Form 8-K

8-K — Bridgewater Bancshares Inc

Accession: 0001104659-26-046020

Filed: 2026-04-21

Period: 2026-04-21

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-20260421x8k.htm (Primary)

EX-99.1 (bwb-20260421xex99d1.htm)

EX-99.2 (bwb-20260421xex99d2.htm)

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8-K

8-K (Primary)

Filename: bwb-20260421x8k.htm · Sequence: 1

BRIDGEWATER BANCSHARES, INC._April 21, 2026

0001341317false0001341317us-gaap:CommonStockMember2026-04-212026-04-210001341317bwb:DepositarySharesMember2026-04-212026-04-2100013413172026-04-212026-04-21

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

April 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 April 21, 2026, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results as of and for the three months ended March 31, 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 April 21, 2026, in its 2026 first 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 June 1, 2026, to shareholders of record of the Series A Preferred Stock at the close of business on May 15, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

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

Exhibit 99.2

Earnings Presentation dated April 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: April 21, 2026

By: /s/ Jerry Baack

Name: Jerry Baack

Title: Chairman and Chief Executive Officer

EX-99.1

Filename: bwb-20260421xex99d1.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

April 21, 2026

Bridgewater Bancshares, Inc. Announces First Quarter 2026 Financial Results

First Quarter 2026 Highlights

● Net income of $17.4 million, or $0.58 per diluted common share; adjusted net income of $12.6 million, or $0.41 per diluted common share.(1)

● Net interest income increased $960,000, or 10.9% annualized, from the fourth quarter of 2025.

● Net interest margin (on a fully tax-equivalent basis) of 2.99%, an increase of 24 basis points from the fourth quarter of 2025.

● Cost of total deposits of 2.79% for the first quarter of 2026, a decrease of 18 basis points from the fourth quarter of 2025.

● Enhanced balance sheet efficiency to improve forward profitability through the sale of $208.5 million of securities, for a pre-tax gain of $7.3 million, and prepayment of $97.5 million of FHLB advances, including a $982,000 prepayment fee.

● Gross loans increased by $58.5 million, or 5.5% annualized, from the fourth quarter of 2025.

● Total deposits decreased by $14.9 million, or 1.4% annualized, from the fourth quarter of 2025; core deposits(2) increased by $26.2 million, or 3.2% annualized, from the fourth quarter of 2025.

● Efficiency ratio(1) of 56.3%, up from 51.6% for the fourth quarter of 2025; adjusted efficiency ratio(1) of 53.8%, up from 50.7% for the fourth quarter of 2025.

● Annualized net loan charge-offs as a percentage of average loans of 0.05%, compared to 0.11% for the fourth quarter of 2025.

● Nonperforming assets to total assets of 0.22% at March 31, 2026, down from 0.41% at December 31, 2025.

● Tangible book value per share(1) of $15.93 at March 31, 2026, an increase of 9.9% annualized, from the fourth quarter of 2025.

● Common Equity Tier 1 Risk-Based Capital Ratio of 9.53%, up from 9.17% at December 31, 2025.

● Launched an at-the-market (“ATM”) offering for the sale from time-to-time of up to $50 million of common stock.

(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 18

St. Louis Park, MN – Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“the Company”), the parent company of Bridgewater Bank (“the Bank”), today announced net income of $17.4 million for the first quarter of 2026, compared to $13.3 million for the fourth quarter of 2025, and $9.6 million for the first quarter of 2025. Earnings per diluted common share were $0.58 for the first quarter of 2026, compared to $0.43 for the fourth quarter of 2025, and $0.31 for the first quarter of 2025. Adjusted diluted earnings per share, a non-GAAP financial measure, were $0.41 for the first quarter of 2026, compared to $0.44 for the fourth quarter of 2025, and $0.32 for the first quarter of 2025.

“Bridgewater’s first quarter of 2026 was highlighted by significant net interest margin expansion, continued loan and core deposit growth, and strong asset quality,” said Chairman and Chief Executive Officer, Jerry Baack. “We took opportunistic actions during the quarter to enhance our balance sheet efficiency, uniquely resulting in a substantial gain on the sale of securities during the quarter while also positioning us for improved forward profitability. As a result of the strong start to 2026, we were able to build our capital position and continue generating consistent tangible book value per share growth.

“Our teams continue to work hard to build, strengthen, and service relationships with clients, which has been instrumental in our ongoing success in gaining market share. These dedicated efforts continue to support our growth initiatives and drive meaningful value for our clients and shareholders alike.”

Page 2 of 18

Key Financial Measures

As of and for the Three Months Ended

March 31,

December 31,

March 31,

2026

2025

Per Common Share Data

Basic Earnings Per Share

0.59

0.45

0.31

Diluted Earnings Per Share

0.58

0.43

0.31

Adjusted Diluted Earnings Per Share (1)

0.41

0.44

0.32

Book Value Per Share

16.60

16.23

14.60

Tangible Book Value Per Share (1)

15.93

15.55

13.89

Financial Ratios

Return on Average Assets (2)

1.35

0.97

0.77

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

1.30

1.35

1.13

Return on Average Shareholders' Equity (2)

13.45

10.38

8.39

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

15.13

11.53

9.22

Net Interest Margin (3)

2.99

2.75

2.51

Core Net Interest Margin (1)(3)

2.86

2.62

2.37

Cost of Total Deposits

2.79

2.97

3.18

Cost of Funds

2.90

3.07

3.17

Efficiency Ratio (1)

56.3

51.6

55.5

Noninterest Expense to Average Assets (2)

1.71

1.48

1.45

Tangible Common Equity to Tangible Assets (1)

8.34

8.01

7.48

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

9.53

9.17

9.03

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

0.98

0.99

0.80

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

1.37

1.38

1.18

Adjusted Return on Average Shareholders' Equity (2)

9.76

10.54

8.77

Adjusted Return on Average Tangible Common Equity (2)

10.72

11.72

9.68

Adjusted Efficiency Ratio

53.8

50.7

53.7

Adjusted Noninterest Expense to Average Assets (2)

1.64

1.45

1.41

Balance Sheet and Asset Quality (dollars in thousands)

Total Assets

5,335,396

5,407,002

5,136,808

Total Loans, Gross

4,368,042

4,309,517

4,020,076

Deposits

4,305,511

4,320,369

4,162,457

Loan to Deposit Ratio

101.5

99.7

96.6

Net Loan Charge-Offs to Average Loans (2)

0.05

0.11

0.00

Nonperforming Assets to Total Assets (5)

0.22

0.41

0.20

Allowance for Credit Losses to Total Loans

1.31

1.34

(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 18

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure, for the first quarter of 2026 was 2.99%, a 24 basis point increase from 2.75% in the fourth quarter of 2025, and a 48 basis point increase from 2.51% in the first 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 2.86% for the first quarter of 2026, a 24 basis point increase from 2.62% in the fourth quarter of 2025, and a 49 basis point increase from 2.37% in the first quarter of 2025.

● Net interest margin expanded to 2.99% in the first quarter of 2026 primarily due to lower rates paid on deposits, growth in the loan portfolio at higher yields, and a decrease in average earning assets due to investment securities sales.

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

Net interest income was $36.6 million for the first quarter of 2026, an increase of $960,000 from $35.7 million in the fourth quarter of 2025, and an increase of $6.4 million from $30.2 million in the first quarter of 2025.

● The linked-quarter increase in net interest income was primarily due to lower rates paid on deposits, lower FHLB advance balances at lower yields, and growth in the loan portfolio, offset partially by lower cash and investment securities balances. The decrease in securities was due to the Company selling $208.5 million of securities during the quarter to enhance balance sheet efficiency and drive current and future earnings.

● The year-over-year increase in net interest income was primarily due to lower rates paid on deposits and growth in the loan portfolio, offset partially by lower cash and investment securities balances.

Interest income was $70.0 million for the first quarter of 2026, a decrease of $3.3 million from $73.3 million in the fourth quarter of 2025, and an increase of $4.3 million from $65.7 million in the first quarter of 2025.

● The yield on interest earning assets (on a fully tax-equivalent basis) was 5.65% in the first quarter of 2026, compared to 5.58% in the fourth quarter of 2025, and 5.43% in the first quarter of 2025.

● The linked-quarter increase in the yield on interest earning assets was primarily due to the repricing of the loan portfolio and the sale of lower yielding investment securities.

● The year-over-year increase in the yield on interest earning assets was primarily due to growth and repricing of the loan portfolio at accretive yields.

● The aggregate loan yield was 5.81% in the first quarter of 2026, three basis points higher than 5.78% in the fourth quarter of 2025, and 20 basis points higher than 5.61% in the first quarter of 2025.

● Core loan yield, a non-GAAP financial measure, was 5.66% in the first quarter of 2026, three basis points higher than 5.63% in the fourth quarter of 2025, and 16 basis points higher than 5.50% in the first quarter of 2025.

