Bridgewater Bancshares (BWB) lifts Q1 profit, margins and launches $50M ATM

Q: How did Bridgewater Bancshares (BWB) perform in Q1 2026?

Bridgewater Bancshares reported net income of $17.4 million and diluted EPS of $0.58 in Q1 2026. Results improved from $13.3 million and $0.43 in Q4 2025, supported by higher net interest income, stronger margins, and significantly higher noninterest income.

Q: What happened to Bridgewater Bancshares’ net interest margin in Q1 2026?

Net interest margin for Bridgewater Bancshares rose to 2.99% in Q1 2026, from 2.75% in Q4 2025 and 2.51% in Q1 2025. Core net interest margin reached 2.86% , reflecting better funding costs and balance sheet actions that boosted recurring earnings capacity.

Q: How are Bridgewater Bancshares’ loans and deposits trending in Q1 2026?

Total gross loans reached $4.37 billion at March 31, 2026, up 5.5% annualized from year-end 2025 and 8.7% year over year. Total deposits were $4.31 billion , slightly below Q4 2025 but 3.4% higher than a year earlier, keeping the loan-to-deposit ratio near 101.5%.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Bridgewater Bancshares, Inc. reported strong first quarter 2026 results, with net income of $17.4 million, up from $13.3 million in the prior quarter and $9.6 million a year earlier. Diluted EPS rose to $0.58 from $0.43 and $0.31 in those periods.

Net interest margin improved to 2.99% from 2.75% in Q4 2025 and 2.51% in Q1 2025, helped by lower funding costs and a gain on securities sales. Net interest income increased to $36.6 million, while noninterest income rose sharply to $9.6 million, driven largely by a $7.3 million gain on securities.

Total gross loans reached $4.37 billion, growing 5.5% annualized from year-end 2025 and 8.7% year over year. Total deposits were $4.31 billion, slightly below Q4 2025 but up 3.4% from Q1 2025. Asset quality remained solid, with nonperforming assets at 0.22% of total assets and annualized net charge-offs at 0.05% of average loans.

Shareholders’ equity increased to $528.4 million, and tangible book value per share rose to $15.93. The company launched an at-the-market equity program for up to $50 million of common stock and declared a quarterly dividend on its 5.875% Series A preferred stock of $36.72 per share, or $0.3672 per depositary share, payable June 1, 2026 to holders of record on May 15, 2026.

Positive

Profitability and margin expansion: Net income rose to $17.4M with diluted EPS of $0.58, while net interest margin improved to 2.99% and core net interest margin to 2.86%, indicating stronger underlying earnings power.

Negative

None.

Insights

Bridgewater posts stronger Q1 2026 earnings with wider margins and solid credit quality.

Bridgewater Bancshares delivered materially higher profitability in Q1 2026. Net income rose to $17.4M, with diluted EPS of $0.58, while net interest income increased to $36.6M. The key driver was net interest margin expansion to 2.99% as funding costs eased.

Noninterest income jumped to $9.6M, largely from a $7.3M gain on securities, so part of the earnings strength is non-recurring. Still, core metrics improved: core net interest margin reached 2.86% and adjusted return on average assets was 0.98%. Credit indicators remained healthy, with nonperforming assets at 0.22% of total assets and annualized net charge-offs at 0.05%.

Total loans grew to $4.37B while deposits held around $4.31B, keeping the loan-to-deposit ratio at 101.5%. Capital strengthened, with tangible common equity to tangible assets at 8.34% and tangible book value per share of $15.93. The new $50M ATM program offers capital flexibility, and the continued preferred dividend signals ongoing support for BWBBP holders.

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, and exhibit attachments filed with this report.

Key Figures

Net income: $17.4M Diluted EPS: $0.58 Net interest income: $36.6M +5 more

8 metrics

Net income $17.4M For the three months ended March 31, 2026

Diluted EPS $0.58 Q1 2026 diluted earnings per common share

Net interest income $36.6M Net interest income in Q1 2026

Net interest margin 2.99% Q1 2026 net interest margin

Total loans, gross $4.37B Total gross loans at March 31, 2026

Total deposits $4.31B Total deposits at March 31, 2026

Nonperforming assets ratio 0.22% Nonperforming assets to total assets at March 31, 2026

Tangible common equity ratio 8.34% Tangible common equity to tangible assets at March 31, 2026

Key Terms

Net interest margin, Core net interest margin, Pre-provision net revenue, Tangible book value per share, +2 more

6 terms

Net interest margin financial

"Net interest margin (on a fully tax-equivalent basis) for the first quarter of 2026 was 2.99%."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Core net interest margin financial

"Core net interest margin (on a fully tax-equivalent basis) was 2.86% for the first quarter of 2026."

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.

Pre-provision net revenue financial

"Pre-Provision Net Revenue Return on Average Assets (1)(2) was 1.30% for Q1 2026."

Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.

Allowance for credit losses financial

"Allowance for Credit Losses to Total Loans was 1.31% at March 31, 2026."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

At-the-market (ATM) offering financial

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

An at-the-market (ATM) offering is a way for a publicly traded company to sell new shares directly into the open market over time at the current trading price, usually through a broker, rather than in one big sale. For investors it matters because it can provide flexible funding without a large one-time price shock, but it also increases the number of shares outstanding and can gradually reduce each shareholder’s ownership and potentially put downward pressure on the stock price—think of a shop quietly adding more of the same product onto the shelves at the going price.

Earnings Snapshot

Net income: $17.4M

Q1 2026

Net income $17.4M

Diluted EPS $0.58

Net interest income $36.6M

Net interest margin 2.99%

Total loans, gross $4.37B

Understanding 8-K Material Events →

04/21/2026 - 04:19 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

April 21, 2026

Date of Report

(Date of earliest event reported)

BRIDGEWATER BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of

incorporation)

001-38412

(Commission File Number)

26-0113412

(I.R.S. Employer

Identification No.)

4450 Excelsior Boulevard, Suite 100

St. Louis Park, Minnesota

(Address of principal executive offices)

55416

(Zip Code)

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

Not Applicable
(Former name or former address, if changed since last report.)

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

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

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

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

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

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

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.01 Par Value

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

BWB

BWBBP

The NASDAQ Stock Market LLC

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On April 21, 2026, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results as of and for the three months ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure.

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

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

Item 8.01 Other Events.

On April 21, 2026, in its 2026 first quarter earnings release, the Company announced that its Board of Directors had declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depository share, each representing a 1/100^th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on June 1, 2026, to shareholders of record of the Series A Preferred Stock at the close of business on May 15, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

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

Exhibit 99.2

Earnings Presentation dated April 21, 2026

Exhibit 104

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

SIGNATURES

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


	Bridgewater Bancshares, Inc.


