Form 8-K

8-K — Bridgewater Bancshares Inc

Accession: 0001104659-26-054480

Filed: 2026-05-04

Period: 2026-05-04

CIK: 0001341317

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — bwb-20260504x8k.htm (Primary)

EX-99.1 (bwb-20260504xex99d1.htm)

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8-K

8-K (Primary)

Filename: bwb-20260504x8k.htm · Sequence: 1

BRIDGEWATER BANCSHARES, INC._May 4, 2026

0001341317false0001341317us-gaap:CommonStockMember2026-05-042026-05-040001341317bwb:DepositarySharesMember2026-05-042026-05-0400013413172026-05-042026-05-04

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

May 4, 2026

Date of Report

(Date of earliest event reported)

BRIDGEWATER BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of

incorporation)

001-38412

(Commission File Number)

26-0113412

(I.R.S. Employer

Identification No.)

4450 Excelsior Boulevard, Suite 100

St. Louis Park, Minnesota

(Address of principal executive offices)

55416

(Zip Code)

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

Not Applicable

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

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

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

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

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

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

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

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.01 Par Value

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

BWB

BWBBP

The NASDAQ Stock Market LLC

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

Emerging growth company ☐

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

Item 7.01 Regulation FD Disclosure.

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

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1Investor Presentation dated May 4, 2026

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

SIGNATURES

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

Bridgewater Bancshares, Inc.

Date: May 4, 2026

By: /s/ Jerry Baack

Name: Jerry Baack

Title: Chairman and Chief Executive Officer

EX-99.1

Filename: bwb-20260504xex99d1.htm · Sequence: 2

Exhibit 99.1

Disclaimer

Forward-Looking Statements

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

forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation,

statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”,

“should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other

comparable words of a future or forward-looking nature.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies,

projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in

circumstances and other factors that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements.

Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements

include, among others, the following: interest rate risk, including the effects of 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

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company

believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate

comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures

that may be presented by other companies. Reconciliations of non-GAAP disclosures to the comparable GAAP measures are provided in this presentation.

The Finest Entrepreneurial Bank

Company Overview Branch-Light Model in Attractive Twin Cities Market

Name: Bridgewater Bancshares, Inc.

