NASDAQ : BWB
Bridgewater Bancshares, Inc. — Financial statements
Financials · Banks - Regional · United States
Last price 20.34 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 568.71M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 254.05M | 233.19M | 204.73M | 191.40M | 146.26M | 118.84M |
| Interest Income on Investments | 38.53M | 48.66M | 41.17M | 30.95M | 17.44M | 10.03M |
| Total Interest Income | 292.57M | 281.85M | 245.90M | 222.35M | 163.69M | 128.88M |
| Interest Paid on Deposits | 121.65M | 131.42M | 128.81M | 96.05M | 23.38M | 13.84M |
| Interest Paid on Borrowings | 19.37M | 17.99M | 14.90M | 21.14M | 10.62M | 5.53M |
| Total Interest Expense | 141.02M | 149.41M | 143.71M | 117.18M | 34.00M | 19.37M |
| Net Interest Income | 151.56M | 132.44M | 102.19M | 105.17M | 129.70M | 109.51M |
| Gain (Loss) on Sale of Investments | 7.33M | 614.00K | 385.00K | -33.00K | -326.00K | 188.00K |
| Other Non-Interest Income | 10.28M | 10.30M | 6.92M | 6.53M | 6.25M | 4.56M |
| Total Non-Interest Income | 17.61M | 10.91M | 7.37M | 6.49M | 5.92M | 4.75M |
| Revenues Before Loan Losses | 169.17M | 143.35M | 109.56M | 111.67M | 135.62M | 114.26M |
| Provision for Loan Losses | 5.95M | 6.05M | 3.52M | -175.00K | 7.70M | 5.15M |
| Revenue | 163.22M | 137.30M | 106.04M | 111.84M | 127.92M | 109.11M |
| Salaries and Employee Benefits | 49.33M | 43.20M | 35.66M | 32.58M | 33.60M | 28.46M |
| Occupancy Expenses | 4.33M | 4.08M | 3.54M | 3.63M | 3.60M | 3.86M |
| Federal Deposit Insurance | 2.70M | 2.75M | 2.96M | 3.69M | 1.36M | 1.30M |
| Amortization of Goodwill & Intangibles | 910.00K | 921.00K | 78.00K | 100.00K | 191.00K | 191.00K |
| Selling, General & Administrative | 20.22M | 18.38M | 15.15M | 13.45M | 12.72M | 9.87M |
| Other Non-Interest Expense | 8.15M | 7.95M | 5.91M | 5.87M | 4.74M | 3.26M |
| Total Non-Interest Expense | 85.64M | 77.27M | 63.30M | 59.32M | 56.21M | 46.95M |
| EBT Excluding Unusual Items | 77.57M | 60.03M | 42.74M | 52.52M | 71.71M | 62.16M |
| Other Unusual Items | -582.00K | |||||
| Pretax Income | 77.57M | 60.03M | 42.74M | 52.52M | 71.71M | 61.57M |
| Income Tax Expense | 17.80M | 13.94M | 9.91M | 12.56M | 18.32M | 15.89M |
| Net Income | 59.77M | 46.09M | 32.83M | 39.96M | 53.39M | 45.69M |
| Preferred Dividends & Other Adjustments | 4.05M | 4.05M | 4.05M | 4.05M | 4.05M | 1.17M |
| Net Income to Common | 55.72M | 42.03M | 28.77M | 35.91M | 49.34M | 44.52M |
| Basic Shares Outstanding | 27.81M | 27.54M | 27.48M | 27.86M | 27.76M | 28.03M |
| Diluted Shares Outstanding | 28.59M | 28.17M | 27.94M | 28.32M | 28.67M | 28.97M |
| EPS (Basic) | 2.00 | 1.53 | 1.05 | 1.29 | 1.78 | 1.59 |
| EPS (Diluted) | 1.95 | 1.49 | 1.03 | 1.27 | 1.72 | 1.54 |
| Effective Tax Rate | 22.95% | 23.23% | 23.19% | 23.92% | 25.54% | 25.80% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 262.56M | 123.51M | 229.76M | 128.56M | 87.04M | 143.47M |
| Investment Securities | 389.39M | 557.54M | 545.53M | 389.09M | 318.50M | 321.30M |
| Trading Asset Securities | 45.19M | 34.90M | 43.16M | 32.59M | 38.12M | 9.71M |
| Mortgage-Backed Securities | 209.33M | 245.67M | 244.89M | 235.31M | 237.78M | 124.54M |
| Total Investments | 643.90M | 838.11M | 833.57M | 656.99M | 594.40M | 455.56M |
| Gross Loans | 4.51B | 4.31B | 3.87B | 3.72B | 3.57B | 2.82B |
| Allowance for Loan Losses | -57.82M | -56.44M | -52.28M | -50.49M | -48.00M | -40.02M |
| Other Adjustments to Gross Loans | -8.89M | -8.97M | -6.80M | -6.57M | -9.29M | -9.54M |
