Form 8-K

8-K — Bridgewater Bancshares Inc

Accession: 0001104659-26-122022

Filed: 2026-11-03

Period: 2026-11-03

CIK: 0001341317

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — bwb-20261103x8k.htm (Primary)

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8-K

8-K (Primary)

Filename: bwb-20261103x8k.htm · Sequence: 1

BRIDGEWATER BANCSHARES, INC._November 3, 2026

0001341317false0001341317us-gaap:CommonStockMember2026-11-032026-11-030001341317bwb:DepositarySharesMember2026-11-032026-11-0300013413172026-11-032026-11-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

November 3, 2026

Date of Report

(Date of earliest event reported)

BRIDGEWATER BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of

incorporation)

001-38412

(Commission File Number)

26-0113412

(I.R.S. Employer

Identification No.)

4450 Excelsior Boulevard, Suite 100

St. Louis Park, Minnesota

(Address of principal executive offices)

55416

(Zip Code)

Registrant’s telephone number, including area code: (952) 893-6868

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.01 Par Value

Depositary Shares, each representing a 1/100th interest in a share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A

BWB

BWBBP

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

Bridgewater Bancshares, Inc. (the “Company”) is furnishing an Investor Presentation, which will be used, in whole or in part, from time to time by executives of the Company in meetings with investors and analysts. A copy of the Investor Presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished in this item of this Form 8-K, and the related exhibits, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1Investor Presentation dated November 3, 2026

Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Bridgewater Bancshares, Inc.

Date: November 3, 2026

By: /s/ Jerry Baack

Name: Jerry Baack

Title: Chairman and Chief Executive Officer

EX-99.1

Filename: bwb-ex99d1.htm · Sequence: 2

Exhibit 99.1

Disclaimer

Forward-Looking Statements

This presentation contains “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such

forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the 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 known and unknown uncertainties, risks, changes in

circumstances and other factors 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 the recent increase in the benchmark federal funds rate by the Federal Reserve; effects on the U.S. economy resulting from actions taken by the federal

government, including the threat or implementation of tariffs, immigration enforcement, executive orders, 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 commercial real estate (“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 (the “SEC”) 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 consequences to us and our customers, including the development and implementation of tools incorporating

artificial intelligence; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; 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, widespread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, ongoing conflicts in the

Middle East and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial

markets, and other matters beyond our control; potential impairment to the goodwill the Company recorded in connection with acquisitions; the availability of future equity and debt issuances and other capital raising opportunities on

favorable terms; 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 SEC.

Any forward-looking statement made by us in this presentation 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. Certain of the information contained in this presentation is derived

from information provided by industry sources. Although the Company believes that such information is accurate and that the sources from which it has been obtained are reliable, the Company cannot guarantee the accuracy of, and

has not independently verified, such information.

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 to the comparable GAAP measures are provided in this presentation.

The Finest Entrepreneurial Bank

Company Overview Branch-Light Model in Attractive Twin Cities Market

Name: Bridgewater Bancshares, Inc.

Headquarters: St. Louis Park, MN

Ticker: NASDAQ: BWB; BWBBP

Assets: $5.6 Billion

Loans: $4.5 Billion

Deposits: $4.5 Billion

Shareholders’ Equity: $541.4 Million

Serving a Commercial-Focused Client Base Track Record of Profitability, Growth and Efficiency

• CRE lending

• Acquisition financing

• Construction lending

• Affordable housing

financing

• Long-term multifamily

financing

• Leases

• Commercial & business

lending

• Business / treasury

management

• SBA lending

• 1-4 family rentals

• Personal banking

CRE,

31%

Multifamily,

37%

C&D,

Leases,

C&I,

14%

1-4 Family,

10%

Consumer,

$4.5B

Business and

Personal Banking

Commercial

Banking

Loan Balances • Founded in 2005 by a group of banking industry veterans and local

business leaders

• Continuous profitability since the third month of operations

• Proven ability to generate profitable organic growth in the Twin Cities

• Expertise in commercial real estate with a focus in multifamily and

affordable housing lending

• Highly efficient operations with a branch-light model

• Organizational focus on risk management with a long track record of

strong asset quality

Data as of September 30, 2026

Twin Cities

Strategic Leadership Team (SLT) with

Broad Skill Sets and Industry Experience

Jerry Baack

Chairman and Chief Executive Officer

• Former regulator and responsible for all aspects of BWB

formation

• Lead founder of BWB in 2005

• 35+ years of banking experience

Laura Espeseth

Chief Administrative Officer

• Oversees various aspects of finance, accounting, and facilities

• Joined BWB in 2017

• 20+ years of banking and public accounting experience

Nick Place

Chief Banking Officer

• Oversees all aspects of client growth and relationship management,

including lending, treasury management and deposits

• Joined BWB in 2007

• 20 years of banking experience

Joe Chybowski

President and Chief Financial Officer

• Strategic insights across all aspects of the organization, including

finance, capital and liquidity management

• Joined BWB in 2013

• 15+ years of banking and capital markets experience

Lisa Salazar

Chief Operating Officer

• Oversees operations, technology and product initiatives to drive

efficiencies and enhance the overall client experience

• Joined BWB in 2018

• 30+ years of banking experience

Approximately 19% of BWB’s common shares were owned by

Board and SLT members as of September 30, 2026,

demonstrating strong alignment with shareholders

Katie Morrell

Chief Credit Officer

• Oversees credit policies and practices and chairs the loan and credit

risk management committees

• Joined BWB in 2020

• 18+ years of financial services experience

Jessica Stejskal

Chief Experience Officer

• Oversees marketing, community impact and project management

• Joined BWB in 2014

• 15+ years of marketing experience

A Disciplined Strategy Built for Growth

Truly Unconventional Culture Highly Efficient Business Model

• A Top Workplace in Minnesota for 10+ years

• Focus on professional development and

employee retention

• Entrepreneurial mindset built for speed and

accountability, not bureaucracy

• Accessible, hands-on leadership, actively

involved in decisions and the business

• Culture of transparency and ownership,

enabling teams to act quickly and solve

problems

• Focus on generating profitable organic

loan growth

• Emphasis on CRE and multifamily lending

• Increased focus on affordable housing with

growth opportunities both in-market and

nationally

• M&A-related market disruption has created

client and talent acquisition opportunities to

support loan and deposit growth

• Opportunistic acquirer following successful

bank acquisition in 2024

• Branch-light model with a commercial real

estate focus

• Efficient operating philosophy, including

networking, banking tools and in-house

expertise

• Relatively low levels of expenses as a

percent of total assets

• Efficiency ratio consistently better than peer

banks

• Strong asset quality track record with

consistently low levels of NCOs and NPAs

• Conservative and decisive credit culture,

including measured risk selection, consistent

underwriting, active credit oversight and

deep industry experience

• Invest in scaling the risk management

function to address emerging risks and

support longer term growth outlook

1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation

2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of September 30, 2026 (Source: S&P Capital IQ)

Consistent Tangible Book Value1

Growth and Outperformance

260%

111%

4Q16

2Q17

4Q17

2Q18

4Q18

2Q19

4Q19

2Q20

4Q20

2Q21

4Q21

2Q22

4Q22

2Q23

4Q23

2Q24

4Q24

2Q25

4Q25

2Q26

3Q26

BWB Peer Bank Average2

Profitable Balance Sheet Growth Proactive Risk Management

Our Core Values

Unconventional.

