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    Bridgewater Bancshares (BWB)

    Market Price (8/7/2026): $21.6 | Market Cap: $601.8 MilSector: Financials | Industry: Regional Banks

    Bridgewater Bancshares (BWB)

    Market Price (8/7/2026): $21.6
    Market Cap: $601.8 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 6.2%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%

    Low stock price volatility
    Vol 12M is 27%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.

    Key risks
    BWB key risks include [1] a heavy concentration in commercial real estate loans, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 6.2%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%
    3 Low stock price volatility
    Vol 12M is 27%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
    5 Key risks
    BWB key risks include [1] a heavy concentration in commercial real estate loans, Show more.

    BWB in ETFs

    Weight = BWB's share of each fund

    ITOT0.00%
    IWM0.02%
    AVUV0.04%
    IWN0.02%
    IWO0.02%
    VTWO0.01%
    DFAS0.01%
    DFAC0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31BWB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$161.2 Mil—
    FY 2026 Sales$170.9 Mil—
    FY 2027 Sales$188.1 Mil—
    FY 2026 Sales Growth6.0%—
    FY 2027 Sales Growth10.1%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$56.3 Mil—
    FY 2026 Net Income (Non-GAAP)$52.6 Mil—
    FY 2027 Net Income (Non-GAAP)$60.5 Mil—
    FY 2027 Net Income Growth14.9%19.0%
    FY 2026 EPS (Non-GAAP)$1.83—
    FY 2027 EPS (Non-GAAP)$2.11—
    FY 2027 EPS Growth15.0%—
    VALUATION
    FY 2026 P/S3.51.7
    FY 2027 P/S3.2—
    FY 2026 P/E11.48.1
    FY 2027 P/E10.0—

    [1] BWB forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    BWBS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.2
    Rev Chg Q13.9%9.3%
    Rev Chg LTM30.7%7.9%
    Rev Chg 3Y Avg10.4%5.8%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM26.7%21.8%
    Net Inc Mgn35.0%13.0%
    VALUATIONLOW
    P/S3.73.3
    P/CFO14.015.7
    P/FCF16.520.3
    P/E10.724.1

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Branches99302025Link
    Deposit Market Share in Twin Cities MSAapproximately 1.5%12312023Link
    Efficiency Ratio54.7%9302025Link
    Number of Full-Time Equivalent Employees3259302025Link
    Nonperforming Assets to Total Assets0.19%9302025Link
    Annualized Core Deposit Growth11.5%9302025Link
    Investor CRE Concentration (as % of total risk-based capital)510%6302023Link
    Annualized net loan charge-offs as a percentage of average loans0.03%9302025Link
    Level of Bad Loans0.2%11062025Link
    Loans to Deposits Ratio96%11062025Link
    Multifamily Portfolio Size$1.6 billion10222025Link
    Average Multifamily Loan Size$3.4 million10222025Link
    Average Multifamily Loan-to-Value Ratio67%10222025Link
    Allowance for Credit Losses to Total Loans1.34%9302025Link

    Price Chart

    Recent
    7/21/2026Earnings ReleaseRev: $40 Mil (A) vs. $41 Mil (E)
    EPS: 0.45 (A) vs. $0.45 (E)
    Upcoming
    10/20/2026Earnings ReleaseRev: $43 Mil (E)
    EPS: $0.47 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/1/2026

    Bridgewater Bancshares (BWB) stock has gained about 15% since 4/30/2026 because of the following key factors:

    1. Strong Second Quarter Fiscal 2026 Financial Performance: Bridgewater Bancshares reported robust results for fiscal Q2 2026, which ended June 30, 2026, demonstrating improved profitability and growth. Net income available to common shareholders increased by 23.7% year-over-year to $13.0 million, with diluted earnings per share (EPS) rising 18.4% to $0.45, meeting analyst expectations. The company achieved a net interest margin (NIM) of 3.07% in Q2 2026, exceeding its year-end goal of 3%. This performance was further highlighted by a return on assets (ROA) above 1% for the first time since early 2023, driven by a 21% annualized growth in net interest income. Loan growth remained disciplined at an annualized pace of 5.4%, concentrated in multifamily and commercial real estate segments.

    2. Positive Analyst Sentiment and Price Target Upgrades: The company benefited from favorable analyst coverage and revised price targets during the period. As of late July 2026, the consensus analyst rating for Bridgewater Bancshares was "Buy," with an average price target of $23.13, indicating an 11.31% potential upside from the stock price on July 23, 2026. Notably, Piper Sandler increased its price target for BWB from $23 to $24 on July 23, 2026, while D.A. Davidson reiterated a "Buy" rating with a $24 price target on the same day.