| Net Loans | 4.44B | 4.24B | 3.81B | 3.67B | 3.51B | 2.77B |
| Property, Plant & Equipment | 52.53M | 52.95M | 51.07M | 50.82M | 50.92M | 49.40M |
| Goodwill | 11.98M | 11.98M | 11.98M | 2.63M | 2.63M | 2.63M |
| Other Intangible Assets | 6.25M | 6.93M | 7.85M | 188.00K | 288.00K | 479.00K |
| Accrued Interest Receivable | 16.82M | 18.93M | 17.71M | 16.70M | 13.48M | 9.19M |
| Long-Term Deferred Tax Assets | 18.32M | 21.93M | 23.93M | 22.92M | 11.89M | |
| Other Long-Term Assets | 160.12M | 71.03M | 63.63M | 47.86M | 42.23M | 29.90M |
| Total Assets | 5.62B | 5.41B | 5.07B | 4.61B | 4.35B | 3.48B |
| Interest Bearing Deposits | 3.41B | 3.24B | 3.13B | 2.81B | 2.44B | 2.01B |
| Institutional Deposits | 165.10M | 158.70M | 155.00M | 138.40M | 92.30M | 59.60M |
| Non-Interest Bearing Deposits | 893.82M | 923.07M | 800.76M | 756.96M | 884.27M | 875.08M |
| Total Deposits | 4.47B | 4.32B | 4.09B | 3.71B | 3.42B | 2.95B |
| Short-Term Borrowings | 13.40M | 9.86M | 8.21M | 8.60M | 296.54M | 1.57M |
| Current Portion of Long-Term Debt | 362.00M | 319.50M | 288.00M | 233.00M | 83.00M | |
| Current Portion of Leases | 600.00K | 543.00K | ||||
| Accrued Interest Payable | 4.37M | 3.23M | 4.01M | 5.28M | 2.83M | 1.41M |
| Long-Term Debt | 108.95M | 108.68M | 93.42M | 93.04M | 92.66M | 92.24M |
| Federal Home Loan Bank Debt, Long-Term | 34.00M | 80.00M | 71.50M | 86.50M | 14.00M | 42.50M |
| Long-Term Leases | 1.44M | 903.00K | 1.58M | 1.97M | 2.50M | |
| Other Long-Term Liabilities | 76.30M | 46.83M | 54.82M | 48.13M | 43.53M | 14.44M |
| Total Liabilities | 5.07B | 4.89B | 4.61B | 4.19B | 3.95B | 3.10B |
| Preferred Stock, Redeemable | 66.51M | 66.51M | 66.51M | 66.51M | 66.51M | 66.51M |
| Common Stock | 280.00K | 278.00K | 276.00K | 277.00K | 278.00K | 282.00K |
| Additional Paid-In Capital | 102.61M | 98.29M | 95.09M | 96.32M | 96.53M | 104.12M |
| Retained Earnings | 394.86M | 351.45M | 309.42M | 280.65M | 248.69M | 199.35M |
| Comprehensive Income & Other | -22.86M | 561.00K | -13.36M | -18.25M | -17.94M | 9.01M |
| Total Common Equity | 474.88M | 450.58M | 391.42M | 359.00M | 327.55M | 312.76M |
| Shareholders' Equity | 541.39M | 517.10M | 457.94M | 425.51M | 394.06M | 379.27M |
| Total Liabilities & Equity | 5.62B | 5.41B | 5.07B | 4.61B | 4.35B | 3.48B |
| Total Debt | 520.39M | 519.48M | 462.71M | 423.11M | 488.69M | 136.31M |
| Net Cash (Debt) | -212.64M | -361.07M | -185.42M | -261.96M | -362.35M | 18.76M |
| Net Cash Per Share | -7.44 | -12.82 | -6.64 | -9.25 | -12.64 | 0.65 |
| Filing Date Shares Outstanding | 28.01M | 27.82M | 27.60M | 27.71M | 27.76M | 28.21M |
| Total Common Shares Outstanding | 27.96M | 27.76M | 27.55M | 27.75M | 27.75M | 28.21M |
| Book Value Per Share | 16.98 | 16.23 | 14.21 | 12.94 | 11.80 | 11.09 |
| Tangible Book Value | 456.64M | 431.67M | 371.59M | 356.19M | 324.64M | 309.65M |
| Tangible Book Value Per Share | 16.33 | 15.55 | 13.49 | 12.84 | 11.70 | 10.98 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 59.77M | 46.09M | 32.83M | 39.96M | 53.39M | 45.69M |
| Depreciation & Amortization | 4.00M | 3.95M | 3.00M | 3.14M | 3.25M | 2.56M |
| Other Amortization | 470.00K | 402.00K | 382.00K | 383.00K | 416.00K | 441.00K |
| Gain (Loss) on Sale of Assets | 6.00K | 6.00K | -62.00K | 20.00K | 18.00K | |
| Gain (Loss) on Sale of Investments | -11.84M | -4.28M | -1.74M | 43.00K | 1.78M | 2.61M |
| Provision for Credit Losses | 5.95M | 6.05M | 3.52M | -175.00K | 7.70M | 5.15M |
