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BWB logoBridgewater Bancshares, Inc.(BWB)Earnings, Financials & Key Ratios

BWB•NASDAQ•Banking & Credit
$18.40
$512M mkt cap·12.3× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryRegional BanksSub-IndustryCommercial real estate and multifamily lenders
AboutBridgewater Bancshares, Inc. operates as the bank holding company for Bridgewater Bank that provides banking products and services to commercial real estate investors, small business entrepreneurs, and high net worth individuals in the United States. The company offers savings and money market accounts, demand deposits, time and brokered deposits, and interest and noninterest bearing transaction, as well as certificates of deposit. It also provides commercial loans to sole proprietorships, partnerships, corporations, and other business enterprises to finance accounts receivable or inventory, capital assets, or other business-related purposes; paycheck protection program loans; construction and land development loans; 1-4 family mortgage loans; multifamily lending products; owner and non-owner occupied commercial real estate loans; and consumer and other loans. In addition, the company online, mobile, and direct banking services. It operates through seven full-service offices located in Bloomington, Greenwood, Minneapolis, St. Louis Park, Orono, and St. Paul, Minnesota. The company was incorporated in 2005 and is headquartered in Saint Louis Park, Minnesota.Show more
  • Net Interest Income$132M+29.6%
  • Total Revenue$292M+16.0%
  • Net Income$46M+40.4%
  • Return on Equity9.45%+27.2%
  • Net Interest Margin2.45%+21.4%
  • Efficiency Ratio26.11%+6.8%
  • ROA0.88%+29.8%
  • Equity / Assets9.56%+5.8%
  • Book Value per Share18.05+10.1%
  • Tangible BV/Share17.39+10.9%
  • Debt/Equity0.98-0.6%
Technical→

BWB Key Insights

Bridgewater Bancshares, Inc. (BWB) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Efficient operations: 26.1% efficiency ratio
  • ✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

BWB Price & Volume

Bridgewater Bancshares, Inc. (BWB) stock price & volume — 10-year historical chart

Loading chart...

BWB Growth Metrics

Bridgewater Bancshares, Inc. (BWB) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years19.3%
3 Years19.86%
TTM-

Profit CAGR

10 Years-
5 Years11.13%
3 Years-4.79%
TTM40.41%

EPS CAGR

10 Years-
5 Years10.03%
3 Years-4.46%
TTM45.63%

Return on Capital

10 Years8.98%
5 Years7.85%
3 Years4.7%
Last Year2.7%

BWB Recent Earnings

Bridgewater Bancshares, Inc. (BWB) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
Apr 21, 2026
EPS
$0.41
Est $0.42
-2.4%
Revenue
$39M
Est $39M
-0.9%
Q1 2026
Jan 27, 2026
EPS
$0.44
Est $0.42
+4.8%
Revenue
$39M
Est $38M
+1.8%
Q4 2025
Oct 21, 2025
EPS
$0.39
Est $0.41
-4.9%
Revenue
$36M
Est $36M
-0.2%
Q3 2025
Jul 23, 2025
EPS
$0.37
Est $0.35
+5.7%
Revenue
$36M
Est $34M
+4.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 21, 2026
$0.41vs $0.42-2.4%
$39Mvs $39M-0.9%
Q1 2026Jan 27, 2026
$0.44vs $0.42+4.8%
$39Mvs $38M+1.8%
Q4 2025Oct 21, 2025
$0.39vs $0.41-4.9%
$36Mvs $36M-0.2%
Q3 2025Jul 23, 2025
$0.37vs $0.35+5.7%
$36Mvs $34M+4.4%
Based on last 12 quarters of dataView full earnings history →

BWB Peer Comparison

Bridgewater Bancshares, Inc. (BWB) competitors in Commercial real estate and multifamily lenders — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
TCBK logoTCBKTriCo BancsharesDirect Competitor1.63B50.8013.691.78%9.43%0.06
NBTB logoNBTBNBT Bancorp Inc.Direct Competitor2.36B45.2013.5710.36%9.51%0.17
FBIZ logoFBIZFirst Business Financial Services, Inc.Direct Competitor470.37M56.389.306.43%14.12%0.70
MGYR logoMGYRMagyar Bancorp, Inc.Direct Competitor112.72M17.4011.1512.08%9.18%0.41
WAFD logoWAFDWaFd, Inc.Product Competitor2.72B35.6413.55-1.58%8.02%0.60
BANF logoBANFBancFirst CorporationProduct Competitor3.8B114.5117.7812.28%13.33%0.05
FFIN logoFFINFirst Financial Bankshares, Inc.Product Competitor4.64B32.6020.9018.79%13.25%0.12
IBCP logoIBCPIndependent Bank CorporationProduct Competitor696.01M33.8110.34-0.3%14.2%0.23

Compare BWB vs Peers

Bridgewater Bancshares, Inc. (BWB) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs TCBK

Most directly comparable listed peer for BWB.

