Form 8-K

8-K — Bridgewater Bancshares Inc

Accession: 0001104659-26-085419

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0001341317

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — bwb-20260721x8k.htm (Primary)

EX-99.1 (bwb-20260721xex99d1.htm)

EX-99.2 (bwb-20260721xex99d2.htm)

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8-K

8-K (Primary)

Filename: bwb-20260721x8k.htm · Sequence: 1

BRIDGEWATER BANCSHARES, INC._July 21, 2026

0001341317false0001341317us-gaap:CommonStockMember2026-07-212026-07-210001341317bwb:DepositarySharesMember2026-07-212026-07-2100013413172026-07-212026-07-21

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

July 21, 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 2.02 Results of Operations and Financial Condition.

On July 21, 2026, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results as of and for the three months ended June 30, 2026. A copy of the press release 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 Securities Exchange Act of 1934, as amended (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 7.01 Regulation FD Disclosure.

The Company hereby furnishes the Earnings Presentation attached hereto as Exhibit 99.2.

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 8.01 Other Events.

On July 21, 2026, in its 2026 second quarter earnings release, the Company announced that its Board of Directors had 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 depository share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on September 1, 2026, to shareholders of record of the Series A Preferred Stock at the close of business on August 14, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press Release of Bridgewater Bancshares, Inc., dated July 21, 2026, regarding first quarter 2026 financial results

Exhibit 99.2

Earnings Presentation dated July 21, 2026

Exhibit 104

Cover 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: July 21, 2026

By: /s/ Jerry Baack

Name: Jerry Baack

Title: Chairman and Chief Executive Officer

EX-99.1

Filename: bwb-20260721xex99d1.htm · Sequence: 2

Exhibit 99.1

Media Contact:

Emily Karpenske | Senior Communication Specialist

Emily.Karpenske@bwbmn.com | 952.653.0624

Investor Contact:

Justin Horstman | VP Investor Relations

Justin.Horstman@bwbmn.com | 952.542.5169

July 21, 2026

Bridgewater Bancshares, Inc. Announces Second Quarter 2026 Financial Results

Second Quarter 2026 Highlights

● Net income of $14.0 million, or $0.45 per diluted common share.

● Net interest income increased $1.9 million, or 21.0% annualized, from the first quarter of 2026.

● Net interest margin (on a fully tax-equivalent basis) of 3.07%, an increase of eight basis points from the first quarter of 2026.

● Yield on total loans of 5.91% for the second quarter of 2026, an increase of 10 basis points from the first quarter of 2026.

● Gross loans increased by $58.3 million, or 5.4% annualized, from the first quarter of 2026.

● Total deposits increased by $40.7 million, or 3.8% annualized, from the first quarter of 2026; core deposits(2) decreased by $29.9 million, or 3.5% annualized, from the first quarter of 2026.

● Efficiency ratio(1) of 53.0%, down from 56.3% for the first quarter of 2026.

● Annualized net loan charge-offs as a percentage of average loans of 0.04%, compared to 0.05% for the first quarter of 2026.

● Nonperforming assets to total assets of 0.40% at June 30, 2026, up from 0.22% at March 31, 2026.

● Tangible book value per share(1) of $16.61 at June 30, 2026, an increase of 17.1% annualized from the first quarter of 2026.

● Common Equity Tier 1 Risk-Based Capital Ratio of 9.61%, up from 9.53% at March 31, 2026.

● Repurchased 38,659 shares of common stock at a weighted average price of $18.12, for a total of $700,000.

(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.

Page 1 of 19

St. Louis Park, MN – Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“the Company”), the parent company of Bridgewater Bank (“the Bank”), today announced net income of $14.0 million for the second quarter of 2026, compared to $17.4 million for the first quarter of 2026, and $11.5 million for the second quarter of 2025. Earnings per diluted common share were $0.45 for the second quarter of 2026, compared to $0.58 for the first quarter of 2026, and $0.38 for the second quarter of 2025.

“Bridgewater’s strong second quarter reflected continued progress across key profitability drivers, highlighted by improved revenue and net interest income growth trends,” said Chairman and Chief Executive Officer, Jerry Baack. “The profitable growth of our loan portfolio, supported by continued net interest margin expansion and higher loan repricing, helped drive stronger earnings performance while we maintained our disciplined credit underwriting approach and strong asset quality profile. Our results demonstrated the strength of our core banking model, the benefits of disciplined balance sheet management, and the continued momentum we are seeing across our markets.

“We remain focused on executing our relationship-based growth strategy and are continuing to proactively add top talent across our production and support teams. These investments will support our ability to capitalize on future growth opportunities, strengthen our ability to serve clients, and create long-term value for our shareholders.”

Page 2 of 19

Key Financial Measures

As of and for the Three Months Ended

As of and for the Six Months Ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

Per Common Share Data

Basic Earnings Per Share

0.47

0.59

0.38

1.06

0.70

Diluted Earnings Per Share

0.45

0.58

0.38

1.03

0.68

Adjusted Diluted Earnings Per Share (1)

0.45

0.41

0.37

0.86

0.69

Book Value Per Share

17.27

16.60

14.92

17.27

14.92

Tangible Book Value Per Share (1)

16.61

15.93

14.21

16.61

14.21

Financial Ratios

Return on Average Assets (2)

1.06

1.35

0.90

1.20

0.83

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

1.43

1.30

1.27

1.37

1.20

Return on Average Shareholders' Equity (2)

10.17

13.45

9.80

11.76

9.10

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

11.15

15.13

10.93

13.07

10.08

Net Interest Margin (3)

3.07

2.99

2.62

3.03

2.56

Core Net Interest Margin (1)(3)

2.94

2.86

2.49

2.90

2.43

Cost of Total Deposits

2.80

2.79

3.16

2.79

3.17

Cost of Funds

2.91

2.90

3.19

2.90

3.18

Yield on Loans

5.91

5.81

5.74

5.86

5.68

Efficiency Ratio (1)

53.0

56.3

52.6

54.6

53.9

Noninterest Expense to Average Assets (2)

1.65

1.71

1.47

1.68

1.46

Tangible Common Equity to Tangible Assets (1)

8.62

8.34

7.40

8.62

7.40

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

9.61

9.53

9.03

9.61

9.03

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

1.06

0.98

0.88

1.02

0.84

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

1.43

1.37

1.31

1.40

1.25

Adjusted Return on Average Shareholders' Equity (2)

10.17

9.76

9.64

9.97

9.21

Adjusted Return on Average Tangible Common Equity (2)

11.15

10.72

10.74

10.94

10.22

Adjusted Efficiency Ratio

53.0

53.8

51.5

53.4

52.5

Adjusted Noninterest Expense to Average Assets (2)

1.65

1.64

1.43

1.65

1.42

Balance Sheet and Asset Quality (dollars in thousands)

Total Assets

5,389,726

5,335,396

5,296,673

5,389,726

5,296,673

Total Loans, Gross

4,426,389

4,368,042

4,145,799

4,426,389

4,145,799

Deposits

4,346,204

4,305,511

4,236,742

4,346,204

4,236,742

Loan to Deposit Ratio

101.8

101.5

97.9

101.8

97.9

Net Loan Charge-Offs to Average Loans (2)

0.04

0.05

0.00

0.04

0.00

Nonperforming Assets to Total Assets (5)

0.40

0.22

0.19

0.40

0.19

Allowance for Credit Losses to Total Loans

1.30

1.31

1.35

1.30

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.

Page 3 of 19

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the second quarter of 2026 was 3.07%, an eight basis point increase from 2.99% in the first quarter of 2026, and a 45 basis point increase from 2.62% in the second quarter of 2025. 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 First Minnetonka City Bank (“FMCB”), was 2.94% for the second quarter of 2026, an eight basis point increase from 2.86% in the first quarter of 2026, and a 45 basis point increase from 2.49% in the second quarter of 2025.

● Net interest margin expanded to 3.07% in the second quarter of 2026 primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits.

● The year-over-year expansion in net interest margin was primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits, offset partially by the refinancing of subordinated debt at higher rates late in the second quarter of 2025.

Net interest income was $38.6 million for the second quarter of 2026, an increase of $1.9 million from $36.6 million in the first quarter of 2026, and an increase of $6.1 million from $32.5 million in the second quarter of 2025.

● The linked-quarter increase in net interest income was primarily driven by loan portfolio growth at higher yields, higher cash balances, and lower federal funds purchased balances, offset partially by higher deposit balances.

● The year-over-year increase in net interest income was primarily due to growth in the loan portfolio and lower rates paid on deposits, offset partially by lower investment securities balances following the sale of $208.5 million of securities in the first quarter of 2026, and higher balances and rates paid on subordinated debt.

Interest income was $72.7 million for the second quarter of 2026, an increase of $2.7 million from $70.0 million in the first quarter of 2026, and an increase of $3.5 million from $69.2 million in the second quarter of 2025.

● The yield on interest earning assets (on a fully tax-equivalent basis) was 5.73% in the second quarter of 2026, compared to 5.65% in the first quarter of 2026, and 5.56% in the second quarter of 2025.

● The linked-quarter increase in the yield on interest earning assets was primarily due to growth and repricing of the loan portfolio.

● The year-over-year increase in the yield on interest earning assets (on a fully tax-equivalent basis) was primarily due to growth and repricing of the loan portfolio at accretive yields.

● The aggregate loan yield was 5.91% in the second quarter of 2026, 10 basis points higher than 5.81% in the first quarter of 2026, and 17 basis points higher than 5.74% in the second quarter of 2025.

● Core loan yield, a non-GAAP financial measure, was 5.76% in the second quarter of 2026, 10 basis points higher than 5.66% in the first quarter of 2026, and 17 basis points higher than 5.59% in the second quarter of 2025.

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

Three Months Ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Interest

5.76

5.66

5.63

5.66

5.59

Fees

0.13

0.12

0.10

0.09

0.11

Accretion

0.02

0.03

0.05

0.04

Yield on Loans

5.91

5.81

5.78

5.79

5.74

Interest expense was $34.1 million for the second quarter of 2026, an increase of $772,000 from $33.3 million in the first quarter of 2026, and a decrease of $2.7 million from $36.7 million in the second quarter of 2025.

