Bridgewater Bank Mortgage Rates, Fees & Info

Saint Louis Park, MN

LEI: 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, Lincoln, Brainerd, Spirit Lake, and St. Cloud among others. We have data for 17 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 a below average pick rate when compared to similar lenders.

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Originations

446

Origination Dollar Volume (All Markets)

$598,170,000

Employee count

183

Top 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) 418 $521,590,000 $1,247,823 $0 0.00%
LINCOLN, NE (FHA|USDA|VA) 1 $30,005,000 $30,005,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 2 $11,580,000 $5,790,000 $0 0.00%
Spirit Lake, IA (FHA|USDA|VA) 1 $7,005,000 $7,005,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 2 $5,830,000 $2,915,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 2 $5,730,000 $2,865,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $5,340,000 $2,670,000 $0 0.00%
MANKATO, MN (FHA|USDA|VA) 2 $2,710,000 $1,355,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $2,680,000 $1,340,000 $0 0.00%
Hutchinson, MN (FHA|USDA|VA) 3 $2,055,000 $685,000 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $1,125,000 $1,125,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,050,000 $525,000 $0 0.00%
Outside of Metro Areas 2 $510,000 $255,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 2 $370,000 $185,000 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 2 $290,000 $145,000 $0 0.00%
Menomonie, WI (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Bridgewater Bank's top markets include Minneapolis, Lincoln, Brainerd, Spirit Lake, and St. Cloud among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 446 $598,170,000 $1,341,188 $0 0.00%

    For 2020, Bridgewater Bank's most frequently originated type of loan was Conventional, with 446 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 360 $509,430,000 $1,415,083 $0 0.00%
    Refi 63 $68,935,000 $1,094,206 $0 0.00%
    Home Improvement 22 $19,050,000 $865,909 $0 0.00%
    Other 1 $755,000 $755,000 $0 0.00%

    For 2020, Bridgewater Bank's most frequently cited loan purpose was Home Purchase, with 360 originations. The 2nd most popular reason was Refi, with 63 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 446 $598,170,000 $1,341,188 $0 0.00%

    For 2020, Bridgewater Bank's most frequently cited loan duration was Other, with 446 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 147 $23,455,000 $159,558 $0 0.00%
    $200k-400k 135 $37,215,000 $275,667 $0 0.00%
    $1MM+ 67 $490,845,000 $7,326,045 $0 0.00%
    $400k-600k 43 $20,695,000 $481,279 $0 0.00%
    $600k-1MM 32 $24,270,000 $758,438 $0 0.00%
    $100,000 or less 22 $1,690,000 $76,818 $0 0.00%

    2020 saw Bridgewater Bank place emphasis on $100k-200k loans with 147 originations, totaling $23,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 27 $12,605,000 $466,852 $0 0.00%
    $150k-250k 8 $2,660,000 $332,500 $0 0.00%
    $75k-100k 7 $1,425,000 $203,571 $0 0.00%
    $50k or less 6 $1,470,000 $245,000 $0 0.00%
    $100k-150k 5 $1,475,000 $295,000 $0 0.00%
    $50k-75k 3 $595,000 $198,333 $0 0.00%

    Bridgewater Bank lent most frequently to those with incomes in the $250k+ range, with 27 originations. The second most popular income band? $150k-250k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 446 $598,170,000 $1,341,188 $0 0.00%

    Bridgewater Bank lent most frequently to those with DTI ratios of Exempt%, with 446 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 386 $575,490,000 $1,490,907 $0 0.00%
    White 51 $19,095,000 $374,412 $0 0.00%
    Asian 5 $1,445,000 $289,000 $0 0.00%
    Black 3 $1,185,000 $395,000 $0 0.00%
    Not provided 1 $955,000 $955,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.04%

    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
    84.08%

    Bridgewater Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 446 $598,170,000 $1,341,188

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 92 $481,600,000 $5,234,783
    Single Family (1-4 Units):Site-Built 354 $116,570,000 $329,294

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bridgewater Bank 21500 Highway 7 Greenwood, MN 55331 Full Service B&M $230,127
    Bridgewater Bank 2445 Shadywood Rd Excelsior, MN 55331 Full Service B&M $89,866
    Bridgewater Bank 3100 Hennepin Avenue Minneapolis, MN 55408 Full Service B&M $97,559
    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 $85,639
    Bridgewater Bank 4400 Excelsior Boulevard Saint Louis Park, MN 55416 Full Service B&M $0
    Bridgewater Bank 4400 Excelsior Boulevard Saint Louis Park, MN 55416 Full Service B&M $127,689
    Bridgewater Bank 625 Marquette Avenue South #w0100 Minneapolis, MN 55402 Full Service B&M $194,147
    Bridgewater Bank 7831 East Bush Lake Road, Suite 300 Edina, MN 55439 Full Service B&M $1,464,427

