# Bridgewater Bancshares Inc (BWB)

Informational only - not investment advice.

CIK: 0001341317
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1341317
Filing source: https://www.sec.gov/Archives/edgar/data/1341317/000110465926020063/bwb-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001104659-26-020063 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001341317.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 281,848,000 USD | 2025 | verified |
| Net income | 46,088,000 USD | 2025 | verified |
| Assets | 5,407,002,000 USD | 2025 | verified |
| Free cash flow | 21,965,000 USD | 2025 | computed |
| Net margin | 16.35% | 2025 | computed |
| Revenue YoY | +14.62% | 2025 | computed |
| ROE | 8.91% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BWB | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 16.4% | 21.9% | 22 | 149 |
| Revenue growth | 14.6% | 6.0% | 85 | 148 |
| FCF margin | 7.8% | 23.8% | 8 | 133 |
| ROE | 8.9% | 9.6% | 37 | 149 |
| ROA | 0.9% | 1.1% | 30 | 149 |
| Liabilities / equity | 9.46 | 8.04 | 75 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 281848000 | USD | 2025 | 2026-02-26 |
| Net income | 46088000 | USD | 2025 | 2026-02-26 |
| Assets | 5407002000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001341317.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 50,632,000 | 66,346,000 | 85,226,000 | 103,778,000 | 114,826,000 | 128,879,000 | 163,695,000 | 222,355,000 | 245,898,000 | 281,848,000 |
| Net income | 13,215,000 | 16,889,000 | 26,920,000 | 31,403,000 | 27,194,000 | 45,687,000 | 53,392,000 | 39,960,000 | 32,825,000 | 46,088,000 |
| Diluted EPS | 0.58 | 0.68 | 0.91 | 1.05 | 0.93 | 1.54 | 1.72 | 1.27 | 1.03 | 1.49 |
| Operating cash flow | 14,931,000 | 24,902,000 | 29,408,000 | 39,527,000 | 23,019,000 | 54,236,000 | 84,999,000 | 30,015,000 | 46,376,000 | 27,812,000 |
| Capital expenditures | 2,191,000 | 1,235,000 | 3,720,000 | 15,572,000 | 24,688,000 | 777,000 | 1,633,000 | 2,970,000 | 4,080,000 | 5,847,000 |
| Share buybacks | 192,000 |  |  | 14,959,000 | 10,334,000 | 2,301,000 | 10,778,000 | 4,541,000 | 5,194,000 | 2,191,000 |
| Assets |  | 1,616,612,000 | 1,973,741,000 | 2,268,830,000 | 2,927,345,000 | 3,477,659,000 | 4,345,662,000 | 4,611,990,000 | 5,066,242,000 | 5,407,002,000 |
| Liabilities |  | 1,479,450,000 | 1,752,743,000 | 2,024,036,000 | 2,661,940,000 | 3,098,387,000 | 3,951,598,000 | 4,186,475,000 | 4,608,307,000 | 4,889,907,000 |
| Stockholders' equity | 115,366,000 | 137,162,000 | 220,998,000 | 244,794,000 | 265,405,000 | 379,272,000 | 394,064,000 | 425,515,000 | 457,935,000 | 517,095,000 |
| Cash and cash equivalents |  | 23,725,000 | 28,444,000 | 31,935,000 | 160,675,000 | 143,473,000 | 87,043,000 | 128,562,000 | 229,760,000 | 123,511,000 |
| Free cash flow | 12,740,000 | 23,667,000 | 25,688,000 | 23,955,000 | -1,669,000 | 53,459,000 | 83,366,000 | 27,045,000 | 42,296,000 | 21,965,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 26.10% | 25.46% | 31.59% | 30.26% | 23.68% | 35.45% | 32.62% | 17.97% | 13.35% | 16.35% |
| Return on equity | 11.45% | 12.31% | 12.18% | 12.83% | 10.25% | 12.05% | 13.55% | 9.39% | 7.17% | 8.91% |
| Return on assets |  | 1.04% | 1.36% | 1.38% | 0.93% | 1.31% | 1.23% | 0.87% | 0.65% | 0.85% |
| Liabilities / equity |  | 10.79 | 7.93 | 8.27 | 10.03 | 8.17 | 10.03 | 9.84 | 10.06 | 9.46 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001341317.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-06-30 |  |  | 0.41 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.37 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.31 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 56,809,000 | 9,629,000 | 0.30 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 58,553,000 | 8,873,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 58,669,000 | 7,831,000 | 0.24 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 60,878,000 | 8,115,000 | 0.26 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 63,027,000 | 8,675,000 | 0.27 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 63,324,000 | 8,204,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 65,708,000 | 9,633,000 | 0.31 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 69,198,000 | 11,520,000 | 0.38 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 73,633,000 | 11,601,000 | 0.38 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 73,309,000 | 13,334,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 69,965,000 | 17,406,000 | 0.58 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 72,656,000 | 14,007,000 | 0.45 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BWB's latest 10-K: [/company/BWB/business/](/company/BWB/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BWB's latest 10-K: [/company/BWB/risk-factors/](/company/BWB/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1341317/000110465926088454/bwb-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

