Bridgewater Bancshares Q3 2026 profit rises to $15M

Q: What were BWB’s earnings in the third quarter of 2026?

Net income was $15.0 million and diluted earnings per share were $0.49. In the third quarter of 2025, net income was $11.6 million and diluted earnings per share were $0.38. Net interest income was $40.7 million, compared with $34.1 million a year earlier.

Q: When is BWB’s Series A preferred dividend payable?

The quarterly cash dividend is payable December 1, 2026, to holders of record at close of business November 13, 2026. The dividend is $0.3672 per depositary share, representing a 1/100th interest in a Series A preferred share.

The 48.8% efficiency ratio was the bank’s first reading below 50% since the first quarter of 2023.

Filing Impact

(High)

Filing Sentiment

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Form Type

8-K

Rhea-AI Filing Summary

Bridgewater Bancshares, Inc. (BWB) reported third-quarter 2026 net income of $15.0 million, compared with $11.6 million in third-quarter 2025; diluted earnings per share were $0.49 versus $0.38. Net interest income was $40.7 million, compared with $34.1 million, and net interest margin was 3.09% versus 2.63%.

At September 30, 2026, total assets were $5.6 billion, gross loans were $4.51 billion and deposits were $4.47 billion. Compared with June 30, 2026, gross loans increased $80.4 million, or 7.2% annualized, while deposits increased $126.8 million, or 11.6% annualized. The quarterly provision for credit losses on loans and leases was $2.8 million, compared with $0.9 million in the third quarter of 2025; nonperforming assets were 0.37% of total assets versus 0.19%.

The board declared a quarterly cash dividend on Series A preferred stock of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a preferred share. It is payable December 1, 2026, to holders of record at close of business November 13, 2026.

1 point · 0 major

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0 major · 1 point

How the balance works

Positive

Moderate pointNet income reached $15.0 million, versus $11.6 million in the third quarter of 2025.

Negative

Moderate pointNonperforming assets reached 0.37% of total assets, versus 0.19% a year earlier.

Filing Explained

Bridgewater reports no shares sold through its existing at-the-market offering and no common-stock repurchases in the third quarter; the offering added no shares during that period. Common shares outstanding were 27,960,252 at September 30, 2026, versus 27,880,830 at June 30, 2026.

8-K Event Classification

4 items: 2.02, 7.01, 8.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income: $15.0 million Diluted earnings per share: $0.49 per share Net interest income: $40.7 million +4 more

7 metrics

Net income $15.0 million Third quarter 2026; $11.6 million in third quarter 2025

Diluted earnings per share $0.49 per share Third quarter 2026; $0.38 in third quarter 2025

Net interest income $40.7 million Third quarter 2026; $34.1 million in third quarter 2025

Net interest margin 3.09% Third quarter 2026; 2.63% in third quarter 2025

Provision for credit losses on loans and leases $2.8 million Third quarter 2026; $0.9 million in third quarter 2025

Nonperforming assets to total assets 0.37% As of September 30, 2026; 0.19% as of September 30, 2025

Series A preferred cash dividend $36.72 per preferred share; $0.3672 per depositary share Quarterly dividend payable December 1, 2026

Key Terms

Core net interest margin, Efficiency ratio, Nonperforming assets, Purchase accounting accretion

4 terms

Core net interest margin financial

"Core net interest margin (on a fully tax-equivalent basis)"

Core net interest margin measures how much a bank or lender earns from its main lending activities, after paying interest to depositors and creditors, expressed as a percentage of the assets that generate interest. Think of it as the profit margin on a store’s main product: higher core NIM means the lender is getting more return from its core business, so it’s a key indicator of sustainable profitability and sensitivity to interest-rate changes for investors.

Efficiency ratio financial

"an efficiency ratio below 50% for the first time since the first quarter of 2023"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

Nonperforming assets financial

"Nonperforming Assets to Total Assets"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

Purchase accounting accretion financial

"Purchase Accounting Accretion"

Purchase accounting accretion describes how an acquisition’s required accounting adjustments change a company’s reported earnings per share after the deal. When the purchase price is reallocated to the acquired assets and liabilities, certain items (like tax effects, depreciation or amortization) are recorded differently, and those changes can make reported earnings per share rise over time — showing whether the transaction boosts or dilutes per-share results. Investors use it like checking whether two merged household budgets will increase the amount left over each month after relabeling expenses.

Earnings Snapshot

Net income: $15.0 million

Third quarter 2026

Net income $15.0 million Compared with $11.6 million in third quarter 2025

Diluted earnings per share $0.49 Compared with $0.38 in third quarter 2025

Net interest income $40.7 million Compared with $34.1 million in third quarter 2025

Net interest margin 3.09% Compared with 2.63% in third quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BWB’s earnings in the third quarter of 2026?

Net income was $15.0 million and diluted earnings per share were $0.49. In the third quarter of 2025, net income was $11.6 million and diluted earnings per share were $0.38. Net interest income was $40.7 million, compared with $34.1 million a year earlier.

When is BWB’s Series A preferred dividend payable?

The quarterly cash dividend is payable December 1, 2026, to holders of record at close of business November 13, 2026. The dividend is $0.3672 per depositary share, representing a 1/100th interest in a Series A preferred share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/20/2026 - 04:18 PM EDT Accepted by SEC EDGAR 10/20/2026 - 04:17 PM EDT

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

October 20, 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 October 20, 2026, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results as of and for the three months ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished in this item of this Form 8-K, and the related exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

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

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

Item 8.01 Other Events.

On October 20, 2026, in its 2026 third 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 1/100^th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2026, to shareholders of record of the Series A Preferred Stock at the close of business on November 13, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press Release of Bridgewater Bancshares, Inc., dated October 20, 2026, regarding third quarter 2026 financial results

Exhibit 99.2

Earnings Presentation dated October 20, 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: October 20, 2026
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman and Chief Executive Officer

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

October 20, 2026

Bridgewater Bancshares, Inc. Announces Third Quarter 2026 Financial Results

Third Quarter 2026 Highlights

●

Net income of $15.0 million, or $0.49 per diluted common share.

●

Pre-provision net revenue⁽¹⁾ increased $2.9 million, or 60.4% annualized, from the second quarter of 2026.

●

Net interest income increased $2.1 million, or 21.5% annualized, from the second quarter of 2026.

●

Net interest margin (on a fully tax-equivalent basis) of 3.09%, an increase of two basis points from the second quarter of 2026.

●

Efficiency ratio⁽¹⁾ of 48.8%, down from 53.0% for the second quarter of 2026.

●

Gross loans increased by $80.4 million, or 7.2% annualized, from the second quarter of 2026.

●

Total deposits increased by $126.8 million, or 11.6% annualized, from the second quarter of 2026.

●

Core deposits⁽²⁾ increased by $165.3 million, or 19.6% annualized, from the second quarter of 2026.

●

Annualized net loan charge-offs as a percentage of average loans of 0.21%, up from 0.04% for the second quarter of 2026.

●

Nonperforming assets to total assets of 0.37% at September 30, 2026, down from 0.40% at June 30, 2026.

●

Tangible book value per share⁽¹⁾ of $16.33 at September 30, 2026, a decrease of 6.7% annualized from the second quarter of 2026.

●

Common Equity Tier 1 Risk-Based Capital Ratio of 9.63%, up from 9.61% at June 30, 2026.

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

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

Page 1 of 19

St. Louis Park, MN – Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the “Company”), the parent company of Bridgewater Bank (the “Bank”), today announced net income of $15.0 million for the third quarter of 2026, compared to $14.0 million for the second quarter of 2026, and $11.6 million for the third quarter of 2025. Earnings per diluted common share were $0.49 for the third quarter of 2026, compared to $0.45 for the second quarter of 2026, and $0.38 for the third quarter of 2025.

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

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

Page 2 of 19

Key Financial Measures


		As of and for the Three Months Ended										As of and for the Nine Months Ended
		September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Per Common Share Data
Basic Earnings Per Share		$	0.50		$	0.47		$	0.38			$	1.56		$	1.08
Diluted Earnings Per Share			0.49			0.45			0.38				1.52			1.06
Adjusted Diluted Earnings Per Share ⁽¹⁾			0.49			0.45			0.39				1.35			1.08
Book Value Per Share			16.98			17.27			15.62				16.98			15.62
Tangible Book Value Per Share ⁽¹⁾			16.33			16.61			14.93				16.33			14.93

Financial Ratios
Return on Average Assets ⁽²⁾			1.08	%		1.06	%		0.86	%			1.16	%		0.84	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾			1.57			1.43			1.19				1.44			1.20
Return on Average Shareholders' Equity ⁽²⁾			10.81			10.17			9.47				11.43			9.23
Return on Average Tangible Common Equity⁽¹⁾⁽²⁾			11.91			11.15			10.50				12.67			10.23
Net Interest Margin⁽³⁾			3.09			3.07			2.63				3.05			2.59
Core Net Interest Margin ⁽¹⁾⁽³⁾			2.98			2.94			2.52				2.93			2.46
Cost of Total Deposits			2.78			2.80			3.19				2.79			3.18
Cost of Funds			2.92			2.91			3.25				2.91			3.20
Yield on Loans			5.96			5.91			5.79				5.89			5.71
Efficiency Ratio⁽¹⁾			48.8			53.0			54.7				52.6			54.2
Noninterest Expense to Average Assets ⁽²⁾			1.53			1.65			1.47				1.63			1.46
Tangible Common Equity to Tangible Assets ⁽¹⁾			8.16			8.62			7.71				8.16			7.71
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) ⁽⁴⁾			9.63			9.61			9.08				9.63			9.08

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets ⁽²⁾			1.08	%		1.06	%		0.88	%			1.04	%		0.86	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾			1.57			1.43			1.23				1.46			1.24
Adjusted Return on Average Shareholders' Equity ⁽²⁾			10.81			10.17			9.77				10.24			9.41
Adjusted Return on Average Tangible Common Equity ⁽²⁾			11.91			11.15			10.86				11.26			10.44
Adjusted Efficiency Ratio			48.8			53.0			53.2				51.8			52.8
Adjusted Noninterest Expense to Average Assets ⁽²⁾			1.53			1.65			1.43				1.61			1.42

Balance Sheet and Asset Quality (dollars in thousands)
Total Assets		$	5,615,482		$	5,389,726		$	5,359,994			$	5,615,482		$	5,359,994
Total Loans, Gross			4,506,834			4,426,389			4,214,554				4,506,834			4,214,554
Deposits			4,473,019			4,346,204			4,292,764				4,473,019			4,292,764
Loan to Deposit Ratio			100.8	%		101.8	%		98.2	%			100.8	%		98.2	%
Net Loan Charge-Offs to Average Loans ⁽²⁾			0.21			0.04			0.03				0.10			0.01
Nonperforming Assets to Total Assets⁽⁵⁾			0.37			0.40			0.19				0.37			0.19
Allowance for Credit Losses to Total Loans			1.28			1.30			1.34				1.28			1.34

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

(2)	Annualized.

