What were the key takeaways from Bridgewater’s earnings call?

What factors drove the changes in Bridgewater's revenue and profit?

What is the market's earnings forecast for Bridgewater next quarter?

Did Bridgewater beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Bridgewater year over year?

What does Bridgewater do and what are its main business segments?

What were the key takeaways from Bridgewater's earnings call?

What guidance did Bridgewater's management provide for the next earnings period?

- **Revenue Growth**: Total revenue up 32% YoY, driven by 5% NII growth and $651k swap fee recovery.
- **NIM Expansion**: Targeting 3% by end-2026 via deposit repricing, no rate cuts needed.
- **Loan & Deposit Growth**: 11% 2025 loan growth, 8% core deposit growth, affordable housing up 29%.
- **Credit Quality**: 0.41% nonperforming assets, 0.04% net charge-offs, resilient multifamily portfolio.
- **Strategic Initiatives**: New Lake Elmo branch, 15%+ affordable housing loan book target, AI investment.


**【CEO Summary Section】**
- Reported strong Q4 2025 results with core deposit growth of 9% and loan growth of 9%, driven by affordable housing and local market expansion.
- Tangible book value grew 16.5% annualized, up 15.3% year-over-year, reflecting consistent shareholder value creation.
- Strategic priorities include optimizing profitability, gaining Twin Cities market share, expanding affordable housing vertically, and leveraging AI investments.
- Notable initiatives: opening a new Lake Elmo branch and acquiring 1 of 2 FMCB branches with minimal deposit attrition.

**【CFO Financial Commentary】**
- Net interest margin (NIM) expanded 12 basis points to 2.75%, targeting 3% by end-2026 without additional rate cuts.
- Total revenue increased 32% year-over-year, driven by 5% net interest income growth and $651k swap fee recovery.
- Adjusted ROA of 0.99%, efficiency ratio improved to 50.7%, lowest since Q1 2023.
- Expense growth controlled at 9.5% annualized (excluding merger-related costs), aligning with asset growth.

**【Chief Banking Officer (Nick Place)】**
- Core deposits grew 8.8% annualized in Q4, 7.9% full year, with noninterest-bearing deposits up $100M.
- Loan growth 8.9% annualized in Q4, 11.4% full year, driven by affordable housing ($41M Q4 growth, 29% 2025 increase).
- Variable-rate loans now 22% of portfolio (vs. 14% prior year), mitigating rate cycle risks.

**【Chief Credit Officer (Katie Morrell)】**
- Asset quality remains strong with nonperforming assets at 0.41% of assets, net charge-offs 0.04% of loans.
- Multifamily portfolio resilient with only $62k net charge-offs since 2005, 29% 2025 growth.
- Office exposure limited to 5% of loans, mostly suburban Twin Cities with stable performance.

**【Q&A Highlights】**
- **Deposit Growth**: Seasonal Q4 strength expected to moderate in Q1, with core pipeline supporting high single-digit 2026 loan growth.
- **Margin Outlook**: 3% NIM achievable by end-2026 via deposit repricing and loan mix shift, not reliant on rate cuts.
- **Expense Management**: 2026 expense growth expected in high single digits, aligning with asset growth.
- **M&A Strategy**: Actively evaluating local opportunities, prioritizing organic growth.
- **Affordable Housing**: Perm product expansion to drive swap fee income, 15%+ of loan book by end-2026.
- **Competition**: Increased loan competition but strong pipeline resilience, 75-80% of peak Q3 2025 levels.


Bridgewater Bancshares, Inc. (BWB) Q4 2025 Earnings Call Transcript

- **Deposit & Loan Growth**: 11.5% annualized core deposits and 6.6% loan growth, positioning for aggressive balance sheet expansion.
- **Margin Expansion**: Target 3% NIM by early 2027, driven by loan repricing and deposit cost decline.
- **Strategic Initiatives**: Successful platform launch and leadership succession ensure long-term growth and cultural continuity.
- **Credit Strength**: Minimal nonperforming assets (0.19%) and conservative reserves (1.34%), supporting risk-adjusted returns.
- **Rate Sensitivity**: 40% of adjustable loans tied to short-term rates, benefiting from Fed cuts.

