Bridgewater Bank
Saint Louis Park, Minnesota · $5.38B in assets · beside the 11 other the Plains states banks between $3B and $10B (the state alone holds too few in the band to rank)
The filing
Bridgewater Bank is the fifth largest of the 12 the Plains states banks nearest its size between $3B and $10B, with $5.38B in assets at 30 June 2026. Loans are 101.3% of deposits, 11th of 12 against a median of 92.6%, and equity is 11.7% of assets, 3rd of 12. Loans grew +6.8% in the year, 7th of 12, and deposits grew 1.9%; the cohort's median loan growth is +6.9%.
Noncurrent loans are 0.49% of the book, 6th of 12 against a median of 0.56%; 0.02% is 30 to 89 days past due, and the allowance covers them 2.7 times. Commercial real estate is 67.5% of loans, 11th of 12 against a median of 33.4%, and 441% of capital, above the 300% screen, with construction at 34% against the 100% screen.
Return on assets is 1.31%, 5th of 12 against a median of 1.29%, on an efficiency ratio of 51.6%, 4th of 12. Five years ago it was 1.49%. The question is what the concentration does under a commercial real estate stress, and how much of it is owner-occupied (owner-occupied nonresidential is 4.3% of loans).
SBA 7(a), FY2008 to FY2026
Bridgewater Bank is the 43rd largest 7(a) lender into Minnesota of 444, with $48M across 78 loans, 0.5% of everything approved in the state (Old National Bank leads with $1.05B). 6 of its 17 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.
| County | Approved | Rank | Share | Trend |
|---|---|---|---|---|
| Hennepin, MN | $31M | 25th of 228 | 1.1% | -0.8 pts |
| Dakota, MN | $7M | 27th of 160 | 0.9% | -1.5 pts |
| Anoka, MN | $3M | 39th of 136 | 0.5% | quiet FY2019 |
| Cook, IL | $3M | 141st of 282 | 0.0% | thin |
| Carver, MN | $2M | 24th of 86 | 1.1% | quiet FY2020 |
| Washington, MN | $2M | 39th of 109 | 0.5% | +1.0 pts |
| Ramsey, MN | $1M | 79th of 139 | 0.1% | thin |
| Cass, ND | $800K | 48th of 81 | 0.3% | thin |
| District Of Columbia, DC | $796K | 91st of 130 | 0.1% | thin |
| Harris, TX | $435K | 265th of 314 | 0.0% | quiet FY2019 |
| Maricopa, AZ | $425K | 255th of 303 | 0.0% | thin |
| Saint Croix, WI | $414K | 42nd of 63 | 0.2% | thin |
| Boulder, CO | $395K | 116th of 144 | 0.0% | thin |
| Industry | Loans | Approved | Share of book | Share of sector | Rank |
|---|---|---|---|---|---|
| Professional & technical services | 9 | $11M | 20.8% | 0.04% | 268th of 1,955 |
| Health care & social assistance | 8 | $10M | 17.5% | 0.02% | 393rd of 2,172 |
| Arts, entertainment & recreation | 15 | $8M | 15.2% | 0.06% | 238th of 1,656 |
| Educational services | 4 | $7M | 13.2% | 0.14% | 144th of 1,136 |
| Other services | 16 | $5M | 8.9% | 0.01% | 552nd of 2,248 |
Commercial real estate against capital
| Bridgewater Bank | Rank | Cohort median | |
|---|---|---|---|
| Total CRE against capital, the 300% screen | 441% | 11th of 12 | 219% |
| Construction against capital, the 100% screen | 34% | 4th of 12 | 53% |
| Construction and land development, share of loans | 5.2% | 3rd of 12 | 7.2% |
| Non-owner-occupied nonfarm nonresidential, share of loans | 26.4% | 11th of 12 | 20.0% |
| Total CRE, the guidance definition, share of loans | 67.5% | 11th of 12 | 33.4% |
| CRE growth over 36 months, the third prong | +13.9% | 4th of 12 | +20.0% |
Among its peers
| Institution | Assets | ROA | Efficiency | NPA / loans | Net charge-offs | Allowance / loans | Loans / deposits | Equity / assets |
|---|---|---|---|---|---|---|---|---|
| $6.65B | 0.7% | 73.7% | 0.27% | 0.17% | 1.0% | 73.0% | 8.4% | |
| $6.38B | 1.3% | 55.3% | 0.68% | 0.30% | 1.2% | 62.7% | 11.3% | |
| $6.18B | 1.2% | 71.0% | 1.54% | 0.20% | 1.0% | 91.3% | 8.4% | |
| $5.53B | 1.3% | 63.2% | 0.02% | 0.04% | 1.5% | 100.1% | 11.0% | |
| $5.38B | 1.3% | 51.6% | 0.49% | 0.04% | 1.3% | 101.3% | 11.7% | |
| $5.28B | 1.8% | 63.9% | 0.26% | 0.47% | 1.2% | 95.8% | 11.0% | |
| $5.19B | 1.5% | 51.2% | 0.63% | 0.21% | 1.2% | 99.4% | 10.5% | |
| $4.92B | 1.1% | 62.2% | 1.52% | 0.22% | 1.2% | 93.9% | 9.8% | |
| $4.79B | 2.1% | 44.8% | 0.40% | 0.00% | 1.5% | 103.8% | 13.0% | |
| $4.78B | 1.3% | 60.1% | 0.42% | 0.02% | 1.3% | 85.7% | 11.3% | |
| $4.51B | 1.8% | 49.2% | 1.07% | 0.12% | 1.1% | 91.4% | 12.5% | |
| $4.23B | 0.9% | 75.0% | 1.53% | 0.84% | 0.7% | 88.8% | 11.7% |
| Bridgewater Bank | Cohort median | |||||
|---|---|---|---|---|---|---|
| 2021 | 2026 | Change | 2021 | 2026 | Change | |
| Loans | $2.58B | $4.42B | +71% | $2.54B | $4.07B | +60% |
| Deposits | $2.75B | $4.36B | +59% | $3.02B | $4.35B | +44% |
| NPA / loans | 0.03% | 0.49% | +0.46 pts | 0.37% | 0.56% | +0.19 pts |
| Efficiency | 40.5% | 51.6% | +11.1 pts | 57.1% | 61.2% | +4.1 pts |
| ROA | 1.49% | 1.31% | -0.18 pts | 1.49% | 1.29% | -0.21 pts |
This read was prepared for Bridgewater Bank's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.
The full pack on Bridgewater Bank is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.
Ask for the packPrepared 7 September 2026
Filing 30 June 2026
Cohort Plains states banks $3B to $10B
Institution www.bridgewaterbankmn.com
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