The following discussion explains the Company’s financial condition and results of operations as of and for the three and six months ended June 30, 2026. Annualized results for these interim periods may not be indicative of results for the full year or future periods. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes presented elsewhere in this report and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission, or the SEC, on February 26, 2026.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the 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 known and unknown uncertainties, risks, changes in circumstances and other factors that are difficult to predict and many of which are outside of our control. Our 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:

​

[[GREPCENT_TABLE]]
[["","\u25cf","interest rate risk, including the effects of changes in interest rates;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company\u2019s loan portfolio or large loans to certain borrowers (including CRE loans);"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the overall health of the local and national real estate market;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to successfully manage credit risk;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to maintain an adequate level of allowance for credit losses on loans;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board;"]]
[[/GREPCENT_TABLE]]

44

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to raise additional capital to implement our business plan;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to implement our growth strategy and manage costs effectively;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the composition of our senior leadership team and our ability to attract and retain key personnel;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","talent and labor shortages and employee turnover;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors\u2019 information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","interruptions involving our information technology and telecommunications systems or third-party servicers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","competition in the financial services industry, including from nonbank competitors such as credit unions, \u201cfintech\u201d companies and digital asset service providers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the effectiveness of our risk management framework;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of recent and future legislative and regulatory changes, domestic or foreign;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks related to climate change and the negative impact it may have on our customers and their businesses;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","severe weather, natural disasters, wide spread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East, and other international military conflicts that can increase levels of political economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","potential impairment to the goodwill the Company recorded in connection with acquisitions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks associated with our integration of First Minnetonka City Bank (\u201cFMCB\u201d), and the effect of the merger on the Company\u2019s customer and employee relationships and operating results;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the availability of future equity and debt issuances and other capital raising opportunities on favorable terms;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes to U.S. or state tax laws, regulations and governmental policies concerning the Company\u2019s general business, including changes in interpretation or prioritization of such rules and regulations;"]]
[[/GREPCENT_TABLE]]

45

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","and any other risks described in the \u201cRisk Factors\u201d sections of reports filed by the Company with the SEC."]]
[[/GREPCENT_TABLE]]

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. In addition, past results of operations are not necessarily indicative of future results. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Overview

The Company is a financial holding company headquartered in St. Louis Park, Minnesota. The principal sources of funds for loans and investments are transaction, savings, time, and brokered deposits, and short-term and long-term borrowings. The Company’s principal sources of income are interest and fees collected on loans, interest and dividends earned on investment securities and noninterest income, including service charges, letter of credit fees, and swap fees. The Company’s principal expenses are interest paid on deposit accounts and borrowings, employee compensation and other overhead expenses. The Company’s simple, highly efficient business model of providing responsive support and simple solutions to clients continues to be the underlying principle that drives the Company’s profitable growth.