Our clients notice a difference.

Responsive.

Under promise, over deliver.

Dedicated.

Don’t stop until you get it done.

Growth.

If you aren’t moving forward, where are you going?

Accurate.

It’s more than just an expectation.

Culture as a Strategic Advantage

32%

Employee Experience

Clear Accountability

Professional Development

Employee-Led Committees

Compensation and Benefits

Intentional investment in the employee experience, supporting

long-term engagement and retention

Disciplined operating rhythms and clear accountability, supporting

execution and scalability

Committed to investing in learning, development and career

growth with an emphasis on developing talent from within

Employee-led committees supporting wellness, inclusion and

professional development

Competitive, equitable compensation and benefits designed to

attract and retain high-performing teams

Team members

promoted into next-level

or leadership roles in

2025

5-Time Winner

A Responsive Service Model

Our clients can expect…

• Responsive support and

simple solutions

• A local bank of choice in a

market where many local

banks have been acquired

by out-of-state buyers

• Flexibility, market

expertise and strong

network connections

The “Proven Process” for Our Clients

• BEST

Business Bank

• BEST

Small Business

Banking

• BEST

Commercial

Mortgage Lender

An Award-Winning Client Experience

• BEST

Business Bank

(silver winner)

Bridgewater’s Pillars of Community Impact

Building Places Fueling Business Investing in People

• Affordable housing and

community development

initiatives

• Partnerships that strengthen

neighborhoods and housing

stability

• Supporting entrepreneurs

and small businesses that

drive local economic vitality

• Expanding access to capital,

mentorship, and business

networks, particularly for

women-owned and diverse

businesses

• Workforce development,

financial education, and

community wellbeing

• Programs that expand access

to opportunity and long-term

financial mobility

• “Outstanding” CRA Rating

• Minnesota Banker’s Association –

Community Champion Award

• Partnered with the FHLB of Des

Moines through the Member Impact

Fund to help deliver over $800K in

matching grants to 23 Minnesota

nonprofits focused on affordable

housing and community

development

2025

Community Impact

Snapshot

$401K

Total

Donations

1,161

Volunteer

Hours

Bridgewater is committed to investing in the communities we serve, through philanthropy, volunteering,

and strategic partnerships, focused across our three Pillars of Community Impact:

BWB partnered with Project for Pride in Living

to support affordable housing and community

stability initiatives benefiting youth and

families across the Twin Cities

BWB sponsored a Power of 100 Greater

Stillwater event, supporting women leaders

who are fueling local economic growth through

collective philanthropy

As part of BWB’s Take Your Child to Work Day,

kids packed backpacks for resident children at

People Serving People, allowing them to be

prepared for the school year

A Commitment to Our Communities

Attractive and Growing Twin Cities Market

Fortune 500

companies1

Large Corporate Presence

State with highest

average credit score (742)2

Credit Worthy Population

Best overall

state3

Overall State

Top state for

business4

Top State for Business

Best rental market for

recent college graduate

(Minneapolis)5

State to Move to

Top 20

Most populated MSA

in the U.S.6

Populated MSA

2.25%

0.90%

Twin Cities Midwest Weighted Average

$102,550

$82,443

Twin Cities Midwest Weighted Average

Strong Market Demographics

2027 Median Household Income ($)6

2027 – 2032 Proj. Population Growth (%)6

1 Source: Fortune, 2026

2 Source: Experian – Average FICO Score by State, 2026

3 Source: U.S. News & World Report, 2026

4 Source: CNBC, 2026

5 Source: Realtor.com, 2025

6 Source: S&P Capital IQ

Bank-of-Choice For Twin Cities Clients

Looking to Bank Local

1 Source: FDIC and S&P Capital IQ; includes banks with deposits in the Minneapolis-St. Paul MSA (data as of June 30 of each year)

2 Total assets as of September 30, 2026; excludes Ameriprise Financial

3 Source: FDIC and S&P Capital IQ

Largest Minnesota-Based Banks by Total Assets1

2014

0.36% 0.59% 0.11% 0.07% 0.08% 0.01%

$1.3 $1.4 $1.5 $1.5 $1.5 $2.2 $2.7 $2.9 $2.9 $3.6

$5.6

$685.3

Security

Bank &

Trust

North

American

Banking

Park

State

Bank

Citizens

Alliance

Bank

Deerwood

Bank

Think

Mutual

Bank

Tradition

Capital

Bank

Merchants

Bank

Minnwest

Bank

Frandsen

Bank &

Trust

BWB U.S.

Bank

3Q262

0.27% 0.43% 0.04% 0.05% 0.11% 0.10% 0.76% 0.15% 0.25% 0.26% 1.72% 40.84%

Acquired Acquired Acquired Acquired Acquired

0.09% 0.57% 1.14% 2.51%

• Second largest locally-led bank in the

Twin Cities

• Significant Twin Cities market disruption with

several local banks being acquired by

out-of-market buyers

• BWB has the scale and agility to be the

bank-of-choice for local clients looking for a

local bank with local decision-making

Total Assets Deposit Market Share (Minneapolis-St. Paul MSA)

0.27%

26.76%

$0.7 $1.2 $1.4 $1.4 $1.5 $1.5 $1.5 $1.6 $1.6 $2.9

$18.9

$384.2

BWB Central

Bank

Anchor

Bank

Merchants

Bank

Minnwest

Bank

Think

Mutual

Bank

Stearns

Bank

Frandsen

Bank &

Trust

Klein

Bank

Bremer

Bank

TCF

Bank

U.S.

Bank

#14

History of Strong Organic Asset Growth

$1,184

$4,821

$76

$245

$929

$1,260

$1,617

$1,974

$2,269

$2,927

$3,478

$4,346

$4,612

$5,066

$5,407

$5,615

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q26

Organic Acquired Assets

Proven ability to consistently generate

strong organic asset growth

primarily in the Twin Cities market,

with an emphasis on profitable growth

Emphasis on commercial real estate and

multifamily lending with an increased focus

on affordable housing

Dollars in millions

Ongoing evaluation of potential

M&A opportunities to complement

organic growth strategy

Completed the acquisition of

First Minnetonka City Bank

in December 2024

Emphasis on Generating Profitable Loan Growth

13 Dollars in millions

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

$3,569 $3,724 $3,869

$4,310 $4,507

2022 2023 2024 2025 3Q26

Long Track Record of Strong Loan Growth

• Strong brand presence and relationships in the market allow us to get in

front of high-quality clients and deals

• Operating in a competitive “sweet spot” in the Twin Cities – financing

larger deals than community banks, but under the radar of the larger banks

• Opportunities to build new client and banker relationships due to recent

M&A-related market disruption in the Twin Cities

• Expansion of talented lending and treasury management teams

• Recent growth in affordable housing with balances up 20% year-over-year

Focus on generating profitable loan growth

aligned with core deposit1 growth over time

$4,215 $4,310 $4,368 $4,426 $4,507

3Q25 4Q25 1Q26 2Q26 3Q26

• 3Q26 loan balances increased 7.2% annualized

• Near-term loan growth dependent on a variety of factors, including:

• Core deposit growth – pace of core deposit growth will be a

governor on loan growth as we look to remain within our target

loan-to-deposit ratio range

• Competition – increased loan competition and banks being more

aggressive on pricing could impact growth as we focus on profitable

growth

• Loan demand – M&A disruption and strong pipelines continue to

support near-term growth while the interest rate environment

creates demand uncertainty

• Loan payoffs and paydowns – pace of loan payoffs will continue to

impact loan growth

Strong Diversification Within Key Portfolios

14 1

Includes formally subsidized properties (25%) and market rate properties with affordable set-asides (5%)

Data as of September 30, 2026

Class A

23%

Class B

11%

Class C

36%

Affordable

Housing

30%

Size

YoY Growth

Go-to-Market

Strategy

Competitors

Growth Outlook

Key Stats

Portfolio

Diversification

Multifamily CRE Nonowner Occupied Construction & Development C&I

Bank of choice in the Twin Cities

market due to proven expertise and

differentiated service model

Knowledgeable lenders with

efficient closing processes and

ample capacity

Responsive support, simple

solutions and the local touch

entrepreneurs are looking for

Efficient underwriting process and

deep knowledge in construction

loan management

Agency lenders, local banks and

credit unions

Local banks and life insurance

companies Local and regional banks Local and regional banks

Continued appetite given expertise

and market opportunities

Continued appetite given expertise

and market opportunities

Increased focus on expanding C&I

through targeted verticals

Renewed balance sheet growth

following increased commitments

since late 2024

$2.9M

Avg. Loan

Size

67%

Weighted

Avg. LTV

99%

Loans with

Pass Rating

$1.9M

Avg. Loan

Size

57%

Weighted

Avg. LTV

99%

Loans with

Pass Rating

$429K

Avg. Loan

Size

0.06%

5-Year

NCOs

99%

Loans with

Pass Rating

$0.9M

Avg. Loan

Size

57%

Weighted

Avg. LTV

0.00%

5-Year

NCOs

Property

Type

Industrial

30%

Office

18% Retail

19%

Senior

Housing

Mini

Storage

Facility

10%

Medical

Office

Other

12%

Property

Type

RE, Rental

and

Leasing

51%

Constr.

10%

Manufact.

12%

Prof.

Services

Finance &

Ins. 5%

Trade

Accom. & Food

Service 1%

Other

15%

Industry

Residential

21%

Multifamily

37%

CRE Other

10%

Land

32%

Property

Type

$1,662M 37% of

portfolio $1,212M 27% of

portfolio $628M

14% of $287M portfolio

6% of

portfolio

5% 5% 42% 18%

Well-Diversified Loan Portfolio with

Multifamily and CRE Expertise

Includes nonowner-occupied CRE, construction and land development, and 1-4 family construction

354% 333% 318% 304% 313%

266% 264% 258% 232% 213% 224% 215%

180%

164% 185%

177%

204%

190% 219% 257%

250%

249% 249% 239%

534%

497% 503%

480%

517%

456%

483%

515%

482%

462% 473%

454%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q26

CRE NOO

27%

Multifamily

37%

C&D

C&I

14%

CRE OO

1-4 Family

10%

Leases

Consumer

& Other

CRE NOO

27%

Multifamily

21% C&D

15%

C&I

13%

CRE OO

1-4 Family

18%

Consumer &

Other

<1%

$0.8B

Evolution of Loan Mix by Type

2015 3Q26

Intentional mix shift toward Multifamily has aligned with the

build-out of talent and expertise in the segment

and continued strong performance

CRE Concentrations (ex. Multifamily) Have Trended Lower

Multifamily / Bank Risk-Based Capital

CRE (ex. Multifamily)1 / Bank Risk-Based Capital

$4.5B

CRE Concentration Driven by a

Proven, Lower Risk Multifamily Portfolio

1 Source: Michel Commercial Real Estate; Twin Cities Multifamily Market Q2-2026 Review

2 Source: FDIC (data through 2Q26)

Includes nonowner-occupied CRE, construction and land development, and 1-4 family construction

4 Includes formally subsidized properties (25%) and market rate properties with affordable set-asides (5%)

Class A

23%

Class B

11%

Class C

36%

Affordable

Housing

30%

3Q26

239%

of Bank RBC

Multifamily

CRE (ex. Multifamily) 3

215%

of Bank RBC

454%

of Bank RBC

Multifamily

Makes Up

Majority of CRE

Concentration

Multifamily Lending Approach

Multifamily Portfolio Characteristics Drive Track Record of Strong Asset Quality

WA LTV

Avg. Loan Size

Avg. Debt/Unit

NCOs (since 2005)

67%

$2.9M

$84K

$3.2M

• Bank of choice in the Twin Cities with expertise and differentiated

service model

• Greater tenant diversification compared to other asset classes

• Positive market trends with reduced vacancy rates, strong

absorption, and slower construction = favorable outlook for

occupancy and rent growth

• Twin Cities rank 4th in the nation for year-over-year multifamily

rent growth1

• Market catalysts include relative affordability, steady population

growth, low unemployment, strong wages, and shortage of single-family housing

Portfolio Balance

Affordable Housing Mix4

$1.7B

30%

Increased Focus on

Affordable Housing

Product

Type

Properties Primarily

Located In-Market

Minnesota

86%

National

14%

Location

(0.20)%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

Multi-family

CRE 1-4

Family

C&I C&D Consumer

(ex. cards

& auto)

