Bridgewater Bancshares (BWB) Director Reports 1,164-Share Purchase

Rhea-AI Filing Summary

James S. Johnson, a director of Bridgewater Bancshares Inc (BWB), reported an acquisition of 1,164 shares of the company's common stock on 09/30/2025. The Form 4 shows 98,947 shares beneficially owned following the reported transaction on a direct basis. The filing also discloses indirect holdings of 59,250 shares held by the James S. Johnson Trust, 76,750 shares held by the Jolynn Johnson Trust, and 10,417 shares held in a spouse IRA, with shared voting and investment power noted for the trusts. The transaction is recorded at a price of $0 on the form. The form is signed by Ben Klocke, Attorney-in-Fact, dated 10/01/2025.

Positive

• Insider increased direct holdings with an acquisition of 1,164 shares on 09/30/2025, indicating continued insider ownership.
• Detailed indirect ownership disclosed via two trusts and a spouse IRA with shared voting and investment power, improving transparency.

Negative

• Transaction price reported as $0 on the Form 4 with no explanation provided in the filing.
• No explanation of the nature of the $0 transaction (e.g., gift, transfer, or other exempt transaction) is included in the document.

Insights

Financial Analyst

TL;DR: Director James S. Johnson added 1,164 shares to an existing holding, leaving him with substantial direct and indirect stakes in BWB.

The filing documents a small non-derivative acquisition of 1,164 shares on 09/30/2025 and reports 98,947 shares directly owned after the transaction. Material indirect holdings are disclosed via two trusts and a spouse IRA. For investors tracking insider activity, the filing confirms continued insider ownership concentration but does not provide transaction consideration or motive beyond the $0 price reported on the form.

Corporate Governance Expert

TL;DR: Governance disclosure is complete for Section 16 purposes, showing direct and clearly described indirect ownership through trusts and spouse IRA.

The Form 4 properly identifies the reporting person, relationship to the issuer (director), transaction date, and ownership changes. Explanatory notes clarify trustee roles and shared voting and investment power for two dated trusts. The form is signed by an attorney-in-fact, indicating an authorized filing. The form lists a transaction price of $0 but contains no additional narrative about the nature of the transfer.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Johnson James S.

(Last) (First) (Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bridgewater Bancshares Inc [ BWB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		A		1,164	A	$0	98,947	D
Common Stok								59,250	I	By Trust(1)
Common Stock								76,750	I	By Trust(2)
Common Stock								10,417	I	By Spouse IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares of common stock are held by Mr. Johnson as co-trustee of the James S. Johnson Trust, dated May 28, 2015. Mr. Johnson possesses shared voting and investment power with respect to the shares of common stock held under the James S. Johnson Trust dated May 28, 2015.

2. Shares of common stock are held by Mr. Johnson as co-trustee of the Jolynn Johnson Trust dated May 28, 2015. Mr. Johnson possesses shared voting and investment power with respect to the shares of common stock held under the Jolynn Johnson Trust dated May 28, 2015.

	/s/ Ben Klocke, Attorney-in-Fact	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did James S. Johnson report on Form 4 for BWB?

He reported a non-derivative acquisition of 1,164 shares of Bridgewater Bancshares Inc common stock on 09/30/2025.

How many shares does James S. Johnson beneficially own after the transaction?

The Form 4 reports 98,947 shares beneficially owned on a direct basis following the reported transaction.

What indirect holdings does the filing disclose for James S. Johnson?

The filing discloses 59,250 shares held by the James S. Johnson Trust, 76,750 shares held by the Jolynn Johnson Trust, and 10,417 shares in a spouse IRA.

What is notable about the transaction price reported on the Form 4?

The transaction is reported at a price of $0 on the Form 4; the filing does not provide further explanation for that price.

Who signed the Form 4 and when was it dated?

The filing is signed by /s/ Ben Klocke, Attorney-in-Fact and dated 10/01/2025.