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Bridgewater Bancshares, Inc. (BWB) is a Minnesota-based financial holding company operating through its subsidiary, Bridgewater Bank. The company specializes in commercial and real estate lending, offering tailored financial solutions to businesses, real estate investors, and high-net-worth individuals. Its operations are concentrated in the Twin Cities Metropolitan Statistical Area, where it provides a range of banking and financial services.
- Multifamily Lending - Provides long-term financing solutions for multifamily residential properties, a significant portion of the loan portfolio.
- Commercial Real Estate (CRE) Lending - Offers loans secured by nonowner occupied CRE properties, including acquisition financing and affordable housing financing.
- Commercial and Industrial (C&I) Lending - Facilitates business lending, acquisition financing, and Small Business Administration (SBA) loans.
- Construction and Land Development (C&D) Lending - Includes construction loans and land development financing for real estate projects.
- 1-4 Family Residential Lending - Provides loans for 1-4 family rental properties and personal banking needs.
- Leasing - Engages in leasing activities, contributing a small portion to the loan portfolio.
- Consumer Lending - Offers personal banking and other consumer loans.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jeff Shellberg [Dec 31 ExecutiveBoard | Executive Vice President and Chief Credit Officer | Board member for PCs for People | Jeff Shellberg has served as Executive Vice President and Chief Credit Officer at Bridgewater Bancshares, Inc. since 2013, overseeing credit policies and committee leadership. As a founding member and director since 2005, he brings extensive expertise in banking and risk management. | |
Jerry Baack [Dec 31 ExecutiveBoard | Chairman of the Board, Chief Executive Officer (CEO), and President | Advisory Board for the commercial banking program at Marquette University | Jerry Baack has served as the Chairman of the Board, CEO, and President of Bridgewater Bancshares, Inc. since 2005. With over 35 years of banking experience and as the principal founder, he has been instrumental in guiding the company and also serves on the Advisory Board for the commercial banking program at Marquette University. | View Report → |
Lisa Salazar [Dec 31 ExecutiveBoard | Chief Deposit Officer | Board member at UMACHA | Chief Deposit Officer at Bridgewater Bancshares since September 2019. Previously served as Senior Vice President of Deposit Services and Emerging Products. | |
Mary Jayne Crocker [Dec 31 ExecutiveBoard | Executive Vice President and Chief Strategy Officer | Founding member of the Women's Leadership Council of the Minneapolis/St. Paul Business Journal; Board member of Eden Prairie Community Foundation; Board member of Team Women; Advisory board member of Merevie | Mary Jayne Crocker has over 30 years of experience in financial services and currently serves as Executive Vice President and Chief Strategy Officer at Bridgewater Bancshares, Inc.. She joined the company in 2005 and served as Executive Vice President and Chief Operating Officer from 2014 to 2024 before her current appointment in April 2024. | |
Nick Place [Dec 31 ExecutiveBoard | Chief Banking Officer | Board Member, Rethos Places Reimagined; Board Member, Minnesota Housing Partnership | Nick Place has been with BWB since 2007 and currently serves as Chief Banking Officer since 2024. Previously, he was Chief Lending Officer from 2015 to 2024 and served as Vice President of Commercial Lending prior to 2015, playing a key role in the bank's commercial and real estate lending initiatives. | |
Joe Chybowski [Dec 31 Executive | President and Chief Financial Officer (CFO) | Joe Chybowski has been serving as President and Chief Financial Officer of BWB since April 26, 2024, and has held the CFO position since 2017. Previously, he served as Controller from 2013 to 2017 and worked at Performance Trust Capital Partners from 2009 to 2013. | ||
Laura Espeseth [Apr 26 Executive | Chief Accounting Officer | Laura Espeseth is the Chief Accounting Officer at Bridgewater Bancshares, Inc. (BWB) as of April 26, 2024. She previously served as Senior Vice President Controller from 2018 to 2024, after joining the company in 2017. | ||
