Bridgewater Bancshares, Inc. (NASDAQ: BWB) (“Bridgewater” or “the company”) is the holding company for principal subsidiary, Bridgewater Bank (“the bank”), which was formed in 2005 by Chairman and CEO, Jerry Baack, and became publicly traded in March 2018. Given the company’s ability to generate robust loan growth (15% 5-yr CAGR), BWB has primarily grown organically. That said, the company completed a small-scale transaction in 2016 ($75 million in assets), and recently announced the acquisition of the $242 million-asset First Minnetonka City Bank (“FMCB”), expected to close in 4Q24.
With an emphasis on commercial banking, BWB maintains a branch-lite operating model, with just seven locations in the Twin Cities MSA, in which the company reflects the second largest deposit market share among locally headquartered banks. With respect to BWB’s commercial lending focus, investor CRE has typically made up the majority of loans and represented 63% of the…
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