    Show more
    Updated on 8/1/2026

    Bridgewater Bancshares (BWB) stock has gained about 15% since 4/30/2026 because of the following key factors:

    1. Strong Second Quarter Fiscal 2026 Financial Performance: Bridgewater Bancshares reported robust results for fiscal Q2 2026, which ended June 30, 2026, demonstrating improved profitability and growth. Net income available to common shareholders increased by 23.7% year-over-year to $13.0 million, with diluted earnings per share (EPS) rising 18.4% to $0.45, meeting analyst expectations. The company achieved a net interest margin (NIM) of 3.07% in Q2 2026, exceeding its year-end goal of 3%. This performance was further highlighted by a return on assets (ROA) above 1% for the first time since early 2023, driven by a 21% annualized growth in net interest income. Loan growth remained disciplined at an annualized pace of 5.4%, concentrated in multifamily and commercial real estate segments.

    2. Positive Analyst Sentiment and Price Target Upgrades: The company benefited from favorable analyst coverage and revised price targets during the period. As of late July 2026, the consensus analyst rating for Bridgewater Bancshares was "Buy," with an average price target of $23.13, indicating an 11.31% potential upside from the stock price on July 23, 2026. Notably, Piper Sandler increased its price target for BWB from $23 to $24 on July 23, 2026, while D.A. Davidson reiterated a "Buy" rating with a $24 price target on the same day.

    3. Broader Regional Bank Sector Strength and Favorable Macroeconomic Trends: Bridgewater Bancshares' performance was bolstered by a strong rally in the broader regional banking sector. Through July 29, 2026, the S&P Regional Bank ETF experienced an 18.9% year-to-date return, significantly outperforming the S&P 500. This sector-wide improvement was supported by expanding net interest margins across regional banks, stable credit costs, and a return to a positively sloped yield curve. The widening spread between the ten-year and three-month Treasury yields to 84 basis points by July 29, 2026, from a prior inversion, contributed to improved outlooks for bank profitability.

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    Stock Movement Drivers

    Fundamental Drivers

    The 17.2% change in BWB stock from 4/30/2026 to 8/6/2026 was primarily driven by a 12.2% change in the company's P/E Multiple.
    (LTM values as of)43020268062026Change
    Stock Price ($)18.1321.2417.2%
    Change Contribution By: 
    Total Revenues ($ Mil)1561613.2%
    Net Income Margin (%)34.5%35.0%1.4%
    P/E Multiple9.410.512.2%
    Shares Outstanding (Mil)2828-0.2%
    Cumulative Contribution17.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/6/2026
    ReturnCorrelation
    BWB17.2% 
    Market (SPY)6.9%9.8%
    Sector (XLF)10.9%49.9%

    Fundamental Drivers

    The 10.6% change in BWB stock from 1/31/2026 to 8/6/2026 was primarily driven by a 21.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)13120268062026Change
    Stock Price ($)19.2121.2410.6%
    Change Contribution By: 
    Total Revenues ($ Mil)13216121.7%
    Net Income Margin (%)30.9%35.0%13.1%
    P/E Multiple12.910.5-18.6%
    Shares Outstanding (Mil)2828-1.3%
    Cumulative Contribution10.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/6/2026
    ReturnCorrelation
    BWB10.6% 
    Market (SPY)11.4%24.1%
    Sector (XLF)8.7%55.2%

    Fundamental Drivers

    The 36.5% change in BWB stock from 7/31/2025 to 8/6/2026 was primarily driven by a 30.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)73120258062026Change
    Stock Price ($)15.5621.2436.5%
    Change Contribution By: 
    Total Revenues ($ Mil)12316130.7%
    Net Income Margin (%)30.8%35.0%13.4%
    P/E Multiple11.210.5-6.5%
    Shares Outstanding (Mil)2728-1.4%
    Cumulative Contribution36.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/6/2026
    ReturnCorrelation
    BWB36.5% 
    Market (SPY)22.6%30.7%
    Sector (XLF)11.7%55.3%

    Fundamental Drivers

    The 98.3% change in BWB stock from 7/31/2023 to 8/6/2026 was primarily driven by a 86.6% change in the company's P/E Multiple.
    (LTM values as of)73120238062026Change
    Stock Price ($)10.7121.2498.3%
    Change Contribution By: 
    Total Revenues ($ Mil)13416120.5%
    Net Income Margin (%)39.5%35.0%-11.4%
    P/E Multiple5.610.586.6%
    Shares Outstanding (Mil)2828-0.5%
    Cumulative Contribution98.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/6/2026
    ReturnCorrelation
    BWB98.3% 
    Market (SPY)73.8%38.2%
    Sector (XLF)71.0%55.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    BWB Return42%0%-24%-0%30%20%69%
    Peers Return24%6%-7%10%3%23%72%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    BWB Win Rate83%42%42%50%67%62% 
    Peers Win Rate65%48%43%47%48%75% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    BWB Max Drawdown-17%-18%-54%-22%-19%-16% 
    Peers Max Drawdown-21%-22%-39%-18%-24%-13% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ASB, CBSH, FRME, BUSE, TCBK. See BWB Returns vs. Peers.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 8/6/2026 (YTD)