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

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

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

Page 3 of 19

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the third quarter of 2026 was 3.09%, a two basis point increase from 3.07% in the second quarter of 2026, and a 46 basis point increase from 2.63% in the third quarter of 2025. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and purchase accounting accretion attributable to the acquisition of First Minnetonka City Bank (“FMCB”), was 2.98% for the third quarter of 2026, a four basis point increase from 2.94% in the second quarter of 2026, and a 46 basis point increase from 2.52% in the third quarter of 2025.

●

Net interest margin expanded to 3.09% in the third quarter of 2026 primarily due to growth and repricing of the loan and investment securities portfolios at higher yields.

●

The year-over-year expansion in net interest margin was primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits.

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

●

The linked-quarter increase in net interest income was primarily driven by growth in the loan and investment securities portfolios at higher yields and higher cash balances, offset partially by higher deposit balances.

●

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

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

●

The yield on interest earning assets (on a fully tax-equivalent basis) was 5.76% in the third quarter of 2026, compared to 5.73% in the second quarter of 2026, and 5.63% in the third quarter of 2025.

●

The linked-quarter increase in the yield on interest earning assets (on a fully tax-equivalent basis) was primarily driven by growth and repricing of the loan portfolio at higher yields and higher yielding investment securities balances.

●

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

●

The aggregate loan yield was 5.96% in the third quarter of 2026, five basis points higher than 5.91% in the second quarter of 2026, and 17 basis points higher than 5.79% in the third quarter of 2025.

●

Core loan yield, a non-GAAP financial measure, was 5.82% in the third quarter of 2026, six basis points higher than 5.76% in the second quarter of 2026, and 16 basis points higher than 5.66% in the third quarter of 2025.

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


	Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Interest	5.82	%	5.76	%	5.66	%	5.63	%	5.66	%
Fees	0.12		0.13		0.12		0.10		0.09
Accretion	0.02		0.02		0.03		0.05		0.04
Yield on Loans	5.96	%	5.91	%	5.81	%	5.78	%	5.79	%

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

●

The cost of interest bearing liabilities was 3.54% in the third quarter of 2026, compared to 3.51% in the second quarter of 2026, and 3.89% in the third quarter of 2025.

●

The linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher balances and rates paid on interest bearing transaction deposits, time deposits, and 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.

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

Page 4 of 19

●

The cost of total deposits was 2.78% in the third quarter of 2026, two basis points lower than 2.80% in the second quarter of 2026, and 41 basis points lower than 3.19% in the third quarter of 2025.

●

The linked-quarter decrease in the cost of total deposits was primarily due to lower rates paid on brokered deposits and an increase in noninterest bearing deposits.

●

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

Provision for Credit Losses

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

●

The provision recorded in the third quarter of 2026 was primarily attributable to growth in the loan portfolio and an additional specific reserve.

●

The allowance for credit losses on loans to total loans was 1.28% at September 30, 2026, compared to 1.30% at June 30, 2026, and 1.34% at September 30, 2025.

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

Noninterest Income

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

●

The linked-quarter increase was primarily due to higher letter of credit fees, offset partially by lower swap fees.

●

The year-over-year increase was primarily due to higher letter of credit fees and swap fees.

Noninterest Expense

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

●

The linked-quarter decrease was primarily due to lower marketing and advertising expenses and lower professional and consulting costs, offset partially by higher salaries and employee benefits.

●

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

●

Noninterest expense for the second and third quarters of 2026 included no merger-related expenses associated with the acquisition of FMCB, compared to merger-related expenses of $530,000 for the third quarter of 2025, which is considered a non-core item.

●

The efficiency ratio (on a fully tax-equivalent basis), a non-GAAP financial measure, was 48.8% for the third quarter of 2026, compared to 53.0% for the second quarter of 2026, and 54.7% for the third quarter of 2025.

●

The Company had 360 full-time equivalent employees at September 30, 2026, compared to 355 at June 30, 2026, and 325 at September 30, 2025. The linked-quarter and the year-over-year increases were primarily driven by hiring of key talent across the organization.

Income Taxes

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

●

The linked-quarter and the year-over-year decreases were primarily due to the increase in tax-exempt interest income following the purchase of tax-exempt municipal securities investments.

Page 5 of 19

Balance Sheet

Loans


(dollars in thousands)	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Commercial	$	627,569	$	591,034	$	593,406	$	547,245	$	533,476
Leases		41,854		41,802		41,791		43,407		43,186
Construction and Land Development		229,478		186,248		209,421		216,163		159,991
1-4 Family Construction		57,825		46,539		50,629		45,152		41,739
Real Estate Mortgage:
1-4 Family Mortgage		456,458		485,288		488,029		496,142		487,297
Multifamily		1,661,765		1,690,566		1,590,091		1,587,338		1,578,223
CRE Owner Occupied		191,664		191,153		188,588		189,754		192,966
CRE Nonowner Occupied		1,211,595		1,168,863		1,185,371		1,165,104		1,158,622
Total Real Estate Mortgage Loans		3,521,482		3,535,870		3,452,079		3,438,338		3,417,108
Consumer and Other		28,626		24,896		20,716		19,212		19,054
Total Loans, Gross		4,506,834		4,426,389		4,368,042		4,309,517		4,214,554
Allowance for Credit Losses on Loans		(57,819)		(57,418)		(57,277)		(56,443)		(56,390)
Net Deferred Loan Fees		(8,889)		(8,469)		(8,633)		(8,966)		(8,282)
Total Loans, Net	$	4,440,126	$	4,360,502	$	4,302,132	$	4,244,108	$	4,149,882

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

●

The increase in the loan portfolio during the third quarter of 2026 was primarily due to growth in the construction and land development, commercial real estate (“CRE”) nonowner occupied, and commercial portfolios.

Deposits


(dollars in thousands)	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Noninterest Bearing Transaction Deposits	$	893,817	$	830,952	$	828,845	$	923,070	$	822,632
Interest Bearing Transaction Deposits		947,073		944,502		899,911		893,740		860,774
Savings and Money Market Deposits		1,538,271		1,435,582		1,497,517		1,380,922		1,428,726
Time Deposits		298,804		243,694		232,959		312,154		346,214
Brokered Deposits		795,054		891,474		846,279		810,483		834,418
Total Deposits	$	4,473,019	$	4,346,204	$	4,305,511	$	4,320,369	$	4,292,764

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

●

Core deposits, defined as total deposits excluding brokered deposits and certificates of deposit greater than $250,000, increased $165.3 million, or 19.6% annualized, from June 30, 2026, and increased $234.3 million, or 7.1%, from September 30, 2025.

●

Noninterest bearing transaction deposits increased $62.9 million, or 30.0% annualized, from June 30, 2026, and increased $71.2 million, or 8.7%, from September 30, 2025.

●

Brokered deposits decreased $96.4 million from June 30, 2026, and decreased $39.4 million from September 30, 2025. Consistent with historical practice, brokered deposits continue to be used as a supplemental funding source, as needed.

Asset Quality

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

●

Annualized net charge-offs as a percentage of average loans were 0.21% for the third quarter of 2026, compared to 0.04% for the second quarter of 2026, and 0.03% for the third quarter of 2025.

●

At September 30, 2026, the Company’s nonperforming assets, which included nonaccrual loans, loans past due 90 days and still

Page 6 of 19

accruing, and foreclosed assets, were $20.9 million, or 0.37% of total assets, compared to $21.6 million, or 0.40% of total assets, at June 30, 2026, and $10.0 million, or 0.19% of total assets, at September 30, 2025.

●

Loans with potential weaknesses that warranted a watch/special mention risk rating at September 30, 2026 totaled $23.6 million, compared to $38.5 million at June 30, 2026, and $40.6 million at September 30, 2025.

●

Loans that warranted a substandard risk rating at September 30, 2026 totaled $42.9 million, compared to $43.9 million at June 30, 2026, and $58.1 million at September 30, 2025.

Capital

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

●

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

●

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

●

The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.63% at September 30, 2026, compared to 9.61% at June 30, 2026, and 9.08% at September 30, 2025.

●

Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.16% at September 30, 2026, compared to 8.62% at June 30, 2026, and 7.71% at September 30, 2025.

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

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

●

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

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

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on November 13, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its third quarter 2026 financial results on Wednesday, October 21, 2026 at 8:00 a.m. Central Time. The conference call can be accessed by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. To listen to a replay of the conference call via phone, please dial 855-669-9658 and enter access code 9617563. The replay will be available through October 28, 2026. The conference call will also be available via a live webcast on the Investor Relations section of the Company’s website, investors.bridgewaterbankmn.com, and archived for replay.

About the Company

Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park, Minnesota-based financial holding company founded in 2005. Its banking subsidiary, Bridgewater Bank, is a premier, full-service bank dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals across the Twin Cities. Bridgewater offers a comprehensive suite of products and services spanning deposits, lending, and treasury management solutions. Bridgewater has received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.6 billion as of September 30, 2026 and nine strategically located branches, Bridgewater is one of the largest locally-led banks in Minnesota and is committed to being the finest entrepreneurial bank. For more information, please visit www.bridgewaterbankmn.com.

Page 7 of 19

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Forward-Looking Statements

This earnings release contains “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in circumstances and other factors that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of the recent increase in the benchmark federal funds rate by the Federal Reserve; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including CRE loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, widespread disease or pandemics, acts of war, military

Page 8 of 19

conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; potential impairment to the goodwill the Company recorded in connection with acquisitions; the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

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

Page 9 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Financial Highlights

(dollars in thousands, except share data)


		As of and for the Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)		2026			2026			2026			2025			2025
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Income Statement
Net Interest Income		$	40,658		$	38,566		$	36,647		$	35,687		$	34,091
Provision for Credit Losses			2,750			550			1,200			1,450			1,100
Noninterest Income			2,573			2,324			9,564			3,148			2,061
Noninterest Expense			21,341			21,894			22,170			20,238			19,956
Net Income			15,028			14,007			17,406			13,334			11,601
Net Income Available to Common Shareholders			14,015			12,993			16,393			12,320			10,588

Per Common Share Data
Basic Earnings Per Share		$	0.50		$	0.47		$	0.59		$	0.45		$	0.38
Diluted Earnings Per Share			0.49			0.45			0.58			0.43			0.38
Adjusted Diluted Earnings Per Share ⁽¹⁾			0.49			0.45			0.41			0.44			0.39
Book Value Per Share			16.98			17.27			16.60			16.23			15.62
Tangible Book Value Per Share ⁽¹⁾			16.33			16.61			15.93			15.55			14.93
Basic Weighted Average Shares Outstanding			27,923,824			27,861,522			27,800,091			27,641,138			27,504,840
Diluted Weighted Average Shares Outstanding			28,796,376			28,589,332			28,490,176			28,354,756			28,190,406
Shares Outstanding at Period End			27,960,252			27,880,830			27,832,867			27,759,970			27,584,732