Total

Loans

Last 5 Years Last 10 Years Last 15 Years Last 20 Years Last 25 Years

Low Historical Losses vs. Other Asset Classes

Average Historical Net Charge-Off Rates

(all FDIC-insured banks)2

Unique Expertise in Affordable Housing

Dollars in millions 17

Data as of September 30, 2026

Anatomy of an Affordable Housing Transaction

Predevelopment

Stage

• Land acquisition

(takedown)

• Predevelopment

financing

• Entitlements and

approvals

Construction

Stage

• Construction

financing

• Equity investor

contributions

• Monthly draws

Permanent

Stage

• Permanent

financing

• Final equity

contributions

• Stabilization and

lease-up

Sources of Funds ($000s) Budget

Pre-development Construction Conversion Permanent

1st Mortgage Construction

to Permanent Loan $ 20,000 $ - $ 20,000 $ - $ 20,000

LIHTC Equity 30,000 - 12,000 18,000 30,000

Equity Bridge Loan 15,000 - 15,000 (15,000) -

Land Loan 2,000 2,000 - - -

Corporate Line of Credit

Advance 250 250 - - -

Borrower Equity 500 500 - - -

Letter of Credit (not drawn) 200 - - - -

Total Source of Funds $ 67,950 $ 2,750 $ 47,000 $ 3,000 $ 50,000

Sample Affordable Housing Transaction

1 2

6 Corporate Line of Credit

Construction Loan 2

Letter of Credit

Permanent Loan

5 Land Acquisition Financing

3 Equity Bridge Loan

BWB has the ability to provide financing through

one or more of the following parts of the transaction:

• Leveraging affordable housing expertise to support communities and

clients in the Twin Cities and across the country

• Active in the affordable housing space since 2008

• High barrier to entry due to complex nature of the transactions

• Risk mitigants include working with experienced developers of scale

across the country and the ongoing demand for affordable housing

nationwide

• 62% of the portfolio located in MN, 38% located out-of-state

• New affordable housing origination yields higher than total portfolio

• Strong source of core deposit growth

Expertise in the High-Quality Affordable Housing Space

Portfolio Growth Portfolio Mix

Multifamily

69%

Construction

and

Development

C&I

22%

$734M

$611

$652

$708 $712 $734

3Q25 4Q25 1Q26 2Q26 3Q26

Focus on Core Deposit Growth

18 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

Dollars in millions

Long track record of strong deposit growth…

• Strong and growing brand taking market share in the Twin Cities

• New client and banker acquisition opportunities due to M&A disruption

• Niche deposit verticals including property management companies, title

companies and affordable housing

• Supplemented core deposits with wholesale funding to support future

loan growth and manage interest rate risk

26% 20% 20% 21% 20%

13% 19% 21% 21% 21%

30% 25%

31%

8% 8% 32% 34%

7% 7%

23% 28%

20%

19% 18%

$3,417

$3,710

$4,087 $4,320 $4,473

2022 2023 2024 2025 3Q26

…with recent core deposit momentum

• 3Q26 deposits increased $127M, or 11.6% annualized (4.7% YTD)

• 3Q26 core deposits1

increased $165M, or 19.6% annualized (6.4% YTD)

• YTD loan growth of 6.1% annualized, inline with core deposit1 growth

of 6.4%

• Core deposit growth not always linear and tends to be seasonally

lower early in the year

Noninterest-Bearing Transaction Interest-Bearing Transaction

Savings and Money Market Time Brokered

$217

$3,107 $3,170 $3,186

$3,279 $3,351 $3,377 $3,348

$3,513

4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26

Core Deposits1 Acquired Core Deposits1

A Spread-Based Revenue Model

Revenue Growth Continues

Dollars in thousands

• Strong track record of revenue growth driven by steady net

interest income growth

• Spread-based revenue model with net interest income

making up 94% of total revenue in 3Q26

• Recent increase in noninterest income driven by:

• Swap fees ($2.8M since 3Q24)

• Investment advisory fees ($1.8M since FMCB

acquisition in 4Q24)

• 1Q26 noninterest income included one non-core item:

• Sold $208.5M of securities for a gain of $7.3M

Spread Based Revenue Model…With Increased Fee Income

Net Interest Income Noninterest Income

$25,599 $26,967

$30,208

$32,452 $34,091 $35,687 $36,647 $38,566 $40,658

$1,522

$2,533

$2,079

$3,627 $2,061

$3,148

$9,564

$2,324

$2,573

$27,121

$29,500

$32,287

$36,079 $36,152

$38,835

$46,211

$40,890

$43,231

3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26

NIM Expansion and Net Interest Income Growth

Net Interest Margin1

Core Net Interest Income

Loan Fees

Net Interest Income and Margin Trends

3Q26 Net Interest Income / Net Interest Margin Commentary

Core Net Interest Margin1,2

Purchase Accounting Accretion (PAA)

Net Interest Income

• Net interest income growth of 22% annualized from 2Q26, driven by both

earning asset growth and net interest margin expansion

• Average interest earning assets up $206M, or 16% annualized, from 2Q26

Net Interest Margin

• NIM increased 2 bps in 3Q26

• Loan portfolio continued to reprice higher

• Deposit costs remained relatively stable

• Better positioned for rising rate environment due to increased variable-rate

loan mix (26% in 3Q26 vs. 15% in 3Q24)

Net Interest Margin Roll-forward

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

2 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation

Dollars in thousands

$32,637 $34,051 $35,044 $36,914 $39,102

$966 $1,041

$1,257

$1,464

$1,367

$488

$595

$346

$188

$189

$34,091

$35,687 $36,647

$38,566

$40,658

2.63%

2.75%

2.99% 3.07% 3.09%

2.52%

2.62%

2.86% 2.94% 2.98%

3Q25 4Q25 1Q26 2Q26 3Q26

3.07%

0.10%

0.04% 0.01%

(0.07)%

(0.04)%

(0.02)%

0.00%

3.09%

NIM

(2Q26)

Loan

Fees

Purchase

Accounting

Accretion

Loans Investments Cash Deposits Borrowings NIM

(3Q26)

Core NIM2 up 4 bps

Loan Portfolio Positioned to Reprice Higher

21 Dollars in millions

Data as of September 30, 2026

Fixed,

63%

Variable,

26%

Adjustable,

11%

Loan Portfolio Mix

Increasing Variable-Rate Mix

Fixed Variable Adjustable

67% 65% 65% 64% 63%

19% 22% 23% 25% 26%

14% 13% 12% 11% 11%

3Q25 4Q25 1Q26 2Q26 3Q26

21% 19% 19%

8% 18% 15%

$105 $94 $94

$38

$88 $72

Less

Than

1 Year

1 to 2

Years

2 to 3

Years

3 to 4

Years

4 to 5

Years

25%

19% 17% 14% 13% 12%

$697

$527 $467 $408 $382 $348

Less

Than

1 Year

1 to 2

Years

2 to 3

Years

3 to 4

Years

4 to 5

Years

Fixed-Rate Portfolio

($2.8B)

