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Bridgewater Bancshares, Inc. operates as the bank holding company for Bridgewater Bank that provides banking products and services in the United States. The company provides commercial loans, including loans secured by nonfarm, nonresidential properties, multifamily residential properties, and nonowner occupied single family residential properties; construction, land development, and commercial and industrial loans; commercial real estate loans, such as owner and nonowner occupied properties; single family residential construction, land development, finished lots and raw land, and commercial and multifamily construction loans, as well as paycheck protection program loans. It offers deposit products, including savings and money market accounts, demand deposits, time and brokered deposits, and interest and noninterest bearing transaction accounts, as well as certificates of deposit. In addition, the company offers online, mobile, and direct banking services. The company was incorporated in 2005 and is headquartered in Saint Louis Park, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $142M | - | $46M | $22M | 8.9% | 31.8% | 40.4% |
| 2024 | $108M | - | $33M | $42M | 7.2% | -1.8% | -17.9% |
| 2023 | $110M | - | $40M | $27M | 9.4% | -18.9% | -25.2% |
| 2022 | $135M | - | $53M | $83M | 13.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 135.34 | 109.77 | 107.74 | 141.98 |
| Pretax Income | 71.71 | 52.52 | 42.74 | 60.03 |
| Tax Provision | 18.32 | 12.56 | 9.91 | 13.94 |
| Net Income | 53.39 | 39.96 | 32.83 | 46.09 |
| Net Income Common Stockholders | 49.34 | 35.91 | 28.77 | 42.03 |
| Interest Expense | 34 | 117.18 | 143.71 | 149.41 |
| Interest Income | 163.69 | 222.35 | 245.90 | 281.85 |
| Selling General And Administration | 40.34 | 41.36 | 44.01 | 52.28 |
| Normalized Income | 53.39 | 39.96 | 32.78 | 46.09 |
| Basic EPS | 1.78 | 1.29 | 1.05 | 1.53 |
| Diluted EPS | 1.72 | 1.27 | 1.03 | 1.49 |
| Tax Effect Of Unusual Items | 0 | 0 | 0.01 | 0 |
| Tax Rate For Calcs | 0.26 | 0.24 | 0.23 | 0.23 |
| Total Unusual Items | 0 | 0 | 0.06 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0.06 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 53.39 | 39.96 | 32.83 | 46.09 |
| Reconciled Depreciation | 3.25 | 3.14 | 3 | 3.95 |
| Net Interest Income | 129.70 | 105.17 | 102.19 | 132.44 |
| Net Income From Continuing And Discontinued Operation | 53.39 | 39.96 | 32.83 | 46.09 |
| Diluted Average Shares | 28.67 | 28.27 | 27.93 | 28.21 |
| Basic Average Shares | 27.76 | 27.83 | 27.40 | 27.47 |
| Diluted NI Availto Com Stockholders | 49.34 | 35.91 | 28.77 | 42.03 |
| Preferred Stock Dividends | 4.05 | 4.05 | 4.05 | 4.05 |
| Net Income Including Noncontrolling Interests | 53.39 | 39.96 | 32.83 | 46.09 |
| Net Income Continuous Operations | 53.39 | 39.96 | 32.83 | 46.09 |
| Gain On Sale Of Security | 0.08 | -0.03 | 0.39 | 0.61 |
| Depreciation Amortization Depletion Income Statement | 0.19 | 0.10 | 0.08 | 0.92 |
| Depreciation And Amortization In Income Statement | 0.19 | 0.10 | 0.08 | 0.92 |
| Amortization | 0.19 | 0.10 | 0.08 | 0.92 |
| Amortization Of Intangibles Income Statement | 0.19 | 0.10 | 0.08 | 0.92 |
| Selling And Marketing Expense | 2.03 | 1.13 | 1.49 | 2.14 |
| General And Administrative Expense | 38.31 | 40.23 | 42.52 | 50.14 |
| Other Gand A | 1.40 | 1.57 | 0 | 0 |
| Insurance And Claims | 1.36 | 3.69 | 2.96 | 2.75 |
| Salaries And Wages | 36.94 | 36.54 | 39.56 | 47.40 |
| Operating Revenue | 135.34 | 109.77 | 107.74 | 141.98 |
| Occupancy And Equipment | 4.39 | 4.45 | 4.40 | 4.95 |
| Professional Expense And Contract Services Expense | 2.66 | 3.08 | 3.88 | 4.77 |
| Other Non Interest Expense | 8.35 | 8.44 | 9.12 | 12.99 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bridgewater Bancshares, Inc.this co. | BWB | - | - | - | 8.9% | - |
| Silvercrest Asset Management Group Inc. | SAMG | $107M | 23.59 | 2.04 | 5.8% | 9.86 |
| Sound Financial Bancorp, Inc. | SFBC | $98M | 14.04 | 0.96 | 6.5% | - |
| Kestrel Group Ltd | KG | $89M | 1.12 | 0.58 | 36.4% | - |
| Vroom, Inc. | VRM | $80M |
| - |
| 0.69 |
| -45.5% |
| 57.65 |
| Siebert Financial Corp. | SIEB | $72M | 13.46 | 0.79 | 5.7% | - |
| eHealth, Inc. | EHTH | $62M | - | 0.10 | 6.8% | 7.11 |
| MarketWise, Inc. | MKTW | $47M | 7.64 | -3.69 | -2.6% | -3.48 |
| GoHealth, Inc. | GOCO | $31M | - | 0.45 | 4834.1% | -7.69 |
| Peer Median | - | 13.46 | 0.63 | 6.1% | 7.11 | |