Bridgewater Bancshares, Inc. Announces Fourth Quarter 2025 Financial Results

ST. LOUIS PARK, Minn.--( BUSINESS WIRE)--Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“the Company”), the parent company of Bridgewater Bank (“the Bank”), today announced net income of $13.3 million for the fourth quarter of 2025, compared to $11.6 million for the third quarter of 2025, and $8.2 million for the fourth quarter of 2024. Earnings per diluted common share were $0.43 for the fourth quarter of 2025, compared to $0.38 for the third quarter of 2025, and $0.26 for the fourth quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $13.5 million for the fourth quarter of 2025, compared to $12.0 million for the third quarter of 2025, and $8.6 million for the fourth quarter of 2024. Adjusted earnings per diluted common share, a non-GAAP financial measure, were $0.44 for the fourth quarter of 2025, compared to $0.39 for the third quarter of 2025, and $0.27 for the fourth quarter of 2024.

“Bridgewater’s fourth quarter was highlighted by strong revenue growth, well controlled expenses, and continued core deposit and loan growth momentum,” said Chairman and Chief Executive Officer, Jerry Baack. “Our overall efficiency improved as meaningful net interest margin expansion and strong swap fee income drove revenue higher while expense growth returned to more normalized levels following the systems conversion of our recent acquisition. Meanwhile, we continued to capitalize on the M&A disruption in the Twin Cities through opportunities to attract top talent and earn new client relationships.

“As we look ahead to 2026, we are focused on driving profitable growth, gaining market share, and continuing to leverage technology investments to support future growth. We will also look to expand key verticals including affordable housing, which became a key growth driver for us in 2025. With the right team in place, an outlook for continued growth and net interest margin expansion, and a strong credit culture, we believe we are well positioned to continue improving profitability and growing tangible book value in 2026.”

(1)

Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2)

Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.

Key Financial Measures

As of and for the Three Months Ended

As of and for the Year Ended

December 31,

September 30,

December 31,

2025

2024

2025

2024

Per Common Share Data

Basic Earnings Per Share

0.45

0.38

0.26

1.53

1.05

Diluted Earnings Per Share

0.43

0.38

0.26

1.49

1.03

Adjusted Diluted Earnings Per Share (1)

0.44

0.39

0.27

1.52

1.04

Book Value Per Share

16.23

15.62

14.21

16.23

14.21

Tangible Book Value Per Share (1)

15.55

14.93

13.49

15.55

13.49

Financial Ratios

Return on Average Assets (2)

0.97

0.86

0.68

0.87

0.70

Pre-Provision Net Revenue Return on Average Assets (1)(2)

1.35

1.19

1.05

1.24

0.98

Return on Average Shareholders' Equity (2)

10.38

9.47

7.16

9.53

7.45

Return on Average Tangible Common Equity (1)(2)

11.53

10.50

7.43

10.56

7.75

Net Interest Margin (3)

2.75

2.63

2.32

2.63

2.26

Core Net Interest Margin (1)(3)

2.62

2.52

2.24

2.50

2.19

Cost of Total Deposits

2.97

3.19

3.40

3.12

3.44

Cost of Funds

3.07

3.25

3.38

3.17

3.44

Efficiency Ratio (1)

51.6

54.7

56.8

53.5

57.9

Noninterest Expense to Average Assets (2)

1.48

1.47

1.40

1.47

1.35

Tangible Common Equity to Tangible Assets (1)

8.01

7.71

7.36

8.01

7.36

Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4)

9.17

9.08

9.17

9.08

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

0.99

0.88

0.71

0.89

0.71

Adjusted Pre-Provision Net Revenue Return on Average Assets (2)

1.38

1.23

1.09

1.27

0.99

Adjusted Return on Average Shareholders' Equity (2)

10.54

9.77

7.49

9.69

7.50

Adjusted Return on Average Tangible Common Equity (2)

11.72

10.86

7.82

10.77

7.82

Adjusted Efficiency Ratio

50.7

53.2

55.2

52.2

57.3

Adjusted Noninterest Expense to Average Assets (2)

1.45

1.43

1.36

1.43

1.34

Balance Sheet and Asset Quality (dollars in thousands)

Total Assets

5,407,002

5,359,994

5,066,242

5,407,002

5,066,242

Total Loans, Gross

4,309,517

4,214,554

3,868,514

4,309,517

3,868,514

Deposits

4,320,369

4,292,764

4,086,767

4,320,369

4,086,767

Loan to Deposit Ratio

99.7

98.2

94.7

99.7

94.7

Net Loan Charge-Offs to Average Loans (2)

0.11

0.03

0.04

0.03

Nonperforming Assets to Total Assets (5)

0.41

0.19

0.01

0.41

0.01

Allowance for Credit Losses to Total Loans

1.31

1.34

1.35

1.31

1.35

(1)

Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2)

Annualized.

(3)

Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4)

Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

(5)

Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the fourth quarter of 2025 was 2.75%, a 12 basis point increase from 2.63% in the third quarter of 2025, and a 43 basis point increase from 2.32% in the fourth quarter of 2024. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and purchase accounting accretion attributable to the acquisition of FMCB, was 2.62% for the fourth quarter of 2025, a 10 basis point increase from 2.52% in the third quarter of 2025, and a 38 basis point increase from 2.24% in the fourth quarter of 2024.

Net interest income was $35.7 million for the fourth quarter of 2025, an increase of $1.6 million from $34.1 million in the third quarter of 2025, and an increase of $8.7 million from $27.0 million in the fourth quarter of 2024.

Interest income was $73.3 million for the fourth quarter of 2025, a decrease of $324,000 from $73.6 million in the third quarter of 2025, and an increase of $10.0 million from $63.3 million in the fourth quarter of 2024.

A summary of interest and fees recognized on loans for the periods indicated is as follows:

Three Months Ended

December 31, 2025

September 30, 2025

June 30,

2025

March 31,

2025

December 31, 2024

Interest

5.63

5.66

5.59

5.50

5.47

Fees

0.10

0.09

0.11

0.07

0.08

Accretion

0.05

0.04

—

Yield on Loans

5.78

5.79

5.74

5.61

5.55

Interest expense was $37.6 million for the fourth quarter of 2025, a decrease of $1.9 million from $39.5 million in the third quarter of 2025, and an increase of $1.3 million from $36.4 million in the fourth quarter of 2024.

Interest expense on deposits was $32.2 million for the fourth quarter of 2025, a decrease of $2.4 million from $34.6 million in the third quarter of 2025, and a decrease of $607,000 from $32.8 million in the fourth quarter of 2024.

Provision for Credit Losses

The provision for credit losses on loans and leases was $1.3 million for the fourth quarter of 2025, compared to $900,000 for the third quarter of 2025 and $1.5 million for the fourth quarter of 2024.

The provision for credit losses for off-balance sheet credit exposures was $200,000 for the fourth quarter of 2025, stable with the third quarter of 2025, and compared to $725,000 for the fourth quarter of 2024.

Noninterest Income

Noninterest income was $3.1 million for the fourth quarter of 2025, an increase of $1.1 million from $2.1 million for the third quarter of 2025, and an increase of $615,000 from $2.5 million for the fourth quarter of 2024.

Noninterest Expense

Noninterest expense was $20.2 million for the fourth quarter of 2025, an increase of $282,000 from $20.0 million for the third quarter of 2025 and an increase of $3.4 million from $16.8 million for the fourth quarter of 2024.

Income Taxes

The effective combined federal and state income tax rate was 22.2% for the fourth quarter of 2025, compared to 23.2% for the third quarter of 2025, and 22.0% for the fourth quarter of 2024.

Balance Sheet

Loans

(dollars in thousands)

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

Commercial

547,245

533,476

549,259

528,801

497,662

Leases

43,407

43,186

44,817

43,958

44,291

Construction and Land Development

216,163

159,991

136,438

128,073

97,255

1-4 Family Construction

45,152

41,739

39,095

39,438

41,961

Real Estate Mortgage:

1 - 4 Family Mortgage

496,142

487,297

474,269

479,461

474,383

Multifamily

1,587,338

1,578,223

1,555,731

1,534,747

1,425,610

CRE Owner Occupied

189,754

192,966

192,837

196,080

191,248

CRE Nonowner Occupied

1,165,104

1,158,622

1,137,007

1,055,157

1,083,108

Total Real Estate Mortgage Loans

3,438,338

3,417,108

3,359,844

3,265,445

3,174,349

Consumer and Other

19,212

19,054

16,346

14,361

12,996

Total Loans, Gross

4,309,517

4,214,554

4,145,799

4,020,076

3,868,514

Allowance for Credit Losses on Loans

(56,443)

(56,390)

(55,765)

(53,766)

(52,277)

Net Deferred Loan Fees

(8,966)

(8,282)

(7,629)

(7,218)

(6,801)

Total Loans, Net

4,244,108

4,149,882

4,082,405

3,959,092

3,809,436

Total gross loans at December 31, 2025 were $4.31 billion, an increase of $95.0 million, or 8.9% annualized, over total gross loans of $4.21 billion at September 30, 2025, and an increase of $441.0 million, or 11.4%, over total gross loans of $3.87 billion at December 31, 2024.

Deposits

(dollars in thousands)

December 31,

2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

Noninterest Bearing Transaction Deposits

923,070

822,632

787,868

791,528

800,763

Interest Bearing Transaction Deposits

893,740

860,774

791,748

840,378

862,242

Savings and Money Market Deposits

1,380,922

1,428,726

1,441,694

1,372,191

1,259,503

Time Deposits

312,154

346,214

344,882

326,821

338,506

Brokered Deposits

810,483

834,418

870,550

831,539

825,753

Total Deposits

4,320,369

4,292,764

4,236,742

4,162,457

4,086,767

Total deposits at December 31, 2025 were $4.32 billion, an increase of $27.6 million, or 2.6% annualized, over total deposits of $4.29 billion at September 30, 2025, and an increase of $233.6 million, or 5.7%, over total deposits of $4.09 billion at December 31, 2024.

Asset Quality

Overall asset quality remained strong due to the Company’s measured risk selection, consistent underwriting standards, active credit oversight, and experienced lending and credit teams.

Capital

Total shareholders’ equity at December 31, 2025 was $517.1 million, an increase of $19.6 million, or 15.7% annualized, compared to $497.5 million at September 30, 2025, and an increase of $59.2 million, or 12.9%, over $457.9 million at December 31, 2024.

Tangible book value per share, a non-GAAP financial measure, was $15.55 as of December 31, 2025, an increase of 16.5% annualized from $14.93 as of September 30, 2025, and an increase of 15.3% from $13.49 as of December 31, 2024.

The Company did not repurchase any shares of its common stock during the fourth quarter of 2025.

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on March 2, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on February 13, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its fourth quarter 2025 financial results on Wednesday, January 28, 2026 at 8:00 a.m. Central Time. The conference call can be accessed by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. To listen to a replay of the conference call via phone, please dial 855-669-9658 and enter access code 9545199. The replay will be available through February 4, 2026. The conference call will also be available via a live webcast on the Investor Relations section of the Company’s website, investors.bridgewaterbankmn.com, and archived for replay.

About the Company

Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park, Minnesota-based financial holding company founded in 2005. Its banking subsidiary, Bridgewater Bank, is a premier, full-service bank dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals across the Twin Cities. Bridgewater offers a comprehensive suite of products and services spanning deposits, lending, and treasury management solutions. Bridgewater has also received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.4 billion as of December 31, 2025 and eight strategically located branches, Bridgewater is one of the largest locally-led banks in Minnesota and is committed to being the finest entrepreneurial bank. For more information, please visit www.bridgewaterbankmn.com.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Forward-Looking Statements

This earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement and changes in foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including CRE loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including ongoing conflicts in the Middle East, the Russian invasion of Ukraine and recent military activities in Venezuela; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, including the possibility that the merger may be more difficult or expensive to integrate than anticipated, and the effect of the merger on the Company’s customer and employee relationships and operating results; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Bridgewater Bancshares, Inc. and Subsidiaries

Financial Highlights

(dollars in thousands, except share data)

As of and for the Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

(Unaudited)

Income Statement

Net Interest Income

35,687

34,091

32,452

30,208

26,967

Provision for Credit Losses

1,450

1,100

2,000

1,500

2,175

Noninterest Income

3,148

2,061

3,627

2,079

2,533

Noninterest Expense

20,238

19,956

18,941

18,136

16,812

Net Income

13,334

11,601

11,520

9,633

8,204

Net Income Available to Common Shareholders

12,320

10,588

10,506

8,620

7,190

Per Common Share Data

Basic Earnings Per Share

0.45

0.38

0.31

0.26

Diluted Earnings Per Share

0.43

0.38

0.31

0.26

Adjusted Diluted Earnings Per Share (1)

0.44

0.39

0.37

0.32

0.27

Book Value Per Share

16.23

15.62

14.92

14.60

14.21

Tangible Book Value Per Share (1)

15.55

14.93

14.21

13.89

13.49

Basic Weighted Average Shares Outstanding

27,641,138

27,504,840

27,460,982

27,568,772

27,459,433

Diluted Weighted Average Shares Outstanding

28,354,756

28,190,406

27,998,008

28,036,506

28,055,532

Shares Outstanding at Period End

27,759,970

27,584,732

27,470,283

27,560,150

27,552,449

Financial Ratios

Return on Average Assets (2)

0.97

0.86

0.90

0.77

0.68

Pre-Provision Net Revenue Return on Average Assets (1)(2)

1.35

1.19

1.27

1.13

1.05

Return on Average Shareholders' Equity (2)

10.38

9.47

9.80

8.39

7.16

Return on Average Tangible Common Equity (1)(2)

11.53

10.50

10.93

9.22

7.43

Net Interest Margin (3)

2.75

2.63

2.62

2.51

2.32

Core Net Interest Margin (1)(3)

2.62

2.52

2.49

2.37

2.24

Cost of Total Deposits

2.97

3.19

3.16

3.18

3.40

Cost of Funds

3.07

3.25

3.19

3.17

3.38

Efficiency Ratio (1)

51.6

54.7

52.6

55.5

56.8

Noninterest Expense to Average Assets (2)

1.48

1.47

1.45

1.40

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

0.99

0.88

0.80

0.71

Adjusted Pre-Provision Net Revenue Return on Average Assets (2)

1.38

1.23

1.31

1.18

1.09

Adjusted Return on Average Shareholders' Equity (2)

10.54

9.77

9.64

8.77

7.49

Adjusted Return on Average Tangible Common Equity (2)

11.72

10.86

10.74

9.68

7.82

Adjusted Efficiency Ratio

50.7

53.2

51.5

53.7

55.2

Adjusted Noninterest Expense to Average Assets (2)

1.45

1.43

1.41

1.36

Balance Sheet

Total Assets

5,407,002

5,359,994

5,296,673

5,136,808

5,066,242

Total Loans, Gross

4,309,517

4,214,554

4,145,799

4,020,076

3,868,514

Deposits

4,320,369

4,292,764

4,236,742

4,162,457

4,086,767

Total Shareholders' Equity

517,095

497,463

476,282

468,975

457,935

Loan to Deposit Ratio

99.7

98.2

97.9

96.6

94.7

Core Deposits to Total Deposits (4)

77.6

76.4

75.2

76.2

76.0

Asset Quality

Net Loan Charge-Offs to Average Loans (2)

0.11

0.03

0.00

0.03

Nonperforming Assets to Total Assets (5)

0.41

0.19

0.20

0.01

Allowance for Credit Losses to Total Loans

1.31

1.34

1.35

1.34

1.35

As of and for the Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

(Unaudited)

Capital Ratios (Consolidated) (6)

Tier 1 Leverage Ratio

9.20

9.02

9.14

9.10

9.45

Common Equity Tier 1 Risk-based Capital Ratio

9.17

9.08

9.03

9.08

Tier 1 Risk-based Capital Ratio

10.57

10.52

10.51

10.55

10.64

Total Risk-based Capital Ratio

14.12

14.17

13.62

13.76

Tangible Common Equity to Tangible Assets (1)

8.01

7.71

7.40

7.48

7.36

(1)

Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2)

Annualized.

(3)

Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4)

Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.

(5)

Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

(6)

Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

(Unaudited)

Assets

Cash and Cash Equivalents

123,511

131,818

217,495

166,205

229,760

Bank-Owned Certificates of Deposit

—

3,658

3,897

4,139

4,377

Securities Available for Sale, at Fair Value

776,441

826,473

743,889

764,626

768,247

Loans, Net of Allowance for Credit Losses

4,244,108

4,149,882

4,082,405

3,959,092

3,809,436

Federal Home Loan Bank (FHLB) Stock, at Cost

21,122

21,373

21,472

18,984

19,297

Premises and Equipment, Net

51,576

50,955

49,979

49,442

49,533

Foreclosed Assets

—

185

—

Accrued Interest

18,929

19,244

17,711

17,700

17,711

Goodwill

11,982

Other Intangible Assets, Net

6,930

7,160

7,390

7,620

7,850

Bank-Owned Life Insurance

46,576

46,121

45,413

45,025

44,646

Other Assets

105,827

91,328

94,855

91,993

103,403

Total Assets

5,407,002

5,359,994

5,296,673

5,136,808

5,066,242

Liabilities and Equity

Liabilities

Deposits:

Noninterest Bearing

923,070

822,632

787,868

791,528

800,763

Interest Bearing

3,397,299

3,470,132

3,448,874

3,370,929

3,286,004

Total Deposits

4,320,369

4,292,764

4,236,742

4,162,457

4,086,767

Notes Payable

—

13,750

FHLB Advances

399,500

404,500

349,500

359,500

Subordinated Debentures, Net of Issuance Costs

108,677

108,588

108,689

79,766

79,670

Accrued Interest Payable

3,227

5,208

4,110

4,525

4,008

Other Liabilities

58,134

51,471

52,600

57,835

64,612

Total Liabilities

4,889,907

4,862,531

4,820,391

4,667,833

4,608,307

Shareholders' Equity

Preferred Stock- $0.01 par value; Authorized 10,000,000

Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at December 31, 2025 (unaudited), September 30, 2025 (unaudited), June 30, 2025 (unaudited), March 31, 2025 (unaudited), and December 31, 2024

66,514

Common Stock- $0.01 par value; Authorized 75,000,000

Common Stock - Issued and Outstanding 27,759,970 at December 31, 2025 (unaudited), 27,584,732 at September 30, 2025 (unaudited), 27,470,283 at June 30, 2025 (unaudited), 27,560,150 at March 31, 2025 (unaudited), and 27,552,449 at December 31, 2024

278

276

275

276

Additional Paid-In Capital

98,287

97,101

95,174

95,503

95,088

Retained Earnings

351,455

339,135

328,547

318,041

309,421

Accumulated Other Comprehensive Gain (Loss)

561

(5,563

)

(14,228

)

(11,359

)

(13,364

)

Total Shareholders' Equity

517,095

497,463

476,282

468,975

457,935

Total Liabilities and Equity

5,407,002

5,359,994

5,296,673

5,136,808

5,066,242

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except per share data)

Three Months Ended

Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

2025

2024

(Unaudited)

