Lisa Salazar
About Lisa Salazar
Lisa Salazar is Chief Operating Officer of Bridgewater Bancshares (BWB), overseeing operations, technology, and product initiatives to drive efficiencies and enhance client experience. She joined BWB in 2018, served as Chief Deposit Officer from 2019–2024, and previously led Deposit Services and Emerging Products; she has 30+ years in financial services focused on deposit and fee income generation and spent 23 years at TCF National Bank, most recently as National Sales Manager of Treasury. She holds a B.A. from Minnesota State University Moorhead and serves on the board of UMACHA; industry recognitions include Notable Leader in Banking & Finance (2023) and Top Women in Finance (2021) . Company performance context during her senior leadership tenure: cumulative TSR indexed to $100 at 12/31/2020 was 108.17 in 2024, net income was $32,825k and PPNR $45,876k in 2024, with prior years shown below .
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Net Income ($USD Thousands) | 45,687 | 53,392 | 39,960 | 32,825 |
| PPNR ($USD Thousands) | 67,117 | 79,736 | 51,588 | 45,876 |
| Cumulative TSR (Indexed to $100 at 12/31/2020) | 141.63 | 142.03 | 108.25 | 108.17 |
| Nasdaq Bank Index TSR (Indexed to $100 at 12/31/2020) | 141.27 | 118.42 | 126.63 | 155.92 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bridgewater Bancshares, Inc. | Chief Operating Officer | Current (COO as of 2025 proxy) | Oversees operations, technology, and product initiatives to improve efficiency and client experience |
| Bridgewater Bancshares, Inc. | Chief Deposit Officer | 2019–2024 | Led Deposit Services and Treasury Management; contributed to deposit portfolio growth and key client relationships |
| Bridgewater Bancshares, Inc. | SVP, Deposit Services and Emerging Products | Pre-2019 | Led deposit product innovation and fee income initiatives |
| TCF National Bank | National Sales Manager of Treasury | 23 years (tenure) | National treasury sales leadership; extensive commercial banking deposit experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UMACHA | Board Member | Not disclosed | Payments/ACH governance; industry best practices |
- Industry recognition: Notable Leader in Banking & Finance (Twin Cities Business, 2023) and Top Women in Finance (Finance & Commerce, 2021) .
Fixed Compensation
- Individual compensation for Ms. Salazar (base salary, bonus, equity grants) is not separately disclosed in the latest proxy; named executive officers are Baack, Chybowski, Crocker, Shellberg, and Place .
- Company-wide executive benefits/perquisites include 401(k) match and profit sharing, BOLI split-dollar life insurance, automobile allowance, health club reimbursement, executive physicals, and enhanced premium contributions; clawback policy and insider trading/anti-hedging policies apply firmwide .
Performance Compensation
| Element | Metric/Design | Weighting/Targets | 2024 Calibration | Vesting |
|---|---|---|---|---|
| Short-Term Incentive (Company design) | Equal parts Adjusted PPNR and individual goals | CEO target 75% of base; other NEOs 60% of base | 2024 PPNR thresholds: $39,113k (50%), target $57,365k (100%), max $63,102k (150%); transaction costs added back; security sale gains included; threshold achieved | N/A |
| Restricted Stock Units | Annual RSUs for executives; 4-year ratable vesting | Not disclosed for Salazar | Company recognized $1.9M RSU expense 9M 2025; $4.2M unrecognized RSU comp to be recognized over 2.3 years | 25% per year over 4 anniversaries |
| Stock Options | Periodic grants; 10-year term; exercise price at grant-date fair value; Black-Scholes valuation; 4-year vesting on recent grants | Not disclosed for Salazar | Company-wide options outstanding 1,970,371 at $11.28 WAVG exercise; 1,396,745 exercisable; $2.4M unrecognized comp, 2.3-year WA period | Generally 25% per year over 4 anniversaries; older grants 20% over 5 years |
| 2024 STI PPNR Schedule | PPNR ($USD Thousands) | Payout % |
|---|---|---|
| Maximum Performance | 63,102 | 150% |
| Target Performance | 57,365 | 100% |
| Threshold Performance | 39,113 | 50% |
| < Threshold | <39,113 | — |
Notes:
- The STI design and long-term incentives apply to executive programs; Ms. Salazar’s specific targets/payouts are not disclosed.
- RSUs vest in equal annual installments on the first four anniversaries; company RSU accounting and unrecognized cost schedule above provide context for vesting pressure .
Equity Ownership & Alignment
- Approximately 20% of BWB’s common shares were owned by Board and Strategic Leadership Team members as of September 30, 2025, signaling insider alignment .
- Anti-hedging policy: directors, officers, and employees are prohibited from hedging Company stock .
- Executive stock ownership guidelines: not implemented for NEOs due to significant historical insider ownership and retention; the Compensation Committee periodically reviews this stance .