● The cost of interest bearing liabilities was 3.51% in the second quarter of 2026, compared to 3.53% in the first quarter of 2026, and 3.83% in the second quarter of 2025.

● The linked-quarter decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits and lower balances and rates paid on federal funds purchased.

● The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits, lower balances on FHLB advances, and no balances drawn on the notes payable for the quarter, offset partially by an increase in balances and rates paid on subordinated debentures.

Page 4 of 19

Interest expense on deposits was $29.7 million for the second quarter of 2026, an increase of $918,000 from $28.8 million in the first quarter of 2026, and a decrease of $2.8 million from $32.5 million in the second quarter of 2025.

● The cost of total deposits was 2.80% in the second quarter of 2026, one basis point higher than 2.79% in the first quarter of 2026, and 36 basis points lower than 3.16% in the second quarter of 2025.

● The linked-quarter increase in the cost of total deposits was primarily due to higher balances and rates paid on interest bearing transaction deposits and a decrease in noninterest bearing deposits.

● The year-over-year decrease in the cost of total deposits was primarily due to lower rates paid on deposits following interest rate cuts in 2025 and an increase in noninterest bearing deposits.

Provision for Credit Losses

The provision for credit losses on loans and leases was $550,000 for the second quarter of 2026, compared to $1.4 million for the first quarter of 2026, and $2.0 million for the second quarter of 2025.

● The provision recorded in the second quarter of 2026 was primarily attributable to growth in the loan portfolio, offset partially by changes to qualitative factors.

● The allowance for credit losses on loans to total loans was 1.30% at June 30, 2026, compared to 1.31% at March 31, 2026, and 1.35% at June 30, 2025.

The provision for credit losses for off-balance sheet credit exposures was $-0- for the second quarter of 2026, compared to a negative provision of $150,000 for the first quarter of 2026, and a provision of $-0- for the second quarter of 2025.

Noninterest Income

Noninterest income was $2.3 million for the second quarter of 2026, a decrease of $7.2 million from $9.6 million for the first quarter of 2026, and a decrease of $1.3 million from $3.6 million for the second quarter of 2025.

● The linked-quarter decrease was primarily due to no net gain on the sale of securities, offset partially by higher letter of credit fees.

● The year-over-year decrease was primarily due to lower swap fees, net gain on the sale of securities, and FHLB prepayment income.

● Noninterest income included net gain on sales of securities of $-0- during the second quarter of 2026, compared to $7.3 million for the first quarter of 2026, and $474,000 for the second quarter of 2025, which is considered a non-core item.

Noninterest Expense

Noninterest expense was $21.9 million for the second quarter of 2026, a decrease of $276,000 from $22.2 million for the first quarter of 2026, and an increase of $3.0 million from $18.9 million for the second quarter of 2025.

● The linked-quarter decrease was primarily due to no FHLB prepayment penalty, offset partially by higher salaries and employee benefits.

● The year-over-year increase was primarily attributable to increases in salaries and employee benefits and information technology expenses.

● Noninterest expense for the second quarter of 2026 and the first quarter of 2026 included no merger-related expenses associated with the acquisition of FMCB, compared to merger-related expenses of $540,000 for the second quarter of 2025, which was considered non-core.

● Noninterest expense for the second quarter of 2026 included no FHLB prepayment penalty, compared to $982,000 for the first quarter of 2026, and no FHLB prepayment penalty for the second quarter of 2025, which was considered non-core.

● The efficiency ratio (on a fully tax-equivalent basis), a non-GAAP financial measure, was 53.0% for the second quarter of 2026, compared to 56.3% for the first quarter of 2026, and 52.6% for the second quarter of 2025.

● The Company had 355 full-time equivalent employees at June 30, 2026, compared to 337 at March 31, 2026, and 308 at June 30, 2025. The linked-quarter increase was primarily driven by the hiring of seasonal interns and hiring of key talent across the organization. The year-over-year increase was primarily driven by the hiring of key talent across the organization admist continued M&A disruption.

Income Taxes

The effective combined federal and state income tax rate was 24.1% for the second quarter of 2026, compared to 23.8% for the first

Page 5 of 19

quarter of 2026, and 23.9% for the second quarter of 2025.

Balance Sheet

Loans

(dollars in thousands)

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Commercial

591,034

593,406

547,245

533,476

549,259

Leases

41,802

41,791

43,407

43,186

44,817

Construction and Land Development

186,248

209,421

216,163

159,991

136,438

1-4 Family Construction

46,539

50,629

45,152

41,739

39,095

Real Estate Mortgage:

1-4 Family Mortgage

485,288

488,029

496,142

487,297

474,269

Multifamily

1,690,566

1,590,091

1,587,338

1,578,223

1,555,731

CRE Owner Occupied

191,153

188,588

189,754

192,966

192,837

CRE Nonowner Occupied

1,168,863

1,185,371

1,165,104

1,158,622

1,137,007

Total Real Estate Mortgage Loans

3,535,870

3,452,079

3,438,338

3,417,108

3,359,844

Consumer and Other

24,896

20,716

19,212

19,054

16,346

Total Loans, Gross

4,426,389

4,368,042

4,309,517

4,214,554

4,145,799

Allowance for Credit Losses on Loans

(57,418)

(57,277)

(56,443)

(56,390)

(55,765)

Net Deferred Loan Fees

(8,469)

(8,633)

(8,966)

(8,282)

(7,629)

Total Loans, Net

4,360,502

4,302,132

4,244,108

4,149,882

4,082,405

Total gross loans at June 30, 2026 were $4.43 billion, an increase of $58.3 million, or 5.4% annualized, compared to total gross loans of $4.37 billion at March 31, 2026, and an increase of $280.6 million, or 6.8%, compared to total gross loans of $4.15 billion at June 30, 2025.

● The increase in the loan portfolio during the second quarter of 2026 was primarily due to growth in the multifamily portfolio.

Deposits

(dollars in thousands)

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Noninterest Bearing Transaction Deposits

830,952

828,845

923,070

822,632

787,868

Interest Bearing Transaction Deposits

944,502

899,911

893,740

860,774

791,748

Savings and Money Market Deposits

1,435,582

1,497,517

1,380,922

1,428,726

1,441,694

Time Deposits

243,694

232,959

312,154

346,214

344,882

Brokered Deposits

891,474

846,279

810,483

834,418

870,550

Total Deposits

4,346,204

4,305,511

4,320,369

4,292,764

4,236,742

Total deposits at June 30, 2026 were $4.35 billion, an increase of $40.7 million, or 3.8% annualized, compared to total deposits of $4.31 billion at March 31, 2026, and an increase of $109.5 million, or 2.6%, compared to total deposits of $4.24 billion at June 30, 2025.

● Core deposits, defined as total deposits excluding brokered deposits and certificates of deposit greater than $250,000, decreased $29.9 million, or 3.5% annualized, from March 31, 2026, and increased $161.1 million, or 5.1%, from June 30, 2025.

● Interest bearing transaction deposits increased $44.6 million, or 19.9% annualized, from March 31, 2026, and increased $152.8 million, or 19.3%, from June 30, 2025.

● Brokered deposits increased $45.2 million from March 31, 2026, and increased $20.9 million from June 30, 2025. Consistent with historical practice, brokered deposits continue to be used as a supplemental funding source, as needed.

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.

● Annualized net charge-offs as a percentage of average loans were 0.04% for the second quarter of 2026, compared to 0.05% for the first quarter of 2026, and 0.00% for the second quarter of 2025.

● At June 30, 2026, the Company’s nonperforming assets, which included nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $21.6 million, or 0.40% of total assets, compared to $11.7 million, or 0.22% of total

Page 6 of 19

assets, at March 31, 2026, and $10.3 million, or 0.19% of total assets, at June 30, 2025.

● Loans with potential weaknesses that warranted a watch/special mention risk rating at June 30, 2026 totaled $38.5 million, compared to $47.7 million at March 31, 2026, and $53.3 million at June 30, 2025.

● Loans that warranted a substandard risk rating at June 30, 2026 totaled $43.9 million, compared to $43.1 million at March 31, 2026, and $45.0 million at June 30, 2025.

Capital

Total shareholders’ equity at June 30, 2026 was $547.9 million, an increase of $19.5 million, or 14.8% annualized, compared to $528.4 million at March 31, 2026, and an increase of $71.6 million, or 15.0%, over $476.3 million at June 30, 2025.

● The linked-quarter increase was primarily due to net income retained, a decrease in unrealized losses in the investment securities portfolio, and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends.

● The year-over-year increase was primarily due to net income retained, a decrease in unrealized losses in the investment securities portfolio, and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends and stock repurchases.

● The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.61% at June 30, 2026, compared to 9.53% at March 31, 2026, and 9.03% at June 30, 2025.

● Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.62% at June 30, 2026, compared to 8.34% at March 31, 2026, and 7.40% at June 30, 2025.

Tangible book value per share, a non-GAAP financial measure, was $16.61 as of June 30, 2026, an increase of 17.1% annualized from $15.93 as of March 31, 2026, and an increase of 16.9% from $14.21 as of June 30, 2025.

During the second quarter of 2026, the Company repurchased 38,659 shares of its common stock at an aggregate purchase price of $700,000 (weighted average price of $18.12 per share).

● The Company had $12.4 million remaining under its current share repurchase authorization at June 30, 2026.

The Company did not sell any shares during the second quarter of 2026 as part of its existing at-the-market offering.

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 September 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on August 14, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its second quarter 2026 financial results on Wednesday, July 22, 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 9039549. The replay will be available through July 29, 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 received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.4 billion as of June 30, 2026 and nine 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

Page 7 of 19

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 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 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, 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 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 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

Page 8 of 19

the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, and the effect of the merger on the Company’s customer and employee relationships and operating results; 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 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.

