Bridgewater Bank Mortgage Rates, Fees & Info

Saint Louis Park, MN

LEI: 549300FKWBMLIMGZ7Q40

Tax ID: 03-0572894

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bridgewater Bank is a smaller bank specializing in Home Purchase loans. Bridgewater Bank has a high proportion of conventional loans. Their top markets include Minneapolis, Houston, Nashville, Faribault, and Phoenix among others. Bridgewater Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

494

Origination Dollar Volume (All Markets)

$803,960,000

Employee count

220

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 458 $740,400,000 $1,616,594 $0 0.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $14,195,000 $14,195,000 $0 0.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $6,005,000 $6,005,000 $0 0.00%
Faribault-Northfield, MN (FHA|USDA|VA) 2 $5,670,000 $2,835,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $5,385,000 $5,385,000 $0 0.00%
Menomonie, WI (FHA|USDA|VA) 1 $4,875,000 $4,875,000 $0 0.00%
Hutchinson, MN (FHA|USDA|VA) 1 $4,765,000 $4,765,000 $0 0.00%
MANKATO, MN (FHA|USDA|VA) 1 $4,745,000 $4,745,000 $0 0.00%
Outside of Metro Areas 6 $4,190,000 $698,333 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 4 $2,040,000 $510,000 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $0 0.00%
Austin, MN (FHA|USDA|VA) 1 $1,475,000 $1,475,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,350,000 $675,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,295,000 $1,295,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $1,075,000 $1,075,000 $0 0.00%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $825,000 $825,000 $0 0.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $755,000 $755,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $695,000 $695,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
OCALA, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 2 $310,000 $155,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
Alexandria, MN (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
Owatonna, MN (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%

Bridgewater Bank's top markets include Minneapolis, Houston, Nashville, Faribault, and Phoenix among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 494 $803,960,000 $1,627,449 $0 0.00%

For the 2021 period, Bridgewater Bank's most frequently originated loan type of loans were Conventional, with 494 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 438 $677,630,000 $1,547,100 $0 0.00%
Refi 42 $117,750,000 $2,803,571 $0 0.00%
Home Improvement 12 $7,730,000 $644,167 $0 0.00%
Other 2 $850,000 $425,000 $0 0.00%

For the 2021, Bridgewater Bank's most frequently cited loan purpose of loans were Home Purchase, with 438 originations. The 2nd most popular reason of loans were Refi, with 42 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 494 $803,960,000 $1,627,449 $0 0.00%

For the 2021, Bridgewater Bank's most frequently cited loan length of loans were Other, with 494 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 180 $49,490,000 $274,944 $0 0.00%
$100k-200k 116 $18,490,000 $159,397 $0 0.00%
$1MM+ 98 $682,970,000 $6,969,082 $0 0.00%
$400k-600k 47 $22,485,000 $478,404 $0 0.00%
$600k-1MM 39 $29,515,000 $756,795 $0 0.00%
$100,000 or less 14 $1,010,000 $72,143 $0 0.00%

2021 saw Bridgewater Bank place emphasis on $200k-400k loans with 180 originations, totaling $49,490,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 26 $13,320,000 $512,308 $0 0.00%
$150k-250k 11 $3,845,000 $349,545 $0 0.00%
$100k-150k 9 $2,795,000 $310,556 $0 0.00%
$50k or less 8 $1,730,000 $216,250 $0 0.00%
$75k-100k 5 $1,005,000 $201,000 $0 0.00%
$50k-75k 3 $645,000 $215,000 $0 0.00%

Bridgewater Bank lent most frequently to those with incomes in the $250k+ range, with 26 originations. The second most popular income band? $150k-250k, with 11 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 494 $803,960,000 $1,627,449 $0 0.00%

Bridgewater Bank lent most frequently to those with DTI ratios of Exempt%, with 494 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 429 $778,245,000 $1,814,091 $0 0.00%
White 56 $23,230,000 $414,821 $0 0.00%
Not provided 8 $2,330,000 $291,250 $0 0.00%
Asian 1 $155,000 $155,000 $0 0.00%

Approval Rates

Total approvals of all applications
99.28%

Bridgewater Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
88.33%

Bridgewater Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 494 $803,960,000 $1,627,449

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
494 $803,960,000 $1,627,449

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bridgewater Bank 21500 Highway 7 Greenwood, MN 55331 Full Service B&M $257,355
Bridgewater Bank 2445 Shadywood Rd Orono, MN 55331 Full Service B&M $93,639
Bridgewater Bank 3100 Hennepin Avenue Minneapolis, MN 55408 Full Service B&M $127,869
Bridgewater Bank 3101 Hennepin Ave. Minneapolis, MN 55408 Limited, Drive-thru $0
Bridgewater Bank 370 Wabasha Street North, Ste. 1500 Saint Paul, MN 55102 Full Service B&M $99,648
Bridgewater Bank 4450 Excelsior Blvd, Suite 100 Saint Louis Park, MN 55416 Full Service B&M $1,249,047
Bridgewater Bank 625 Marquette Avenue South #w0100 Minneapolis, MN 55402 Full Service B&M $300,917
Bridgewater Bank 7831 East Bush Lake Road, Suite 300 Edina, MN 55439 Full Service B&M $619,527

