expense Net	52,522	-37,059	61,573	35,666	38,326	-20,488	-12,173	-8,514	-
Total Revenue	228,056	136,030	114,818	93,803	77,958	67,281	56,709	44,685	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Cost Of Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7,346	6,777	5,393	4,547	4,927	4,523	3,527	3,371	11,764
Depreciation And Amortization	9	9	34	48	48	48	47	48	48	48	640	48	48	48	241	235	48	293	254	48	48	48	47	48	220	234	208	223	-5,717
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	0	12,397	12,849	39,127	35,046	27,454	23,308	16,554	16,832	15,547	14,814	14,380	6,669	9,414	9,608	9,975	9,951	9,897	9,198	9,280	6,459	8,647	9,020	8,018	5,370	7,739	7,462	6,467	5,394
Ebitda	9	12,406	12,883	39,175	35,094	27,502	23,355	16,602	16,880	15,595	15,454	14,428	6,717	9,462	9,849	10,210	9,999	10,190	9,452	9,328	6,507	8,695	9,067	8,066	5,590	7,973	7,670	6,690	-323
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	59,962	26,604	27,287	30,510	34,631	35,482	34,180	31,737	30,441	30,083	27,891	26,403	25,827	22,836	23,319	21,821	21,040	19,881	19,272	17,765	18,299	17,448	16,384	15,150	15,432	15,048	13,558	12,671	10,781
Income Before Tax	11,233	12,397	12,849	15,702	17,928	19,825	17,403	16,554	16,832	15,547	14,814	14,380	6,669	9,414	9,608	9,975	9,951	9,897	9,198	9,280	6,459	8,647	9,020	8,018	5,370	7,739	7,462	6,467	5,394
Income Tax Expense	2,360	2,768	3,033	4,060	4,193	5,312	4,521	4,292	4,318	4,038	3,821	3,709	1,690	2,240	2,010	2,532	1,380	2,092	1,189	2,262	-1,302	2,184	2,274	2,068	2,036	3,064	2,665	2,384	2,010
Interest Expense	3,523	31,388	29,129	23,425	15,967	8,264	5,252	4,514	4,622	4,844	4,859	5,045	5,858	6,814	6,824	7,366	7,491	7,637	7,382	7,136	6,546	5,502	4,493	3,947	3,727	3,323	2,702	2,421	8,514
Interest Income	58,553	56,809	55,001	51,992	48,860	42,359	37,782	34,694	33,775	33,517	31,147	30,440	30,699	28,493	28,166	27,468	27,419	26,572	25,520	24,267	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	8,873	9,629	9,816	11,642	13,735	13,500	11,868	11,249	12,514	11,509	10,993	10,671	4,979	7,174	7,598	7,443	8,571	7,805	8,009	7,018	7,761	6,463	6,746	5,950	3,334	4,675	4,797	4,083	3,384
Net Income Applicable To Common Shares	0	0	8,802	10,629	12,721	13,500	11,868	11,249	11,343	11,509	10,993	10,671	4,979	7,174	7,598	7,443	8,571	7,805	8,009	7,018	7,761	6,463	6,746	5,950	3,334	4,675	4,797	4,083	13,215
Net Income From Continuing Ops	8,873	9,629	9,816	11,642	13,735	14,513	12,882	12,262	12,514	11,509	10,993	10,671	4,979	7,174	7,598	7,443	8,571	7,805	8,009	7,018	7,761	6,463	6,746	5,950	16,889	-15	2,700	-2,685	13,215
Net Interest Income	25,314	25,421	25,872	28,567	32,893	34,095	32,530	30,180	29,153	28,673	26,288	25,395	24,841	21,679	21,342	20,102	19,928	18,935	18,138	17,131	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	0	12,397	12,849	39,127	35,046	27,454	23,308	16,554	16,832	15,547	14,814	14,380	6,669	9,414	9,608	9,975	9,951	9,897	9,198	9,280	6,459	8,647	9,020	8,018	5,370	7,739	7,462	6,467	5,717
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	48,729	14,207	14,438	8,617	13,391	8,028	10,872	15,183	12,502	12,502	8,218	6,424	21,409	6,329	6,887	4,480	3,252	2,347	2,692	1,139	5,093	3,107	2,687	3,001	6,335	3,986	3,394	3,783	5,387
Preferred Stock And Other Adjustments	0	0	1,014	1,013	1,014	1,013	1,014	1,013	1,171	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	755	9	34	48	48	48	47	48	48	48	640	48	594	327	241	235	394	293	254	258	249	240	231	232	220	234	208	223	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	1,129	222	321	262	403	479	524	626	469	418	314	286	143	94	0	466	299	0	0	465	431	347	280	284	247	206	276	254	140
Selling General Administrative	14,879	10,594	9,489	9,480	10,181	10,786	10,257	9,929	9,171	9,587	8,651	8,170	7,176	7,362	6,348	6,454	6,880	5,915	5,124	5,476	5,729	5,588	4,817	4,803	3,661	4,016	3,634	3,784	210
Tax Provision	2,701	2,768	3,033	4,060	4,193	5,312	4,521	4,292	4,318	4,038	3,821	3,709	1,690	2,240	2,010	2,532	1,380	2,092	1,189	2,262	0	0	0	0	0	0	0	0	0
Total Operating Expenses	5,063	-14,207	-14,438	8,617	-13,391	-8,028	-10,872	-15,183	-12,502	12,502	-8,218	-6,424	-21,409	-6,329	-6,887	-4,480	-3,252	-2,347	-2,692	-1,139	-5,093	-3,107	-2,687	-3,001	-6,335	-3,986	-3,394	-3,783	5,387
Total Other Income Expense Net	11,233	12,397	12,849	-23,425	-17,118	-7,629	-5,905	-18,599	-4,622	14,185	-4,859	-5,599	-6,404	-7,093	-6,824	-7,366	-7,837	-7,637	-7,382	-7,346	-6,747	-5,694	-4,677	-4,131	-3,727	-3,323	-2,702	-2,421	-323
Total Revenue	59,962	26,604	27,287	30,510	34,631	35,482	34,180	31,737	30,441	30,083	27,891	26,403	25,827	22,836	23,319	21,821	21,040	19,881	19,272	17,765	18,299	17,448	16,384	15,150	15,432	15,048	13,558	12,671	10,781