Financial Ratios
Return on Average Assets ⁽²⁾			1.08	%		1.06	%		1.35	%		0.97	%		0.86	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾			1.57			1.43			1.30			1.35			1.19
Return on Average Shareholders' Equity ⁽²⁾			10.81			10.17			13.45			10.38			9.47
Return on Average Tangible Common Equity ⁽¹⁾⁽²⁾			11.91			11.15			15.13			11.53			10.50
Net Interest Margin⁽³⁾			3.09			3.07			2.99			2.75			2.63
Core Net Interest Margin ⁽¹⁾⁽³⁾			2.98			2.94			2.86			2.62			2.52
Cost of Total Deposits			2.78			2.80			2.79			2.97			3.19
Cost of Funds			2.92			2.91			2.90			3.07			3.25
Yield on Loans			5.96			5.91			5.81			5.78			5.79
Efficiency Ratio⁽¹⁾			48.8			53.0			56.3			51.6			54.7
Noninterest Expense to Average Assets ⁽²⁾			1.53			1.65			1.71			1.48			1.47

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets ⁽²⁾			1.08	%		1.06	%		0.98	%		0.99	%		0.88	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾			1.57			1.43			1.37			1.38			1.23
Adjusted Return on Average Shareholders' Equity ⁽²⁾			10.81			10.17			9.76			10.54			9.77
Adjusted Return on Average Tangible Common Equity ⁽²⁾			11.91			11.15			10.72			11.72			10.86
Adjusted Efficiency Ratio			48.8			53.0			53.8			50.7			53.2
Adjusted Noninterest Expense to Average Assets ⁽²⁾			1.53			1.65			1.64			1.45			1.43

Balance Sheet
Total Assets		$	5,615,482		$	5,389,726		$	5,335,396		$	5,407,002		$	5,359,994
Total Loans, Gross			4,506,834			4,426,389			4,368,042			4,309,517			4,214,554
Deposits			4,473,019			4,346,204			4,305,511			4,320,369			4,292,764
Total Shareholders' Equity			541,392			547,909			528,424			517,095			497,463
Loan to Deposit Ratio			100.8	%		101.8	%		101.5	%		99.7	%		98.2	%
Core Deposits to Total Deposits ⁽⁴⁾			78.5			77.0			78.4			77.6			76.4

Asset Quality
Net Loan Charge-Offs to Average Loans⁽²⁾			0.21	%		0.04	%		0.05	%		0.11	%		0.03	%
Nonperforming Assets to Total Assets ⁽⁵⁾			0.37			0.40			0.22			0.41			0.19
Allowance for Credit Losses to Total Loans			1.28			1.30			1.31			1.31			1.34

Page 10 of 19


		As of and for the Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)		2026			2026			2026			2025			2025
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) ⁽⁶⁾
Tier 1 Leverage Ratio			9.94	%		10.02	%		9.89	%		9.20	%		9.02	%
Common Equity Tier 1 Risk-based Capital Ratio			9.63			9.61			9.53			9.17			9.08
Tier 1 Risk-based Capital Ratio			10.95			10.98			10.94			10.57			10.52
Total Risk-based Capital Ratio			14.24			14.48			14.48			14.12			14.12
Tangible Common Equity to Tangible Assets ⁽¹⁾			8.16			8.62			8.34			8.01			7.71

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

(2)	Annualized.

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

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

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

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

Page 11 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)


	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
		(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
Assets
Cash and Cash Equivalents	$	262,564		$	169,806		$	222,154		$	123,511		$	131,818
Bank-Owned Certificates of Deposit		—			—			—			—			3,658
Securities Available for Sale, at Fair Value		598,713			605,412			566,565			776,441			826,473
Loans, Net of Allowance for Credit Losses		4,440,126			4,360,502			4,302,132			4,244,108			4,149,882
Federal Home Loan Bank (FHLB) Stock, at Cost		21,189			17,979			18,398			21,122			21,373
Premises and Equipment, Net		52,530			52,730			52,784			51,576			50,955
Accrued Interest		16,818			16,946			15,841			18,929			19,244
Goodwill		11,982			11,982			11,982			11,982			11,982
Other Intangible Assets, Net		6,251			6,477			6,703			6,930			7,160
Bank-Owned Life Insurance		72,808			45,671			45,219			46,576			46,121
Other Assets		132,501			102,221			93,618			105,827			91,328
Total Assets	$	5,615,482		$	5,389,726		$	5,335,396		$	5,407,002		$	5,359,994

Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	893,817		$	830,952		$	828,845		$	923,070		$	822,632
Interest Bearing		3,579,202			3,515,252			3,476,666			3,397,299			3,470,132
Total Deposits		4,473,019			4,346,204			4,305,511			4,320,369			4,292,764
FHLB Advances		396,000			326,000			336,000			399,500			404,500
Subordinated Debentures, Net of Issuance Costs		108,953			108,882			108,782			108,677			108,588
Accrued Interest Payable		4,372			2,565			4,254			3,227			5,208
Other Liabilities		91,746			58,166			52,425			58,134			51,471
Total Liabilities		5,074,090			4,841,817			4,806,972			4,889,907			4,862,531

Shareholders' Equity
Preferred Stock- $0.01 par value; Authorized 10,000,000
Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at September 30, 2026 (unaudited), June 30, 2026 (unaudited), March 31, 2026 (unaudited), December 31, 2025, and September 30, 2025 (unaudited)		66,514			66,514			66,514			66,514			66,514
Common Stock- $0.01 par value; Authorized 75,000,000
Common Stock - Issued and Outstanding 27,960,252 at September 30, 2026 (unaudited), 27,880,830 at June 30, 2026 (unaudited), 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, and 27,584,732 at September 30, 2025 (unaudited)		280			279			278			278			276
Additional Paid-In Capital		102,605			100,868			99,564			98,287			97,101
Retained Earnings		394,856			380,841			367,848			351,455			339,135
Accumulated Other Comprehensive Gain (Loss)		(22,863)			(593)			(5,780)			561			(5,563)
Total Shareholders' Equity		541,392			547,909			528,424			517,095			497,463
Total Liabilities and Equity	$	5,615,482		$	5,389,726		$	5,335,396		$	5,407,002		$	5,359,994

Page 12 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income

(dollars in thousands, except per share data)


	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2026			2026			2026			2025			2025			2026			2025
		(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Interest Income
Loans, Including Fees	$	66,732		$	64,146		$	61,726		$	61,444		$	60,038		$	192,604		$	171,746
Investment Securities		7,587			6,904			6,923			9,720			10,371			21,414			28,968
Other		2,326			1,606			1,316			2,145			3,224			5,248			7,825
Total Interest Income		76,645			72,656			69,965			73,309			73,633			219,266			208,539


Interest Expense
Deposits		30,943			29,711			28,793			32,203			34,615			89,447			99,215
Federal Funds Purchased		—			19			238			5			—			257			16
Notes Payable		—			—			—			—			106			—			624
FHLB Advances		2,995			2,494			2,438			3,524			2,933			7,927			7,941
Subordinated Debentures		2,049			1,866			1,849			1,890			1,888			5,764			3,992
Total Interest Expense		35,987			34,090			33,318			37,622			39,542			103,395			111,788

Net Interest Income		40,658			38,566			36,647			35,687			34,091			115,871			96,751
Provision for Credit Losses		2,750			550			1,200			1,450			1,100			4,500			4,600

Net Interest Income After Provision for Credit Losses		37,908			38,016			35,447			34,237			32,991			111,371			92,151

Noninterest Income
Customer Service Fees		537			520			527			521			501			1,584			1,492
Net Gain on Sales of Securities		—			—			7,251			80			59			7,251			534
Letter of Credit Fees		643			304			185			668			383			1,132			1,161
Debit Card Interchange Fees		222			230			201			178			173			653			462
Swap Fees		112			263			240			651			—			615			980
Bank-Owned Life Insurance		530			451			447			455			440			1,428			1,206
Investment Advisory Fees		304			260			213			227			208			778			746
FHLB Prepayment Income		—			—			—			—			—			—			301
Other Income		225			296			500			368			297			1,020			885
Total Noninterest Income		2,573			2,324			9,564			3,148			2,061			14,461			7,767

Noninterest Expense
Salaries and Employee Benefits		14,353			13,916			13,492			12,434			12,229			41,761			34,963
Occupancy and Equipment		1,286			1,360			1,375			1,171			1,266			4,021			3,774
FDIC Insurance Assessment		555			595			780			770			775			1,930			1,975
Data Processing		623			692			611			638			637			1,926			1,881
Professional and Consulting Fees		1,127			1,267			1,196			1,404			1,261			3,590			3,365
Derivative Collateral Fees		284			206			168			237			309			658			1,132
Information Technology and Telecommunications		1,183			1,258			1,067			976			973			3,508			2,915
Marketing and Advertising		354			604			776			718			658			1,734			1,420
Intangible Asset Amortization		226			227			226			231			230			679			690
FHLB Prepayment Penalty		—			—			982			—			—			982			—
Other Expense		1,350			1,769			1,497			1,659			1,618			4,616			4,918
Total Noninterest Expense		21,341			21,894			22,170			20,238			19,956			65,405			57,033

Income Before Income Taxes		19,140			18,446			22,841			17,147			15,096			60,427			42,885
Provision for Income Taxes		4,112			4,439			5,435			3,813			3,495			13,986			10,131
Net Income		15,028			14,007			17,406			13,334			11,601			46,441			32,754
Preferred Stock Dividends		(1,013)			(1,014)			(1,013)			(1,014)			(1,013)			(3,040)			(3,040)
Net Income Available to Common Shareholders	$	14,015		$	12,993		$	16,393		$	12,320		$	10,588		$	43,401		$	29,714

Earnings Per Share
Basic	$	0.50		$	0.47		$	0.59		$	0.45		$	0.38		$	1.56		$	1.08
Diluted		0.49			0.45			0.58			0.43			0.38			1.52			1.06

Page 13 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)


		For the Three Months Ended
		September 30, 2026								June 30, 2026								September 30, 2025
		Average			Interest			Yield/		Average			Interest			Yield/		Average			Interest			Yield/
(dollars in thousands)		Balance			& Fees			Rate		Balance			& Fees			Rate		Balance			& Fees			Rate
Interest Earning Assets:
Cash Investments		$	213,850		$	1,887		3.50	%	$	140,738		$	1,167		3.33	%	$	256,174		$	2,732		4.23	%
Investment Securities:
Taxable Investment Securities			446,156			5,046		4.49			460,567			5,233		4.56			730,643			9,448		5.13
Tax-Exempt Investment Securities⁽¹⁾			199,173			3,217		6.41			144,241			2,115		5.88			81,962			1,168		5.66
Total Investment Securities			645,329			8,263		5.08			604,808			7,348		4.87			812,605			10,616		5.18
Loans ⁽¹⁾⁽²⁾			4,471,437			67,130		5.96			4,380,477			64,537		5.91			4,132,987			60,317		5.79
Federal Home Loan Bank Stock			19,924			439		8.75			18,692			438		9.39			21,373			492		9.12
Total Interest Earning Assets			5,350,540			77,719		5.76	%		5,144,715			73,490		5.73	%		5,223,139			74,157		5.63	%
Noninterest Earning Assets			170,949								172,500								149,304
Total Assets		$	5,521,489							$	5,317,215							$	5,372,443

Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	970,042		$	7,995		3.27	%	$	931,588		$	7,504		3.23	%	$	843,905		$	8,037		3.78	%
Savings and Money Market Deposits			1,445,197			11,836		3.25			1,436,829			11,650		3.25			1,473,465			13,465		3.63
Time Deposits			291,668			2,726		3.71			230,949			2,089		3.63			342,926			3,703		4.28
Brokered Deposits			844,983			8,386		3.94			843,456			8,468		4.03			856,516			9,410		4.36
Total Interest Bearing Deposits			3,551,890			30,943		3.46			3,442,822			29,711		3.46			3,516,812			34,615		3.90
Federal Funds Purchased			—			—		—			1,901			19		3.90			—			—		—
Notes Payable			—			—		—			—			—		—			5,679			106		7.40
FHLB Advances			368,038			2,995		3.23			340,341			2,494		2.94			404,500			2,933		2.88
Subordinated Debentures			108,918			2,049		7.46			108,835			1,866		6.87			108,639			1,888		6.89
Total Interest Bearing Liabilities			4,028,846			35,987		3.54	%		3,893,899			34,090		3.51	%		4,035,630			39,542		3.89	%

Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			864,046								808,295								793,760
Other Noninterest Bearing Liabilities			76,805								62,446								57,184
Total Noninterest Bearing Liabilities			940,851								870,741								850,944
Shareholders' Equity			551,792								552,575								485,869
Total Liabilities and Shareholders' Equity		$	5,521,489							$	5,317,215							$	5,372,443
Net Interest Income / Interest Rate Spread						41,732		2.22	%					39,400		2.22	%					34,615		1.74	%
Net Interest Margin ⁽³⁾								3.09	%							3.07	%							2.63	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(1,074)								(834)								(524)
Net Interest Income					$	40,658							$	38,566							$	34,091

(1)	Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

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

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

Page 14 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)


		For the Nine Months Ended
		September 30, 2026								September 30, 2025
		Average			Interest			Yield/		Average			Interest			Yield/
(dollars in thousands)		Balance			& Fees			Rate		Balance			& Fees			Rate
Interest Earning Assets:
Cash Investments		$	151,118		$	3,825		3.38	%	$	210,525		$	6,469		4.11	%
Investment Securities:
Taxable Investment Securities			470,739			15,809		4.49			744,605			27,364		4.91
Tax-Exempt Investment Securities⁽¹⁾			154,624			7,096		6.14			49,987			2,030		5.43
Total Investment Securities			625,363			22,905		4.90			794,592			29,394		4.95
Loans ⁽¹⁾⁽²⁾			4,396,754			193,769		5.89			4,034,656			172,418		5.71
Federal Home Loan Bank Stock			19,320			1,423		9.85			20,601			1,356		8.80
Total Interest Earning Assets			5,192,555			221,922		5.71	%		5,060,374			209,637		5.54	%
Noninterest Earning Assets			168,954								145,373
Total Assets		$	5,361,509							$	5,205,747
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	930,394		$	22,435		3.22	%	$	837,504		$	23,995		3.83	%
Savings and Money Market Deposits			1,431,164			34,909		3.26			1,383,876			38,092		3.68
Time Deposits			258,491			7,148		3.70			333,199			10,280		4.13
Brokered Deposits			831,167			24,955		4.01			841,750			26,848		4.26
Total Interest Bearing Deposits			3,451,216			89,447		3.47			3,396,329			99,215		3.91
Federal Funds Purchased			8,706			257		3.94			456			16		4.64
Notes Payable			—			—		—			11,030			624		7.57
FHLB Advances			348,399			7,927		3.04			388,026			7,941		2.74
Subordinated Debentures			108,829			5,764		7.08			90,853			3,992		5.87
Total Interest Bearing Liabilities			3,917,150			103,395		3.53	%		3,886,694			111,788		3.85	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			835,741								779,897
Other Noninterest Bearing Liabilities			65,455								64,878
Total Noninterest Bearing Liabilities			901,196								844,775
Shareholders' Equity			543,163								474,278
Total Liabilities and Shareholders' Equity		$	5,361,509							$	5,205,747
Net Interest Income / Interest Rate Spread						118,527		2.19	%					97,849		1.69	%
Net Interest Margin ⁽³⁾								3.05	%							2.59	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(2,656)								(1,098)
Net Interest Income					$	115,871							$	96,751

(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 15 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Asset Quality Summary

(unaudited)


		As of and for the Three Months Ended															As of and for the Nine Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)		2026			2026			2026			2025			2025			2026			2025
Allowance for Credit Losses
Balance at Beginning of Period		$	57,418		$	57,277		$	56,443		$	56,390		$	55,765		$	56,443		$	52,277
Provision for Credit Losses			2,750			550			1,350			1,250			900			4,650			4,400
Charge-offs			(2,442)			(738)			(658)			(1,259)			(276)			(3,838)			(294)
Recoveries			93			329			142			62			1			564			7
Net Charge-offs			(2,349)			(409)			(516)			(1,197)			(275)			(3,274)			(287)
Balance at End of Period		$	57,819		$	57,418		$	57,277		$	56,443		$	56,390		$	57,819		$	56,390
Allowance for Credit Losses to Total Loans			1.28	%		1.30	%		1.31	%		1.31	%		1.34	%		1.28	%		1.34	%


		As of and for the Three Months Ended														As of and for the Nine Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,		September 30,			September 30,
(dollars in thousands)		2026			2026			2026			2025			2025		2026			2025
Provision for Credit Losses on Loans and Leases		$	2,750		$	550		$	1,350		$	1,250		$	900	$	4,650		$	4,400
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures			—			—			(150)			200			200		(150)			200
Provision for Credit Losses		$	2,750		$	550		$	1,200		$	1,450		$	1,100	$	4,500		$	4,600


	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2026			2026			2026			2025			2025
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	1,381		$	871		$	494		$	968		$	2,906
Loans 30-89 Days Past Due to Total Loans		0.03	%		0.02	%		0.01	%		0.02	%		0.07	%
Nonperforming Loans	$	20,937		$	21,648		$	11,715		$	22,034		$	9,991
Nonperforming Loans to Total Loans		0.46	%		0.49	%		0.27	%		0.51	%		0.24	%
Nonaccrual Loans to Total Loans		0.46			0.49			0.27			0.51			0.24
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.46			0.49			0.27			0.51			0.24
Nonperforming Assets ⁽¹⁾	$	20,937		$	21,648		$	11,715		$	22,034		$	9,991
Nonperforming Assets to Total Assets ⁽¹⁾		0.37	%		0.40	%		0.22	%		0.41	%		0.19	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.21			0.04			0.05			0.11			0.03
Watchlist/Special Mention Risk Rating Loans	$	23,607		$	38,469		$	47,681		$	47,823		$	40,642
Substandard Risk Rating Loans		42,909			43,888			43,074			52,956			58,074

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

Page 16 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2026			2026			2026			2025			2025			2026			2025
Pre-Provision Net Revenue
Noninterest Income	$	2,573		$	2,324		$	9,564		$	3,148		$	2,061		$	14,461		$	7,767
Less: Gain on Sales of Securities		—			—			(7,251)			(80)			(59)			(7,251)			(534)
Less: FHLB Advance Prepayment Income		—			—			—			—			—			—			(301)
Total Operating Noninterest Income		2,573			2,324			2,313			3,068			2,002			7,210			6,932
Plus: Net Interest Income		40,658			38,566			36,647			35,687			34,091			115,871			96,751
Net Operating Revenue	$	43,231		$	40,890		$	38,960		$	38,755		$	36,093		$	123,081		$	103,683

Noninterest Expense	$	21,341		$	21,894		$	22,170		$	20,238		$	19,956		$	65,405		$	57,033
Total Operating Noninterest Expense	$	21,341		$	21,894		$	22,170		$	20,238		$	19,956		$	65,405		$	57,033

Pre-Provision Net Revenue	$	21,890		$	18,996		$	16,790		$	18,517		$	16,137		$	57,676		$	46,650

Plus:
Non-Operating Revenue Adjustments		—			—			7,251			80			59			7,251			835
Less:
Provision for Credit Losses		2,750			550			1,200			1,450			1,100			4,500			4,600
Provision for Income Taxes		4,112			4,439			5,435			3,813			3,495			13,986			10,131
Net Income	$	15,028		$	14,007		$	17,406		$	13,334		$	11,601		$	46,441		$	32,754

Average Assets	$	5,521,489		$	5,317,215		$	5,242,761		$	5,438,555		$	5,372,443		$	5,361,509		$	5,205,747
Pre-Provision Net Revenue Return on Average Assets		1.57	%		1.43	%		1.30	%		1.35	%		1.19	%		1.44	%		1.20	%

Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	43,231		$	40,890		$	38,960		$	38,755		$	36,093		$	123,081		$	103,683

Noninterest Expense	$	21,341		$	21,894		$	22,170		$	20,238		$	19,956		$	65,405		$	57,033
Less: Merger-related Expenses		—			—			—			(346)			(530)			—			(1,635)
Less: FHLB Prepayment Penalty		—			—			(982)			—			—			(982)			—
Adjusted Total Operating Noninterest Expense	$	21,341		$	21,894		$	21,188		$	19,892		$	19,426		$	64,423		$	55,398

Adjusted Pre-Provision Net Revenue	$	21,890		$	18,996		$	17,772		$	18,863		$	16,667		$	58,658		$	48,285
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.57	%		1.43	%		1.37	%		1.38	%		1.23	%		1.46	%		1.24	%

Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	41,732		$	39,400		$	37,395		$	36,447		$	34,614		$	118,527		$	97,848
Less:
Loan Fees		(1,367)			(1,464)			(1,257)			(1,041)			(966)			(4,088)			(2,704)
Purchase Accounting Accretion:
Loan Accretion		(171)			(171)			(324)			(546)			(380)			(666)			(1,147)
Bond Accretion		(18)			(17)			(22)			(33)			(89)			(57)			(819)
Bank-Owned Certificates of Deposit Accretion		—			—			—			(16)			(6)			—			(17)
Deposit Certificates of Deposit Accretion		—			—			—			—			(13)			—			(88)
Total Purchase Accounting Accretion		(189)			(188)			(346)			(595)			(488)			(723)			(2,071)
Core Net Interest Income (Tax-equivalent Basis)	$	40,176		$	37,748		$	35,792		$	34,811		$	33,160		$	113,716		$	93,073

