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    Bridgewater Bancshares (BWB)

    Market Price (7/22/2026): $21.2 | Market Cap: $589.4 MilSector: Financials | Industry: Regional Banks

    Bridgewater Bancshares (BWB)

    Market Price (7/22/2026): $21.2
    Market Cap: $589.4 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 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%

    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.

    Trading close to highs
    Dist 52W High is -2.7%, Dist 3Y High is -2.7%

    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 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%
    3 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
    4 Low stock price volatility
    Vol 12M is 27%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
    6 Trading close to highs
    Dist 52W High is -2.7%, Dist 3Y High is -2.7%
    7 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

    VTI0.00%
    ITOT0.00%
    IWM0.02%
    AVUV0.05%
    IWN0.02%
    IWO0.02%
    VTWO0.01%
    DFAS0.01%
    +2 more covered ETFs

    Valuation & Metrics

    FYE: 12/31BWB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$156.2 Mil—
    FY 2026 Sales$171.1 Mil—
    FY 2027 Sales$188.6 Mil—
    FY 2026 Sales Growth9.5%—
    FY 2027 Sales Growth10.2%8.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$53.9 Mil—
    FY 2026 Net Income (Non-GAAP)$53.3 Mil—
    FY 2027 Net Income (Non-GAAP)$61.9 Mil—
    FY 2027 Net Income Growth16.1%16.8%
    FY 2026 EPS (Non-GAAP)$1.85—
    FY 2027 EPS (Non-GAAP)$2.17—
    FY 2027 EPS Growth16.9%—
    VALUATION
    FY 2026 P/S3.43.2
    FY 2027 P/S3.1—
    FY 2026 P/E11.119.5
    FY 2027 P/E9.5—

    [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 7/31/27 (~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 Q44.6%8.9%
    Rev Chg LTM37.2%7.5%
    Rev Chg 3Y Avg8.0%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM23.5%21.4%
    Net Inc Mgn34.5%13.0%
    VALUATIONLOW
    P/S3.83.3
    P/CFO16.115.3
    P/FCF19.920.1
    P/E10.924.3

    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

    Upcoming
    7/21/2026Earnings ReleaseRev: $63 Mil (A) vs. $41 Mil (E)
    EPS: 0.45 (A) vs. $0.45 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/21/2026

    Bridgewater Bancshares (BWB) stock has gained about 25% since 3/31/2026 because of the following key factors:

    1. Strong Revenue Performance and Significant Net Income Growth in Fiscal Q1 2026.

    Despite a slight miss on EPS, Bridgewater Bancshares reported robust revenue of $79.4 million for fiscal Q1 2026, marking a 17.9% increase year-over-year. Net income also saw substantial growth, rising 80.7% to $17.4 million in fiscal Q1 2026, signaling healthy underlying business momentum.

    2. Expansion of Net Interest Income and Margin in Fiscal Q2 2026.

    In fiscal Q2 2026, Bridgewater Bancshares demonstrated improved profitability in its core banking operations. Net interest income increased by $1.9 million, representing a 21.0% annualized growth from fiscal Q1 2026. Concurrently, the net interest margin (on a fully tax-equivalent basis) expanded by eight basis points to 3.07% from the previous quarter, indicating enhanced interest-earning efficiency.

    Show more
    Updated on 7/21/2026

    Bridgewater Bancshares (BWB) stock has gained about 25% since 3/31/2026 because of the following key factors:

    1. Strong Revenue Performance and Significant Net Income Growth in Fiscal Q1 2026.

    Despite a slight miss on EPS, Bridgewater Bancshares reported robust revenue of $79.4 million for fiscal Q1 2026, marking a 17.9% increase year-over-year. Net income also saw substantial growth, rising 80.7% to $17.4 million in fiscal Q1 2026, signaling healthy underlying business momentum.

    2. Expansion of Net Interest Income and Margin in Fiscal Q2 2026.

    In fiscal Q2 2026, Bridgewater Bancshares demonstrated improved profitability in its core banking operations. Net interest income increased by $1.9 million, representing a 21.0% annualized growth from fiscal Q1 2026. Concurrently, the net interest margin (on a fully tax-equivalent basis) expanded by eight basis points to 3.07% from the previous quarter, indicating enhanced interest-earning efficiency.

