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, Houston, Nashville, Faribault, and Phoenix among others. We have data for 26 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

494

Origination Dollar Volume (All Markets)

$803,960,000

Employee count

220

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) 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.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Product Mix

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

    For 2021, Bridgewater Bank's most frequently originated type of loan was Conventional, with 494 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Bridgewater Bank's most frequently cited loan purpose was Home Purchase, with 438 originations. The 2nd most popular reason was 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 2021, Bridgewater Bank's most frequently cited loan duration was 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
    99.29%

    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
    86.23%

    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