Bridgewater Bancshares (BWBBP) Financials

$20.16 +0.10 (+0.49%)

Closing price 07/10/2026 03:44 PM Eastern

Extended Trading

$19.93 -0.23 (-1.14%)

As of 07/10/2026 04:10 PM Eastern

Annual Income Statements for Bridgewater Bancshares

This table shows Bridgewater Bancshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	13	17	27	31	27	45	49	36	29	42
Consolidated Net Income / (Loss)	13	17	27	31	27	46	53	40	33	46
Net Income / (Loss) Continuing Operations	13	17	27	31	27	46	53	40	33	46
Total Pre-Tax Income	21	27	32	38	36	62	72	53	43	60
Total Revenue	45	57	67	78	94	115	136	112	110	143
Net Interest Income / (Expense)	42	54	65	74	88	110	130	105	102	132
Total Interest Income	51	66	85	104	115	129	164	222	246	282
Loans and Leases Interest Income	47	60	78	95	105	119	146	191	205	233
Investment Securities Interest Income	3.65	5.98	6.69	7.77	8.72	9.58	16	26	34	39
Other Interest Income	0.36	0.34	0.50	1.15	0.61	0.46	1.03	4.71	7.24	9.97
Total Interest Expense	8.51	12	20	30	27	19	34	117	144	149
Deposits Interest Expense	6.96	9.72	16	24	20	14	23	96	129	131
Short-Term Borrowings Interest Expense	0.72	0.66	0.59	0.50	0.44	0.06	0.20	1.14	1.16	0.62
Long-Term Debt Interest Expense	0.79	1.63	3.29	4.96	6.50	5.46	5.91	11	13	17
Federal Funds Purchased and Securities Sold Interest Expense	0.06	0.17	0.64	0.19	0.11	0.01	4.51	8.52	1.20	0.02
Total Non-Interest Income	2.57	2.54	2.54	3.83	5.84	5.31	6.33	6.49	7.37	11
Other Service Charges	1.28	1.77	2.15	2.48	3.51	3.24	4.25	3.29	4.12	5.35
Net Realized & Unrealized Capital Gains on Investments	0.80	0.11	-0.35	0.59	1.50	0.75	0.08	-0.03	0.45	0.61
Investment Banking Income	0.49	0.66	0.75	0.76	0.83	1.01	1.24	1.46	1.48	2.99
Other Non-Interest Income	-	-	-	-	-	0.32	0.76	1.78	1.33	1.96
Provision for Credit Losses	3.25	4.18	3.58	2.70	13	5.15	7.70	-0.18	3.53	6.05
Total Non-Interest Expense	20	25	32	37	45	48	57	59	63	77
Salaries and Employee Benefits	12	14	19	22	26	31	37	37	40	47
Net Occupancy & Equipment Expense	1.82	2.19	2.35	3.09	3.26	5.14	5.79	6.02	6.10	7.46
Marketing Expense	-	-	-	-	-	1.49	2.03	1.13	1.49	2.14
Property & Liability Insurance Claims	-	-	-	-	-	1.31	1.37	3.69	2.96	2.75
Other Operating Expenses	6.26	9.25	11	12	17	8.52	9.90	12	13	17
Amortization Expense	-	-	-	-	-	0.75	0.60	0.10	0.08	0.92
Income Tax Expense	8.05	10	5.22	6.92	8.47	16	18	13	9.91	14
Preferred Stock Dividends Declared	-	-	-	-	0.00	1.17	4.05	4.05	4.05	4.05
Basic Earnings per Share	$0.59	$0.69	$0.93	$1.07	$0.95	$1.59	$1.78	$1.29	$1.05	$1.53
Weighted Average Basic Shares Outstanding	-	24.60M	29.00M	28.97M	28.13M	28.21M	27.76M	27.71M	27.60M	27.82M
Diluted Earnings per Share	$0.58	$0.68	$0.91	$1.05	$0.93	$1.54	$1.72	$1.27	$1.03	$1.49
Weighted Average Diluted Shares Outstanding	-	24.60M	29.00M	28.97M	28.13M	28.21M	27.76M	27.71M	27.60M	27.82M
Weighted Average Basic & Diluted Shares Outstanding	-	24.60M	29.00M	28.97M	28.13M	28.21M	27.76M	27.71M	27.60M	27.82M

This table shows Bridgewater Bancshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	8.62	7.86	6.82	7.10	7.66	7.19	8.62	11	11	12	16
Consolidated Net Income / (Loss)	9.63	8.87	7.83	8.12	8.68	8.20	9.63	12	12	13	17
Net Income / (Loss) Continuing Operations	9.63	8.87	7.83	8.12	8.68	8.20	9.63	12	12	13	17
Total Pre-Tax Income	13	11	10	11	11	11	13	15	15	17	23
Total Revenue	27	27	26	27	27	30	32	36	36	39	46
Net Interest Income / (Expense)	25	25	25	25	26	27	30	32	34	36	37
Total Interest Income	57	59	59	61	63	63	66	69	74	73	70
Loans and Leases Interest Income	49	50	50	51	52	52	54	58	60	61	62
Investment Securities Interest Income	6.51	7.28	7.92	8.18	8.73	9.11	9.40	9.20	10	9.72	6.92
Other Interest Income	1.30	1.54	1.17	1.32	2.41	2.35	2.49	2.11	3.22	2.15	1.32
Total Interest Expense	31	33	34	36	37	36	36	37	40	38	33
Deposits Interest Expense	27	29	30	32	34	33	32	32	35	32	29
Short-Term Borrowings Interest Expense	0.30	0.30	0.30	0.30	0.30	0.28	0.26	0.26	0.11	-	0.00
Long-Term Debt Interest Expense	3.32	3.22	3.25	3.12	2.94	3.23	3.14	3.97	4.82	5.41	4.29
Federal Funds Purchased and Securities Sold Interest Expense	0.55	0.27	0.30	0.85	0.00	0.04	0.00	0.02	0.00	0.01	0.24
Total Non-Interest Income	1.73	1.41	1.55	1.76	1.52	2.53	2.08	3.63	2.06	3.15	9.56
Other Service Charges	0.60	0.81	0.81	0.77	0.83	1.72	0.88	1.76	0.85	1.87	1.13
Net Realized & Unrealized Capital Gains on Investments	0.00	-0.03	0.09	0.32	-0.03	-	0.00	0.47	0.06	0.08	7.25
Investment Banking Income	0.38	0.36	0.34	0.37	0.37	0.39	0.82	0.71	0.71	0.75	0.74
Other Non-Interest Income	0.75	0.27	0.30	0.31	0.35	0.36	0.38	0.69	0.44	0.46	0.45
Provision for Credit Losses	-0.60	-0.25	0.75	0.60	0.00	2.18	1.50	2.00	1.10	1.45	1.20
Total Non-Interest Expense	15	16	15	16	16	17	18	19	20	20	22
Salaries and Employee Benefits	9.52	9.62	9.43	9.68	9.85	11	11	11	12	12	13
Net Occupancy & Equipment Expense	1.49	1.49	1.47	1.56	1.44	1.63	1.85	1.90	1.90	1.81	1.99
Marketing Expense	0.22	0.32	0.32	0.32	0.37	0.48	0.33	0.44	0.66	0.72	0.78
Property & Liability Insurance Claims	1.08	1.05	0.88	0.73	0.75	0.61	0.45	0.75	0.78	0.77	0.78
Other Operating Expenses	2.92	3.26	3.08	3.25	3.35	3.44	3.91	4.26	4.16	4.28	4.91
Amortization Expense	0.01	0.01	0.01	0.01	0.01	0.05	0.23	0.23	0.23	0.23	0.23
Income Tax Expense	2.88	2.36	2.41	2.51	2.69	2.31	3.02	3.62	3.50	3.81	5.44
Preferred Stock Dividends Declared	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01
Basic Earnings per Share	$0.31	$0.28	$0.25	$0.26	$0.28	$0.26	$0.31	$0.38	$0.38	$0.46	$0.59
Weighted Average Basic Shares Outstanding	28.00M	27.71M	27.37M	27.35M	27.43M	27.60M	27.44M	27.48M	27.58M	27.82M	27.88M
Diluted Earnings per Share	$0.30	$0.29	$0.24	$0.26	$0.27	$0.26	$0.31	$0.38	$0.38	$0.42	$0.58
Weighted Average Diluted Shares Outstanding	28.00M	27.71M	27.37M	27.35M	27.43M	27.60M	27.44M	27.48M	27.58M	27.82M	27.88M
Weighted Average Basic & Diluted Shares Outstanding	28.00M	27.71M	27.37M	27.35M	27.43M	27.60M	27.44M	27.48M	27.58M	27.82M	27.88M

