Bridgewater Bancshares, Inc. Announces Third Quarter 2026 Financial Results

Bridgewater Bancshares, Inc. Announces Third Quarter 2026 Financial Results ST. LOUIS PARK, Minn.--( BUSINESS WIRE)--Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the “Company”), the parent company of Bridgewater Bank (the “Bank”), today announced net income of $15.0 million for the third quarter of 2026, compared to $14.0 million for the second quarter of 2026, and $11.6 million for the third quarter of 2025. Earnings per diluted common share were $0.49 for the third quarter of 2026, compared to $0.45 for the second quarter of 2026, and $0.38 for the third quarter of 2025.

“Bridgewater delivered an impressive quarter highlighted by strong profitability and balance sheet growth as we continued to execute on our profitable growth strategy,” said Chairman and Chief Executive Officer, Jerry Baack. “Across-the-board revenue growth and well-controlled expenses in the third quarter resulted in a meaningful increase in pre-provision net revenue and an efficiency ratio below 50% for the first time since the first quarter of 2023. In addition, we generated robust core deposit growth during the quarter, which supported our organic loan growth engine, improved our overall deposit mix, and helped drive continued net interest margin expansion.

“Looking ahead, our balance sheet is better positioned today for a higher interest rate environment given our intentional mix shift toward more variable-rate loans over the past few years. Our teams continue to deliver an unconventional level of service that deepens existing client relationships and creates new ones, reinforcing our ability to sustain profitable growth and generate long-term value for shareholders.”

_____________________________________

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

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

Key Financial Measures

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

September 30,

2026

2025

2026

2025

Per Common Share Data

Basic Earnings Per Share

0.50

0.47

0.38

1.56

1.08

Diluted Earnings Per Share

0.49

0.45

0.38

1.52

1.06

Adjusted Diluted Earnings Per Share (1)

0.49

0.45

0.39

1.35

1.08

Book Value Per Share

16.98

17.27

15.62

16.98

15.62

Tangible Book Value Per Share (1)

16.33

16.61

14.93

16.33

14.93

Financial Ratios

Return on Average Assets (2)

1.08

1.06

0.86

1.16

0.84

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

1.57

1.43

1.19

1.44

1.20

Return on Average Shareholders' Equity (2)

10.81

10.17

9.47

11.43

9.23

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

11.91

11.15

10.50

12.67

10.23

Net Interest Margin (3)

3.09

3.07

2.63

3.05

2.59

Core Net Interest Margin (1)(3)

2.98

2.94

2.52

2.93

2.46

Cost of Total Deposits

2.78

2.80

3.19

2.79

3.18

Cost of Funds

2.92

2.91

3.25

2.91

3.20

Yield on Loans

5.96

5.91

5.79

5.89

5.71

Efficiency Ratio (1)

48.8

53.0

54.7

52.6

54.2

Noninterest Expense to Average Assets (2)

1.53

1.65

1.47

1.63

1.46

Tangible Common Equity to Tangible Assets (1)

8.16

8.62

7.71

8.16

7.71

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

9.63

9.61

9.08

9.63

9.08

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

1.08

1.06

0.88

1.04

0.86

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

1.57

1.43

1.23

1.46

1.24

Adjusted Return on Average Shareholders' Equity (2)

10.81

10.17

9.77

10.24

9.41

Adjusted Return on Average Tangible Common Equity (2)

11.91

11.15

10.86

11.26

10.44

Adjusted Efficiency Ratio

48.8

53.0

53.2

51.8

52.8

Adjusted Noninterest Expense to Average Assets (2)

1.53

1.65

1.43

1.61

1.42

Balance Sheet and Asset Quality (dollars in thousands)

Total Assets

5,615,482

5,389,726

5,359,994

5,615,482

5,359,994

Total Loans, Gross

4,506,834

4,426,389

4,214,554

4,506,834

4,214,554

Deposits

4,473,019

4,346,204

4,292,764

4,473,019

4,292,764

Loan to Deposit Ratio

100.8

101.8

98.2

100.8

98.2

Net Loan Charge-Offs to Average Loans (2)

0.21

0.04

0.03

0.10

0.01

Nonperforming Assets to Total Assets (5)

0.37

0.40

0.19

0.37

0.19

Allowance for Credit Losses to Total Loans

1.28

1.30

1.34

1.28

1.34

___________________________________

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

Annualized.