Headquarters: St. Louis Park, MN

Ticker: NASDAQ: BWB; BWBBP

Assets: $5.3 Billion

Loans: $4.4 Billion

Deposits: $4.3 Billion

Shareholders’ Equity: $528.4 Million

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

• CRE lending

• Acquisition financing

• Construction lending

• Affordable housing

financing

• Long-term multifamily

financing

• Leases

• Commercial & business

lending

• Business / treasury

management

• SBA lending

• 1-4 family rentals

• Personal banking

CRE,

32%

Multifamily,

36%

C&D,

Leases,

C&I,

14%

1-4 Family,

11%

Consumer,

<1%

$4.4B

Business and

Personal Banking

Commercial

Banking

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

business leaders

• Continuous profitability since the third month of operations

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

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

affordable housing lending

• Highly efficient operations with a branch-light model

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

superb asset quality

Data as of March 31, 2026

Twin Cities

Strategic Leadership Team (SLT) with

Broad Skill Sets and Industry Experience

Jerry Baack

Chairman and Chief Executive Officer

• Former regulator and responsible for all aspects of BWB

formation

• Lead founder of BWB in 2005

• 35+ years of banking experience

Laura Espeseth

Chief Administrative Officer

• Oversees various aspects of finance, accounting, and facilities

• Joined BWB in 2017

• 20+ years of banking and public accounting experience

Nick Place

Chief Banking Officer

• Oversees all aspects of client growth and relationship management,

including lending, treasury management and deposits

• Joined BWB in 2007

• 20 years of banking experience

Joe Chybowski

President and Chief Financial Officer

• Strategic insights across all aspects of the organization, including

finance, capital and liquidity management

• Joined BWB in 2013

• 15+ years of banking and capital markets experience

Lisa Salazar

Chief Operating Officer

• Oversees operations, technology and product initiatives to drive

efficiencies and enhance the overall client experience

• Joined BWB in 2018

• 30+ years of banking experience

Approximately 20% of BWB’s common shares were owned by Board

and SLT members as of March 31, 2026, demonstrating strong

alignment with shareholders

Katie Morrell

Chief Credit Officer

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

risk management committees

• Joined BWB in 2020

• 18+ years of financial services experience

Jessica Stejskal

Chief Experience Officer

• Oversees marketing, community impact and project management

• Joined BWB in 2014

• 14+ years of marketing experience

A Disciplined Strategy Built for Growth

Truly Unconventional Culture Highly Efficient Business Model

• A Top Workplace in Minnesota for 10+ years

• Focus on professional development and

employee retention

• Entrepreneurial mindset built for speed and

accountability, not bureaucracy

• Accessible, hands-on leadership, actively

involved in decisions and the business

• Culture of transparency and ownership,

enabling teams to act quickly and solve

problems

• Long track record of generating robust

organic loan growth

• Emphasis on CRE and multifamily lending

• Increased focus on affordable housing with

growth opportunities both in-market and

nationally

• M&A-related market disruption has created

client and talent acquisition opportunities to

support loan and deposit growth

• Opportunistic acquirer following successful

bank acquisition in 2024

• Branch-light model with a commercial real

estate focus

• Efficient operating philosophy, including

networking, banking tools and in-house

expertise

• Relatively low levels of expenses as a

percent of total assets

• Efficiency ratio consistently better than peer

banks

• Strong asset quality track record with

consistently low levels of NCOs and NPAs

• Conservative and decisive credit culture,

including measured risk selection, consistent

underwriting, active credit oversight and

deep industry experience

• Invest in scaling the risk management

function to address emerging risks and

support longer term growth outlook

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

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

Consistent Tangible Book Value1

Growth and Outperformance

Tangible Book Value Per Share1 growth resumed in

1Q25 following a bank acquisition in 4Q24

252%

100%

4Q16

2Q17

4Q17

2Q18

4Q18

2Q19

4Q19

2Q20

4Q20

2Q21

4Q21

2Q22

4Q22

2Q23

4Q23

2Q24

4Q24

2Q25

4Q25

1Q26

BWB Peer Bank Average2

Robust Balance Sheet Growth Proactive Risk Management

Our Core Values

Unconventional.

Our clients notice a difference.

Responsive.

Under promise, over deliver.

Dedicated.

Don’t stop until you get it done.

Growth.

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

Accurate.

It’s more than just an expectation.