This table details how cash moves in and out of Bridgewater Bancshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	2.93	7.23	4.72	3.49	129	-17	-56	42	101	-106
Net Cash From Operating Activities	15	25	29	40	23	54	85	30	46	28
Net Cash From Continuing Operating Activities	15	25	29	40	23	54	85	30	46	28
Net Income / (Loss) Continuing Operations	13	17	27	31	27	46	53	40	33	46
Consolidated Net Income / (Loss)	13	17	27	31	27	46	53	40	33	46
Provision For Loan Losses	3.25	4.18	3.58	2.70	13	5.15	7.70	-0.18	3.53	6.05
Depreciation Expense	0.59	0.69	0.76	1.01	1.21	2.37	2.57	2.51	2.37	2.47
Amortization Expense	2.10	3.01	3.32	2.82	3.11	3.99	2.97	1.03	-0.34	-1.76
Non-Cash Adjustments to Reconcile Net Income	-1.65	-1.80	-0.15	-0.57	-2.42	-2.85	1.11	3.59	2.16	-2.03
Changes in Operating Assets and Liabilities, net	-2.57	1.93	-5.02	2.17	-19	-0.12	17	-17	5.84	-23
Net Cash From Investing Activities	-266	-350	-354	-276	-530	-571	-938	-209	-95	-417
Net Cash From Continuing Investing Activities	-266	-350	-354	-276	-530	-571	-938	-209	-95	-417
Purchase of Property, Leasehold Improvements and Equipment	-2.19	-1.24	-3.72	-16	-25	-0.78	-1.63	-2.97	-4.08	-5.85
Purchase of Investment Securities	-351	-415	-399	-346	-582	-628	-1,040	-359	-346	-709
Sale and/or Maturity of Investments	88	66	48	85	76	57	103	152	255	298
Net Cash From Financing Activities	254	333	330	240	636	500	797	221	150	283
Net Cash From Continuing Financing Activities	254	333	330	240	636	500	797	221	150	283
Net Change in Deposits	196	316	222	262	678	445	470	293	119	234
Issuance of Debt	20	53	70	43	147	29	172	680	997	1,313
Issuance of Preferred Equity	-	-	-	0.00	0.00	67	0.00	0.00	0.00	0.00
Repayment of Debt	-19	-16	-16	-32	-179	-37	-117	-457	-957	-1,258
Repurchase of Common Equity	-0.19	-	0.00	-15	-10	-2.30	-11	-4.67	-5.27	-2.22
Payment of Dividends	-	-	-	-	0.00	-1.17	-4.05	-4.05	-4.05	-4.05
Other Financing Activities, Net	31	-21	-4.89	-18	0.28	0.29	287	-286	0.13	1.23
Cash Interest Paid	8.44	11	20	29	27	19	32	114	145	150
Cash Income Taxes Paid	10	12	7.87	7.63	11	19	21	10	5.75	14