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

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

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

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the third quarter of 2026 was 3.09%, a two basis point increase from 3.07% in the second quarter of 2026, and a 46 basis point increase from 2.63% in the third 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 2.98% for the third quarter of 2026, a four basis point increase from 2.94% in the second quarter of 2026, and a 46 basis point increase from 2.52% in the third quarter of 2025.

Net interest income was $40.7 million for the third quarter of 2026, an increase of $2.1 million from $38.6 million in the second quarter of 2026, and an increase of $6.6 million from $34.1 million in the third quarter of 2025.

Interest income was $76.6 million for the third quarter of 2026, an increase of $4.0 million from $72.7 million in the second quarter of 2026, and an increase of $3.0 million from $73.6 million in the third quarter of 2025.

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

Three Months Ended

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

Interest

5.82

5.76

5.66

5.63

5.66

Fees

0.12

0.13

0.12

0.10

0.09

Accretion

0.02

0.03

0.05

0.04

Yield on Loans

5.96

5.91

5.81

5.78

5.79

Interest expense was $36.0 million for the third quarter of 2026, an increase of $1.9 million from $34.1 million in the second quarter of 2026, and a decrease of $3.6 million from $39.5 million in the third quarter of 2025.

Interest expense on deposits was $30.9 million for the third quarter of 2026, an increase of $1.2 million from $29.7 million in the second quarter of 2026, and a decrease of $3.7 million from $34.6 million in the third quarter of 2025.

Provision for Credit Losses

The provision for credit losses on loans and leases was $2.8 million for the third quarter of 2026, compared to $550,000 for the second quarter of 2026, and $900,000 for the third quarter of 2025.

The provision for credit losses for off-balance sheet credit exposures was $-0- for both the second and third quarters of 2026, compared to a provision of $200,000 for the third quarter of 2025.

Noninterest Income

Noninterest income was $2.6 million for the third quarter of 2026, an increase of $249,000 from $2.3 million for the second quarter of 2026, and an increase of $512,000 from $2.1 million for the third quarter of 2025.

Noninterest Expense

Noninterest expense was $21.3 million for the third quarter of 2026, a decrease of $553,000 from $21.9 million for the second quarter of 2026, and an increase of $1.4 million from $20.0 million for the third quarter of 2025.

Income Taxes

The effective combined federal and state income tax rate was 21.5% for the third quarter of 2026, compared to 24.1% for the second quarter of 2026, and 23.2% for the third quarter of 2025.

Balance Sheet

Loans

(dollars in thousands)

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

Commercial

627,569

591,034

593,406

547,245

533,476

Leases

41,854

41,802

41,791

43,407

43,186

Construction and Land Development

229,478

186,248

209,421

216,163

159,991

1-4 Family Construction

57,825

46,539

50,629

45,152

41,739

Real Estate Mortgage:

1-4 Family Mortgage

456,458

485,288

488,029

496,142

487,297

Multifamily

1,661,765

1,690,566

1,590,091

1,587,338

1,578,223

CRE Owner Occupied

191,664

191,153

188,588

189,754

192,966

CRE Nonowner Occupied

1,211,595

1,168,863

1,185,371

1,165,104

1,158,622

Total Real Estate Mortgage Loans

3,521,482

3,535,870

3,452,079

3,438,338

3,417,108

Consumer and Other

28,626

24,896

20,716

19,212

19,054

Total Loans, Gross

4,506,834

4,426,389

4,368,042

4,309,517

4,214,554

Allowance for Credit Losses on Loans

(57,819

)

(57,418

)

(57,277

)

(56,443

)

(56,390

)

Net Deferred Loan Fees

(8,889

)

(8,469

)

(8,633

)

(8,966

)

(8,282

)

Total Loans, Net

4,440,126

4,360,502

4,302,132

4,244,108

4,149,882

Total gross loans at September 30, 2026 were $4.51 billion, an increase of $80.4 million, or 7.2% annualized, compared to total gross loans of $4.43 billion at June 30, 2026, and an increase of $292.3 million, or 6.9%, compared to total gross loans of $4.21 billion at September 30, 2025.

Deposits

(dollars in thousands)

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

Noninterest Bearing Transaction Deposits

893,817

830,952

828,845

923,070

822,632

Interest Bearing Transaction Deposits

947,073

944,502

899,911

893,740

860,774

Savings and Money Market Deposits

1,538,271

1,435,582

1,497,517

1,380,922

1,428,726

Time Deposits

298,804

243,694

232,959

312,154

346,214

Brokered Deposits

795,054

891,474

846,279

810,483

834,418

Total Deposits

4,473,019

4,346,204

4,305,511

4,320,369

4,292,764

Total deposits at September 30, 2026 were $4.47 billion, an increase of $126.8 million, or 11.6% annualized, compared to total deposits of $4.35 billion at June 30, 2026, and an increase of $180.3 million, or 4.2%, compared to total deposits of $4.29 billion at September 30, 2025.

