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.
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| 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?
Research analysts who have asked questions during Bridgewater Bancshares earnings calls.
Brendan Nosal
Hovde Group, LLC
4 questions for BWB
Jeff Rulis
D.A. Davidson & Co.
4 questions for BWB
Nathan Race
Piper Sandler & Co.
4 questions for BWB
Adam Kroll
Piper Sandler Companies
1 question for BWB
Brendan Nossel
Hovde Group
1 question for BWB
Jeffrey Rulis
D.A. Davidson & Co.
1 question for BWB
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.
- Bridgewater Bancshares reported $5.4 billion in assets, $4.2 billion in loans, and $4.3 billion in deposits as of September 30, 2025. For Q3 2025, total revenue was $36,152 thousand with a Net Interest Margin (NIM) of 2.63%. The company achieved 12.0% annualized loan growth and 7.4% annualized core deposit growth year-to-date 3Q25.
- BWB maintains a highly efficient business model with an efficiency ratio of 54.7% in 3Q25, consistently outperforming peers. Asset quality remains strong, with Nonperforming Assets (NPAs) as a percentage of assets at 0.01% and Net Charge-Offs as a percentage of average loans at 0.01% for 3Q25 YTD.
- The company completed the acquisition of First Minnetonka City Bank in December 2024 and successfully integrated its systems in 3Q25. BWB is positioned as the second largest locally-led bank in the Twin Cities, increasing its deposit market share from 1.54% in 2024 to 1.84% in 2025.
- As of September 30, 2025, BWB reported a Common Equity Tier 1 Capital Ratio of 9.08% and total available liquidity of $2,393 million. The company also has $13.1 million remaining under its current share repurchase authorization.
- Bridgewater Bancshares (BWB) reported strong Q3 2025 financial results, with 11.5% annualized core deposit growth and 6.6% annualized loan growth, contributing to a $1.6 million increase in net interest income and a one basis point expansion in net interest margin to 2.63%.
- The company successfully launched a new online banking platform and completed the systems conversion for the First Minnetonka Citibank acquisition, with noninterest expenses expected to normalize post-conversion.
- Management anticipates more meaningful net interest margin expansion in the coming quarters, targeting a 3% margin by early 2027, driven by repricing loan yields and declining deposit costs.
- Asset quality remains strong, with nonperforming assets at 0.19% of total assets and net charge-offs at 0.03% of average loans.
- Bridgewater aims to become a $10 billion bank by February 2030 and expects near-term loan growth to remain in the mid to high single-digit range.
- Bridgewater Bancorp (BWB) reported a $1.6 million increase in net interest income and one basis point net interest margin expansion to 2.63% in Q3 2025. The company achieved 11.5% annualized core deposit growth and 6.6% annualized loan growth, with tangible book value per share increasing 20% annualized.
- Management anticipates more meaningful net interest margin expansion in the coming quarters, with a path to a 3% margin by early 2027, and expects near-term loan growth to be in the mid to high single-digit range.
- BWB successfully launched a new online banking platform and completed the systems conversion for the First Minnetonka City Bank acquisition. The company also announced leadership transitions and plans to open a new de novo branch in early 2026. Asset quality remains strong, with non-performing assets at 0.19% of total assets and net charge-offs at 0.03% of loans.
- Bridgewater Bancshares, Inc. reported Diluted EPS of $0.38 and Adjusted Diluted EPS of $0.39 for Q3 2025.
- The company achieved a Net Interest Margin (NIM) of 2.63%, a 1 basis point increase from Q2 2025, contributing to a 5.1% increase in net interest income from the prior quarter.
- Loan balances grew $69 million (6.6% annualized), and total deposit balances increased $56 million (5.2% annualized) from Q2 2025.
- Asset quality remained strong with nonperforming assets to total assets at 0.10% and an annualized net charge-off rate of 0.03% for Q3 2025.
- Tangible book value per share reached $14.93, marking a 20.0% annualized increase from Q2 2025.
- Bridgewater Bancshares, Inc. reported net income of $11.6 million and diluted earnings per common share of $0.38 for the third quarter of 2025.
- Net interest income increased $1.6 million, or 5.1%, from the second quarter of 2025, with a net interest margin of 2.63% for the third quarter of 2025.