Culture as a Strategic Advantage

32%

Employee Experience

Clear Accountability

Professional Development

Employee-Led Committees

Compensation and Benefits

Intentional investment in the employee experience, supporting

long-term engagement and retention

Disciplined operating rhythms and clear accountability, supporting

execution and scalability

Committed to investing in learning, development and career

growth with an emphasis on developing talent from within

Employee-led committees supporting wellness, inclusion and

professional development

Competitive, equitable compensation and benefits designed to

attract and retain high-performing teams

Team members

promoted into next-level

and/or leadership roles in

2025

5-Time Winner

A Responsive Service Model

Our clients can expect…

• Responsive support and

simple solutions

• A local bank of choice in a

market where many local

banks have been acquired

by out-of-state buyers

• Flexibility, market

expertise and strong

network connections

The “Proven Process” for Our Clients

• BEST

Business Bank

• BEST

Small Business

Bank

• BEST

Commercial

Mortgage Lender

An Award-Winning Client Experience

• BEST

Business Bank

• BEST

Commercial

Lender

Bridgewater’s Pillars of Community Impact

Building Places Fueling Business Investing in People

• Affordable housing and

community development

initiatives

• Partnerships that strengthen

neighborhoods and housing

stability

• Supporting entrepreneurs

and small businesses that

drive local economic vitality

• Expanding access to capital,

mentorship, and business

networks, particularly for

women-owned and diverse

businesses

• Workforce development,

financial education, and

community wellbeing

• Programs that expand access

to opportunity and long-term

financial mobility

• “Outstanding” CRA Rating

• Minnesota Banker’s Association –

Community Champion Award

• Partnered with the FHLB of Des

Moines through the Member Impact

Fund to help deliver over $800K in

matching grants to 23 Minnesota

nonprofits focused on affordable

housing and community

development

2025

Community Impact

Snapshot

$401K

Total

Donations

1,161

Volunteer

Hours

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

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

BWB partnered with Project for Pride in Living

to support affordable housing and community

stability initiatives benefiting youth and

families across the Twin Cities

BWB sponsored a Power of 100 Greater

Stillwater event, supporting women leaders

who are fueling local economic growth through

collective philanthropy

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

kids packed backpacks for resident children at

People Serving People, allowing them to be

prepared for the school year

A Commitment to Our Communities

Attractive and Growing Twin Cities Market

Fortune 500 companies

per capita (17)1

Large Corporate Presence

State with highest

average credit score (742)2

Credit Worthy Population

Best state for

economic opportunity3

Economic Opportunity

#10

Top state for

business4

Top State for Business

Best rental market for

recent college graduates5

State to Move to

Top 20

Most populated MSA

in the U.S.6

Populated MSA

2.28%

0.95%

Twin Cities Midwest Weighted Average

$105,075

$81,775

Twin Cities Midwest Weighted Average

Strong Market Demographics

2026 Median Household Income ($)6

2026 – 2031 Proj. Population Growth (%)6

1 Source: Minnesota Department of Employment and Economic Development (ranking among 30 largest metro areas)

2 Source: Experian – Average FICO Score by State, 2025

3 Source: U.S. News & World Report, 2025

4 Source: CNBC, 2025

5 Source: Realtor.com, 2025

6 Source: S&P Capital IQ

Bank-of-Choice For Twin Cities Clients

Looking to Bank Local

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

2 Total assets as of March 31, 2026; excludes Ameriprise Financial

3 Source: FDIC and S&P Capital IQ

Largest Minnesota-Based Banks by Total Assets1

2014

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

$1.5 $1.5 $1.5 $1.6 $2.3 $2.7 $2.7 $2.9 $3.0 $3.7

$5.3

$683.4

Citizens

Alliance

Bank

North

American

Bank

Park

State

Bank

Deerwood

Bank

Think

Mutual

Bank

Tradition

Capital

Bank

Sunrise

Banks

Merchants

Bank

Minnwest

Bank

Frandsen

Bank &

Trust

BWB U.S.

Bank

1Q262

0.05% 0.49% 0.04% 0.12% 0.11% 0.73% 0.33% 0.16% 0.33% 0.27% 1.84% 41.21%

Acquired Acquired Acquired Acquired Acquired

0.09% 0.57% 1.14% 2.51%

• Second largest locally-led bank in the

Twin Cities

• Significant Twin Cities market disruption with

several local banks being acquired by out-of-market buyers

• BWB has the scale and agility to be the bank-of-choice for local clients looking for a local

bank with local decision-making

• BWB’s YoY in-market deposit growth has

exceeded Twin Cities MSA growth for

13 consecutive years3

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

0.27%

26.76%

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

$18.9

$384.2

BWB Central

Bank

Anchor

Bank

Merchants

Bank

Minnwest

Bank

Think

Mutual

Bank

Stearns

Bank

Frandsen

Bank &

Trust

Klein

Bank

Bremer

Bank

TCF

Bank

U.S.

Bank

#14

History of Robust Organic Asset Growth

$1,184

$4,821

$76

$245

$929

$1,260

$1,617

$1,974

$2,269

$2,927

$3,478

$4,346

$4,612

$5,066

$5,407 $5,335

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26

Organic Acquired Assets

Proven ability to consistently generate

robust organic asset growth

primarily in the Twin Cities market

Emphasis on commercial real estate and

multifamily lending with an increased focus

on affordable housing

Dollars in millions

Ongoing evaluation of potential

M&A opportunities to complement

organic growth strategy

Completed the acquisition of

First Minnetonka City Bank

in December 2024

Return to Normalized Levels of Loan Growth

13 Dollars in millions

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

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

$4,310 $4,368

2022 2023 2024 2025 1Q26

Long track record of strong loan growth

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

front of high-quality clients and deals

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

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

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

M&A-related market disruption in the Twin Cities

• Expansion of talented lending and treasury management teams

• Recent growth in affordable housing with balances up 19% year-over-year

After moderating through much of 2024 due to the higher interest rate

environment, organic loan growth returned in 2025

$4,020 $4,146 $4,215 $4,310 $4,368

1Q25 2Q25 3Q25 4Q25 1Q26

• 1Q26 loan balances increased 5.5% annualized

• Near-term loan growth dependent 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 deposit1 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