This table details how cash moves in and out of Bridgewater Bancshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-53	4.20	15	-9.26	58	38	-64	51	-86	-8.31	99
Net Cash From Operating Activities	16	-8.47	7.19	11	-5.99	35	7.12	4.00	9.38	6.98	16
Net Cash From Continuing Operating Activities	16	-8.47	7.19	11	-5.99	35	7.12	4.00	9.38	6.74	16
Net Income / (Loss) Continuing Operations	9.63	8.87	7.83	8.12	8.68	8.20	9.63	12	12	13	17
Consolidated Net Income / (Loss)	9.63	8.87	7.83	8.12	8.68	8.20	9.63	12	12	13	17
Provision For Loan Losses	-0.60	-0.25	0.75	0.50	-	2.18	1.50	2.00	1.10	1.45	1.35
Depreciation Expense	0.62	0.61	0.59	0.59	0.59	0.60	0.63	0.63	0.63	0.59	0.62
Amortization Expense	0.23	0.06	-0.04	-0.28	-0.31	0.30	0.11	-0.59	-0.84	-0.44	-0.41
Non-Cash Adjustments to Reconcile Net Income	1.00	0.78	0.42	0.82	0.95	-0.45	-0.16	-0.94	-0.56	-0.71	-7.00
Changes in Operating Assets and Liabilities, net	4.89	-19	-2.37	0.86	-16	24	-4.59	-8.62	-2.56	-7.48	4.03
Net Cash From Investing Activities	-2.65	-41	-84	14	62	-87	-135	-108	-137	-37	162
Net Cash From Continuing Investing Activities	-2.65	-41	-84	14	62	-87	-135	-108	-137	-37	162
Purchase of Property, Leasehold Improvements and Equipment	-0.24	-0.18	-0.01	-0.19	-0.46	-3.42	-0.54	-1.17	-1.60	-2.54	-1.83
Purchase of Investment Securities	-14	-55	-106	-39	-9.60	-104	-176	-188	-205	-154	-127
Sale and/or Maturity of Investments	12	14	22	53	72	21	42	80	70	119	280
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	-	10
Net Cash From Financing Activities	-66	54	91	-33	1.69	90	64	156	42	22	-79
Net Cash From Continuing Financing Activities	-66	54	91	-33	1.69	90	64	156	42	22	-79
Net Change in Deposits	98	34	97	0.49	-60	82	76	74	56	28	-15
Issuance of Debt	168	193	208	213	278	298	278	434	303	298	332
Repayment of Debt	-136	-168	-211	-243	-216	-288	-288	-350	-317	-303	-396
Repurchase of Common Equity	-	-4.67	-2.28	-2.90	-0.04	-0.05	-0.62	-1.57	-0.03	-0.00	-0.10
Payment of Dividends	-1.01	-1.01	-1.01	-1.01	-1.01	-1.01	-1.01	-1.01	-1.01	-1.01	-1.01
Other Financing Activities, Net	-195	-0.18	-0.01	-0.01	0.51	-0.36	0.05	0.19	0.88	0.11	0.11
Cash Interest Paid	54	32	35	36	38	36	35	37	38	39	110
Cash Income Taxes Paid	3.84	1.46	-	2.63	2.86	0.27	0.00	-	4.40	3.92	0.00

This table presents Bridgewater Bancshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,617	1,974	2,269	2,927	3,478	4,346	4,612	5,066	5,407
Cash and Due from Banks	24	28	32	161	143	87	129	230	124
Trading Account Securities	229	253	290	391	439	549	604	768	776
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	3,512	3,667	3,809	4,244
Premises and Equipment, Net	10	13	28	51	49	48	49	50	52
Goodwill	2.63	2.63	2.63	2.63	2.63	2.63	2.63	12	12
Intangible Assets	1.24	1.05	0.86	0.67	0.48	0.29	0.19	7.85	6.93
Other Assets	20	31	29	36	71	145	160	185	192
Total Liabilities & Shareholders' Equity	1,617	1,974	2,269	2,927	3,478	4,346	4,612	5,066	5,407
Total Liabilities	1,479	1,753	2,024	2,662	3,098	3,952	4,186	4,608	4,890
Non-Interest Bearing Deposits	293	369	448	672	875	884	757	801	923
Interest Bearing Deposits	1,047	1,192	1,376	1,830	2,071	2,532	2,953	3,286	3,397
Accrued Interest Payable	1.41	1.81	1.98	1.62	1.41	2.83	5.28	4.01	3.23
Long-Term Debt	110	164	174	142	135	190	413	453	508
Other Long-Term Liabilities	6.17	8.37	25	16	16	56	59	65	58
Total Equity & Noncontrolling Interests	137	221	245	265	379	394	426	458	517
Total Preferred & Common Equity	137	221	245	265	379	394	426	458	517
Preferred Stock	0.00	0.00	0.00	0.00	67	67	67	67	67
Total Common Equity	137	221	245	265	313	328	359	391	451
Common Stock	66	126	112	104	104	97	97	95	99
Retained Earnings	70	96	128	155	199	249	281	309	351
Accumulated Other Comprehensive Income / (Loss)	1.08	-1.57	4.77	6.58	9.01	-18	-18	-13	0.56

This table presents Bridgewater Bancshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,129	4,603	4,603	4,557	4,723	4,687	4,692	5,137	5,297	5,360	5,335
Cash and Due from Banks	75	209	177	124	143	134	192	166	217	132	222
Trading Account Securities	542	559	538	553	633	601	665	765	744	826	567
Loans and Leases, Net of Allowance	0.00	0.00	3,678	3,664	3,727	3,742	3,629	3,959	4,082	4,150	4,302
Premises and Equipment, Net	49	48	50	49	48	48	48	49	50	51	53
Goodwill	2.63	2.63	2.63	2.63	2.63	2.63	2.63	12	12	12	12
Intangible Assets	0.34	0.24	0.21	0.20	0.18	0.17	0.16	7.62	7.39	7.16	6.70
Other Assets	134	157	156	162	169	159	156	174	180	178	173
Total Liabilities & Shareholders' Equity	4,129	4,603	4,603	4,557	4,723	4,687	4,692	5,137	5,297	5,360	5,335
Total Liabilities	3,747	4,201	4,194	4,141	4,289	4,248	4,239	4,668	4,820	4,863	4,807
Non-Interest Bearing Deposits	961	742	751	754	698	705	713	792	788	823	829
Interest Bearing Deposits	2,344	2,669	2,827	2,921	3,109	3,103	3,034	3,371	3,449	3,470	3,477
Accrued Interest Payable	2.21	3.26	2.97	3.82	4.41	4.00	3.46	4.53	4.11	5.21	4.25
Long-Term Debt	164	290	355	387	410	380	443	443	527	513	445
Other Long-Term Liabilities	64	60	63	74	68	56	46	58	53	51	52
Total Equity & Noncontrolling Interests	382	402	409	416	434	439	452	469	476	497	528
Total Preferred & Common Equity	382	402	409	416	434	439	452	469	476	497	528
Preferred Stock	67	67	67	67	67	67	67	67	67	67	67
Total Common Equity	315	335	343	349	367	373	386	402	410	431	462
Common Stock	96	98	99	100	95	93	95	96	95	97	100
Retained Earnings	236	255	264	273	287	295	302	318	329	339	368
Accumulated Other Comprehensive Income / (Loss)	-17	-18	-21	-24	-16	-15	-11	-11	-14	-5.56	-5.78