Variable-Rate Portfolio

($1.2B)

Adjustable-Rate Portfolio

($490M)

Years to Maturity

• $697M of fixed-rate loans

maturing over the next year, with

a weighted average yield of

5.70%

• Larger fixed-rate portfolio

provides support to total loan

yields in a rates-down

environment

Variable-Rate Loan Floors

• Intentional focus on growing the

variable-rate loans to make the

loan portfolio more rate-neutral

• $1.2B of variable-rate loans

offset much of the $1.6B of

immediately adjustable deposits

tied to short-term rates

• 68% of variable-rate portfolio

have rate floors, with 83% of the

floors at or above 5%

• 97% of variable-rate loans are

currently tied to SOFR or Prime

Adjustable-Rate

Repricing/Maturity Schedule

• $105M of adjustable-rate loans

repricing or maturing over the

next year, with a weighted

average yield of 4.23%

• Adjustable-rate loans positioned

to continue repricing higher

Yield 5.70% 5.57% 5.55% 6.16% 5.56% 4.52%

Yield 4.23% 4.44% 5.68% 6.56% 6.63% 4.65%

5% 12%

36% 43%

$44

$98

$295

$346

$30

Below

4%-5% 5%-6% 6%-7% Above

A Highly Efficient Business Model

BWB

An Efficiency Ratio1 Consistently Below Peers

1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation.

Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of September 30, 2026 (Source: S&P Capital IQ)

What Makes BWB So Efficient?

An Efficient Operating Culture With a CRE-Focused, Branch-Light Model

~2x

as many assets per FTE

employee compared to

the peer bank median2

Branches

(peer bank median2

: 34)

~4x

as many assets per

branch compared to

the peer bank median2

The higher cost of funds associated with a

branch-light model is more than offset

by lower overall operating expenses

Total Expenses to Average Earning Assets

(3Q26 YTD Annualized)

1.69%

2.61%

2.66%

1.87%

4.35% 4.48%

BWB Peer Bank Average

Peer Bank Median2

Interest Expense / Avg. Earning Assets

Noninterest Expense / Avg. Earning Assets

41.5%

53.0%

57.9%

53.5% 52.6%

56.0%

60.6% 61.2%

57.2%

55.9%

2022 2023 2024 2025 YTD

3Q26

Modernizing Technology Tools to

Support Growth and Efficiency

Client-Facing

• Unified digital experience

for consumer and small

business clients

• Updated user experience for

commercial online banking

• Predictive intelligence with

data-driven engagement

• Improved client service with

consistent, responsive

support and reliable

outcomes

Scalable core to support growth outlook

Core Banking Platform

IT Strategy: improve client interactions, streamline processes,

automate activities and embrace digital transformation

IT Decision-Making: driven by unconventional culture, enhancing

the client experience and improving organizational efficiencies

IT Current State

Loan and Deposit

Infrastructure

• Unified, scalable, cloud-native operating system for

commercial lending

• Relationship management

tools for personalized client

interaction summaries and

improved client service

• Generative AI tools to

augment banker

productivity

Workflow Automation

and Analysis

• Enhanced productivity and

operational efficiency

through streamlined

workflows and automation

• Centralized real-time data

platform for secure, high-performance analytics

• Improved accuracy and

compliance with

strengthened data security

2026 IT Focus Areas

Enhancing the Digital Client Experience

• Expanded investment in digital products that improve

client interaction with evolving payment solutions

Modernization of Core Banking

• Unified core to create a consistent and modern

experience

• Scalable architecture to support bank growth and M&A

API First Banking Architecture

• Seamless integration for modular business services

with easy access to third-party fintech services

Workforce Transformation with AI Driven Automation

• AI assistant tools for employees with automation of

back-office workflows

• Embedded AI across enterprise software tools to

improve productivity

Strengthening Cybersecurity and Fraud Detection

• Behavioral biometrics

• AI driven fraud and AML detection and continuous risk

monitoring

Scaling Enterprise Risk Management

Across a Growing Organization

Manage and mitigate dynamic risks while enhancing shareholder value, being responsive to

clients and delivering simple solutions in unconventional ways

BWB Risk Management

Philosophy

Enterprise Risk Management

Attributes in Place Today at BWB

• Proactively addressing top and emerging risks

across all risk categories

• Continuing to scale a risk framework aligned with

growth

• Communicating with and educating clients and

team members about fraud prevention

• Leveraging technology to enhance processes and

controls while driving responsiveness

• Reinforcing operational and financial resilience

through all three lines of defense

• Making investments to bolster organizational

resiliency and third-party risk management

• Proactively making incremental enhancements to

CRA programs, including affordable housing and

low to moderate income initiatives

Making Investments to

Proactively Identify and Mitigate Emerging Risks

Credit

Concentration

Risk

Information and

Cybersecurity

Risk

Enterprise

Risk and

Compliance

Financial Risk

• Strong credit underwriting and administration program

• Proactive credit risk oversight, analytics and portfolio monitoring as well as

building upon the Bank’s stress testing capabilities

• Expertise and specialization in key portfolios, including multifamily and affordable

housing

• Investing in enhanced infrastructure and security protocols, including planned

disaster recovery and business continuity expansion

• Proactively leveraging technology to meet the evolving digital needs of clients while

maintaining safety and security

• Developing effective risk culture and awareness model with ongoing training

initiatives and tabletop simulations

• Focusing on recruitment and retention of highly skilled risk professionals

• Proactively monitoring internal and external trends to quantify changes in risk profile

• Maintaining compliance with evolving regulatory expectations and broadening suite of

products and services

• Monitoring and managing balance sheet growth with an eye toward economic and

interest rate volatility

• Actively monitoring, maintaining and strategically deploying liquidity while

developing long-term strategies for capital preservation

• Enhancing enterprise stress testing to evaluate capital impact in various scenarios

• Broadening the Bank’s liquidity risk management tools through expanded digital

offerings and enhancements to the client experience

A Strong Credit Culture

5-Year Peak Annual Net Charge-off Ratio

vs. Peers

5-Year Peak Quarterly

Nonperforming Assets2 / Assets vs. Peers

0.10%

BWB Peer Bank Median1

0.21%

0.41%

BWB Peer Bank Median1

0.76%

1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of September 30, 2026 (Source: S&P Capital IQ)