Date: April 21, 2026
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman and Chief Executive Officer

Exhibit 99.1


Media Contact: Emily Karpenske \| Senior Communication Specialist Emily.Karpenske@bwbmn.com \| 952.653.0624	Investor Contact: Justin Horstman \| VP Investor Relations Justin.Horstman@bwbmn.com \| 952.542.5169

April 21, 2026

Bridgewater Bancshares, Inc. Announces First Quarter 2026 Financial Results

First Quarter 2026 Highlights

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

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

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

Page 1 of 18

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

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

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

Page 2 of 18

Key Financial Measures


		As of and for the Three Months Ended
		March 31,			December 31,			March 31,
		2026			2025			2025
Per Common Share Data
Basic Earnings Per Share		$	0.59		$	0.45		$	0.31
Diluted Earnings Per Share			0.58			0.43			0.31
Adjusted Diluted Earnings Per Share ⁽¹⁾			0.41			0.44			0.32
Book Value Per Share			16.60			16.23			14.60
Tangible Book Value Per Share ⁽¹⁾			15.93			15.55			13.89

Financial Ratios
Return on Average Assets ⁽²⁾			1.35	%		0.97	%		0.77	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾			1.30			1.35			1.13
Return on Average Shareholders' Equity ⁽²⁾			13.45			10.38			8.39
Return on Average Tangible Common Equity⁽¹⁾⁽²⁾			15.13			11.53			9.22
Net Interest Margin⁽³⁾			2.99			2.75			2.51
Core Net Interest Margin ⁽¹⁾⁽³⁾			2.86			2.62			2.37
Cost of Total Deposits			2.79			2.97			3.18
Cost of Funds			2.90			3.07			3.17
Efficiency Ratio⁽¹⁾			56.3			51.6			55.5
Noninterest Expense to Average Assets ⁽²⁾			1.71			1.48			1.45
Tangible Common Equity to Tangible Assets ⁽¹⁾			8.34			8.01			7.48
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) ⁽⁴⁾			9.53			9.17			9.03

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets ⁽²⁾			0.98	%		0.99	%		0.80	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾			1.37			1.38			1.18
Adjusted Return on Average Shareholders' Equity ⁽²⁾			9.76			10.54			8.77
Adjusted Return on Average Tangible Common Equity ⁽²⁾			10.72			11.72			9.68
Adjusted Efficiency Ratio			53.8			50.7			53.7
Adjusted Noninterest Expense to Average Assets ⁽²⁾			1.64			1.45			1.41

Balance Sheet and Asset Quality (dollars in thousands)
Total Assets		$	5,335,396		$	5,407,002		$	5,136,808
Total Loans, Gross			4,368,042			4,309,517			4,020,076
Deposits			4,305,511			4,320,369			4,162,457
Loan to Deposit Ratio			101.5	%		99.7	%		96.6	%
Net Loan Charge-Offs to Average Loans ⁽²⁾			0.05			0.11			0.00
Nonperforming Assets to Total Assets⁽⁵⁾			0.22			0.41			0.20
Allowance for Credit Losses to Total Loans			1.31			1.31			1.34

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

(2)	Annualized.

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

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

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

Page 3 of 18

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure, for the first quarter of 2026 was 2.99%, a 24 basis point increase from 2.75% in the fourth quarter of 2025, and a 48 basis point increase from 2.51% in the first quarter of 2025. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure, which excludes the impact of loan fees and purchase accounting accretion attributable to the acquisition of First Minnetonka City Bank (“FMCB”), was 2.86% for the first quarter of 2026, a 24 basis point increase from 2.62% in the fourth quarter of 2025, and a 49 basis point increase from 2.37% in the first quarter of 2025.

●

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

●

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

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

●

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

●

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

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

●

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

●

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

●

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

●

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

●

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

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


	Three Months Ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Interest	5.66	%	5.63	%	5.66	%	5.59	%	5.50	%
Fees	0.12		0.10		0.09		0.11		0.07
Accretion	0.03		0.05		0.04		0.04		0.04
Yield on Loans	5.81	%	5.78	%	5.79	%	5.74	%	5.61	%

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

●

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

●

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

●

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

Page 4 of 18

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

●

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

●

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

●

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

Provision for Credit Losses

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

●

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

●

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

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

●

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

Noninterest Income

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

●

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

●

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

●

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

Noninterest Expense

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

●

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

●

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

●

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

●

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

●

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

●

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

Page 5 of 18

Income Taxes

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

Balance Sheet

Loans


(dollars in thousands)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Commercial	$	593,406	$	547,245	$	533,476	$	549,259	$	528,801
Leases		41,791		43,407		43,186		44,817		43,958
Construction and Land Development		209,421		216,163		159,991		136,438		128,073
1-4 Family Construction		50,629		45,152		41,739		39,095		39,438
Real Estate Mortgage:
1-4 Family Mortgage		488,029		496,142		487,297		474,269		479,461
Multifamily		1,590,091		1,587,338		1,578,223		1,555,731		1,534,747
CRE Owner Occupied		188,588		189,754		192,966		192,837		196,080
CRE Nonowner Occupied		1,185,371		1,165,104		1,158,622		1,137,007		1,055,157
Total Real Estate Mortgage Loans		3,452,079		3,438,338		3,417,108		3,359,844		3,265,445
Consumer and Other		20,716		19,212		19,054		16,346		14,361
Total Loans, Gross		4,368,042		4,309,517		4,214,554		4,145,799		4,020,076
Allowance for Credit Losses on Loans		(57,277)		(56,443)		(56,390)		(55,765)		(53,766)
Net Deferred Loan Fees		(8,633)		(8,966)		(8,282)		(7,629)		(7,218)
Total Loans, Net	$	4,302,132	$	4,244,108	$	4,149,882	$	4,082,405	$	3,959,092

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

●

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

Deposits


(dollars in thousands)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Noninterest Bearing Transaction Deposits	$	828,845	$	923,070	$	822,632	$	787,868	$	791,528
Interest Bearing Transaction Deposits		899,911		893,740		860,774		791,748		840,378
Savings and Money Market Deposits		1,497,517		1,380,922		1,428,726		1,441,694		1,372,191
Time Deposits		232,959		312,154		346,214		344,882		326,821
Brokered Deposits		846,279		810,483		834,418		870,550		831,539
Total Deposits	$	4,305,511	$	4,320,369	$	4,292,764	$	4,236,742	$	4,162,457

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

●

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

●

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

●

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

Page 6 of 18

Asset Quality

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

●

Annualized net charge-offs as a percentage of average loans were 0.05% for the first quarter of 2026, compared to 0.11% for the fourth quarter of 2025, and 0.00% for the first quarter of 2025.