Strong Diversification Within Key Portfolios

14 1

Includes formally subsidized properties (25%) and market rate properties with affordable set-asides (6%)

Data as of March 31, 2026

Class A

24%

Class B

11%

Class C

34%

Affordable

Housing

31%

Size

YoY Growth

Go-to-Market

Strategy

Competitors

Growth Outlook

Key Stats

Portfolio

Diversification

Multifamily CRE Nonowner Occupied Construction & Development C&I

Bank of choice in the Twin Cities

market due to proven expertise and

differentiated service model

Knowledgeable lenders with

efficient closing processes and

ample capacity

Responsive support, simple

solutions and the local touch

entrepreneurs are looking for

Efficient underwriting process and

deep knowledge in construction

loan management

Agency lenders, local banks and

credit unions

Local banks and life insurance

companies Local and regional banks Local and regional banks

Continued appetite given expertise

and market opportunities

Continued appetite given expertise

and market opportunities

Increased focus on expanding C&I

through targeted verticals

Renewed balance sheet growth

following increased commitments

since late 2024

$3.0M

Avg. Loan

Size

68%

Weighted

Avg. LTV

99%

Loans with

Pass Rating

$2.0M

Avg. Loan

Size

56%

Weighted

Avg. LTV

99%

Loans with

Pass Rating

$438K

Avg. Loan

Size

0.07%

5-Year

NCOs

99%

Loans with

Pass Rating

$0.8M

Avg. Loan

Size

54%

Weighted

Avg. LTV

0.00%

5-Year

NCOs

Property

Type

Industrial

28%

Office

Retail 20%

18%

Senior

Housing

Mini

Storage

Facility

10%

Medical

Office

Other

12%

Property

Type

RE, Rental

and

Leasing

53%

Constr.

Manufact.

12%

Prof.

Services

Finance &

Ins. 6%

Trade

Accom. & Food

Service 1%

Other

13%

Industry

Residential

19%

Multifamily

30%

CRE Other

14%

Land

37%

Property

Type

$1,590M 36% of

portfolio $1,185M 27% of

portfolio $593M 14% of $260M portfolio

6% of

portfolio

4% 12% 55% 12%

Well-Diversified Loan Portfolio with

Multifamily and CRE Expertise

354% 333% 318% 304% 313%

266% 264% 258% 232% 213% 224% 220%

180%

164% 185%

177%

204%

190% 219% 257%

250%

249% 249% 241%

534%

497% 503%

480%

517%

456%

483%

515%

482%

462% 473% 461%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26

CRE NOO

27%

Multifamily

36%

C&D

C&I

14%

CRE OO

1-4 Family

11%

Leases

Consumer

& Other

<1%

CRE NOO

27%

Multifamily

21% C&D

15%

C&I

13%

CRE OO

1-4 Family

18%

Consumer &

Other

<1%

$0.8B

Evolution of Loan Mix by Type

2015 1Q26

Intentional mix shift toward Multifamily has aligned with the

build-out of talent and expertise in the segment

and continued strong performance

CRE Concentrations (ex. Multifamily) Have Trended Lower

Multifamily / Bank Risk-Based Capital

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

$4.4B

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

CRE Concentration Driven by a Proven,

Lower Risk Multifamily Portfolio

Includes formally subsidized properties (25%) and market rate properties with affordable set-asides (6%)

2 FDIC (data through 4Q25)

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

Class A

24%

Class B

11%

Class C

34%

Affordable

Housing

31%

(0.20)%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

Multi-family

CRE 1-4

Family

C&I C&D Consumer

(ex. cards

& auto)

Total

Loans

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

1Q26

241%

of Bank RBC

Multifamily

CRE (ex. Multifamily) 3

220%

of Bank RBC

461%

of Bank RBC

Multifamily

Makes Up Over

Half of CRE

Concentration

Multifamily Lending Approach

Multifamily Portfolio Characteristics Drive Track Record of Strong Asset Quality

WA LTV

Avg. Loan Size

Avg. Debt/Unit

NCOs (since 2005)