**【CEO Summary Section】**
- **Core Deposit Growth**: 11.5% annualized, supporting aggressive loan growth with a 98% loan-to-deposit ratio.
- **Loan Growth**: 6.6% annualized, driven by multifamily, construction, and affordable housing sectors.
- **Net Interest Margin (NIM)**: Expanded 1 basis point to 2.63%, with optimism for meaningful expansion in 2026.
- **Tangible Book Value**: Increased 20% annualized, up 14% year-to-date, reflecting shareholder value creation.
- **Strategic Initiatives**: Successful launch of new online banking platform and completion of First Minnetonka City Bank systems conversion.
- **Leadership Transition**: Elevated internal talent to key roles, ensuring continuity and cultural alignment.

**【CFO Financial Commentary】**
- **Net Interest Income**: Grew $1.6 million, driven by 16% earning asset growth and 7 basis points of yield expansion.
- **Margin Challenges**: 6 basis point drag from subordinated debt issuance, offset by $1.7 billion in rate-sensitive deposits.
- **Forward Margin Outlook**: Target 3% NIM by early 2027, supported by loan repricing and deposit cost decline.
- **Expense Management**: One-time costs from systems conversion concluded; expect expense growth to align with asset growth.
- **Fee Income Volatility**: Swap fees rebounded in Q4, averaging $300,000 per quarter over the past 5 quarters.

**【Q&A Highlights】**
- **Margin Path**: 2-3 basis points per month, driven by $750 million in fixed and adjustable loans repricing in 2026.
- **Credit Health**: Nonperforming assets at 0.19% of total assets, with conservative 1.34% reserve ratio.
- **Rate Impact on Borrowers**: Proactive management of repricing risk, with 40% of adjustable loans tied to short-term rates.
- **M&A Efficiency**: Closing 1 of 2 acquired branches to streamline operations, opening a new East Metro branch in 2026.
- **Expense Normalization**: Core noninterest expense to grow in line with assets, excluding one-time merger costs.

Bridgewater Bancshares, Inc. (BWB) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 15% YoY driven by 11 bps NIM expansion and $1M swap fees
- **Loan Growth**: 12.5% annualized with 3-year high pipeline
- **Margin Headwinds**: 7 bps from sub debt, 5 bps accretion decline
- **Credit Quality**: 0.19% NPA, 24% multifamily outside MN
- **Share Repurchases**: $1.6M repurchased, $13.1M remaining
- **Strategic Initiatives**: Twin Cities M&A disruption, Q3 tech rollouts

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue grew 15% YoY, driven by net interest income expansion (11 bps to 2.62%) and record fee income ($1M swap fees, $200K investment advisory fees). 
- **Loan Portfolio**: Loan growth accelerated to 12.5% annualized, with CRE, multifamily, and C&I leading. Loan-to-deposit ratio remains stable at 97.9%.
- **Strategic Initiatives**: 
  - Twin Cities M&A disruption driving client acquisition (deposit retention 97% post-Bremer acquisition)
  - Q3 tech rollouts: enhanced retail banking platform & FMCB systems conversion
  - 2025 Top Workplace recognition
- **Share Repurchases**: $1.6M repurchased at $12.80, with $13.1M remaining under authorization

**【CFO Financial Commentary】**
- **Net Interest Income**: +$2.2M QoQ, driven by loan repricing (+13 bps to 5.74%) and stable deposit costs
- **Margin Dynamics**: 
  - 7 bps headwind from $80M subordinated debt issuance (vs. 9%+ repricing risk)
  - Accretion benefit declining from 8 bps to 5 bps
  - Deposit beta 0.65 on 3M LIBOR, $1.3B adjustable deposits
- **Expense Control**: 
  - Noninterest expense +1.5% QoQ (FDIC, marketing, charitable)
  - Efficiency ratio 51.5%, best in 5 years
- **Capital Management**: CET1 9.03%, well above 8% target

**【Credit & Asset Quality】**
- **Asset Quality**: 
  - No net charge-offs; NPA 0.19% (half peer level)
  - Special mention +$10M (multifamily under LOI)
  - Substandard +$15M (multifamily & C&I workouts)
- **CRE Exposure**: 
  - Nonowner-occupied CRE +$30M (senior housing, industrial)
  - Multifamily portfolio vacancy <6.5%, 24% outside MN
  - Office exposure 5% (1 loan in workout)

