BWBBridgewater Bancshares Inc

State Commercial Banks

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $565M
Employees: 322
Net debt / EBITDA: —
AI in 10-K: 1.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
60% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$565M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$46M	$53M	$40M	$33M	$46M	40%
Operating cash flow	$54M	$85M	$30M	$46M	$28M	40%
Capex	$777K	$2M	$3M	$4M	$6M	43%
Stock-based comp	$2M	$3M	$4M	$4M	$4M	7.5%
Buybacks	$2M	$11M	$5M	$5M	$2M	58%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 6, 2024	Castle Creek Capital Partners VIII, LP	SC 13D/A	4.3%	Passive
Nov 12, 2024	Castle Creek Capital Partners VIII, LP	SC 13D/A	7.1%	Passive
Oct 26, 2023	Castle Creek Capital Partners V, LP	SC 13D/A	7.9%	Passive
Feb 26, 2019	Castle Creek Capital Partners V, LP	SC 13D	7.5%	Passive

Insider trading

Open-market buys, 12 mo: $4K · 1
Open-market sells, 12 mo: $11M · 43
Net: −$11M

Pay vs performance

No pay-versus-performance disclosure yet.