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	228,056
Cost of Revenue	--792
Gross Profit	228,848	228,848

Operating Income (+$)
Gross Profit	228,848
Operating Expense	-18,335
Operating Income	-3,043	210,513

Operating Expense (+$)
Research Development	0
Selling General Administrative	41,802
Selling And Marketing Expenses	1,129
Operating Expense	18,335	42,931

Net Interest Income (+$)
Interest Income	212,662
Interest Expense	-12,615
Other Finance Cost	-87,294
Net Interest Income	112,753

Pretax Income (+$)
Operating Income	-3,043
Net Interest Income	112,753
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	52,522	-55,565 EBIT - interestExpense = -15,658 52,522 52,575
Interest Expense	12,615
Earnings Before Interest and Taxes (EBIT)	-3,043	65,137
Earnings Before Interest and Taxes (EBITDA)	100

After tax Income (+$)
Income Before Tax	52,522
Tax Provision	-14,054
Net Income From Continuing Ops	44,822	38,468
Net Income	39,960
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	176,326
Total Other Income/Expenses Net	52,522	-112,753

Technical Analysis of Bridgewater Bancshares Inc
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Bridgewater Bancshares Inc. The general trend of Bridgewater Bancshares Inc is UNKNOWN with 0.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Bridgewater Bancshares Inc's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator State	Bullish trend		Bearish trend
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Bridgewater Bancshares Inc.

The long score for the Support & Resistance is 1/1.
The longshort score for the Support & Resistance is 1/(-1 +1).

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 12.64 < 14.39 < 14.42.

The bearish price targets are: 11.92 > 11.80 > 11.14.

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Bridgewater Bancshares Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Bridgewater Bancshares Inc. The current mas is .

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Bridgewater Bancshares Inc Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Bridgewater Bancshares Inc. The current adx is .

Bridgewater Bancshares Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Bridgewater Bancshares Inc.

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Bridgewater Bancshares Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Bridgewater Bancshares Inc.

Bridgewater Bancshares Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Bridgewater Bancshares Inc.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-12-04	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-06	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-07	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-08	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-13	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-18	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-27	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-02	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-03	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-10	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-19	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-22	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-25	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-26	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-30	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-31	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-13	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-23	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-02-27	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-28	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-29	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-04	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-11	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-03-12	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-13	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-14	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-20	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-22	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-26	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-28	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-04	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-08	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-19	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).

6.3. Candlestick Patterns

Bridgewater Bancshares Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Bridgewater Bancshares Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	11.840
Total			1/1 (100.0%)

Create your own Symbol Scanner

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Quick analysis of Bridgewater Bancshares Inc (30 sec.)

What can you expect buying and holding a share of Bridgewater Bancshares Inc? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Bridgewater Bancshares Inc (5 min.)

$11.80

$15.07

$-3.98 - $-5.62

$11.09 - $9.44

2. Growth of Bridgewater Bancshares Inc (5 min.)

Is Bridgewater Bancshares Inc growing?

How much money is Bridgewater Bancshares Inc making?

How much money comes from the company's main activities?

3. Financial Health of Bridgewater Bancshares Inc (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

What can you expect buying and holding a share of Bridgewater Bancshares Inc? (5 min.)

What can you expect buying and holding a share of Bridgewater Bancshares Inc?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Bridgewater Bancshares Inc

About Bridgewater Bancshares Inc

Financial Health

Valuation

1.1. Profitability of Bridgewater Bancshares Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Banks - Regional)

1.1.2. Return on Assets

Trends

Compared to industry (Banks - Regional)

1.1.3. Return on Equity

Trends

Compared to industry (Banks - Regional)

1.2. Operating Efficiency of Bridgewater Bancshares Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Bridgewater Bancshares Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Banks - Regional)

1.3.2. Quick Ratio

Trends

1.4. Solvency of Bridgewater Bancshares Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Banks - Regional)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Banks - Regional)

2. Market Valuation of Bridgewater Bancshares Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Banks - Regional)

Bridgewater Bancshares Inc
Buy, Hold or Sell?