    For 2020, Bridgewater Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $114,738
    Net interest income $91,424
    Total noninterest income $4,299
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $826
    Trading account gains and fees $0
    Additional Noninterest Income $3,473
    Pre-tax net operating income $37,408
    Securities gains (or losses, -) $1,503
    Income before extraordinary items $29,128
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $29,128
    Minority interest net income $0
    Net income $29,128
    Sale, conversion, retirement of capital stock, net $1,668
    Net operating income $27,940

    Bridgewater Bank's gross interest income from loans was $114,738,000.
    Bridgewater Bank's net interest income from loans was $91,424,000.
    Bridgewater Bank's fee based income from loans was $826,000.
    Bridgewater Bank's net income from loans was $29,128,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $23,314
    Provision for credit losses $12,750
    Total noninterest expense $45,565
    Salaries and employee benefits $24,863
    Premises and equipment expense $3,305
    Additional noninterest expense $17,397
    Applicable income taxes $9,783
    Net charge-offs $435
    Cash dividends $0

    Bridgewater Bank's interest expense for loans was $23,314,000.
    Bridgewater Bank's payroll and benefits expense were $24,863,000.
    Bridgewater Bank's property, plant and equipment expenses $3,305,000.

    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 $2,537,713
    Deposits held in domestic offices $2,537,713
    Deposits by Individuals, partnerships, and corporations $2,318,103
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $79,706
    Deposits by Commercial banks and other depository institutions in U.S. $139,904
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $82,086
    Demand deposits $82,086
    Nontransaction accounts $2,455,627
    Money market deposit accounts (MMDAs) $770,212
    Other savings deposits (excluding MMDAs) $1,039,253
    Total time deposits $646,162
    Total time and savings deposits $2,455,627
    Noninterest-bearing deposits $707,979
    Interest-bearing deposits $1,829,733
    Retail deposits $1,989,328
    IRAs and Keogh plan accounts $48,790
    Brokered deposits $452,283
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,921,764
    Cash & Balances due from depository institutions $156,574
    Interest-bearing balances $147,988
    Total securities $390,629
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,282,436
    Loan and leases loss allowance $34,841
    Trading account assets $0
    Bank premises and fixed assets $50,213
    Other real estate owned $0
    Goodwill and other intangibles $3,296
    All other assets $38,616

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,921,764
    Total Liabilities $2,612,420
    Total deposits $2,537,713
    Interest-bearing deposits $1,829,733
    Deposits held in domestic offices $2,537,713
    % insured (estimated) $57
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $57,500
    Subordinated debt $0
    All other liabilities $17,207

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,282,436
    Loan and leases loss allowance $34,841
    Total loans and leases (domestic) $2,317,277
    All real estate loans $1,873,182
    Real estate loans in domestic offices $1,873,182
    Construction and development loans $167,335
    Residential 1-4 family construction $59,638
    Other construction, all land development and other land $107,697
    Loans secured by nonfarm nonresidential properties $783,814
    Nonfarm nonresidential secured by owner-occupied properties $75,604
    Commercial real estate & other non-farm, non-residential $708,210
    Multifamily residential real estate $626,465
    1-4 family residential loans $294,479
    Farmland loans $1,089
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $431,084
    To non-U.S. addressees $0
    Loans to individuals $7,500
    Credit card loans $0
    Related Plans $2,380
    Consumer Auto Loans $805
    Other loans to individuals $4,315
    All other loans & leases $14,662
    Loans to foreign governments and official institutions $0
    Other loans $7,979
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $113,449
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $265
    Non 1-4 family restructured loans & leases $93
    Total loans and leases (foreign) $0

    Bridgewater Bank had $2,282,436,000 of loans outstanding in 2020. $1,873,182,000 of loans were in real estate loans. $167,335,000 of loans were in development loans. $626,465,000 of loans were in multifamily mortgage loans. $294,479,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $805,000 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 260 $84,692 $325,738
    Nonfarm, nonresidential loans - <$100k 25 $1,271 $50,840
    Nonfarm, nonresidential loans - $100-250k 72 $10,606 $147,306
    Nonfarm, nonresidential loans - $250k-1MM 163 $72,815 $446,718
    Commercial & Industrial, US addressed loans - <$1MM 1,378 $162,215 $117,718
    Commercial & Industrial, US addressed loans - <$100k 915 $29,263 $31,981
    Commercial & Industrial, US addressed loans - $100-250k 248 $36,624 $147,677
    Commercial & Industrial, US addressed loans - $250k-1MM 215 $96,328 $448,037
    Farmland loans - <$1MM 5 $1,089 $217,800
    Farmland loans - <$100k 1 $40 $40,000
    Farmland loans - $100-250k 2 $485 $242,500
    Farmland loans - $250k-1MM 2 $564 $282,000