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

Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Interest

5.66

5.63

5.66

5.59

5.50

Fees

0.12

0.10

0.09

0.11

0.07

Accretion

0.03

0.05

0.04

Yield on Loans

5.81

5.78

5.79

5.74

5.61

Interest expense was $33.3 million for the first quarter of 2026, a decrease of $4.3 million from $37.6 million in the fourth quarter of 2025, and a decrease of $2.2 million from $35.5 million in the first quarter of 2025.

● The cost of interest bearing liabilities was 3.53% in the first quarter of 2026, compared to 3.73% in the fourth quarter of 2025, and 3.82% in the first 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 FHLB advances.

● The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits, offset partially by higher balances and rates paid on subordinated debentures and higher rates paid on FHLB advances.

Page 4 of 18

Interest expense on deposits was $28.8 million for the first quarter of 2026, a decrease of $3.4 million from $32.2 million in the fourth quarter of 2025, and a decrease of $3.3 million from $32.1 million in the first quarter of 2025.

● The cost of total deposits was 2.79% in the first quarter of 2026, 18 basis points lower than 2.97% in the fourth quarter of 2025, and 39 basis points lower than 3.18% in the first quarter of 2025.

● The linked-quarter decrease in the cost of total deposits was primarily due to lower balances and rates paid on interest bearing deposits following interest rate cuts in the fourth quarter of 2025.

● 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, lower average brokered deposit balances, and an increase in noninterest bearing deposits.

Provision for Credit Losses

The provision for credit losses on loans and leases was $1.4 million for the first quarter of 2026, compared to $1.3 million for the fourth quarter of 2025 and $1.5 million for the first quarter of 2025.

● The provision recorded in the first quarter of 2026 was primarily attributable to growth in the loan portfolio.

● The allowance for credit losses on loans to total loans was 1.31% at March 31, 2026, compared to 1.31% at December 31, 2025, and 1.34% at March 31, 2025.

The provision for credit losses for off-balance sheet credit exposures was a negative provision of $150,000 for the first quarter of 2026, compared to a provision of $200,000 for the fourth quarter of 2025 and a provision of $-0- for the first quarter of 2025.

● A negative provision was recorded during the first quarter of 2026 due to a decrease in the volume of newly originated loans with unfunded commitments.

Noninterest Income

Noninterest income was $9.6 million for the first quarter of 2026, an increase of $6.4 million from $3.1 million for the fourth quarter of 2025, and an increase of $7.5 million from $2.1 million for the first quarter of 2025.

● The linked-quarter increase was primarily due to higher net gain on sale of securities, offset partially by lower letter of credit fees and swap fees.

● The year-over-year increase was primarily due to higher net gain on sale of securities, swap fees and other income, offset partially by lower letter of credit fees and investment advisory fees.

● Noninterest income included net gain on sales of securities of $7.3 million during the first quarter of 2026, compared to $80,000 for the fourth quarter of 2025, and $1,000 for the first quarter of 2025, all of which are considered non-core items.

Noninterest Expense

Noninterest expense was $22.2 million for the first quarter of 2026, an increase of $1.9 million from $20.2 million for the fourth quarter of 2025, and an increase of $4.0 million from $18.1 million for the first quarter of 2025.

● The linked-quarter increase was primarily due to increases in salaries and employee benefits and an FHLB advance prepayment penalty.

● The year-over-year increase was primarily attributable to increases in salaries and employee benefits, an FHLB advance prepayment penalty, and marketing and advertising expense.

● Noninterest expense for the first quarter of 2026 had no merger-related expenses associated with the acquisition of FMCB, compared to merger-related expenses of $346,000 for the fourth quarter of 2025, and $565,000 for the first quarter of 2025, all of which are considered non-core items.

● Noninterest expense included FHLB prepayment penalty expense of $982,000 for the first quarter of 2026, which is considered a non-core item.

● The efficiency ratio (on a fully tax-equivalent basis), a non-GAAP financial measure, was 56.3% for the first quarter of 2026, compared to 51.6% for the fourth quarter of 2025, and 55.5% for the first quarter of 2025.

● The Company had 337 full-time equivalent employees at March 31, 2026, compared to 322 at December 31, 2025, and 292 at March 31, 2025. The linked-quarter and year-over-year increases were largely driven by the hiring of key talent across the organization.

Page 5 of 18

Income Taxes

The effective combined federal and state income tax rate was 23.8% for the first quarter of 2026, compared to 22.2% for the fourth quarter of 2025, and 23.9% for the first quarter of 2025.

Balance Sheet

Loans

(dollars in thousands)

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Commercial

593,406

547,245

533,476

549,259

528,801

Leases

41,791

43,407

43,186

44,817

43,958

Construction and Land Development

209,421

216,163

159,991

136,438

128,073

1-4 Family Construction

50,629

45,152

41,739

39,095

39,438

Real Estate Mortgage:

1-4 Family Mortgage

488,029

496,142

487,297

474,269

479,461

Multifamily

1,590,091

1,587,338

1,578,223

1,555,731

1,534,747

CRE Owner Occupied

188,588

189,754

192,966

192,837

196,080

CRE Nonowner Occupied

1,185,371

1,165,104

1,158,622

1,137,007

1,055,157

Total Real Estate Mortgage Loans

3,452,079

3,438,338

3,417,108

3,359,844

3,265,445

Consumer and Other

20,716

19,212

19,054

16,346

14,361

Total Loans, Gross

4,368,042

4,309,517

4,214,554

4,145,799

4,020,076

Allowance for Credit Losses on Loans

(57,277)

(56,443)

(56,390)

(55,765)

(53,766)

Net Deferred Loan Fees

(8,633)

(8,966)

(8,282)

(7,629)

(7,218)

Total Loans, Net

4,302,132

4,244,108

4,149,882

4,082,405

3,959,092

Total gross loans at March 31, 2026 were $4.37 billion, an increase of $58.5 million, or 5.5% annualized, compared to total gross loans of $4.31 billion at December 31, 2025, and an increase of $348.0 million, or 8.7%, compared to total gross loans of $4.02 billion at March 31, 2025.

● The increase in the loan portfolio during the first quarter of 2026 was due to growth in the commercial and CRE nonowner occupied portfolios.

Deposits

(dollars in thousands)

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Noninterest Bearing Transaction Deposits

828,845

923,070

822,632

787,868

791,528

Interest Bearing Transaction Deposits

899,911

893,740

860,774

791,748

840,378

Savings and Money Market Deposits

1,497,517

1,380,922

1,428,726

1,441,694

1,372,191

Time Deposits

232,959

312,154

346,214

344,882

326,821

Brokered Deposits

846,279

810,483

834,418

870,550

831,539

Total Deposits

4,305,511

4,320,369

4,292,764

4,236,742

4,162,457

Total deposits at March 31, 2026 were $4.31 billion, a decrease of $14.9 million, or 1.4% annualized, compared to total deposits of $4.32 billion at December 31, 2025, and an increase of $143.1 million, or 3.4%, compared to total deposits of $4.16 billion at March 31, 2025.

● Core deposits, defined as total deposits excluding brokered deposits and certificates of deposit greater than $250,000, increased $26.2 million, or 3.2% annualized, from December 31, 2025, and increased $207.2 million, or 6.5%, from March 31, 2025.

● Noninterest bearing deposits decreased $94.2 million, or 41.4% annualized, from December 31, 2025, and increased $37.3 million, or 4.7%, from March 31, 2025.

● Brokered deposits increased $35.8 million, or 17.9% annualized, from December 31, 2025, and increased $14.7 million, or 1.8%, from March 31, 2025. Brokered deposits continue to be used as a supplemental funding source, as needed.

Page 6 of 18

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 0.05% for the first quarter of 2026, compared to 0.11% for the fourth quarter of 2025, and 0.00% for the first quarter of 2025.

● At March 31, 2026, the Company’s nonperforming assets, which included nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $11.7 million, or 0.22% of total assets, compared to $22.0 million, or 0.41% of total assets, at December 31, 2025, and $10.3 million, or 0.20% of total assets, at March 31, 2025.

● Loans with potential weaknesses that warranted a watch/special mention risk rating at March 31, 2026 totaled $47.7 million, compared to $47.8 million at December 31, 2025, and $38.3 million at March 31, 2025.

● Loans that warranted a substandard risk rating at March 31, 2026 totaled $43.1 million, compared to $53.0 million at December 31, 2025, and $31.6 million at March 31, 2025.

Capital

Total shareholders’ equity at March 31, 2026 was $528.4 million, an increase of $11.3 million, or 8.9% annualized, compared to $517.1 million at December 31, 2025, and an increase of $59.4 million, or 12.7%, over $469.0 million at March 31, 2025.