- Gross loans increased by $68.8 million, or 6.6% annualized, and total deposits increased by $56.0 million, or 5.2% annualized, from the second quarter of 2025.
- Asset quality remained strong, with nonperforming assets to total assets at 0.19% at September 30, 2025, and annualized net loan charge-offs as a percentage of average loans at 0.03% for the third quarter of 2025.
- Tangible book value per share was $14.93 at September 30, 2025, representing an increase of 20.0% annualized from the second quarter of 2025.
- Bridgewater Bancshares, Inc. reported net income of $11.6 million and diluted earnings per common share of $0.38 for the third quarter of 2025.
- Net interest income increased by $1.6 million, or 5.1%, to $34.1 million in Q3 2025, with the net interest margin (on a fully tax-equivalent basis) rising to 2.63%.
- Gross loans increased by $68.8 million, or 6.6% annualized, and total deposits grew by $56.0 million, or 5.2% annualized, from the second quarter of 2025.
- The efficiency ratio was 54.7% for the third quarter of 2025, up from 52.6% in the prior quarter, while nonperforming assets to total assets remained stable at 0.19%.
- Bridgewater Bancshares Inc. (BWB) is the second largest locally led institution in the Twin Cities (behind US Bank) and has achieved 20% compounded asset growth over the last ten years, primarily organic.
- The company has a strong focus on multifamily lending, with this portfolio growing from 21% in 2015 to nearly 40% today, and has demonstrated exceptional asset quality with only $62,000 of charge-offs in its twenty-year history.
- BWB operates a highly efficient business model with only nine branches compared to peers' typical 40 branches, and anticipates net interest margin expansion and continued revenue growth due to loan repricing and expected Fed rate cuts.
- The primary use of capital is organic growth, and the company does not currently pay a dividend, preferring to retain earnings to support growth.
- Bridgewater Bancshares, Inc. reported strong financial performance for Q2 2025, with net income of $11,520 thousand , a Net Interest Margin (NIM) of 2.62% , and an efficiency ratio of 52.6%. The company achieved 12.5% annualized loan growth in Q2 2025 and 23.2% year-over-year core deposit growth.
- The company completed the acquisition of First Minnetonka City Bank in December 2024 , with system integration expected in Q3 2025. BWB also repurchased 122,704 shares for $1.6 million in Q2 2025 , with $13.1 million remaining under the authorization extended to August 26, 2026.
- BWB maintains a focus on commercial real estate and multifamily lending, including an increased emphasis on affordable housing , and expects mid-to-high single digit loan growth in the second half of 2025.
- Bridgewater Bancshares reported a strong second quarter of 2025, with net interest margin expanding by 11 basis points to 2.62% and net interest income growing by $2.2 million.
- The company achieved robust loan growth at a 12.5% annualized rate and saw total deposits increase by $74 million or 7% annualized.
- Bridgewater Bancshares opportunistically repurchased $1.6 million of common stock and extended its share repurchase authorization to August 26, 2026, with $13.1 million remaining.
- Management expects only slight net interest margin expansion in Q3 2025 due to a 7 basis point net drag from subordinated debt issuance, with more expansion resuming in Q4.
- Strategic initiatives include leveraging market disruption in the Twin Cities for growth and completing the systems conversion of the First Minnetonka Citibank acquisition in Q3.
- Bridgewater Bancshares, Inc. completed a private placement of $80.0 million of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 on June 24, 2025.
- The net proceeds from the notes will be used to redeem $50.0 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes.
- As of March 31, 2025, and for the quarter ended, Bridgewater Bancshares, Inc. reported the following financial highlights: | Metric | Q1 2025 | |---|---| | Total Assets ($ Billions) | $5.1 | | Total Loans ($ Billions) | $4.0 | | Total Deposits ($ Billions) | $4.2 | | Net Income ($ Millions) | $9.6 | | Net Interest Margin (FTE) (%) | 2.51% | | Common Equity Tier 1 Capital Ratio (%) | 9.03% | | Total Risk-Based Capital Ratio (%) | 13.62% | | NPAs / Assets (%) | 0.20% |
- The company reported annualized loan growth of 15.9% and annualized core deposit growth of 8.3% for Q1 2025.
- Bridgewater Bancshares, Inc. completed the acquisition of First Minnetonka City Bank in December 2024 and is focused on M&A integration and readiness initiatives.