Bridgewater Bancshares, Inc. reported a significant increase in financial performance for the first quarter of 2026, with net income reaching $17.4 million, compared to $9.6 million in the same period last year. This translates to earnings per diluted share of $0.58, up from $0.31 in the first quarter of 2025. The company's net interest income also rose to $36.6 million, a 21.5% increase from $30.2 million a year earlier, driven by growth in the loan portfolio and a decrease in interest expenses on deposits.
Total assets decreased to $5.34 billion as of March 31, 2026, down from $5.41 billion at the end of 2025. This decline was primarily attributed to the strategic sale of $208.5 million in investment securities, which the company executed to enhance balance sheet efficiency. The loan portfolio, however, grew to $4.37 billion, reflecting a 5.5% annualized increase from the previous quarter and an 8.7% increase year-over-year. The growth was largely due to increased loan originations and favorable market conditions.
In terms of operational developments, Bridgewater Bancshares opened a new branch in Lake Elmo, Minnesota, in February 2026, expanding its presence in the Twin Cities market. The company also entered into an equity distribution agreement allowing it to sell up to $50 million in common stock, which may be used for various corporate purposes, including potential acquisitions and capital expenditures. The total number of employees increased to 337, up from 292 a year earlier, indicating a focus on enhancing service capabilities.
The company’s allowance for credit losses on loans was $57.3 million, representing 1.31% of total loans, slightly down from 1.34% at the end of 2025. Nonperforming loans decreased to $11.7 million, or 0.27% of total loans, compared to $22.0 million, or 0.51%, at the end of the previous quarter. This improvement in asset quality reflects the company's ongoing efforts to manage credit risk effectively.
Looking ahead, Bridgewater Bancshares remains optimistic about its growth trajectory, supported by a solid capital position with total shareholders' equity of $528.4 million as of March 31, 2026. The company’s capital ratios exceed regulatory requirements, positioning it well for future opportunities. However, management acknowledges potential risks, including interest rate fluctuations and economic conditions, which could impact performance.
About Bridgewater Bancshares Inc
Bridgewater Bancshares, Inc. is a Minnesota-based financial holding company operating through its subsidiary, Bridgewater Bank, with a focus on commercial real estate lending, particularly multifamily properties. Serving the Twin Cities metropolitan area, it offers commercial and retail banking products, including loans, deposits, and cash management services. The company emphasizes personalized client service, local market expertise, efficient operations, and strong risk management within a branch-light, digitally enabled business model.
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