Bridgewater Bancshares Announces Third Quarter 2026 Financial Results
21 Oct 2026 · 10h ago
Summary
Bridgewater Bancshares, Inc. reported net income of $15.0 million for the third quarter of 2026, with earnings per diluted common share at $0.49. The company saw a 7.2% annualized increase in gross loans to $4.51 billion and an 11.6% annualized increase in total deposits to $4.47 billion. The net interest margin expanded to 3.09%, and the efficiency ratio improved to 48.8%, reflecting strong profitability and balance sheet growth.
Key Highlights
- 1
Bridgewater Bancshares, Inc. announced net income of $15.0 million for the third quarter of 2026, an increase from $14.0 million in the second quarter of 2026 and $11.6 million in the third quarter of 2025.
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Earnings per diluted common share were $0.49 for the third quarter of 2026, compared to $0.45 for the second quarter of 2026 and $0.38 for the third quarter of 2025.
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Net interest margin (on a fully tax-equivalent basis) was 3.09% for the third quarter of 2026, an increase of two basis points from the second quarter of 2026.
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The efficiency ratio was 48.8% for the third quarter of 2026, down from 53.0% for the second quarter of 2026.
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Gross loans increased by $80.4 million, or 7.2% annualized, from the second quarter of 2026 to $4.51 billion.
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Total deposits increased by $126.8 million, or 11.6% annualized, from the second quarter of 2026 to $4.47 billion.
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Core deposits increased by $165.3 million, or 19.6% annualized, from the second quarter of 2026.
Management Comments
Jerry Baack
Bridgewater delivered an impressive quarter highlighted by strong profitability and balance sheet growth as we continued to execute on our profitable growth strategy. Across-the-board revenue growth and well-controlled expenses in the third quarter resulted in a meaningful increase in pre-provision net revenue and an efficiency ratio below 50% for the first time since the first quarter of 2023. In addition, we generated robust core deposit growth during the quarter, which supported our organic loan growth engine, improved our overall deposit mix, and helped drive continued net interest margin expansion. Looking ahead, our balance sheet is better positioned today for a higher interest rate environment given our intentional mix shift toward more variable-rate loans over the past few years. Our teams continue to deliver an unconventional level of service that deepens existing client relationships and creates new ones, reinforcing our ability to sustain profitable growth and generate long-term value for shareholders.
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