This table displays calculated financial ratios and metrics derived from Bridgewater Bancshares' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	30,064,374.00	28,781,162.00	28,281,741.00	28,066,822.00	-	-	-	27,584,732.00
DEI Adjusted Shares Outstanding	0.00	0.00	30,064,374.00	28,781,162.00	28,281,741.00	28,066,822.00	-	-	-	27,584,732.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.90	1.09	0.96	1.63	-	-	-	1.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	26.91%	18.64%	15.87%	20.33%	22.40%	18.47%	-17.91%	-1.89%	30.84%
EBITDA Growth	0.00%	28.35%	17.83%	16.35%	-5.16%	69.94%	13.70%	-27.43%	-20.15%	35.69%
EBIT Growth	0.00%	27.14%	18.88%	19.23%	-6.94%	72.64%	16.46%	-26.76%	-18.63%	40.47%
NOPAT Growth	0.00%	27.80%	59.39%	16.65%	-13.40%	68.00%	16.86%	-25.16%	-17.86%	40.41%
Net Income Growth	0.00%	27.80%	59.39%	16.65%	-13.40%	68.00%	16.86%	-25.16%	-17.86%	40.41%
EPS Growth	0.00%	17.24%	33.82%	15.38%	-11.43%	65.59%	11.69%	-26.16%	-18.90%	44.66%
Operating Cash Flow Growth	0.00%	66.78%	18.09%	34.41%	-41.76%	135.61%	56.72%	-64.69%	54.51%	-40.03%
Free Cash Flow Firm Growth	0.00%	0.00%	51.69%	97.30%	1,387.62%	-257.30%	73.11%	-1,213.89%	81.35%	-70.92%
Invested Capital Growth	0.00%	0.00%	55.92%	8.94%	-2.72%	26.09%	13.56%	43.57%	8.69%	12.56%
Revenue Q/Q Growth	0.00%	0.00%	4.45%	-16.49%	1.72%	29.21%	3.18%	-6.61%	2.60%	6.97%
EBITDA Q/Q Growth	0.00%	0.00%	3.25%	-25.68%	-13.21%	87.09%	1.24%	-11.77%	-1.08%	10.73%
EBIT Q/Q Growth	0.00%	0.00%	3.51%	-27.65%	-15.39%	104.78%	1.55%	-11.31%	-1.66%	12.42%
NOPAT Q/Q Growth	0.00%	0.00%	19.68%	2.65%	-47.83%	171.78%	2.34%	-10.85%	-2.00%	12.53%
Net Income Q/Q Growth	0.00%	0.00%	19.68%	2.65%	-11.67%	19.75%	2.34%	-10.85%	-2.00%	12.53%
EPS Q/Q Growth	0.00%	0.00%	13.75%	3.96%	-11.43%	16.67%	3.61%	-11.19%	-2.83%	12.03%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.60%	1.12%	-9.89%	10.76%	-6.32%	-30.38%	1,292.25%	-49.81%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	92.55%	478.09%	-383.54%	-220.32%	-0.88%	31.23%	8.37%
Invested Capital Q/Q Growth	0.00%	0.00%	11.50%	0.78%	-14.74%	1.29%	6.90%	4.31%	1.77%	1.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	53.61%	54.22%	53.84%	54.07%	42.62%	59.17%	56.79%	50.20%	40.86%	42.37%
EBIT Margin	47.59%	47.68%	47.78%	49.16%	38.02%	53.63%	52.72%	47.03%	39.01%	41.88%
Profit (Net Income) Margin	29.57%	29.78%	40.01%	40.28%	28.99%	39.79%	39.25%	35.79%	29.96%	32.15%
Tax Burden Percent	62.14%	62.46%	83.75%	81.94%	76.25%	74.20%	74.46%	76.08%	76.81%	76.77%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	37.86%	37.54%	16.25%	18.06%	23.75%	25.80%	25.54%	23.92%	23.19%	23.23%
Return on Invested Capital (ROIC)	0.00%	13.69%	8.53%	7.82%	6.58%	9.91%	9.73%	5.62%	3.75%	4.76%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	13.69%	8.53%	7.82%	6.58%	9.91%	9.73%	5.62%	3.75%	4.76%
Return on Net Nonoperating Assets (RNNOA)	0.00%	10.93%	6.50%	5.67%	4.08%	4.26%	4.08%	4.13%	3.68%	4.69%
Return on Equity (ROE)	0.00%	24.63%	15.03%	13.48%	10.66%	14.17%	13.81%	9.75%	7.43%	9.45%
Cash Return on Invested Capital (CROIC)	0.00%	-186.31%	-35.17%	-0.75%	9.33%	-13.17%	-2.97%	-30.16%	-4.57%	-7.06%
Operating Return on Assets (OROA)	0.00%	1.67%	1.79%	1.81%	1.37%	1.92%	1.83%	1.17%	0.88%	1.15%
Return on Assets (ROA)	0.00%	1.04%	1.50%	1.48%	1.05%	1.43%	1.36%	0.89%	0.68%	0.88%
Return on Common Equity (ROCE)	0.00%	24.58%	15.02%	13.48%	10.66%	12.71%	11.43%	8.17%	6.31%	8.16%
Return on Equity Simple (ROE_SIMPLE)	0.00%	12.31%	12.18%	12.83%	10.25%	12.05%	13.55%	9.39%	7.17%	8.91%
Net Operating Profit after Tax (NOPAT)	13	17	27	31	27	46	53	40	33	46
NOPAT Margin	29.57%	29.78%	40.01%	40.28%	28.99%	39.79%	39.25%	35.79%	29.96%	32.15%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	31.12%	28.64%	31.17%	32.28%	30.73%	32.67%	32.90%	39.12%	43.03%	39.76%
Operating Expenses to Revenue	45.13%	44.96%	46.91%	47.37%	48.39%	41.89%	41.62%	53.12%	57.78%	53.90%
Earnings before Interest and Taxes (EBIT)	21	27	32	38	36	62	72	53	43	60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	31	36	42	40	68	77	56	45	61
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.58	1.44	1.62	1.33	1.59	1.49	1.05	0.95	1.07
Price to Tangible Book Value (P/TBV)	0.00	0.59	1.46	1.64	1.35	1.60	1.51	1.06	1.00	1.12
Price to Revenue (P/Rev)	1.76	1.39	4.71	5.09	3.77	4.32	3.60	3.39	3.38	3.37
Price to Earnings (P/E)	5.96	4.66	11.78	12.63	12.99	11.15	9.92	10.54	12.88	11.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	16.79%	21.45%	8.49%	7.92%	7.70%	8.97%	10.08%	9.48%	7.77%	8.69%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.65	1.17	1.28	0.81	1.07	1.13	0.87	0.72	0.91
Enterprise Value to Revenue (EV/Rev)	0.00	2.85	6.67	6.88	3.54	4.81	4.83	6.53	5.99	6.52
Enterprise Value to EBITDA (EV/EBITDA)	0.00	5.25	12.40	12.72	8.30	8.13	8.51	13.01	14.65	15.39
