Bridgewater Bancshares Inc BWB
Bridgewater Bancshares, Inc. (the "Company") is a Minnesota corporation and financial holding company with one wholly-owned subsidiary: Bridgewater Bank (the "Bank"). The Bank has two wholly-owned subsidiaries: BWB Holdings, LLC, which was formed for the purpose of holding repossessed property; and Bridgewater Investment Management, Inc., which was formed for the purposes of holding certain municipal securities and engaging in municipal lending activities. The Bank has nine full-service offices located in Bloomington, Greenwood, Minneapolis (2), Minnetonka, Orono, Lake Elmo, St. Louis Park, and St. Paul, Minnesota. The Lake Elmo branch opened in February 2026.
The Company is headquartered in St. Louis Park, Minnesota, a suburb located approximately 5 miles southwest of downtown Minneapolis. The Company and Bank were established in 2005 as a de novo bank by a group of industry veterans and local business leaders dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $281.8M | $245.9M | $222.4M | $163.7M | $128.9M | $114.8M | $103.8M | $85.2M | $66.3M | $50.6M |
| Interest expense | $132.4M | $102.2M | $105.2M | $129.7M | $19.4M | $26.9M | $29.6M | $20.5M | $12.2M | $42.1M |
| Pre-tax income | $60.0M | $42.7M | $52.5M | $71.7M | $61.6M | $35.7M | $38.3M | $32.1M | $27.0M | $21.3M |
| Income tax | $13.9M | $9.9M | $12.6M | $18.3M | $15.9M | $8.5M | $6.9M | $5.2M | $10.1M | $8.1M |
| Net income | $46.1M | $32.8M | $40.0M | $53.4M | $45.7M | $27.2M | $31.4M | $26.9M | $16.9M | $13.2M |
| EPS, basic | 1.53 | 1.05 | 1.29 | 1.78 | 1.59 | 0.95 | 1.07 | 0.93 | 0.69 | 0.59 |
| EPS, diluted | 1.49 | 1.03 | 1.27 | 1.72 | 1.54 | 0.93 | 1.05 | 0.91 | 0.68 | 0.58 |
| Shares, diluted (wtd. avg.) | $28.2M | $27.9M | $28.3M | $28.7M | $29.0M | $29.2M | $30.0M | $29.4M | $25.0M | $22.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $123.5M | $229.8M | $128.6M | $87.0M | $143.5M | $160.7M | $31.9M | $28.4M | $23.7M | $16.5M |
| Property, plant and equipment | $51.6M | $49.5M | $48.9M | $48.4M | $49.4M | $51.0M | $27.6M | $13.1M | $10.1M | — |
| Goodwill | $12.0M | $12.0M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | — |
| Other intangibles | $6.9M | $7.8M | $188.0K | $288.0K | $479.0K | $670.0K | $861.0K | $1.1M | $1.2M | — |
| Total assets | $5.41B | $5.07B | $4.61B | $4.35B | $3.48B | $2.93B | $2.27B | $1.97B | $1.62B | — |
| Total liabilities | $4.89B | $4.61B | $4.19B | $3.95B | $3.10B | $2.66B | $2.02B | $1.75B | $1.48B | — |
| Retained earnings | $351.5M | $309.4M | $280.6M | $248.7M | $199.3M | $154.8M | $127.6M | $96.2M | $69.5M | — |
| Total equity | $517.1M | $457.9M | $425.5M | $394.1M | $379.3M | $265.4M | $244.8M | $221.0M | $137.2M | $115.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $27.8M | $46.4M | $30.0M | $85.0M | $54.2M | $23.0M | $39.5M | $29.4M | $24.9M | $14.9M |
| Depreciation and amortisation | $2.5M | $2.4M | $2.5M | $2.6M | $2.4M | $1.2M | $1.0M | $761.0K | $694.0K | $586.0K |
| Stock-based compensation | $4.2M | $3.9M | $4.0M | $3.3M | $2.4M | $1.7M | $752.0K | $799.0K | $368.0K | $222.0K |
| Capital expenditure | $5.8M | $4.1M | $3.0M | $1.6M | $777.0K | $24.7M | $15.6M | $3.7M | $1.2M | $2.2M |
| Investing cash flow | -$417.5M | -$95.2M | -$209.2M | -$938.2M | -$571.4M | -$530.3M | -$276.2M | -$354.2M | -$350.2M | -$266.1M |
| Financing cash flow | $283.4M | $150.1M | $220.7M | $796.8M | $500.0M | $636.1M | $240.2M | $329.5M | $332.5M | $254.1M |
| Buybacks | $2.2M | $5.2M | $4.5M | $10.8M | $2.3M | $10.3M | $15.0M | — | — | $192.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-020063.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |