Effective upkeep of aging infrastructure systems with limited funding and resources calls for efficient bridge management systems. Although data-driven models have been extensively studied in the last decade for extracting knowledge from past experience to guide future maintenance decision making, their performance and usefulness have been limited by the level of detail and accuracy of currently available bridge condition databases. This paper leverages an untapped resource for bridge condition data and proposes a new method to extract condition information from it at a high level of detail. To that end, a natural language processing approach was developed to formalize structural condition knowledge by formulating a sequence labeling task and modeling inspection narratives as a combination of words representing defects, their severity and location, while accounting for the context of each word. The proposed framework employs a deep-learning-based approach and incorporates context-aware components including a bi-directional Long Short Term Memory (LSTM) neural network architecture and a Conditional Random Field (CRF) classifier to account for the context of words when assigning labels. A dependency-based word embedding model was also used to represent the raw text while incorporating both semantic and contextual information. The sequence labeling model was trained using bridge inspection reports collected from the Virginia Department of Transportation bridge inspection database and achieved an F1 score of 94.12% during testing. The proposed model also demonstrated improvements compared with baseline sequence labeling models, and was further used to demonstrate the capability of detecting condition changes with respect to previous inspection records. Results of this study show that the proposed method can be used to extract and create a condition information database that can further assist in developing data-driven bridge management and condition forecasting models, as well as automated bridge inspection systems.