● The linked-quarter increase was primarily due to net income retained, offset partially by preferred stock dividends.

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

● The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.53% at March 31, 2026, compared to 9.17% at December 31, 2025, and 9.03% March 31, 2025.

● Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.34% at March 31, 2026, compared to 8.01% at December 31, 2025, and 7.48% at March 31, 2025.

Tangible book value per share, a non-GAAP financial measure, was $15.93 as of March 31, 2026, an increase of 9.9% annualized from $15.55 as of December 31, 2025, and an increase of 14.7% from $13.89 as of March 31, 2025.

The Company did not repurchase any shares of its common stock during the first quarter of 2026.

● The Company had $13.1 million remaining under its current share repurchase authorization at March 31, 2026.

The Company launched an ATM offering during the first quarter of 2026 for the sale from time-to-time of up to $50 million of company stock.

● The Company did not sell any shares as part of the ATM during the first quarter of 2026.

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 June 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on May 15, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its first quarter 2026 financial results on Wednesday, April 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 2037632. The replay will be available through April 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

Page 7 of 18

services and esteemed corporate culture. With total assets of $5.3 billion as of March 31, 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 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 consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their

Page 8 of 18

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, and other international conflicts; potential impairment to 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; 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 18

Bridgewater Bancshares, Inc. and Subsidiaries

Financial Highlights

(dollars in thousands, except share data)

As of and for the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

(Unaudited)

Income Statement

Net Interest Income

36,647

35,687

34,091

32,452

30,208

Provision for Credit Losses

1,200

1,450

1,100

2,000

1,500

Noninterest Income

9,564

3,148

2,061

3,627

2,079

Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Net Income

17,406

13,334

11,601

11,520

9,633

Net Income Available to Common Shareholders

16,393

12,320

10,588

10,506

8,620

Per Common Share Data

Basic Earnings Per Share

0.59

0.45

0.38

0.31

Diluted Earnings Per Share

0.58

0.43

0.38

0.31

Adjusted Diluted Earnings Per Share (1)

0.41

0.44

0.39

0.37

0.32

Book Value Per Share

16.60

16.23

15.62

14.92

14.60

Tangible Book Value Per Share (1)

15.93

15.55

14.93

14.21

13.89

Basic Weighted Average Shares Outstanding

27,800,091

27,641,138

27,504,840

27,460,982

27,568,772

Diluted Weighted Average Shares Outstanding

28,490,176

28,354,756

28,190,406

27,998,008

28,036,506

Shares Outstanding at Period End

27,832,867

27,759,970

27,584,732

27,470,283

27,560,150

Financial Ratios

Return on Average Assets (2)

1.35

0.97

0.86

0.90

0.77

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

1.30

1.35

1.19

1.27

1.13

Return on Average Shareholders' Equity (2)

13.45

10.38

9.47

9.80

8.39

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

15.13

11.53

10.50

10.93

9.22

Net Interest Margin (3)

2.99

2.75

2.63

2.62

2.51

Core Net Interest Margin (1)(3)

2.86

2.62

2.52

2.49

2.37

Cost of Total Deposits

2.79

2.97

3.19

3.16

3.18

Cost of Funds

2.90

3.07

3.25

3.19

3.17

Efficiency Ratio (1)

56.3

51.6

54.7

52.6

55.5

Noninterest Expense to Average Assets (2)

1.71

1.48

1.47

1.45

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

0.98

0.99

0.88

0.80

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

1.37

1.38

1.23

1.31

1.18

Adjusted Return on Average Shareholders' Equity (2)

9.76

10.54

9.77

9.64

8.77

Adjusted Return on Average Tangible Common Equity (2)

10.72

11.72

10.86

10.74

9.68

Adjusted Efficiency Ratio

53.8

50.7

53.2

51.5

53.7

Adjusted Noninterest Expense to Average Assets (2)

1.64

1.45

1.43

1.41

Balance Sheet

Total Assets

5,335,396

5,407,002

5,359,994

5,296,673

5,136,808

Total Loans, Gross

4,368,042

4,309,517

4,214,554

4,145,799

4,020,076

Deposits

4,305,511

4,320,369

4,292,764

4,236,742

4,162,457

Total Shareholders' Equity

528,424

517,095

497,463

476,282

468,975

Loan to Deposit Ratio

101.5

99.7

98.2

97.9

96.6

Core Deposits to Total Deposits (4)

78.4

77.6

76.4

75.2

76.2

Asset Quality

Net Loan Charge-Offs to Average Loans (2)

0.05

0.11

0.03

0.00

Nonperforming Assets to Total Assets (5)

0.22

0.41

0.19

0.20

Allowance for Credit Losses to Total Loans

1.31

1.34

1.35

1.34

Page 10 of 18

As of and for the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

(Unaudited)

Capital Ratios (Consolidated) (6)

Tier 1 Leverage Ratio

9.89

9.20

9.02

9.14

9.10

Common Equity Tier 1 Risk-based Capital Ratio

9.53

9.17

9.08

9.03

Tier 1 Risk-based Capital Ratio

10.94

10.57

10.52

10.51

10.55

Total Risk-based Capital Ratio

14.48

14.12

14.17

13.62

Tangible Common Equity to Tangible Assets (1)

8.34

8.01

7.71

7.40

7.48

(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 18

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

(Unaudited)

Assets

Cash and Cash Equivalents

222,154

123,511

131,818

217,495

166,205

Bank-Owned Certificates of Deposit

—

3,658

3,897

4,139

Securities Available for Sale, at Fair Value

566,565

776,441

826,473

743,889

764,626

Loans, Net of Allowance for Credit Losses

4,302,132

4,244,108

4,149,882

4,082,405

3,959,092

Federal Home Loan Bank (FHLB) Stock, at Cost

18,398

21,122

21,373

21,472

18,984

Premises and Equipment, Net

52,784

51,576

50,955

49,979

49,442

Foreclosed Assets

—

185

—

Accrued Interest

15,841

18,929

19,244

17,711

17,700

Goodwill

11,982

Other Intangible Assets, Net

6,703

6,930

7,160

7,390

7,620

Bank-Owned Life Insurance

45,219

46,576

46,121

45,413

45,025

Other Assets

93,618

105,827

91,328

94,855

91,993

Total Assets

5,335,396

5,407,002

5,359,994

5,296,673

5,136,808

Liabilities and Equity

Liabilities

Deposits:

Noninterest Bearing

828,845

923,070

822,632

787,868

791,528

Interest Bearing

3,476,666

3,397,299

3,470,132

3,448,874

3,370,929

Total Deposits

4,305,511

4,320,369

4,292,764

4,236,742

4,162,457

Notes Payable

—

13,750

FHLB Advances

336,000

399,500

404,500

349,500

Subordinated Debentures, Net of Issuance Costs

108,782

108,677

108,588

108,689

79,766

Accrued Interest Payable

4,254

3,227

5,208

4,110

4,525

Other Liabilities

52,425

58,134

51,471

52,600

57,835

Total Liabilities

4,806,972

4,889,907

4,862,531

4,820,391

4,667,833

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

66,514

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

Common Stock - Issued and Outstanding 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, 27,584,732 at September 30, 2025 (unaudited), 27,470,283 at June 30, 2025 (unaudited), and 27,560,150 at March 31, 2025 (unaudited)

278

276

275

276

Additional Paid-In Capital

99,564

98,287

97,101

95,174

95,503

Retained Earnings

367,848

351,455

339,135

328,547

318,041

Accumulated Other Comprehensive Gain (Loss)

(5,780)

561

(5,563)

(14,228)

(11,359)

Total Shareholders' Equity

528,424

517,095

497,463

476,282

468,975

Total Liabilities and Equity

5,335,396

5,407,002

5,359,994

5,296,673

5,136,808

Page 12 of 18

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except per share data)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

(Unaudited)