Page 9 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Financial Highlights

(dollars in thousands, except share data)

As of and for the Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

(Unaudited)

Income Statement

Net Interest Income

38,566

36,647

35,687

34,091

32,452

Provision for Credit Losses

550

1,200

1,450

1,100

2,000

Noninterest Income

2,324

9,564

3,148

2,061

3,627

Noninterest Expense

21,894

22,170

20,238

19,956

18,941

Net Income

14,007

17,406

13,334

11,601

11,520

Net Income Available to Common Shareholders

12,993

16,393

12,320

10,588

10,506

Per Common Share Data

Basic Earnings Per Share

0.47

0.59

0.45

0.38

Diluted Earnings Per Share

0.45

0.58

0.43

0.38

Adjusted Diluted Earnings Per Share (1)

0.45

0.41

0.44

0.39

0.37

Book Value Per Share

17.27

16.60

16.23

15.62

14.92

Tangible Book Value Per Share (1)

16.61

15.93

15.55

14.93

14.21

Basic Weighted Average Shares Outstanding

27,861,522

27,800,091

27,641,138

27,504,840

27,460,982

Diluted Weighted Average Shares Outstanding

28,589,332

28,490,176

28,354,756

28,190,406

27,998,008

Shares Outstanding at Period End

27,880,830

27,832,867

27,759,970

27,584,732

27,470,283

Financial Ratios

Return on Average Assets (2)

1.06

1.35

0.97

0.86

0.90

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

1.43

1.30

1.35

1.19

1.27

Return on Average Shareholders' Equity (2)

10.17

13.45

10.38

9.47

9.80

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

11.15

15.13

11.53

10.50

10.93

Net Interest Margin (3)

3.07

2.99

2.75

2.63

2.62

Core Net Interest Margin (1)(3)

2.94

2.86

2.62

2.52

2.49

Cost of Total Deposits

2.80

2.79

2.97

3.19

3.16

Cost of Funds

2.91

2.90

3.07

3.25

3.19

Yield on Loans

5.91

5.81

5.78

5.79

5.74

Efficiency Ratio (1)

53.0

56.3

51.6

54.7

52.6

Noninterest Expense to Average Assets (2)

1.65

1.71

1.48

1.47

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

1.06

0.98

0.99

0.88

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

1.43

1.37

1.38

1.23

1.31

Adjusted Return on Average Shareholders' Equity (2)

10.17

9.76

10.54

9.77

9.64

Adjusted Return on Average Tangible Common Equity (2)

11.15

10.72

11.72

10.86

10.74

Adjusted Efficiency Ratio

53.0

53.8

50.7

53.2

51.5

Adjusted Noninterest Expense to Average Assets (2)

1.65

1.64

1.45

1.43

Balance Sheet

Total Assets

5,389,726

5,335,396

5,407,002

5,359,994

5,296,673

Total Loans, Gross

4,426,389

4,368,042

4,309,517

4,214,554

4,145,799

Deposits

4,346,204

4,305,511

4,320,369

4,292,764

4,236,742

Total Shareholders' Equity

547,909

528,424

517,095

497,463

476,282

Loan to Deposit Ratio

101.8

101.5

99.7

98.2

97.9

Core Deposits to Total Deposits (4)

77.0

78.4

77.6

76.4

75.2

Asset Quality

Net Loan Charge-Offs to Average Loans (2)

0.04

0.05

0.11

0.03

0.00

Nonperforming Assets to Total Assets (5)

0.40

0.22

0.41

0.19

Allowance for Credit Losses to Total Loans

1.30

1.31

1.34

1.35

Page 10 of 19

As of and for the Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

(Unaudited)

Capital Ratios (Consolidated) (6)

Tier 1 Leverage Ratio

10.02

9.89

9.20

9.02

9.14

Common Equity Tier 1 Risk-based Capital Ratio

9.61

9.53

9.17

9.08

9.03

Tier 1 Risk-based Capital Ratio

10.98

10.94

10.57

10.52

10.51

Total Risk-based Capital Ratio

14.48

14.12

14.17

Tangible Common Equity to Tangible Assets (1)

8.62

8.34

8.01

7.71

7.40

(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.

Page 11 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

(Unaudited)

Assets

Cash and Cash Equivalents

169,806

222,154

123,511

131,818

217,495

Bank-Owned Certificates of Deposit

—

3,658

3,897

Securities Available for Sale, at Fair Value

605,412

566,565

776,441

826,473

743,889

Loans, Net of Allowance for Credit Losses

4,360,502

4,302,132

4,244,108

4,149,882

4,082,405

Federal Home Loan Bank (FHLB) Stock, at Cost

17,979

18,398

21,122

21,373

21,472

Premises and Equipment, Net

52,730

52,784

51,576

50,955

49,979

Foreclosed Assets

—

185

Accrued Interest

16,946

15,841

18,929

19,244

17,711

Goodwill

11,982

Other Intangible Assets, Net

6,477

6,703

6,930

7,160

7,390

Bank-Owned Life Insurance

45,671

45,219

46,576

46,121

45,413

Other Assets

102,221

93,618

105,827

91,328

94,855

Total Assets

5,389,726

5,335,396

5,407,002

5,359,994

5,296,673

Liabilities and Equity

Liabilities

Deposits:

Noninterest Bearing

830,952

828,845

923,070

822,632

787,868

Interest Bearing

3,515,252

3,476,666

3,397,299

3,470,132

3,448,874

Total Deposits

4,346,204

4,305,511

4,320,369

4,292,764

4,236,742

Notes Payable

—

13,750

FHLB Advances

326,000

336,000

399,500

404,500

Subordinated Debentures, Net of Issuance Costs

108,882

108,782

108,677

108,588

108,689

Accrued Interest Payable

2,565

4,254

3,227

5,208

4,110

Other Liabilities

58,166

52,425

58,134

51,471

52,600

Total Liabilities

4,841,817

4,806,972

4,889,907

4,862,531

4,820,391

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 June 30, 2026 (unaudited), March 31, 2026 (unaudited), December 31, 2025, September 30, 2025 (unaudited), and June 30, 2025 (unaudited)

66,514

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

Common Stock - Issued and Outstanding 27,880,830 at June 30, 2026 (unaudited), 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, 27,584,732 at September 30, 2025 (unaudited), and 27,470,283 at June 30, 2025 (unaudited)

279

278

276

275

Additional Paid-In Capital

100,868

99,564

98,287

97,101

95,174

Retained Earnings

380,841

367,848

351,455

339,135

328,547

Accumulated Other Comprehensive Gain (Loss)

(593)

(5,780)

561

(5,563)

(14,228)

Total Shareholders' Equity

547,909

528,424

517,095

497,463

476,282

Total Liabilities and Equity

5,389,726

5,335,396

5,407,002

5,359,994

5,296,673

Page 12 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

2026

2025

(Unaudited)

Interest Income

Loans, Including Fees

64,146

61,726

61,444

60,038

57,888

125,872

111,708

Investment Securities

6,904

6,923

9,720

10,371

9,200

13,827

18,597

Other

1,606

1,316

2,145

3,224

2,110

2,922

4,601

Total Interest Income

72,656

69,965

73,309

73,633

69,198

142,621

134,906

Interest Expense

Deposits

29,711

28,793

32,203

34,615

32,497

58,504

64,600

Federal Funds Purchased

238

—

257

Notes Payable

—

106

260

—

518

FHLB Advances

2,494

2,438

3,524

2,933

2,852

4,932

5,008

Subordinated Debentures

1,866

1,849

1,890

1,888

1,121

3,715

2,104

Total Interest Expense

34,090

33,318

37,622

39,542

36,746

67,408

72,246

Net Interest Income

38,566

36,647

35,687

34,091

32,452

75,213

62,660

Provision for Credit Losses

550

1,200

1,450

1,100

2,000

1,750

3,500

Net Interest Income After Provision for Credit Losses

38,016

35,447

34,237

32,991

30,452

73,463

59,160

Noninterest Income

Customer Service Fees

520

527

521

501

496

1,047

991

Net Gain on Sales of Securities

—

7,251

474

7,251

475

Letter of Credit Fees

304

185

668

383

323

489

778

Debit Card Interchange Fees

230

201

178

173

152

431

289

Swap Fees

263

240

651

—

938

503

980

Bank-Owned Life Insurance

451

447

455

440

387

898

766

Investment Advisory Fees

260

213

227

208

213

474

538

FHLB Prepayment Income

—

301

—

301

Other Income

296

500

368

297

343

795

588

Total Noninterest Income

2,324

9,564

3,148

2,061

3,627

11,888

5,706

Noninterest Expense

Salaries and Employee Benefits

13,916

13,492

12,434

12,229

11,363

27,408

22,734

Occupancy and Equipment

1,360

1,375

1,171

1,266

1,274

2,735

2,508

FDIC Insurance Assessment

595

780

770

775

750

1,375

1,200

Data Processing

692

611

638

637

625

1,303

1,244

Professional and Consulting Fees

1,267

1,196

1,404

1,261

1,110

2,463

2,104

Derivative Collateral Fees

206

168

237

309

372

374

823

Information Technology and Telecommunications

1,258

1,067

976

973

971

2,325

1,942

Marketing and Advertising

604

776

718

658

435

1,380

762

Intangible Asset Amortization

227

226

231

230

453

460

FHLB Prepayment Penalty

—

982

—

982

—

Other Expense

1,769

1,497

1,659

1,618

1,811

3,266

3,300

Total Noninterest Expense

21,894

22,170

20,238

19,956

18,941

44,064

37,077

Income Before Income Taxes

18,446

22,841

17,147

15,096

15,138

41,287

27,789

Provision for Income Taxes

4,439

5,435

3,813

3,495

3,618

9,874

6,636

Net Income

14,007

17,406

13,334

11,601

11,520

31,413

21,153

Preferred Stock Dividends

(1,014)

(1,013)

(1,014)

(1,013)

(1,014)

(2,027)

Net Income Available to Common Shareholders

12,993

16,393

12,320

10,588

10,506

29,386

19,126

Earnings Per Share

Basic

0.47

0.59

0.45

0.38

1.06

0.70

Diluted

0.45

0.58

0.43

0.38

1.03

0.68

Page 13 of 19

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

June 30, 2026

March 31, 2026

June 30, 2025

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

140,738

1,167

3.33

97,488

771

3.21

166,164

1,681

4.06

Investment Securities:

Taxable Investment Securities

460,567

5,233

4.56

506,154

5,530

4.43

734,998

8,883

4.85

Tax-Exempt Investment Securities (1)

144,241

2,115

5.88

119,582

1,764

5.98

31,940

401

5.04

Total Investment Securities

604,808

7,348

4.87

625,736

7,294

4.73

766,938

9,284

4.86

Loans (1)(2)

4,380,477

64,537

5.91

4,336,869

62,102

5.81

4,064,540

58,122

5.74

Federal Home Loan Bank Stock

18,692

438

9.39

19,337

546

11.45

21,416

429

8.03

Total Interest Earning Assets

5,144,715

73,490

5.73

5,079,430

70,713

5.65

5,019,058

69,516

5.56

Noninterest Earning Assets

172,500

163,331

143,124

Total Assets

5,317,215

5,242,761

5,162,182

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

931,588

7,504

3.23

888,301

6,936

3.17

813,906

7,769

3.83

Savings and Money Market Deposits

1,436,829

11,650

3.25

1,411,090

11,423

3.28

1,370,831

12,692

3.71

Time Deposits

230,949

2,089

3.63

252,426

2,333

3.75

326,024

3,268

4.02

Brokered Deposits

843,456

8,468

4.03

804,618

8,101

4.08

833,629

8,768

4.22

Total Interest Bearing Deposits

3,442,822

29,711

3.46

3,356,435

28,793

3.48

3,344,390

32,497

3.90

Federal Funds Purchased

1,901

3.90

24,478

238

3.95

1,369

4.64

Notes Payable

—

13,750

260

7.58

FHLB Advances

340,341

2,494

2.94

336,472

2,438

2.94

404,473

2,852

2.83

Subordinated Debentures

108,835

1,866

6.87

108,730

1,849

6.90

83,892

1,121

5.36

Total Interest Bearing Liabilities

3,893,899

34,090

3.51

3,826,115

33,318

3.53

3,847,874

36,746

3.83

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

808,295

834,916

774,424

Other Noninterest Bearing Liabilities

62,446

56,905

69,178

Total Noninterest Bearing Liabilities

870,741

891,821

843,602

Shareholders' Equity

552,575

524,825

470,706

Total Liabilities and Shareholders' Equity

5,317,215

5,242,761

5,162,182

Net Interest Income / Interest Rate Spread

39,400

2.22

37,395

2.11

32,770

1.73

Net Interest Margin (3)

3.07

2.99

2.62

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(834)

(748)

(318)

Net Interest Income

38,566

36,647

32,452

(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.

Page 14 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Six Months Ended

June 30, 2026

June 30, 2025

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

119,232

1,938

3.28

185,850

3,737

4.06

Investment Securities:

Taxable Investment Securities

483,235

10,763

4.49

751,702

17,916

4.81

Tax-Exempt Investment Securities (1)

131,980

3,879

5.93

33,734

862

5.15

Total Investment Securities

615,215

14,642

4.80

785,436

18,778

4.82

Loans (1)(2)

4,358,793

126,639

5.86

3,982,389

112,101

5.68

Federal Home Loan Bank Stock

19,012

984

10.43

20,209

864

8.62

Total Interest Earning Assets

5,112,252

144,203

5.69

4,973,884

135,480

5.49

Noninterest Earning Assets

167,942

143,115

Total Assets

5,280,194

5,116,999

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

910,253

14,440

3.20

834,537

15,958

3.86

Savings and Money Market Deposits

1,424,031

23,073

3.27

1,336,632

24,627

3.72

Time Deposits

241,628

4,422

3.69

327,613

6,577

4.05

Brokered Deposits

824,144

16,569

4.05

834,244

17,438

4.22

Total Interest Bearing Deposits

3,400,056

58,504

3.47

3,333,026

64,600

3.91

Federal Funds Purchased

13,127

257

3.94

688

4.64

Notes Payable

—

13,750

518

7.60

FHLB Advances

338,417

4,932

2.94

379,652

5,008

2.66

Subordinated Debentures

108,783

3,715

6.89

81,813

2,104

5.19

Total Interest Bearing Liabilities

3,860,383

67,408

3.52

3,808,929

72,246

3.82

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

821,342

770,849

Other Noninterest Bearing Liabilities

59,692

68,607

Total Noninterest Bearing Liabilities

881,034

839,456

Shareholders' Equity

538,777

468,614

Total Liabilities and Shareholders' Equity

5,280,194

5,116,999

Net Interest Income / Interest Rate Spread

76,795

2.17

63,234

1.67

Net Interest Margin (3)

3.03

2.56

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(1,582)

(574)

Net Interest Income

75,213

62,660

(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.

Page 15 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Asset Quality Summary

(unaudited)

As of and for the Three Months Ended

As of and for the Six Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

2026

2025

Allowance for Credit Losses

Balance at Beginning of Period

57,277

56,443

56,390

55,765

53,766

56,443

52,277

Provision for Credit Losses

550

1,350

1,250

900

2,000

1,900

3,500

Charge-offs

(738)

(658)

(1,259)

(276)

(6)

(1,396)

(18)

Recoveries

329

142

471

Net Charge-offs

(409)

(516)

(1,197)

(275)

(1)

(925)

(12)

Balance at End of Period

57,418

57,277

56,443

56,390

55,765

57,418

55,765

Allowance for Credit Losses to Total Loans

1.30

1.31

1.34

1.35

1.30

1.35

As of and for the Three Months Ended

As of and for the Six Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

2026

2025

Provision for Credit Losses on Loans and Leases

550

1,350

1,250

900

2,000

1,900

3,500

Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures

—

(150)

200

—

(150)

—

Provision for Credit Losses

550

1,200

1,450

1,100

2,000

1,750

3,500

As of and for the Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

Selected Asset Quality Data

Loans 30-89 Days Past Due

871

494

968

2,906

12,492

Loans 30-89 Days Past Due to Total Loans

0.02

0.01

0.02

0.07

0.30

Nonperforming Loans

21,648

11,715

22,034

9,991

10,134

Nonperforming Loans to Total Loans

0.49

0.27

0.51

0.24

Nonaccrual Loans to Total Loans

0.49

0.27

0.51

0.24

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

0.49

0.27

0.51

0.24

Foreclosed Assets

—

185

Nonperforming Assets (1)

21,648

11,715

22,034

9,991

10,319

Nonperforming Assets to Total Assets (1)

0.40

0.22

0.41

0.19

Net Loan Charge-Offs (Annualized) to Average Loans

0.04

0.05

0.11

0.03

0.00

Watchlist/Special Mention Risk Rating Loans

38,469

47,681

47,823

40,642

53,282

Substandard Risk Rating Loans

43,888

43,074

52,956

58,074

44,986

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

Page 16 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

2026

2025

Pre-Provision Net Revenue

Noninterest Income

2,324

9,564

3,148

2,061

3,627

11,888

5,706

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(474)

(7,251)

(475)

Less: FHLB Advance Prepayment Income

—

(301)

—

(301)

Total Operating Noninterest Income

2,324

2,313

3,068

2,002

2,852

4,637

4,930

Plus: Net Interest Income

38,566

36,647

35,687

34,091

32,452

75,213

62,660

Net Operating Revenue

40,890

38,960

38,755

36,093

35,304

79,850

67,590

Noninterest Expense

21,894

22,170

20,238

19,956

18,941

44,064

37,077

Total Operating Noninterest Expense

21,894

22,170

20,238

19,956

18,941

44,064

37,077

Pre-Provision Net Revenue

18,996

16,790

18,517

16,137

16,363

35,786

30,513

Plus:

Non-Operating Revenue Adjustments

—

7,251

775

7,251

776

Less:

Provision for Credit Losses

550

1,200

1,450

1,100

2,000

1,750

3,500

Provision for Income Taxes

4,439

5,435

3,813

3,495

3,618

9,874

6,636

Net Income

14,007

17,406

13,334

11,601

11,520

31,413

21,153

Average Assets

5,317,215

5,242,761

5,438,555

5,372,443

5,162,182

5,280,194

5,116,999

Pre-Provision Net Revenue Return on Average Assets

1.43

1.30

1.35

1.19

1.27

1.37

1.20

Adjusted Pre-Provision Net Revenue

Net Operating Revenue

40,890

38,960

38,755

36,093

35,304

79,850

67,590

Noninterest Expense

21,894

22,170

20,238

19,956

18,941

44,064

37,077

Less: Merger-related Expenses

—

(346)

(530)

(540)

—

(1,105)

Less: FHLB Prepayment Penalty

—

(982)

—

(982)

—

Adjusted Total Operating Noninterest Expense

21,894

21,188

19,892

19,426

18,401

43,082

35,972

Adjusted Pre-Provision Net Revenue

18,996

17,772

18,863

16,667

16,903

36,768

31,618

Adjusted Pre-Provision Net Revenue Return on Average Assets

1.43

1.37

1.38

1.23

1.31

1.40

1.25

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis)

39,400

37,395

36,447

34,614

32,770

76,795

63,234

Less:

Loan Fees

(1,464)

(1,257)

(1,041)

(966)

(1,019)

(2,721)

(1,738)

Purchase Accounting Accretion:

Loan Accretion

(171)

(324)

(546)

(380)

(425)

(495)

(767)

Bond Accretion

(17)

(22)

(33)

(89)

(152)

(39)

(730)

Bank-Owned Certificates of Deposit Accretion

—

(16)

(6)

(4)

—

(11)

Deposit Certificates of Deposit Accretion

—

(13)

(37)

—

(75)

Total Purchase Accounting Accretion

(188)

(346)

(595)

(488)

(618)

(534)

(1,583)