    How Low Can It Go

    EventBWBS&P 500
    2025 US Tariff Shock
      % Loss-15.5%-18.8%
      % Gain to Breakeven18.3%23.1%
      Time to Breakeven24 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-17.1%-9.5%
      % Gain to Breakeven20.7%10.5%
      Time to Breakeven20 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-45.6%-6.7%
      % Gain to Breakeven83.8%7.1%
      Time to Breakeven518 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-14.2%-24.5%
      % Gain to Breakeven16.5%32.4%
      Time to Breakeven74 days427 days
    2020 COVID-19 Crash
      % Loss-38.8%-33.7%
      % Gain to Breakeven63.4%50.9%
      Time to Breakeven315 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-24.3%-19.2%
      % Gain to Breakeven32.1%23.8%
      Time to Breakeven350 days105 days

    Compare to ASB, CBSH, FRME, BUSE, TCBK

    In The Past

    Bridgewater Bancshares's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventBWBS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-45.6%-6.7%
      % Gain to Breakeven83.8%7.1%
      Time to Breakeven518 days31 days
    2020 COVID-19 Crash
      % Loss-38.8%-33.7%
      % Gain to Breakeven63.4%50.9%
      Time to Breakeven315 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-24.3%-19.2%
      % Gain to Breakeven32.1%23.8%
      Time to Breakeven350 days105 days

    Compare to ASB, CBSH, FRME, BUSE, TCBK

    In The Past

    Bridgewater Bancshares's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Bridgewater Bancshares (BWB)

    Bridgewater Bancshares, Inc. (BWB) is a bank holding company that operates Bridgewater Bank, a financial institution providing a comprehensive suite of banking products and services. The company's core business revolves around both gathering deposits and originating various types of loans.

    The bank's main products and services include a wide array of deposit accounts such as savings, money market, demand deposits, and certificates of deposit. On the lending side, Bridgewater Bank offers commercial loans for financing business operations, construction and land development loans, and various real estate lending products including 1-4 family mortgages, multifamily loans, and commercial real estate loans for both owner and non-owner occupied properties. The bank also provides consumer and other loans, complemented by modern online, mobile, and direct banking services.

    Bridgewater Bank primarily serves specific customer segments: commercial real estate investors, small business entrepreneurs, and high net worth individuals. Although operating in the United States, its physical footprint is concentrated in Minnesota, where it operates seven full-service offices across several cities, including Bloomington, Minneapolis, and St. Paul.

    AI Analysis | Feedback

    It's like U.S. Bancorp for Minnesota's commercial real estate and small business market.

    Think of it as a boutique Wells Fargo, specialized in commercial real estate and business lending for Minnesota entrepreneurs.

    AI Analysis | Feedback

    • Deposit Accounts: Offers various accounts for saving and managing funds, including savings, money market, demand, time, brokered, and certificates of deposit.
    • Commercial Loans: Provides financing to businesses for purposes such as accounts receivable, inventory, capital assets, and general business needs.
    • Real Estate Loans: Offers a range of loans for construction, land development, 1-4 family mortgages, multifamily properties, and owner/non-owner occupied commercial real estate.
    • Consumer Loans: Supplies personal loans and other credit products to individual customers.
    • Digital Banking Services: Delivers convenient online, mobile, and direct banking platforms for account management and transactions.

    AI Analysis | Feedback

    ```html

    Bridgewater Bancshares (BWB) sells primarily to categories of customers rather than named companies. Based on the company description, its major customer categories are:

    • Commercial real estate investors
    • Small business entrepreneurs
    • High net worth individuals
    ```

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Jerry Baack, Chairman of the Board and Chief Executive Officer

    Jerry Baack is the principal founder of Bridgewater Bancshares and Bridgewater Bank, co-founding them in 2005. He was responsible for all aspects of the Bank's formation, including the initial capital raise, business plan, board and management team structure and recruitment, and regulatory approval. He has served as Chairman of the Board and Chief Executive Officer since the Bank's founding.

    Joe Chybowski, President and Chief Financial Officer

    Joe Chybowski joined Bridgewater Bank in 2013 as Controller. He was appointed Chief Financial Officer in 2017 and named President in 2024. In his role, he oversees all financial-related activities, including accounting, regulatory reporting, liquidity management, investment strategies, insurance, and capital development. He also contributes to strategic decision-making and corporate governance.

