Bridgewater Bancshares Inc. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Bridgewater Bancshares, Inc. on August 27, 2018. The filing discloses a material definitive agreement entered into by Bridgewater Bank, the Company's wholly-owned subsidiary.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt levels, or liquidity ratios. The only financial figure disclosed relates to a specific capital project:
- Guaranteed Maximum Price (GMP): $23.0 million for the construction of a new headquarters.
- Contract Fee Structure: Cost of work plus a fee equal to 3.75% of the cost of work.
Material Changes
The primary material event is the execution of a Construction Contract on August 27, 2018, with Reuter Walton Commercial, LLC. This agreement authorizes the construction of the core and shell of a new headquarters building in St. Louis Park, Minnesota.
Outlook and Management Commentary
Management anticipates the completion of the construction project in 2020. The contract includes customary terms addressing project responsibilities. No specific guidance regarding future earnings, risks, or contingencies beyond the terms of this construction agreement is provided in this filing.
Key Facts for Investor Verification
- Verify the total projected cost of the new headquarters against the $23.0 million guaranteed maximum price.
- Confirm the impact of this capital expenditure on the Company's liquidity and debt capacity in subsequent quarterly reports.
- Monitor the construction timeline to ensure the 2020 completion date is met.
- Review the full text of Exhibit 10.1 (Construction Contract) for specific change order provisions or liability caps.