Bridgewater Bank Mortgage Rates, Fees & Info
Saint Louis Park, MNLEI: 549300FKWBMLIMGZ7Q40
Tax ID: 03-0572894
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Mortgage Data
Bank Data
Review & Overview
Bridgewater Bank is a smaller bank specializing in Home Purchase loans. Bridgewater Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Orlando, Louisville, Rochester, and Davenport among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)Bridgewater Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
441Origination Dollar Volume (All Markets)
$366,695,000Employee count
140Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 414 | $315,130,000 | $761,184 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $23,285,000 | $23,285,000 | $0 | 0.00% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $8,075,000 | $8,075,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 3 | $6,605,000 | $2,201,667 | $0 | 0.00% |
| Outside of Metro Areas | 7 | $6,545,000 | $935,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 2 | $2,550,000 | $1,275,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $1,520,000 | $760,000 | $0 | 0.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $0 | 0.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 0.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 0.00% |
| Shawano, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 441 | $366,695,000 | $831,508 | $0 | 0.00% |
For 2018, Bridgewater Bank's most frequently originated type of loan was Conventional, with 441 originations.
Loan Reason
For 2018, Bridgewater Bank's most frequently cited loan purpose was Home Purchase, with 373 originations. The 2nd most popular reason was Refi, with 48 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 441 | $366,695,000 | $831,508 | $0 | 0.00% |
For 2018, Bridgewater Bank's most frequently cited loan duration was Other, with 441 originations.
Loan Sizing
2018 saw Bridgewater Bank place emphasis on $200k-400k loans with 148 originations, totaling $39,760,000 in origination value.
Applicant Income
Bridgewater Bank lent most frequently to those with incomes in the $250k+ range, with 15 originations. The second most popular income band? $150k-250k, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 441 | $366,695,000 | $831,508 | $0 | 0.00% |
Bridgewater Bank lent most frequently to those with DTI ratios of Exempt%, with 441 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.58%
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 origination92.52%
Bridgewater Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 441 | $366,695,000 | $831,508 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 67 | $270,955,000 | $4,044,104 |
| Single Family (1-4 Units):Site-Built | 374 | $95,740,000 | $255,989 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Bridgewater Bank | 21500 Highway 7 Greenwood, MN 55331 | Full Service B&M | $130,340 |
| Bridgewater Bank | 2445 Shadywood Road Navarre, MN 55392 | Full Service B&M | $37,152 |
| Bridgewater Bank | 3100 Hennepin Avenue Minneapolis, MN 55408 | Full Service B&M | $50,305 |
| Bridgewater Bank | 3101 Hennepin Ave. Minneapolis, MN 55408 | Limited, Drive-thru | $0 |
| Bridgewater Bank | 3800 American Boulevard West, Suite 100 Bloomington, MN 55431 | Full Service B&M | $1,045,652 |
| Bridgewater Bank | 4400 Excelsior Boulevard Saint Louis Park, MN 55416 | Full Service B&M | $74,879 |
| Bridgewater Bank | 625 Marquette Avenue South #w0100 Minneapolis, MN 55402 | Full Service B&M | $122,932 |
For 2018, Bridgewater Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $85,179 |
| Net interest income | $66,854 |
| Total noninterest income | $2,597 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $745 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,852 |
| Pre-tax net operating income | $34,277 |
| Securities gains (or losses, -) | $-125 |
| Income before extraordinary items | $28,012 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $28,012 |
| Minority interest net income | $0 |
| Net income | $28,012 |
| Sale, conversion, retirement of capital stock, net | $799 |
| Net operating income | $28,114 |
Bridgewater Bank's gross interest income from loans was $85,179,000.
Bridgewater Bank's net interest income from loans was $66,854,000.
Bridgewater Bank's fee based income from loans was $745,000.
Bridgewater Bank's net income from loans was $28,012,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $18,325 |
| Provision for credit losses | $3,575 |
| Total noninterest expense | $31,599 |
| Salaries and employee benefits | $17,945 |
| Premises and equipment expense | $2,293 |
| Additional noninterest expense | $11,361 |
| Applicable income taxes | $6,140 |
| Net charge-offs | $46 |
| Cash dividends | $0 |
Bridgewater Bank's interest expense for loans was $18,325,000.