Core Net Interest Income (Tax-equivalent Basis)

37,748

35,792

34,811

33,160

31,133

73,540

59,913

Average Interest Earning Assets

5,144,715

5,079,430

5,264,700

5,223,139

5,019,058

5,112,252

4,973,884

Core Net Interest Margin

2.94

2.86

2.62

2.52

2.49

2.90

2.43

Core Loan Yield

Loan Interest Income (Tax-equivalent Basis)

64,537

62,102

61,746

60,317

58,122

126,639

112,101

Less:

Loan Fees

(1,464)

(1,257)

(1,041)

(966)

(1,019)

(2,721)

(1,738)

Loan Accretion

(171)

(324)

(546)

(380)

(425)

(495)

(767)

Core Loan Interest Income

62,902

60,521

60,159

58,971

56,678

123,423

109,596

Average Loans

4,380,477

4,336,869

4,239,936

4,132,987

4,064,540

4,358,793

3,982,389

Core Loan Yield

5.76

5.66

5.63

5.66

5.59

5.71

5.55

Page 17 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

2026

2025

Efficiency Ratio

Noninterest Expense

21,894

22,170

20,238

19,956

18,941

44,064

37,077

Less: Amortization of Intangible Assets

(227)

(226)

(231)

(230)

(453)

(460)

Adjusted Noninterest Expense

21,667

21,944

20,007

19,726

18,711

43,611

36,617

Net Interest Income

38,566

36,647

35,687

34,091

32,452

75,213

62,660

Noninterest Income

2,324

9,564

3,148

2,061

3,627

11,888

5,706

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(474)

(7,251)

(475)

Adjusted Operating Revenue

40,890

38,960

38,755

36,093

35,605

79,850

67,891

Efficiency Ratio

53.0

56.3

51.6

54.7

52.6

54.6

53.9

Adjusted Efficiency Ratio

Noninterest Expense

21,894

22,170

20,238

19,956

18,941

44,064

37,077

Less: Amortization of Intangible Assets

(227)

(226)

(231)

(230)

(453)

(460)

Less: Merger-related Expenses

—

(346)

(530)

(540)

—

(1,105)

Less: FHLB Advance Prepayment Penalty

—

(982)

—

(982)

—

Adjusted Noninterest Expense

21,667

20,962

19,661

19,196

18,171

42,629

35,512

Net Interest Income

38,566

36,647

35,687

34,091

32,452

75,213

62,660

Noninterest Income

2,324

9,564

3,148

2,061

3,627

11,888

5,706

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(474)

(7,251)

(475)

Less: FHLB Advance Prepayment Income

—

(301)

—

(301)

Adjusted Operating Revenue

40,890

38,960

38,755

36,093

35,304

79,850

67,590

Adjusted Efficiency Ratio

53.0

53.8

50.7

53.2

51.5

53.4

52.5

Adjusted Noninterest Expense to Average Assets (Annualized)

Noninterest Expense

21,894

22,170

20,238

19,956

18,941

44,064

37,077

Less: Merger-related Expenses

—

(346)

(530)

(540)

—

(1,105)

Less: FHLB Advance Prepayment Penalty

—

(982)

—

(982)

—

Adjusted Noninterest Expense

21,894

21,188

19,892

19,426

18,401

43,082

35,972

Average Assets

5,317,215

5,242,761

5,438,555

5,372,443

5,162,182

5,280,194

5,116,999

Adjusted Noninterest Expense to Average Assets (Annualized)

1.65

1.64

1.45

1.43

1.65

1.42

Tangible Common Equity and Tangible Common Equity/Tangible Assets

Total Shareholders' Equity

547,909

528,424

517,095

497,463

476,282

Less: Preferred Stock

(66,514)

Total Common Shareholders' Equity

481,395

461,910

450,581

430,949

409,768

Less: Intangible Assets

(18,459)

(18,685)

(18,912)

(19,142)

(19,372)

Tangible Common Equity

462,936

443,225

431,669

411,807

390,396

Total Assets

5,389,726

5,335,396

5,407,002

5,359,994

5,296,673

Less: Intangible Assets

(18,459)

(18,685)

(18,912)

(19,142)

(19,372)

Tangible Assets

5,371,267

5,316,711

5,388,090

5,340,852

5,277,301

Tangible Common Equity/Tangible Assets

8.62

8.34

8.01

7.71

7.40

Tangible Book Value Per Share

Book Value Per Common Share

17.27

16.60

16.23

15.62

14.92

Less: Effects of Intangible Assets

(0.66)

(0.67)

(0.68)

(0.69)

(0.71)

Tangible Book Value Per Common Share

16.61

15.93

15.55

14.93

14.21

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders

12,993

16,393

12,320

10,588

10,506

29,386

19,126

Average Shareholders' Equity

552,575

524,825

509,655

485,869

471,700

538,777

468,614

Less: Average Preferred Stock

(66,514)

Average Common Equity

486,061

458,311

443,141

419,355

405,186

472,263

402,100

Less: Effects of Average Intangible Assets

(18,588)

(18,816)

(19,042)

(19,274)

(19,504)

(18,702)

(19,620)

Average Tangible Common Equity

467,473

439,495

424,099

400,081

385,682

453,561

382,480

Return on Average Tangible Common Equity

11.15

15.13

11.53

10.50

10.93

13.07

10.08

Page 18 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2026

2025

2026

2025

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders

12,993

16,393

12,320

10,588

10,506

29,386

19,126

Add: Merger-related Expenses

—

346

530

540

—

1,105

Add: FHLB Advance Prepayment Penalty

—

982

—

982

—

Less: FHLB Advance Prepayment Income

—

(301)

—

(301)

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(474)

(7,251)

(475)

Total Adjustments

—

(6,269)

266

471

(235)

(6,269)

329

Less: Tax Impact of Adjustments

—

1,492

(59)

(110)

1,498

(79)

Adjusted Net Income Available to Common Shareholders

12,993

11,616

12,527

10,949

10,327

24,615

19,376

Diluted Weighted Average Shares Outstanding

28,589,332

28,490,176

28,354,756

28,190,406

27,998,008

28,546,721

28,022,592

Adjusted Diluted Earnings Per Common Share

0.45

0.41

0.44

0.39

0.37

0.86

0.69

Adjusted Return on Average Assets

Net Income

14,007

17,406

13,334

11,601

11,520

31,413

21,153

Add: Total Adjustments

—

(6,269)

266

471

(235)

(6,269)

329

Less: Tax Impact of Adjustments

—

1,492

(59)

(110)

1,498

(79)

Adjusted Net Income

14,007

12,629

13,541

11,962

11,341

26,642

21,403

Average Assets

5,317,215

5,242,761

5,438,555

5,372,443

5,162,182

5,280,194

5,116,999

Adjusted Return on Average Assets

1.06

0.98

0.99

0.88

1.02

0.84

Adjusted Return on Average Shareholders' Equity

Adjusted Net Income

14,007

12,629

13,541

11,962

11,341

26,642

21,403

Average Shareholders' Equity

552,575

524,825

509,655

485,869

471,700

538,777

468,614

Adjusted Return on Average Shareholders' Equity

10.17

9.76

10.54

9.77

9.64

9.97

9.21

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders

12,993

11,616

12,527

10,949

10,327

24,615

19,376

Average Tangible Common Equity

467,473

439,495

424,099

400,081

385,682

453,561

382,480

Adjusted Return on Average Tangible Common Equity

11.15

10.72

11.72

10.86

10.74

10.94

10.22

Page 19 of 19

EX-99.2

Filename: bwb-20260721xex99d2.htm · Sequence: 3

Exhibit 99.2

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.

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 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, 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 consequence 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, wide spread

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; risks associated with our integration of First Minnetonka City Bank (“FMCB”) and the effect of the merger on the Company’s customer and

employee relationships and operating results; 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.

2Q26 Earnings Highlights

• Net interest income increased $1.9M, or 21.0% annualized, from 1Q26

• Net interest margin (NIM) of 3.07%, up 8 bps from 1Q26; core NIM1 of 2.94%, up 8 bps from 1Q26

• Yield on total loans of 5.91%, up 10 bps from 1Q26

• Efficiency ratio1 of 53.0%, down from 56.3% in 1Q26

0.40%

• Loan balances increased $58M, or 5.4% annualized, from 1Q26

• Deposit balances increased $41M, or 3.8% annualized, from 1Q26; core deposit2 balances decreased $30M, or 3.5% annualized

• Loan-to-deposit ratio of 101.8%, up from 101.5% at March 31, 2026

• Annualized net charge-offs to average loans of 0.04%, down from 0.05% in 1Q26

• Nonperforming assets to total assets of 0.40%, up from 0.22% in 1Q26

• Well-reserved with allowance to total loans of 1.30%, down 1 bp from March 31, 2026

Emphasis on

Profitable Growth

Strong

Asset Quality

Profile

$0.45

Diluted

EPS

Nonperforming Assets

to Total Assets

Efficiency

Ratio1

Return on

Average Assets

Return on Avg. Tangible

Common Equity1

1.06% 11.15% 53.0%

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

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

• Book value per share of $17.27, up 16.2% annualized from 1Q26; up 15.8% from 2Q25

• Tangible book value per share1 of $16.61, up 17.1% annualized from 1Q26; up 16.9% from 2Q25

• Common Equity Tier 1 Ratio of 9.61%, up from 9.53% at March 31, 2026

• Repurchased 38,659 shares of common stock at an aggregate purchase price of $700,000 (weighted average price of $18.12 per share)

Focus on Creating

Shareholder Value

Net Interest Income

Growth Drives

Improved Profitability

Consistent Tangible Book Value Per Share1

Outperformance

51%

27%

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26

BWB Peer Bank Average2

Acquisition of

First Minnetonka City Bank

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 March 31, 2026 with growth rate through 1Q26 (Source: S&P Capital IQ)