Scale Benchmark

vs ICE

Larger-name benchmark to compare BWB against a more recognizable public peer.

Peer Set

Compare Top 5

vs TCBK, NBTB, FBIZ, MGYR

BWB Income Statement

Bridgewater Bancshares, Inc. (BWB) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Net Interest Income54.17M64.74M74.13M87.96M109.51M129.7M105.17M102.19M132.44M
NII Growth %28.62%19.5%14.51%18.66%24.49%18.44%-18.91%-2.83%29.6%
Net Interest Margin %3.35%3.28%3.27%3%3.15%2.98%2.28%2.02%2.45%
Interest Income66.35M85.23M103.78M114.83M128.88M163.69M222.35M245.9M281.85M
Interest Expense12.17M20.49M29.65M26.86M19.37M34M117.18M143.71M149.41M
Loan Loss Provision4.17M3.58M2.7M12.75M5.15M7.7M-175K3.52M4.6M
Non-Interest Income2.54M2.54M3.83M5.84M5.31M5.64M4.59M5.55M9.78M
Non-Interest Income %3.68%2.9%3.56%4.84%3.95%3.33%2.02%2.21%3.35%
Total Revenue
68.88M▲ 0%
87.77M▲ 27.4%
107.6M▲ 22.6%
120.67M▲ 12.1%
134.19M▲ 11.2%
169.34M▲ 26.2%
226.95M▲ 34.0%
251.44M▲ 10.8%
291.63M▲ 16.0%
Revenue Growth %29.48%27.42%22.6%12.14%11.2%26.2%34.02%10.79%15.98%
Non-Interest Expense25.5M31.56M36.93M45.39M48.09M55.93M57.42M61.48M76.14M
Efficiency Ratio37.01%35.96%34.32%37.61%35.84%33.03%25.3%24.45%26.11%
Operating Income
27.04M▲ 0%
32.14M▲ 18.9%
38.33M▲ 19.2%
35.67M▼ 6.9%
61.57M▲ 72.6%
71.71M▲ 16.5%
52.52M▼ 26.8%
42.74M▼ 18.6%
61.48M▲ 43.9%
Operating Margin %39.25%36.62%35.62%29.56%45.89%42.35%23.14%17%21.08%
Operating Income Growth %27.14%18.88%19.23%-6.94%72.64%16.46%-26.76%-18.63%43.86%
Pretax Income
27.04M▲ 0%
32.14M▲ 18.9%
38.33M▲ 19.2%
35.67M▼ 6.9%
61.57M▲ 72.6%
71.71M▲ 16.5%
52.52M▼ 26.8%
42.74M▼ 18.6%
60.03M▲ 40.5%
Pretax Margin %39.25%36.62%35.62%29.56%45.89%42.35%23.14%17%20.58%
Income Tax10.15M5.22M6.92M8.47M15.89M18.32M12.56M9.91M13.94M
Effective Tax Rate %37.54%16.25%18.06%23.75%25.8%25.54%23.92%23.19%23.23%
Net Income
16.89M▲ 0%
26.92M▲ 59.4%
31.4M▲ 16.7%
27.19M▼ 13.4%
45.69M▲ 68.0%
53.39M▲ 16.9%
39.96M▼ 25.2%
32.83M▼ 17.9%
46.09M▲ 40.4%
Net Margin %24.52%30.67%29.18%22.54%34.05%31.53%17.61%13.05%15.8%
Net Income Growth %27.8%59.39%16.65%-13.4%68%16.86%-25.16%-17.86%40.41%
Net Income (Continuing)16.89M26.92M31.4M27.19M45.69M53.39M39.96M32.83M46.09M
EPS (Diluted)
0.58▲ 0%
0.91▲ 56.9%
1.05▲ 15.4%
0.93▼ 11.4%
1.54▲ 65.6%
1.72▲ 11.7%
1.27▼ 26.2%
1.03▼ 18.9%
1.50▲ 45.6%
EPS Growth %31.82%56.9%15.38%-11.43%65.59%11.69%-26.16%-18.9%45.63%
EPS (Basic)0.580.931.070.951.591.781.291.051.53
Diluted Shares Outstanding29.05M29.44M30M29.17M28.97M28.67M28.32M27.94M28.65M

