Form 4: Director Shellberg Reallocates BWB Shares

Bridgewater Bancshares Director Jeffrey D. Shellberg reported an internal reallocation of 10,916 common shares between a trust and direct ownership, maintaining total beneficial holdings.

Summary

• Jeffrey D. Shellberg, a Director of Bridgewater Bancshares Inc. (BWB), reported a transaction involving 10,916 shares of common stock.
• The transaction, dated November 26, 2025, was coded as a "Gift" (G) with a price of $0 per share.
• 10,916 shares were disposed of from the Jeffrey D. Shellberg Trust, where Mr. Shellberg serves as trustee and possesses voting and investment power.
• Concurrently, 10,916 shares were acquired directly by Mr. Shellberg.
• This transaction represents an internal reallocation of beneficial ownership, moving shares from an indirect trust holding to direct holding, with no net change to Mr. Shellberg's total beneficial ownership of Bridgewater Bancshares common stock.
• Following the transaction, Mr. Shellberg directly owns 300,529 shares and indirectly owns 361,356 shares via the Jeffrey D. Shellberg Trust, 87,000 shares via the Susan K. Shellberg Family Trust, and 65,000 shares via the Susan K. Shellberg Marital Trust.

Sentiment

Score: 5

Explanation: The transaction is an internal reallocation of shares by a director, with no net change in beneficial ownership. It is a neutral event for the company and its stock price.

Positives

• No net reduction in the director's overall beneficial ownership, indicating continued alignment of interests with shareholders.

Negatives

• No immediate negative implications for the company or shareholders from this internal reallocation.

Future Outlook

NA

Industry Context

This filing is a routine insider transaction report and does not provide broader industry context. It reflects an individual director's shareholding structure rather than market trends or competitive positioning.

Related Party Transactions

• The transaction involves a transfer of shares between a trust where Mr. Shellberg is trustee and his direct ownership, which can be considered a related party transaction in terms of beneficial ownership structure.

Stakeholder Impact

• Shareholders: No direct impact on the company's outstanding shares or market capitalization. The director's continued beneficial ownership aligns interests.
• Employees, Customers, Suppliers, Creditors: No direct impact from this internal share reallocation.

Key Dates

Recommendation

This Form 4 filing details an internal reallocation of shares by a director, Jeffrey D. Shellberg, moving 10,916 shares from a trust to his direct ownership. There is no net change in his total beneficial ownership of Bridgewater Bancshares common stock. Such a transaction is a routine administrative matter and does not signal any fundamental change in the company's prospects or the director's confidence. Therefore, it provides no new information to warrant a change from a 'hold' position based solely on this filing.

Keywords

Bridgewater Bancshares, BWB, Jeffrey D. Shellberg, Director, Insider Transaction, Form 4, Beneficial Ownership, Stock Reallocation, Trust, Common Stock