Bridgewater Bancshares, Inc. reported significant financial growth in its latest quarterly filing, with net income reaching $11.6 million for the third quarter of 2025, a 33.3% increase from $8.7 million in the same period last year. Earnings per diluted share also rose to $0.38, compared to $0.27 in the prior year. For the nine months ending September 30, 2025, net income totaled $32.8 million, up from $24.6 million in 2024, reflecting a strong performance driven by increased interest income and effective cost management.
The company's total interest income for the third quarter was $73.6 million, a 16.8% increase from $63.0 million in the previous year, primarily due to growth in the loan portfolio and higher yields on interest-earning assets. Net interest income for the quarter was $34.1 million, up from $25.6 million, while the net interest margin improved to 2.63%, compared to 2.24% a year earlier. The total loans outstanding increased to $4.21 billion, marking an 8.9% rise from the end of 2024, driven by strong demand in the commercial and real estate sectors.
In terms of operational developments, Bridgewater Bancshares completed the acquisition of First Minnetonka City Bank in December 2024, which added approximately $225.7 million in deposits and $117.1 million in loans. The company also issued $80 million in subordinated notes in June 2025 to refinance existing debt and support corporate activities. As of September 30, 2025, the company had 325 full-time equivalent employees, up from 265 a year prior, reflecting the integration of new staff from the acquisition.
The company’s total assets increased to $5.36 billion, a 5.8% rise from $5.07 billion at the end of 2024, with total deposits reaching $4.29 billion, up 5.0% from the previous year. The allowance for credit losses on loans was $56.4 million, representing 1.34% of total loans, indicating a cautious approach to credit risk management amid a growing loan portfolio. The company also reported a decrease in nonperforming loans to $10.0 million, or 0.24% of total loans, reflecting improved asset quality.
Looking ahead, Bridgewater Bancshares remains focused on leveraging its recent acquisitions and maintaining strong capital ratios, with total risk-based capital at 14.12% as of September 30, 2025. The company anticipates continued growth in its loan and deposit base, supported by its strategic initiatives and a favorable economic environment.
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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