Critical Accounting Policies and Estimates

The consolidated financial statements of the Company are prepared based on the application of certain accounting policies, the most significant of which are described in “Note 1 – Description of the Business and Summary of Significant Accounting Policies” of the notes to the consolidated financial statements included as a part of the Company’s most recent Annual Report on Form 10-K, filed with the SEC on February 26, 2026. There have been no significant changes in the critical accounting policies or the assumptions and judgments utilized in applying these policies since December 31, 2025. Certain policies require numerous estimates and strategic or economic assumptions that may prove inaccurate or subject to variation and may significantly affect the reported results and financ

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1341317/000110465926020063/bwb-20251231x10k.htm
Complete FY 2025 MD&A: /company/BWB/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

The following discussion and analysis of the Company’s results of operations and financial condition should be read in conjunction with the Company’s consolidated financial statements and related notes included elsewhere in this report. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under “Forward-Looking Statements,” “Risk Factors” and elsewhere in this report, may cause actual results to differ materially from those projected in the forward-looking statements. The Company assumes no obligation to update any of these forward-looking statements. Readers of the Company’s Annual Report on Form 10-K should

51

Table of Contents

consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on forward-looking statements.

​

The following consolidated selected financial data is derived from the Company’s audited consolidated financial statements as of and for the three years ended December 31, 2025. This information should be read in connection with our audited consolidated financial statements and related notes appearing elsewhere in this report.