Interest Income

Loans, Including Fees

61,444

60,038

57,888

53,820

51,870

233,190

204,731

Investment Securities

9,720

10,371

9,200

9,397

9,109

38,688

33,927

Other

2,145

3,224

2,110

2,491

2,345

9,970

7,240

Total Interest Income

73,309

73,633

69,198

65,708

63,324

281,848

245,898

Interest Expense

Deposits

32,203

34,615

32,497

32,103

32,810

131,418

128,805

Federal Funds Purchased

—

1,201

Notes Payable

—

106

260

258

275

624

1,162

FHLB Advances

3,524

2,933

2,852

2,156

2,229

11,465

8,554

Subordinated Debentures

1,890

1,888

1,121

983

1,001

5,882

3,983

Total Interest Expense

37,622

39,542

36,746

35,500

36,357

149,410

143,705

Net Interest Income

35,687

34,091

32,452

30,208

26,967

132,438

102,193

Provision for Credit Losses

1,450

1,100

2,000

1,500

2,175

6,050

3,525

Net Interest Income After Provision for Credit Losses

34,237

32,991

30,452

28,708

24,792

126,388

98,668

Noninterest Income

Customer Service Fees

521

501

496

495

394

2,013

1,475

Net Gain on Sales of Securities

474

—

614

385

Net Gain on Sales of Foreclosed Assets

—

Letter of Credit Fees

668

383

323

455

849

1,829

1,976

Debit Card Interchange Fees

178

173

152

137

145

640

593

Swap Fees

651

—

938

521

1,631

547

Bank-Owned Life Insurance

455

440

387

379

362

1,661

1,327

Investment Advisory Fees

227

208

213

325

—

973

—

FHLB Prepayment Income

—

301

—

301

—

Other Income

368

297

343

245

200

1,253

1,003

Total Noninterest Income

3,148

2,061

3,627

2,079

2,533

10,915

7,368

Noninterest Expense

Salaries and Employee Benefits

12,434

12,229

11,363

11,371

10,605

47,397

39,564

Occupancy and Equipment

1,171

1,266

1,274

1,234

1,181

4,945

4,399

FDIC Insurance Assessment

770

775

750

450

609

2,745

2,959

Data Processing

638

637

625

619

445

2,519

1,697

Professional and Consulting Fees

1,404

1,261

1,110

994

989

4,769

3,879

Derivative Collateral Fees

237

309

372

451

426

1,369

1,821

Information Technology and Telecommunications

976

973

971

877

3,891

3,325

Marketing and Advertising

718

658

435

327

479

2,138

1,485

Intangible Asset Amortization

231

230

921

Other Expense

1,659

1,618

1,811

1,489

1,149

6,577

4,093

Total Noninterest Expense

20,238

19,956

18,941

18,136

16,812

77,271

63,300

Income Before Income Taxes

17,147

15,096

15,138

12,651

10,513

60,032

42,736

Provision for Income Taxes

3,813

3,495

3,618

3,018

2,309

13,944

9,911

Net Income

13,334

11,601

11,520

9,633

8,204

46,088

32,825

Preferred Stock Dividends

(1,014)

(1,013)

(1,014)

(1,013)

(1,014)

(4,054)

Net Income Available to Common Shareholders

12,320

10,588

10,506

8,620

7,190

42,034

28,771

Earnings Per Share

Basic

0.45

0.38

0.31

0.26

1.53

1.05

Diluted

0.43

0.38

0.31

0.26

1.49

1.03

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Three Months Ended

December 31, 2025

September 30, 2025

December 31, 2024

Average

Interest

Yield/

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

182,129

1,649

3.59

256,174

2,732

4.23

181,904

1,968

4.30

Investment Securities:

Taxable Investment Securities

671,444

8,001

4.73

730,643

9,448

5.13

723,038

8,814

4.85

Tax-Exempt Investment Securities (1)

147,832

2,177

5.84

81,962

1,168

5.66

28,681

374

5.19

Total Investment Securities

819,276

10,178

4.93

812,605

10,616

5.18

751,719

9,188

4.86

Loans (1)(2)

4,239,936

61,746

5.78

4,132,987

60,317

5.79

3,730,532

52,078

5.55

Federal Home Loan Bank Stock

23,359

496

8.43

21,373

492

9.12

18,686

377

8.02

Total Interest Earning Assets

5,264,700

74,069

5.58

5,223,139

74,157

5.63

4,682,841

63,611

5.40

Noninterest Earning Assets

173,855

149,304

105,195

Total Assets

5,438,555

5,372,443

4,788,036

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

891,419

7,912

3.52

843,905

8,037

3.78

836,155

8,962

4.26

Savings and Money Market Deposits

1,445,588

12,597

3.46

1,473,465

13,465

3.63

1,073,194

10,795

4.00

Time Deposits

333,904

3,282

3.90

342,926

3,703

4.28

336,917

3,650

4.31

Brokered Deposits

775,750

8,412

4.30

856,516

9,410

4.36

875,015

9,403

4.27

Total Interest Bearing Deposits

3,446,661

32,203

3.71

3,516,812

34,615

3.90

3,121,281

32,810

4.18

Federal Funds Purchased

496

4.22

—

3,290

5.09

Notes Payable

—

5,679

106

7.40

13,750

275

7.95

FHLB Advances

449,065

3,524

3.11

404,500

2,933

2.88

347,652

2,229

2.55

Subordinated Debentures

108,629

1,890

6.90

108,639

1,888

6.89

79,616

1,001

5.00

Total Interest Bearing Liabilities

4,004,851

37,622

3.73

4,035,630

39,542

3.89

3,565,589

36,357

4.06

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

854,687

793,760

718,227

Other Noninterest Bearing Liabilities

69,362

57,184

48,271

Total Noninterest Bearing Liabilities

924,049

850,944

766,498

Shareholders' Equity

509,655

485,869

455,949

Total Liabilities and Shareholders' Equity

5,438,555

5,372,443

4,788,036

Net Interest Income / Interest Rate Spread

36,447

1.86

34,615

1.74

27,254

1.35

Net Interest Margin (3)