**【Q&A Highlights】**
- **Margin Outlook**: 
  - 2025E: 2.65% June avg, 2.70%+ with rate cuts
  - 2026E: 3.0%+ if rates stabilize
- **Swap Fees**: 
  - Lumpy but strategic ($938K Q2), bankers incentivized to use for variable rate origination
- **Competition**: 
  - M&A disruption (Old National/Bremer) creating opportunities
  - 3-year high loan pipeline, selective on pricing
- **M&A Strategy**: 
  - No imminent deals; focused on organic growth
  - 2024 FMCB acquisition deposit retention 97% vs. 3% runoff


Bridgewater Bancshares, Inc. (BWB) Q2 2025 Earnings Call Transcript

- **Strong Financial Performance**: Adjusted EPS of $0.32, 16% loan growth, and 19 bps margin expansion highlight Q1 success.
- **Deposit Growth Momentum**: Core deposits up 8.3% annualized, supporting aggressive lending.
- **Affordable Housing Dominance**: $600M portfolio (+13% YoY) drives diversification and deposit growth.
- **Credit Resilience**: Nonperforming assets at 0.20%, with disciplined risk management.
- **Strategic Initiatives**: Technology upgrades and market share gains position for long-term growth.

**【CEO Opening Remarks】**
- **Adjusted EPS**: $0.32 (excluding merger-related expenses), driven by strong loan growth and margin expansion.
- **Loan Growth**: 16% annualized, with pipeline at highest level since 2022.
- **Net Interest Margin**: Expanded 19 bps to 2.51%, supported by lower deposit costs and higher loan yields.
- **Credit Quality**: No net charge-offs; nonperforming assets at 0.20% of assets due to one central business district loan.
- **Share Repurchases**: $600,000 in Q1, with $14.7M remaining under current program.
- **Strategic Focus**: Affordable housing ($600M portfolio, +13% YoY) and market share gains amid Twin Cities disruption.

**【CFO Financial Commentary】**
- **Net Interest Income**: +12% QoQ, driven by 16% loan growth and 19 bps margin expansion.
- **Deposit Costs**: Declined 22 bps to 3.18%, benefiting from rate cuts and disciplined pricing.
- **Loan Yields**: Increased 6 bps, with new originations at mid- to high 6s.
- **Efficiency Ratio**: Improved to low 50s, reflecting strong revenue growth and expense control.
- **Provision**: $1.5M (growth-driven), with reserves at 1.34% of loans.

**【Deposit & Loan Growth】**
- **Core Deposits**: +8.3% annualized, $368M growth over 3Q (excluding acquisition).
- **Loan Growth**: 15.9% annualized, with 17% origination growth QoQ.
- **Pipeline**: Highest since 2022, but cautious on economic uncertainty.
- **Affordable Housing**: 24% of CRE outside MN, leveraging national sponsor relationships.

**【Credit Quality】**
- **Nonperforming Assets**: 0.20% of assets (one central business district loan moved to nonaccrual).
- **Provision**: $1.5M (growth-driven), with stable Watch/Special Mention loans.
- **CRE Exposure**: 5% office loans, 2 being converted to multifamily.

**【Capital & Outlook】**
- **Capital Ratios**: Stable, CET1 >9%.
- **Loan Growth Guidance**: Mid- to high single digits for 2025, potential to outperform.
- **Margin Outlook**: Moderate expansion in Q2, dependent on rate cuts and yield curve.
- **Expense Growth**: High teens (excluding merger costs), aligned with balance sheet expansion.

**【Q&A Highlights】**
- **CRE Competition**: Tightened spreads, but selective pricing and client relationships maintain edge.
- **Margin Guidance**: Q1 expansion pace unlikely to repeat; Q2 slower due to stabilizing costs.
- **Loan Growth Timing**: Even across Q1, slight back-end weighting.
- **Workout Timeline**: Central business district loan on multi-year plan, dependent on economic conditions.
- **M&A Activity**: Actively engaged, no imminent deals.
- **Buyback Decision**: Balancing valuation, growth needs, and M&A opportunities.

Bridgewater Bancshares (BWB)-24 Apr 25-2025 Q1 Earnings call transcript

- **Q4 Growth Surge**: Core deposit +31% annualized, loan +7% annualized (excl. acquisition). NIM +8 bps to 2.32%. 
- **Acquisition Payoff**: $217M deposits, $117M loans added in 107 days. 30% cost savings target on track. 
- **2025 Ambitions**: Mid- to high single-digit loan growth, 15-18% expense growth, NII expansion. 
- **Risk Management**: 3 bps NCOs, 1 bps NPA. CET1 >9%, liquidity for aggressive growth. 
- **Market Play**: Expanding into East Metro, leveraging affordable housing expertise. 


