Bridgewater Bancshares Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bridgewater Bancshares Inc. has filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

Bridgewater Bancshares Inc (BWBBP) filed a Annual Report (10-K) with the SEC on March 7, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company is Bridgewater Bancshares Inc., Central Index Key 0001341317. Primary SIC code is 6022 (State Commercial Banks). Business and mailing address: 4450 Excelsior Blvd., Suite 100, St. Louis Park, MN 55416. Filing date: March 7, 2024.

Why It Matters

For investors and stakeholders tracking Bridgewater Bancshares Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bridgewater Bancshares Inc.'s financial health, operational performance, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial position, profitability, and strategic direction, aiding in investment decisions.

Risk Assessment

Risk Level: low — Bridgewater Bancshares Inc shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not indicate any unusual or immediate concerns.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Bridgewater Bancshares Inc.'s performance and outlook for 2023.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240307 — Filing Date (Filed as of date)
• 149 — Public Document Count (Number of documents in the filing)
• 001-38412 — SEC File Number (SEC file number for the company)

Key Players & Entities

• Bridgewater Bancshares Inc. (company) — Filer name
• 0001341317 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• MN (company) — State of Incorporation
• 4450 EXCELSIOR BLVD. (company) — Business Address Street 1
• ST. LOUIS PARK (company) — Business Address City
• 55416 (company) — Business Address Zip
• 20231231 (date) — Conformed Period of Report

FAQ

Industry Context

Bridgewater Bancshares Inc. operates within the State Commercial Banks industry (SIC 6022).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies.

What Investors Should Do

1. Analyze the financial statements for the fiscal year ended December 31, 2023.
2. Review the business description and risk factors section for operational insights.
3. Compare key financial metrics with previous periods if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial extraction of data from the 2023 10-K filing; comparative data from a previous filing is not available in this snippet.

Key Financial Figures

• $0.01 — hangeonwhichregistered: Common Stock, $0.01 Par Value BWB The Nasdaq Stock Mark
• $9.85 — 30, 2023, based on the closing price of $9.85 of such shares on that date, was $ 220,
• $500 million — 5, surpassing total asset milestones of $500 million in 2013, $1.0 billion in 2016, $2.0 bil
• $1.0 billion — set milestones of $500 million in 2013, $1.0 billion in 2016, $2.0 billion in 2019, $3.0 bil
• $2.0 billion — million in 2013, $1.0 billion in 2016, $2.0 billion in 2019, $3.0 billion in 2021, and $4.0
• $3.0 billion — billion in 2016, $2.0 billion in 2019, $3.0 billion in 2021, and $4.0 billion in 2022. Whil
• $4.0 billion — lion in 2019, $3.0 billion in 2021, and $4.0 billion in 2022. While this growth has been alm
• $76.1 million — nk acquisition that added approximately $76.1 million in assets, $66.7 million in seasoned co
• $66.7 million — approximately $76.1 million in assets, $66.7 million in seasoned core deposits and two branc
• $4.61 b — of December 31, 2023, total assets were $4.61 billion, total gross loans were $3.72 bil
• $3.72 b — e $4.61 billion, total gross loans were $3.72 billion, total deposits were $3.71 billio
• $3.71 b — were $3.72 billion, total deposits were $3.71 billion, and total shareholders' equity w
• $425.5 million — ion, and total shareholders' equity was $425.5 million. The principal sources of funds for l
• $237.6 billion — ea, or MSA, which had total deposits of $237.6 billion as of June 30, 2023, and ranks as the 1
• $000 — Institution Headquarters Count ($000) (%) 1 U.S. Bancorp MN 83 95,1