Enterprise Value to EBIT (EV/EBIT)	0.00	5.97	13.97	13.99	9.31	8.97	9.17	13.88	15.35	15.57
Enterprise Value to NOPAT (EV/NOPAT)	0.00	9.56	16.68	17.08	12.21	12.09	12.31	18.24	19.98	20.28
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	6.48	15.27	13.57	14.42	10.19	7.73	24.29	14.14	33.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	8.60	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.80	0.74	0.71	0.54	0.36	0.48	0.97	0.99	0.98
Long-Term Debt to Equity	0.00	0.80	0.74	0.71	0.54	0.36	0.48	0.97	0.99	0.98
Financial Leverage	0.00	0.80	0.76	0.73	0.62	0.43	0.42	0.73	0.98	0.99
Leverage Ratio	0.00	11.79	10.02	9.11	10.18	9.94	10.12	10.93	10.96	10.74
Compound Leverage Factor	0.00	11.79	10.02	9.11	10.18	9.94	10.12	10.93	10.96	10.74
Debt to Total Capital	0.00%	44.40%	42.54%	41.58%	34.89%	26.21%	32.49%	49.23%	49.72%	49.57%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	44.40%	42.54%	41.58%	34.89%	26.21%	32.49%	49.23%	49.72%	49.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	12.94%	11.39%	7.94%	7.30%	6.49%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	55.50%	57.46%	58.42%	65.11%	60.85%	56.11%	42.84%	42.97%	43.95%
Debt to EBITDA	0.00	3.56	4.52	4.13	3.56	1.98	2.46	7.36	10.12	8.37
Net Debt to EBITDA	0.00	2.69	3.64	3.31	-0.53	-0.16	1.31	5.07	4.89	6.33
Long-Term Debt to EBITDA	0.00	3.56	4.52	4.13	3.56	1.98	2.46	7.36	10.12	8.37
Debt to NOPAT	0.00	6.49	6.08	5.55	5.23	2.95	3.55	10.32	13.80	11.03
Net Debt to NOPAT	0.00	4.90	4.90	4.45	-0.78	-0.23	1.90	7.11	6.67	8.35
Long-Term Debt to NOPAT	0.00	6.49	6.08	5.55	5.23	2.95	3.55	10.32	13.80	11.03
Noncontrolling Interest Sharing Ratio	0.00%	0.18%	0.07%	0.00%	0.00%	10.32%	17.20%	16.23%	15.06%	13.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-230	-111	-3.00	39	-61	-16	-214	-40	-68
Operating Cash Flow to CapEx	681.47%	2,016.36%	790.54%	253.85%	93.24%	6,980.18%	5,205.08%	1,010.61%	1,136.67%	475.66%
Free Cash Flow to Firm to Interest Expense	0.00	-18.88	-5.42	-0.10	1.44	-3.13	-0.48	-1.83	-0.28	-0.46
Operating Cash Flow to Interest Expense	1.75	2.05	1.44	1.33	0.86	2.80	2.50	0.26	0.32	0.19
Operating Cash Flow Less CapEx to Interest Expense	1.50	1.94	1.25	0.81	-0.06	2.76	2.45	0.23	0.29	0.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.04	0.04	0.04	0.04	0.04	0.03	0.02	0.02	0.03
Fixed Asset Turnover	0.00	5.61	5.80	3.83	2.39	2.29	2.78	2.29	2.23	2.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	247	385	419	408	514	584	838	911	1,025
Invested Capital Turnover	0.00	0.46	0.21	0.19	0.23	0.25	0.25	0.16	0.13	0.15
Increase / (Decrease) in Invested Capital	0.00	247	138	34	-11	106	70	254	73	114
Enterprise Value (EV)	0.00	161	449	536	332	552	657	729	656	935
Market Capitalization	79	79	317	397	353	497	489	379	371	484
Book Value per Share	$0.00	$5.56	$7.35	$8.51	$9.38	$11.14	$11.87	$12.82	$14.27	$16.33
Tangible Book Value per Share	$0.00	$5.41	$7.23	$8.38	$9.27	$11.03	$11.77	$12.72	$13.55	$15.65
Total Capital	0.00	247	385	419	408	514	584	838	911	1,025
Total Debt	0.00	110	164	174	142	135	190	413	453	508
Total Long-Term Debt	0.00	110	164	174	142	135	190	413	453	508
Net Debt	0.00	83	132	140	-21	-11	101	284	219	385
Capital Expenditures (CapEx)	2.19	1.24	3.72	16	25	0.78	1.63	2.97	4.08	5.85
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	0.00	110	164	174	142	135	190	413	453	508
Total Depreciation and Amortization (D&A)	2.69	3.71	4.08	3.83	4.31	6.36	5.54	3.54	2.03	0.71
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.59	$0.69	$0.93	$1.07	$0.95	$1.59	$1.78	$1.29	$1.05	$1.53
Adjusted Weighted Average Basic Shares Outstanding	0.00	24.60M	30.10M	28.97M	28.13M	28.21M	27.76M	27.71M	27.60M	27.82M
Adjusted Diluted Earnings per Share	$0.58	$0.68	$0.91	$1.05	$0.93	$1.54	$1.72	$1.27	$1.03	$1.49
Adjusted Weighted Average Diluted Shares Outstanding	0.00	24.60M	30.10M	28.97M	28.13M	28.21M	27.76M	27.71M	27.60M	27.82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	24.60M	30.10M	28.97M	28.13M	28.21M	27.76M	27.71M	27.60M	27.82M
Normalized Net Operating Profit after Tax (NOPAT)	13	17	27	31	27	46	53	40	33	46
Normalized NOPAT Margin	29.57%	29.78%	40.01%	40.28%	28.99%	39.79%	39.25%	35.79%	29.96%	32.15%
Pre Tax Income Margin	47.59%	47.68%	47.78%	49.16%	38.02%	53.63%	52.72%	47.03%	39.01%	41.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.50	2.22	1.57	1.29	1.33	3.18	2.11	0.45	0.30	0.40
NOPAT to Interest Expense	1.55	1.39	1.31	1.06	1.01	2.36	1.57	0.34	0.23	0.31
EBIT Less CapEx to Interest Expense	2.24	2.12	1.39	0.77	0.41	3.14	2.06	0.42	0.27	0.36
NOPAT Less CapEx to Interest Expense	1.29	1.29	1.13	0.53	0.09	2.32	1.52	0.32	0.20	0.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	2.56%	7.59%	10.15%	12.35%	8.80%
Augmented Payout Ratio	1.45%	0.00%	0.00%	47.64%	38.00%	7.60%	27.99%	21.83%	28.40%	13.62%