Asset Quality

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

Capital

Total shareholders’ equity at September 30, 2026 was $541.4 million, a decrease of $6.5 million, or 4.7% annualized, compared to $547.9 million at June 30, 2026, and an increase of $43.9 million, or 8.8%, over $497.5 million at September 30, 2025.

Tangible book value per share, a non-GAAP financial measure, was $16.33 as of September 30, 2026, a decrease of 6.7% annualized from $16.61 as of June 30, 2026, and an increase of 9.4% from $14.93 as of September 30, 2025.

The Company did not repurchase any shares of its common stock during both the third quarter of 2026 and 2025, compared to 38,659 shares repurchased during the second quarter of 2026.

The Company did not sell any shares during the third 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 December 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on November 13, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its third quarter 2026 financial results on Wednesday, October 21, 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 9617563. The replay will be available through October 28, 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 $5.6 billion as of September 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 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 the recent increase in the benchmark federal funds rate by the Federal Reserve; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including 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 the goodwill the Company recorded in connection with acquisitions; the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

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

Bridgewater Bancshares, Inc. and Subsidiaries

Financial Highlights

(dollars in thousands, except share data)

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

(Unaudited)

Income Statement

Net Interest Income

40,658

38,566

36,647

35,687

34,091

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

Noninterest Income

2,573

2,324

9,564

3,148

2,061

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

Net Income

15,028

14,007

17,406

13,334

11,601

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

Per Common Share Data

Basic Earnings Per Share

0.50

0.47

0.59

0.45

0.38

Diluted Earnings Per Share

0.49

0.45

0.58

0.43

0.38

Adjusted Diluted Earnings Per Share (1)

0.49

0.45

0.41

0.44

0.39

Book Value Per Share

16.98

17.27

16.60

16.23

15.62

Tangible Book Value Per Share (1)

16.33

16.61

15.93

15.55

14.93

Basic Weighted Average Shares Outstanding

27,923,824

27,861,522

27,800,091

27,641,138

27,504,840

Diluted Weighted Average Shares Outstanding

28,796,376

28,589,332

28,490,176

28,354,756

28,190,406

Shares Outstanding at Period End

27,960,252

27,880,830

27,832,867

27,759,970

27,584,732

Financial Ratios

Return on Average Assets (2)

1.08

1.06

1.35

0.97

0.86

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

1.57

1.43

1.30

1.35

1.19

Return on Average Shareholders' Equity (2)

10.81

10.17

13.45

10.38

9.47

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

11.91

11.15

15.13

11.53

10.50

Net Interest Margin (3)

3.09

3.07

2.99

2.75

2.63

Core Net Interest Margin (1)(3)

2.98

2.94

2.86

2.62

2.52

Cost of Total Deposits

2.78

2.80

2.79

2.97

3.19

Cost of Funds

2.92

2.91

2.90

3.07

3.25

Yield on Loans

5.96

5.91

5.81

5.78

5.79

Efficiency Ratio (1)

48.8

53.0

56.3

51.6

54.7

Noninterest Expense to Average Assets (2)

1.53

1.65

1.71

1.48

1.47

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

1.08

1.06

0.98

0.99

0.88

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

1.57

1.43

1.37

1.38

1.23

Adjusted Return on Average Shareholders' Equity (2)

10.81

10.17

9.76

10.54

9.77

Adjusted Return on Average Tangible Common Equity (2)

11.91

11.15

10.72

11.72

10.86

Adjusted Efficiency Ratio

48.8

53.0

53.8

50.7

53.2

Adjusted Noninterest Expense to Average Assets (2)

1.53

1.65

1.64

1.45

1.43

Balance Sheet

Total Assets

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Total Loans, Gross

4,506,834

4,426,389

4,368,042

4,309,517

4,214,554

Deposits

4,473,019

4,346,204

4,305,511

4,320,369

4,292,764

Total Shareholders' Equity

541,392

547,909

528,424

517,095

497,463

Loan to Deposit Ratio

100.8

101.8

101.5

99.7

98.2

Core Deposits to Total Deposits (4)

78.5

77.0

78.4

77.6

76.4

Asset Quality

Net Loan Charge-Offs to Average Loans (2)

0.21

0.04

0.05

0.11

0.03

Nonperforming Assets to Total Assets (5)

