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what it is
Bridgewater Bank lends money to commercial real estate owners, small businesses, and wealthy clients around Minneapolis-St. Paul.
how it gets paid
Last year Bwb made $282M in revenue. interest and fees on loans was the main engine at $214M, or 76% of sales.
why it's growing
Revenue grew 14.6% last year. The key number is $1.50, the 2025 EPS estimate, because the stock at 13.1x earnings needs that rebound to look cheap.
what just happened
Revenue hit $209M and EPS reached $1.06, both above the year-ago period.
At a glance
B balance sheet — gets the job done, barely
70/100 earnings predictability — reasonably predictable
13.1x trailing p/e — the market's not buying it — or you found a deal
$1.50 fy2025 eps est
$3M fy2024 rev est
xvary composite: 55/100 — below average
What they do
Bridgewater Bank lends money to commercial real estate owners, small businesses, and wealthy clients around Minneapolis-St. Paul.
Bridgewater wins by being a very local commercial lender at unusual scale. You are looking at 7 locations supporting $4.32 billion of deposits and $4.24 billion of loans as of December 31, 2025. Switching costs (moving your operating accounts and loan relationships) → changing banks is a paperwork migraine → that helps keep commercial clients tied to one lender.
How they make money
$282M
annual revenue · their business grew +14.6% last year
interest and fees on loans
$214M
interest on investment securities
$34M
service charges and deposit fees
$20M
dividends and other bank income
$14M
The products that matter
lends against income-producing property
Commercial real estate lending
loan book tied to local property demand
This is the center of the story. Management's own risk picture points to the Twin Cities CRE market, and that risk sits against a bank with $5.4B in assets.
core risk engine
collects low-cost funding
Deposits
$4.3B deposit base
Deposits fund the lending book. If the bank has to pay up to keep that $4.3B base, margin pressure shows up before you see it in the stock pitch.
funding base
serves local companies and borrowers
Small business banking
single-market relationship banking
This is the part of the bank that supports loan growth. The scale is local, not national, which helps service but does not protect you if the local economy slows.
local franchise
Key numbers
49%
debt to capital
Debt to capital → how much of the company is financed with long-term borrowing → nearly half the capital stack is debt, so you have less room if credit or funding worsens.
$4.32B
total deposits
That deposit base funds the bank, and it sits against a market cap of about $475 million, which shows how much balance-sheet trust matters.
$4.24B
total loans
Loans are where the earnings come from and where the risk lives, so $4.24 billion tells you this is a lending machine first.
$1.50
2025 eps est
That estimate is about 46% above 2024 EPS of $1.03, so your bull case needs a real earnings rebound, not just patience.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $453M (49% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BWB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $209M and EPS reached $1.06, both above the year-ago period.
The reported quarter showed sharp vs. prior year improvement, but the bigger picture is messy because full-year EPS still fell to $1.03 in 2024 from $1.27 in 2023. You should treat the quarter as progress, not proof.
$209M
revenue
$1.06
eps
n/a
n/a
the number that mattered
The key number is $1.50, the 2025 EPS estimate, because the stock at 13.1x earnings needs that rebound to look cheap.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Twin Cities commercial real estate stress.
med
commercial real estate concentration
The page keeps pointing back to the same place for a reason. This bank's core lending story is tied to one metro's property market, and that sits inside a $5.4B-asset balance sheet.
If that market weakens, credit quality gets hit before the valuation multiple does.
med
deposit pricing pressure
BWB funds itself with $4.3B in deposits. If customers demand higher rates to stay, the spread between funding costs and loan yields narrows.
That is margin pressure in plain English, and banks do not need a recession for that to hurt earnings.
med
share dilution from the $50M ATM
The Feb. 2026 at-the-market program is real optionality for management. It is also a reminder that your slice of the business can shrink if capital gets raised into a weak stock.
$50M is more than 10% of a $475M market cap. That is not rounding error.
med
single-market bank, single-market limits
There is no national fee business here to smooth out a local slowdown. You own one franchise in one region, which keeps the story simple and keeps the risk concentrated.
If the Twin Cities economy slows, there is no second engine on this page to pick up the slack.
These risks touch the core balance sheet: $5.4B in assets, $4.3B in deposits, and a stock small enough that a $50M capital raise matters.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings date
apr. 22 is the next credit read
Consensus expects EPS of $0.42. If you own BWB, compare that number with Q4's $0.44 and watch what management says about local real estate credit.
capital risk
the $50M ATM is not background noise
The catch is scale. A $50M equity program against a $475M market cap can change your per-share math if management starts using it.
funding
deposit stability matters as much as loan growth
That $4.3B deposit base is the fuel tank. If deposit costs rise faster than loan yields, earnings pressure shows up even without a spike in losses.
governance
apr. 28 annual meeting
Listen for how management talks about growth, capital, and local property conditions. For a bank this concentrated, tone often matters before the numbers do.
Analyst rankings
earnings predictability
70 / 100
In human-speak: this bank is steady enough to model, but not steady enough for you to ignore credit cracks.
source: institutional data
Institutional activity
institutional ownership data for BWB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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