Interest Income

Loans, Including Fees

61,726

61,444

60,038

57,888

53,820

Investment Securities

6,923

9,720

10,371

9,200

9,397

Other

1,316

2,145

3,224

2,110

2,491

Total Interest Income

69,965

73,309

73,633

69,198

65,708

Interest Expense

Deposits

28,793

32,203

34,615

32,497

32,103

Federal Funds Purchased

238

—

Notes Payable

—

106

260

258

FHLB Advances

2,438

3,524

2,933

2,852

2,156

Subordinated Debentures

1,849

1,890

1,888

1,121

983

Total Interest Expense

33,318

37,622

39,542

36,746

35,500

Net Interest Income

36,647

35,687

34,091

32,452

30,208

Provision for Credit Losses

1,200

1,450

1,100

2,000

1,500

Net Interest Income After Provision for Credit Losses

35,447

34,237

32,991

30,452

28,708

Noninterest Income

Customer Service Fees

527

521

501

496

495

Net Gain on Sales of Securities

7,251

474

Letter of Credit Fees

185

668

383

323

455

Debit Card Interchange Fees

201

178

173

152

137

Swap Fees

240

651

—

938

Bank-Owned Life Insurance

447

455

440

387

379

Investment Advisory Fees

213

227

208

213

325

FHLB Prepayment Income

—

301

—

Other Income

500

368

297

343

245

Total Noninterest Income

9,564

3,148

2,061

3,627

2,079

Noninterest Expense

Salaries and Employee Benefits

13,492

12,434

12,229

11,363

11,371

Occupancy and Equipment

1,375

1,171

1,266

1,274

1,234

FDIC Insurance Assessment

780

770

775

750

450

Data Processing

611

638

637

625

619

Professional and Consulting Fees

1,196

1,404

1,261

1,110

994

Derivative Collateral Fees

168

237

309

372

451

Information Technology and Telecommunications

1,067

976

973

971

Marketing and Advertising

776

718

658

435

327

Intangible Asset Amortization

226

231

230

FHLB Prepayment Penalty

982

—

Other Expense

1,497

1,659

1,618

1,811

1,489

Total Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Income Before Income Taxes

22,841

17,147

15,096

15,138

12,651

Provision for Income Taxes

5,435

3,813

3,495

3,618

3,018

Net Income

17,406

13,334

11,601

11,520

9,633

Preferred Stock Dividends

(1,013)

(1,014)

(1,013)

(1,014)

(1,013)

Net Income Available to Common Shareholders

16,393

12,320

10,588

10,506

8,620

Earnings Per Share

Basic

0.59

0.45

0.38

0.31

Diluted

0.58

0.43

0.38

0.31

Page 13 of 18

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

March 31, 2026

December 31, 2025

March 31, 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

97,488

771

3.21

182,129

1,649

3.59

205,897

2,056

4.05

Investment Securities:

Taxable Investment Securities

506,154

5,530

4.43

671,444

8,001

4.73

768,591

9,033

4.77

Tax-Exempt Investment Securities (1)

119,582

1,764

5.98

147,832

2,177

5.84

35,549

461

5.26

Total Investment Securities

625,736

7,294

4.73

819,276

10,178

4.93

804,140

9,494

4.79

Loans (1)(2)

4,336,869

62,102

5.81

4,239,936

61,746

5.78

3,899,258

53,979

5.61

Federal Home Loan Bank Stock

19,337

546

11.45

23,359

496

8.43

18,988

435

9.28

Total Interest Earning Assets

5,079,430

70,713

5.65

5,264,700

74,069

5.58

4,928,283

65,964

5.43

Noninterest Earning Assets

163,331

173,855

143,163

Total Assets

5,242,761

5,438,555

5,071,446

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

888,301

6,936

3.17

891,419

7,912

3.52

855,564

8,189

3.88

Savings and Money Market Deposits

1,411,090

11,423

3.28

1,445,588

12,597

3.46

1,302,349

11,935

3.72

Time Deposits

252,426

2,333

3.75

333,904

3,282

3.90

328,902

3,309

4.08

Brokered Deposits

804,618

8,101

4.08

775,750

8,412

4.30

834,866

8,670

4.21

Total Interest Bearing Deposits

3,356,435

28,793

3.48

3,446,661

32,203

3.71

3,321,681

32,103

3.92

Federal Funds Purchased

24,478

238

3.95

496

4.22

—

Notes Payable

—

13,750

258

7.60

FHLB Advances

336,472

2,438

2.94

449,065

3,524

3.11

354,556

2,156

2.47

Subordinated Debentures

108,730

1,849

6.90

108,629

1,890

6.90

79,710

983

5.00

Total Interest Bearing Liabilities

3,826,115

33,318

3.53

4,004,851

37,622

3.73

3,769,697

35,500

3.82

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

834,916

854,687

767,235

Other Noninterest Bearing Liabilities

56,905

69,362

69,106

Total Noninterest Bearing Liabilities

891,821

924,049

836,341

Shareholders' Equity

524,825

509,655

465,408

Total Liabilities and Shareholders' Equity

5,242,761

5,438,555

5,071,446

Net Interest Income / Interest Rate Spread

37,395

2.11

36,447

1.86

30,464

1.61

Net Interest Margin (3)

2.99

2.75

2.51

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(748)

(760)

(256)

Net Interest Income

36,647

35,687

30,208

(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 18

Bridgewater Bancshares, Inc. and Subsidiaries

Asset Quality Summary

(unaudited)

As of and for the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

Allowance for Credit Losses

Balance at Beginning of Period

56,443

56,390

55,765

53,766

52,277

Provision for Credit Losses

1,350

1,250

900

2,000

1,500

Charge-offs

(658)

(1,259)

(276)

(6)

(12)

Recoveries

142

Net Charge-offs

(516)

(1,197)

(275)

(1)

(11)

Balance at End of Period

57,277

56,443

56,390

55,765

53,766

Allowance for Credit Losses to Total Loans

1.31

1.34

1.35

1.34

As of and for the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

Provision for Credit Losses on Loans and Leases

1,350

1,250

900

2,000

1,500

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

(150)

200

—

Provision for Credit Losses

1,200

1,450

1,100

2,000

1,500

As of and for the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

Selected Asset Quality Data

Loans 30-89 Days Past Due

494

968

2,906

12,492

466

Loans 30-89 Days Past Due to Total Loans

0.01

0.02

0.07

0.30

0.01

Nonperforming Loans

11,715

22,034

9,991

10,134

10,290

Nonperforming Loans to Total Loans

0.27

0.51

0.24

0.26

Nonaccrual Loans to Total Loans

0.27

0.51

0.24

0.26

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

0.27

0.51

0.24

0.26

Foreclosed Assets

—

185

—

Nonperforming Assets (1)

11,715

22,034

9,991

10,319

10,290

Nonperforming Assets to Total Assets (1)

0.22

0.41

0.19

0.20

Net Loan Charge-Offs (Annualized) to Average Loans

0.05

0.11

0.03

0.00

Watchlist/Special Mention Risk Rating Loans

47,681

47,823

40,642

53,282

38,346

Substandard Risk Rating Loans

43,074

52,956

58,074

44,986

31,587

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

Page 15 of 18

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

Pre-Provision Net Revenue

Noninterest Income

9,564

3,148

2,061

3,627

2,079

Less: Gain on Sales of Securities

(7,251)

(80)

(59)

(474)

(1)

Less: FHLB Advance Prepayment Income

—

(301)

—

Total Operating Noninterest Income

2,313

3,068

2,002

2,852

2,078

Plus: Net Interest Income

36,647

35,687

34,091

32,452

30,208

Net Operating Revenue

38,960

38,755

36,093

35,304

32,286

Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Total Operating Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Pre-Provision Net Revenue

16,790

18,517

16,137

16,363

14,150

Plus:

Non-Operating Revenue Adjustments

7,251

775

Less:

Provision for Credit Losses

1,200

1,450

1,100

2,000

1,500

Provision for Income Taxes

5,435

3,813

3,495

3,618

3,018

Net Income

17,406

13,334

11,601

11,520

9,633

Average Assets

5,242,761

5,438,555

5,372,443

5,162,182

5,071,446

Pre-Provision Net Revenue Return on Average Assets

1.30

1.35

1.19

1.27

1.13

Adjusted Pre-Provision Net Revenue

Net Operating Revenue

38,960

38,755

36,093

35,304

32,286

Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Less: Merger-related Expenses

—

(346)

(530)

(540)

(565)

Less: FHLB Prepayment Penalty

(982)

—

Adjusted Total Operating Noninterest Expense

21,188

19,892

19,426

18,401

17,571

Adjusted Pre-Provision Net Revenue

17,772

18,863

16,667

16,903

14,715

Adjusted Pre-Provision Net Revenue Return on Average Assets

1.37

1.38

1.23

1.31

1.18

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis)

37,395

36,447

34,614

32,770

30,464

Less:

Loan Fees

(1,257)

(1,041)

(966)

(1,019)

(719)

Purchase Accounting Accretion:

Loan Accretion

(324)

(546)

(380)

(425)

(342)

Bond Accretion

(22)

(33)

(89)

(152)

(578)

Bank-Owned Certificates of Deposit Accretion

—

(16)

(6)

(4)

(7)

Deposit Certificates of Deposit Accretion

—

(13)

(37)

(38)

Total Purchase Accounting Accretion

(346)

(595)

(488)

(618)

(965)

Core Net Interest Income (Tax-equivalent Basis)

35,792

34,811

33,160

31,133

28,780

Average Interest Earning Assets

5,079,430

5,264,700

5,223,139

5,019,058

4,928,283

Core Net Interest Margin

2.86

2.62

2.52

2.49

2.37

Core Loan Yield

Loan Interest Income (Tax-equivalent Basis)