0.37

0.40

0.22

0.41

0.19

Allowance for Credit Losses to Total Loans

1.28

1.30

1.31

1.34

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

(Unaudited)

Capital Ratios (Consolidated) (6)

Tier 1 Leverage Ratio

9.94

10.02

9.89

9.20

9.02

Common Equity Tier 1 Risk-based Capital Ratio

9.63

9.61

9.53

9.17

9.08

Tier 1 Risk-based Capital Ratio

10.95

10.98

10.94

10.57

10.52

Total Risk-based Capital Ratio

14.24

14.48

14.12

Tangible Common Equity to Tangible Assets (1)

8.16

8.62

8.34

8.01

7.71

__________________________________

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

Annualized.

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

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

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

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

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)

September 30,

June 30,

March 31,

December 31,

September 30,

2026

2025

(Unaudited)

Assets

Cash and Cash Equivalents

262,564

169,806

222,154

123,511

131,818

Bank-Owned Certificates of Deposit

—

3,658

Securities Available for Sale, at Fair Value

598,713

605,412

566,565

776,441

826,473

Loans, Net of Allowance for Credit Losses

4,440,126

4,360,502

4,302,132

4,244,108

4,149,882

Federal Home Loan Bank (FHLB) Stock, at Cost

21,189

17,979

18,398

21,122

21,373

Premises and Equipment, Net

52,530

52,730

52,784

51,576

50,955

Accrued Interest

16,818

16,946

15,841

18,929

19,244

Goodwill

11,982

Other Intangible Assets, Net

6,251

6,477

6,703

6,930

7,160

Bank-Owned Life Insurance

72,808

45,671

45,219

46,576

46,121

Other Assets

132,501

102,221

93,618

105,827

91,328

Total Assets

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Liabilities and Equity

Liabilities

Deposits:

Noninterest Bearing

893,817

830,952

828,845

923,070

822,632

Interest Bearing

3,579,202

3,515,252

3,476,666

3,397,299

3,470,132

Total Deposits

4,473,019

4,346,204

4,305,511

4,320,369

4,292,764

FHLB Advances

396,000

326,000

336,000

399,500

404,500

Subordinated Debentures, Net of Issuance Costs

108,953

108,882

108,782

108,677

108,588

Accrued Interest Payable

4,372

2,565

4,254

3,227

5,208

Other Liabilities

91,746

58,166

52,425

58,134

51,471

Total Liabilities

5,074,090

4,841,817

4,806,972

4,889,907

4,862,531

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

66,514

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

Common Stock - Issued and Outstanding 27,960,252 at September 30, 2026 (unaudited), 27,880,830 at June 30, 2026 (unaudited), 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, and 27,584,732 at September 30, 2025 (unaudited)

280

279

278

276

Additional Paid-In Capital

102,605

100,868

99,564

98,287

97,101

Retained Earnings

394,856

380,841

367,848

351,455

339,135

Accumulated Other Comprehensive Gain (Loss)

(22,863

)

(593

)

(5,780

)

561

(5,563

)

Total Shareholders' Equity

541,392

547,909

528,424

517,095

497,463

Total Liabilities and Equity

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2026

2025

2026

2025

(Unaudited)