Average Interest Earning Assets	$	5,350,540		$	5,144,715		$	5,079,430		$	5,264,700		$	5,223,139		$	5,192,555		$	5,060,374
Core Net Interest Margin		2.98	%		2.94	%		2.86	%		2.62	%		2.52	%		2.93	%		2.46	%

Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	67,130		$	64,537		$	62,102		$	61,746		$	60,317		$	193,769		$	172,418
Less:
Loan Fees		(1,367)			(1,464)			(1,257)			(1,041)			(966)			(4,088)			(2,704)
Loan Accretion		(171)			(171)			(324)			(546)			(380)			(666)			(1,147)
Core Loan Interest Income	$	65,592		$	62,902		$	60,521		$	60,159		$	58,971		$	189,015		$	168,567

Average Loans	$	4,471,437		$	4,380,477		$	4,336,869		$	4,239,936		$	4,132,987		$	4,396,754		$	4,034,656
Core Loan Yield		5.82	%		5.76	%		5.66	%		5.63	%		5.66	%		5.75	%		5.59	%

Page 17 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2026			2026			2026			2025			2025			2026			2025
Efficiency Ratio
Noninterest Expense	$	21,341		$	21,894		$	22,170		$	20,238		$	19,956		$	65,405		$	57,033
Less: Amortization of Intangible Assets		(226)			(227)			(226)			(231)			(230)			(679)			(690)
Adjusted Noninterest Expense	$	21,115		$	21,667		$	21,944		$	20,007		$	19,726		$	64,726		$	56,343

Net Interest Income	$	40,658		$	38,566		$	36,647		$	35,687		$	34,091		$	115,871		$	96,751
Noninterest Income		2,573			2,324			9,564			3,148			2,061			14,461			7,767
Less: Gain on Sales of Securities		—			—			(7,251)			(80)			(59)			(7,251)			(534)
Adjusted Operating Revenue	$	43,231		$	40,890		$	38,960		$	38,755		$	36,093		$	123,081		$	103,984
Efficiency Ratio		48.8	%		53.0	%		56.3	%		51.6	%		54.7	%		52.6	%		54.2	%

Adjusted Efficiency Ratio
Noninterest Expense	$	21,341		$	21,894		$	22,170		$	20,238		$	19,956		$	65,405		$	57,033
Less: Amortization of Intangible Assets		(226)			(227)			(226)			(231)			(230)			(679)			(690)
Less: Merger-related Expenses		—			—			—			(346)			(530)			—			(1,635)
Less: FHLB Advance Prepayment Penalty		—			—			(982)			—			—			(982)			—
Adjusted Noninterest Expense	$	21,115		$	21,667		$	20,962		$	19,661		$	19,196		$	63,744		$	54,708

Net Interest Income	$	40,658		$	38,566		$	36,647		$	35,687		$	34,091		$	115,871		$	96,751
Noninterest Income		2,573			2,324			9,564			3,148			2,061			14,461			7,767
Less: Gain on Sales of Securities		—			—			(7,251)			(80)			(59)			(7,251)			(534)
Less: FHLB Advance Prepayment Income		—			—			—			—			—			—			(301)
Adjusted Operating Revenue	$	43,231		$	40,890		$	38,960		$	38,755		$	36,093		$	123,081		$	103,683
Adjusted Efficiency Ratio		48.8	%		53.0	%		53.8	%		50.7	%		53.2	%		51.8	%		52.8	%

Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	21,341		$	21,894		$	22,170		$	20,238		$	19,956		$	65,405		$	57,033
Less: Merger-related Expenses		—			—			—			(346)			(530)			—			(1,635)
Less: FHLB Advance Prepayment Penalty		—			—			(982)			—			—			(982)			—
Adjusted Noninterest Expense	$	21,341		$	21,894		$	21,188		$	19,892		$	19,426		$	64,423		$	55,398

Average Assets	$	5,521,489		$	5,317,215		$	5,242,761		$	5,438,555		$	5,372,443		$	5,361,509		$	5,205,747
Adjusted Noninterest Expense to Average Assets (Annualized)		1.53	%		1.65	%		1.64	%		1.45	%		1.43	%		1.61	%		1.42	%

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	541,392		$	547,909		$	528,424		$	517,095		$	497,463
Less: Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Total Common Shareholders' Equity		474,878			481,395			461,910			450,581			430,949
Less: Intangible Assets		(18,233)			(18,459)			(18,685)			(18,912)			(19,142)
Tangible Common Equity	$	456,645		$	462,936		$	443,225		$	431,669		$	411,807

Total Assets	$	5,615,482		$	5,389,726		$	5,335,396		$	5,407,002		$	5,359,994
Less: Intangible Assets		(18,233)			(18,459)			(18,685)			(18,912)			(19,142)
Tangible Assets	$	5,597,249		$	5,371,267		$	5,316,711		$	5,388,090		$	5,340,852
Tangible Common Equity/Tangible Assets		8.16	%		8.62	%		8.34	%		8.01	%		7.71	%

Tangible Book Value Per Share
Book Value Per Common Share	$	16.98		$	17.27		$	16.60		$	16.23		$	15.62
Less: Effects of Intangible Assets		(0.65)			(0.66)			(0.67)			(0.68)			(0.69)
Tangible Book Value Per Common Share	$	16.33		$	16.61		$	15.93		$	15.55		$	14.93

Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	14,015		$	12,993		$	16,393		$	12,320		$	10,588		$	43,401		$	29,714

Average Shareholders' Equity	$	551,792		$	552,575		$	524,825		$	509,655		$	485,869		$	543,163		$	474,278
Less: Average Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Average Common Equity		485,278			486,061			458,311			443,141			419,355			476,649			407,764
Less: Effects of Average Intangible Assets		(18,361)			(18,588)			(18,816)			(19,042)			(19,274)			(18,587)			(19,504)
Average Tangible Common Equity	$	466,917		$	467,473		$	439,495		$	424,099		$	400,081		$	458,062		$	388,260
Return on Average Tangible Common Equity		11.91	%		11.15	%		15.13	%		11.53	%		10.50	%		12.67	%		10.23	%

Page 18 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2026			2026			2026			2025			2025			2026			2025
Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	14,015		$	12,993		$	16,393		$	12,320		$	10,588		$	43,401		$	29,714

Add: Merger-related Expenses		—			—			—			346			530			—			1,635
Add: FHLB Advance Prepayment Penalty		—			—			982			—			—			982			—
Less: FHLB Advance Prepayment Income		—			—			—			—			—			—			(301)
Less: Gain on Sales of Securities		—			—			(7,251)			(80)			(59)			(7,251)			(534)
Total Adjustments		—			—			(6,269)			266			471			(6,269)			800
Less: Tax Impact of Adjustments		—			—			1,492			(59)			(110)			1,448			(189)
Adjusted Net Income Available to Common Shareholders	$	14,015		$	12,993		$	11,616		$	12,527		$	10,949		$	38,580		$	30,325

Diluted Weighted Average Shares Outstanding		28,796,376			28,589,332			28,490,176			28,354,756			28,190,406			28,644,219			28,089,409
Adjusted Diluted Earnings Per Common Share	$	0.49		$	0.45		$	0.41		$	0.44		$	0.39		$	1.35		$	1.08

Adjusted Return on Average Assets
Net Income	$	15,028		$	14,007		$	17,406		$	13,334		$	11,601		$	46,441		$	32,754
Add: Total Adjustments		—			—			(6,269)			266			471			(6,269)			800
Less: Tax Impact of Adjustments		—			—			1,492			(59)			(110)			1,448			(189)
Adjusted Net Income	$	15,028		$	14,007		$	12,629		$	13,541		$	11,962		$	41,620		$	33,365

Average Assets	$	5,521,489		$	5,317,215		$	5,242,761		$	5,438,555		$	5,372,443		$	5,361,509		$	5,205,747
Adjusted Return on Average Assets		1.08	%		1.06	%		0.98	%		0.99	%		0.88	%		1.04	%		0.86	%

Adjusted Return on Average Shareholders' Equity
Adjusted Net Income	$	15,028		$	14,007		$	12,629		$	13,541		$	11,962		$	41,620		$	33,365

Average Shareholders' Equity	$	551,792		$	552,575		$	524,825		$	509,655		$	485,869		$	543,163		$	474,278
Adjusted Return on Average Shareholders' Equity		10.81	%		10.17	%		9.76	%		10.54	%		9.77	%		10.24	%		9.41	%

Adjusted Return on Average Tangible Common Equity
Adjusted Net Income Available to Common Shareholders	$	14,015		$	12,993		$	11,616		$	12,527		$	10,949		$	38,580		$	30,325

Average Tangible Common Equity	$	466,917		$	467,473		$	439,495		$	424,099		$	400,081		$	458,062		$	388,260
Adjusted Return on Average Tangible Common Equity		11.91	%		11.15	%		10.72	%		11.72	%		10.86	%		11.26	%		10.44	%

Page 19 of 19

Exhibit 99.2

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. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in circumstances and other factors that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of the recent increase in the benchmark federal funds rate by the Federal Reserve; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including commercial real estate (“CRE”) loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission (the “SEC”) or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; potential impairment to the goodwill the Company recorded in connection with acquisitions; the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Certain of the information contained in this presentation is derived from information provided by industry sources. Although the Company believes that such information is accurate and that the sources from which it has been obtained are reliable, the Company cannot guarantee the accuracy of, and has not independently verified, such information. Use of Non-GAAP financial measures In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures to the comparable GAAP measures are provided in this presentation.