For 2021, Bridgewater Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $128,838
Net interest income $114,159
Total noninterest income $4,487
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,007
Trading account gains and fees $0
Additional Noninterest Income $3,480
Pre-tax net operating income $65,601
Securities gains (or losses, -) $750
Income before extraordinary items $48,624
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $48,624
Minority interest net income $0
Net income $48,624
Sale, conversion, retirement of capital stock, net $2,426
Net operating income $48,031

Bridgewater Bank's gross interest income from loans was $128,838,000.
Bridgewater Bank's net interest income from loans was $114,159,000.
Bridgewater Bank's fee based income from loans was $1,007,000.
Bridgewater Bank's net income from loans was $48,624,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $14,679
Provision for credit losses $5,150
Total noninterest expense $47,895
Salaries and employee benefits $30,105
Premises and equipment expense $3,874
Additional noninterest expense $13,916
Applicable income taxes $17,727
Net charge-offs $-29
Cash dividends $0

Bridgewater Bank's interest expense for loans was $14,679,000.
Bridgewater Bank's payroll and benefits expense were $30,105,000.
Bridgewater Bank's property, plant and equipment expenses $3,874,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $3,026,284
Deposits held in domestic offices $3,026,284
Deposits by Individuals, partnerships, and corporations $2,769,762
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $115,294
Deposits by Commercial banks and other depository institutions in U.S. $141,228
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $265,959
Demand deposits $265,959
Nontransaction accounts $2,760,325
Money market deposit accounts (MMDAs) $917,013
Other savings deposits (excluding MMDAs) $1,311,728
Total time deposits $531,584
Total time and savings deposits $2,760,325
Noninterest-bearing deposits $955,132
Interest-bearing deposits $2,071,153
Retail deposits $2,597,403
IRAs and Keogh plan accounts $41,294
Brokered deposits $369,323
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,473,066
Cash & Balances due from depository institutions $139,854
Interest-bearing balances $133,363
Total securities $438,607
Federal funds sold & reverse repurchase $0
Net loans and leases $2,769,917
Loan and leases loss allowance $40,020
Trading account assets $0
Bank premises and fixed assets $48,642
Other real estate owned $0
Goodwill and other intangibles $3,105
All other assets $72,941

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,473,066
Total Liabilities $3,085,266
Total deposits $3,026,284
Interest-bearing deposits $2,071,153
Deposits held in domestic offices $3,026,284
% insured (estimated) $60
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $42,500
Subordinated debt $0
All other liabilities $16,482

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,769,917
Loan and leases loss allowance $40,020
Total loans and leases (domestic) $2,809,937
All real estate loans $2,402,191
Real estate loans in domestic offices $2,402,191
Construction and development loans $263,665
Residential 1-4 family construction $49,552
Other construction, all land development and other land $214,113
Loans secured by nonfarm nonresidential properties $928,610
Nonfarm nonresidential secured by owner-occupied properties $111,096
Commercial real estate & other non-farm, non-residential $817,514
Multifamily residential real estate $903,544
1-4 family residential loans $305,317
Farmland loans $1,055
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $375,012
To non-U.S. addressees $0
Loans to individuals $6,370
Credit card loans $0
Related Plans $3,323
Consumer Auto Loans $614
Other loans to individuals $2,433
All other loans & leases $35,899
Loans to foreign governments and official institutions $0
Other loans $6,457
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $120,398
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,304
Non 1-4 family restructured loans & leases $1,138
Total loans and leases (foreign) $0

Bridgewater Bank had $2,769,917,000 of loans outstanding in 2021. $2,402,191,000 of loans were in real estate loans. $263,665,000 of loans were in development loans. $903,544,000 of loans were in multifamily mortgage loans. $305,317,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $614,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 265 $86,700 $327,170
Nonfarm, nonresidential loans - <$100k 25 $1,362 $54,480
Nonfarm, nonresidential loans - $100-250k 76 $10,919 $143,671
Nonfarm, nonresidential loans - $250k-1MM 164 $74,419 $453,774
Commercial & Industrial, US addressed loans - <$1MM 646 $113,559 $175,788
Commercial & Industrial, US addressed loans - <$100k 317 $11,940 $37,666
Commercial & Industrial, US addressed loans - $100-250k 148 $22,510 $152,095
Commercial & Industrial, US addressed loans - $250k-1MM 181 $79,109 $437,066
Farmland loans - <$1MM 5 $1,055 $211,000
Farmland loans - <$100k 1 $40 $40,000
Farmland loans - $100-250k 2 $465 $232,500
Farmland loans - $250k-1MM 2 $550 $275,000