2.75

2.63

2.32

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(760)

(524)

(287)

Net Interest Income

35,687

34,091

26,967

(1)

Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

(2)

Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3)

Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Year Ended

December 31, 2025

December 31, 2024

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

203,433

8,118

3.99

124,205

5,690

4.58

Investment Securities:

Taxable Investment Securities

726,164

35,365

4.87

668,012

32,681

4.89

Tax-Exempt Investment Securities (1)

74,649

4,207

5.64

30,864

1,577

5.11

Total Investment Securities

800,813

39,572

4.94

698,876

34,258

4.90

Loans (1)(2)

4,088,601

234,164

5.73

3,738,260

205,646

5.50

Federal Home Loan Bank Stock

21,296

1,852

8.70

18,256

1,550

8.49

Total Interest Earning Assets

5,114,143

283,706

5.55

4,579,597

247,144

5.40

Noninterest Earning Assets

154,410

103,547

Total Assets

5,268,553

4,683,144

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

852,426

31,907

3.74

776,768

34,294

4.41

Savings and Money Market Deposits

1,401,187

50,689

3.62

956,300

39,297

4.11

Time Deposits

334,003

13,562

4.06

342,582

14,585

4.26

Brokered Deposits

825,114

35,260

4.27

963,676

40,629

4.22

Total Interest Bearing Deposits

3,412,730

131,418

3.85

3,039,326

128,805

4.24

Federal Funds Purchased

466

4.53

21,493

1,201

5.59

Notes Payable

8,250

624

7.57

13,750

1,162

8.45

FHLB Advances

403,411

11,465

2.84

320,497

8,554

2.67

Subordinated Debentures

95,334

5,882

6.17

79,473

3,983

5.01

Total Interest Bearing Liabilities

3,920,191

149,410

3.81

3,474,539

143,705

4.14

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

799,099

705,247

Other Noninterest Bearing Liabilities

65,435

62,595

Total Noninterest Bearing Liabilities

864,534

767,842

Shareholders' Equity

483,828

440,763

Total Liabilities and Shareholders' Equity

5,268,553

4,683,144

Net Interest Income / Interest Rate Spread

134,296

1.74

103,439

1.26

Net Interest Margin (3)

2.63

2.26

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(1,858)

(1,246)

Net Interest Income

132,438

102,193

(1)

Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

(2)

Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3)

Bridgewater Bancshares, Inc. and Subsidiaries

Asset Quality Summary

(unaudited)

As of and for the Three Months Ended

As of and for the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

2025

2024

Allowance for Credit Losses

Balance at Beginning of Period

56,390

55,765

53,766

52,277

51,018

52,277

50,494

Day 1 PCD Allowance

—

114

—

114

Provision for Credit Losses (1)

1,250

900

2,000

1,500

1,450

5,650

2,900

Charge-offs

(1,259)

(276)

(6)

(12)

(317)

(1,553)

(1,266)

Recoveries

Net Charge-offs

(1,197)

(275)

(1)

(11)

(305)

(1,484)

(1,231)

Balance at End of Period

56,443

56,390

55,765

53,766

52,277

56,443

52,277

Allowance for Credit Losses to Total Loans

1.31

1.34

1.35

1.34

1.35

1.31

1.35

(1)

Includes a day 1 provision for credit losses for non-PCD loans acquired in the FMCB transaction of $950,000 for the three and twelve months ended December 31, 2024.

As of and for the Three Months Ended

As of and for the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

2025

2024

Provision for Credit Losses on Loans and Leases

1,250

900

2,000

1,500

1,450

5,650

2,900

Provision for Credit Losses for Off-Balance Sheet Credit Exposures

200

—

725

400

625

Provision for Credit Losses

1,450

1,100

2,000

1,500

2,175

6,050

3,525

As of and for the Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

Selected Asset Quality Data

Loans 30-89 Days Past Due

968

2,906

12,492

466

1,291

Loans 30-89 Days Past Due to Total Loans

0.02

0.07

0.30

0.01

0.03

Nonperforming Loans

22,034

9,991

10,134

10,290

301

Nonperforming Loans to Total Loans

0.51

0.24

0.26

0.01

Nonaccrual Loans to Total Loans

0.51

0.24

0.26

0.01

Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans

0.51

0.24

0.26

0.01

Foreclosed Assets

—

185

—

Nonperforming Assets (1)

22,034

9,991

10,319

10,290

301

Nonperforming Assets to Total Assets (1)

0.41

0.19

0.20

0.01

Net Loan Charge-Offs (Annualized) to Average Loans

0.11

0.03

0.00

0.03

Watchlist/Special Mention Risk Rating Loans

47,823

40,642

53,282

38,346

46,581

Substandard Risk Rating Loans

52,956

58,074

44,986

31,587

21,791

(1)

Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

2025

2024

Pre-Provision Net Revenue

Noninterest Income

3,148

2,061

3,627

2,079

2,533

10,915

7,368

Less: Gain on Sales of Securities

(80)

(59)

(474)

(1)

—

(614)

(385)