Interest Income

Loans, Including Fees

66,732

64,146

61,726

61,444

60,038

192,604

171,746

Investment Securities

7,587

6,904

6,923

9,720

10,371

21,414

28,968

Other

2,326

1,606

1,316

2,145

3,224

5,248

7,825

Total Interest Income

76,645

72,656

69,965

73,309

73,633

219,266

208,539

Interest Expense

Deposits

30,943

29,711

28,793

32,203

34,615

89,447

99,215

Federal Funds Purchased

—

238

—

257

Notes Payable

—

106

—

624

FHLB Advances

2,995

2,494

2,438

3,524

2,933

7,927

7,941

Subordinated Debentures

2,049

1,866

1,849

1,890

1,888

5,764

3,992

Total Interest Expense

35,987

34,090

33,318

37,622

39,542

103,395

111,788

Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

4,500

4,600

Net Interest Income After Provision for Credit Losses

37,908

38,016

35,447

34,237

32,991

111,371

92,151

Noninterest Income

Customer Service Fees

537

520

527

521

501

1,584

1,492

Net Gain on Sales of Securities

—

7,251

534

Letter of Credit Fees

643

304

185

668

383

1,132

1,161

Debit Card Interchange Fees

222

230

201

178

173

653

462

Swap Fees

112

263

240

651

—

615

980

Bank-Owned Life Insurance

530

451

447

455

440

1,428

1,206

Investment Advisory Fees

304

260

213

227

208

778

746

FHLB Prepayment Income

—

301

Other Income

225

296

500

368

297

1,020

885

Total Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Noninterest Expense

Salaries and Employee Benefits

14,353

13,916

13,492

12,434

12,229

41,761

34,963

Occupancy and Equipment

1,286

1,360

1,375

1,171

1,266

4,021

3,774

FDIC Insurance Assessment

555

595

780

770

775

1,930

1,975

Data Processing

623

692

611

638

637

1,926

1,881

Professional and Consulting Fees

1,127

1,267

1,196

1,404

1,261

3,590

3,365

Derivative Collateral Fees

284

206

168

237

309

658

1,132

Information Technology and Telecommunications

1,183

1,258

1,067

976

973

3,508

2,915

Marketing and Advertising

354

604

776

718

658

1,734

1,420

Intangible Asset Amortization

226

227

226

231

230

679

690

FHLB Prepayment Penalty

—

982

—

982

—

Other Expense

1,350

1,769

1,497

1,659

1,618

4,616

4,918

Total Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Income Before Income Taxes

19,140

18,446

22,841

17,147

15,096

60,427

42,885

Provision for Income Taxes

4,112

4,439

5,435

3,813

3,495

13,986

10,131

Net Income

15,028

14,007

17,406

13,334

11,601

46,441

32,754

Preferred Stock Dividends

(1,013

)

(1,014

)

(1,013

)

(1,014

)

(1,013

)

(3,040

)

(3,040

)

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

43,401

29,714

Earnings Per Share

Basic

0.50

0.47

0.59

0.45

0.38

1.56

1.08

Diluted

0.49

0.45

0.58

0.43

0.38

1.52

1.06

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Three Months Ended

September 30, 2026

June 30, 2026

September 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

213,850

1,887

3.50

140,738

1,167

3.33

256,174

2,732

4.23

Investment Securities:

Taxable Investment Securities

446,156

5,046

4.49

460,567

5,233

4.56

730,643

9,448

5.13

Tax-Exempt Investment Securities (1)

199,173

3,217

6.41

144,241

2,115

5.88

81,962

1,168

5.66

Total Investment Securities

645,329

8,263

5.08

604,808

7,348

4.87

812,605

10,616

5.18

Loans (1)(2)

4,471,437

67,130

5.96

4,380,477

64,537

5.91

4,132,987

60,317

5.79

Federal Home Loan Bank Stock

19,924

439

8.75

18,692

438

9.39

21,373

492

9.12

Total Interest Earning Assets

5,350,540

77,719

5.76

5,144,715

73,490

5.73

5,223,139

74,157

5.63

Noninterest Earning Assets

170,949

172,500

149,304

Total Assets

5,521,489

5,317,215

5,372,443

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

970,042

7,995

3.27

931,588

7,504

3.23

843,905

8,037

3.78

Savings and Money Market Deposits

1,445,197

11,836

3.25

1,436,829

11,650

3.25

1,473,465

13,465

3.63

Time Deposits

291,668

2,726

3.71

230,949

2,089

3.63

342,926

3,703

4.28

Brokered Deposits

844,983

8,386

3.94

843,456

8,468

4.03

856,516

9,410

4.36

Total Interest Bearing Deposits

3,551,890

30,943

3.46

3,442,822

29,711

3.46

3,516,812

34,615

3.90

Federal Funds Purchased

—

1,901

3.90

—

Notes Payable

—

5,679

106

7.40

FHLB Advances

368,038

2,995

3.23

340,341

2,494

2.94

404,500

2,933

2.88

Subordinated Debentures

108,918

2,049

7.46

108,835

1,866

6.87

108,639

1,888

6.89

Total Interest Bearing Liabilities

4,028,846

35,987

3.54

3,893,899

34,090

3.51

4,035,630

39,542

3.89

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

864,046

808,295

793,760

Other Noninterest Bearing Liabilities

76,805

62,446

57,184

Total Noninterest Bearing Liabilities

940,851

870,741

850,944

Shareholders' Equity

551,792

552,575

485,869

Total Liabilities and Shareholders' Equity

5,521,489

5,317,215

5,372,443

Net Interest Income / Interest Rate Spread

41,732

2.22

39,400

2.22

34,615

1.74

Net Interest Margin (3)

3.09

3.07

2.63

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(1,074

)

(834

)

(524

)

Net Interest Income

40,658

38,566

34,091

__________________________________

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%.