2 Nonaccrual loans, loans 90 days past due and foreclosed assets

Data as of September 30, 2026

Asset Quality Consistently

Outperforms Peers

Consistent

Underwriting

Standards

Active

Credit Oversight

Experienced Banking

and Credit Teams

• Robust credit policy

and underwriting

guidelines for all

types of lending

• No significant

changes in portfolio

composition –

continued focus on

multifamily expertise

• No individual credit

authority for lending

staff

• Enhanced credit

concentration

monitoring

• Ongoing covenant

testing to assess

potential risks early

• Proactively

addressing repricing

risk to identify

potential cash flow

strain well ahead of

maturity

• Seasoned credit team

supporting loan

growth and credit risk

management

• Solid lender and

credit analyst

expertise across

segments,

geographies and

relationships

$(276)

$202

$1,231 $1,484

$3,274

(0.01)%

0.01%

0.03% 0.04%

0.10%

2022 2023 2024 2025 YTD

3Q26

$639 $919 $301

$22,034 $20,937

0.01% 0.02% 0.01%

0.41% 0.37%

2022 2023 2024 2025 3Q26

Credit Risk Management and Oversight

Driving Strong Asset Quality

$47,996 $50,494 $52,277 $56,443 $57,819

1.34% 1.36% 1.35% 1.31% 1.28%

2022 2023 2024 2025 3Q26

Nonperforming Assets2

Two loans make up 80% of the NPAs

Allowance for Credit Losses

Well-reserved compared to peer median ACL/Loans of 1.16%1

Net Charge-Offs

3Q26 NCO related to one mixed-use multifamily loan on nonaccrual

Net Charge-Offs % of Average Loans

$28,049

$35,858

$21,791

$52,956

$42,909

5.5% 6.5%

3.8%

8.5%

6.2%

2022 2023 2024 2025 3Q26

Substandard Loans

Stable levels of Substandard loans

Substandard Loans % of Total Bank Capital

ACL % of Gross Loans

1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of September 30, 2026 (Source: S&P Capital IQ)

2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets

Dollars in thousands

NPAs % of Assets

High Quality Securities Portfolio

Rating Mix

Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands)

MTM Securities MTM Derivatives Net Impact on AOCI1

1 Includes the tax-effected impact of $2,244 in 3Q25 and $9,220 in 3Q26

Mortgage-Backed Securities Municipal Bonds

U.S. Treasuries

Corporate Securities

Securities Available for Sale Portfolio (dollars in millions)

Other

31% 31% 40% 37% 35%

29% 31% 35% 42% 46%

13% 12%

17%

15% 14%

18% 19%

6% 5%

$826 $776

$567 $605 $599

3Q25 4Q25 1Q26 2Q26 3Q26

AAA

35%

41%

BBB

13%

$(25,175)

$(61,070)

$14,278

$27,431

$(5,563)

$(22,863)

3Q25 3Q26

• No held-to-maturity securities

• Securities portfolio average duration of 7.4 years

• Average securities portfolio yield of 5.08%

Ample Liquidity and Borrowing Capacity

Off-Balance Sheet Liquidity as a % of Assets

On-Balance Sheet Liquidity as a % of Assets

Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022

12.5% 11.5% 12.4% 12.1% 12.8%

32.1% 35.0% 36.1%

38.7% 34.5%

$2,393

$2,510 $2,586

$2,737

$2,656

3Q25 4Q25 1Q26 2Q26 3Q26

Funding Source 12/31/2022 9/30/2026 Change

Cash and Cash Equivalents $ 4 8 $ 216 $ 168

Unpledged Securities1

549 503 (46)

FHLB Capacity 391 638 247

FRB Discount Window 158 1,032 874

Unsecured Lines of Credit 208 220 12

Secured Line of Credit 26 4 7 21

Total $ 1,380 $ 2,656 $ 1,276

Available Balance

1 Excludes $93M of pledged securities at September 30, 2026

Dollars in millions

Strong Capital Position to Support Growth

1 29 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation

Capital Priorities

Organic Growth

Dividends

Drive profitability by supporting a proven organic loan growth engine

Have not historically paid a common stock dividend given organic

growth opportunities

7.61% 7.73% 7.72%

7.90%

8.17%

7.36% 7.48% 7.40%

7.71%

8.01%

8.34%

8.62%

8.16%

3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26

9.07% 9.16% 9.21%

9.41%

9.79%

9.08% 9.03% 9.03% 9.08% 9.17%

9.53% 9.61% 9.63%

3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26

Common Equity Tier 1 Capital Ratio

Tangible Common Equity Ratio1

Recent Capital Actions

Share Repurchases

M&A

Opportunistically return capital to shareholders by buying back

stock based on valuation, capital levels, and other uses of capital

Review and evaluate M&A opportunities that complement BWB’s

business model

• $12.4M remaining under current share repurchase authorization as of

September 30, 2026; no shares repurchased in 3Q26

• No shares sold in 3Q26 as part of the at-the-market (ATM) offering

launched in February 2026

Near-Term Expectations

Balance Sheet

Growth

Net Interest

Margin

Expenses

Capital

Levels

• Mid-single digit loan growth, dependent on the pace of core deposit growth

• Focus on profitable growth while aligning loan growth with core deposit growth over time

• Target loan-to-deposit ratio between 95% and 105%

• Net interest margin stability over the near-term (assumes three additional rate hikes through the first half of 2027)

• Higher loan repricing offsetting higher deposit costs

• Dependent on changes in interest rates and shape of the yield curve

• Continued net interest income growth due to NIM stabilization and loan growth outlook

• Noninterest expense to return to 2Q26 levels in 4Q26

• Continued investments in people and technology initiatives

• Maintain stable capital levels in the current environment given the growth outlook

• Opportunistic and nimble approach to capital, focused on enhancing shareholder value and supporting the

balance sheet, whether as a purchaser or issuer

2026 Strategic Priorities

Optimize Levels

of Profitable Growth

Continue to Gain Loan and

Deposit Market Share

Expand Reach of the

Affordable Housing Vertical

Leverage Technology to

Support Business Growth

• Leverage elevated loan demand and

pipelines to drive organic loan

growth

• Continue to align loan growth with

core deposit growth over time

• Drive NIM expansion in the lower

interest rate environment

• Maintain strong credit quality

through consistent underwriting

standards and active credit

oversight

• Take local deposit and loan market

share by being the bank-of-choice

for clients wanting to bank local in

the Twin Cities

• Expand expertise and capacity

across targeted verticals, such as

affordable housing, women business

leaders, nonprofits, and SBA

• Leverage marketplace disruption in

the Twin Cities to attract new

clients and top talent

• Evaluate M&A opportunities that

support our business model and

growth outlook

• Leverage affordable housing

expertise to grow client base across

the Twin Cities and nationally

• Enhance our national presence as an

affordable housing lender while

building infrastructure for long-term

growth

• Expand and enhance perm product

offering to drive additional loan and

swap fee income

• Continue to earn strong core

deposits through affordable

housing transactions

• Leverage recent technology

investments to support growth and

enhance workflow efficiencies

• Develop AI strategies to enhance

operational efficiencies, strengthen

client relationships, and empower

team members

• Modernize core banking for scalable

growth with open architecture and

easy access to third party services

• Expand investment in digital

products to improve the client

experience

Year-to-Date Progress (3Q26)