●

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

●

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

●

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

Capital

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

●

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

●

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

●

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

●

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

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

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

●

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

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

●

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

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on June 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on May 15, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its first quarter 2026 financial results on Wednesday, April 22, 2026 at 8:00 a.m. Central Time. The conference call can be accessed by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. To listen to a replay of the conference call via phone, please dial 855-669-9658 and enter access code 2037632. The replay will be available through April 29, 2026. The conference call will also be available via a live webcast on the Investor Relations section of the Company’s website, investors.bridgewaterbankmn.com, and archived for replay.

About the Company

Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park, Minnesota-based financial holding company founded in 2005. Its banking subsidiary, Bridgewater Bank, is a premier, full-service bank dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals across the Twin Cities. Bridgewater offers a comprehensive suite of products and services spanning deposits, lending, and treasury management solutions. Bridgewater has received numerous awards for its banking

Page 7 of 18

services and esteemed corporate culture. With total assets of $5.3 billion as of March 31, 2026 and nine strategically located branches, Bridgewater is one of the largest locally-led banks in Minnesota and is committed to being the finest entrepreneurial bank. For more information, please visit www.bridgewaterbankmn.com.

Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

Page 8 of 18

businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, widespread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, and other international conflicts; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, and the effect of the merger on the Company’s customer and employee relationships and operating results; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

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

Page 9 of 18

Bridgewater Bancshares, Inc. and Subsidiaries
Financial Highlights

(dollars in thousands, except share data)


		As of and for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2026			2025			2025			2025			2025
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Income Statement
Net Interest Income		$	36,647		$	35,687		$	34,091		$	32,452		$	30,208
Provision for Credit Losses			1,200			1,450			1,100			2,000			1,500
Noninterest Income			9,564			3,148			2,061			3,627			2,079
Noninterest Expense			22,170			20,238			19,956			18,941			18,136
Net Income			17,406			13,334			11,601			11,520			9,633
Net Income Available to Common Shareholders			16,393			12,320			10,588			10,506			8,620

Per Common Share Data
Basic Earnings Per Share		$	0.59		$	0.45		$	0.38		$	0.38		$	0.31
Diluted Earnings Per Share			0.58			0.43			0.38			0.38			0.31
Adjusted Diluted Earnings Per Share ⁽¹⁾			0.41			0.44			0.39			0.37			0.32
Book Value Per Share			16.60			16.23			15.62			14.92			14.60
Tangible Book Value Per Share ⁽¹⁾			15.93			15.55			14.93			14.21			13.89
Basic Weighted Average Shares Outstanding			27,800,091			27,641,138			27,504,840			27,460,982			27,568,772
Diluted Weighted Average Shares Outstanding			28,490,176			28,354,756			28,190,406			27,998,008			28,036,506
Shares Outstanding at Period End			27,832,867			27,759,970			27,584,732			27,470,283			27,560,150

Financial Ratios
Return on Average Assets ⁽²⁾			1.35	%		0.97	%		0.86	%		0.90	%		0.77	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾			1.30			1.35			1.19			1.27			1.13
Return on Average Shareholders' Equity ⁽²⁾			13.45			10.38			9.47			9.80			8.39
Return on Average Tangible Common Equity ⁽¹⁾⁽²⁾			15.13			11.53			10.50			10.93			9.22
Net Interest Margin⁽³⁾			2.99			2.75			2.63			2.62			2.51
Core Net Interest Margin ⁽¹⁾⁽³⁾			2.86			2.62			2.52			2.49			2.37
Cost of Total Deposits			2.79			2.97			3.19			3.16			3.18
Cost of Funds			2.90			3.07			3.25			3.19			3.17
Efficiency Ratio⁽¹⁾			56.3			51.6			54.7			52.6			55.5
Noninterest Expense to Average Assets ⁽²⁾			1.71			1.48			1.47			1.47			1.45

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets ⁽²⁾			0.98	%		0.99	%		0.88	%		0.88	%		0.80	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾			1.37			1.38			1.23			1.31			1.18
Adjusted Return on Average Shareholders' Equity ⁽²⁾			9.76			10.54			9.77			9.64			8.77
Adjusted Return on Average Tangible Common Equity ⁽²⁾			10.72			11.72			10.86			10.74			9.68
Adjusted Efficiency Ratio			53.8			50.7			53.2			51.5			53.7
Adjusted Noninterest Expense to Average Assets ⁽²⁾			1.64			1.45			1.43			1.43			1.41

Balance Sheet
Total Assets		$	5,335,396		$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808
Total Loans, Gross			4,368,042			4,309,517			4,214,554			4,145,799			4,020,076
Deposits			4,305,511			4,320,369			4,292,764			4,236,742			4,162,457
Total Shareholders' Equity			528,424			517,095			497,463			476,282			468,975
Loan to Deposit Ratio			101.5	%		99.7	%		98.2	%		97.9	%		96.6	%
Core Deposits to Total Deposits ⁽⁴⁾			78.4			77.6			76.4			75.2			76.2

Asset Quality
Net Loan Charge-Offs to Average Loans⁽²⁾			0.05	%		0.11	%		0.03	%		0.00	%		0.00	%
Nonperforming Assets to Total Assets ⁽⁵⁾			0.22			0.41			0.19			0.19			0.20
Allowance for Credit Losses to Total Loans			1.31			1.31			1.34			1.35			1.34

Page 10 of 18


		As of and for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2026			2025			2025			2025			2025
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) ⁽⁶⁾
Tier 1 Leverage Ratio			9.89	%		9.20	%		9.02	%		9.14	%		9.10	%
Common Equity Tier 1 Risk-based Capital Ratio			9.53			9.17			9.08			9.03			9.03
Tier 1 Risk-based Capital Ratio			10.94			10.57			10.52			10.51			10.55
Total Risk-based Capital Ratio			14.48			14.12			14.12			14.17			13.62
Tangible Common Equity to Tangible Assets ⁽¹⁾			8.34			8.01			7.71			7.40			7.48

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

(2)	Annualized.