3 3Q26 Earnings Highlights • Pre-provision net revenue1 increased $2.9M, or 60.4% annualized, from 2Q26 • Total revenue increased $2.3M, or 22.7% annualized, from 2Q26 • Noninterest expense decreased $0.6M, or 10.0% annualized, from 2Q26 • Efficiency ratio1 of 48.8%, down from 53.0% in 2Q26 0.37% • Loan balances increased $80M, or 7.2% annualized, from 2Q26 • Deposit balances increased $127M, or 11.6% annualized, from 2Q26; core deposit2 balances increased $165M, or 19.6% annualized • YTD loan growth of 6.1% annualized, inline with core deposit2 growth of 6.4% • Positive deposit mix shift as noninterest-bearing deposits increased $63M in 3Q26 and brokered deposits declined $96M • Net interest income increased $2.1M, or 21.5% annualized, from 2Q26 • Net interest margin (NIM) of 3.09%, up 2 bps from 2Q26 • Yield on total loans of 5.96%, up 5 bps from 2Q26 • Better positioned for a rates-up environment with the variable-rate mix of the loan portfolio at 26%, up from 15% in 3Q24 Profitable Balance Sheet Growth Net Interest Income Growth and NIM Expansion $0.49 Diluted EPS Nonperforming Assets to Total Assets Efficiency Ratio1 Return on Average Assets Return on Avg. Tangible Common Equity1 1.08% 11.91% 48.8% 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 • Nonperforming assets to total assets of 0.37%, down from 0.40% in 2Q26 • Annualized net charge-offs to average loans of 0.21%, up from 0.04% in 2Q26, related to one mixed-use multifamily loan • Watch / special mention loans declined $14.9 million, or 38.6%, from June 30, 2026 • Well-reserved with allowance to total loans of 1.28%, down 2 bps from June 30, 2026 Strong Asset Quality Profile Strong Profitability Momentum

4 Consistent Tangible Book Value Per Share1 Outperformance 49% 30% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 BWB Peer Bank Average2 Acquisition of First Minnetonka City Bank 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 June 30, 2026 with growth rate through 2Q26 (Source: S&P Capital IQ) BWB Tangible Book Value Per Share Up 9.4% YoY

5 Strong Profitability and Revenue Trends Continue PPNR ROA1 $34,091 $35,687 $36,647 $38,566 $40,658 $2,061 $3,148 $9,564 $2,324 $2,573 $36,152 $38,835 $46,211 $40,890 $43,231 3Q25 4Q25 1Q26 2Q26 3Q26 $16,137 $18,517 $16,790 $18,996 $21,890 $11,601 $13,334 $17,406 $14,007 $15,028 1.19% 1.35% 1.30% 1.43% 1.57% 1.23% 1.38% 1.37% 0.86% 0.97% 1.35% 0.88% 1.06% 1.08% 0.99% 0.98% 3Q25 4Q25 1Q26 2Q26 3Q26 PPNR Net Income 1 ROA 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Dollars in thousands Adj. PPNR ROA1 Adj. ROA1 Pre-Provision Net Revenue (PPNR)1 Growth of 36% YoY Total Revenue Growth of 20% YoY Net Interest Income Noninterest Income Swap Fees $ -- $ 651 $ 240 $ 263 $112

6 NIM Expansion and Net Interest Income Growth $32,637 $34,051 $35,044 $36,914 $39,102 $966 $1,041 $1,257 $1,464 $1,367 $488 $595 $346 $188 $189 $34,091 $35,687 $36,647 $38,566 $40,658 2.63% 2.75% 2.99% 3.07% 3.09% 2.52% 2.62% 2.86% 2.94% 2.98% 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 3.07% 0.10% 0.04% 0.01% (0.07)% (0.04)% (0.02)% 0.00% 3.09% NIM (2Q26) Loan Fees Purchase Accounting Accretion Loans Investments Cash Deposits Borrowings NIM (3Q26) Net Interest Margin Roll-forward 3Q26 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 22% annualized from 2Q26, driven by both earning asset growth and net interest margin expansion • Average interest earning assets up $206M, or 16% annualized, from 2Q26 Net Interest Margin • NIM increased 2 bps in 3Q26 • Loan portfolio continued to reprice higher • Deposit costs remained relatively stable • Better positioned for rising rate environment due to increased variable-rate loan mix (26% in 3Q26 vs. 15% in 3Q24) Core NIM2 up 4 bps Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA)

7 Higher Loan Repricing Drives NIM Expansion $3,517 $3,447 $3,356 $3,443 $3,552 $793 $855 $835 $808 $864 $519 $558 $470 $451 $477 $4,829 $4,860 $4,661 $4,702 $4,893 3.25% 3.07% 2.90% 2.91% 2.92% 3Q25 4Q25 1Q26 2Q26 3Q26 $4,133 $4,240 $4,337 $4,380 $4,471 5.79% 5.78% 5.81% 5.91% 5.96% 5.66% 5.63% 5.66% 5.76% 5.82% 3Q25 4Q25 1Q26 2Q26 3Q26 $4,311 $4,301 $4,191 $4,251 $4,416 3.19% 2.97% 2.79% 2.80% 2.78% 3Q25 4Q25 1Q26 2Q26 3Q26 Core Loan Yield2 $813 $819 $626 $605 $645 5.18% 4.93% 4.73% 4.87% 5.08% 3Q25 4Q25 1Q26 2Q26 3Q26 Average Interest-Bearing Deposits Average Noninterest-Bearing Deposits Average Borrowings Cost of Funds Average Loans Loan Yield1 Average Investments Investment Yield1 Average Total Deposits Cost of Total Deposits 1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21% 2 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Dollars in millions Loans Continued to Reprice Higher Deposit Costs Stabilize High-Yielding Securities Portfolio Total Funding Costs Stabilize

$12,215 $12,413 $13,492 $13,916 $14,353 $1,266 $1,171 $1,375 $1,360 $1,286 $1,610 $1,614 $1,678 $1,950 $1,806 $1,261 $1,404 $1,196 $3,074 $3,290 $1,267 $1,127 $3,447 $3,401 $2,769 $530 $346 $982 $19,956 $20,238 $22,170 $21,894 $21,341 3Q25 4Q25 1Q26 2Q26 3Q26 8 A Highly Efficient Business Model 1.43% 1.45% 1.64% 1.65% 1.53% 0.04% 0.03% 0.07% 1.47% 1.48% 1.71% 1.65% 1.53% 54.7% 51.6% 56.3% 48.8% 53.2% 50.7% 53.8% 53.0% 48.8% 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted NIE / Avg. Assets2 Adjusted Efficiency Ratio3 Peer median efficiency ratio of 56%1 in 2Q26 NIE growth of 10% YoY (excluding non-core items) Salary and Employee Benefits Occupancy Technology Professional and Consulting 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2026 (Source: S&P Capital IQ) 2 Annualized 3 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Dollars in thousands Other Adjustment Factors / Avg. Assets2 Efficiency Ratio3 Non-Core Items Efficiency Ratio Below 50% for the First Time Since 1Q23 Well-Managed Expense Base

9 Robust Core Deposit Growth and Improved Deposit Mix 19% 21% 19% 19% 20% 20% 21% 21% 22% 21% 33% 32% 35% 33% 34% 8% 7% 5% 6% 7% 20% 19% 20% 20% 18% $4,293 $4,320 $4,306 $4,346 $4,473 3Q25 4Q25 1Q26 2Q26 3Q26 Interest-Bearing Transaction Noninterest-Bearing Transaction Time Savings & Money Market Brokered • 3Q26 deposits increased $127M, or 11.6% annualized (4.7% YTD) • 3Q26 core deposits1 increased $165M, or 19.6% annualized (6.4% YTD) • Improved deposit mix as noninterest-bearing deposits increased $63M while brokered deposits declined $96M • Core deposit growth is not always linear and tends to be seasonally lower early in the year Continued Focus on Core Deposit Growth to Support Loan Growth Outlook 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 Dollars in millions Positive Core Deposit1 Growth Momentum Over Time $217 $3,107 $3,170 $3,186 $3,279 $3,351 $3,377 $3,348 $3,513 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Improved Deposit Mix Core Deposits Acquired Core Deposits1

10 Profitable Loan Growth Trends Continue $4,215 $4,310 $4,368 $4,426 $4,507 3Q25 4Q25 1Q26 2Q26 3Q26 Gross Loans 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 Dollars in millions • 3Q26 loan growth of $80M, or 7.2% annualized (6.1% YTD) • YTD loan growth 6.1% annualized inline with core deposit1 growth of 6.4% • Continued to see growth opportunities related to M&A disruption • Loan-to-deposit ratio of 100.8%, within the 95% to 105% target range Emphasizing Profitable Loan Growth Near-term loan growth will depend on a variety of factors, including: • Core deposit growth – pace of core deposit growth will be a governor on loan growth as we look to remain within our target loan-to-deposit ratio range • Competition – increased loan competition and banks being more aggressive on pricing could impact growth as we focus on profitable growth • Loan demand – M&A disruption and strong pipelines continue to support near-term growth while the interest rate environment creates demand uncertainty • Loan payoffs and paydowns – pace of loan payoffs will continue to impact loan growth Loan Growth Outlook Proven Track Record of Generating Strong Organic Loan Growth

11 Stronger Originations and Advances Support Loan Growth Strong Originations and Advances $132 $242 $191 $178 $183 $61 $82 $98 $80 $125 $193 $324 $289 $258 $308 3Q25 4Q25 1Q26 2Q26 3Q26 New Originations Advances Elevated Loan Payoff Activity $76 $183 $151 $195 $179 $48 $77 $63 $48 $67 $124 $260 $214 $243 $246 3Q25 4Q25 1Q26 2Q26 3Q26 Payoffs Amortization/Paydowns Dollars in millions $4,426 $21 $4,507 $183 $125 $(179) $(67) $(2) Gross Loans (2Q26) New Originations Advances Net Revolving Lines of Credit Payoffs Amort. / Paydowns Charge-Offs Gross Loans (3Q26) 3Q26 Loan Growth Roll-forward

12 Well-Diversified Loan Portfolio with Multifamily Expertise $(29) $(29) $- $- $4 $37 $43 $54 1 Source: Michel Commercial Real Estate; Twin Cities Multifamily Market Q2-2026 Review Dollars in millions CRE NOO 27% Multifamily 37% C&D 6% 1-4 Family Mortgage 10% CRE OO 4% C&I 14% Leases 1% Consumer & Other 1% Loan Mix by Type $4.5 Billion • Loan growth driven by continued traction in the affordable housing vertical across the construction and development and C&I portfolios • Elevated payoff activity impacted the multifamily portfolio • Remain comfortable with the diversity of the loan portfolio, including CRE and multifamily concentrations, given portfolio performance and expertise 3Q26 Loan Growth by Type (vs. 2Q26) Multifamily 1-4 Family Mortgage Construction and Development C&I CRE Nonowner Occupied CRE Owner Occupied Consumer & Other Leases 3Q26 Loan Growth Commentary • Bank of choice in the Twin Cities with expertise and differentiated service model • Positive market trends with reduced vacancy rates, strong absorption, and slower construction = favorable outlook for occupancy and rent growth • Twin Cities ranks 4th in the nation for year-over-year multifamily rent growth1 Multifamily Lending Approach

13 Unique Expertise in Affordable Housing Dollars in millions Expertise in the High-Quality Affordable Housing Space • Leveraging affordable housing expertise to support communities and clients in the Twin Cities and across the country • Active in the affordable housing space since 2008 • High barrier to entry due to complex nature of the transactions • Risk mitigants include working with experienced developers of scale across the country and the ongoing demand for affordable housing nationwide • 38% of the portfolio located outside of Minnesota • Strong source of core deposit growth Multifamily 69% Construction and Development 9% C&I 22% $734M $611 $652 $708 $712 $734 3Q25 4Q25 1Q26 2Q26 3Q26 $(26) $24 $24 Construction and Development C&I Multifamily Affordable Housing Loan Growth 3Q26 Loan Growth by Type (vs. 2Q26) Portfolio Mix