Strong Revenue and Profitability Trends Continue

PPNR ROA1

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

$3,627 $2,061

$3,148

$9,564

$2,324

$36,079 $36,152

$38,835

$46,211

$40,890

2Q25 3Q25 4Q25 1Q26 2Q26

$16,363 $16,137

$18,517

$16,790

$18,996

$11,520 $11,601

$13,334

$17,406

$14,007

1.27% 1.19%

1.35% 1.30%

1.43%

1.31%

1.23%

1.38% 1.37%

0.90%

0.86%

0.97%

1.35%

1.06%

0.88%

0.99%

0.98%

2Q25 3Q25 4Q25 1Q26 2Q26

PPNR Net Income 1 ROA

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

Dollars in thousands

Adj. PPNR ROA1 Adj. ROA1

Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Trends

Net Interest Income Noninterest Income

Swap Fees $ 938 $ -- $ 651 $240 $263

NIM Expansion and Net Interest Income Growth

$30,815 $32,637 $34,051 $35,044 $36,914

$1,019

$966

$1,041

$1,257

$1,464

$618

$488

$595

$346

$188

$32,452

$34,091

$35,687 $36,647

$38,566

2.62% 2.63%

2.75%

2.99% 3.07%

2.49% 2.52%

2.62%

2.86% 2.94%

2Q25 3Q25 4Q25 1Q26 2Q26

Net Interest Margin1

Core Net Interest Income

Loan Fees

Net Interest Income and Margin Trends

2.99%

0.11% 0.01% 0.01%

0.01% (0.05)%

(0.01)%

3.07%

NIM

(1Q26)

Loan

Fees

Purchase

Accounting

Accretion

Loans Investments Cash Deposits NIM

(2Q26)

Net Interest Margin Roll-forward

2Q26 Net Interest Income / Net Interest Margin Commentary

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

Net Interest Income

• Net interest income growth of 21% annualized from 1Q26, driven by both

earning asset growth and net interest margin expansion

• Average interest earning assets grew $65M, or 5.2% annualized, from 1Q26

Net Interest Margin

• NIM increased 8 bps in 2Q26

• Loan portfolio continued to reprice higher

• Higher loan fees related to elevated loan payoff activity

• Deposit costs remained relatively flat

• Expect continued NIM expansion in 2H26, albeit at a slower pace

Core NIM2 up 8 bps

Core Net Interest Margin1,2

Purchase Accounting Accretion (PAA)

Higher Loan Repricing Drives NIM Expansion

$3,344 $3,517 $3,447 $3,356 $3,443

$774 $793 $855 $835 $808

$505 $519 $558 $470 $451

$4,623 $4,829 $4,860 $4,661 $4,702

3.19% 3.25% 3.07% 2.90% 2.91%

2Q25 3Q25 4Q25 1Q26 2Q26

$4,065 $4,133 $4,240 $4,337 $4,380

5.74% 5.79% 5.78% 5.81% 5.91%

5.59% 5.66% 5.63% 5.66%

5.76%

2Q25 3Q25 4Q25 1Q26 2Q26

$4,119

$4,311 $4,301

$4,191 $4,251

3.16% 3.19%

2.97% 2.79% 2.80%

2Q25 3Q25 4Q25 1Q26 2Q26

Core Loan Yield2

$767 $813 $819

$626 $605

4.86% 5.18% 4.93% 4.73% 4.87%

2Q25 3Q25 4Q25 1Q26 2Q26

Average Interest-Bearing Deposits Average Noninterest-Bearing Deposits

Average Borrowings Cost of Funds

Average Loans Loan Yield1 Average Investments Investment Yield1

Average Total Deposits Cost of Total Deposits

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 millions

Loans Continued to Reprice Higher

Deposit Costs Stabilize

Executed Securities Sale in 1Q26

Total Funding Costs Stabilize

$11,363 $12,215 $12,413 $13,492 $13,916

$1,274

$1,266 $1,171

$1,375 $1,360

$1,596

$1,610 $1,614

$1,678 $1,950

$1,043

$1,261 $1,404

$1,196

$1,267

$3,125

$3,074 $3,290

$3,447

$3,401

$540

$530 $346

$982

$18,941

$19,956 $20,238

$22,170 $21,894

2Q25 3Q25 4Q25 1Q26 2Q26

A Highly Efficient Business Model

1.43% 1.43% 1.45%

1.64% 1.65%

0.04% 0.04% 0.03%

0.07%

1.47% 1.47% 1.48%

1.71% 1.65%

52.6%

54.7%

51.6%

56.3%

51.5%

53.2%

50.7%

53.8% 53.0%

2Q25 3Q25 4Q25 1Q26 2Q26

Adjusted NIE / Avg. Assets2

Adjusted Efficiency Ratio3

Peer median efficiency ratio of 57%1 in 1Q26 Opportunistic investments in our people to support future growth

Salary and Employee Benefits Occupancy

Technology Professional and Consulting

Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2026 (Source: S&P Capital IQ)

2 Annualized

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

Dollars in thousands

Other

Adjustment Factors / Avg. Assets2

Efficiency Ratio3

Non-Core Items

Efficiency Ratio Consistently Better Than Peer Median Well Managed Expense Growth

Stable Deposit Mix

19% 19% 21% 19% 19%

19% 20%

21% 21% 22%

34% 33%

32% 35% 33%

8% 8% 7% 5% 6%

20% 20% 19% 20% 20%

$4,237 $4,293 $4,320 $4,306 $4,346

2Q25 3Q25 4Q25 1Q26 2Q26

Interest-Bearing Transaction

Noninterest-Bearing Transaction

Time

Savings & Money Market

Brokered

• 2Q26 deposits increased $41M, or 3.8% annualized (up 2.6% YoY)

• 2Q26 core deposits1 declined $30M, or 3.5% annualized (up 5.1% YoY)

• Year-over-year core deposit growth tracking with loan growth

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

lower early in the year

• Supplement core deposit growth with wholesale funding as needed

Continued Focus on Core Deposit Growth to Support Loan Growth Outlook

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

Dollars in millions

Positive Core Deposit1 Growth Momentum Over Time

$2,890

$217

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

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

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

Stable Deposit Mix

Core Deposits Acquired Core Deposits1

Profitable Loan Growth Trends Continue

$4,146

$4,215

$4,310

$4,368

$4,426

2Q25 3Q25 4Q25 1Q26 2Q26

Gross Loans

Dollars in millions

• 2Q26 loan growth of $58M, or 5.4% annualized (6.8% YoY)

• Focused on aligning loan growth with core deposit growth over time

• Continued to see growth opportunities related to M&A disruption

• Increased competition and payoff activity provide headwinds

• Loan-to-deposit ratio of 101.8%, within the 95% to 105% target range

Emphasizing Profitable Loan Growth

Near-term loan growth will depend 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 as we continue to get in front of good deals

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

impact loan growth

Loan Growth Outlook

Proven Track Record of Generating Strong Organic Loan Growth

Elevated Payoffs Impact Loan Growth

New Origination Activity

$217

$132

$242

$191 $178

$58

$61

$82

$98

$80

$275

$193

$324

$289

$258

2Q25 3Q25 4Q25 1Q26 2Q26

New Originations Advances

Elevated Loan Payoff Activity

$122

$76

$183 $151

$195

$45

$48

$77

$63

$48

$167

$124

$260

$214

$243

2Q25 3Q25 4Q25 1Q26 2Q26

Payoffs Amortization/Paydowns

Dollars in millions

$4,368

$43

$4,426

$178

$80

$(195)

$(48)

Gross

Loans

(1Q26)

New

Originations

Advances Net

Revolving

Lines of

Credit

Payoffs Amort. /

Paydowns

Charge-Offs

Gross

Loans

(2Q26)

2Q26 Loan Growth Roll-forward

Well-Diversified Loan Portfolio with

Multifamily Expertise

$(27)

$(17)

$(3)

$(2)

$100

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

Dollars in millions

CRE NOO

26.4%

Multifamily

38.2%

C&D

5.3%

1-4 Family

Mortgage

11.0%

CRE OO

4.3%

C&I

13.3%

Leases

0.9%

Consumer

& Other

0.6%

Loan Mix by Type

$4.4

Billion

• Loan growth driven by continued expertise in the multifamily

portfolio

• Elevated payoff activity impacted other portfolios

• Remain comfortable with the diversity of the loan portfolio,

including CRE and multifamily concentrations, given portfolio

performance and expertise

2Q26 Loan Growth by Type (vs. 1Q26)

Multifamily

1-4 Family Mortgage

Construction and Development

C&I

CRE Nonowner Occupied

CRE Owner Occupied

Consumer & Other

Leases

2Q26 Loan Growth Commentary

• Bank of choice in the Twin Cities with expertise and

differentiated service model

• 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

Multifamily Lending Approach

Unique Expertise in Affordable Housing

Dollars in millions

Expertise in the High-Quality Affordable Housing Space

• 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

• 33% of the portfolio located outside of Minnesota

• Strong source of core deposit growth

Multifamily

75%

Construction

and

Development

C&I

19%

$712M $581 $611

$652

$708 $712

2Q25 3Q25 4Q25 1Q26 2Q26

$(27)

$(8)

$38

Construction and

Development

C&I

Multifamily

Affordable Housing Loan Growth 2Q26 Loan Growth by Type (vs. 1Q26) Portfolio Mix

Asset Quality Remains Strong

1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2026 (Source: S&P Capital IQ)

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

Dollars in thousands

$275

$1,197

$516

$409

0.00%

0.03%

0.11%

0.05% 0.04%

2Q25 3Q25 4Q25 1Q26 2Q26

Net Charge-Offs

NCOs remain at relatively low levels

Net Charge-offs (recoveries) % of Average Loans (annualized)

