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    Brendan Nossel • Hovde Group

    Brendan Nosal is a Director in the Research Department at Hovde Group, specializing in equity research coverage of the U.S. banking sector with a primary focus on Midwest regional and community banks. He has issued research and ratings on companies such as First Financial Bancorp, Civista Bancshares, First Busey, Byline Bancorp, and First Savings Financial Group, drawing on over a decade of experience and a track record recognized for thorough sector insight. Nosal began his career at Piper Sandler (formerly Sandler O’Neill + Partners), where he advanced to Director and Senior Research Analyst before joining Hovde Group in February 2024. He holds both bachelor's and master's degrees in Economics from Fordham University, graduating summa cum laude, and is FINRA-registered with Series 7, 63, 86, and 87 licenses.

    Brendan Nossel's questions to Bridgewater Bancshares Inc (BWB) leadership

    Brendan Nossel's questions to Bridgewater Bancshares Inc (BWB) leadership • Q2 2025

    Question

    On behalf of Brendan Nossel from Hovde Group, Ynyra Bohan asked about the net interest margin (NIM) outlook beyond Q3, specifically the potential benefits from loan repricing after the subordinated debt headwind. A follow-up question asked about the potential for further downward repricing of funding costs without Fed rate cuts.

    Answer

    CFO & President Joe Chybowski confirmed that underlying NIM expansion dynamics remain strong due to continued loan repricing and opportunities to lower deposit costs even without rate cuts. He expressed long-term bullishness on margin expansion despite the specific Q3 headwind from the subordinated debt. He added that the bank actively seeks to rationalize deposit costs on a relationship-by-relationship basis and has also found opportunities to lower costs on the wholesale funding side.

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