This table displays calculated financial ratios and metrics derived from Bridgewater Bancshares' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	27,596,315.00	27,439,946.00	27,482,534.00	27,584,732.00	27,824,165.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	27,596,315.00	27,439,946.00	27,482,534.00	27,584,732.00	27,824,165.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.35	0.42	0.42	0.48	0.63
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-23.49%	-22.84%	-14.19%	-1.94%	-0.10%	10.39%	23.32%	34.83%	33.30%	31.64%	43.13%
EBITDA Growth	-36.38%	-38.60%	-35.87%	-21.77%	-12.91%	-4.10%	24.01%	38.93%	27.92%	51.57%	72.14%
EBIT Growth	-36.90%	-37.34%	-35.24%	-18.07%	-9.18%	-6.41%	23.52%	42.54%	32.88%	63.10%	80.55%
NOPAT Growth	-33.65%	-35.40%	-32.73%	-17.33%	-9.91%	-7.54%	23.01%	41.96%	33.73%	62.53%	80.69%
Net Income Growth	-33.65%	-35.40%	-32.73%	-17.33%	-9.91%	-7.54%	23.01%	41.96%	33.73%	62.53%	80.69%
EPS Growth	-36.17%	-35.56%	-35.14%	-16.13%	-10.00%	-10.34%	29.17%	46.15%	40.74%	61.54%	87.10%
Operating Cash Flow Growth	72.45%	-282.89%	-7.86%	-28.94%	-137.97%	508.33%	-0.89%	-62.30%	256.63%	-79.82%	124.59%
Free Cash Flow Firm Growth	-927.96%	-338.53%	13.07%	79.43%	66.51%	73.68%	59.34%	-263.49%	-25.29%	-56.48%	25.26%
Invested Capital Growth	47.13%	43.57%	21.97%	7.26%	11.40%	8.69%	8.09%	22.42%	12.91%	12.56%	6.71%
Revenue Q/Q Growth	-0.51%	-1.56%	-2.03%	2.21%	1.35%	8.77%	9.45%	11.74%	0.20%	7.42%	18.99%
EBITDA Q/Q Growth	-4.29%	-10.96%	-10.11%	1.15%	6.56%	-1.95%	17.34%	13.32%	-1.89%	16.18%	33.27%
EBIT Q/Q Growth	-3.49%	-10.21%	-9.73%	3.69%	6.98%	-7.46%	20.34%	19.66%	-0.28%	13.59%	33.21%
NOPAT Q/Q Growth	-1.91%	-7.85%	-11.74%	3.63%	6.90%	-5.43%	17.42%	19.59%	0.70%	14.94%	30.54%
Net Income Q/Q Growth	-1.91%	-7.85%	-11.74%	3.63%	6.90%	-5.43%	17.42%	19.59%	0.70%	14.94%	30.54%
EPS Q/Q Growth	-3.23%	-3.33%	-17.24%	8.33%	3.85%	-3.70%	19.23%	22.58%	0.00%	10.53%	38.10%
Operating Cash Flow Q/Q Growth	5.69%	-153.71%	184.85%	47.53%	-156.47%	677.63%	-79.41%	-46.46%	134.63%	-25.59%	129.22%
Free Cash Flow Firm Q/Q Growth	-7.55%	0.91%	41.27%	67.13%	-75.06%	22.12%	9.26%	-193.84%	39.66%	2.74%	56.66%
Invested Capital Q/Q Growth	5.16%	4.31%	0.68%	-2.88%	9.22%	1.77%	0.12%	10.00%	0.73%	1.46%	-5.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	49.22%	44.52%	41.24%	40.81%	42.91%	38.68%	41.47%	42.05%	41.18%	44.53%	49.88%
EBIT Margin	46.08%	42.04%	39.12%	39.69%	41.89%	35.64%	39.18%	41.96%	41.76%	44.15%	49.43%
Profit (Net Income) Margin	35.47%	33.20%	29.91%	30.33%	31.99%	27.81%	29.84%	31.93%	32.09%	34.34%	37.67%
Tax Burden Percent	76.97%	78.99%	76.46%	76.41%	76.36%	78.04%	76.14%	76.10%	76.85%	77.76%	76.21%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	23.03%	21.01%	23.54%	23.59%	23.64%	21.96%	23.86%	23.90%	23.15%	22.24%	23.79%
Return on Invested Capital (ROIC)	6.29%	5.22%	4.18%	4.09%	4.02%	3.48%	3.93%	4.38%	4.51%	5.08%	6.28%
ROIC Less NNEP Spread (ROIC-NNEP)	6.29%	5.22%	4.18%	4.09%	4.02%	3.48%	3.93%	4.38%	4.51%	5.08%	6.28%
Return on Net Nonoperating Assets (RNNOA)	4.34%	3.83%	3.50%	3.54%	3.85%	3.41%	3.72%	4.34%	4.54%	5.01%	5.59%
Return on Equity (ROE)	10.63%	9.05%	7.68%	7.64%	7.87%	6.90%	7.65%	8.72%	9.06%	10.10%	11.88%
Cash Return on Invested Capital (CROIC)	-31.50%	-30.16%	-15.09%	-2.66%	-6.84%	-4.57%	-3.83%	-15.99%	-7.83%	-7.06%	-0.78%
Operating Return on Assets (OROA)	1.27%	1.05%	0.90%	0.91%	0.97%	0.81%	0.92%	1.05%	1.11%	1.21%	1.48%
Return on Assets (ROA)	0.98%	0.83%	0.69%	0.70%	0.74%	0.63%	0.70%	0.80%	0.86%	0.94%	1.13%
Return on Common Equity (ROCE)	8.86%	7.58%	6.46%	6.44%	6.66%	5.86%	6.52%	7.45%	7.79%	8.72%	10.29%
Return on Equity Simple (ROE_SIMPLE)	10.78%	0.00%	8.34%	7.84%	7.41%	0.00%	7.38%	7.99%	8.23%	0.00%	10.19%
Net Operating Profit after Tax (NOPAT)	9.63	8.87	7.83	8.12	8.68	8.20	9.63	12	12	13	17
NOPAT Margin	35.47%	33.20%	29.91%	30.33%	31.99%	27.81%	29.84%	31.93%	32.09%	34.34%	37.67%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	41.38%	42.75%	42.87%	43.19%	42.97%	43.08%	41.97%	37.96%	40.91%	38.52%	35.17%
Operating Expenses to Revenue	56.13%	58.90%	58.02%	58.07%	58.11%	56.99%	56.17%	52.50%	55.20%	52.11%	47.98%
Earnings before Interest and Taxes (EBIT)	13	11	10	11	11	11	13	15	15	17	23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13	12	11	11	12	11	13	15	15	17	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.76	1.05	0.88	0.85	1.00	0.95	0.95	1.07	1.12	1.07	1.07
Price to Tangible Book Value (P/TBV)	0.77	1.06	0.89	0.86	1.01	1.00	1.00	1.12	1.17	1.12	1.11
Price to Revenue (P/Rev)	2.22	3.39	3.00	2.98	3.63	3.38	3.31	3.49	3.61	3.37	3.13
Price to Earnings (P/E)	6.51	10.54	10.05	10.46	13.16	12.88	12.54	12.85	13.11	11.50	9.89
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	15.37%	9.48%	9.95%	9.56%	7.60%	7.77%	7.98%	7.78%	7.63%	8.69%	10.11%
Enterprise Value to Invested Capital (EV/IC)	0.74	0.87	0.78	0.77	0.79	0.72	0.79	0.81	0.92	0.91	0.80
Enterprise Value to Revenue (EV/Rev)	4.96	6.53	6.11	5.90	6.60	5.99	6.25	6.47	6.92	6.52	4.97
Enterprise Value to EBITDA (EV/EBITDA)	9.34	13.01	13.11	13.42	15.58	14.65	15.26	15.67	16.91	15.39	11.10