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

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

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

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

Page 11 of 18

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)


	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
		(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and Cash Equivalents	$	222,154		$	123,511		$	131,818		$	217,495		$	166,205
Bank-Owned Certificates of Deposit		—			—			3,658			3,897			4,139
Securities Available for Sale, at Fair Value		566,565			776,441			826,473			743,889			764,626
Loans, Net of Allowance for Credit Losses		4,302,132			4,244,108			4,149,882			4,082,405			3,959,092
Federal Home Loan Bank (FHLB) Stock, at Cost		18,398			21,122			21,373			21,472			18,984
Premises and Equipment, Net		52,784			51,576			50,955			49,979			49,442
Foreclosed Assets		—			—			—			185			—
Accrued Interest		15,841			18,929			19,244			17,711			17,700
Goodwill		11,982			11,982			11,982			11,982			11,982
Other Intangible Assets, Net		6,703			6,930			7,160			7,390			7,620
Bank-Owned Life Insurance		45,219			46,576			46,121			45,413			45,025
Other Assets		93,618			105,827			91,328			94,855			91,993
Total Assets	$	5,335,396		$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808

Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	828,845		$	923,070		$	822,632		$	787,868		$	791,528
Interest Bearing		3,476,666			3,397,299			3,470,132			3,448,874			3,370,929
Total Deposits		4,305,511			4,320,369			4,292,764			4,236,742			4,162,457
Notes Payable		—			—			—			13,750			13,750
FHLB Advances		336,000			399,500			404,500			404,500			349,500
Subordinated Debentures, Net of Issuance Costs		108,782			108,677			108,588			108,689			79,766
Accrued Interest Payable		4,254			3,227			5,208			4,110			4,525
Other Liabilities		52,425			58,134			51,471			52,600			57,835
Total Liabilities		4,806,972			4,889,907			4,862,531			4,820,391			4,667,833

Shareholders' Equity
Preferred Stock- $0.01 par value; Authorized 10,000,000
Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at March 31, 2026 (unaudited), December 31, 2025, September 30, 2025 (unaudited), June 30, 2025 (unaudited), and March 31, 2025 (unaudited)		66,514			66,514			66,514			66,514			66,514
Common Stock- $0.01 par value; Authorized 75,000,000
Common Stock - Issued and Outstanding 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, 27,584,732 at September 30, 2025 (unaudited), 27,470,283 at June 30, 2025 (unaudited), and 27,560,150 at March 31, 2025 (unaudited)		278			278			276			275			276
Additional Paid-In Capital		99,564			98,287			97,101			95,174			95,503
Retained Earnings		367,848			351,455			339,135			328,547			318,041
Accumulated Other Comprehensive Gain (Loss)		(5,780)			561			(5,563)			(14,228)			(11,359)
Total Shareholders' Equity		528,424			517,095			497,463			476,282			468,975
Total Liabilities and Equity	$	5,335,396		$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808

Page 12 of 18

Bridgewater Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income

(dollars in thousands, except per share data)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
		(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Interest Income
Loans, Including Fees	$	61,726		$	61,444		$	60,038		$	57,888		$	53,820
Investment Securities		6,923			9,720			10,371			9,200			9,397
Other		1,316			2,145			3,224			2,110			2,491
Total Interest Income		69,965			73,309			73,633			69,198			65,708


Interest Expense
Deposits		28,793			32,203			34,615			32,497			32,103
Federal Funds Purchased		238			5			—			16			—
Notes Payable		—			—			106			260			258
FHLB Advances		2,438			3,524			2,933			2,852			2,156
Subordinated Debentures		1,849			1,890			1,888			1,121			983
Total Interest Expense		33,318			37,622			39,542			36,746			35,500

Net Interest Income		36,647			35,687			34,091			32,452			30,208
Provision for Credit Losses		1,200			1,450			1,100			2,000			1,500

Net Interest Income After Provision for Credit Losses		35,447			34,237			32,991			30,452			28,708

Noninterest Income
Customer Service Fees		527			521			501			496			495
Net Gain on Sales of Securities		7,251			80			59			474			1
Letter of Credit Fees		185			668			383			323			455
Debit Card Interchange Fees		201			178			173			152			137
Swap Fees		240			651			—			938			42
Bank-Owned Life Insurance		447			455			440			387			379
Investment Advisory Fees		213			227			208			213			325
FHLB Prepayment Income		—			—			—			301			—
Other Income		500			368			297			343			245
Total Noninterest Income		9,564			3,148			2,061			3,627			2,079

Noninterest Expense
Salaries and Employee Benefits		13,492			12,434			12,229			11,363			11,371
Occupancy and Equipment		1,375			1,171			1,266			1,274			1,234
FDIC Insurance Assessment		780			770			775			750			450
Data Processing		611			638			637			625			619
Professional and Consulting Fees		1,196			1,404			1,261			1,110			994
Derivative Collateral Fees		168			237			309			372			451
Information Technology and Telecommunications		1,067			976			973			971			971
Marketing and Advertising		776			718			658			435			327
Intangible Asset Amortization		226			231			230			230			230
FHLB Prepayment Penalty		982			—			—			—			—
Other Expense		1,497			1,659			1,618			1,811			1,489
Total Noninterest Expense		22,170			20,238			19,956			18,941			18,136

Income Before Income Taxes		22,841			17,147			15,096			15,138			12,651
Provision for Income Taxes		5,435			3,813			3,495			3,618			3,018
Net Income		17,406			13,334			11,601			11,520			9,633
Preferred Stock Dividends		(1,013)			(1,014)			(1,013)			(1,014)			(1,013)
Net Income Available to Common Shareholders	$	16,393		$	12,320		$	10,588		$	10,506		$	8,620

Earnings Per Share
Basic	$	0.59		$	0.45		$	0.38		$	0.38		$	0.31
Diluted		0.58			0.43			0.38			0.38			0.31

Page 13 of 18

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

(dollars in thousands, except per share data)

(Unaudited)


		For the Three Months Ended
		March 31, 2026								December 31, 2025								March 31, 2025
		Average			Interest			Yield/		Average			Interest			Yield/		Average			Interest			Yield/
(dollars in thousands)		Balance			& Fees			Rate		Balance			& Fees			Rate		Balance			& Fees			Rate
Interest Earning Assets:
Cash Investments		$	97,488		$	771		3.21	%	$	182,129		$	1,649		3.59	%	$	205,897		$	2,056		4.05	%
Investment Securities:
Taxable Investment Securities			506,154			5,530		4.43			671,444			8,001		4.73			768,591			9,033		4.77
Tax-Exempt Investment Securities⁽¹⁾			119,582			1,764		5.98			147,832			2,177		5.84			35,549			461		5.26
Total Investment Securities			625,736			7,294		4.73			819,276			10,178		4.93			804,140			9,494		4.79
Loans ⁽¹⁾⁽²⁾			4,336,869			62,102		5.81			4,239,936			61,746		5.78			3,899,258			53,979		5.61
Federal Home Loan Bank Stock			19,337			546		11.45			23,359			496		8.43			18,988			435		9.28
Total Interest Earning Assets			5,079,430			70,713		5.65	%		5,264,700			74,069		5.58	%		4,928,283			65,964		5.43	%
Noninterest Earning Assets			163,331								173,855								143,163
Total Assets		$	5,242,761							$	5,438,555							$	5,071,446

Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	888,301		$	6,936		3.17	%	$	891,419		$	7,912		3.52	%	$	855,564		$	8,189		3.88	%
Savings and Money Market Deposits			1,411,090			11,423		3.28			1,445,588			12,597		3.46			1,302,349			11,935		3.72
Time Deposits			252,426			2,333		3.75			333,904			3,282		3.90			328,902			3,309		4.08
Brokered Deposits			804,618			8,101		4.08			775,750			8,412		4.30			834,866			8,670		4.21
Total Interest Bearing Deposits			3,356,435			28,793		3.48			3,446,661			32,203		3.71			3,321,681			32,103		3.92
Federal Funds Purchased			24,478			238		3.95			496			5		4.22			—			—		—
Notes Payable			—			—		—			—			—		—			13,750			258		7.60
FHLB Advances			336,472			2,438		2.94			449,065			3,524		3.11			354,556			2,156		2.47
Subordinated Debentures			108,730			1,849		6.90			108,629			1,890		6.90			79,710			983		5.00
Total Interest Bearing Liabilities			3,826,115			33,318		3.53	%		4,004,851			37,622		3.73	%		3,769,697			35,500		3.82	%

Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			834,916								854,687								767,235
Other Noninterest Bearing Liabilities			56,905								69,362								69,106
Total Noninterest Bearing Liabilities			891,821								924,049								836,341
Shareholders' Equity			524,825								509,655								465,408
Total Liabilities and Shareholders' Equity		$	5,242,761							$	5,438,555							$	5,071,446
Net Interest Income / Interest Rate Spread						37,395		2.11	%					36,447		1.86	%					30,464		1.61	%
Net Interest Margin ⁽³⁾								2.99	%							2.75	%							2.51	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(748)								(760)								(256)
Net Interest Income					$	36,647							$	35,687							$	30,208

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

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

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

Page 14 of 18

Bridgewater Bancshares, Inc. and Subsidiaries
Asset Quality Summary

(unaudited)


		As of and for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2026			2025			2025			2025			2025
Allowance for Credit Losses
Balance at Beginning of Period		$	56,443		$	56,390		$	55,765		$	53,766		$	52,277
Provision for Credit Losses			1,350			1,250			900			2,000			1,500
Charge-offs			(658)			(1,259)			(276)			(6)			(12)
Recoveries			142			62			1			5			1
Net Charge-offs			(516)			(1,197)			(275)			(1)			(11)
Balance at End of Period		$	57,277		$	56,443		$	56,390		$	55,765		$	53,766
Allowance for Credit Losses to Total Loans			1.31	%		1.31	%		1.34	%		1.35	%		1.34	%


		As of and for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2026			2025			2025			2025			2025
Provision for Credit Losses on Loans and Leases		$	1,350		$	1,250		$	900		$	2,000		$	1,500
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures			(150)			200			200			—			—
Provision for Credit Losses		$	1,200		$	1,450		$	1,100		$	2,000		$	1,500


	As of and for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2026			2025			2025			2025			2025
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	494		$	968		$	2,906		$	12,492		$	466
Loans 30-89 Days Past Due to Total Loans		0.01	%		0.02	%		0.07	%		0.30	%		0.01	%
Nonperforming Loans	$	11,715		$	22,034		$	9,991		$	10,134		$	10,290
Nonperforming Loans to Total Loans		0.27	%		0.51	%		0.24	%		0.24	%		0.26	%
Nonaccrual Loans to Total Loans		0.27			0.51			0.24			0.24			0.26
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.27			0.51			0.24			0.24			0.26
Foreclosed Assets	$	—		$	—		$	—		$	185		$	—
Nonperforming Assets ⁽¹⁾		11,715			22,034			9,991			10,319			10,290
Nonperforming Assets to Total Assets ⁽¹⁾		0.22	%		0.41	%		0.19	%		0.19	%		0.20	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.05			0.11			0.03			0.00			0.00
Watchlist/Special Mention Risk Rating Loans	$	47,681		$	47,823		$	40,642		$	53,282		$	38,346
Substandard Risk Rating Loans		43,074			52,956			58,074			44,986			31,587

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

Page 15 of 18

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

(unaudited)


	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2026			2025			2025			2025			2025
Pre-Provision Net Revenue
Noninterest Income	$	9,564		$	3,148		$	2,061		$	3,627		$	2,079
Less: Gain on Sales of Securities		(7,251)			(80)			(59)			(474)			(1)
Less: FHLB Advance Prepayment Income		—			—			—			(301)			—
Total Operating Noninterest Income		2,313			3,068			2,002			2,852			2,078
Plus: Net Interest Income		36,647			35,687			34,091			32,452			30,208
Net Operating Revenue	$	38,960		$	38,755		$	36,093		$	35,304		$	32,286

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

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

Plus:
Non-Operating Revenue Adjustments		7,251			80			59			775			1
Less:
Provision for Credit Losses		1,200			1,450			1,100			2,000			1,500
Provision for Income Taxes		5,435			3,813			3,495			3,618			3,018
Net Income	$	17,406		$	13,334		$	11,601		$	11,520		$	9,633

Average Assets	$	5,242,761		$	5,438,555		$	5,372,443		$	5,162,182		$	5,071,446
Pre-Provision Net Revenue Return on Average Assets		1.30	%		1.35	%		1.19	%		1.27	%		1.13	%

Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	38,960		$	38,755		$	36,093		$	35,304		$	32,286

Noninterest Expense	$	22,170		$	20,238		$	19,956		$	18,941		$	18,136
Less: Merger-related Expenses		—			(346)			(530)			(540)			(565)
Less: FHLB Prepayment Penalty		(982)			—			—			—			—
Adjusted Total Operating Noninterest Expense	$	21,188		$	19,892		$	19,426		$	18,401		$	17,571

Adjusted Pre-Provision Net Revenue	$	17,772		$	18,863		$	16,667		$	16,903		$	14,715
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.37	%		1.38	%		1.23	%		1.31	%		1.18	%

Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	37,395		$	36,447		$	34,614		$	32,770		$	30,464
Less:
Loan Fees		(1,257)			(1,041)			(966)			(1,019)			(719)
Purchase Accounting Accretion:
Loan Accretion		(324)			(546)			(380)			(425)			(342)
Bond Accretion		(22)			(33)			(89)			(152)			(578)
Bank-Owned Certificates of Deposit Accretion		—			(16)			(6)			(4)			(7)
Deposit Certificates of Deposit Accretion		—			—			(13)			(37)			(38)
Total Purchase Accounting Accretion		(346)			(595)			(488)			(618)			(965)
Core Net Interest Income (Tax-equivalent Basis)	$	35,792		$	34,811		$	33,160		$	31,133		$	28,780

