Liquidity management remains active, evidenced by $247.9 million in securities sales during 2026Q1, while capital returns remain conservative with quarterly dividends held at $1.0 million.
| Cash from Operations | 36.34M | 27.81M | 46.38M | 30.02M | 85M | 54.24M | 23.02M | 39.53M | 29.41M | 24.9M | 14.93M |
| Operating CF Growth % | 228.81% | -40.03% | 54.51% | -64.69% | 56.72% | 135.61% | -41.76% | 34.41% | 18.09% | 66.78% | - |
| Net Income | 53.86M | 46.09M | 32.83M | 39.96M | 53.39M | 45.69M | 27.19M | 31.4M | 26.92M | 16.89M | 13.21M |
| Depreciation & Amortization | 3.51M | 3.95M | 3M | 3.14M | 3.25M | 2.56M | 1.4M | 1.2M | 952K | 885K | 690K |
| Deferred Taxes | -1.81M | -2M | 24K | 676K | -1.4M | -4.52M | -2.59M | -747K | -1.3M | -2.06M | -1.07M |
| Other Non-Cash Items | -9.07M | -1.18M | 776K | -721K | 9.16M | 8.2M | 14.16M | 4.75M | 7.06M | 6.89M | 4.45M |
| Working Capital Changes | -14.62M | -23.24M | 5.84M | -17M | 17.26M | -118K | -18.81M | 2.17M | -5.02M | 1.93M | -2.57M |
| Cash from Investing | -120.33M | -417.47M | -95.24M | -209.18M | -938.24M | -571.42M | -530.33M | -276.21M | -354.24M | -350.18M | -266.1M |
| Purchase of Investments | -224.06M | -206.1M | -245.18M | -113.65M | -268.26M | -109.9M | -170.49M | -98.82M | -78.37M | -68.45M | -173.34M |
| Sale/Maturity of Investments | 455.7M | 235.39M | 167.21M | 61.5M | 102.67M | 56.11M | 73.44M | 83.98M | 47.65M | 59.62M | 56.24M |
| Net Investment Activity | 231.63M | 29.29M | -77.96M | -52.15M | -165.59M | -53.79M | -97.05M | -14.84M | -30.72M | -8.83M | -117.09M |
| Acquisitions | 0 | 0 | 17.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.41M |
| Other Investing | -344.83M | -436.28M | -30.48M | -154.07M | -771.02M | -516.86M | -408.6M | -245.8M | -319.8M | -340.11M | -171.22M |
| Cash from Financing | 139.94M | 283.4M | 150.06M | 220.69M | 796.81M | 499.99M | 636.05M | 240.18M | 329.55M | 332.51M | 254.09M |
| Dividends Paid | -4.05M | -4.05M | -4.05M | -4.05M | -4.05M | -1.17M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.51M | -2.19M | -5.9M | -5.13M | -11.51M | -2.74M | -10.37M | -14.96M | 0 | 0 | -192K |
| Stock Issued | 1.02M | 1.94M | 0 | 0 | 0 | 0 | 0 | 0 | 58.86M | 180K | 26.05M |
| Net Stock Activity | -1.49M | -252K | -5.9M | -5.13M | -11.51M | -2.74M | -10.37M | -14.96M | 58.86M | 180K | 25.85M |
| Debt Issuance (Net) | -2M | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 144.12M | 232.86M | 120.01M | 7.37M | 757.88M | 445.32M | 678.64M | 244.63M | 216.69M | 295.02M | 226.78M |
| Net Change in Cash | 55.95M | -106.25M | 101.2M | 41.52M | -56.43M | -17.2M | 128.74M | 3.49M | 4.72M | 7.23M | 2.93M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 123.51M | 229.76M | 128.56M | 87.04M | 143.47M | 160.68M | 31.93M | 28.44M | 23.73M | 16.5M | 13.57M |
| Cash at End | 222.15M | 123.51M | 229.76M | 128.56M | 87.04M | 143.47M | 160.68M | 31.93M | 28.44M | 23.73M | 16.5M |
| Interest Paid | 225.28M | 149.79M | 144.6M | 114.35M | 32.16M | 19.14M | 27M | 29.37M | 19.99M | 11.33M | 8.44M |
| Income Taxes Paid | 14.28M | 14.28M | 5.75M | 10.39M | 20.57M | 19.38M | 10.72M | 7.63M | 7.87M | 12.11M | 10.1M |
| Free Cash Flow | 29.2M | 21.96M | 42.3M | 27.05M | 83.37M | 53.46M | -1.67M | 23.95M | 25.69M | 23.67M | 12.74M |
| FCF Growth % | -30.54% | -48.07% | 56.39% | -67.56% | 55.94% | 3303.06% | -106.97% | -6.75% | 8.54% | 85.77% | - |
CRE concentration and liquidity
According to the quarterly cash flow data, Bridgewater Bancshares has consistently generated positive net income, reaching $17.4 million in 2026Q1, which provides a stable foundation for capital retention and supports the bank's ongoing strategy of aggressive organic loan growth within the Twin Cities metropolitan area.
The bank's ability to generate consistent earnings suggests that internal capital formation remains a primary driver for funding its specialized commercial lending activities. Investors should monitor whether this organic capital generation remains sufficient to support the bank's growth trajectory without necessitating dilutive equity raises or excessive reliance on wholesale funding.
As reported in the cash flow statements, BWB demonstrated significant portfolio turnover in 2026Q1 with $247.9 million in securities sales, suggesting that management is actively utilizing the investment portfolio as a liquidity buffer to manage the bank's cash position amidst fluctuating loan demand and deposit flows.
The high volume of securities sales relative to historical averages may indicate a strategic shift to harvest gains or reallocate capital toward higher-yielding loan opportunities. This activity warrants further investigation into the duration and credit quality of the remaining securities portfolio to ensure that liquidity remains adequate for potential market volatility.
Based on the provided financial figures, Bridgewater Bancshares has maintained a disciplined approach to capital returns, with quarterly dividend payments holding steady at $1.0 million, while share buybacks have remained minimal, reflecting a management preference for reinvesting capital into the bank's core commercial real estate lending business.
This conservative payout policy appears to prioritize balance sheet strength and growth capacity over immediate shareholder returns. While this approach supports long-term expansion, investors should evaluate whether the current capital allocation strategy remains optimal if the regional commercial real estate cycle begins to show signs of cooling.
Data from the cash flow statements indicates that provision for loan losses has fluctuated significantly, peaking at $2.2 million in 2024Q4, which suggests that management is proactively adjusting its reserve levels to account for the inherent credit risks associated with the bank's concentrated commercial real estate portfolio.
The inconsistency in provisioning levels may imply that the bank is responding to specific asset-level developments rather than a uniform macro-economic outlook. Analysts should monitor these shifts closely, as they may serve as a leading indicator of potential stress within the bank's core multifamily and commercial lending segments.
Quick answers to the most common questions about buying BWB stock.
Bridgewater Bancshares, Inc. (BWB) generated $27.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bridgewater Bancshares, Inc. (BWB) generated $22.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bridgewater Bancshares, Inc. (BWB) spent $10.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bridgewater Bancshares, Inc. (BWB) returned $4.1M to shareholders via cash dividends and spent $2.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.