​

[[GREPCENT_TABLE]]
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Outstanding","\u200b","\u200b","27,544,024","\u200b","\u200b","27,479,764","\u200b","\u200b","27,857,420","\u200b"],["Diluted Weighted Average Shares Outstanding","\u200b","\u200b","28,169,857","\u200b","\u200b","27,943,342","\u200b","\u200b","28,315,587","\u200b"],["Shares Outstanding at Period End","\u200b","\u200b","27,759,970","\u200b","\u200b","27,552,449","\u200b","\u200b","27,748,965","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Selected Performance Ratios","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Return on Average Assets (ROA)","\u200b","\u200b","0.87","%","\u200b","0.70","%","\u200b","0.89","%"],["Pre-Provision Net Revenue Return on Average Assets (PPNR ROA) (1)","\u200b","\u200b","1.24","\u200b","\u200b","0.98","\u200b","\u200b","1.15","\u200b"],["Return on Average Shareholders' Equity (ROE)","\u200b","\u200b","9.53","\u200b","\u200b","7.45","\u200b","\u200b","9.73","\u200b"],["Return on Average Tangible Common Equity (1)","\u200b","\u200b","10.56","\u200b","\u200b","7.75","\u200b","\u200b","10.53","\u200b"],["Net Interest Margin (2)","\u200b","\u200b","2.63","\u200b","\u200b","2.26","\u200b","\u200b","2.42","\u200b"],["Core Net Interest Margin (1)(2)","\u200b","\u200b","2.50","\u200b","\u200b","2.19","\u200b","\u200b","2.34","\u200b"],["Yield on Interest Earning Assets","\u200b","\u200b","5.55","\u200b","\u200b","5.40","\u200b","\u200b","5.08","\u200b"],["Yield on Total Loans, Gross","\u200b","\u200b","5.73","\u200b","\u200b","5.50","\u200b","\u200b","5.21","\u200b"],["Cost of Interest Bearing Liabilities","\u200b","\u200b","3.81","\u200b","\u200b","4.14","\u200b","\u200b","3.61","\u200b"],["Cost of Total Deposits","\u200b","\u200b","3.12","\u200b","\u200b","3.44","\u200b","\u200b","2.73","\u200b"],["Cost of Funds","\u200b","\u200b","3.17","\u200b","\u200b","3.44","\u200b","\u200b","2.92","\u200b"],["Efficiency Ratio (1)","\u200b","\u200b","53.5","\u200b","\u200b","57.9","\u200b","\u200b","53.0","\u200b"],["Noninterest Expense to Average Assets","\u200b","\u200b","1.47","\u200b","\u200b","1.35","\u200b","\u200b","1.32","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Adjusted Financial Ratios (1)","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Adjusted Return on Average Assets","\u200b","\u200b","0.89","%","\u200b","0.71","%","\u200b","0.88","%"],["Adjusted Pre-Provision Net Revenue Return on Average Assets","\u200b","\u200b","1.27","\u200b","\u200b","0.99","\u200b","\u200b","1.15","\u200b"],["Adjusted Return on Average Shareholders' Equity","\u200b","\u200b","9.69","\u200b","\u200b","7.50","\u200b","\u200b","9.59","\u200b"],["Adjusted Return on Average Tangible Common Equity","\u200b","\u200b","10.77","\u200b","\u200b","7.82","\u200b","\u200b","10.36","\u200b"],["Adjusted Efficiency Ratio","\u200b","\u200b","52.2","\u200b","\u200b","57.3","\u200b","\u200b","53.4","\u200b"],["Adjusted Noninterest Expense to Average Assets","\u200b","\u200b","1.43","\u200b","\u200b","1.34","\u200b","\u200b","1.32","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Balance Sheet","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total Assets","\u200b","$","5,407,002","\u200b","$","5,066,242","\u200b","$","4,611,990","\u200b"],["Total Loans, Gross","\u200b","\u200b","4,309,517","\u200b","\u200b","3,868,514","\u200b","\u200b","3,724,282","\u200b"],["Deposits","\u200b","\u200b","4,320,369","\u200b","\u200b","4,086,767","\u200b","\u200b","3,709,948","\u200b"],["Total Shareholders' Equity","\u200b","\u200b","517,095","\u200b","\u200b","457,935","\u200b","\u200b","425,515","\u200b"],["Average Shareholders' Equity to Average Assets","\u200b","\u200b","9.18","%","\u200b","9.41","%","\u200b","9.14","%"],["Loan to Deposit Ratio","\u200b","\u200b","99.7","\u200b","\u200b","94.7","\u200b","\u200b","100.4","\u200b"],["Core Deposits to Total Deposits (4)","\u200b","\u200b","77.6","\u200b","\u200b","76.0","\u200b","\u200b","68.7","\u200b"],["Uninsured Deposits to Total Deposits","\u200b","\u200b","29.8","\u200b","\u200b","27.7","\u200b","\u200b","24.3","\u200b"]]
[[/GREPCENT_TABLE]]