    3. Continued Robust Loan Growth and Strengthening Capital Position.

    The company exhibited solid growth in its loan portfolio, with gross loans increasing by $58.3 million, or 5.4% on an annualized basis, from fiscal Q1 2026 to reach $4.43 billion in fiscal Q2 2026. Furthermore, the Common Equity Tier 1 Risk-Based Capital Ratio strengthened to 9.61% in fiscal Q2 2026, up from 9.53% at the end of fiscal Q1 2026, reflecting a resilient balance sheet.

    4. Positive Analyst Sentiment and Upgraded Ratings.

    Analyst confidence in Bridgewater Bancshares contributed to the positive trend, with Weiss Ratings upgrading the stock from a "buy (b)" to a "buy (b+)" rating in fiscal Q2 2026. The stock maintains a "Moderate Buy" consensus rating among analysts, with an average price target ranging from $21.67 to $22.75.

    5. Improved Operational Efficiency and Shareholder Return Initiatives.

    Bridgewater Bancshares improved its operational efficiency, with the efficiency ratio decreasing to 53.0% in fiscal Q2 2026 from 56.3% in fiscal Q1 2026. The company also demonstrated a commitment to shareholder returns by repurchasing 38,659 shares of common stock for $700,000 during fiscal Q2 2026.

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    Stock Movement Drivers

    Fundamental Drivers

    The 23.7% change in BWB stock from 3/31/2026 to 7/21/2026 was primarily driven by a 10.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)33120267212026Change
    Stock Price ($)17.7021.8923.7%
    Change Contribution By: 
    Total Revenues ($ Mil)14215610.0%
    Net Income Margin (%)32.5%34.5%6.2%
    P/E Multiple10.611.36.4%
    Shares Outstanding (Mil)2828-0.6%
    Cumulative Contribution23.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/21/2026
    ReturnCorrelation
    BWB23.7% 
    Market (SPY)15.1%12.2%
    Sector (XLF)13.7%50.7%

    Fundamental Drivers

    The 24.9% change in BWB stock from 12/31/2025 to 7/21/2026 was primarily driven by a 17.9% change in the company's Total Revenues ($ Mil).
    (LTM values as of)123120257212026Change
    Stock Price ($)17.5321.8924.9%
    Change Contribution By: 
    Total Revenues ($ Mil)13215617.9%
    Net Income Margin (%)30.9%34.5%11.5%
    P/E Multiple11.811.3-4.0%
    Shares Outstanding (Mil)2828-1.1%
    Cumulative Contribution24.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/21/2026
    ReturnCorrelation
    BWB24.9% 
    Market (SPY)10.0%25.4%
    Sector (XLF)3.0%56.7%

    Fundamental Drivers

    The 37.6% change in BWB stock from 6/30/2025 to 7/21/2026 was primarily driven by a 37.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)63020257212026Change
    Stock Price ($)15.9121.8937.6%
    Change Contribution By: 
    Total Revenues ($ Mil)11415637.2%
    Net Income Margin (%)30.4%34.5%13.4%
    P/E Multiple12.711.3-10.8%
    Shares Outstanding (Mil)2828-0.8%
    Cumulative Contribution37.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/21/2026
    ReturnCorrelation
    BWB37.6% 
    Market (SPY)22.1%32.1%
    Sector (XLF)8.4%56.2%

    Fundamental Drivers

    The 122.2% change in BWB stock from 6/30/2023 to 7/21/2026 was primarily driven by a 118.3% change in the company's P/E Multiple.
    (LTM values as of)63020237212026Change
    Stock Price ($)9.8521.89122.2%
    Change Contribution By: 
    Total Revenues ($ Mil)13415616.8%
    Net Income Margin (%)39.5%34.5%-12.6%
    P/E Multiple5.211.3118.3%
    Shares Outstanding (Mil)2828-0.3%
    Cumulative Contribution122.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/21/2026
    ReturnCorrelation
    BWB122.2% 
    Market (SPY)74.8%38.0%
    Sector (XLF)73.9%55.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    BWB Return42%0%-24%-0%30%25%76%
    Peers Return24%6%-7%10%3%22%70%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    BWB Win Rate83%42%42%50%67%71% 
    Peers Win Rate65%48%43%47%48%74% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    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 7/21/2026 (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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    TRAXFirst Tracks Biotherapeutics1.3114.5%100.9%
    UTZUtz Brands1.2101.2%37.8%
    DFTXDefinium Therapeutics, Inc.4.984.2%233.7%
    PBFPBF Energy7.777.1%147.1%
    ATAIAtaiBeckley2.675.7%74.4%
    MNPRMonopar Therapeutics1.068.3%73.9%
    ALITAlight9.965.0%-51.8%
    BLZEBackblaze0.864.6%189.3%
    ZBIOZenas BioPharma1.863.6%-10.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    FACFactorial Energy0.6-64.0%24.5%
    HTZHertz Global0.6-63.4%-64.0%
    AIAIAIAI0.5-59.2%-55.1%
    HYLNHyliion0.7-52.1%110.9%
    ALOYREalloys0.5-49.4%-4.7%
    ABTCAmerican Bitcoin6.6-49.3%-74.6%
    NVTSNavitas Semiconductor2.9-46.6%79.6%
    WOLFWolfspeed1.2-44.7%82.3%
    EOSEEos Energy Enterprises1.4-44.6%-63.0%
    YSSYork Space Systems2.2-41.6%-46.5%