Average Interest Earning Assets	$	5,079,430		$	5,264,700		$	5,223,139		$	5,019,058		$	4,928,283
Core Net Interest Margin		2.86	%		2.62	%		2.52	%		2.49	%		2.37	%

Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	62,102		$	61,746		$	60,317		$	58,122		$	53,979
Less:
Loan Fees		(1,257)			(1,041)			(966)			(1,019)			(719)
Loan Accretion		(324)			(546)			(380)			(425)			(342)
Core Loan Interest Income	$	60,521		$	60,159		$	58,971		$	56,678		$	52,918

Average Loans	$	4,336,869		$	4,239,936		$	4,132,987		$	4,064,540		$	3,899,258
Core Loan Yield		5.66	%		5.63	%		5.66	%		5.59	%		5.50	%

Page 16 of 18

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2026			2025			2025			2025			2025
Efficiency Ratio
Noninterest Expense	$	22,170		$	20,238		$	19,956		$	18,941		$	18,136
Less: Amortization of Intangible Assets		(226)			(231)			(230)			(230)			(230)
Adjusted Noninterest Expense	$	21,944		$	20,007		$	19,726		$	18,711		$	17,906

Net Interest Income	$	36,647		$	35,687		$	34,091		$	32,452		$	30,208
Noninterest Income		9,564			3,148			2,061			3,627			2,079
Less: Gain on Sales of Securities		(7,251)			(80)			(59)			(474)			(1)
Adjusted Operating Revenue	$	38,960		$	38,755		$	36,093		$	35,605		$	32,286
Efficiency Ratio		56.3	%		51.6	%		54.7	%		52.6	%		55.5	%

Adjusted Efficiency Ratio
Noninterest Expense	$	22,170		$	20,238		$	19,956		$	18,941		$	18,136
Less: Amortization of Intangible Assets		(226)			(231)			(230)			(230)			(230)
Less: Merger-related Expenses		—			(346)			(530)			(540)			(565)
Less: FHLB Advance Prepayment Penalty		(982)			—			—			—			—
Adjusted Noninterest Expense	$	20,962		$	19,661		$	19,196		$	18,171		$	17,341

Net Interest Income	$	36,647		$	35,687		$	34,091		$	32,452		$	30,208
Noninterest Income		9,564			3,148			2,061			3,627			2,079
Less: Gain on Sales of Securities		(7,251)			(80)			(59)			(474)			(1)
Less: FHLB Advance Prepayment Income		—			—			—			(301)			—
Adjusted Operating Revenue	$	38,960		$	38,755		$	36,093		$	35,304		$	32,286
Adjusted Efficiency Ratio		53.8	%		50.7	%		53.2	%		51.5	%		53.7	%

Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	22,170		$	20,238		$	19,956		$	18,941		$	18,136
Less: Merger-related Expenses		—			(346)			(530)			(540)			(565)
Less: FHLB Advance Prepayment Penalty		(982)			—			—			—			—
Adjusted Noninterest Expense	$	21,188		$	19,892		$	19,426		$	18,401		$	17,571

Average Assets	$	5,242,761		$	5,438,555		$	5,372,443		$	5,162,182		$	5,071,446
Adjusted Noninterest Expense to Average Assets (Annualized)		1.64	%		1.45	%		1.43	%		1.43	%		1.41	%

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	528,424		$	517,095		$	497,463		$	476,282		$	468,975
Less: Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Total Common Shareholders' Equity		461,910			450,581			430,949			409,768			402,461
Less: Intangible Assets		(18,685)			(18,912)			(19,142)			(19,372)			(19,602)
Tangible Common Equity	$	443,225		$	431,669		$	411,807		$	390,396		$	382,859

Total Assets	$	5,335,396		$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808
Less: Intangible Assets		(18,685)			(18,912)			(19,142)			(19,372)			(19,602)
Tangible Assets	$	5,316,711		$	5,388,090		$	5,340,852		$	5,277,301		$	5,117,206
Tangible Common Equity/Tangible Assets		8.34	%		8.01	%		7.71	%		7.40	%		7.48	%

Tangible Book Value Per Share
Book Value Per Common Share	$	16.60		$	16.23		$	15.62		$	14.92		$	14.60
Less: Effects of Intangible Assets		(0.67)			(0.68)			(0.69)			(0.71)			(0.71)
Tangible Book Value Per Common Share	$	15.93		$	15.55		$	14.93		$	14.21		$	13.89

Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	16,393		$	12,320		$	10,588		$	10,506		$	8,620

Average Shareholders' Equity	$	524,825		$	509,655		$	485,869		$	471,700		$	465,408
Less: Average Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Average Common Equity		458,311			443,141			419,355			405,186			398,894
Less: Effects of Average Intangible Assets		(18,816)			(19,042)			(19,274)			(19,504)			(19,738)
Average Tangible Common Equity	$	439,495		$	424,099		$	400,081		$	385,682		$	379,156
Return on Average Tangible Common Equity		15.13	%		11.53	%		10.50	%		10.93	%		9.22	%

Page 17 of 18

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2026			2025			2025			2025			2025
Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	16,393		$	12,320		$	10,588		$	10,506		$	8,620

Add: Merger-related Expenses		—			346			530			540			565
Add: FHLB Advance Prepayment Penalty		982			—			—			—			—
Less: FHLB Advance Prepayment Income		—			—			—			(301)			—
Less: Gain on Sales of Securities		(7,251)			(80)			(59)			(474)			(1)
Total Adjustments		(6,269)			266			471			(235)			564
Less: Tax Impact of Adjustments		1,492			(59)			(110)			56			(135)
Adjusted Net Income Available to Common Shareholders	$	11,616		$	12,527		$	10,949		$	10,327		$	9,049

Diluted Weighted Average Shares Outstanding		28,490,176			28,354,756			28,190,406			27,998,008			28,036,506
Adjusted Diluted Earnings Per Common Share	$	0.41		$	0.44		$	0.39		$	0.37		$	0.32

Adjusted Return on Average Assets
Net Income	$	17,406		$	13,334		$	11,601		$	11,520		$	9,633
Add: Total Adjustments		(6,269)			266			471			(235)			564
Less: Tax Impact of Adjustments		1,492			(59)			(110)			56			(135)
Adjusted Net Income	$	12,629		$	13,541		$	11,962		$	11,341		$	10,062

Average Assets	$	5,242,761		$	5,438,555		$	5,372,443		$	5,162,182		$	5,071,446
Adjusted Return on Average Assets		0.98	%		0.99	%		0.88	%		0.88	%		0.80	%