62,102

61,746

60,317

58,122

53,979

Less:

Loan Fees

(1,257)

(1,041)

(966)

(1,019)

(719)

Loan Accretion

(324)

(546)

(380)

(425)

(342)

Core Loan Interest Income

60,521

60,159

58,971

56,678

52,918

Average Loans

4,336,869

4,239,936

4,132,987

4,064,540

3,899,258

Core Loan Yield

5.66

5.63

5.66

5.59

5.50

Page 16 of 18

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

Efficiency Ratio

Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Less: Amortization of Intangible Assets

(226)

(231)

(230)

Adjusted Noninterest Expense

21,944

20,007

19,726

18,711

17,906

Net Interest Income

36,647

35,687

34,091

32,452

30,208

Noninterest Income

9,564

3,148

2,061

3,627

2,079

Less: Gain on Sales of Securities

(7,251)

(80)

(59)

(474)

(1)

Adjusted Operating Revenue

38,960

38,755

36,093

35,605

32,286

Efficiency Ratio

56.3

51.6

54.7

52.6

55.5

Adjusted Efficiency Ratio

Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Less: Amortization of Intangible Assets

(226)

(231)

(230)

Less: Merger-related Expenses

—

(346)

(530)

(540)

(565)

Less: FHLB Advance Prepayment Penalty

(982)

—

Adjusted Noninterest Expense

20,962

19,661

19,196

18,171

17,341

Net Interest Income

36,647

35,687

34,091

32,452

30,208

Noninterest Income

9,564

3,148

2,061

3,627

2,079

Less: Gain on Sales of Securities

(7,251)

(80)

(59)

(474)

(1)

Less: FHLB Advance Prepayment Income

—

(301)

—

Adjusted Operating Revenue

38,960

38,755

36,093

35,304

32,286

Adjusted Efficiency Ratio

53.8

50.7

53.2

51.5

53.7

Adjusted Noninterest Expense to Average Assets (Annualized)

Noninterest Expense

22,170

20,238

19,956

18,941

18,136

Less: Merger-related Expenses

—

(346)

(530)

(540)

(565)

Less: FHLB Advance Prepayment Penalty

(982)

—

Adjusted Noninterest Expense

21,188

19,892

19,426

18,401

17,571

Average Assets

5,242,761

5,438,555

5,372,443

5,162,182

5,071,446

Adjusted Noninterest Expense to Average Assets (Annualized)

1.64

1.45

1.43

1.41

Tangible Common Equity and Tangible Common Equity/Tangible Assets

Total Shareholders' Equity

528,424

517,095

497,463

476,282

468,975

Less: Preferred Stock

(66,514)

Total Common Shareholders' Equity

461,910

450,581

430,949

409,768

402,461

Less: Intangible Assets

(18,685)

(18,912)

(19,142)

(19,372)

(19,602)

Tangible Common Equity

443,225

431,669

411,807

390,396

382,859

Total Assets

5,335,396

5,407,002

5,359,994

5,296,673

5,136,808

Less: Intangible Assets

(18,685)

(18,912)

(19,142)

(19,372)

(19,602)

Tangible Assets

5,316,711

5,388,090

5,340,852

5,277,301

5,117,206

Tangible Common Equity/Tangible Assets

8.34

8.01

7.71

7.40

7.48

Tangible Book Value Per Share

Book Value Per Common Share

16.60

16.23

15.62

14.92

14.60

Less: Effects of Intangible Assets

(0.67)

(0.68)

(0.69)

(0.71)

Tangible Book Value Per Common Share

15.93

15.55

14.93

14.21

13.89

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders

16,393

12,320

10,588

10,506

8,620

Average Shareholders' Equity

524,825

509,655

485,869

471,700

465,408

Less: Average Preferred Stock

(66,514)

Average Common Equity

458,311

443,141

419,355

405,186

398,894

Less: Effects of Average Intangible Assets

(18,816)

(19,042)

(19,274)

(19,504)

(19,738)

Average Tangible Common Equity

439,495

424,099

400,081

385,682

379,156

Return on Average Tangible Common Equity

15.13

11.53

10.50

10.93

9.22

Page 17 of 18

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders

16,393

12,320

10,588

10,506

8,620

Add: Merger-related Expenses

—

346

530

540

565

Add: FHLB Advance Prepayment Penalty

982

—

Less: FHLB Advance Prepayment Income

—

(301)

—

Less: Gain on Sales of Securities

(7,251)

(80)

(59)

(474)

(1)

Total Adjustments

(6,269)

266

471

(235)

564

Less: Tax Impact of Adjustments

1,492

(59)

(110)

(135)

Adjusted Net Income Available to Common Shareholders

11,616

12,527

10,949

10,327

9,049

Diluted Weighted Average Shares Outstanding

28,490,176

28,354,756

28,190,406

27,998,008

28,036,506

Adjusted Diluted Earnings Per Common Share

0.41

0.44

0.39

0.37

0.32

Adjusted Return on Average Assets

Net Income

17,406

13,334

11,601

11,520

9,633

Add: Total Adjustments

(6,269)

266

471

(235)

564

Less: Tax Impact of Adjustments

1,492

(59)

(110)

(135)

Adjusted Net Income

12,629

13,541

11,962

11,341

10,062

Average Assets

5,242,761

5,438,555

5,372,443

5,162,182

5,071,446

Adjusted Return on Average Assets

0.98

0.99

0.88

0.80

Adjusted Return on Average Shareholders' Equity

Adjusted Net Income

12,629

13,541

11,962

11,341

10,062

Average Shareholders' Equity

524,825

509,655

485,869

471,700

465,408

Adjusted Return on Average Shareholders' Equity

9.76

10.54

9.77

9.64

8.77

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders

11,616

12,527

10,949

10,327

9,049

Average Tangible Common Equity

439,495

424,099

400,081

385,682

379,156

Adjusted Return on Average Tangible Common Equity

10.72

11.72

10.86

10.74

9.68

Page 18 of 18

EX-99.2

Filename: bwb-20260421xex99d2.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; 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, and other international military

conflicts; the impact of the current partial shutdown of the federal government and possible future shutdowns; 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; 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

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.

1Q26 Earnings Highlights

• Net interest income increased $960K, or 10.9% annualized, from 4Q25, despite average interest earnings assets declining $185M

• Net interest margin (NIM) of 2.99%, up 24 bps from 4Q25; core NIM1 of 2.86%, up 24 bps from 4Q25

• Cost of total deposits of 2.79%, down 18 bps from 4Q25

0.22%

• Loan balances increased $59M, or 5.5% annualized, from 4Q25

• Deposit balances decreased $15M, or 1.4% annualized, from 4Q25; core deposit2 balances increased $26M, or 3.2% annualized

• Improved forward profitability through the sale of $208.5M of securities at a $7.3M pre-tax gain and prepayment of $97.5M of

FHLB advances

• Annualized net charge-offs to average loans of 0.05%, down from 0.11% in 4Q25

• Nonperforming assets to total assets of 0.22%, down from 0.41% in 4Q25

• Well-reserved with allowance to total loans of 1.31%, in-line with December 31, 2025

Enhanced

Balance Sheet

Efficiency

Strong

Asset Quality

Profile

$0.58

Diluted

EPS

Nonperforming Assets

to Total Assets

Efficiency

Ratio1

Return on

Average Assets

Return on Avg. Tangible

Common Equity1

1.35% 15.13% 56.3%

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 $16.60, up 9.2% annualized from 4Q25

• Tangible book value per share1 of $15.93, up 9.9% annualized from 4Q25; up 14.7% from 1Q25

• Common Equity Tier 1 Ratio of 9.53%, up from 9.17% at December 31, 2025

• Launched an at-the-market (ATM) offering in February 2026 for the sale from time-to-time of up to $50M of common stock

Focus on Creating

Shareholder Value

Net Interest Income

Growth and

NIM Expansion

$0.41 0.98% 10.72% 53.8%

Reported

Adjusted1

• Sold $208.5M of securities for a pre-tax gain of $7.3M

• FHLB prepayment fee of $982K

Non-Core

Items

Consistent Tangible Book Value Per Share

Outperformance

252%

99%

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

BWB Peer Bank Average2

Tangible Book Value Per Share1 Growth Resumed in 2025 Following the Acquisition of First Minnetonka City Bank in 4Q24

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 December 31, 2025 with growth rate through 4Q25 (Source: S&P Capital IQ)

Enhancing Balance Sheet Efficiency

Prepayment of

FHLB Advances

Sale of

Municipal Bonds

Sale of

Treasuries

1Q26 Actions to Improve Forward Profitability While Generating a Gain on Sales of Securities