68%

$3.0M

$85K

$62K

• 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

Low Historical Losses vs. Other Asset Classes

Average Historical Net Charge-Off Rates

(all FDIC-insured banks)2

Portfolio Balance

Affordable Housing Mix1

$1.6B

31%

Increased Focus on

Affordable Housing

Product

Type

Well-Diversified

by Size

5-19

Units

20-49

Units

25%

50-99

Units

31%

100+

Units

35%

Size

Properties Primarily

Located In-Market

Minnesota

84%

National

16%

Location

Unique Expertise in Affordable Housing

Dollars in millions 17

Data as of March 31, 2026

• Leveraging affordable housing expertise to support communities and

clients in the Twin Cities and across the country

• Active in the affordable housing space since 2008

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

• Risk mitigants include working with experienced developers of scale

across the country and the ongoing demand for affordable housing

nationwide

• 66% of the portfolio located in MN, 34% located out-of-state

• Strong source of core deposit growth

Expertise in the High-Quality Affordable Housing Space

Multifamily

69%

Construction

Land

Non-RE

(equity bridge, TIF, etc.)

23%

$708M

Portfolio Mix

$597 $581 $611

$652

$708

1Q25 2Q25 3Q25 4Q25 1Q26

Portfolio Growth

Anatomy of an Affordable Housing Transaction

Predevelopment

Stage

• Land acquisition

(takedown)

• Predevelopment

financing

• Entitlements and

approvals

Construction

Stage

• Construction

financing

• Equity investor

contributions

• Monthly draws

Permanent

Stage

• Permanent

financing

• Final equity

contributions

• Stabilization and

lease-up

Sources of Funds ($000s) Budget

Pre-development Construction Conversion Permanent

1st Mortgage Construction

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

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

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

Land Loan 2,000 2,000 - - -

Corporate Line of Credit

Advance 250 250 - - -

Borrower Equity 500 500 - - -

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

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

Sample Affordable Housing Transaction

1 2

6 Corporate Line of Credit

Construction Loan 2

Letter of Credit

Permanent Loan

5 Land Acquisition Financing

3 Equity Bridge Loan

BWB has the ability to provide financing through

one or more of the following parts of the transaction:

Continued Core Deposit Momentum

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

Dollars in millions

Long track record of strong deposit growth…

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

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

including ONB/Bremer merger

• Niche deposit verticals including property management companies, title

companies and affordable housing

• Supplemented core deposits with wholesale funding to support future

loan growth and manage interest rate risk

26% 20% 20% 21% 19%

13% 19% 21% 21% 21%

30% 25%

31%

8% 8% 32% 35%

7% 5%

23% 28%

20%

19% 20% $3,417

$3,710

$4,087 $4,320 $4,306

2022 2023 2024 2025 1Q26

…with recent core deposit momentum

$3,170 $3,186

$3,279

$3,351 $3,377

1Q25 2Q25 3Q25 4Q25 1Q26

• 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

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

Noninterest-Bearing Transaction Interest-Bearing Transaction

Savings and Money Market Time Brokered

Core Deposits1

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

• Weighted 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

A Spread-Based Revenue Model

$24,631 $24,996 $25,599 $26,967

$30,208

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

$1,550 $1,763 $1,522

$2,533

$2,079

$3,627 $2,061

$3,148

$9,564

$26,181 $26,759 $27,121

$29,500

$32,287

$36,079 $36,152

$38,835

$46,211

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

Revenue Growth Continues

Dollars in thousands

• Strong track record of revenue growth driven by steady net

interest income growth

• Spread-based revenue model with net interest income

making up 92% of total revenue in 2025

• Recent increase in noninterest income driven by:

• Swap fees ($1.9M over the past five quarters)

• Investment advisory fees ($1.2M since FMCB acquisition

in 4Q24)

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

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

Spread Based Revenue Model…With Increased Fee Income Mix

Net Interest Income Noninterest Income

NIM Expansion and Net Interest Income Growth

Net Interest Margin1

Core Net Interest Income

Loan Fees

Net Interest Income and Margin Trends 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

Core NIM2 up 24 bps

Core Net Interest Margin1,2

Purchase Accounting Accretion (PAA)

$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

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 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

Well Positioned to Benefit in a

Rates-Down Environment

Fixed,

65%

Variable,

23%

Adjustable,

12%

Loan Portfolio Mix

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

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-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

A Highly Efficient Business Model

41.5%

53.0%

57.9%

53.5%

56.3%

60.9% 61.5%

57.8% 57.0%

2022 2023 2024 2025 1Q26

BWB

An Efficiency Ratio1 Consistently Below Peers

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

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

What Makes BWB So Efficient?

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

~2x

as many assets per FTE

employee compared to

the peer bank median2

Branches

(peer bank median2

: 38)

~4x

as many assets per

branch compared to

the peer bank median2

The higher cost of funds associated with a

branch-light model is more than offset

by lower overall operating expenses

Total Expenses to Average Earning Assets

(1Q26)

1.77%

2.75%

2.66%

2.07%

4.43%

4.82%

BWB Peer Bank Average

Peer Bank Median2

Interest Expense / Avg. Earning Assets

Noninterest Expense / Avg. Earning Assets

Modernizing Technology Tools to

Support Growth and Efficiency

Client-Facing

• Unified digital experience

for consumer and small

business clients

• Updated user experience for

commercial online banking

• Predictive intelligence with

data-driven engagement

• Improved client service with

consistent, responsive

support and reliable

outcomes

Scalable core to support growth outlook

Core Banking Platform

IT Strategy: improve client interactions, streamline processes,

automate activities and embrace digital transformation

IT Decision-Making: driven by unconventional culture, enhancing

the client experience and improving organizational efficiencies

IT Current State

Loan and Deposit

Infrastructure

• Unified, scalable, cloud-native operating system for

commercial lending

• Relationship management

tools for personalized client

interaction summaries and

improved client service

• Generative AI tools to

augment banker

productivity

Workflow Automation

and Analysis

• Enhanced productivity and

operational efficiency

through streamlined

workflows and automation

• Centralized real-time data

platform for secure, high-performance analytics

• Improved accuracy and

compliance with

strengthened data security

2026 IT Focus Areas

Enhancing the Digital Client Experience

• Expanded investment in digital products that improve

client interaction with evolving payment solutions

Modernization of Core Banking

• Unified core to create a consistent and modern

experience

• Scalable architecture to support bank growth and M&A

API First Banking Architecture

• Seamless integration for modular business services

with easy access to third-party fintech services

Workforce Transformation with AI Driven Automation

• AI assistant tools for employees with automation of

back-office workflows

• Embedded AI across enterprise software tools to

improve productivity

Strengthening Cybersecurity and Fraud Detection

• Behavioral biometrics

• AI driven fraud and AML detection and continuous risk

monitoring

Scaling Enterprise Risk Management

Across a Growing Organization

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

clients and delivering simple solutions in unconventional ways

BWB Risk Management

Philosophy

Enterprise Risk Management

Attributes in Place Today at BWB

• Proactively addressing top and emerging risks

across all risk categories

• Continuing to scale a risk framework aligned with

growth

• Communicating with and educating clients and

team members about fraud prevention

• Leveraging technology to enhance processes and

controls while driving responsiveness

• Reinforcing operational and financial resilience

through all three lines of defense

• Making investments to bolster organizational

resiliency and third-party risk management

• Proactively making incremental enhancements to

CRA programs, including affordable housing and

low to moderate income initiatives

Making Investments to

Proactively Identify and Mitigate Emerging Risks

Credit

Concentration

Risk

Information and

Cybersecurity

Risk

Enterprise

Risk and

Compliance

Financial Risk

• Strong credit underwriting and administration program

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

building upon the Bank’s stress testing capabilities

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

housing

• Investing in enhanced infrastructure and security protocols, including planned

disaster recovery and business continuity expansion

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

maintaining safety and security

• Developing effective risk culture and awareness model with ongoing training

initiatives and tabletop simulations

• Focusing on recruitment and retention of highly skilled risk professionals

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

• Maintaining compliance with evolving regulatory expectations and broadening suite of