    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    Mkt Price21.8930.9658.3744.0329.8960.0437.50
    Mkt Cap0.65.18.52.72.61.92.6
    Rev LTM1561,5181,835660791421725
    Op Inc LTM-------
    FCF LTM306161,145281215138248
    FCF 3Y Avg33530702260172121216
    CFO LTM376531,191281236142258
    CFO 3Y Avg37576760260183126222

    Growth & Margins

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    Rev Chg LTM37.2%44.5%8.8%4.2%66.0%8.4%23.0%
    Rev Chg 3Y Avg8.0%8.1%5.8%-0.4%23.2%-0.2%6.9%
    Rev Chg Q44.6%11.5%15.9%-2.0%57.0%10.2%13.7%
    QoQ Delta Rev Chg LTM10.0%2.7%3.8%-0.5%9.9%2.4%3.2%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM23.5%43.0%64.9%42.5%29.8%33.8%38.2%
    CFO/Rev 3Y Avg30.7%47.9%43.7%40.4%33.1%31.0%36.7%
    FCF/Rev LTM18.9%40.6%62.4%42.5%27.2%32.8%36.7%
    FCF/Rev 3Y Avg26.9%43.9%40.3%40.4%31.1%29.8%35.7%

    Valuation

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    Mkt Cap0.65.18.52.72.61.92.6
    P/S3.93.44.64.13.34.64.0
    P/Op Inc-------
    P/EBIT-------
    P/E11.310.414.813.412.015.012.7
    P/CFO16.67.87.19.511.013.610.3
    Total Yield8.9%12.7%8.6%10.6%12.3%9.0%9.8%
    Dividend Yield0.0%3.1%1.8%3.2%4.0%2.4%2.7%
    FCF Yield 3Y Avg7.6%13.2%8.4%11.5%9.7%8.3%9.1%
    D/E0.70.80.00.50.20.00.4
    Net D/E-0.1-0.6-0.70.3-0.8-0.1-0.4

    Returns

    BWBASBCBSHFRMEBUSETCBKMedian
    NameBridgewa.Associat.Commerce.First Me.First Bu.TriCo Ba. 
    1M Rtn10.9%6.0%6.7%8.1%5.9%16.8%7.4%
    3M Rtn17.7%12.0%16.0%10.1%14.8%22.4%15.4%
    6M Rtn21.3%20.5%10.3%19.1%25.1%25.5%20.9%
    12M Rtn35.8%25.2%-2.7%11.7%27.7%46.5%26.5%
    3Y Rtn99.4%90.1%29.7%55.6%53.4%70.9%63.2%
    1M Excs Rtn10.8%5.9%6.5%8.0%5.8%16.7%7.3%
    3M Excs Rtn9.0%4.5%8.5%2.2%7.0%15.3%7.8%
    6M Excs Rtn11.7%10.5%0.5%9.6%16.8%15.6%11.1%
    12M Excs Rtn15.9%5.0%-22.5%-6.8%7.2%27.4%6.1%
    3Y Excs Rtn57.8%37.2%-27.3%0.5%-6.1%21.6%11.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date4/30/20262/26/202610/30/20257/31/20255/1/20253/6/202510/31/20248/1/20245/2/20243/7/202411/2/20238/3/2023
    Key Financials Quarterly            
    Total Revenue463936363229272626262727
    Net Income1713121210898891010
    EPS0.590.450.380.380.310.260.280.260.250.280.310.32
    Key Financials TTM            
    Total Revenue TTM156142132123114108105105105110118126
    Net Income TTM544641383533333436404550
    Growth Rates Quarterly            
    Total Revenue Growth44.6%32.8%34.0%36.1%23.9%11.2%0.5%-2.4%-14.7%-23.0%-25.0%-21.3%
    Net Income Growth80.7%62.5%33.7%42.0%23.0%-7.5%-9.9%-17.3%-32.7%-35.4%-33.7%-23.8%
    Margins Quarterly            
    Net Income Margin37.8%34.5%32.4%32.3%30.3%28.2%32.4%30.9%30.5%33.9%36.2%36.5%
    Cash & Debt            
    Total Cash5324505096122141,002857735777733679717
    Total Debt445508513527443453443380410413387355
    Net Debt / (Cash)-87584-85229-549-414-355-367-320-291-362
    Cash Flows Quarterly            
    FCF from Operations16794735-6117-81615
    Cash Flows TTM            
    FCF from Operations TTM37285540464632529304336
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases010211032500
    Return on Invested Capital (ROIC) Quarterly            
    ROIC95.3%23.8%28.6%74.0%10.1%-------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM73.7%20.6%25.2%61.1%9.1%-------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment142108110135115
    Total142108110135115