Rationale

Net Impact

• Sold $146.5M of treasuries and unwound related derivatives

• Resulted in a net pre-tax gain of $1.2M

• Weighted average yield of 4.24%

• Prepaid $97.5M of FHLB advances

• Prepayment fee of $982K impacted noninterest expense in 1Q26

• Weighed average rate of 4.08%

• Sold $62.0M of municipal bonds and unwound the related swaps

• Resulted in a net pre-tax gain of $6.1M

• Weighted average tax-equivalent yield of 5.18%

• Sold $208.5M of securities

• Pre-tax gain on sales of securities of $7.3M

• Prepaid $97.5M of FHLB advances

• FHLB prepayment expense of $982K

• Opportunistically capitalize on interest rate volatility to enhance balance sheet efficiency and drive current and future earnings

• Support future NIM expansion by repricing assets higher and repricing funding lower

• Sell securities at a gain and redeploy capital into higher-yielding loans going forward

• Reduce higher cost borrowings used to fund securities

• Bolster capital levels

NIM Expansion and Net Interest Income Growth

$28,524

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

$719

$1,019

$966

$1,041

$1,257

$965

$618

$488

$595

$346

$30,208

$32,452

$34,091

$35,687 $36,647

2.51%

2.62% 2.63%

2.75%

2.99%

2.37%

2.49% 2.52%

2.62%

2.86%

1Q25 2Q25 3Q25 4Q25 1Q26

Net Interest Margin1

Core Net Interest Income

Loan Fees

Net Interest Income and Margin Trends

2.75%

0.21%

0.08%

(0.11)% (0.02)%

0.00%

0.02%

(0.02)%

2.99%

NIM

(4Q25)

Loan

Fees

Purchase

Accounting

Accretion

Deposits Loans FHLB

Advances

Investments Cash Other NIM

(1Q26)

Net Interest Margin Roll-forward

1Q26 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 3% from 4Q25, driven by strong net interest

margin expansion

• Average interest earnings assets declined $185M from 4Q25

Net Interest Margin

• NIM increased 24 bps in 1Q26

• Lower deposit costs and higher loan yields following 4Q25 rate cuts

• Higher loan fees related to continued loan payoff activity

• Positive impact from balance sheet efficiency actions in 1Q26

• Expect slow NIM expansion over the near-term

Core NIM2 up 24 bps

Core Net Interest Margin1,2

Purchase Accounting Accretion (PAA)

Lower Deposit Costs and Higher Loan Yields

Drive NIM Expansion

$3,322 $3,344 $3,517 $3,447 $3,356

$767 $774 $793 $855 $835 $448 $505 $519 $558 $470

$4,537 $4,623 $4,829 $4,860 $4,661

3.17% 3.19% 3.25% 3.07% 2.90%

1Q25 2Q25 3Q25 4Q25 1Q26

$3,899

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

5.61%

5.74% 5.79% 5.78% 5.81%

5.50%

5.59% 5.66% 5.63% 5.66%

1Q25 2Q25 3Q25 4Q25 1Q26

$4,089 $4,119 $4,311 $4,301 $4,191

3.18% 3.16% 3.19%

2.97% 2.79%

1Q25 2Q25 3Q25 4Q25 1Q26

Core Loan Yield2

$804 $767 $813 $819

$626

4.79% 4.86% 5.18% 4.93% 4.73%

1Q25 2Q25 3Q25 4Q25 1Q26

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

Loan Yields Reprice Higher

Deposit Costs Decline Following Recent Rate Cuts

Sold $209M of Securities in 1Q26 for a Gain of $7.3M

Total Funding Costs Decline

Strong Revenue and Profitability Trends Continue

PPNR ROA1

$30,208 $32,452 $34,091 $35,687 $36,647

$2,079

$3,627 $2,061

$3,148

$9,564

$32,287

$36,079 $36,152

$38,835

$46,211

1Q25 2Q25 3Q25 4Q25 1Q26

$14,150

$16,363 $16,137

$18,517

$16,790

$9,633

$11,520 $11,601

$13,334

$17,406

1.13%

1.27% 1.19%

1.35% 1.30%

1.18%

1.31%

1.23%

1.38% 1.37%

0.77%

0.90%

0.86%

0.97%

1.35%

0.80%

0.88%

0.99%

0.98%

1Q25 2Q25 3Q25 4Q25 1Q26

PPNR Net Income 1 ROA

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

Dollars in thousands

1Q26 noninterest income included a $7.3M net gain on sales of securities

Adj. PPNR ROA1 Adj. ROA1

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

Net Interest Income Noninterest Income

Swap Fees $ 42 $ 938 $ -- $651 $240

$11,339 $11,363 $12,215 $12,413 $13,492

$1,234 $1,274

$1,266 $1,171

$1,375

$1,590 $1,596

$1,610 $1,614

$1,678

$911 $1,043

$1,261 $1,404

$1,196

$2,497 $3,125

$3,074 $3,290

$3,447

$565

$540

$530 $346

$982

$18,136

$18,941

$19,956 $20,238

$22,170

1Q25 2Q25 3Q25 4Q25 1Q26

A Highly Efficient Business Model

1.41% 1.43% 1.43% 1.45%

1.64%

0.04% 0.04% 0.04% 0.03%

0.07%

1.45% 1.47% 1.47% 1.48%

1.71%

55.5%

52.6%

54.7%

51.6%

56.3%

53.7%

51.5%

53.2%

50.7%

53.8%

1Q25 2Q25 3Q25 4Q25 1Q26

Adjusted NIE / Avg. Assets2

Adjusted Efficiency Ratio3

Peer median efficiency ratio of 56%1 in 4Q25 Expect to grow NIE in-line with asset growth over time

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 December 31, 2025 (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

Adjusted Efficiency Ratio Consistently Better Than Peer Median Well Managed Expense Growth

Continued Core Deposit Momentum

19% 19% 19% 21% 19%

20% 19% 20%

21% 21%

33% 34% 33%

32% 35%

8% 8% 8% 7% 5%

20% 20% 20% 19% 20%

$4,162 $4,237 $4,293 $4,320 $4,306

1Q25 2Q25 3Q25 4Q25 1Q26

Interest-Bearing Transaction

Noninterest-Bearing Transaction

Time

Savings & Money Market

Brokered

• 1Q26 deposits declined $15M, or 1.4% annualized (up 3.4% YoY)

• 1Q26 core deposit1 growth of $26M, or 3.2% annualized (up 6.5% YoY)

• Core deposit growth continued while brokered deposit and CD balances

declined on combined basis YoY

• Deposit balances tend to be seasonally lower early in the year

Strong Core Deposit Growth Trends 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

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

Improving Deposit Mix

Core Deposits Acquired Core Deposits1

Robust Loan Growth Trends Continue

$4,020

$4,146

$4,215

$4,310

$4,368

1Q25 2Q25 3Q25 4Q25 1Q26

Gross Loans

Dollars in millions

• 1Q26 loan growth of $59M, or 5.5% annualized (8.7% YoY)

• Loan demand and pipeline returned to near three-year highs

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

• Loan-to-deposit ratio of 101.5%, within the 95% to 105% target range

Loan Growth Aligning With Expectations

Near-term loan growth will depend on a variety of factors, including:

• Market and economic conditions – economic uncertainty including the

interest rate environment

• Loan demand – M&A disruption and strong pipelines to support near-term growth, but economic uncertainty and increased competition could

impact demand going forward

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

impact loan growth

• 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

Loan Growth Outlook

Proven Track Record of Generating Robust Loan Growth

Strong Loan Origination and Payoff Activity

Strong Loan Pipeline Translating into New Originations

$221 $217

$132

$242

$191

$49 $58

$61

$82

$98

$270 $275

$193

$324

$289

1Q25 2Q25 3Q25 4Q25 1Q26

New Originations Advances

Elevated Loan Payoff Activity

$86 $122

$76

$183 $151

$55

$45

$48

$77

$63 $141

$167

$124

$260

$214

1Q25 2Q25 3Q25 4Q25 1Q26

Payoffs Amortization/Paydowns

Dollars in millions

$4,310 $(16)

$4,368

$191

$98

$(151)

$(63) $(1)

Gross

Loans

(4Q25)

New

Originations

Advances Payoffs Amort. /

Paydowns

Net

Revolving

Lines of

Credit

Charge-Offs

Gross

Loans

(1Q26)

1Q26 Loan Growth Roll-forward

Well-Diversified Loan Portfolio with

Multifamily Expertise

$(8)

$(2)

$(1)

$20

$46

Dollars in millions

CRE NOO

27.1%

Multifamily

36.4%

C&D

5.9%

1-4 Family

Mortgage

11.2%

CRE OO

4.3%

C&I

13.6%

Leases

1.0%

Consumer

& Other

0.5%

Loan Mix by Type

$4.4

Billion

• Strong C&I growth in 1Q26 driven by activity in real estate-related C&I

• Remain comfortable with the diversity of the loan portfolio,

including CRE and multifamily concentrations, given

portfolio performance and expertise

1Q26 Loan Growth by Type (vs. 4Q25)