- Pledging: the proxy discloses pledged shares for several insiders (e.g., Urness 946,882 shares; Baack 300,000; Shellberg 200,000; Chybowski 25,000; Johnson 136,000), indicating some pledging exists; no pledge disclosure for Ms. Salazar .
- Director stock ownership guidelines (not executives): 4x annual cash retainer to be achieved within five years; all non-employee directors are compliant or on track .
Employment Terms
-
Employment agreements are disclosed for NEOs (Baack, Chybowski, Crocker, Shellberg, Place); Ms. Salazar’s individual agreement is not disclosed. Key NEO terms provide a benchmark for senior executive retention economics:
- Term/auto-renewal: 5 years (CEO), 3 years (others), auto-renew for 1-year periods; upon change-in-control, agreements remain in effect for two years .
- Restrictive covenants: 12-month non-compete within 25 miles of Company/Bank locations; non-solicit of customers/employees .
- Severance (no CIC): 1x base salary in 12 monthly installments plus employer-paid COBRA for up to 18 months, subject to release .
- Severance (with CIC window: 6 months pre-/24 months post-): lump-sum 2x (salary + most recent cash bonus) plus employer-paid COBRA; equity awards accelerate per plan terms upon qualifying CIC termination .
-
Equity plan CIC acceleration: unvested RSUs and restricted stock awards vest in full upon involuntary termination or resignation for good reason in connection with a change in control; options accelerate upon change in control or death .
Risk Indicators & Program Controls
- Clawback policy covers recovery of cash or stock incentives following restatements or misconduct; policy is attached to the 10-K and posted to Investor Relations .
- Insider trading windows and blackout periods defined; anti-hedging enforced .
- Compensation program reviewed against FDIC Safety and Soundness Standards and joint incentive compensation guidance; annual risk assessment conducted by the Compensation Committee .
Additional Context: Company Equity Overhang and Vesting Pressure
| Options Outstanding by Exercise Price Range (as of 9/30/2025) | Options Outstanding (#) | WAVG Exercise Price ($) | Remaining Life (Years) | Options Exercisable (#) | WAVG Exercise Price ($) |
|---|---|---|---|---|---|
| $7.00–7.99 | 714,438 | 7.47 | 2.0 | 714,438 | 7.47 |
| $8.00–8.99 | 2,961 | 8.76 | 4.5 | 2,961 | 8.76 |
| $10.00–10.99 | 204,250 | 10.62 | 7.7 | 96,499 | 10.59 |
| $11.00–11.99 | 229,125 | 11.16 | 6.5 | 117,000 | 11.22 |
| $12.00–12.99 | 249,097 | 12.91 | 3.8 | 249,097 | 12.91 |
| $13.00–13.99 | 285,000 | 13.75 | 9.3 | 2,500 | 12.91 |
| $17.00–17.99 | 285,500 | 17.50 | 6.3 | 214,250 | 17.50 |
| Total | 1,970,371 | 11.28 | 5.0 | 1,396,745 | 10.52 |
- RSUs outstanding (company-wide): 423,753 nonvested units with WAVG grant-date fair value $14.40 as of 9/30/2025; $1.9M RSU expense for nine months; $4.2M unrecognized RSU cost over ~2.3 years .
- These schedules indicate meaningful ongoing equity vesting that can create periodic insider selling windows; Ms. Salazar’s individual holdings were not disclosed.
Investment Implications
- Alignment: High insider ownership across Board and Strategic Leadership Team (~20%) and anti-hedging policy are positives; lack of formal executive stock ownership guidelines and disclosed pledging by multiple insiders introduce alignment risk; no pledge disclosure for Salazar specifically .
- Retention economics: Executive CIC terms (2x salary+bonus; full equity acceleration upon qualifying termination) suggest competitive retention; RSU 4-year vest and ongoing option overhang point to continued equity-based retention and potential selling pressure during open windows; Salazar-specific contract terms are not disclosed .
- Pay-for-performance framework: STI plan’s PPNR-centric design and subjective goals align incentives to operating performance; 2024 payout calibration below target reflects discipline amid macro headwinds; Salazar’s participation/targets not disclosed .
- Execution track record: Salazar’s deposit leadership (2019–2024) coincides with strong deposit growth initiatives cited by the company and optimization moves, including the First Minnetonka acquisition; COO mandate focuses on efficiency and client experience—key levers for CRE/multifamily-focused regional banks in a high-rate environment .
Data gaps: Ms. Salazar is not a named executive officer; her individual compensation, equity ownership, and Form 4 trading activity are not disclosed in the latest proxy. For insider-selling pressure and ownership compliance, review her Form 4 filings and Section 16 data directly; company-wide insider trading policy windows and anti-hedging constraints apply .