Enterprise Value to EBIT (EV/EBIT)	10.02	13.88	13.97	14.13	16.22	15.35	16.00	16.28	17.38	15.57	11.13
Enterprise Value to NOPAT (EV/NOPAT)	13.24	18.24	18.14	18.30	21.05	19.98	20.87	21.26	22.65	20.28	14.51
Enterprise Value to Operating Cash Flow (EV/OCF)	13.77	24.29	22.31	25.13	211.66	14.14	15.60	20.19	16.74	33.61	21.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.93	0.97	0.95	0.87	0.98	0.99	0.94	1.11	1.03	0.98	0.84
Long-Term Debt to Equity	0.93	0.97	0.95	0.87	0.98	0.99	0.94	1.11	1.03	0.98	0.84
Financial Leverage	0.69	0.73	0.84	0.87	0.96	0.98	0.95	0.99	1.01	0.99	0.89
Leverage Ratio	10.89	10.93	11.16	10.95	10.65	10.96	10.92	10.90	10.58	10.74	10.50
Compound Leverage Factor	10.89	10.93	11.16	10.95	10.65	10.96	10.92	10.90	10.58	10.74	10.50
Debt to Total Capital	48.23%	49.23%	48.61%	46.40%	49.48%	49.72%	48.58%	52.52%	50.77%	49.57%	45.70%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.23%	49.23%	48.61%	46.40%	49.48%	49.72%	48.58%	52.52%	50.77%	49.57%	45.70%
Preferred Equity to Total Capital	8.28%	7.94%	7.88%	8.12%	7.43%	7.30%	7.29%	6.63%	6.58%	6.49%	6.83%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.50%	42.84%	43.51%	45.48%	43.09%	42.97%	44.13%	40.85%	42.65%	43.95%	47.46%
Debt to EBITDA	6.10	7.36	8.20	8.09	9.79	10.12	9.35	10.21	9.35	8.37	6.32
Net Debt to EBITDA	4.12	5.07	5.33	5.24	5.55	4.89	5.76	5.92	6.88	6.33	3.16
Long-Term Debt to EBITDA	6.10	7.36	8.20	8.09	9.79	10.12	9.35	10.21	9.35	8.37	6.32
Debt to NOPAT	8.64	10.32	11.35	11.04	13.22	13.80	12.79	13.86	12.53	11.03	8.26
Net Debt to NOPAT	5.84	7.11	7.38	7.15	7.49	6.67	7.87	8.03	9.22	8.35	4.13
Long-Term Debt to NOPAT	8.64	10.32	11.35	11.04	13.22	13.80	12.79	13.86	12.53	11.03	8.26
Noncontrolling Interest Sharing Ratio	16.67%	16.23%	15.92%	15.68%	15.32%	15.06%	14.74%	14.53%	14.01%	13.64%	13.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-248	-245	-144	-47	-83	-65	-59	-172	-104	-101	-44
Operating Cash Flow to CapEx	6,597.07%	-4,627.32%	119,750.00%	5,638.30%	-1,290.09%	1,010.43%	1,328.54%	342.71%	585.63%	274.25%	875.85%
Free Cash Flow to Firm to Interest Expense	-7.89	-7.38	-4.24	-1.32	-2.22	-1.78	-1.65	-4.69	-2.63	-2.69	-1.31
Operating Cash Flow to Interest Expense	0.50	-0.25	0.21	0.30	-0.16	0.95	0.20	0.11	0.24	0.19	0.48
Operating Cash Flow Less CapEx to Interest Expense	0.49	-0.26	0.21	0.29	-0.17	0.86	0.19	0.08	0.20	0.12	0.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03
Fixed Asset Turnover	2.43	2.29	2.23	2.19	2.20	2.23	2.37	2.55	2.71	2.84	3.08
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	803	838	844	819	895	911	912	1,003	1,011	1,025	973
Invested Capital Turnover	0.18	0.16	0.14	0.13	0.13	0.13	0.13	0.14	0.14	0.15	0.17
Increase / (Decrease) in Invested Capital	257	254	152	55	92	73	68	184	116	114	61
Enterprise Value (EV)	594	729	656	630	705	656	722	809	928	935	782
Market Capitalization	265	379	323	318	388	371	383	437	484	484	492
Book Value per Share	$12.49	$12.82	$13.25	$13.62	$14.10	$14.27	$14.58	$14.93	$15.68	$16.33	$16.60
Tangible Book Value per Share	$12.39	$12.72	$13.15	$13.51	$14.00	$13.55	$13.87	$14.23	$14.98	$15.65	$15.93
Total Capital	803	838	844	819	895	911	912	1,003	1,011	1,025	973
Total Debt	387	413	410	380	443	453	443	527	513	508	445
Total Long-Term Debt	387	413	410	380	443	453	443	527	513	508	445
Net Debt	262	284	267	246	251	219	273	306	378	385	223
Capital Expenditures (CapEx)	0.24	0.18	0.01	0.19	0.46	3.42	0.54	1.17	1.60	2.54	1.83
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	387	413	410	380	443	453	443	527	513	508	445
Total Depreciation and Amortization (D&A)	0.85	0.67	0.56	0.30	0.28	0.90	0.74	0.04	-0.21	0.15	0.21
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.28	$0.25	$0.26	$0.28	$0.26	$0.31	$0.38	$0.38	$0.46	$0.59
Adjusted Weighted Average Basic Shares Outstanding	28.00M	27.71M	27.37M	27.35M	27.43M	27.60M	27.44M	27.48M	27.58M	27.82M	27.88M
Adjusted Diluted Earnings per Share	$0.30	$0.29	$0.24	$0.26	$0.27	$0.26	$0.31	$0.38	$0.38	$0.42	$0.58
Adjusted Weighted Average Diluted Shares Outstanding	28.00M	27.71M	27.37M	27.35M	27.43M	27.60M	27.44M	27.48M	27.58M	27.82M	27.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.00M	27.71M	27.37M	27.35M	27.43M	27.60M	27.44M	27.48M	27.58M	27.82M	27.88M
Normalized Net Operating Profit after Tax (NOPAT)	9.63	8.87	7.83	8.12	8.68	8.20	9.63	12	12	13	17
Normalized NOPAT Margin	35.47%	33.20%	29.91%	30.33%	31.99%	27.81%	29.84%	31.93%	32.09%	34.34%	37.67%
Pre Tax Income Margin	46.08%	42.04%	39.12%	39.69%	41.89%	35.64%	39.18%	41.96%	41.76%	44.15%	49.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.40	0.34	0.30	0.30	0.30	0.29	0.36	0.41	0.38	0.46	0.69
NOPAT to Interest Expense	0.31	0.27	0.23	0.23	0.23	0.23	0.27	0.31	0.29	0.35	0.52
EBIT Less CapEx to Interest Expense	0.39	0.33	0.30	0.29	0.29	0.20	0.34	0.38	0.34	0.39	0.63
NOPAT Less CapEx to Interest Expense	0.30	0.26	0.23	0.22	0.22	0.13	0.26	0.28	0.25	0.29	0.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.04%	10.15%	11.21%	11.77%	12.10%	12.35%	11.71%	10.66%	9.90%	8.80%	7.53%
Augmented Payout Ratio	9.30%	21.83%	30.43%	40.35%	41.61%	28.40%	22.14%	16.66%	15.45%	13.62%	10.69%