David Juran [Mar 10 Board | Director | CEO of Colliers Mortgage Holdings LLC; Board member at University of St. Thomas; Board member at Summit Academy; Board member at Minnesota Attainable Housing | David Juran has served as a Director at Bridgewater Bancshares since 2010 and holds additional responsibilities as Chairperson of the Compensation Committee and Lead Independent Director. He is also the CEO of Colliers Mortgage Holdings LLC since 2002 and holds board roles at the University of St. Thomas, Summit Academy, and Minnesota Attainable Housing. | |
David Volk [Mar 10 Board | Director | Principal at Castle Creek Capital; Board Member at California BanCorp; Board Member at Bank of Idaho Holding Company; Board Member at Spend Life Wisely Company | David Volk has served as a Director at Bridgewater Bancshares, Inc. since 2017. He is a Principal at Castle Creek Capital since 2005 and currently serves on the Compensation and Nominating and ESG Committees, bringing extensive financial and strategic expertise. | |
Douglas Parish [Mar 10 Board | Director and Chairperson of the Audit Committee | Chief Financial Officer of Northern Star Scouting; Board Member of Vocal Essence; Board Member of St. Croix Valley Korean American Cultural Society | Douglas Parish has served as a director and Chairperson of the Audit Committee at BWB since 2018. He is a Certified Public Accountant with 35 years of experience in accounting, finance, audit, risk management, regulatory compliance, and corporate governance. | |
James Johnson [Mar 10 Board | Director | Owner of Flagship Marketing, Inc.; Regional Franchise Developer for Express Employment International | James Johnson has served as a Director at Bridgewater Bancshares, Inc. (BWB) since 2005 , serving on the Audit and Nominating and ESG Committees. He is also a seasoned business owner and Regional Franchise Developer with extensive experience in talent acquisition. | |
Lisa Brezonik [Mar 10 Board | Director of the Company and the Bank | Operating Partner at Carlson Private Capital; Board Member at Kipsu, Inc.; Board Member at Washburn Center for Children | Lisa Brezonik has served as a director at BWB since 2019 and is the Chairperson of the Nominating and ESG Committee, bringing over 30 years of leadership experience including an Operating Partner role at Carlson Private Capital and an interim CEO role at Pivot Strategies LLC. | |
Mohammed Lawal [Mar 10 Board | Director | CEO and Principal Architect at LSE Architects, Inc. ; Board member for Friends of Hennepin County Library | Mohammed Lawal has served as a Director at BWB since October 2020. He is also the CEO and Principal Architect of LSE Architects since 2011 and a board member for Friends of Hennepin County Library. | |
Thomas Trutna [Mar 10 Board | Director | President and Founder of Trutna Enterprises, Inc. d/b/a BIG INK | Thomas Trutna has been a director at BWB since 2005 and serves on the Audit Committee and Nominating and ESG Committee. He is also the President and Founder of Trutna Enterprises, Inc. d/b/a BIG INK since 1999. | |
Todd Urness [Mar 10 Board | Director | Shareholder at Winthrop & Weinstine, P.A.; Board Member at Winthrop & Weinstine, P.A. | Todd Urness has served as a Director at BWB since 2005 and as a member of the Compensation Committee, contributing his extensive legal and real estate expertise. He also holds active roles at Winthrop & Weinstine, P.A., further enhancing his governance credentials. |
- Based on your discussion of establishing a specific reserve for the office credit, can you elaborate on how you assess the sufficiency of this reserve against potential future credit dislocations?
- You mentioned that loan growth was fairly even across the quarter with a slight concentration in the back half; how might this timing affect the realization of full margin benefits in subsequent quarters?
- In light of ongoing discussions around M&A and your previous deal, how do you prioritize and evaluate potential acquisition targets given the current competitive and volatile market conditions?
- With approximately $600,000 already used for share repurchases, how does management plan to balance future buybacks with the capital needed to sustain aggressive loan and deposit growth?