BWB Balance Sheet

Bridgewater Bancshares, Inc. (BWB) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash & Short Term Investments256.29M285.13M324.47M554.16M584.71M636.84M732.67M619.83M899.95M
Cash & Due from Banks26.8M31.75M34.59M163.53M145.35M88.22M128.56M234.14M123.51M
Short Term Investments229.49M253.38M289.88M390.63M439.36M548.61M604.1M385.69M776.44M
Total Investments1.56B1.89B2.17B2.67B3.21B4.06B4.27B4.53B4.98B
Investments Growth %29.43%21.71%14.79%22.96%20.06%26.53%5.18%6.14%9.79%
Long-Term Investments1.33B1.64B1.88B2.28B2.77B3.51B3.67B4.15B4.65B
Accounts Receivables5.34M6.59M6.78M9.17M9.19M13.48M16.7M17.71M18.93M
Goodwill & Intangibles3.87M3.68M3.49M3.3M3.1M2.91M2.81M19.83M18.91M
Goodwill2.63M2.63M2.63M2.63M2.63M2.63M2.63M11.98M11.98M
Intangible Assets1.24M1.05M861K670K479K288K188K7.85M6.93M
PP&E (Net)10.12M13.07M27.63M50.99M49.4M48.45M48.89M49.53M51.58M
Other Assets14.49M24.89M22.47M27.29M61.34M131.83M143.71M167.35M-4.65B
Total Current Assets261.63M291.72M331.24M563.34M593.9M650.32M749.36M681.83M899.95M
Total Non-Current Assets1.35B1.68B1.94B2.36B2.88B3.7B3.86B4.38B70.49M
Total Assets
1.62B▲ 0%
1.97B▲ 22.1%
2.27B▲ 15.0%
2.93B▲ 29.0%
3.48B▲ 18.8%
4.35B▲ 25.0%
4.61B▲ 6.1%
5.07B▲ 9.8%
5.41B▲ 6.7%
Asset Growth %28.26%22.09%14.95%29.02%18.8%24.96%6.13%9.85%6.73%
Return on Assets (ROA)1.17%1.5%1.48%1.05%1.43%1.36%0.89%0.68%0.88%
Accounts Payable1.41M1.81M1.98M1.61M1.41M2.83M5.28M4.01M3.23M
Total Debt132.53M181.63M174.23M142.24M134.74M476.65M412.54M452.92M508.18M
Net Debt105.73M149.88M139.64M-21.3M-10.61M388.43M283.98M218.78M384.67M
Long-Term Debt109.53M163.63M174.23M142.24M134.74M189.66M412.54M452.92M508.18M
Short-Term Debt23M18M000287M000
Other Liabilities6.17M8.37M24.51M16.45M16M55.57M58.71M64.61M2.56B
Total Current Liabilities1.36B1.58B1.83B2.5B2.95B3.71B3.72B4.09B1.82B
Total Non-Current Liabilities115.69M172M198.74M158.69M150.74M245.22M471.25M517.53M3.07B
Total Liabilities1.48B1.75B2.02B2.66B3.1B3.95B4.19B4.61B4.89B
Total Equity
137.16M▲ 0%
221M▲ 61.1%
244.79M▲ 10.8%
265.4M▲ 8.4%
379.27M▲ 42.9%
394.06M▲ 3.9%
425.51M▲ 8.0%
457.94M▲ 7.6%
517.1M▲ 12.9%
Equity Growth %18.89%61.12%10.77%8.42%42.9%3.9%7.98%7.62%12.92%
Equity / Assets (Capital Ratio)8.48%11.2%10.79%9.07%10.91%9.07%9.23%9.04%9.56%
Return on Equity (ROE)13.38%15.03%13.48%10.66%14.17%13.81%9.75%7.43%9.45%
Book Value per Share4.727.518.169.1013.0913.7515.0316.3918.05
Tangible BV per Share4.597.388.048.9912.9913.6414.9315.6817.39
Common Stock246K301K290K281K282K278K277K276K278K
Additional Paid-in Capital66.32M126.03M112.09M103.71M104.12M96.53M96.32M95.09M98.29M
Retained Earnings69.51M96.23M127.64M154.83M199.35M248.69M280.65M309.42M351.45M
Accumulated OCI1.08M-1.57M4.77M6.58M9.01M-17.94M-18.25M-13.36M561K
Treasury Stock000000000
Preferred Stock000066.51M66.51M66.51M66.51M66.51M