Financials Breakdown Chart

Key Financial Trends

Bridgewater Bancshares (NASDAQ: BWB) showed solid profitability in Q1 2026, with net income of $17.4 million, up from $13.3 million in Q4 2025 and $9.6 million in Q1 2025. The quarter also featured strong operating cash flow and a very large increase in cash from investing activity, although margins remain pressured by high interest expense and the balance sheet shows continued reliance on deposits and debt funding.

Q1 2026 net income rose to $17.4 million, up from $13.3 million in Q4 2025 and $9.6 million in Q1 2025.
Diluted EPS improved to $0.58 from $0.42 in Q4 2025 and $0.31 a year ago.
Net interest income increased to $36.6 million in Q1 2026, a modest improvement from $35.7 million in Q4 2025.
Non-interest income jumped to $9.6 million from $3.1 million in the prior quarter, helped by stronger realized/unrealized gains and service charges.
Operating cash flow was strong at $16.0 million in Q1 2026, up from $7.0 million in Q4 2025 and $7.1 million in Q1 2025.
The company ended Q1 2026 with $222.2 million in cash and due from banks, up meaningfully from $219.5 million in Q4 2025 and $166.2 million in Q1 2025.
Total assets were essentially stable at $5.34 billion, versus $5.30 billion in Q2 2025 and $5.36 billion in Q3 2025.
Loan balances were slightly higher quarter over quarter, with net loans and leases at $4.30 billion versus $4.08 billion in Q2 2025.
The bank continued to pay preferred dividends of about $1.0 million per quarter, which reduces earnings available to common shareholders.
Interest expense remains heavy: Q1 2026 cash interest paid was $110.4 million, far above quarterly net income, underscoring funding-cost pressure.

Longer-term trend: Bridgewater has generally grown earnings from the 2023–2024 period into 2025–2026, but performance has been somewhat uneven quarter to quarter. Net interest income has improved from the low-$30 million range in 2023 to the mid-$30 million range recently, while non-interest income has been more volatile. The biggest ongoing challenge is expense pressure from deposits and debt, which has kept net interest margins from expanding more quickly.

Balance sheet quality appears mixed. Deposits remained the main funding source, with non-interest-bearing deposits at $828.8 million and interest-bearing deposits at $3.48 billion in Q1 2026. Total liabilities were $4.81 billion versus equity of $528.4 million, suggesting a typical bank leverage profile, but also leaving less room for error if credit quality weakens or funding costs stay elevated.

Bottom line: Bridgewater Bancshares entered 2026 with improving profitability and good liquidity, but investors should keep an eye on funding costs, deposit trends, and whether the recent earnings momentum can continue without relying on investment gains or higher debt usage.

07/11/26 11:27 AM ETAI Generated. May Contain Errors.

Bridgewater Bancshares Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bridgewater Bancshares' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Bridgewater Bancshares' net income appears to be on an upward trend, with a most recent value of $46.09 million in 2025, rising from $13.22 million in 2016. The previous period was $32.83 million in 2024.

Over the last 9 years, Bridgewater Bancshares' total revenue changed from $44.69 million in 2016 to $143.35 million in 2025, a change of 220.8%.

Bridgewater Bancshares' total liabilities were at $4.89 billion at the end of 2025, a 6.1% increase from 2024, and a 230.5% increase since 2017.

In the past 8 years, Bridgewater Bancshares' cash and equivalents has ranged from $23.73 million in 2017 to $229.76 million in 2024, and is currently $123.51 million as of their latest financial filing in 2025.

Over the last 9 years, Bridgewater Bancshares' book value per share changed from 0.00 in 2016 to 16.33 in 2025, a change of 1,633.4%.

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Financial statements for NASDAQ:BWBBP last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bridgewater Bancshares (BWBBP) Financials

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Bridgewater Bancshares (BWBBP) Financials

Annual Income Statements for Bridgewater Bancshares

Quarterly Income Statements for Bridgewater Bancshares

Annual Cash Flow Statements for Bridgewater Bancshares

Quarterly Cash Flow Statements for Bridgewater Bancshares

Annual Balance Sheets for Bridgewater Bancshares

Quarterly Balance Sheets for Bridgewater Bancshares

Annual Metrics And Ratios for Bridgewater Bancshares

Quarterly Metrics And Ratios for Bridgewater Bancshares

Financials Breakdown Chart

Key Financial Trends

Bridgewater Bancshares Financials - Frequently Asked Questions

When does Bridgewater Bancshares' financial year end?

How has Bridgewater Bancshares' net income changed over the last 9 years?

How has Bridgewater Bancshares' revenue changed over the last 9 years?

How much debt does Bridgewater Bancshares have?

How much cash does Bridgewater Bancshares have?

How has Bridgewater Bancshares' book value per share changed over the last 9 years?

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