    Price Behavior

    Price Behavior
    Market Price$21.89 
    Market Cap ($ Bil)0.6 
    First Trading Date03/14/2018 
    Distance from 52W High-2.7% 
       50 Days200 Days
    DMA Price$19.80$18.41
    DMA Trendupup
    Distance from DMA10.5%18.9%
     3M1YR
    Volatility23.4%27.0%
    Downside Capture-19.2156.98
    Upside Capture56.9880.62
    Correlation (SPY)5.5%31.6%
    BWB Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-0.140.020.170.460.700.80
    Up Beta-1.02-0.280.110.420.730.61
    Down Beta-0.040.01-0.260.220.510.81
    Up Capture75%62%55%64%77%91%
    Bmk +ve Days11244067140429
    Stock +ve Days16294171136388
    Down Capture-52%-40%2%47%75%96%
    Bmk -ve Days10172358112321
    Stock -ve Days5122152111346

    [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
    BWB35.3%27.0%1.09-
    Sector ETF (XLF)8.1%14.6%0.3255.7%
    Equity (SPY)20.3%12.6%1.1931.3%
    Gold (GLD)21.6%28.1%0.691.8%
    Commodities (DBC)31.4%19.1%1.30-20.2%
    Real Estate (VNQ)15.0%14.0%0.7633.4%
    Bitcoin (BTCUSD)-44.6%42.9%-1.2514.0%

    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
    BWB7.0%32.4%0.26-
    Sector ETF (XLF)10.7%18.5%0.4554.9%
    Equity (SPY)12.9%17.1%0.5839.2%
    Gold (GLD)17.3%18.4%0.76-1.7%
    Commodities (DBC)8.9%19.5%0.356.1%
    Real Estate (VNQ)2.9%18.9%0.0541.3%
    Bitcoin (BTCUSD)14.9%53.4%0.4613.3%

    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
    BWB5.8%34.2%0.28-
    Sector ETF (XLF)13.7%22.0%0.5660.5%
    Equity (SPY)15.2%17.9%0.7245.3%
    Gold (GLD)11.2%16.1%0.57-2.8%
    Commodities (DBC)7.2%17.9%0.3215.6%
    Real Estate (VNQ)5.1%20.7%0.2146.5%
    Bitcoin (BTCUSD)58.7%66.2%0.9911.8%

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

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity0.5 Mil
    Short Interest: % Change Since 615202654.1%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest1.3 days
    Basic Shares Quantity27.8 Mil
    Short % of Basic Shares1.8%

    Returns Analyses

    Earnings Returns History

    Updated 7/21/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    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%
    ...
    SUMMARY STATS   
    # Positive161312
    # Negative81112
    Median Positive1.9%6.1%7.0%
    Median Negative-2.9%-6.3%-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
    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
    # Negative81112
    Median Positive1.9%6.1%7.0%
    Median Negative-2.9%-6.3%-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
    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
     Collapse to Preview
    Report DateFiling DateFiling
    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
    06/30/201908/08/201910-Q

    Insider Activity

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

    Investor Activity (13F)

    Updated Jul 22, 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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