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

• Aligning loan growth (6.1%) with

core deposit1 growth (6.4%)

• NIM expansion of 34 bps

• Hired 17 team members as a result

of the local M&A disruption

• Affordable housing balances up

$82M, or 17% annualized

• Advanced AI from strategy to

execution through enterprise

governance, workforce enablement

and governed automation pilots

APPENDIX

Reconciliation of Non-GAAP Financial Measures

33 Dollars in thousands

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Core Loan Yield

Loan Interest Income (Tax-Equivalent Basis) $ 60,317 $ 61,746 $ 62,102 $ 64,537 $ 67,130

Less:

Loan Fees (966) (1,041) (1,257) (1,464) (1,367)

Loan Accretion (380) (546) (324) (171) (171)

Core Loan Interest Income $ 58,971 $ 60,159 $ 60,521 $ 62,902 $ 65,592

Average Loans $ 4,132,987 $ 4,239,936 $ 4,336,869 $ 4,380,477 $ 4,471,437

Core Loan Yield 5.66% 5.63% 5.66% 5.76% 5.82%

Efficiency Ratio:

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Amortization Intangible Assets (230) (231) (226) (227) (226)

Adjusted Noninterest Expense $ 19,726 $ 20,007 $ 21,944 $ 21,667 $ 21,115

Net Interest Income $ 34,091 $ 35,687 $ 36,647 $ 38,566 $ 40,658

Noninterest Income 2,061 3,148 9,564 2,324 2,573

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Adjusted Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Efficiency Ratio 54.7% 51.6% 56.3% 53.0% 48.8%

Adjusted Efficiency Ratio:

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Amortization Intangible Assets (230) (231) (226) (227) (226)

Less: Merger-related Expenses (530) (346) - - -

Less: FHLB Advance Prepayment/Debt Redemption Loss - - (982) - -

Adjusted Noninterest Expense $ 19,196 $ 19,661 $ 20,962 $ 21,667 $ 21,115

Net Interest Income $ 34,091 $ 35,687 $ 36,647 $ 38,566 $ 40,658

Noninterest Income 2,061 3,148 9,564 2,324 2,573

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Less: FHLB Advance Prepayment Income - - - - -

Adjusted Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Adjusted Efficiency Ratio 53.2% 50.7% 53.8% 53.0% 48.8%

Adjusted Noninterest Expense to Average Assets:

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Merger-related Expenses (530) (346) - - -

Less: FHLB Prepayment Penalty - - (982) - -

Adjusted Noninterest Expense $ 19,426 $ 19,892 $ 21,188 $ 21,894 $ 21,341

Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489

Adjusted Noninterest Expense to Average Assets (ann.) 1.43% 1.45% 1.64% 1.65% 1.53%

As of and for the quarter ended,

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Pre-Provision Net Revenue:

Noninterest Income $ 2,061 $ 3,148 $ 9,564 $ 2,324 $ 2,573

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Less: FHLB Advance Prepayment Income - - - - -

Total Operating Noninterest Income 2,002 3,068 2,313 2,324 2,573

Plus: Net Interest Income 34,091 35,687 36,647 38,566 40,658

Net Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Total Operating Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Pre-provision Net Revenue $ 16,137 $ 18,517 $ 16,790 $ 18,996 $ 21,890

Plus: Non-Operating Revenue Adjustments 59 8 0 7,251 - -

Less: Provision for Credit Losses 1,100 1,450 1,200 550 2,750

Less: Provision for Income Taxes 3,495 3,813 5,435 4,439 4,112

Net Income $ 11,601 $ 13,334 $ 17,406 $ 14,007 $ 15,028

Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489

Pre-Provision Net Revenue Return on

Average Assets 1.19% 1.35% 1.30% 1.43% 1.57%

Adjusted Pre-Provision Net Revenue:

Net Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Merger-related Expenses (530) (346) - - -

Less: FHLB Prepayment Income - - (982) - -

Adjusted Total Operating Noninterest Expense $ 19,426 $ 19,892 $ 21,188 $ 21,894 $ 21,341

Adjusted Pre-Provision Net Revenue $ 16,667 $ 18,863 $ 17,772 $ 18,996 $ 21,890

Adjusted Pre-Provision Net Revenue Return on

Average Assets 1.23% 1.38% 1.37% 1.43% 1.57%

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis) $ 34,614 $ 36,447 $ 37,395 $ 39,400 $ 41,732

Less:

Loan Fees (966) (1,041) (1,257) (1,464) (1,367)

Purchase Accounting Accretion:

Loan Accretion (380) (546) (324) (171) (171)

Bond Accretion (89) (33) (22) (17) (18)

Bank-Owned Certificates of Deposit Accretion (6) (16) - - -

Deposit Certificates of Deposit Accretion (13) - - - -

Total Purchase Accounting Accretion (488) (595) (346) (188) (189)

Core Net Interest Income (Tax-equivalent Basis) $ 33,160 $ 34,811 $ 35,792 $ 37,748 $ 40,176

Average Interest Earning Assets $ 5,223,139 $ 5,264,700 $ 5,079,430 $ 5,144,715 $ 5,350,540

Core Net Interest Margin 2.52% 2.62% 2.86% 2.94% 2.98%

As of and for the quarter ended,

Reconciliation of Non-GAAP Financial Measures

34 Dollars in thousands

December 31,

2022

December 31,

2023

December 31,

2024

December 31,

2025

Efficiency Ratio:

Noninterest Expense $ 56,620 $ 59,320 $ 63,300 $ 77,271

Less: Amortization Intangible Assets (191) (100) (78) (921)

Adjusted Noninterest Expense $ 56,429 $ 59,220 $ 63,222 $ 76,350

Net Interest Income $ 129,698 $ 105,174 $ 102,193 $ 132,438

Noninterest Income 6,332 6,493 7,368 10,915

Less: (Gain) Loss on Sales of Securities (82) 3 3 (385) (614)

Adjusted Operating Revenue $ 135,948 $ 111,700 $ 109,176 $ 142,739

Efficiency Ratio 41.5% 53.0% 57.9% 53.5%

As of and for the year ended,

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Tangible Common Equity / Tangible Assets