Less: FHLB Advance Prepayment Income

—

(301)

—

(301)

—

Total Operating Noninterest Income

3,068

2,002

2,852

2,078

2,533

10,000

6,983

Plus: Net Interest Income

35,687

34,091

32,452

30,208

26,967

132,438

102,193

Net Operating Revenue

38,755

36,093

35,304

32,286

29,500

142,438

109,176

Noninterest Expense

20,238

19,956

18,941

18,136

16,812

77,271

63,300

Total Operating Noninterest Expense

20,238

19,956

18,941

18,136

16,812

77,271

63,300

Pre-Provision Net Revenue

18,517

16,137

16,363

14,150

12,688

65,167

45,876

Plus:

Non-Operating Revenue Adjustments

775

—

915

385

Less:

Provision for Credit Losses

1,450

1,100

2,000

1,500

2,175

6,050

3,525

Provision for Income Taxes

3,813

3,495

3,618

3,018

2,309

13,944

9,911

Net Income

13,334

11,601

11,520

9,633

8,204

46,088

32,825

Average Assets

5,438,555

5,372,443

5,162,182

5,071,446

4,788,036

5,268,553

4,683,144

Pre-Provision Net Revenue Return on Average Assets

1.35

1.19

1.27

1.13

1.05

1.24

0.98

Adjusted Pre-Provision Net Revenue

Net Operating Revenue

38,755

36,093

35,304

32,286

29,500

142,438

109,176

Noninterest Expense

20,238

19,956

18,941

18,136

16,812

77,271

63,300

Less: Merger-related Expenses

(346)

(530)

(540)

(565)

(488)

(1,981)

(712)

Adjusted Total Operating Noninterest Expense

19,892

19,426

18,401

17,571

16,324

75,290

62,588

Adjusted Pre-Provision Net Revenue

18,863

16,667

16,903

14,715

13,176

67,148

46,588

Adjusted Pre-Provision Net Revenue Return on Average Assets

1.38

1.23

1.31

1.18

1.09

1.27

0.99

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis)

36,447

34,614

32,770

30,464

27,254

134,296

103,440

Less:

Loan Fees

(1,041)

(966)

(1,019)

(719)

(747)

(3,745)

(3,090)

Purchase Accounting Accretion:

Loan Accretion

(546)

(380)

(425)

(342)

—

(1,693)

—

Bond Accretion

(33)

(89)

(152)

(578)

(91)

(852)

(91)

Bank-Owned Certificates of Deposit Accretion

(16)

(6)

(4)

(7)

—

(33)

—

Deposit Certificates of Deposit Accretion

—

(13)

(37)

(38)

—

(88)

—

Total Purchase Accounting Accretion

(595)

(488)

(618)

(965)

(91)

(2,666)

(91)

Core Net Interest Income (Tax-equivalent Basis)

34,811

33,160

31,133

28,780

26,416

127,885

100,259

Average Interest Earning Assets

5,264,700

5,223,139

5,019,058

4,928,283

4,682,841

5,114,143

4,579,597

Core Net Interest Margin

2.62

2.52

2.49

2.37

2.24

2.50

2.19

Core Loan Yield

Loan Interest Income (Tax-equivalent Basis)

61,746

60,317

58,122

53,979

52,078

234,164

205,646

Less:

Loan Fees

(1,041)

(966)

(1,019)

(719)

(747)

(3,745)

(3,090)

Loan Accretion

(546)

(380)

(425)

(342)

—

(1,693)

—

Core Loan Interest Income

60,159

58,971

56,678

52,918

51,331

228,726

202,556

Average Loans

4,239,936

4,132,987

4,064,540

3,899,258

3,730,532

4,088,601

3,738,260

Core Loan Yield

5.63

5.66

5.59

5.50

5.47

5.59

5.42

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

2025

2024

Efficiency Ratio

Noninterest Expense

20,238

19,956

18,941

18,136

16,812

77,271

63,300

Less: Amortization of Intangible Assets

(231)

(230)

(52)

(921)

(78)

Adjusted Noninterest Expense

20,007

19,726

18,711

17,906

16,760

76,350

63,222

Net Interest Income

35,687

34,091

32,452

30,208

26,967

132,438

102,193

Noninterest Income

3,148

2,061

3,627

2,079

2,533

10,915

7,368

Less: Gain on Sales of Securities

(80)

(59)

(474)

(1)

—

(614)

(385)

Adjusted Operating Revenue

38,755

36,093

35,605

32,286

29,500

142,739

109,176

Efficiency Ratio

51.6

54.7

52.6

55.5

56.8

53.5

57.9

Adjusted Efficiency Ratio

Noninterest Expense

20,238

19,956

18,941

18,136

16,812

77,271

63,300

Less: Amortization of Intangible Assets

(231)

(230)

(52)

(921)

(78)

Less: Merger-related Expenses

(346)

(530)

(540)

(565)

(488)

(1,981)

(712)

Adjusted Noninterest Expense

19,661

19,196

18,171

17,341

16,272

74,369

62,510

Net Interest Income

35,687

34,091

32,452

30,208

26,967

132,438

102,193

Noninterest Income

3,148

2,061

3,627

2,079

2,533

10,915

7,368

Less: Gain on Sales of Securities

(80)