    Laura Espeseth, Chief Administrative Officer

    Laura Espeseth joined Bridgewater in 2017 and has held various leadership roles within the finance department, including Chief Accounting Officer. She has been instrumental in guiding the Bank through significant milestones such as its initial public offering, acquisitions, and capital raises.

    Katie Morrell, Chief Credit Officer

    Katie Morrell joined Bridgewater in 2020, serving as Deputy Chief Credit Officer before being promoted to Chief Credit Officer in September 2025. She brings over 18 years of experience in financial services, credit risk management, and strategic leadership, having previously held roles at Bremer Bank and RSM US LLP.

    Lisa Salazar, Chief Operating Officer

    Lisa Salazar has been with Bridgewater Bank since 2018, where she serves as Chief Operating Officer, overseeing operations, technology, and product initiatives. With nearly 30 years of banking experience, she previously led the Deposit Services and Treasury Management teams as Chief Deposit Officer.

    AI Analysis | Feedback

    • Credit Risk from Commercial Real Estate and Small Business Lending: Bridgewater Bancshares' primary focus on serving commercial real estate investors and small business entrepreneurs, along with its extensive offering of commercial, construction and land development, and various real estate-backed loans, exposes it significantly to the credit cycles and specific risks inherent in these sectors. Economic downturns, declines in commercial or residential property values, or challenges faced by small businesses could lead to increased loan defaults, higher provisions for loan losses, and a deterioration in asset quality.
    • Geographic Concentration Risk: With all of its banking operations concentrated in seven full-service offices located exclusively within specific areas of Minnesota (Bloomington, Greenwood, Minneapolis, St. Louis Park, Orono, and St. Paul), Bridgewater Bancshares is highly susceptible to the economic health and real estate market conditions of this particular region. A localized economic recession, a significant decline in regional employment, or a downturn in the Minnesota real estate market could disproportionately and adversely affect the bank's loan portfolio, deposit base, and overall financial performance.
    • Interest Rate Sensitivity: As a financial institution, Bridgewater Bancshares' profitability is inherently linked to interest rate fluctuations. Changes in the general level of interest rates, particularly rapid or significant shifts, can impact the bank's net interest margin—the difference between the interest earned on its loan portfolio and investments, and the interest paid on its deposits and borrowings. An unfavorable movement in interest rates could compress margins, reduce net interest income, and consequently affect the bank's earnings and financial condition.

    AI Analysis | Feedback

    The emergence of digital-first banks and specialized fintech lenders represents a clear threat. These digital-native competitors leverage technology to offer streamlined and often lower-cost banking products and services, including deposit accounts and various loan types, directly challenging Bridgewater Bancshares' market share among its small business entrepreneurs and high net worth individual client segments for simpler banking needs.

    AI Analysis | Feedback

    Bridgewater Bancshares (symbol: BWB) operates primarily in Minnesota, and its addressable markets for its main products and services within this region are sized as follows:

    • Commercial Real Estate (CRE) Lending: The market size for the Real Estate Loans & Collateralized Debt industry in Minnesota is projected to be approximately $10.2 billion in 2026. This market includes various property types such as multifamily, office, industrial, retail, self-storage, and hospitality. The Minnesota commercial real estate market is supported by a stable local economy.
    • Small Business Lending: In 2023, reporting banks issued new loans totaling approximately $3.7 billion to Minnesota businesses with revenues of $1 million or less. In 2022, this figure was $4.2 billion. Small businesses represent 99.5% of all enterprises in Minnesota, totaling over 560,000 businesses.
    • Deposits (Savings, Money Market, Demand, Time, Brokered Deposits, Certificates of Deposit): As of June 30, 2024, the total deposits in all banks in Minnesota amounted to approximately $310.9 billion.
    • Residential Mortgage Lending (1-4 Family Mortgage Loans): This is a component of the broader Real Estate Loans & Collateralized Debt market in Minnesota, which is valued at approximately $10.2 billion in 2026. The median home sales price in Minnesota was $375,000 in August 2025, with closed sales increasing by 2.4% in 2025 to their highest level since 2022.