$55,765 $56,390 $56,443 $57,277 $57,418

1.35% 1.34%

1.31% 1.31% 1.30%

2Q25 3Q25 4Q25 1Q26 2Q26

Allowance for Credit Losses

Well-reserved compared to peer median

ACL/Loans of 1.18%1

Allowance for Credit Losses % of Gross Loans

$10,134 $9,991

$22,034

$11,715

$21,648

0.19% 0.19%

0.41%

0.22%

0.40%

2Q25 3Q25 4Q25 1Q26 2Q26

Nonperforming Assets2

One mixed-use multifamily property

moved to nonaccrual in 2Q26

NPAs % of Assets

Stable Levels of

Watch/Special Mention and Substandard

Multifamily

69%

CRE NOO

CRE OO

18%

C&I

Other

$38

Million

Watch/Special Mention List Loans Substandard Loans

C&I

24%

CRE NOO

Office

20%

CRE

NOO

Hotels

CRE

NOO

Retail

CRE

NOO

Other

Multifamily

27%

CRE

OO 8%

1-4

Family

Other

$44

Million

Watch/Special Mention Characteristics

Loan Balances Outstanding $38,469

% of Total Loans, Gross 0.9%

Number of Loans 14

Average Loan Size $2,748

% of Bank Risk-Based Capital 5.7%

Substandard Characteristics

Loan Balances Outstanding $43,888

% of Total Loans, Gross 1.0%

Number of Loans 21

Average Loan Size $2,090

% of Bank Risk-Based Capital 6.5%

$53,282

$40,642

$47,823 $47,681

$38,469

2Q25 3Q25 4Q25 1Q26 2Q26

$44,986

$58,074

$52,956

$43,074 $43,888

2Q25 3Q25 4Q25 1Q26 2Q26

Dollars in thousands

Strong Capital Position to Support Growth

9.14%

9.02%

9.20%

9.89% 10.02%

9.03%

9.08%

9.17%

9.53% 9.61%

14.17% 14.12% 14.12%

14.48% 14.48%

7.40% 7.71% 8.01% 8.34% 8.62%

2Q25 3Q25 4Q25 1Q26 2Q26

Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio

Tier 1 Leverage Ratio

Building Capital Ratios

Tangible Common Equity Ratio1

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

Recent Capital Actions

• Repurchased 38,659 shares of common stock in 2Q26 at an aggregate

purchase price of $700,000 (weighted average price per share of $18.12)

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

June 30, 2026

• No shares sold in 2Q26 as part of the at-the-market (ATM) offering

launched in February 2026

Capital Allocation Priorities

Organic Growth

Share Repurchases

M&A

4 Dividends

Drive profitability by supporting a proven organic loan growth engine

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

Have not historically paid a common stock dividend given

organic growth opportunities

Near-Term Expectations

• Mid-to-high single digit loan growth in 2H26, 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%

Balance Sheet

Growth

• Continued NIM expansion, albeit at a slower pace

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

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

Net Interest

Margin

• Stabilization of noninterest expense near 2Q26 levels over the remainder of 2026

• Continued investments in people and technology initiatives Expenses

• 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

Capital

Levels

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 (2Q26)

• NIM expansion of 32 bps

• Relatively low levels of net charge-offs and nonperforming assets

• Loan growth of 5.5% annualized

• Hired 15 team members as a result

of the local M&A disruption

• Affordable housing balances up

$60M, or 19% annualized

• Established an internal AI Council to

champion AI initiatives across the

organization

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

APPENDIX

Interest Rate Sensitivity

Estimated Change in NII From

Immediate Interest Rate Shocks

+100 bps

-100 bps

Liability-sensitive balance sheet well positioned for lower interest rates and

a steepening yield curve

Loan Portfolio Considerations

• Loan portfolio most sensitive to changes in the 3- to 5-year portion of the

yield curve

• Loan portfolio positioned to reprice higher given larger fixed-rate

portfolio and smaller variable-rate portfolio

• $743M of fixed- and adjustable-rate loans scheduled to reprice over the

next year

• Leveraged prepayment penalties on new loan originations to help

maintain benefit of higher rates over time

Funding Considerations

• Deposit base is more sensitive to changing interest rates

• Strong momentum in core deposit growth since March 2023

• Continue to supplement core deposits with wholesale funding to support

loan growth over time

• Brokered deposits generally included call options to protect net interest

margin as interest rates declined

-200 bps

(1.1)%

+4.6%

1Q26

+12.2%

(1.1)%

4.3%

2Q26

13.3%

(1.3)%

+3.1%

2Q25

+7.2%

(1.4)%

+3.7%

4Q25

+9.4%

(2.7)%

+4.4%

3Q25

+10.5%

+200 bps (2.4)% (4.9)% (2.8)% (2.2)% (2.4)%

Funding Mix Tied to Short-Term Rates

• $1.9B of funding tied to short-term rates, including $1.5B of

immediately-adjustable deposits and $0.4B of derivative hedging

• $595M of other repricing opportunities, including time deposit

maturities over the next 12 months and callable brokered deposits with

rates over 4.00%

Loan Portfolio Positioned to Reprice Higher

23% 20% 23%

6% 13% 15%

$114 $103 $118

$30

$64 $74

Less

Than

1 Year

1 to 2

Years

2 to 3

Years

3 to 4

Years

4 to 5

Years

22% 19% 18% 15% 12% 14%

$629

$528 $496

$424

$354 $387

Less

Than

1 Year

1 to 2

Years

2 to 3

Years

3 to 4

Years

4 to 5

Years

Fixed,

64%

Variable,

25%

Adjustable,

11%

Loan Portfolio Mix Fixed-Rate Portfolio

($2.8B)

Variable-Rate Portfolio

($1.1B)

Adjustable-Rate Portfolio

($504M)

Years to Maturity

• Large fixed-rate portfolio

provides support to total loan

yields in a rates-down

environment

• $629M of fixed-rate loans

maturing over the next year, with

a weighted average yield of

5.62%

Variable-Rate Loan Floors

• Intentional focus on growing the

variable-rate loans to make the

loan portfolio more rate-neutral

• 65% of variable-rate portfolio

have rate floors, with 85% of the

floors at or above 5%

• 96% of variable-rate loans are

currently tied to SOFR or Prime

Adjustable-Rate

Repricing/Maturity Schedule

• Adjustable-rate loans positioned

to continue repricing higher

• $114M of adjustable-rate loans

repricing or maturing over the

next year, with a weighted

average yield of 3.99%

Dollars in millions

Data as of June 30, 2026

Yield 5.62% 5.51% 5.63% 5.97% 5.65% 4.52%

Yield 3.99% 4.80% 5.10% 6.86% 6.32% 4.69%

6% 9%

26%

52%

$44 $65

$187

$371

$51

Below

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

Increasing Variable-Rate Mix

Fixed Variable Adjustable

67% 67% 65% 65% 64%

18% 19% 22% 23% 25%

15% 14% 13% 12% 11%

2Q25 3Q25 4Q25 1Q26 2Q26

Managing Multifamily and Office-Related Risk

1 Excludes NOO medical office of $44 million

Data as of June 30, 2026

Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure

Percent of Total

Loans Average Loan Size

5.2% $2.3M

CRE NOO Office by Geography

Twin Cities

Suburban

65%

Minneapolis-St. Paul (CBD)

12%

Minneapolis

-St. Paul

(non-CBD)

20%

Out-of-State

(non-CBD)

Greater MN

$228M

• Majority of CRE NOO office

exposure in the Twin Cities

suburbs

• Only 4 loans totaling $28M

located in Minnesota CBDs

• Only 3 loans totaling $2M

outside of Minnesota (non-CBD), consisting of projects

for existing local clients

Loan

Balances

Average

Loan Size

NCOs

(since 2005)

$1.7B $3.0M <$1M

Multifamily Lending Focus in Stable Twin Cities Market

• 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

• Market catalysts include relative affordability, steady population growth,

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

Weighted

Average LTV

67%

Weighted Average

LTV

66%

High Quality Securities Portfolio

See Quarterly Peer

Bank Financial

Review

AAA

30%

44%

BBB

14%

Rating Mix

Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands)

$(39,161)

$(15,865)

$16,119 $17,687

$(14,228)

$(593)

2Q25 2Q26

MTM Securities MTM Derivatives Net Impact on AOCI1

• No held-to-maturity securities

• Securities portfolio average duration of 7.0 years

• Average securities portfolio yield of 4.87%

• AOCI / Total Risk-Based Capital of (0.1)% vs. peer bank

median of (3.6)%2

1 Includes the tax-effected impact of $5,738 in 2Q25 and $239 in 2Q26

2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2026 (Source: S&P Capital IQ)

36% 31% 31% 40% 37%

15%

29% 31% 35% 42%

18%

13% 12%

17%

15%

20%

18% 19%

11%

$744

$826 $776

$567 $605

2Q25 3Q25 4Q25 1Q26 2Q26

Mortgage-Backed Securities Municipal Bonds

U.S. Treasuries

Corporate Securities

Securities Available for Sale Portfolio (dollars in millions)

Other

Ample Liquidity and Borrowing Capacity

12.4% 12.5% 11.5% 12.4% 12.0%

32.7% 32.1% 35.0% 36.1%

38.7%

$2,384 $2,393

$2,510 $2,586

$2,732

2Q25 3Q25 4Q25 1Q26 2Q26

1 Excludes $104M of pledged securities at June 30, 2026

Dollars in millions

Off-Balance Sheet Liquidity as a % of Assets

On-Balance Sheet Liquidity as a % of Assets

Liquidity Position with 2.4x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022

Funding Source 12/31/2022 6/30/2026 Change

Cash and Cash Equivalents $ 48 $ 146 $ 98

Unpledged Securities1

549 501 (48)

FHLB Capacity 391 746 355

FRB Discount Window 158 1,081 923

Unsecured Lines of Credit 208 220 12

Secured Line of Credit 26 37 11

Total $ 1,380 $ 2,732 $ 1,352

Available Balance

Reconciliation of Non-GAAP Financial Measures

Dollars in thousands

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

Core Loan Yield

Loan Interest Income (Tax-Equivalent Basis) $ 58,122 $ 60,317 $ 61,746 $ 62,102 $ 64,537

Less:

Loan Fees (1,019) (966) (1,041) (1,257) (1,464)

Loan Accretion (425) (380) (546) (324) (171)