Bridgewater Bank's payroll and benefits expense were $17,945,000.
Bridgewater Bank's property, plant and equipment expenses $2,293,000.
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 | 1.0% |
| Credit card loans | 0.0% |
| Other individual loans | 1.0% |
| Auto loans | 9.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $1,606,432 |
| Deposits held in domestic offices | $1,606,432 |
| Deposits by Individuals, partnerships, and corporations | $1,462,096 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $84,785 |
| Deposits by Commercial banks and other depository institutions in U.S. | $59,551 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $132,261 |
| Demand deposits | $80,135 |
| Nontransaction accounts | $1,474,171 |
| Money market deposit accounts (MMDAs) | $381,248 |
| Other savings deposits (excluding MMDAs) | $510,387 |
| Total time deposits | $582,536 |
| Total time and savings deposits | $1,526,297 |
| Noninterest-bearing deposits | $414,701 |
| Interest-bearing deposits | $1,191,731 |
| Retail deposits | $1,203,966 |
| IRAs and Keogh plan accounts | $33,272 |
| Brokered deposits | $291,169 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,970,086 |
| Cash & Balances due from depository institutions | $27,772 |
| Interest-bearing balances | $23,894 |
| Total securities | $253,378 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,640,385 |
| Loan and leases loss allowance | $20,031 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $12,257 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $3,678 |
| All other assets | $32,616 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,970,086 |
| Total Liabilities | $1,757,780 |
| Total deposits | $1,606,432 |
| Interest-bearing deposits | $1,191,731 |
| Deposits held in domestic offices | $1,606,432 |
| % insured (estimated) | $66 |
| Federal funds purchased and repurchase agreements | $18,000 |
| Trading liabilities | $0 |
| Other borrowed funds | $124,000 |
| Subordinated debt | $0 |
| All other liabilities | $9,348 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,640,385 |
| Loan and leases loss allowance | $20,031 |
| Total loans and leases (domestic) | $1,660,416 |
| All real estate loans | $1,399,837 |
| Real estate loans in domestic offices | $1,399,837 |
| Construction and development loans | $210,041 |
| Residential 1-4 family construction | $91,844 |
| Other construction, all land development and other land | $118,197 |
| Loans secured by nonfarm nonresidential properties | $553,076 |
| Nonfarm nonresidential secured by owner-occupied properties | $64,458 |
| Commercial real estate & other non-farm, non-residential | $488,618 |
| Multifamily residential real estate | $407,934 |
| 1-4 family residential loans | $226,773 |
| Farmland loans | $2,013 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $246,561 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $4,142 |
| Credit card loans | $0 |
| Related Plans | $1,996 |
| Consumer Auto Loans | $637 |
| Other loans to individuals | $1,509 |
| All other loans & leases | $14,391 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $9,733 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $93,419 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $181 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Bridgewater Bank had $1,640,385,000 of loans outstanding in 2018. $1,399,837,000 of loans were in real estate loans. $210,041,000 of loans were in development loans. $407,934,000 of loans were in multifamily mortgage loans. $226,773,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $637,000 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 | 168 | $64,606 | $384,560 |
| Nonfarm, nonresidential loans - <$100k | 11 | $799 | $72,636 |
| Nonfarm, nonresidential loans - $100-250k | 47 | $9,137 | $194,404 |
| Nonfarm, nonresidential loans - $250k-1MM | 110 | $54,670 | $497,000 |
| Commercial & Industrial, US addressed loans - <$1MM | 207 | $31,709 | $153,184 |
| Commercial & Industrial, US addressed loans - <$100k | 105 | $3,405 | $32,429 |
| Commercial & Industrial, US addressed loans - $100-250k | 48 | $5,744 | $119,667 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 54 | $22,560 | $417,778 |
| Farmland loans - <$1MM | 8 | $2,013 | $251,625 |
| Farmland loans - $100-250k | 3 | $739 | $246,333 |
| Farmland loans - $250k-1MM | 5 | $1,274 | $254,800 |