Multifamily

1-4 Family Mortgage

Construction and Development

C&I

CRE Nonowner Occupied

CRE Owner Occupied

Consumer & Other

Leases

National Affordable Housing Expertise

• $708M affordable housing portfolio

• Balances spread across multifamily ($492M), C&I ($163M)

and construction and development ($53M)

• Growth of $57M, or 35% annualized, during 1Q26 primarily in

the C&I and multifamily portfolios

• 34% of the portfolio located outside of Minnesota

Asset Quality Remains Strong

1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ)

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

Dollars in thousands

$11 $1

$275

$1,197

$516

0.00% 0.00%

0.03%

0.11%

0.05%

1Q25 2Q25 3Q25 4Q25 1Q26

Net Charge-Offs

NCOs remain at relatively low levels

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

$53,766

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

1.34% 1.35% 1.34%

1.31% 1.31%

1Q25 2Q25 3Q25 4Q25 1Q26

Allowance for Credit Losses

Well-reserved compared to peer median

ACL/Loans of 1.18%1

Allowance for Credit Losses % of Gross Loans

$10,290 $10,134 $9,991

$22,034

$11,715

0.20% 0.19% 0.19%

0.41%

0.22%

1Q25 2Q25 3Q25 4Q25 1Q26

Nonperforming Assets2

1Q26 resolution to

loan moved to nonaccrual in 4Q25

NPAs % of Assets

Stable Levels of

Watch/Special Mention and Substandard

Multifamily

66.1%

CRE NOO

5.4%

CRE OO

18.7%

C&I

9.4%

1-4 Family

0.4%

$48

Million

Watch/Special Mention List Loans Substandard Loans

C&I

24.1%

CRE NOO

Office

20.1%

CRE

NOO

Hotels

6.6%

CRE

NOO

Retail

4.3%

CRE

NOO

Other

6.0%

Multifamily

29.3%

CRE

4.0%

1-4

Family

2.9%

Other

2.7%

$43

Million

Watch/Special Mention Characteristics

Loan Balances Outstanding $47,681

% of Total Loans, Gross 1.1%

Number of Loans 15

Average Loan Size $3,179

% of Bank Risk-Based Capital 7.2%

Substandard Characteristics

Loan Balances Outstanding $43,074

% of Total Loans, Gross 1.0%

Number of Loans 22

Average Loan Size $1,958

% of Bank Risk-Based Capital 6.5%

$38,346

$53,282

$40,642

$47,823 $47,681

1Q25 2Q25 3Q25 4Q25 1Q26

$31,587

$44,986

$58,074

$52,956

$43,074

1Q25 2Q25 3Q25 4Q25 1Q26

Dollars in thousands

Strong Capital Position to Support Growth

9.10% 9.14%

9.02%

9.20%

9.89%

9.03% 9.03%

9.08%

9.17%

9.53%

13.62%

14.17% 14.12% 14.12%

14.48%

7.48% 7.40% 7.71% 8.01% 8.34%

1Q25 2Q25 3Q25 4Q25 1Q26

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

• Launched an at-the-market (ATM) offering in February 2026 for the sale

from time-to-time of up to $50M of common stock

• No shares sold in 1Q26

• $13.1M remaining under current share repurchase authorization as of

March 31, 2026

• No share repurchases in 1Q26

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 loan

growth opportunities

Near-Term Expectations

• High single digit loan growth over the course of 2026, 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

• Slow NIM expansion over the near-term

• Dependent on changes in interest rates and shape of the yield curve (assumes no rate cuts in 2026)

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

Net Interest

Margin

• Noninterest expense growth in line with asset growth over time

• Continued investments in people and technology initiatives

• Alignment of provision expense with loan growth and overall asset quality

Expenses

• Maintain stable capital levels in the current environment given the stronger 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 (1Q26)

• NIM expansion of 24 bps

• Low levels of net charge-offs and

nonperforming assets

• Loan growth of 5.5% annualized

• Core deposit1 growth of 3.2%

annualized

• Affordable housing balances up

$57M, or 35% annualized

• Completing foundational work to

help support AI implementation

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 to reprice higher even in a rates-down environment given

larger fixed-rate portfolio and smaller variable-rate portfolio

• $750M 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 include call options to protect net interest

margin as interest rates decline

-200 bps

(1.4)%

3.7%

4Q25

9.4%

(1.1)%

4.6%

1Q26

12.2%

(2.7)%

+4.0%

1Q25

+8.8%

(2.7)%

+4.4%

3Q25

+10.5%

(1.3)%

+3.1%

2Q25

+7.2%

+200 bps (5.3)% (2.4)% (4.9)% (2.8)% (2.2)%

Funding Mix Repricing Lower Following Recent Rate Cuts

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

immediately-adjustable deposits and $0.4B of derivative hedging

• $553M of other repricing opportunities, including time deposit maturities

over the next 12 months and callable brokered deposits with rates over

4.00%

Well Positioned to Benefit in a

Rates-Down Environment

21% 22% 16% 17% 10% 14%

$106 $111 $84 $90 $53 $72

Less

Than

1 Year

1 to 2

Years

2 to 3

Years

3 to 4

Years

4 to 5

Years

23%

18% 18% 14% 14% 13%

$644

$503 $499

$403 $411 $382

Less

Than

1 Year

1 to 2

Years

2 to 3

Years

3 to 4

Years

4 to 5

Years

Fixed,

65%

Variable,

23%

Adjustable,

12%

Loan Portfolio Mix Fixed-Rate Portfolio

($2.8B)

Variable-Rate Portfolio

($1.0B)

Adjustable-Rate Portfolio

($516M)

Years to Maturity

• Large fixed-rate portfolio

provides support to total loan

yields in a rates-down

environment

• $644M of fixed-rate loans

maturing over the next year, with

a weighted average yield of

5.73%

Variable-Rate Loan Floors

• Smaller variable-rate portfolio

limits immediate repricing

pressure in a rates-down

environment

• 66% 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 likely to

reprice higher, even in a rates-down environment

• $106M of adjustable-rate loans

repricing or maturing over the

next year, with a weighted

average yield of 3.86%

Dollars in millions

Data as of March 31, 2026

Yield 5.73% 5.63% 5.33% 5.88% 5.70% 4.38%

Yield 3.86% 4.79% 4.54% 6.00% 6.25% 4.62%

7% 8%

27%

50%

$45 $55

$181

$341

$55

Below

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

Increasing Variable-Rate Mix

Fixed Variable Adjustable

68% 67% 67% 65% 65%

17% 18% 19% 22% 23%

15% 15% 14% 13% 12%

1Q25 2Q25 3Q25 4Q25 1Q26

Managing Multifamily and Office-Related Risk

1 Excludes NOO medical office of $43 million

Data as of March 31, 2026

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

Percent of Total

Loans Average Loan Size

5.4% $2.4M

CRE NOO Office by Geography

Twin Cities

Suburban

67%

Minneapolis-St. Paul (CBD)

12%

Minneapolis

-St. Paul

(non-CBD)

19%

Out-of-State

(non-CBD)

Greater MN

$238M

• 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)

$1.6B $3.0M $62K

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

68%

Weighted Average

LTV

62%

High Quality Securities Portfolio

See Quarterly Peer

Bank Financial

Review

AAA

27%

44%

BBB

16%

Rating Mix

Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands)

$(37,806)

$(20,396)

$19,389 $15,606

$(11,359)

$(5,780)

1Q25 1Q26

MTM Securities MTM Derivatives Net Impact on AOCI1

• No held-to-maturity securities

• Securities portfolio average duration of 6.2 years

• Average securities portfolio yield of 4.73%

• AOCI / Total Risk-Based Capital of (0.9)% vs. peer bank

median of (3.4)%2

1 Includes the tax-effected impact of $4,581 in 1Q25 and $2,331 in 1Q26

2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ)

33% 36% 31% 31% 40%

15% 15%

29% 31% 35%

17% 18%

13% 12%

17%

23% 20%

18% 19%

12% 11%

$765 $744

$826 $776

$567

1Q25 2Q25 3Q25 4Q25 1Q26

Mortgage-Backed Securities Municipal Bonds

U.S. Treasuries

Corporate Securities

Securities Available for Sale Portfolio (dollars in millions)

Other

Ample Liquidity and Borrowing Capacity

11.9% 12.4% 12.5% 11.5% 12.4%

34.0% 32.7% 32.1% 35.0% 36.1%

$2,357 $2,384 $2,393

$2,510 $2,586

1Q25 2Q25 3Q25 4Q25 1Q26

1 Excludes $107M of pledged securities at March 31, 2026

Dollars in millions

Off-Balance Sheet Liquidity as a % of Assets

On-Balance Sheet Liquidity as a % of Assets

Liquidity Position with 2.2x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022