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

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

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Nine Months Ended

September 30, 2026

September 30, 2025

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

151,118

3,825

3.38

210,525

6,469

4.11

Investment Securities:

Taxable Investment Securities

470,739

15,809

4.49

744,605

27,364

4.91

Tax-Exempt Investment Securities (1)

154,624

7,096

6.14

49,987

2,030

5.43

Total Investment Securities

625,363

22,905

4.90

794,592

29,394

4.95

Loans (1)(2)

4,396,754

193,769

5.89

4,034,656

172,418

5.71

Federal Home Loan Bank Stock

19,320

1,423

9.85

20,601

1,356

8.80

Total Interest Earning Assets

5,192,555

221,922

5.71

5,060,374

209,637

5.54

Noninterest Earning Assets

168,954

145,373

Total Assets

5,361,509

5,205,747

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

930,394

22,435

3.22

837,504

23,995

3.83

Savings and Money Market Deposits

1,431,164

34,909

3.26

1,383,876

38,092

3.68

Time Deposits

258,491

7,148

3.70

333,199

10,280

4.13

Brokered Deposits

831,167

24,955

4.01

841,750

26,848

4.26

Total Interest Bearing Deposits

3,451,216

89,447

3.47

3,396,329

99,215

3.91

Federal Funds Purchased

8,706

257

3.94

456

4.64

Notes Payable

—

11,030

624

7.57

FHLB Advances

348,399

7,927

3.04

388,026

7,941

2.74

Subordinated Debentures

108,829

5,764

7.08

90,853

3,992

5.87

Total Interest Bearing Liabilities

3,917,150

103,395

3.53

3,886,694

111,788

3.85

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

835,741

779,897

Other Noninterest Bearing Liabilities

65,455

64,878

Total Noninterest Bearing Liabilities

901,196

844,775

Shareholders' Equity

543,163

474,278

Total Liabilities and Shareholders' Equity

5,361,509

5,205,747

Net Interest Income / Interest Rate Spread

118,527

2.19

97,849

1.69

Net Interest Margin (3)

3.05

2.59

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(2,656

)

(1,098

)

Net Interest Income

115,871

96,751

__________________________________

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%.

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

Bridgewater Bancshares, Inc. and Subsidiaries

Asset Quality Summary

(unaudited)

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Allowance for Credit Losses

Balance at Beginning of Period

57,418

57,277

56,443

56,390

55,765

56,443

52,277

Provision for Credit Losses

2,750

550

1,350

1,250

900

4,650

4,400

Charge-offs

(2,442

)

(738

)

(658

)

(1,259

)

(276

)

(3,838

)

(294

)

Recoveries

329

142

564

Net Charge-offs

(2,349

)

(409

)

(516

)

(1,197

)

(275

)

(3,274

)

(287

)

Balance at End of Period

57,819

57,418

57,277

56,443

56,390

57,819

56,390

Allowance for Credit Losses to Total Loans

1.28

1.30

1.31

1.34

1.28

1.34

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Provision for Credit Losses on Loans and Leases

2,750

550

1,350

1,250

900

4,650

4,400

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

—

(150

)

200

(150

)

200

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

4,500

4,600

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

Selected Asset Quality Data

Loans 30-89 Days Past Due

1,381

871

494

968

2,906

Loans 30-89 Days Past Due to Total Loans

0.03

0.02

0.01

0.02

0.07

Nonperforming Loans

20,937

21,648

11,715

22,034

9,991

Nonperforming Loans to Total Loans

0.46

0.49

0.27

0.51

0.24

Nonaccrual Loans to Total Loans

0.46

0.49

0.27

0.51

0.24

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

0.46

0.49

0.27

0.51

0.24

Nonperforming Assets (1)

20,937

21,648

11,715

22,034

9,991

Nonperforming Assets to Total Assets (1)

0.37

0.40

0.22

0.41

0.19

Net Loan Charge-Offs (Annualized) to Average Loans

0.21

0.04

0.05

0.11

0.03

Watchlist/Special Mention Risk Rating Loans

23,607

38,469

47,681

47,823

40,642

Substandard Risk Rating Loans

42,909

43,888

43,074

52,956

58,074

__________________________________

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

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Pre-Provision Net Revenue

Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Less: Gain on Sales of Securities

—

(7,251

)

(80

)

(59

)

(7,251

)

(534

)

Less: FHLB Advance Prepayment Income

—

(301

)

