Bridgewater Bancshares
Twin Cities commercial bank built on relationship-driven multifamily and real-estate lending.
Something off on this page? Send us feedback.
Profile
A commercial bank holding company focused on relationship lending to real estate investors and business owners across the Twin Cities, funded mostly by locally sourced deposits. Multifamily and commercial real estate anchor the loan book, with a first acquisition adding investment-advisory fee income to an otherwise organically built franchise.
Operates as a commercial bank holding company built around relationship lending to commercial real estate investors, entrepreneurs, and business clients across the Minneapolis-St. Paul market, funded by locally sourced deposits gathered through a lean branch network.
Multifamily lending anchors the loan book, underwritten with local credit authority and a track record of negligible losses since the bank's 2005 founding. Commercial real estate excluding multifamily makes up a large share of the remainder, alongside smaller commercial-and-industrial and residential-mortgage lines.
Net interest income drives most revenue; treasury-management fees and a newly added investment-advisory line, gained through the acquisition of First Minnetonka City Bank, its first material deal after two decades of organic growth, round out the mix.
Real estate loan balances concentrate in the Twin Cities metro, and the bank operates as a state-chartered institution under federal and Minnesota banking supervision.
Company facts
Categories
Key statistics
Year to date +21.7% · Average volume (30d) 179.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 6, 2026 | Stephens | Upgrade | Overweight | $25 | |
| Jul 23, 2026 | Piper Sandler | Reiterate | Overweight | $23 | $24 |
| Jan 29, 2026 | DA Davidson | Reiterate | Buy | $21 | $24 |
| Jan 29, 2026 | Piper Sandler | Reiterate | Overweight | $18 | $23 |
| Oct 22, 2025 | DA Davidson | Reiterate | Buy | $17 | $21 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $0.45 | $0.45 | −0.6% | $41.4M | $40.9M | −1.3% | −5.30% |
| Apr 21, 2026Q1 FY26 | $0.42 | $0.41 | −2.4% | $39.3M | $39.0M | −0.9% | −1.02% |
| Jan 27, 2026Q4 FY25 | $0.42 | $0.44 | +4.8% | $38.1M | $38.8M | +1.8% | +1.68% |
| Oct 21, 2025Q3 FY25 | $0.41 | $0.39 | −4.9% | $36.2M | $36.1M | −0.2% | −3.43% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $67.3M | $72.5M | $75.4M | $76.5M | $79.4M | $24.1M | |
| Gross profit | $30.3M | $33.7M | $34.7M | $38.8M | $44.8M | −$10.4M | |
| Operating income | $12.7M | $15.1M | $15.1M | $18.6M | $22.8M | −$22.8M | |
| Net income | $9.6M | $11.5M | $11.6M | $13.3M | $17.4M | $14.0M | |
| Diluted EPS | $0.31 | $0.38 | $0.38 | $0.43 | $0.58 | $0.45 | |
| Gross margin | 45.1% | 46.5% | 46.1% | 50.8% | 56.5% | -43.3% | |
| Operating margin | 18.8% | 20.9% | 20.0% | 24.3% | 28.8% | -94.8% |
Fiscal years (4-quarter sums)FY21 $134.2M · FY22 $170.0M · FY23 $225.6M · FY24 $251.4M · FY25 $291.6M
Balance sheet, Jun 30, 2026Cash & short-term investments $775.2M · Total debt $434.9M · Total assets $5.39B · Shareholders' equity $547.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 27.88M · Float 22.24M · 79.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Thrivent Financial for Lutherans | 2.21M | 7.91% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 1.77M | 6.33% | 13F | Aug 7, 2026 |
| David B. Juran · director | 1.43M | 5.13% | Form 4 | Aug 27, 2026 |
| AllianceBernstein L.P. | 1.34M | 4.81% | 13F | Aug 14, 2026 |
| Jerry J. Baack · director, officer: CEO | 1.12M | 4.03% | Form 4 | Aug 18, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | David B. Juran | director | −940 | $21.54 |
| Aug 24, 2026 | David B. Juran | director | −25,000 | $21.74 |
| Aug 21, 2026 | David B. Juran | director | −15,000 | $21.59 |
| Aug 17, 2026 | Jerry J. Baack | director, officer: CEO | −10,000 | $22.48 |
| Aug 14, 2026 | Jerry J. Baack | director, officer: CEO | −15,000 | $22.21 |
Peers
- Old National Bancorp
Twin Cities deposit share and CRE lending contested by a newly scaled rival
- Alerus Financial
Grand Forks-based commercial wealth bank with deep Twin Cities MSA presence
- Nicolet Bankshares
Newly merged $15.6B Upper Midwest bank with fresh Twin Cities branches
- Great Southern Bancorp
Missouri HQ multi-state bank with a suburban Twin Cities branch cluster
- First Business Financial Services
Commercial-only Wisconsin bank, $4.3B assets, CRE-concentrated loan book
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bridgewater Bancshares | $21.32 | −0.07% | $594.5M | 11.6 | 10.8 | 2.3 | +14.5% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| Alerus Financial | $33.12 | −0.09% | $832.3M | 30.7 | 12.3 | 2.5 | +8.3% |
| Nicolet Bankshares | $171.74 | −0.02% | $2.97B | 19.1 | 13.3 | 5.7 | +227.9% |
| Great Southern Bancorp | $78.87 | +0.06% | $859.1M | 13.1 | 14.3 | 2.7 | −3.9% |
| First Business Financial Services | $70.85 | −0.41% | $592.5M | 10.7 | 10.7 | 2.1 | +13.8% |
| Median | 13.1 | 12.3 | 2.5 | +12.3% |