products and services

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

interest rate volatility

• Actively monitoring, maintaining and strategically deploying liquidity while

developing long-term strategies for capital preservation

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

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

offerings and enhancements to the client experience

A Strong Credit Culture

5-Year Peak Annual Net Charge-off Ratio

vs. Peers

5-Year Peak Quarterly

Nonperforming Assets2 / Assets vs. Peers

0.05%

BWB Peer Bank Median1

0.18%

0.41%

BWB Peer Bank Median1

0.69%

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

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

Data as of March 31, 2026

Asset Quality Consistently

Outperforms Peers

Consistent

Underwriting

Standards

Active

Credit Oversight

Experienced Banking

and Credit Teams

• Robust credit policy

and underwriting

guidelines for all

types of lending

• No significant

changes in portfolio

composition –

continued focus on

multifamily expertise

• No individual credit

authority for lending

staff

• Enhanced credit

concentration

monitoring

• Ongoing covenant

testing to assess

potential risks early

• Proactively

addressing repricing

risk to identify

potential cash flow

strain well ahead of

maturity

• Seasoned credit team

supporting loan

growth and credit risk

management

• Solid lender and

credit analyst

expertise across

segments,

geographies and

relationships

Credit Risk Management and Oversight

Driving Strong Asset Quality

$639 $919 $301

$22,034

$11,715

0.01% 0.02% 0.01%

0.41%

0.22%

2022 2023 2024 2025 1Q26

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

1.34% 1.36% 1.35% 1.31% 1.31%

2022 2023 2024 2025 1Q26

Nonperforming Assets2

1Q26 resolution of

loan moved to nonaccrual in 4Q25

Allowance for Credit Losses

Well-reserved compared to peer median ACL/Loans of 1.18%1

$(276)

$202

$1,231

$1,484

$516

(0.01)% 0.01%

0.03% 0.04% 0.05%

2022 2023 2024 2025 1Q26

Net Charge-Offs

NCOs remain at relatively low levels

Net Charge-Offs % of Average Loans

$28,049

$35,858

$21,791

$52,956

$43,074

5.5% 6.5%

3.8%

8.5% 6.5%

2022 2023 2024 2025 1Q26

Substandard Loans

Manageable levels of Substandard loans

Substandard Loans % of Total Bank Capital

ACL % of Gross Loans

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

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

Dollars in thousands

NPAs % of Assets

High Quality Securities Portfolio

Rating Mix

Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands)

MTM Securities MTM Derivatives Net Impact on AOCI1

• 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

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

Securities Available for Sale Portfolio (dollars in millions)

Other

Corporate Securities

AAA

27%

44%

BBB

16%

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)

$(37,806)

$(20,396)

$19,389 $15,606

$(11,359)

$(5,780)

1Q25 1Q26

Ample Liquidity and Borrowing Capacity

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

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

Off-Balance Sheet Liquidity as a % of Assets

On-Balance Sheet Liquidity as a % of Assets

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

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

Dollars in millions

Strong Capital Position to Support Growth

1 30 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation

Capital Priorities

Organic Growth

Share Repurchases

M&A

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 market

share opportunities

7.23%

7.39%

7.61% 7.73% 7.72%

7.90%

8.17%

7.36% 7.48% 7.40%

7.71%

8.01%

8.34%

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

8.48%

8.72%

9.07% 9.16% 9.21%

9.41%

9.79%

9.08% 9.03% 9.03% 9.08% 9.17%

9.53%

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

Common Equity Tier 1 Capital Ratio

Tangible Common Equity Ratio1

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

Near-Term Expectations

Balance Sheet

Growth

Net Interest

Margin

Expenses

Capital

Levels

• 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%

• 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

• 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

• 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

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

Reconciliation of Non-GAAP Financial Measures

34 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

35 Dollars in thousands

December 31,

2022

December 31,

2023

December 31,

2024

December 31,

2025

Efficiency Ratio:

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

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

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

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

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

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

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

Efficiency Ratio 41.5% 53.0% 57.9% 53.5%

As of and for the year ended,

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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Document and Entity Information

May 04, 2026

Document Information [Line Items]

Document Type

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Document Period End Date

May 04, 2026

Entity File Number

001-38412

Entity Registrant Name

BRIDGEWATER BANCSHARES, INC.

Entity Incorporation, State or Country Code

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4450 Excelsior Boulevard, Suite 100

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- Definition

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

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

-Publisher SEC

-Name Exchange Act

-Number 240

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

+ References

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

-Publisher SEC

-Name Exchange Act

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

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

+ References

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

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-Section 13e

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

+ References

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

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- Definition

Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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

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

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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