Funding Source 12/31/2022 3/31/2026 Change

Cash and Cash Equivalents $ 4 8 $ 202 $ 154

Unpledged Securities1

549 460 (89)

FHLB Capacity 391 785 394

FRB Discount Window 158 882 724

Unsecured Lines of Credit 208 220 12

Secured Line of Credit 26 3 7 11

Total $ 1,380 $ 2,586 $ 1,206

Available Balance

Reconciliation of Non-GAAP Financial Measures

Dollars in thousands

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

Core Loan Yield

Loan Interest Income (Tax-Equivalent Basis) $ 53,979 $ 58,122 $ 60,317 $ 61,746 $ 62,102

Less:

Loan Fees (719) (1,019) (966) (1,041) (1,257)

Loan Accretion (342) (425) (380) (546) (324)

Core Loan Interest Income $ 52,918 $ 56,678 $ 58,971 $ 60,159 $ 60,521

Average Loans $ 3,899,258 $ 4,064,540 $ 4,132,987 $ 4,239,936 $ 4,336,869

Core Loan Yield 5.50% 5.59% 5.66% 5.63% 5.66%

Efficiency Ratio:

Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170

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

Adjusted Noninterest Expense $ 17,906 $ 18,711 $ 19,726 $ 20,007 $ 21,944

Net Interest Income $ 30,208 $ 32,452 $ 34,091 $ 35,687 $ 36,647

Noninterest Income 2,079 3,627 2,061 3,148 9,564

Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251)

Adjusted Operating Revenue $ 32,286 $ 35,605 $ 36,093 $ 38,755 $ 38,960

Efficiency Ratio 55.5% 52.6% 54.7% 51.6% 56.3%

Adjusted Efficiency Ratio:

Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170

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

Less: Merger-related Expenses (565) (540) (530) (346) -

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

Adjusted Noninterest Expense $ 17,341 $ 18,171 $ 19,196 $ 19,661 $ 20,962

Net Interest Income $ 30,208 $ 32,452 $ 34,091 $ 35,687 $ 36,647

Noninterest Income 2,079 3,627 2,061 3,148 9,564

Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251)

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

Adjusted Operating Revenue $ 32,286 $ 35,304 $ 36,093 $ 38,755 $ 38,960

Adjusted Efficiency Ratio 53.7% 51.5% 53.2% 50.7% 53.8%

Adjusted Noninterest Expense to Average Assets:

Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170

Less: Merger-related Expenses (565) (540) (530) (346) -

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

Adjusted Noninterest Expense $ 17,571 $ 18,401 $ 19,426 $ 19,892 $ 21,188

Average Assets $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761

Adjusted Noninterest Expense to Average Assets (ann.) 1.41% 1.43% 1.43% 1.45% 1.64%

As of and for the quarter ended,

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

Pre-Provision Net Revenue:

Noninterest Income $ 2,079 $ 3,627 $ 2,061 $ 3,148 $ 9,564

Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251)

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

Total Operating Noninterest Income 2,078 2,852 2,002 3,068 2,313

Plus: Net Interest Income 30,208 32,452 34,091 35,687 36,647

Net Operating Revenue $ 32,286 $ 35,304 $ 36,093 $ 38,755 $ 38,960

Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170

Total Operating Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170

Pre-provision Net Revenue $ 14,150 $ 16,363 $ 16,137 $ 18,517 $ 16,790

Plus: Non-Operating Revenue Adjustments 1 775 59 80 7,251

Less: Provision for Credit Losses 1,500 2,000 1,100 1,450 1,200

Less: Provision for Income Taxes 3,018 3,618 3,495 3,813 5,435

Net Income $ 9,633 $ 11,520 $ 11,601 $ 13,334 $ 17,406

Average Assets $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761

Pre-Provision Net Revenue Return on

Average Assets 1.13% 1.27% 1.19% 1.35% 1.30%

Adjusted Pre-Provision Net Revenue:

Net Operating Revenue $ 32,286 $ 35,304 $ 36,093 $ 38,755 $ 38,960

Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170

Less: Merger-related Expenses (565) (540) (530) (346) -

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

Adjusted Total Operating Noninterest Expense $ 17,571 $ 18,401 $ 19,426 $ 19,892 $ 21,188

Adjusted Pre-Provision Net Revenue $ 14,715 $ 16,903 $ 16,667 $ 18,863 $ 17,772

Adjusted Pre-Provision Net Revenue Return on

Average Assets 1.18% 1.31% 1.23% 1.38% 1.37%

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis) $ 30,464 $ 32,770 $ 34,614 $ 36,447 $ 37,395

Less:

Loan Fees (719) (1,019) (966) (1,041) (1,257)

Purchase Accounting Accretion:

Loan Accretion (342) (425) (380) (546) (324)

Bond Accretion (578) (152) (89) (33) (22)

Bank-Owned Certificates of Deposit Accretion (7) (4) (6) (16) -

Deposit Certificates of Deposit Accretion (38) (37) (13) - -

Total Purchase Accounting Accretion (965) (618) (488) (595) (346)

Core Net Interest Income (Tax-equivalent Basis) $ 28,780 $ 31,133 $ 33,160 $ 34,811 $ 35,792

Average Interest Earning Assets $ 4,928,283 $ 5,019,058 $ 5,223,139 $ 5,264,700 $ 5,079,430

Core Net Interest Margin 2.37% 2.49% 2.52% 2.62% 2.86%

As of and for the quarter ended,

Reconciliation of Non-GAAP Financial Measures

Dollars in thousands

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

Tangible Common Equity / Tangible Assets

Total Shareholders' Equity $ 468,975 $ 476,282 $ 497,463 $ 517,095 $ 528,424

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

Total Common Shareholders' Equity 402,461 409,768 430,949 450,581 461,910

Less: Intangible Assets (19,602) (19,372) (19,142) (18,912) (18,685)

Tangible Common Equity $ 382,859 $ 390,396 $ 411,807 $ 431,669 $ 443,225

Total Assets $ 5,136,808 $ 5,296,673 $ 5,359,994 $ 5,407,002 $ 5,335,396

Less: Intangible Assets (19,602) (19,372) (19,142) (18,912) (18,685)

Tangible Assets $ 5,117,206 $ 5,277,301 $ 5,340,852 $ 5,388,090 $ 5,316,711

Tangible Common Equity / Tangible Assets 7.48% 7.40% 7.71% 8.01% 8.34%

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders $ 8,620 $ 10,506 $ 10,588 $ 12,320 $ 16,393

Average Shareholders' Equity $ 465,408 $ 471,700 $ 485,869 $ 509,655 $ 524,825

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

Average Common Equity 398,894 405,186 419,355 443,141 458,311

Less: Effects of Average Intangible Assets (19,738) (19,504) (19,274) (19,042) (18,816)

Average Tangible Common Equity $ 379,156 $ 385,682 $ 400,081 $ 424,099 $ 439,495

Return on Average Tangible Common Equity 9.22% 10.93% 10.50% 11.53% 15.13%

As of and for the quarter ended,

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders $ 8,620 $ 10,506 $ 10,588 $ 12,320 $ 16,393

Add: Merger-related Expenses 565 540 530 346 -

Add: FHLB Prepayment Penalties - - - - 982

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

Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251)

Total Adjustments 564 (235) 471 266 (6,269)

Less: Tax Impact of Adjustments (135) 56 (110) (59) 1,492

Adjusted Net Income Available to Common $ 9,049 $ 10,327 $ 10,949 $ 12,527 $ 11,616

Diluted Weighted Average Shares Outstanding 28,036,506 27,998,008 28,190,406 28,354,756 28,490,176

Adjusted Diluted Earnings Per Common Share $ 0.32 $ 0.37 $ 0.39 $ 0.44 $ 0.41

Adjusted Return on Average Assets

Net Income $ 9,633 $ 11,520 $ 11,601 $ 13,334 $ 17,406

Add: Total Adjustments 564 (235) 471 266 (6,269)

Less: Tax Impact of Adjustments (135) 56 (110) (59) 1,492

Adjusted Net Income $ 10,062 $ 11,341 $ 11,962 $ 13,541 $ 12,629

Average Assets $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761

Adjusted Return on Average Assets 0.80% 0.88% 0.88% 0.99% 0.98%

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders $ 9,049 $ 10,327 $ 10,949 $ 12,527 $ 11,616

Average Tangible Common Equity $ 379,156 $ 385,682 $ 400,081 $ 424,099 $ 439,495

Adjusted Return on Average Tangible Common Equity 9.68% 10.74% 10.86% 11.72% 10.72%

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

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

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

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

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

As of and for the quarter ended,

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Apr. 21, 2026

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