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Bridgewater Bancshares Executive Compensation (FY25)

BWB · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Jerry Baack
Latest say-on-pay support
=
April 28, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 1, 2026
9 filings cited on this page
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198 figures on this page: 195 cited to the filing that reported them, 3 calculated from figures it prints. See the citations

More on Bridgewater Bancshares

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jerry Baack: $1,120,926 → $1,349,932 (20.4% higher)
Say-on-pay support: 93.6% → 96.9% (3.3 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Bridgewater Bancshares' chief executive and what were they paid?
Jerry Baack was paid $1,349,932 in total compensation as Chairman of the Board and Chief Executive Officer for fiscal 2025. Compared with the $1,120,926 reported for fiscal 2024, Baack's total was 20.4% higher.
What was Bridgewater Bancshares' say-on-pay result?
Shareholders supported the say-on-pay proposal with 96.9% of votes cast for or against in favor at the meeting held April 28, 2026 for fiscal 2025.
Which companies are in Bridgewater Bancshares' peer group?
The disclosed peer group includes Alerus Financial Corporation, Bank First Corporation, Byline Bancorp, Inc., Civista Bancshares, Inc. and ConnectOne Bancorp, Inc., among others.
What is Bridgewater Bancshares' chief executive pay ratio?
The company reported a chief executive pay ratio of 13.6:1 for fiscal 2025, against median employee compensation of $99,039.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jerry Baack
Chairman of the Board, Chief Executive Officer and President
◇◇—◇—◇◇◇
Joseph Chybowski
Chief Financial Officer
◇◇—◇—◇◇◇
Nick Place
Chief Lending Officer
◇◇—◇—◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jerry Baack
Chairman of the Board, Chief Executive Officer and President
◇—◇—◇—◇◇
Mary Jayne Crocker
Executive Vice President and Chief Operating Officer
◇—◇—◇—◇◇
Joseph Chybowski
Chief Financial Officer
◇◇◇—◇—◇◇
Jeffrey Shellberg
Executive Vice President and Chief Credit Officer
◇—◇—◇—◇◇
Nick Place
Chief Lending Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jerry Baack
Chairman of the Board and Chief Executive Officer
◇—◇—◇—◇◇
Joseph Chybowski
President and Chief Financial Officer
◇—◇—◇—◇◇
Mary Jayne Crocker
Executive Vice President and Chief Strategy Officer
◇—◇—◇—◇◇
Jeffrey Shellberg
Executive Vice President and Chief Credit Officer
◇—◇—◇—◇◇
Nick Place
Chief Banking Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jerry Baack
Chairman of the Board and Chief Executive Officer
◇—◇—◇—◇◇
Joseph Chybowski
President and Chief Financial Officer
◇—◇—◇—◇◇
Nick Place
Chief Banking Officer
◇—◇—◇—◇◇
Mary Jayne Crocker
Former Executive Vice President and Chief Strategy Officer
Departed during or after this year
◇◇◇———◇◇
Lisa Salazar
Chief Operating Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Jerry BaackRSU◇——◇——◇
Joseph ChybowskiRSU◇——◇——◇
Lisa SalazarRSU◇——◇——◇
Mary Jayne CrockerRSU◇——◇——◇
Nick PlaceRSU◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Lisa SalazarOption◇—◇—
RSU◇◇——
RSU◇◇——
RSU◇◇——
Joseph ChybowskiOption◇—◇—
RSU◇◇——
RSU◇◇——
RSU◇◇——
Jerry BaackOption◇—◇—
RSU◇◇——
RSU◇◇——
RSU◇◇——
Nick PlaceRSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇—
Mary Jayne CrockerRSU◇◇——
RSU◇◇——
Option◇—◇—
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Jerry Baack
Chairman of the Board and Chief Executive Officer · Employment agreement · citing a 2023 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Non-compete period◇
Non-solicit period◇
Lisa Salazar
Chief Operating Officer · Employment agreement · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Douglas Parish
◇◇————◇
David Volk
◇◇———◇◇
Thomas Trutna
◇◇————◇
James Johnson
—◇————◇
Mohammed Lawal
—◇————◇
Lisa Brezonik
—◇————◇
David Juran
Lead independent director
—◇————◇
Todd Urness
—◇————◇
Jeffrey Shellberg, Jerry Baack and Mary Jayne Crocker served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Audit committee chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alerus Financial Corporation ALRS
  • Bank First Corporation BFC
  • Byline Bancorp, Inc. BY
  • Civista Bancshares, Inc. CIVB
  • ConnectOne Bancorp, Inc. CNOB
  • Farmers & Merchants Bancorp, Inc. FMAO
  • Farmers National Banc Corp. FMNB
  • First Business Financial Services, Inc. FBIZ
  • First Mid Bancshares, Inc. FMBH
  • Five Star Bancorp FSBC
  • Great Southern Bancorp, Inc. GSBC
  • Lakeland Financial Corporation LKFN
  • Mercantile Bank Corporation MBWM
  • Midland States Bancorp, Inc. MSBI
  • MidWestOne Financial Group, Inc. MOFG
  • Nicolet Bankshares, Inc. NIC
  • Old Second Bancorp, Inc. OSBC
  • QCR Holdings, Inc. QCRH
  • Southern First Bancshares, Inc. SFST
  • Southern Missouri Bancorp, Inc. SMBC
  • West Bancorporation, Inc. WTBA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 28, 2026=◇◇◇
2024April 22, 2025=◇◇◇
2023April 23, 2024=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Jerry Baack (Chairman of the Board and Chief Executive Officer), FY2025 total compensation $1,349,932 (base salary $650,000) [exec_comp, SEC accession 0001104659-26-028272, filed 2026-03-16]

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What this page does not include

Everything above is a fact Bridgewater Bancshares disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Bridgewater Bancshares sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
198 figures on this page: 195 cited to the filing that reported them, 3 calculated from figures it prints.
195 cited to the filing
3 calculated from the filing

Documents cited

  1. 0001104659-26-053492
  2. 0001104659-26-028272
    CEO PAY RATIO · Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · and 1 more section
  3. 0001558370-25-005559
  4. 0001558370-25-002562
    Summary Compensation Table
  5. 0001558370-24-005914
  6. 0001558370-24-002875
    Summary Compensation Table
  7. 0001558370-23-003582
  8. 0001558370-23-002993
    EX-10.22
  9. 0001104659-26-020063
    EX-10.27
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Bridgewater Bancshares executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/BWB (accessed 2026).
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The paid brief for Bridgewater Bancshares

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
9 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Bridgewater Bancshares discloses

The companies named in BWB's own disclosed peer group.

Alerus Financial CorporationBank First CorporationByline Bancorp, Inc.Civista Bancshares, Inc.ConnectOne Bancorp, Inc.Farmers & Merchants Bancorp, Inc.Farmers National Banc Corp.First Business Financial Services, Inc.First Mid Bancshares, Inc.Five Star BancorpGreat Southern Bancorp, Inc.Lakeland Financial CorporationMercantile Bank CorporationMidland States Bancorp, Inc.MidWestOne Financial Group, Inc.Nicolet Bankshares, Inc.Old Second Bancorp, Inc.QCR Holdings, Inc.Southern First Bancshares, Inc.Southern Missouri Bancorp, Inc.West Bancorporation, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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