(59)

(474)

(1)

—

(614)

(385)

Less: FHLB Advance Prepayment Income

—

(301)

—

(301)

—

Adjusted Operating Revenue

38,755

36,093

35,304

32,286

29,500

142,438

109,176

Adjusted Efficiency Ratio

50.7

53.2

51.5

53.7

55.2

52.2

57.3

Adjusted Noninterest Expense to Average Assets (Annualized)

Noninterest Expense

20,238

19,956

18,941

18,136

16,812

77,271

63,300

Less: Merger-related Expenses

(346)

(530)

(540)

(565)

(488)

(1,981)

(712)

Adjusted Noninterest Expense

19,892

19,426

18,401

17,571

16,324

75,290

62,588

Average Assets

5,438,555

5,372,443

5,162,182

5,071,446

4,788,036

5,268,553

4,683,144

Adjusted Noninterest Expense to Average Assets (Annualized)

1.45

1.43

1.41

1.36

1.43

1.34

Tangible Common Equity and Tangible Common Equity/Tangible Assets

Total Shareholders' Equity

517,095

497,463

476,282

468,975

457,935

Less: Preferred Stock

(66,514)

Total Common Shareholders' Equity

450,581

430,949

409,768

402,461

391,421

Less: Intangible Assets

(18,912)

(19,142)

(19,372)

(19,602)

(19,832)

Tangible Common Equity

431,669

411,807

390,396

382,859

371,589

Total Assets

5,407,002

5,359,994

5,296,673

5,136,808

5,066,242

Less: Intangible Assets

(18,912)

(19,142)

(19,372)

(19,602)

(19,832)

Tangible Assets

5,388,090

5,340,852

5,277,301

5,117,206

5,046,410

Tangible Common Equity/Tangible Assets

8.01

7.71

7.40

7.48

7.36

Tangible Book Value Per Share

Book Value Per Common Share

16.23

15.62

14.92

14.60

14.21

Less: Effects of Intangible Assets

(0.68)

(0.69)

(0.71)

(0.72)

Tangible Book Value Per Common Share

15.55

14.93

14.21

13.89

13.49

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders

12,320

10,588

10,506

8,620

7,190

42,034

28,771

Average Shareholders' Equity

509,655

485,869

471,700

465,408

455,949

483,828

440,763

Less: Average Preferred Stock

(66,514)

Average Common Equity

443,141

419,355

405,186

398,894

389,435

417,314

374,249

Less: Effects of Average Intangible Assets

(19,042)

(19,274)

(19,504)

(19,738)

(4,412)

(19,387)

(3,207)

Average Tangible Common Equity

424,099

400,081

385,682

379,156

385,023

397,927

371,042

Return on Average Tangible Common Equity

11.53

10.50

10.93

9.22

7.43

10.56

7.75

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Year Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2025

2024

2025

2024

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders

12,320

10,588

10,506

8,620

7,190

42,034

28,771

Add: Merger-related Expenses

346

530

540

565

488

1,981

712

Less: FHLB Advance Prepayment Income

—

(301)

—

(301)

—

Less: Gain on Sales of Securities

(80)

(59)

(474)

(1)

—

(614)

(385)

Total Adjustments

266

471

(235)

564

488

1,066

327

Less: Tax Impact of Adjustments

(59)

(110)

(135)

(107)

(247)

(76)

Adjusted Net Income Available to Common Shareholders

12,527

10,949

10,327

9,049

7,571

42,853

29,022

Diluted Weighted Average Shares Outstanding

28,354,756

28,190,406

27,998,008

28,036,506

28,055,532

28,169,857

27,943,343

Adjusted Diluted Earnings Per Common Share

0.44

0.39

0.37

0.32

0.27

1.52

1.04

Adjusted Return on Average Assets

Net Income

13,334

11,601

11,520

9,633

8,204

46,088

32,825

Add: Total Adjustments

266

471

(235)

564

488

1,066

327

Less: Tax Impact of Adjustments

(59)

(110)

(135)

(107)

(247)

(76)

Adjusted Net Income

13,541

11,962

11,341

10,062

8,585

46,907

33,076

Average Assets

5,438,555

5,372,443

5,162,182

5,071,446

4,788,036

5,268,553

4,683,144

Adjusted Return on Average Assets

0.99

0.88

0.80

0.71

0.89

0.71

Adjusted Return on Average Shareholders' Equity

Adjusted Net Income

13,541

11,962

11,341

10,062

8,585

46,907

33,076

Average Shareholders' Equity

509,655

485,869

471,700

465,408

455,949

483,828

440,763

Adjusted Return on Average Shareholders' Equity

10.54

9.77

9.64

8.77

7.49

9.69

7.50

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders

12,527

10,949

10,327

9,049

7,571

42,853

29,022

Average Tangible Common Equity

424,099

400,081

385,682

379,156

385,023

397,927

371,042

Adjusted Return on Average Tangible Common Equity

11.72

10.86

10.74

9.68

7.82

10.77

7.82