Filing Documents

• bwb-20231231x10k.htm (10-K) — 8199KB
• bwb-20231231xex10d17.htm (EX-10.17) — 62KB
• bwb-20231231xex10d36.htm (EX-10.36) — 61KB
• bwb-20231231xex19d1.htm (EX-19.1) — 59KB
• bwb-20231231xex21d1.htm (EX-21.1) — 12KB
• bwb-20231231xex23d1.htm (EX-23.1) — 10KB
• bwb-20231231xex23d2.htm (EX-23.2) — 5KB
• bwb-20231231xex31d1.htm (EX-31.1) — 19KB
• bwb-20231231xex31d2.htm (EX-31.2) — 20KB
• bwb-20231231xex32d1.htm (EX-32.1) — 8KB
• bwb-20231231xex32d2.htm (EX-32.2) — 8KB
• bwb-20231231xex97d1.htm (EX-97.1) — 38KB
• bwb-20231231x10k003.jpg (GRAPHIC) — 67KB
• bwb-20231231x10k007.jpg (GRAPHIC) — 4KB
• bwb-20231231x10k008.jpg (GRAPHIC) — 4KB
• bwb-20231231xex23d1001.jpg (GRAPHIC) — 4KB
• bwb-20231231xex23d1002.jpg (GRAPHIC) — 4KB
• 0001558370-24-002663.txt (&nbsp;) — 31134KB
• bwb-20231231.xsd (EX-101.SCH) — 86KB
• bwb-20231231_cal.xml (EX-101.CAL) — 176KB
• bwb-20231231_def.xml (EX-101.DEF) — 484KB
• bwb-20231231_lab.xml (EX-101.LAB) — 1008KB
• bwb-20231231_pre.xml (EX-101.PRE) — 845KB
• bwb-20231231x10k_htm.xml (XML) — 7967KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 45

Cybersecurity

Item 1C. Cybersecurity 45

Properties

Item 2. Properties 46

Legal Proceedings

Item 3. Legal Proceedings 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46

[Reserved]

Item 6. [Reserved] 49

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 78

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 81 Reports of Independent Registered Public Accounting Firm (CliftonLarsonAllen LLP, Auditor Firm ID: 655) 81 Reports of Independent Registered Public Accounting Firm ( RSM US LLP , Auditor Firm ID: 49 ) 82

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 137

Controls and Procedures

Item 9A. Controls and Procedures 137

Other Information

Item 9B. Other Information 138

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 138 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 138

Executive Compensation

Item 11. Executive Compensation 138

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 139

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 139

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 139 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 140

: Form 10-K Summary

Item 16: Form 10-K Summary 144 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as "may", "might", "should", "could", "predict", "potential", "believe", "expect", "continue", "will", "anticipate", "seek", "estimate", "intend", "plan", "projection", "would", "annualized", "target" and "outlook", or the negative version of those words or other comparable words of a future or forward-looking nature. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. The actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of recent and potential additional rate increases by the Federal Reserve; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions

BUSINESS

ITEM 1. BUSINESS Company Overview and History Bridgewater Bancshares, Inc. (the "Company") is a Minnesota corporation and financial holding company with one wholly-owned subsidiary: Bridgewater Bank (the "Bank"). The Bank has two wholly-owned subsidiaries: BWB Holdings, LLC, which was formed for the purpose of holding repossessed property; and Bridgewater Investment Management, Inc., which was formed for the purposes of holding certain municipal securities and engaging in municipal lending activities. The Bank has seven full-service offices located in Bloomington, Greenwood, Minneapolis (2), St. Louis Park, Orono, and St. Paul, Minnesota. The Company previously had a second wholly-owned subsidiary, Bridgewater Risk Management, Inc., a Nevada corporation (the "Captive"). The Captive insured the Company and its subsidiaries against certain risks unique to the operations of the Company and for which insurance was not available or economically feasible in the insurance marketplace. The Captive pooled resources with several other insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. Effective December 15, 2023, the Captive was dissolved and is no longer active. The Company is headquartered in St. Louis Park, Minnesota, a suburb located approximately 5 miles southwest of downtown Minneapolis. The Company and Bank were established in 2005 as a de novo bank by a group of industry veterans and local business leaders committed to serving the diverse needs of commercial real estate investors, entrepreneurs, business clients, and successful individuals. Since inception, the Company has grown significantly and profitably, with a focus on organic growth, driven primarily by commercial real estate lending. Assets have grown at a compounded annual growth rate of 31.1% since 2005, surpassing total asset milestones of $500 million in 2013, $1.0 billion in 2016, $2.0 billion in 2019, $3.0 billion in 2021, and $4.0 billion

View Full Filing

View this 10-K filing on SEC EDGAR