Total Shareholders' Equity $ 497,463 $ 517,095 $ 528,424 $ 547,909 $ 541,392

Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)

Total Common Shareholders' Equity 430,949 450,581 461,910 481,395 474,878

Less: Intangible Assets (19,142) (18,912) (18,685) (18,459) (18,233)

Tangible Common Equity $ 411,807 $ 431,669 $ 443,225 $ 462,936 $ 456,645

Total Assets $ 5,359,994 $ 5,407,002 $ 5,335,396 $ 5,389,726 $ 5,615,482

Less: Intangible Assets (19,142) (18,912) (18,685) (18,459) (18,233)

Tangible Assets $ 5,340,852 $ 5,388,090 $ 5,316,711 $ 5,371,267 $ 5,597,249

Tangible Common Equity / Tangible Assets 7.71% 8.01% 8.34% 8.62% 8.16%

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders $ 10,588 $ 12,320 $ 16,393 $ 12,993 $ 14,015

Average Shareholders' Equity $ 485,869 $ 509,655 $ 524,825 $ 552,575 $ 551,792

Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)

Average Common Equity 419,355 443,141 458,311 486,061 485,278

Less: Effects of Average Intangible Assets (19,274) (19,042) (18,816) (18,588) (18,361)

Average Tangible Common Equity $ 400,081 $ 424,099 $ 439,495 $ 467,473 $ 466,917

Return on Average Tangible Common Equity 10.50% 11.53% 15.13% 11.15% 11.91%

As of and for the quarter ended,

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders $ 10,588 $ 12,320 $ 16,393 $ 12,993 $ 14,015

Add: Merger-related Expenses 530 346 - - -

Add: FHLB Prepayment Penalties - - 982 - -

Less: FHLB Advance Prepayment Income - - - - -

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Total Adjustments 471 266 (6,269) - -

Less: Tax Impact of Adjustments (110) (59) 1,492 - -

Adjusted Net Income Available to Common $ 10,949 $ 12,527 $ 11,616 $ 12,993 $ 14,015

Diluted Weighted Average Shares Outstanding 28,190,406 28,354,756 28,490,176 28,589,332 28,796,376

Adjusted Diluted Earnings Per Common Share $ 0.39 $ 0.44 $ 0.41 $ 0.45 $ 0.49

Adjusted Return on Average Assets

Net Income $ 11,601 $ 13,334 $ 17,406 $ 14,007 $ 15,028

Add: Total Adjustments 471 266 (6,269) - -

Less: Tax Impact of Adjustments (110) (59) 1,492 - -

Adjusted Net Income $ 11,962 $ 13,541 $ 12,629 $ 14,007 $ 15,028

Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489

Adjusted Return on Average Assets 0.88% 0.99% 0.98% 1.06% 1.08%

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders $ 10,949 $ 12,527 $ 11,616 $ 12,993 $ 14,015

Average Tangible Common Equity $ 400,081 $ 424,099 $ 439,495 $ 467,473 $ 466,917

Adjusted Return on Average Tangible Common Equity 10.86% 11.72% 10.72% 11.15% 11.91%

As of and for the quarter ended,

Reconciliation of Non-GAAP Financial Measures

Tangible Book Value Per Share

December 31,

2016

March 31,

2017

June 30,

2017

September 30,

2017

December 31,

2017

March 31,

2018

June 30,

2018

September 30,

2018

December 31,

2018

March 31,

2019

Book Value Per Common Share $ 4.69 $ 4.91 $ 5.23 $ 5.43 $ 5.56 $ 6.62 $ 6.85 $ 7.01 $ 7.34 $ 7.70

Less: Effects of Intangible Assets (0.16) (0.16) (0.16) (0.16) (0.16) (0.13) (0.12) (0.12) (0.12) (0.12)

Tangible Book Value Per Common Share $ 4.53 $ 4.75 $ 5.07 $ 5.27 $ 5.40 $ 6.49 $ 6.73 $ 6.89 $ 7.22 $ 7.58

Total Common Shares 24,589,861 24,589,861 24,589,861 24,629,861 24,679,861 30,059,374 30,059,374 30,059,374 30,097,274 30,097,674

Tangible Book Value Per Share

June 30,

2019

September 30,

2019

December 31,

2019

March 31,

2020

June 30,

2020

September 30,

2020

December 31,

2020

March 31,

2021

June 30,

2021

September 30,

2021

Book Value Per Common Share $ 7.90 $ 8.20 $ 8.45 $ 8.61 $ 8.92 $ 9.25 $ 9.43 $ 9.92 $ 10.33 $ 10.73

Less: Effects of Intangible Assets (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.11)

Tangible Book Value Per Common Share $ 7.78 $ 8.08 $ 8.33 $ 8.49 $ 8.80 $ 9.13 $ 9.31 $ 9.80 $ 10.21 $ 10.62

Total Common Shares 28,986,729 28,781,162 28,973,572 28,807,375 28,837,560 28,710,775 28,143,493 28,132,929 28,162,777 28,066,822

Tangible Book Value Per Share

December 31,

2021

March 31,

2022

June 30,

2022

September 30,

2022

December 31,

2022

March 31,

2023

June 30,

2023

September 30,

2023

December 31,

2023

March 31,

2024

Book Value Per Common Share $ 11.09 $ 11.12 $ 11.14 $ 11.44 $ 11.80 $ 12.05 $ 12.25 $ 12.47 $ 12.94 $ 13.30

Less: Effects of Intangible Assets (0.11) (0.11) (0.11) (0.11) (0.11) (0.10) (0.10) (0.10) (0.10) (0.10)

Tangible Book Value Per Common Share $ 10.98 $ 11.01 $ 11.03 $ 11.33 $ 11.69 $ 11.95 $ 12.15 $ 12.37 $ 12.84 $ 13.20

Total Common Shares 28,206,566 28,150,389 27,677,372 27,587,978 27,751,950 27,845,244 27,973,995 28,015,505 27,748,965 27,589,827

Tangible Book Value Per Share

June 30,

2024

September 30,

2024

December 31,

2024

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92 $ 15.62 $ 16.23 $ 16.60 $ 17.27 $ 16.98

Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) (0.69) (0.68) (0.67) (0.66) (0.65)

Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21 $ 14.93 $ 15.55 $ 15.93 $ 16.61 $ 16.33

Total Common Shares Outstanding 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283 27,584,732 27,759,970 27,832,867 27,880,830 27,960,252

As of and for the quarter ended,

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Document and Entity Information

Nov. 03, 2026

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Entity File Number

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BRIDGEWATER BANCSHARES, INC.

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4450 Excelsior Boulevard, Suite 100

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Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Securities Act

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-Section 425

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