Total Operating Noninterest Income

2,573

2,324

2,313

3,068

2,002

7,210

6,932

Plus: Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Net Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,683

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Total Operating Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Pre-Provision Net Revenue

21,890

18,996

16,790

18,517

16,137

57,676

46,650

Plus:

Non-Operating Revenue Adjustments

—

7,251

835

Less:

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

4,500

4,600

Provision for Income Taxes

4,112

4,439

5,435

3,813

3,495

13,986

10,131

Net Income

15,028

14,007

17,406

13,334

11,601

46,441

32,754

Average Assets

5,521,489

5,317,215

5,242,761

5,438,555

5,372,443

5,361,509

5,205,747

Pre-Provision Net Revenue Return on Average Assets

1.57

1.43

1.30

1.35

1.19

1.44

1.20

Adjusted Pre-Provision Net Revenue

Net Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,683

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Merger-related Expenses

—

(346

)

(530

)

—

(1,635

)

Less: FHLB Prepayment Penalty

—

(982

)

—

(982

)

—

Adjusted Total Operating Noninterest Expense

21,341

21,894

21,188

19,892

19,426

64,423

55,398

Adjusted Pre-Provision Net Revenue

21,890

18,996

17,772

18,863

16,667

58,658

48,285

Adjusted Pre-Provision Net Revenue Return on Average Assets

1.57

1.43

1.37

1.38

1.23

1.46

1.24

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis)

41,732

39,400

37,395

36,447

34,614

118,527

97,848

Less:

Loan Fees

(1,367

)

(1,464

)

(1,257

)

(1,041

)

(966

)

(4,088

)

(2,704

)

Purchase Accounting Accretion:

Loan Accretion

(171

)

(171

)

(324

)

(546

)

(380

)

(666

)

(1,147

)

Bond Accretion

(18

)

(17

)

(22

)

(33

)

(89

)

(57

)

(819

)

Bank-Owned Certificates of Deposit Accretion

—

(16

)

—

(17

)

Deposit Certificates of Deposit Accretion

—

(13

)

—

(88

)

Total Purchase Accounting Accretion

(189

)

(188

)

(346

)

(595

)

(488

)

(723

)

(2,071

)

Core Net Interest Income (Tax-equivalent Basis)

40,176

37,748

35,792

34,811

33,160

113,716

93,073

Average Interest Earning Assets

5,350,540

5,144,715

5,079,430

5,264,700

5,223,139

5,192,555

5,060,374

Core Net Interest Margin

2.98

2.94

2.86

2.62

2.52

2.93

2.46

Core Loan Yield

Loan Interest Income (Tax-equivalent Basis)

67,130

64,537

62,102

61,746

60,317

193,769

172,418

Less:

Loan Fees

(1,367

)

(1,464

)

(1,257

)

(1,041

)

(966

)

(4,088

)

(2,704

)

Loan Accretion

(171

)

(171

)

(324

)

(546

)

(380

)

(666

)

(1,147

)

Core Loan Interest Income

65,592

62,902

60,521

60,159

58,971

189,015

168,567

Average Loans

4,471,437

4,380,477

4,336,869

4,239,936

4,132,987

4,396,754

4,034,656

Core Loan Yield

5.82

5.76

5.66

5.63

5.66

5.75

5.59

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Efficiency Ratio

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Amortization of Intangible Assets

(226

)

(227

)

(226

)

(231

)

(230

)

(679

)

(690

)

Adjusted Noninterest Expense

21,115

21,667

21,944

20,007

19,726

64,726

56,343

Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Less: Gain on Sales of Securities

—

(7,251

)

(80

)

(59

)

(7,251

)

(534

)

Adjusted Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,984

Efficiency Ratio

48.8

53.0

56.3

51.6

54.7

52.6

54.2

Adjusted Efficiency Ratio

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Amortization of Intangible Assets

(226

)

(227

)

(226

)

(231

)

(230

)

(679

)

(690

)

Less: Merger-related Expenses

—

(346

)

(530

)

—

(1,635

)

Less: FHLB Advance Prepayment Penalty

—

(982

)

—

(982

)

—

Adjusted Noninterest Expense

21,115

21,667

20,962

19,661

19,196

63,744

54,708

Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Less: Gain on Sales of Securities

—

(7,251

)

(80

)

(59

)

(7,251

)

(534

)

Less: FHLB Advance Prepayment Income

—

(301

)

Adjusted Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,683

Adjusted Efficiency Ratio

48.8

53.0

53.8

50.7

53.2

51.8

52.8

Adjusted Noninterest Expense to Average Assets (Annualized)