    AI Analysis | Feedback

    Expected Drivers of Future Revenue Growth for Bridgewater Bancshares (BWB)

    • High Single-Digit Loan Growth: Bridgewater Bancshares anticipates maintaining high single-digit loan growth in 2026, building on the 11.4% growth achieved in 2025 and 8.9% annualized growth in Q4 2025. This growth is expected to be fueled by strong loan demand and a robust pipeline in its markets. In 2024, the company saw a rebound in loan growth, with balances increasing 7% annualized in the fourth quarter (excluding acquired loans).
    • Net Interest Margin (NIM) Expansion: The company is strategically focused on expanding its net interest margin, with a stated goal of achieving a 3% NIM by the end of 2026, an acceleration from its prior target of early 2027. This expansion is primarily driven by declining deposit costs and favorable repricing opportunities for assets. Net interest margin expanded by 12 basis points in Q4 2025, reaching 2.75%, following an 8 basis point expansion in Q4 2024.
    • Strong Core Deposit Growth and Market Share Gains: Bridgewater Bancshares emphasizes continued strong core deposit growth, including noninterest-bearing deposits, as a key driver. This focus aims to optimize its funding base, support loan growth, and improve its loan-to-deposit ratio. The company recorded annualized core deposit growth of 8.8% in Q4 2025 and 7.9% for the full year 2025, with a significant increase in noninterest-bearing deposits. Management highlights gaining market share in the Twin Cities and beyond as a fundamental aspect of its growth strategy.
    • Expansion of the Affordable Housing Vertical: The company views its affordable housing vertical as a significant growth driver. This segment experienced substantial growth of 29% in 2025 and saw balances increase by $41 million in Q4 2025, indicating continued strategic focus and opportunity for future revenue generation.

    AI Analysis | Feedback

    Share Repurchases

    • In August 2022, Bridgewater Bancshares authorized a new stock repurchase program for up to $25 million of its common stock, which was set to expire on August 16, 2024. This program replaced a previous $40 million authorization.
    • During the first half of 2022, the company repurchased 563,455 shares totaling $9.2 million.
    • As of December 31, 2025, approximately $13.1 million remained under the existing share repurchase authorization.

    Share Issuance

    • In August 2021, Bridgewater Bancshares commenced a public offering of depositary shares, each representing a 1/100th ownership interest in a share of its Series A Non-Cumulative Perpetual Preferred Stock. The proceeds were earmarked for general corporate purposes, including supporting organic growth, maintaining capital ratios, and potentially redeeming or repurchasing outstanding indebtedness.
    • In February 2026, Bridgewater Bancshares, Inc. filed a Follow-on Equity Offering in the amount of $50 million.

    Outbound Investments

    • Bridgewater Bancshares' growth has been partially driven by the acquisition of First Minnetonka City Bank in December 2024.

    Capital Expenditures

    • For the full year 2025, capital expenditures were reported as -$6 million.
    • The company plans to continue optimizing its branch network and expanding its market presence.
    • Strategic initiatives for 2026 include investments in digital platforms and a focus on AI and affordable housing.

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    Top Losers

    TickerCompanyCategory1M RtnYTD Rtn
    UNGUnited States Natural Gas Fund LPCommodity-17.0%-21.5%
    EWYiShares MSCI South Korea ETFEquity-10.2%68.8%
    NASATema Space Innovators ETFEquity-9.3%-4.1%
    XOVREntrepreneurShares Series Trust ERSha...Equity-7.0%-4.4%
    ARKKARK Innovation ETFEquity-5.5%-1.5%
    SOXXiShares Semiconductor ETFEquity-5.3%76.9%
    XBIState Street SPDR S&P Biotech ETFEquity-5.2%26.7%
    ICLNiShares Global Clean Energy ETFEquity-4.9%10.3%
    XLUState Street Utilities Select Sector ...Equity-4.4%2.3%
    SOXQInvesco PHLX Semiconductor ETFEquity-4.2%70.2%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    Mkt Price21.2431.1659.1342.8031.0957.5436.98
    Mkt Cap0.65.98.52.72.71.92.7
    Rev LTM1611,6031,900692791421741
    Op Inc LTM-------
    FCF LTM366801,213315215138265
    FCF 3Y Avg32556734281172121226
    CFO LTM437191,262315236142275
    CFO 3Y Avg36601786281183126232

    Growth & Margins

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    Rev Chg LTM30.7%46.4%10.8%8.4%66.0%8.4%20.7%
    Rev Chg 3Y Avg10.4%9.5%6.4%0.9%23.2%-0.2%7.9%
    Rev Chg Q13.9%23.2%14.7%19.3%57.0%10.2%17.0%
    QoQ Delta Rev Chg LTM3.2%5.6%3.6%4.8%9.9%2.4%4.2%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM26.7%44.9%66.4%45.5%29.8%33.8%39.3%
    CFO/Rev 3Y Avg27.5%48.1%44.1%42.9%33.1%31.0%38.0%
    FCF/Rev LTM22.6%42.4%63.9%45.5%27.2%32.8%37.6%
    FCF/Rev 3Y Avg24.4%44.4%41.1%42.9%31.1%29.8%36.1%