Core Loan Interest Income $ 56,678 $ 58,971 $ 60,159 $ 60,521 $ 62,902

Average Loans $ 4,064,540 $ 4,132,987 $ 4,239,936 $ 4,336,869 $ 4,380,477

Core Loan Yield 5.59% 5.66% 5.63% 5.66% 5.76%

Efficiency Ratio:

Noninterest Expense $ 18,941 $ 19,956 $ 20,238 $ 22,170 $ 21,894

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

Adjusted Noninterest Expense $ 18,711 $ 19,726 $ 20,007 $ 21,944 $ 21,667

Net Interest Income $ 32,452 $ 34,091 $ 35,687 $ 36,647 $ 38,566

Noninterest Income 3,627 2,061 3,148 9,564 2,324

Less: (Gain) Loss on Sales of Securities (474) (59) (80) (7,251) -

Adjusted Operating Revenue $ 35,605 $ 36,093 $ 38,755 $ 38,960 $ 40,890

Efficiency Ratio 52.6% 54.7% 51.6% 56.3% 53.0%

Adjusted Efficiency Ratio:

Noninterest Expense $ 18,941 $ 19,956 $ 20,238 $ 22,170 $ 21,894

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

Less: Merger-related Expenses (540) (530) (346) - -

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

Adjusted Noninterest Expense $ 18,171 $ 19,196 $ 19,661 $ 20,962 $ 21,667

Net Interest Income $ 32,452 $ 34,091 $ 35,687 $ 36,647 $ 38,566

Noninterest Income 3,627 2,061 3,148 9,564 2,324

Less: (Gain) Loss on Sales of Securities (474) (59) (80) (7,251) -

Less: FHLB Advance Prepayment Income (301) - - - -

Adjusted Operating Revenue $ 35,304 $ 36,093 $ 38,755 $ 38,960 $ 40,890

Adjusted Efficiency Ratio 51.5% 53.2% 50.7% 53.8% 53.0%

Adjusted Noninterest Expense to Average Assets:

Noninterest Expense $ 18,941 $ 19,956 $ 20,238 $ 22,170 $ 21,894

Less: Merger-related Expenses (540) (530) (346) - -

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

Adjusted Noninterest Expense $ 18,401 $ 19,426 $ 19,892 $ 21,188 $ 21,894

Average Assets $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215

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

As of and for the quarter ended,

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

Pre-Provision Net Revenue:

Noninterest Income $ 3,627 $ 2,061 $ 3,148 $ 9,564 $ 2,324

Less: (Gain) Loss on Sales of Securities (474) (59) (80) (7,251) -

Less: FHLB Advance Prepayment Income (301) - - - -

Total Operating Noninterest Income 2,852 2,002 3,068 2,313 2,324

Plus: Net Interest Income 32,452 34,091 35,687 36,647 38,566

Net Operating Revenue $ 35,304 $ 36,093 $ 38,755 $ 38,960 $ 40,890

Noninterest Expense $ 18,941 $ 19,956 $ 20,238 $ 22,170 $ 21,894

Total Operating Noninterest Expense $ 18,941 $ 19,956 $ 20,238 $ 22,170 $ 21,894

Pre-provision Net Revenue $ 16,363 $ 16,137 $ 18,517 $ 16,790 $ 18,996

Plus: Non-Operating Revenue Adjustments 775 59 8 0 7,251 -

Less: Provision for Credit Losses 2,000 1,100 1,450 1,200 550

Less: Provision for Income Taxes 3,618 3,495 3,813 5,435 4,439

Net Income $ 11,520 $ 11,601 $ 13,334 $ 17,406 $ 14,007

Average Assets $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215

Pre-Provision Net Revenue Return on

Average Assets 1.27% 1.19% 1.35% 1.30% 1.43%

Adjusted Pre-Provision Net Revenue:

Net Operating Revenue $ 35,304 $ 36,093 $ 38,755 $ 38,960 $ 40,890

Noninterest Expense $ 18,941 $ 19,956 $ 20,238 $ 22,170 $ 21,894

Less: Merger-related Expenses (540) (530) (346) - -

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

Adjusted Total Operating Noninterest Expense $ 18,401 $ 19,426 $ 19,892 $ 21,188 $ 21,894

Adjusted Pre-Provision Net Revenue $ 16,903 $ 16,667 $ 18,863 $ 17,772 $ 18,996

Adjusted Pre-Provision Net Revenue Return on

Average Assets 1.31% 1.23% 1.38% 1.37% 1.43%

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis) $ 32,770 $ 34,614 $ 36,447 $ 37,395 $ 39,400

Less:

Loan Fees (1,019) (966) (1,041) (1,257) (1,464)

Purchase Accounting Accretion:

Loan Accretion (425) (380) (546) (324) (171)

Bond Accretion (152) (89) (33) (22) (17)

Bank-Owned Certificates of Deposit Accretion (4) (6) (16) - -

Deposit Certificates of Deposit Accretion (37) (13) - - -

Total Purchase Accounting Accretion (618) (488) (595) (346) (188)

Core Net Interest Income (Tax-equivalent Basis) $ 31,133 $ 33,160 $ 34,811 $ 35,792 $ 37,748

Average Interest Earning Assets $ 5,019,058 $ 5,223,139 $ 5,264,700 $ 5,079,430 $ 5,144,715

Core Net Interest Margin 2.49% 2.52% 2.62% 2.86% 2.94%

As of and for the quarter ended,

Reconciliation of Non-GAAP Financial Measures

Dollars in thousands

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

Tangible Common Equity / Tangible Assets

Total Shareholders' Equity $ 476,282 $ 497,463 $ 517,095 $ 528,424 $ 547,909

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

Total Common Shareholders' Equity 409,768 430,949 450,581 461,910 481,395

Less: Intangible Assets (19,372) (19,142) (18,912) (18,685) (18,459)

Tangible Common Equity $ 390,396 $ 411,807 $ 431,669 $ 443,225 $ 462,936

Total Assets $ 5,296,673 $ 5,359,994 $ 5,407,002 $ 5,335,396 $ 5,389,726

Less: Intangible Assets (19,372) (19,142) (18,912) (18,685) (18,459)

Tangible Assets $ 5,277,301 $ 5,340,852 $ 5,388,090 $ 5,316,711 $ 5,371,267

Tangible Common Equity / Tangible Assets 7.40% 7.71% 8.01% 8.34% 8.62%

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders $ 10,506 $ 10,588 $ 12,320 $ 16,393 $ 12,993

Average Shareholders' Equity $ 471,700 $ 485,869 $ 509,655 $ 524,825 $ 552,575

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

Average Common Equity 405,186 419,355 443,141 458,311 486,061

Less: Effects of Average Intangible Assets (19,504) (19,274) (19,042) (18,816) (18,588)

Average Tangible Common Equity $ 385,682 $ 400,081 $ 424,099 $ 439,495 $ 467,473

Return on Average Tangible Common Equity 10.93% 10.50% 11.53% 15.13% 11.15%

As of and for the quarter ended,

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders $ 10,506 $ 10,588 $ 12,320 $ 16,393 $ 12,993

Add: Merger-related Expenses 540 530 346 - -

Add: FHLB Prepayment Penalties - - - 982 -

Less: FHLB Advance Prepayment Income (301) - - - -

Less: (Gain) Loss on Sales of Securities (474) (59) (80) (7,251) -

Total Adjustments (235) 471 266 (6,269) -

Less: Tax Impact of Adjustments 56 (110) (59) 1,492 -

Adjusted Net Income Available to Common $ 10,327 $ 10,949 $ 12,527 $ 11,616 $ 12,993

Diluted Weighted Average Shares Outstanding 27,998,008 28,190,406 28,354,756 28,490,176 28,589,332

Adjusted Diluted Earnings Per Common Share $ 0.37 $ 0.39 $ 0.44 $ 0.41 $ 0.45

Adjusted Return on Average Assets

Net Income $ 11,520 $ 11,601 $ 13,334 $ 17,406 $ 14,007

Add: Total Adjustments (235) 471 266 (6,269) -

Less: Tax Impact of Adjustments 56 (110) (59) 1,492 -

Adjusted Net Income $ 11,341 $ 11,962 $ 13,541 $ 12,629 $ 14,007

Average Assets $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215

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

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders $ 10,327 $ 10,949 $ 12,527 $ 11,616 $ 12,993

Average Tangible Common Equity $ 385,682 $ 400,081 $ 424,099 $ 439,495 $ 467,473

Adjusted Return on Average Tangible Common Equity 10.74% 10.86% 11.72% 10.72% 11.15%

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

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

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

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

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

As of and for the quarter ended,

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XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 39

v3.26.1

Document and Entity Information

Jul. 21, 2026

Document Information [Line Items]

Document Type

8-K

Document Period End Date

Jul. 21, 2026

Entity File Number

001-38412

Entity Registrant Name

BRIDGEWATER BANCSHARES, INC.

Entity Incorporation, State or Country Code

Entity Tax Identification Number

26-0113412

Entity Address, Address Line One

4450 Excelsior Boulevard, Suite 100

Entity Address, City or Town

St. Louis Park

Entity Address, State or Province

Entity Address, Postal Zip Code

55416

City Area Code

952

Local Phone Number

893-6868

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001341317

Amendment Flag

false

Common Stock

Document Information [Line Items]

Title of 12(b) Security

Common Stock

Trading Symbol

BWB

Security Exchange Name

NASDAQ

Depositary Shares

Document Information [Line Items]

Title of 12(b) Security

Depositary Shares

Trading Symbol

BWBBP

Security Exchange Name

NASDAQ

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

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No definition available.

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- Definition

Area code of city

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No definition available.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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No definition available.

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- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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No definition available.

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Name of the City or Town

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No definition available.

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Code for the postal or zip code

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No definition available.

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Name of the state or province.

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No definition available.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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

-Publisher SEC

-Name Exchange Act

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

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

-Publisher SEC

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-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

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- Definition

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

-Publisher SEC

-Name Securities Act

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-Section 425

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