14 Declining Levels of Watch/Special Mention and Substandard Multifamily 80% CRE OO 10% C&I 6% 1-4 Family 4% $24 Million Watch/Special Mention List Loans Substandard Loans C&I 24% CRE NOO Office 20% CRE NOO Hotels 7% CRE NOO Retail 10% CRE NOO Other 6% Multifamily 22% CRE OO 8% 1-4 Family 3% $43 Million Watch/Special Mention Characteristics Loan Balances Outstanding $23,607 % of Total Loans, Gross 0.5% Number of Loans 12 Average Loan Size $1,967 % of Bank Risk-Based Capital 3.4% Substandard Characteristics Loan Balances Outstanding $42,909 % of Total Loans, Gross 1.0% Number of Loans 21 Average Loan Size $2,043 % of Bank Risk-Based Capital 6.2% $40,642 $47,823 $47,681 $38,469 $23,607 3Q25 4Q25 1Q26 2Q26 3Q26 $58,074 $52,956 $43,074 $43,888 $42,909 3Q25 4Q25 1Q26 2Q26 3Q26 Dollars in thousands

15 Asset Quality Remains Strong 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2026 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands $275 $1,197 $516 $409 $2,349 0.03% 0.11% 0.05% 0.04% 0.21% 3Q25 4Q25 1Q26 2Q26 3Q26 Net Charge-Offs 3Q26 NCO related to one mixed-use loan on nonaccrual Net Charge-offs (recoveries) % of Average Loans (annualized) $56,390 $56,443 $57,277 $57,418 $57,819 1.34% 1.31% 1.31% 1.30% 1.28% 3Q25 4Q25 1Q26 2Q26 3Q26 Allowance for Credit Losses Well-reserved compared to peer median ACL/Loans of 1.15%1 Allowance for Credit Losses % of Gross Loans $9,991 $22,034 $11,715 $21,648 $20,937 0.19% 0.41% 0.22% 0.40% 0.37% 3Q25 4Q25 1Q26 2Q26 3Q26 Nonperforming Assets2 Two loans make up 80% of the NPAs NPAs % of Assets

16 Strong Capital Position to Support Growth Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio Tier 1 Leverage Ratio Stable Capital Ratios Tangible Common Equity Ratio1 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Recent Capital Actions • $12.4M remaining under current share repurchase authorization as of September 30, 2026; no shares repurchased in 3Q26 • No shares sold in 3Q26 as part of the at-the-market (ATM) offering launched in February 2026 Capital Allocation Priorities 1 3 2 Organic Growth Share Repurchases M&A 4 Dividends Drive profitability by supporting a proven organic loan growth engine Opportunistically return capital to shareholders by buying back stock based on valuation, capital levels, and other uses of capital Review and evaluate M&A opportunities that complement BWB’s business model Have not historically paid a common stock dividend given organic growth opportunities 9.02% 9.20% 9.89% 10.02% 9.94% 9.08% 9.17% 9.53% 9.61% 9.63% 14.12% 14.12% 14.48% 14.48% 14.24% 7.71% 8.01% 8.34% 8.62% 8.16% 3Q25 4Q25 1Q26 2Q26 3Q26

17 Near-Term Expectations • Mid-single digit loan growth, dependent on the pace of core deposit growth • Focus on profitable growth while aligning loan growth with core deposit growth over time • Target loan-to-deposit ratio between 95% and 105% Balance Sheet Growth • Net interest margin stability over the near-term (assumes three additional rate hikes through the first half of 2027) • Higher loan repricing offsetting higher deposit costs • Dependent on changes in interest rates and shape of the yield curve • Continued net interest income growth due to NIM stabilization and loan growth outlook Net Interest Margin • Noninterest expense to return to 2Q26 levels in 4Q26 • Continued investments in people and technology initiatives Expenses • Maintain stable capital levels in the current environment given the growth outlook • Opportunistic and nimble approach to capital, focused on enhancing shareholder value and supporting the balance sheet, whether as a purchaser or issuer Capital Levels

18 2026 Strategic Priorities Optimize Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Expand Reach of the Affordable Housing Vertical Leverage Technology to Support Business Growth • Leverage elevated loan demand and pipelines to drive organic loan growth • Continue to align loan growth with core deposit growth over time • Drive NIM expansion in the lower interest rate environment • Maintain strong credit quality through consistent underwriting standards and active credit oversight • Take local deposit and loan market share by being the bank-of-choice for clients wanting to bank local in the Twin Cities • Expand expertise and capacity across targeted verticals, such as affordable housing, women business leaders, nonprofits, and SBA • Leverage marketplace disruption in the Twin Cities to attract new clients and top talent • Evaluate M&A opportunities that support our business model and growth outlook • Leverage affordable housing expertise to grow client base across the Twin Cities and nationally • Enhance our national presence as an affordable housing lender while building infrastructure for long-term growth • Expand and enhance perm product offering to drive additional loan and swap fee income • Continue to earn strong core deposits through affordable housing transactions • Leverage recent technology investments to support growth and enhance workflow efficiencies • Develop AI strategies to enhance operational efficiencies, strengthen client relationships, and empower team members • Modernize core banking for scalable growth with open architecture and easy access to third party services • Expand investment in digital products to improve the client experience Year-to-Date Progress (3Q26) • Aligning loan growth (6.1%) with core deposit1 growth (6.4%) • NIM expansion of 34 bps • Hired 17 team members as a result of the local M&A disruption • Affordable housing balances up $82M, or 17% annualized • Advanced AI from strategy to execution through enterprise governance, workforce enablement and governed automation pilots 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

19 APPENDIX

20 Loan Portfolio Positioned to Reprice Higher 21% 19% 19% 8% 18% 15% $105 $94 $94 $38 $88 $72 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 25% 19% 17% 14% 13% 12% $697 $527 $467 $408 $382 $348 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years Fixed, 63% Variable, 26% Adjustable, 11% Loan Portfolio Mix Fixed-Rate Portfolio ($2.8B) Variable-Rate Portfolio ($1.2B) Adjustable-Rate Portfolio ($490M) Years to Maturity • $697M of fixed-rate loans maturing over the next year, with a weighted average yield of 5.70% • Larger fixed-rate portfolio provides support to total loan yields in a rates-down environment Variable-Rate Loan Floors • Intentional focus on growing the variable-rate loans to make the loan portfolio more rate-neutral • $1.2B of variable-rate loans offset much of the $1.6B of immediately adjustable deposits tied to short-term rates • 68% of variable-rate portfolio have rate floors, with 83% of the floors at or above 5% • 97% of variable-rate loans are currently tied to SOFR or Prime Adjustable-Rate Repricing/Maturity Schedule • $105M of adjustable-rate loans repricing or maturing over the next year, with a weighted average yield of 4.23% • Adjustable-rate loans positioned to continue repricing higher Dollars in millions Data as of September 30, 2026 WA Yield 5.70% 5.57% 5.55% 6.16% 5.56% 4.52% WA Yield 4.23% 4.44% 5.68% 6.56% 6.63% 4.65% 5% 12% 36% 43% 4% $44 $98 $295 $346 $30 Below 4% 4%-5% 5%-6% 6%-7% Above 7% Increasing Variable-Rate Mix Fixed Variable Adjustable 67% 65% 65% 64% 63% 19% 22% 23% 25% 26% 14% 13% 12% 11% 11% 3Q25 4Q25 1Q26 2Q26 3Q26

Interest Rate Sensitivity Estimated Change in NII From Immediate Interest Rate Shocks +100 bps -100 bps Loan Portfolio Considerations • Loan portfolio most sensitive to changes in the 3- to 5-year portion of the yield curve • Increased mix of variable-rate loans to support loan yield repricing in a rates-up environment • $802M 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 • $2.0B of funding tied to short-term rates, including $1.6B of immediately-adjustable deposits and $0.4B of derivative hedging • $592M of other repricing opportunities, including time deposit maturities over the next 12 months and callable brokered deposits with rates over 4.00% -200 bps (1.1)% +4.3% 2Q26 +13.3% (1.0)% +2.4% 3Q26 +8.1% (2.7)% +4.4% 3Q25 +10.5% (1.1)% +4.6% 1Q26 +12.2% (1.4)% +3.7% 4Q25 +9.4% +200 bps (4.9)% (2.8)% (2.2)% (2.4)% (2.5)% 21 More neutral balance sheet with rate-sensitive portions of the loan and deposit portfolios better aligned – $1.2B of variable-rate loans and $1.6B of deposits tied to short-term rates

22 Managing Multifamily and Office-Related Risk 1 Excludes NOO medical office of $45 million Data as of September 30, 2026 Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure Percent of Total Loans Average Loan Size 4.9% $2.2M CRE NOO Office by Geography Twin Cities Suburban 68% Minneapolis-St. Paul (CBD) 13% Minneapolis -St. Paul (non-CBD) 17% Out-of-State (non-CBD) 1% Greater MN 1% $220M • Majority of CRE NOO office exposure in the Twin Cities suburbs • Only 4 loans totaling $28M located in Minnesota CBDs • Only 4 loans totaling $2M outside of Minnesota (non-CBD), consisting of projects for existing local clients Loan Balances Average Loan Size NCOs (since 2005) $1.7B $2.9M $3M Multifamily Lending Focus in Stable Twin Cities Market • Bank of choice in the Twin Cities with expertise and differentiated service model • Greater tenant diversification compared to other asset classes • Positive market trends with reduced vacancy rates, strong absorption, and slower construction = favorable outlook for occupancy and rent growth • Market catalysts include relative affordability, steady population growth, low unemployment, strong wages, and shortage of single-family housing Weighted Average LTV 67% Weighted Average LTV 68%

23 High Quality Securities Portfolio See Quarterly Peer Bank Financial Review AAA 35% AA 41% A 5% BBB 6% NR 13% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(25,175) $(61,070) $14,278 $27,431 $(5,563) $(22,863) 3Q25 3Q26 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securities • Securities portfolio average duration of 7.4 years • Average securities portfolio yield of 5.08% 1 Includes the tax-effected impact of $2,244 in 3Q25 and $9,220 in 3Q26 31% 31% 40% 37% 35% 29% 31% 35% 42% 46% 13% 12% 17% 15% 14% 18% 19% 9% 7% 8% 6% 5% $826 $776 $567 $605 $599 3Q25 4Q25 1Q26 2Q26 3Q26 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Corporate Securities Securities Available for Sale Portfolio (dollars in millions) Other

24 Ample Liquidity and Borrowing Capacity 12.5% 11.5% 12.4% 12.1% 12.8% 32.1% 35.0% 36.1% 38.7% 34.5% $2,393 $2,510 $2,586 $2,737 $2,656 3Q25 4Q25 1Q26 2Q26 3Q26 1 Excludes $93M of pledged securities at September 30, 2026 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sheet Liquidity as a % of Assets Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 Funding Source 12/31/2022 9/30/2026 Change Cash and Cash Equivalents $ 4 8 $ 216 $ 168 Unpledged Securities1 549 503 (46) FHLB Capacity 391 638 247 FRB Discount Window 158 1,032 874 Unsecured Lines of Credit 208 220 12 Secured Line of Credit 26 4 7 21 Total $ 1,380 $ 2,656 $ 1,276 Available Balance