    Valuation

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    Mkt Cap0.65.98.52.72.71.92.7
    P/S3.73.74.53.83.44.43.8
    P/Op Inc-------
    P/EBIT-------
    P/E10.511.614.614.312.514.413.4
    P/CFO13.78.26.88.411.413.09.9
    Total Yield9.5%11.4%8.7%10.3%11.8%9.4%9.9%
    Dividend Yield0.0%2.8%1.8%3.3%3.9%2.5%2.6%
    FCF Yield 3Y Avg7.2%13.2%8.9%12.4%9.7%8.3%9.3%
    D/E0.70.90.00.60.20.00.4
    Net D/E-0.1-0.5-0.60.2-0.7-0.1-0.3

    Returns

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    1M Rtn0.1%1.5%0.5%-0.1%7.3%7.1%1.0%
    3M Rtn14.7%10.4%13.3%6.6%18.0%14.0%13.6%
    6M Rtn7.3%10.5%9.9%4.2%19.4%12.4%10.2%
    12M Rtn38.2%34.4%5.1%18.6%45.4%44.0%36.3%
    3Y Rtn91.2%85.4%28.4%46.5%61.0%64.7%62.8%
    1M Excs Rtn-2.3%1.5%-0.4%-1.5%6.4%6.7%0.5%
    3M Excs Rtn10.8%4.2%8.5%1.4%12.7%9.4%8.9%
    6M Excs Rtn-4.9%-1.8%-2.0%-7.7%8.2%-0.1%-1.9%
    12M Excs Rtn17.2%10.5%-18.2%-4.6%22.0%21.3%13.8%
    3Y Excs Rtn31.0%22.0%-39.6%-17.7%-4.1%3.2%-0.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/30/20264/30/20262/26/202610/30/20257/31/20255/1/20253/6/202510/31/20248/1/20245/2/20243/7/202411/2/2023
    Key Financials Quarterly            
    Total Revenue414639363632292726262627
    Net Income1417131212108988910
    EPS0.470.590.450.380.380.310.260.280.260.250.280.31
    Key Financials TTM            
    Total Revenue TTM161156142132123114108105105105110118
    Net Income TTM565446413835333334364045
    Growth Rates Quarterly            
    Total Revenue Growth13.9%44.6%32.8%34.0%36.1%23.9%11.2%0.5%-2.4%-14.7%-23.0%-25.0%
    Net Income Growth21.6%80.7%62.5%33.7%42.0%23.0%-7.5%-9.9%-17.3%-32.7%-35.4%-33.7%
    Margins Quarterly            
    Net Income Margin34.4%37.8%34.5%32.4%32.3%30.3%28.2%32.4%30.9%30.5%33.9%36.2%
    Cash & Debt            
    Total Cash4725324505096122141,002857735777733679
    Total Debt435445508513527443453443380410413387
    Net Debt / (Cash)-37-87584-85229-549-414-355-367-320-291
    Cash Flows Quarterly            
    FCF from Operations10167104735-6117-816
    Cash Flows TTM            
    FCF from Operations TTM43372855394646325293043
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases101021103250
    Return on Invested Capital (ROIC) Quarterly            
    ROIC43.1%95.3%23.8%28.6%74.0%10.1%------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM43.3%73.7%20.6%25.2%61.1%9.1%------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment142108110135115
    Total142108110135115


    Price Behavior

    Price Behavior
    Market Price$21.24 
    Market Cap ($ Bil)0.6 
    First Trading Date03/14/2018 
    Distance from 52W High-5.6% 
       50 Days200 Days
    DMA Price$20.39$18.63
    DMA Trendupup
    Distance from DMA4.2%14.0%
     3M1YR
    Volatility25.2%27.3%
    Downside Capture0.9857.20
    Upside Capture59.3680.86
    Correlation (SPY)7.6%30.1%
    BWB Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta0.400.020.140.390.650.78
    Up Beta-1.23-1.04-0.530.030.610.59
    Down Beta0.24-0.21-0.020.010.500.80
    Up Capture72%73%64%61%73%80%
    Bmk +ve Days11223567138427
    Stock +ve Days10263969136388
    Down Capture115%18%17%68%71%95%
    Bmk -ve Days11212859114326
    Stock -ve Days12172456113348