52

Table of Contents

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","As of and for the year ended December 31,","\u200b"],["(dollars in thousands, except per share data)","\u200b","2025","\u200b","2024","\u200b","2023","\u200b"],["Capital Ratios (Consolidated)","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Tier 1 Leverage Ratio","\u200b","\u200b","9.20","%","\u200b","9.44","%","\u200b","9.57","%"],["Common Equity Tier 1 Risk-based Capital Ratio","\u200b","\u200b","9.17","\u200b","\u200b","9.08","\u200b","\u200b","9.16","\u200b"],["Tier 1 Risk-based Capital Ratio","\u200b","\u200b","10.57","\u200b","\u200b","10.64","\u200b","\u200b","10.79","\u200b"],["Total Risk-based Capital Ratio","\u200b","\u200b","14.12","\u200b","\u200b","13.76","\u200b","\u200b","13.97","\u200b"],["Tangible Common Equity to Tangible Assets (1)","\u200b","\u200b","8.01","\u200b","\u200b","7.36","\u200b","\u200b","7.73","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Growth Ratios","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Percentage Change in Total Assets","\u200b","\u200b","6.7","%","\u200b","9.8","%","\u200b","6.1","%"],["Percentage Change in Total Loans, Gross","\u200b","\u200b","11.4","\u200b","\u200b","3.9","\u200b","\u200b","4.3","\u200b"],["Percentage Change in Total Deposits","\u200b","\u200b","5.7","\u200b","\u200b","10.2","\u200b","\u200b","8.6","\u200b"],["Percentage Change in Shareholders' Equity","\u200b","\u200b","12.9","\u200b","\u200b","7.6","\u200b","\u200b","8.0","\u200b"],["Percentage Change in Net Income","\u200b","\u200b","40.4","\u200b","\u200b","(17.9)","\u200b","\u200b","(25.2)","\u200b"],["Percentage Change in Diluted Earnings Per Share","\u200b","\u200b","44.9","\u200b","\u200b","(18.8)","\u200b","\u200b","(26.3)","\u200b"],["Percentage Change in Tangible Book Value Per Share (1)","\u200b","\u200b","15.3","\u200b","\u200b","5.1","\u200b","\u200b","9.8","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Selected Asset Quality Data","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Loans 30-89 Days Past Due","\u200b","$","968","\u200b","$","1,291","\u200b","$","15,110","\u200b"],["Loans 30-89 Days Past Due to Total Loans","\u200b","\u200b","0.02","%","\u200b","0.03","%","\u200b","0.41","%"],["Nonperforming Loans","\u200b","$","22,034","\u200b","$","301","\u200b","$","919","\u200b"],["Nonperforming Loans to Total Loans","\u200b","\u200b","0.51","%","\u200b","0.01","%","\u200b","0.02","%"],["Nonaccrual Loans to Total Loans","\u200b","\u200b","0.51","\u200b","\u200b","0.01","\u200b","\u200b","0.02","\u200b"],["Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans","\u200b","\u200b","0.51","\u200b","\u200b","0.01","\u200b","\u200b","0.02","\u200b"],["Foreclosed Assets","\u200b","$","\u2014","\u200b","$","\u2014","\u200b","$","\u2014","\u200b"],["Nonperforming Assets (3)","\u200b","\u200b","22,034","\u200b","\u200b","301","\u200b","\u200b","919","\u200b"],["Nonperforming Assets to Total Assets (3)","\u200b","\u200b","0.41","%","\u200b","0.01","%","\u200b","0.02","%"],["Allowance for Credit Losses on Loans and Leases to Total Loans","\u200b","\u200b","1.31","\u200b","\u200b","1.35","\u200b","\u200b","1.36","\u200b"],["Allowance for Credit Losses on Loans and Leases to Nonaccrual Loans","\u200b","\u200b","256.16","\u200b","\u200b","17,367.77","\u200b","\u200b","5,494.45","\u200b"],["Net Loan Charge-Offs to Average Loans","\u200b","\u200b","0.04","\u200b","\u200b","0.03","\u200b","\u200b","0.01","\u200b"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Represents a non-GAAP financial measure. See \u201cGAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures\u201d for further details."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(2)","Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%."]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BWB/mda/fy2025/
All MD&A years: /company/BWB/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BWB/mda/fy2024/): filed 2025-03-06; accession 0001558370-25-002317 (https://www.sec.gov/Archives/edgar/data/1341317/000155837025002317/bwb-20241231x10k.htm)
- [FY 2023 MD&A](/company/BWB/mda/fy2023/): filed 2024-03-07; accession 0001558370-24-002663 (https://www.sec.gov/Archives/edgar/data/1341317/000155837024002663/bwb-20231231x10k.htm)
- [FY 2022 MD&A](/company/BWB/mda/fy2022/): filed 2023-03-07; accession 0001558370-23-002993 (https://www.sec.gov/Archives/edgar/data/1341317/000155837023002993/bwb-20221231x10k.htm)
- [FY 2021 MD&A](/company/BWB/mda/fy2021/): filed 2022-03-08; accession 0001558370-22-003010 (https://www.sec.gov/Archives/edgar/data/1341317/000155837022003010/bwb-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BWB.md · JSON record: /company/BWB.json · verified financials: /company/BWB/financials.json / /company/BWB/financials.csv · machine TOC for the whole site: /llms.txt