- Your outlook on margin expansion seems heavily dependent on rate cuts and asset repricing; what strategies are in place to mitigate potential margin compression if anticipated rate cuts do not materialize as expected?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Two large, national banking chains together controlled 61.7% of the deposit market share in the Twin Cities MSA as of June 30, 2024, based on FDIC data. This competitor is one of the two chains mentioned, and it held a significant portion of the deposit market share in the region. | |
Two large, national banking chains together controlled 61.7% of the deposit market share in the Twin Cities MSA as of June 30, 2024, based on FDIC data. This competitor is one of the two chains mentioned, and it held a significant portion of the deposit market share in the region. | |
This competitor ranked third in the Twin Cities MSA deposit market share as of June 30, 2024, holding 8.64% of the total deposits. | |
This competitor ranked fourth in the Twin Cities MSA deposit market share as of June 30, 2024, holding 2.66% of the total deposits. | |
This competitor ranked fifth in the Twin Cities MSA deposit market share as of June 30, 2024, holding 2.45% of the total deposits. | |
This competitor ranked sixth in the Twin Cities MSA deposit market share as of June 30, 2024, holding 2.40% of the total deposits. | |
Otto Bremer Trust | This competitor ranked seventh in the Twin Cities MSA deposit market share as of June 30, 2024, holding 2.20% of the total deposits. |
State Bankshares, Inc. | This competitor ranked eighth in the Twin Cities MSA deposit market share as of June 30, 2024, holding 1.68% of the total deposits. |
This competitor ranked tenth in the Twin Cities MSA deposit market share as of June 30, 2024, holding 1.43% of the total deposits. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
First Minnetonka City Bank (FMCB) | 2024 | Bridgewater Bancshares, Inc. acquired FMCB in an all-cash transaction finalized on December 13, 2024, following necessary regulatory approvals. The deal enhanced Bridgewater’s strategic profile by adding a diversified, low-cost deposit base and investment advisory platform, which is expected to boost EPS via operational efficiencies and cost savings, while also broadening its loan portfolio. |
Recent press releases and 8-K filings for BWB.
- The document is an Investor Presentation 8-K that outlines Bridgewater Bancshares Inc.'s business model, key financial metrics, and strategic priorities for Q1 2025.
- It emphasizes the bank's track record of profitability, efficient branch-light operations, and strengths in commercial and multifamily lending supported by strong deposit momentum.
- The presentation sets near-term expectations including mid-to-high single-digit loan growth and initiatives such as technology investments, M&A integration, and ESG commitments.
- EPS and Margin Improvement: Adjusted EPS of $0.32 with net interest margin expanding by 19 bps to 2.51%
- Robust Loan & Deposit Growth: Organic loan growth increased by 15.9% annualized with 8.3% annualized core deposit growth, fueling operational momentum
- Improved Net Interest Income: A 12% increase in net interest income coupled with declining deposit costs enhanced profitability
- Capital Management & Strategic Initiatives: Ongoing share repurchases of approximately $600,000 with a remaining authorization of $14.7M, alongside expansion in affordable housing and C&I sectors
- Enhanced Book Value: Tangible book value per share reached $13.89, up 12.2% annualized, underscoring strong asset quality
- Bridgewater Bancshares Inc reported net income of $9.6 million and diluted EPS of $0.31 for Q1 2025, with adjusted results showing continued growth compared to prior periods ( , ).
- The company achieved a 15.9% annualized increase in gross loans (up by $151.6 million) and a 7.5% increase in total deposits (up by $75.7 million) from Q4 2024, indicating robust asset and funding growth ( , ).
- Key performance metrics included a net interest margin of 2.51% and improved efficiency ratios, underscoring solid profitability alongside share repurchase activities ( , ).
- Bridgewater Bancshares Inc. issued an Investor Presentation as part of its Q4 2024 8-K filing (published February 18, 2025), highlighting its unconventional culture, efficient operating model, and proactive risk management framework.
- The presentation emphasizes robust organic asset growth and strong deposit momentum in the Twin Cities market, bolstered by local expertise and strategic M&A activity, including the acquisition of First Minnetonka City Bank in December 2024.
- It outlines key strategic priorities for 2025, focusing on balancing loan growth with capital management and continuing investments in technology and ESG initiatives to support sustainable growth.
- Robust Q4 performance: Reported diluted EPS of $0.26 and adjusted EPS of $0.27 per share [2,5] with a net interest margin reaching 2.32% (8bps expansion) .
- Core deposit strength: Deposits grew by $211M in Q4 (31% annualized) with an additional $217M from the FMCB acquisition .
- Acquisition success: First Minnetonka City Bank deal closed on December 13, 2024 after a 107-day turnaround, enhancing liquidity and branch network .
- Loan growth: Loan balances increased 7% annualized in Q4 (nearly 4% full-year growth), supporting a robust balance sheet .
- Revenue dynamics: Net interest income rose by $1.4M from Q3 due to tighter deposit costs and improved cost management .
- Q4 2024 highlights include net income of $8.2 million with diluted EPS of $0.26 and adjusted net income of $8.6 million, compared to prior quarter figures.
- The company completed the acquisition of First Minnetonka City Bank in just 107 days, supporting strong balance sheet growth and integration efforts.
- Core deposits increased by $428.2 million (63.6% annualized) with robust loan growth and a net interest margin expansion to 2.32%, reflecting improved revenue performance.