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Merger-related Expenses

—

(346

)

(530

)

—

(1,635

)

Less: FHLB Advance Prepayment Penalty

—

(982

)

—

(982

)

—

Adjusted Noninterest Expense

21,341

21,894

21,188

19,892

19,426

64,423

55,398

Average Assets

5,521,489

5,317,215

5,242,761

5,438,555

5,372,443

5,361,509

5,205,747

Adjusted Noninterest Expense to Average Assets (Annualized)

1.53

1.65

1.64

1.45

1.43

1.61

1.42

Tangible Common Equity and Tangible Common Equity/Tangible Assets

Total Shareholders' Equity

541,392

547,909

528,424

517,095

497,463

Less: Preferred Stock

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

Total Common Shareholders' Equity

474,878

481,395

461,910

450,581

430,949

Less: Intangible Assets

(18,233

)

(18,459

)

(18,685

)

(18,912

)

(19,142

)

Tangible Common Equity

456,645

462,936

443,225

431,669

411,807

Total Assets

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Less: Intangible Assets

(18,233

)

(18,459

)

(18,685

)

(18,912

)

(19,142

)

Tangible Assets

5,597,249

5,371,267

5,316,711

5,388,090

5,340,852

Tangible Common Equity/Tangible Assets

8.16

8.62

8.34

8.01

7.71

Tangible Book Value Per Share

Book Value Per Common Share

16.98

17.27

16.60

16.23

15.62

Less: Effects of Intangible Assets

(0.65

)

(0.66

)

(0.67

)

(0.68

)

(0.69

)

Tangible Book Value Per Common Share

16.33

16.61

15.93

15.55

14.93

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

43,401

29,714

Average Shareholders' Equity

551,792

552,575

524,825

509,655

485,869

543,163

474,278

Less: Average Preferred Stock

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

(66,514

)

Average Common Equity

485,278

486,061

458,311

443,141

419,355

476,649

407,764

Less: Effects of Average Intangible Assets

(18,361

)

(18,588

)

(18,816

)

(19,042

)

(19,274

)

(18,587

)

(19,504

)

Average Tangible Common Equity

466,917

467,473

439,495

424,099

400,081

458,062

388,260

Return on Average Tangible Common Equity

11.91

11.15

15.13

11.53

10.50

12.67

10.23

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

43,401

29,714

Add: Merger-related Expenses

—

346

530

—

1,635

Add: FHLB Advance Prepayment Penalty

—

982

—

982

—

Less: FHLB Advance Prepayment Income

—

(301

)

Less: Gain on Sales of Securities

—

(7,251

)

(80

)

(59

)

(7,251

)

(534

)

Total Adjustments

—

(6,269

)

266

471

(6,269

)

800

Less: Tax Impact of Adjustments

—

1,492

(59

)

(110

)

1,448

(189

)

Adjusted Net Income Available to Common Shareholders

14,015

12,993

11,616

12,527

10,949

38,580

30,325

Diluted Weighted Average Shares Outstanding

28,796,376

28,589,332

28,490,176

28,354,756

28,190,406

28,644,219

28,089,409

Adjusted Diluted Earnings Per Common Share

0.49

0.45

0.41

0.44

0.39

1.35

1.08

Adjusted Return on Average Assets

Net Income

15,028

14,007

17,406

13,334

11,601

46,441

32,754

Add: Total Adjustments

—

(6,269

)

266

471

(6,269

)

800

Less: Tax Impact of Adjustments

—

1,492

(59

)

(110

)

1,448

(189

)

Adjusted Net Income

15,028

14,007

12,629

13,541

11,962

41,620

33,365

Average Assets

5,521,489

5,317,215

5,242,761

5,438,555

5,372,443

5,361,509

5,205,747

Adjusted Return on Average Assets

1.08

1.06

0.98

0.99

0.88

1.04

0.86

Adjusted Return on Average Shareholders' Equity

Adjusted Net Income

15,028

14,007

12,629

13,541

11,962

41,620

33,365

Average Shareholders' Equity

551,792

552,575

524,825

509,655

485,869

543,163

474,278

Adjusted Return on Average Shareholders' Equity

10.81

10.17

9.76

10.54

9.77

10.24

9.41

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders

14,015

12,993

11,616

12,527

10,949

38,580

30,325

Average Tangible Common Equity

466,917

467,473

439,495

424,099

400,081

458,062

388,260

Adjusted Return on Average Tangible Common Equity

11.91

11.15

10.72

11.72

10.86

11.26

10.44