BWB Cash Flow Statement

Bridgewater Bancshares, Inc. (BWB) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations24.9M29.41M39.53M23.02M54.24M85M30.02M46.38M27.81M
Operating CF Growth %66.78%18.09%34.41%-41.76%135.61%56.72%-64.69%54.51%-40.03%
Net Income16.89M26.92M31.4M27.19M45.69M53.39M39.96M32.83M46.09M
Depreciation & Amortization885K952K1.2M1.4M2.56M3.25M3.14M3M3.95M
Deferred Taxes-2.06M-1.3M-747K-2.59M-4.52M-1.4M676K24K-2M
Other Non-Cash Items6.89M7.06M4.75M14.16M8.2M9.16M-721K776K-1.18M
Working Capital Changes1.93M-5.02M2.17M-18.81M-118K17.26M-17M5.84M-23.24M
Cash from Investing-350.18M-354.24M-276.21M-530.33M-571.42M-938.24M-209.18M-95.24M-417.47M
Purchase of Investments-68.45M-78.37M-98.82M-170.49M-109.9M-268.26M-113.65M-245.18M-206.1M
Sale/Maturity of Investments59.62M47.65M83.98M73.44M56.11M102.67M61.5M167.21M235.39M
Net Investment Activity-8.83M-30.72M-14.84M-97.05M-53.79M-165.59M-52.15M-77.96M29.29M
Acquisitions000000017.28M0
Other Investing-340.11M-319.8M-245.8M-408.6M-516.86M-771.02M-154.07M-30.48M-436.28M
Cash from Financing332.51M329.55M240.18M636.05M499.99M796.81M220.69M150.06M283.4M
Dividends Paid0000-1.17M-4.05M-4.05M-4.05M-4.05M
Share Repurchases00-14.96M-10.37M-2.74M-11.51M-5.13M-5.9M-2.19M
Stock Issued180K58.86M0000001.94M
Net Stock Activity180K58.86M-14.96M-10.37M-2.74M-11.51M-5.13M-5.9M-252K
Debt Issuance (Net)1000K1000K1000K-1000K-1000K1000K1000K1000K1000K
Other Financing295.02M216.69M244.63M678.64M445.32M757.88M7.37M120.01M232.86M
Net Change in Cash
7.23M▲ 0%
4.72M▼ 34.7%
3.49M▼ 26.0%
128.74M▲ 3587.8%
-17.2M▼ 113.4%
-56.43M▼ 228.0%
41.52M▲ 173.6%
101.2M▲ 143.7%
-106.25M▼ 205.0%
Exchange Rate Effect000000000
Cash at Beginning16.5M23.73M28.44M31.93M160.68M143.47M87.04M128.56M229.76M
Cash at End23.73M28.44M31.93M160.68M143.47M87.04M128.56M229.76M123.51M
Interest Paid11.33M19.99M29.37M27M19.14M32.16M114.35M144.6M149.79M
Income Taxes Paid12.11M7.87M7.63M10.72M19.38M20.57M10.39M5.75M14.28M
Free Cash Flow
23.67M▲ 0%
25.69M▲ 8.5%
23.95M▼ 6.7%
-1.67M▼ 107.0%
53.46M▲ 3303.1%
83.37M▲ 55.9%
27.05M▼ 67.6%
42.3M▲ 56.4%
21.96M▼ 48.1%
FCF Growth %85.77%8.54%-6.75%-106.97%3303.06%55.94%-67.56%56.39%-48.07%

BWB Banking Ratios

Bridgewater Bancshares, Inc. (BWB) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)11.45%13.38%15.03%13.48%10.66%14.17%13.81%9.75%7.43%9.45%
Return on Assets (ROA)1.05%1.17%1.5%1.48%1.05%1.43%1.36%0.89%0.68%0.88%
Net Interest Margin3.34%3.35%3.28%3.27%3%3.15%2.98%2.28%2.02%2.45%
Efficiency Ratio37.91%37.01%35.96%34.32%37.61%35.84%33.03%25.3%24.45%26.11%
Equity / Assets9.15%8.48%11.2%10.79%9.07%10.91%9.07%9.23%9.04%9.56%
Book Value / Share3.844.727.518.169.113.0913.7515.0316.3918.05
NII Growth-28.62%19.5%14.51%18.66%24.49%18.44%-18.91%-2.83%29.6%

BWB SEC Filings & Documents

Bridgewater Bancshares, Inc. (BWB) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 21, 2026·SEC

Material company update

Feb 27, 2026·SEC

Material company update

Feb 9, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Mar 6, 2025·SEC

10-Q Quarterly Reports

5
FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 1, 2025·SEC

BWB Frequently Asked Questions

Bridgewater Bancshares, Inc. (BWB) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Bridgewater Bancshares, Inc. (BWB) grew revenue by 16.0% over the past year. This is strong growth.

Yes, Bridgewater Bancshares, Inc. (BWB) is profitable, generating $46.1M in net income for fiscal year 2025 (15.8% net margin).

Dividend & Returns

Yes, Bridgewater Bancshares, Inc. (BWB) pays a dividend with a yield of 0.77%. This makes it attractive for income-focused investors.

Bridgewater Bancshares, Inc. (BWB) has a return on equity (ROE) of 9.5%. This is below average, suggesting room for improvement.

Industry Metrics

Bridgewater Bancshares, Inc. (BWB) has a net interest margin (NIM) of 2.4%. NIM has been under pressure due to interest rate environment.

Bridgewater Bancshares, Inc. (BWB) has an efficiency ratio of 26.1%. This is excellent, indicating strong cost control.

Explore More BWB

Bridgewater Bancshares, Inc. (BWB) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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