Adjusted Return on Average Shareholders' Equity
Adjusted Net Income	$	12,629		$	13,541		$	11,962		$	11,341		$	10,062

Average Shareholders' Equity	$	524,825		$	509,655		$	485,869		$	471,700		$	465,408
Adjusted Return on Average Shareholders' Equity		9.76	%		10.54	%		9.77	%		9.64	%		8.77	%

Adjusted Return on Average Tangible Common Equity
Adjusted Net Income Available to Common Shareholders	$	11,616		$	12,527		$	10,949		$	10,327		$	9,049

Average Tangible Common Equity	$	439,495		$	424,099		$	400,081		$	385,682		$	379,156
Adjusted Return on Average Tangible Common Equity		10.72	%		11.72	%		10.86	%		10.74	%		9.68	%

Page 18 of 18

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 changes in interest rates; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including commercial real estate (“CRE”) loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission (the “SEC”) or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, and other international military conflicts; the impact of the current partial shutdown of the federal government and possible future shutdowns; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of First Minnetonka City Bank (“FMCB”) and the effect of the merger on the Company’s customer and employee relationships and operating results; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Certain of the information contained in this presentation is derived from information provided by industry sources. Although the Company believes that such information is accurate and that the sources from which it has been obtained are reliable, the Company cannot guarantee the accuracy of, and has not independently verified, such information. Use of Non-GAAP financial measures In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures to the comparable GAAP measures are provided in this presentation.

3 1Q26 Earnings Highlights • Net interest income increased $960K, or 10.9% annualized, from 4Q25, despite average interest earnings assets declining $185M • Net interest margin (NIM) of 2.99%, up 24 bps from 4Q25; core NIM1 of 2.86%, up 24 bps from 4Q25 • Cost of total deposits of 2.79%, down 18 bps from 4Q25 0.22% • Loan balances increased $59M, or 5.5% annualized, from 4Q25 • Deposit balances decreased $15M, or 1.4% annualized, from 4Q25; core deposit2 balances increased $26M, or 3.2% annualized • Improved forward profitability through the sale of $208.5M of securities at a $7.3M pre-tax gain and prepayment of $97.5M of FHLB advances • Annualized net charge-offs to average loans of 0.05%, down from 0.11% in 4Q25 • Nonperforming assets to total assets of 0.22%, down from 0.41% in 4Q25 • Well-reserved with allowance to total loans of 1.31%, in-line with December 31, 2025 Enhanced Balance Sheet Efficiency Strong Asset Quality Profile $0.58 Diluted EPS Nonperforming Assets to Total Assets Efficiency Ratio1 Return on Average Assets Return on Avg. Tangible Common Equity1 1.35% 15.13% 56.3% 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation 2 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 • Book value per share of $16.60, up 9.2% annualized from 4Q25 • Tangible book value per share1 of $15.93, up 9.9% annualized from 4Q25; up 14.7% from 1Q25 • Common Equity Tier 1 Ratio of 9.53%, up from 9.17% at December 31, 2025 • Launched an at-the-market (ATM) offering in February 2026 for the sale from time-to-time of up to $50M of common stock Focus on Creating Shareholder Value Net Interest Income Growth and NIM Expansion $0.41 0.98% 10.72% 53.8% Reported Adjusted1 • Sold $208.5M of securities for a pre-tax gain of $7.3M • FHLB prepayment fee of $982K Non-Core Items

4 Consistent Tangible Book Value Per Share Outperformance 252% 99% 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 BWB Peer Bank Average2 Tangible Book Value Per Share1 Growth Resumed in 2025 Following the Acquisition of First Minnetonka City Bank in 4Q24 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 with growth rate through 4Q25 (Source: S&P Capital IQ)

5 Enhancing Balance Sheet Efficiency Prepayment of FHLB Advances Sale of Municipal Bonds Sale of Treasuries 1Q26 Actions to Improve Forward Profitability While Generating a Gain on Sales of Securities Rationale Net Impact • Sold $146.5M of treasuries and unwound related derivatives • Resulted in a net pre-tax gain of $1.2M • Weighted average yield of 4.24% • Prepaid $97.5M of FHLB advances • Prepayment fee of $982K impacted noninterest expense in 1Q26 • Weighed average rate of 4.08% • Sold $62.0M of municipal bonds and unwound the related swaps • Resulted in a net pre-tax gain of $6.1M • Weighted average tax-equivalent yield of 5.18% • Sold $208.5M of securities • Pre-tax gain on sales of securities of $7.3M • Prepaid $97.5M of FHLB advances • FHLB prepayment expense of $982K • Opportunistically capitalize on interest rate volatility to enhance balance sheet efficiency and drive current and future earnings • Support future NIM expansion by repricing assets higher and repricing funding lower • Sell securities at a gain and redeploy capital into higher-yielding loans going forward • Reduce higher cost borrowings used to fund securities • Bolster capital levels

6 NIM Expansion and Net Interest Income Growth $28,524 $30,815 $32,637 $34,051 $35,044 $719 $1,019 $966 $1,041 $1,257 $965 $618 $488 $595 $346 $30,208 $32,452 $34,091 $35,687 $36,647 2.51% 2.62% 2.63% 2.75% 2.99% 2.37% 2.49% 2.52% 2.62% 2.86% 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 2.75% 0.21% 0.08% 0.08% (0.11)% (0.02)% 0.00% 0.02% (0.02)% 2.99% NIM (4Q25) Loan Fees Purchase Accounting Accretion Deposits Loans FHLB Advances Investments Cash Other NIM (1Q26) Net Interest Margin Roll-forward 1Q26 Net Interest Income / Net Interest Margin Commentary 1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21% 2 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Dollars in thousands Net Interest Income • Net interest income growth of 3% from 4Q25, driven by strong net interest margin expansion • Average interest earnings assets declined $185M from 4Q25 Net Interest Margin • NIM increased 24 bps in 1Q26 • Lower deposit costs and higher loan yields following 4Q25 rate cuts • Higher loan fees related to continued loan payoff activity • Positive impact from balance sheet efficiency actions in 1Q26 • Expect slow NIM expansion over the near-term Core NIM2 up 24 bps Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA)