**【CEO Summary Section】**
- **Fourth Quarter Highlights**: Robust balance sheet growth, net interest margin expansion (8 bps), and asset quality improvement. Adjusted EPS of $0.27 (excluding merger costs). Core deposit growth of $211M (31% annualized), excluding First Minnetonka City Bank deposits. Loan growth of 7% annualized (excluding acquisition). 
- **Acquisition Impact**: First Minnetonka City Bank acquisition closed in 12/2024, adding $217M in deposits and $117M in loans. Regulatory approval in 55 days, transaction closed in 107 days. 
- **2025 Outlook**: Target mid- to high single-digit loan growth, loan-to-deposit ratio of 95%-105%. New branch in East Metro to expand market share. Focus on affordable housing and women's network verticals. 

**【CFO Financial Commentary】**
- **Net Interest Income (NII)**: $1.4M Q/Q increase (5.3%), driven by 8 bps NIM expansion to 2.32%. Deposit costs declined 18 bps to 340 bps. 
- **Noninterest Income**: $1M Q/Q increase (66%), led by swap fees ($500K) and construction-related letter of credit fees. 
- **Expenses**: $16.8M in Q4, including $488K merger-related costs. Adjusted efficiency ratio improved to mid-50s. 
- **2025 Guidance**: NII growth expected with modest NIM expansion (1-2 bps from purchase accounting). Expense growth of 15-18% (excluding merger costs). 

**【Q&A Key Takeaways】**
- **Growth Drivers**: Core deposit growth (31% annualized) and acquisition liquidity enable mid- to high single-digit loan growth. 
- **Expense Management**: 2025 expense growth of 15-18% reflects First Minnetonka City Bank integration costs. 30% cost savings target on track. 
- **Margin Outlook**: 2025 NIM expansion dependent on rate cuts; 1-2 bps from purchase accounting. 
- **Payoff Risk**: Elevated payoffs (Q4: $100M+) expected to continue, offset by strong origination pipeline. 
- **Market Share**: Twin Cities disruption (e.g., out-of-state acquisitions) creates talent and client opportunities. 

**【Credit & Liquidity】**
- **Asset Quality**: Net charge-offs at 3 bps, nonperforming assets at 1 bps. Provision of $1.5M (including $950K for acquired loans). 
- **Liquidity**: CET1 ratio above 9%, $15.3M remaining under share repurchase authorization. 
- **Construction Pipeline**: Q4 commitments highest since 2022, expected to fund in 2025. 


Actual							0.25	0.26	0.25	0.17	0.37	0.38	0.41	0.39	0.39	0.41	0.47	0.45	0.37	0.31	0.3	0.28	0.24	0.26	0.27	0.27	0.32	0.37	0.39	0.44
Forecast							0.2367	0.2333	0.24	0.2433	0.33	0.3656	0.37	0.3867	0.3867	0.4133	0.46	0.47	0.3267	0.3133	0.275	0.255	0.2467	0.24	0.2433	0.235	0.29	0.3433	0.3933	0.41
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+5.62%	+11.44%	+4.17%	-30.13%	+12.12%	+3.94%	+10.81%	+0.85%	+0.85%	-0.80%	+2.17%	-4.26%	+13.25%	-1.05%	+9.09%	+9.80%	-2.72%	+8.33%	+10.97%	+14.89%	+10.34%	+7.78%	-0.84%	+7.32%

BWB

BWB fundamentals

BWB Q4 2025 Earnings

Earnings Call

You can ask Aime

BWB

BWB fundamentals

BWB Q4 2025 Earnings

Earnings Call

BWB Earnings Call Summary for Q4/20259:00 AM on Jan 28, 2026

BWB Earnings Call Summary for Q3/20259:00 AM on Oct 22, 2025

BWB Earnings Call Summary for Q2/20259:00 AM on Jul 24, 2025

BWB Earnings Call Summary for Q1/20259:00 AM on Apr 24, 2025

BWB Earnings Call Summary for Q4/20249:00 AM on Jan 30, 2025

You can ask Aime