Form 4: Bridgewater Bancshares Director Sells Shares

Jeffrey D. Shellberg, a Director at Bridgewater Bancshares Inc., reported the sale of 21,936 shares and a tax-related disposition of 669 shares of common stock.

Summary

• Jeffrey D. Shellberg, a Director of Bridgewater Bancshares Inc. (BWB), reported transactions involving the company's common stock.
• On December 6, 2025, 669 shares were disposed of at a price of $17.84 per share, marked as a tax withholding (Code F).
• On December 9, 2025, 21,936 shares were sold at a weighted average price of $17.7785 per share, with prices ranging from $17.7501 to $17.85.
• These transactions were made pursuant to a Rule 10b5-1(c) pre-planned contract, instruction, or written plan.
• Following these transactions, Mr. Shellberg directly beneficially owns 277,924 shares of common stock.
• Additionally, Mr. Shellberg indirectly beneficially owns 355,000 shares through the Jeffrey D. Shellberg Trust, 87,000 shares through the Susan K Shellberg Family Trust, and 65,000 shares through the Susan K. Shellberg Marital Trust, totaling 507,000 indirect shares.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to a director selling shares, but mitigated by the fact that the transaction was pre-planned under a 10b5-1 plan, which suggests it's for personal financial management rather than a reaction to negative company-specific news. The tax withholding is a neutral event.

Negatives

• A Director's sale of 21,936 shares, even if pre-planned, reduces their direct ownership in the company.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Industry Context

This Form 4 filing details an insider transaction, which is a routine disclosure for publicly traded companies. The sale by a director, even if pre-planned, is a common event in the financial industry, often for personal financial planning or diversification.

Related Party Transactions

• Jeffrey D. Shellberg holds shares indirectly as trustee for the Jeffrey D. Shellberg Trust, Susan K Shellberg Family Trust, and Susan K. Shellberg Marital Trust, over which he possesses voting and investment power.

Stakeholder Impact

• Shareholders may view the director's sale as a slight negative signal, although the pre-planned nature (10b5-1) typically lessens this concern.
• The overall impact on the company's operations or strategic direction is likely minimal, as this is a personal financial transaction by a director.

Key Dates

Recommendation

The filing reports an insider sale by a director, which typically warrants caution. However, the transaction was executed under a Rule 10b5-1 plan, indicating it was pre-scheduled and not necessarily driven by new, adverse information. Given this context, and without additional company-specific or market-wide information, a 'hold' recommendation is appropriate, suggesting investors maintain their current position while monitoring future developments.

Keywords

Bridgewater Bancshares, BWB, Insider Trading, Form 4, Director Share Sale, Jeffrey D. Shellberg, 10b5-1 Plan, Common Stock