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BWB
    BWB39.7%27.3%1.20-
    Sector ETF (XLF)13.2%14.6%0.6354.8%
    Equity (SPY)23.5%12.9%1.3729.8%
    Gold (GLD)25.3%28.3%0.791.7%
    Commodities (DBC)32.4%19.8%1.30-22.7%
    Real Estate (VNQ)12.9%13.8%0.6436.8%
    Bitcoin (BTCUSD)-43.6%43.0%-1.2113.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BWB
    BWB5.6%32.4%0.22-
    Sector ETF (XLF)11.3%18.4%0.4754.7%
    Equity (SPY)13.2%17.2%0.5939.0%
    Gold (GLD)17.9%18.5%0.78-1.9%
    Commodities (DBC)8.0%19.6%0.315.3%
    Real Estate (VNQ)2.3%18.9%0.0241.3%
    Bitcoin (BTCUSD)10.0%53.0%0.3813.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BWB
    BWB5.5%34.2%0.27-
    Sector ETF (XLF)13.7%22.1%0.5760.4%
    Equity (SPY)15.3%17.9%0.7345.2%
    Gold (GLD)11.8%16.2%0.59-2.9%
    Commodities (DBC)7.4%18.0%0.3315.2%
    Real Estate (VNQ)4.9%20.7%0.2046.5%
    Bitcoin (BTCUSD)58.3%66.2%0.9811.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity0.6 Mil
    Short Interest: % Change Since 630202616.6%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest3.8 days
    Basic Shares Quantity27.9 Mil
    Short % of Basic Shares2.1%