| Accrued Interest Receivable | -17.03M | -13.95M | 2.36M | -20.90M | -13.32M | -4.06M |
| Other Operating Activities | -2.67M | -3.67M | -1.30M | -316.00K | -2.16M | -4.52M |
| Operating Cash Flow | 78.90M | 27.81M | 46.38M | 30.02M | 85.00M | 54.24M |
| Capital Expenditures | -5.44M | -5.85M | -4.08M | -2.97M | -1.63M | -777.00K |
| Cash Acquisitions | 17.28M | |||||
| Investment in Securities | 197.05M | 29.10M | -77.96M | -50.96M | -164.90M | -52.80M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -293.97M | -438.81M | -26.25M | -157.87M | -749.94M | -492.63M |
| Other Investing Activities | -14.03M | -1.91M | -4.23M | 2.62M | -21.77M | -25.21M |
| Investing Cash Flow | -116.39M | -417.47M | -95.24M | -209.18M | -938.24M | -571.42M |
| Short-Term Debt Issued | 287.00M | |||||
| Long-Term Debt Issued | 1.31B | 997.00M | 679.50M | 171.75M | 29.31M | |
| Total Debt Issued | 1.15B | 1.31B | 997.00M | 679.50M | 458.75M | 29.31M |
| Short-Term Debt Repaid | -287.00M | |||||
| Long-Term Debt Repaid | -1.26B | -957.00M | -457.00M | -117.25M | -37.25M | |
| Total Debt Repaid | -1.15B | -1.26B | -957.00M | -744.00M | -117.25M | -37.25M |
| Net Debt Issued (Repaid) | -8.61M | 54.85M | 40.00M | -64.50M | 341.50M | -7.94M |
| Issuance of Common Stock | 2.98M | 1.94M | 763.00K | 963.00K | 577.00K | 724.00K |
| Repurchase of Common Stock | -2.34M | -2.94M | -5.90M | -5.13M | -11.52M | -2.74M |
| Preferred Stock Issued | 66.51M | |||||
| Preferred Dividends Paid | -4.05M | -4.05M | -4.05M | -4.05M | -4.05M | -1.17M |
| Total Dividends Paid | -4.05M | -4.05M | -4.05M | -4.05M | -4.05M | -1.17M |
| Net Increase (Decrease) in Deposit Accounts | 180.25M | 233.60M | 119.25M | 293.40M | 470.31M | 444.60M |
| Financing Cash Flow | 168.24M | 283.40M | 150.06M | 220.69M | 796.81M | 499.99M |
| Net Cash Flow | 130.75M | -106.25M | 101.20M | 41.52M | -56.43M | -17.20M |
| Free Cash Flow | 73.46M | 21.96M | 42.30M | 27.05M | 83.37M | 53.46M |
| Free Cash Flow Margin | 45.01% | 16.00% | 39.89% | 24.18% | 65.17% | 49.00% |
| Free Cash Flow Per Share | 2.57 | 0.78 | 1.51 | 0.95 | 2.91 | 1.84 |
| Cash Interest Paid | 141.38M | 149.79M | 144.60M | 114.35M | 32.16M | 19.14M |
| Cash Income Tax Paid | 16.17M | 14.28M | 5.75M | 10.39M | 20.57M | 19.38M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 566.17M | 483.56M | 370.52M | 378.57M | 489.46M | 496.50M |
| Last Close Price | 20.21 | 17.53 | 13.51 | 13.52 | 17.74 | 17.69 |
| PE Ratio | 10.37 | 11.50 | 12.88 | 10.54 | 9.92 | 11.15 |
| PS Ratio | 3.47 | 3.52 | 3.49 | 3.38 | 3.83 | 4.55 |
| PB Ratio | 1.19 | 0.94 | 0.81 | 0.89 | 1.24 | 1.31 |
| P/FCF Ratio | 7.71 | 22.02 | 8.76 | 14.00 | 5.87 | 9.29 |
| P/OCF Ratio | 7.18 | 17.39 | 7.99 | 12.61 | 5.76 | 9.15 |
| Debt / Equity Ratio | 0.96 | 1.00 | 1.01 | 0.99 | 1.24 | 0.36 |
| Debt / FCF Ratio | 7.08 | 23.65 | 10.94 | 15.64 | 5.86 | 2.55 |
| Net Debt / Equity Ratio | 0.39 | 0.70 | 0.41 | 0.62 | 0.92 | -0.05 |
| Net Debt / FCF Ratio | 2.90 | 16.44 | 4.38 | 9.69 | 4.35 | -0.35 |
| Return on Equity (ROE) | 11.51% | 9.45% | 7.43% | 9.75% | 13.81% | 14.17% |
| Return on Assets (ROA) | 1.09% | 0.88% | 0.68% | 0.89% | 1.36% | 1.43% |
| Earnings Yield | 9.65% | 9.53% | 8.86% | 10.56% | 10.91% | 9.20% |
| FCF Yield | 12.97% | 4.54% | 11.42% | 7.14% | 17.03% | 10.77% |
| Payout Ratio | 8.80% | 12.35% | 10.14% | 7.59% | 2.56% | |
| Buyback Yield / Dilution | -1.84% | -0.81% | 1.31% | 1.23% | 1.04% | 0.69% |