25 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 60,317 $ 61,746 $ 62,102 $ 64,537 $ 67,130 Less: Loan Fees (966) (1,041) (1,257) (1,464) (1,367) Loan Accretion (380) (546) (324) (171) (171) Core Loan Interest Income $ 58,971 $ 60,159 $ 60,521 $ 62,902 $ 65,592 Average Loans $ 4,132,987 $ 4,239,936 $ 4,336,869 $ 4,380,477 $ 4,471,437 Core Loan Yield 5.66% 5.63% 5.66% 5.76% 5.82% Efficiency Ratio: Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341 Less: Amortization Intangible Assets (230) (231) (226) (227) (226) Adjusted Noninterest Expense $ 19,726 $ 20,007 $ 21,944 $ 21,667 $ 21,115 Net Interest Income $ 34,091 $ 35,687 $ 36,647 $ 38,566 $ 40,658 Noninterest Income 2,061 3,148 9,564 2,324 2,573 Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - - Adjusted Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231 Efficiency Ratio 54.7% 51.6% 56.3% 53.0% 48.8% Adjusted Efficiency Ratio: Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341 Less: Amortization Intangible Assets (230) (231) (226) (227) (226) Less: Merger-related Expenses (530) (346) - - - Less: FHLB Advance Prepayment/Debt Redemption Loss - - (982) - - Adjusted Noninterest Expense $ 19,196 $ 19,661 $ 20,962 $ 21,667 $ 21,115 Net Interest Income $ 34,091 $ 35,687 $ 36,647 $ 38,566 $ 40,658 Noninterest Income 2,061 3,148 9,564 2,324 2,573 Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - - Less: FHLB Advance Prepayment Income - - - - - Adjusted Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231 Adjusted Efficiency Ratio 53.2% 50.7% 53.8% 53.0% 48.8% Adjusted Noninterest Expense to Average Assets: Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341 Less: Merger-related Expenses (530) (346) - - - Less: FHLB Prepayment Penalty - - (982) - - Adjusted Noninterest Expense $ 19,426 $ 19,892 $ 21,188 $ 21,894 $ 21,341 Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489 Adjusted Noninterest Expense to Average Assets (ann.) 1.43% 1.45% 1.64% 1.65% 1.53% As of and for the quarter ended, September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Pre-Provision Net Revenue: Noninterest Income $ 2,061 $ 3,148 $ 9,564 $ 2,324 $ 2,573 Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - - Less: FHLB Advance Prepayment Income - - - - - Total Operating Noninterest Income 2,002 3,068 2,313 2,324 2,573 Plus: Net Interest Income 34,091 35,687 36,647 38,566 40,658 Net Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231 Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341 Total Operating Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341 Pre-provision Net Revenue $ 16,137 $ 18,517 $ 16,790 $ 18,996 $ 21,890 Plus: Non-Operating Revenue Adjustments 59 8 0 7,251 - - Less: Provision for Credit Losses 1,100 1,450 1,200 550 2,750 Less: Provision for Income Taxes 3,495 3,813 5,435 4,439 4,112 Net Income $ 11,601 $ 13,334 $ 17,406 $ 14,007 $ 15,028 Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489 Pre-Provision Net Revenue Return on Average Assets 1.19% 1.35% 1.30% 1.43% 1.57% Adjusted Pre-Provision Net Revenue: Net Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231 Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341 Less: Merger-related Expenses (530) (346) - - - Less: FHLB Prepayment Income - - (982) - - Adjusted Total Operating Noninterest Expense $ 19,426 $ 19,892 $ 21,188 $ 21,894 $ 21,341 Adjusted Pre-Provision Net Revenue $ 16,667 $ 18,863 $ 17,772 $ 18,996 $ 21,890 Adjusted Pre-Provision Net Revenue Return on Average Assets 1.23% 1.38% 1.37% 1.43% 1.57% Core Net Interest Margin Net Interest Income (Tax-equivalent Basis) $ 34,614 $ 36,447 $ 37,395 $ 39,400 $ 41,732 Less: Loan Fees (966) (1,041) (1,257) (1,464) (1,367) Purchase Accounting Accretion: Loan Accretion (380) (546) (324) (171) (171) Bond Accretion (89) (33) (22) (17) (18) Bank-Owned Certificates of Deposit Accretion (6) (16) - - - Deposit Certificates of Deposit Accretion (13) - - - - Total Purchase Accounting Accretion (488) (595) (346) (188) (189) Core Net Interest Income (Tax-equivalent Basis) $ 33,160 $ 34,811 $ 35,792 $ 37,748 $ 40,176 Average Interest Earning Assets $ 5,223,139 $ 5,264,700 $ 5,079,430 $ 5,144,715 $ 5,350,540 Core Net Interest Margin 2.52% 2.62% 2.86% 2.94% 2.98% As of and for the quarter ended,

26 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Tangible Common Equity / Tangible Assets Total Shareholders' Equity $ 497,463 $ 517,095 $ 528,424 $ 547,909 $ 541,392 Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Total Common Shareholders' Equity 430,949 450,581 461,910 481,395 474,878 Less: Intangible Assets (19,142) (18,912) (18,685) (18,459) (18,233) Tangible Common Equity $ 411,807 $ 431,669 $ 443,225 $ 462,936 $ 456,645 Total Assets $ 5,359,994 $ 5,407,002 $ 5,335,396 $ 5,389,726 $ 5,615,482 Less: Intangible Assets (19,142) (18,912) (18,685) (18,459) (18,233) Tangible Assets $ 5,340,852 $ 5,388,090 $ 5,316,711 $ 5,371,267 $ 5,597,249 Tangible Common Equity / Tangible Assets 7.71% 8.01% 8.34% 8.62% 8.16% Return on Average Tangible Common Equity Net Income Available to Common Shareholders $ 10,588 $ 12,320 $ 16,393 $ 12,993 $ 14,015 Average Shareholders' Equity $ 485,869 $ 509,655 $ 524,825 $ 552,575 $ 551,792 Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Average Common Equity 419,355 443,141 458,311 486,061 485,278 Less: Effects of Average Intangible Assets (19,274) (19,042) (18,816) (18,588) (18,361) Average Tangible Common Equity $ 400,081 $ 424,099 $ 439,495 $ 467,473 $ 466,917 Return on Average Tangible Common Equity 10.50% 11.53% 15.13% 11.15% 11.91% As of and for the quarter ended, September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Adjusted Diluted Earnings Per Common Share Net Income Available to Common Shareholders $ 10,588 $ 12,320 $ 16,393 $ 12,993 $ 14,015 Add: Merger-related Expenses 530 346 - - - Add: FHLB Prepayment Penalties - - 982 - - Less: FHLB Advance Prepayment Income - - - - - Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - - Total Adjustments 471 266 (6,269) - - Less: Tax Impact of Adjustments (110) (59) 1,492 - - Adjusted Net Income Available to Common $ 10,949 $ 12,527 $ 11,616 $ 12,993 $ 14,015 Diluted Weighted Average Shares Outstanding 28,190,406 28,354,756 28,490,176 28,589,332 28,796,376 Adjusted Diluted Earnings Per Common Share $ 0.39 $ 0.44 $ 0.41 $ 0.45 $ 0.49 Adjusted Return on Average Assets Net Income $ 11,601 $ 13,334 $ 17,406 $ 14,007 $ 15,028 Add: Total Adjustments 471 266 (6,269) - - Less: Tax Impact of Adjustments (110) (59) 1,492 - - Adjusted Net Income $ 11,962 $ 13,541 $ 12,629 $ 14,007 $ 15,028 Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489 Adjusted Return on Average Assets 0.88% 0.99% 0.98% 1.06% 1.08% Adjusted Return on Average Tangible Common Equity Adjusted Net Income Available to Common Shareholders $ 10,949 $ 12,527 $ 11,616 $ 12,993 $ 14,015 Average Tangible Common Equity $ 400,081 $ 424,099 $ 439,495 $ 467,473 $ 466,917 Adjusted Return on Average Tangible Common Equity 10.86% 11.72% 10.72% 11.15% 11.91% As of and for the quarter ended,

27 Reconciliation of Non-GAAP Financial Measures Tangible Book Value Per Share December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Book Value Per Common Share $ 4.69 $ 4.91 $ 5.23 $ 5.43 $ 5.56 $ 6.62 $ 6.85 $ 7.01 $ 7.34 $ 7.70 Less: Effects of Intangible Assets (0.16) (0.16) (0.16) (0.16) (0.16) (0.13) (0.12) (0.12) (0.12) (0.12) Tangible Book Value Per Common Share $ 4.53 $ 4.75 $ 5.07 $ 5.27 $ 5.40 $ 6.49 $ 6.73 $ 6.89 $ 7.22 $ 7.58 Total Common Shares 24,589,861 24,589,861 24,589,861 24,629,861 24,679,861 30,059,374 30,059,374 30,059,374 30,097,274 30,097,674 Tangible Book Value Per Share June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Book Value Per Common Share $ 7.90 $ 8.20 $ 8.45 $ 8.61 $ 8.92 $ 9.25 $ 9.43 $ 9.92 $ 10.33 $ 10.73 Less: Effects of Intangible Assets (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.11) Tangible Book Value Per Common Share $ 7.78 $ 8.08 $ 8.33 $ 8.49 $ 8.80 $ 9.13 $ 9.31 $ 9.80 $ 10.21 $ 10.62 Total Common Shares 28,986,729 28,781,162 28,973,572 28,807,375 28,837,560 28,710,775 28,143,493 28,132,929 28,162,777 28,066,822 Tangible Book Value Per Share December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Book Value Per Common Share $ 11.09 $ 11.12 $ 11.14 $ 11.44 $ 11.80 $ 12.05 $ 12.25 $ 12.47 $ 12.94 $ 13.30 Less: Effects of Intangible Assets (0.11) (0.11) (0.11) (0.11) (0.11) (0.10) (0.10) (0.10) (0.10) (0.10) Tangible Book Value Per Common Share $ 10.98 $ 11.01 $ 11.03 $ 11.33 $ 11.69 $ 11.95 $ 12.15 $ 12.37 $ 12.84 $ 13.20 Total Common Shares 28,206,566 28,150,389 27,677,372 27,587,978 27,751,950 27,845,244 27,973,995 28,015,505 27,748,965 27,589,827 Tangible Book Value Per Share June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92 $ 15.62 $ 16.23 $ 16.60 $ 17.27 $ 16.98 Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) (0.69) (0.68) (0.67) (0.66) (0.65) Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21 $ 14.93 $ 15.55 $ 15.93 $ 16.61 $ 16.33 Total Common Shares Outstanding 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283 27,584,732 27,759,970 27,832,867 27,880,830 27,960,252 As of and for the quarter ended, As of and for the quarter ended, As of and for the quarter ended, As of and for the quarter ended,

Source: View Original Filing on SEC EDGAR

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