    Returns Analyses

    Earnings Returns History

    Updated 7/30/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-5.3%-4.1% 
    4/21/2026-1.0%0.8%0.3%
    1/27/20261.7%5.9%3.3%
    10/21/2025-3.4%-5.0%-7.2%
    7/23/2025-0.1%-2.1%-2.2%
    4/23/20252.3%13.9%9.8%
    1/29/20253.8%6.6%5.8%
    10/23/2024-1.8%-3.4%-1.3%
    ...
    SUMMARY STATS   
    # Positive161312
    # Negative91212
    Median Positive1.9%6.1%7.0%
    Median Negative-3.4%-5.7%-3.7%
    Max Positive6.2%13.9%16.6%
    Max Negative-7.0%-11.5%-16.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-5.3%-4.1% 
    4/21/2026-1.0%0.8%0.3%
    1/27/20261.7%5.9%3.3%
    10/21/2025-3.4%-5.0%-7.2%
    7/23/2025-0.1%-2.1%-2.2%
    4/23/20252.3%13.9%9.8%
    1/29/20253.8%6.6%5.8%
    10/23/2024-1.8%-3.4%-1.3%
    7/24/20245.0%0.1%-5.3%
    4/24/2024-2.4%-7.7%-3.4%
    1/24/20240.9%-9.0%-12.8%
    10/25/20236.2%6.6%16.6%
    7/26/2023-7.0%-6.3%-11.1%
    4/26/20234.5%-7.4%-4.1%
    1/25/2023-4.9%-11.5%-16.0%
    10/27/20220.2%6.2%8.1%
    7/28/20220.2%0.0%3.7%
    4/28/20221.2%0.4%-1.4%
    1/27/20220.0%-0.6%-1.9%
    10/28/20215.1%9.2%3.2%
    7/29/20210.6%-0.2%-0.3%
    4/29/20214.3%6.1%12.7%
    1/28/20212.1%7.4%11.6%
    10/29/2020-3.4%-8.0%6.0%
    7/30/20200.7%2.9%7.9%
    SUMMARY STATS   
    # Positive161312
    # Negative91212
    Median Positive1.9%6.1%7.0%
    Median Negative-3.4%-5.7%-3.7%
    Max Positive6.2%13.9%16.6%
    Max Negative-7.0%-11.5%-16.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/30/202610-Q
    03/31/202604/30/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/30/202510-Q
    06/30/202507/31/202510-Q
    03/31/202505/01/202510-Q
    12/31/202403/06/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/01/202410-Q
    03/31/202405/02/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/30/202610-Q
    03/31/202604/30/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/30/202510-Q
    06/30/202507/31/202510-Q
    03/31/202505/01/202510-Q
    12/31/202403/06/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/01/202410-Q
    03/31/202405/02/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/05/202210-Q
    12/31/202103/08/202210-K
    09/30/202111/04/202110-Q
    06/30/202107/30/202110-Q
    03/31/202105/06/202110-Q
    12/31/202003/11/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/12/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 8/5/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Shellberg, Jeffrey DDirectSell805202621.04160,0003,366,7362,234,397Form
    2Crocker, Mary JayneDirectSell805202621.0411,000231,4864,721,982Form
    3Crocker, Mary JayneDirectSell803202621.21112334,455,171Form
    4Baack, Jerry JCEODirectSell729202620.9111,334236,97924,228,353Form
    5Baack, Jerry JCEODirectSell729202620.8015,900330,78524,342,940Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Shellberg, Jeffrey DDirectSell805202621.04160,0003,366,7362,234,397Form
    2Crocker, Mary JayneDirectSell805202621.0411,000231,4864,721,982Form
    3Crocker, Mary JayneDirectSell803202621.21112334,455,171Form
    4Baack, Jerry JCEODirectSell729202620.9111,334236,97924,228,353Form
    5Baack, Jerry JCEODirectSell729202620.8015,900330,78524,342,940Form
    6Place, Nicholas LCHIEF BANKING OFFICERDirectSell608202619.274,68890,3612,691,214Form
    7Chybowski, Joseph MPRESIDENT & CFODirectSell605202618.967,000132,7162,246,708Form
    8Shellberg, Jeffrey DTrustSell522202618.5520,000371,084463,855Form
    9Crocker, Mary JayneDirectSell522202618.506,525120,7143,875,829Form
    10Salazar, Lisa MCHIEF OPERATING OFFICERDirectSell511202618.554,16277,211669,275Form
    11Shellberg, Jeffrey DTrustSell508202618.458,174150,813830,263Form
    12Shellberg, Jeffrey DTrustSell508202618.459,252170,711981,124Form
    13Shellberg, Jeffrey DTrustSell505202618.50621,1471,154,881Form
    14Shellberg, Jeffrey DTrustSell501202618.502,51246,4791,156,209Form
    15Trutna, Thomas PDirectSell212202619.5113,000253,6911,612,578Form
    16Shellberg, Jeffrey DDirectSell206202618.899,838185,8415,028,299Form
    17Johnson, James SDirectSell206202619.714,71292,8941,879,719Form
    18Chybowski, Joseph MPRESIDENT & CFODirectSell1212202518.055,21194,0531,901,444Form
    19Shellberg, Jeffrey DDirectSell1209202517.7821,936389,9894,941,072Form
    20Chybowski, Joseph MPRESIDENT & CFODirectSell1209202517.996,780121,9501,880,689Form
    21Baack, Jerry JCEODirectSell1209202517.9713,039234,35620,889,952Form
    22Place, Nicholas LCHIEF BANKING OFFICERDirectSell1209202517.631,40824,8302,137,860Form
    23Baack, Jerry JCEODirectSell1209202517.9114,058251,80021,051,440Form
    24Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERDirectSell1124202517.005,920100,6403,604,051Form
    25Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERDirectSell1117202517.044,08069,5243,391,426Form
    26Baack, Jerry JCEODirectSell1114202517.006,993118,88719,795,185Form
    27Baack, Jerry JCEODirectSell1114202517.0718,007307,38719,995,481Form
    28Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERDirectSell1112202516.758,957150,0303,402,009Form
    29Salazar, Lisa MCHIEF OPERATING OFFICERDirectSell1107202516.722,17536,366536,562Form
    30Baack, Jerry JCEODirectSell1107202516.5815,561258,01419,720,557Form
    31Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERDirectSell1107202517.002774,7093,605,054Form
    32Baack, Jerry JCEODirectSell1030202517.019,439160,55220,495,000Form
    33Volk, David JDirectBuy1028202517.4613,470235,194533,980Form
    34Volk, David JDirectBuy1028202517.4416,530288,348298,500Form
    35Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERSpouse IRABuy905202519.481001,948107,032Form
    36Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERDirectSell827202516.059,314149,4903,087,041Form
    37Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERDirectSell827202516.231,33221,6153,272,364Form
    38Trutna, Thomas PDirectSell822202516.406,152100,8931,549,734Form
    39Shellberg, Jeffrey DEVP AND CHIEF CREDIT OFFICERTrustSell822202516.096,04097,1975,107,535Form
    40Shellberg, Jeffrey DEVP AND CHIEF CREDIT OFFICERTrustSell815202516.001,68726,9945,175,268Form
    41Shellberg, Jeffrey DEVP AND CHIEF CREDIT OFFICERTrustSell815202516.0332,273517,3465,211,723Form
    42Crocker, Mary JayneEVP & CHIEF STRATEGY OFFICERSpouse IRABuy815202520.001002,000107,899Form
    43Baack, Jerry JCEODirectSell814202516.0110,000160,06619,437,791Form
    44Parish, Douglas JTrustSell807202515.237,500114,262123,510Form
    45Baack, Jerry JCEODirectSell731202516.0220,000320,40019,614,263Form

    Investor Activity (13F)

    Updated Aug 7, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Rhino Investment Partners, Inc$7.6 Mil2.1%39ADD +5.5%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Rhino Investment Partners, Inc$7.6 Mil2.1%39ADD +5.5%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Rhino Investment Partners, Inc$7.6 Mil2.1%39ADD +5.5%13F

    Industry Resources

    External Quote Links


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