7 Lower Deposit Costs and Higher Loan Yields Drive NIM Expansion $3,322 $3,344 $3,517 $3,447 $3,356 $767 $774 $793 $855 $835 $448 $505 $519 $558 $470 $4,537 $4,623 $4,829 $4,860 $4,661 3.17% 3.19% 3.25% 3.07% 2.90% 1Q25 2Q25 3Q25 4Q25 1Q26 $3,899 $4,065 $4,133 $4,240 $4,337 5.61% 5.74% 5.79% 5.78% 5.81% 5.50% 5.59% 5.66% 5.63% 5.66% 1Q25 2Q25 3Q25 4Q25 1Q26 $4,089 $4,119 $4,311 $4,301 $4,191 3.18% 3.16% 3.19% 2.97% 2.79% 1Q25 2Q25 3Q25 4Q25 1Q26 Core Loan Yield2 $804 $767 $813 $819 $626 4.79% 4.86% 5.18% 4.93% 4.73% 1Q25 2Q25 3Q25 4Q25 1Q26 Average Interest-Bearing Deposits Average Noninterest-Bearing Deposits Average Borrowings Cost of Funds Average Loans Loan Yield1 Average Investments Investment Yield1 Average Total Deposits Cost of Total Deposits 1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21% 2 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Dollars in millions Loan Yields Reprice Higher Deposit Costs Decline Following Recent Rate Cuts Sold $209M of Securities in 1Q26 for a Gain of $7.3M Total Funding Costs Decline

8 Strong Revenue and Profitability Trends Continue PPNR ROA1 $30,208 $32,452 $34,091 $35,687 $36,647 $2,079 $3,627 $2,061 $3,148 $9,564 $32,287 $36,079 $36,152 $38,835 $46,211 1Q25 2Q25 3Q25 4Q25 1Q26 $14,150 $16,363 $16,137 $18,517 $16,790 $9,633 $11,520 $11,601 $13,334 $17,406 1.13% 1.27% 1.19% 1.35% 1.30% 1.18% 1.31% 1.23% 1.38% 1.37% 0.77% 0.90% 0.86% 0.97% 1.35% 0.80% 0.88% 0.88% 0.99% 0.98% 1Q25 2Q25 3Q25 4Q25 1Q26 PPNR Net Income 1 ROA 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Dollars in thousands 1Q26 noninterest income included a $7.3M net gain on sales of securities Adj. PPNR ROA1 Adj. ROA1 Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Trends Net Interest Income Noninterest Income Swap Fees $ 42 $ 938 $ -- $651 $240

$11,339 $11,363 $12,215 $12,413 $13,492 $1,234 $1,274 $1,266 $1,171 $1,375 $1,590 $1,596 $1,610 $1,614 $1,678 $911 $1,043 $1,261 $1,404 $1,196 $2,497 $3,125 $3,074 $3,290 $3,447 $565 $540 $530 $346 $982 $18,136 $18,941 $19,956 $20,238 $22,170 1Q25 2Q25 3Q25 4Q25 1Q26 9 A Highly Efficient Business Model 1.41% 1.43% 1.43% 1.45% 1.64% 0.04% 0.04% 0.04% 0.03% 0.07% 1.45% 1.47% 1.47% 1.48% 1.71% 55.5% 52.6% 54.7% 51.6% 56.3% 53.7% 51.5% 53.2% 50.7% 53.8% 1Q25 2Q25 3Q25 4Q25 1Q26 Adjusted NIE / Avg. Assets2 Adjusted Efficiency Ratio3 Peer median efficiency ratio of 56%1 in 4Q25 Expect to grow NIE in-line with asset growth over time Salary and Employee Benefits Occupancy Technology Professional and Consulting 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ) 2 Annualized 3 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Dollars in thousands Other Adjustment Factors / Avg. Assets2 Efficiency Ratio3 Non-Core Items Adjusted Efficiency Ratio Consistently Better Than Peer Median Well Managed Expense Growth

10 Continued Core Deposit Momentum 19% 19% 19% 21% 19% 20% 19% 20% 21% 21% 33% 34% 33% 32% 35% 8% 8% 8% 7% 5% 20% 20% 20% 19% 20% $4,162 $4,237 $4,293 $4,320 $4,306 1Q25 2Q25 3Q25 4Q25 1Q26 Interest-Bearing Transaction Noninterest-Bearing Transaction Time Savings & Money Market Brokered • 1Q26 deposits declined $15M, or 1.4% annualized (up 3.4% YoY) • 1Q26 core deposit1 growth of $26M, or 3.2% annualized (up 6.5% YoY) • Core deposit growth continued while brokered deposit and CD balances declined on combined basis YoY • Deposit balances tend to be seasonally lower early in the year Strong Core Deposit Growth Trends Support Loan Growth Outlook 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 Dollars in millions Positive Core Deposit1 Growth Momentum Over Time $2,890 $217 $3,107 $3,170 $3,186 $3,279 $3,351 $3,377 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Improving Deposit Mix Core Deposits Acquired Core Deposits1

11 Robust Loan Growth Trends Continue $4,020 $4,146 $4,215 $4,310 $4,368 1Q25 2Q25 3Q25 4Q25 1Q26 Gross Loans Dollars in millions • 1Q26 loan growth of $59M, or 5.5% annualized (8.7% YoY) • Loan demand and pipeline returned to near three-year highs • Continued to see growth opportunities related to M&A disruption • Loan-to-deposit ratio of 101.5%, within the 95% to 105% target range Loan Growth Aligning With Expectations Near-term loan growth will depend on a variety of factors, including: • Market and economic conditions – economic uncertainty including the interest rate environment • Loan demand – M&A disruption and strong pipelines to support near-term growth, but economic uncertainty and increased competition could impact demand going forward • Loan payoffs and paydowns – pace of loan payoffs will continue to impact loan growth • Core deposit growth – pace of core deposit growth will be a governor on loan growth as we look to remain within our target loan-to-deposit ratio range Loan Growth Outlook Proven Track Record of Generating Robust Loan Growth

12 Strong Loan Origination and Payoff Activity Strong Loan Pipeline Translating into New Originations $221 $217 $132 $242 $191 $49 $58 $61 $82 $98 $270 $275 $193 $324 $289 1Q25 2Q25 3Q25 4Q25 1Q26 New Originations Advances Elevated Loan Payoff Activity $86 $122 $76 $183 $151 $55 $45 $48 $77 $63 $141 $167 $124 $260 $214 1Q25 2Q25 3Q25 4Q25 1Q26 Payoffs Amortization/Paydowns Dollars in millions $4,310 $(16) $4,368 $191 $98 $(151) $(63) $(1) Gross Loans (4Q25) New Originations Advances Payoffs Amort. / Paydowns Net Revolving Lines of Credit Charge-Offs Gross Loans (1Q26) 1Q26 Loan Growth Roll-forward

13 Well-Diversified Loan Portfolio with Multifamily Expertise $(8) $(2) $(1) $(1) $2 $3 $20 $46 Dollars in millions CRE NOO 27.1% Multifamily 36.4% C&D 5.9% 1-4 Family Mortgage 11.2% CRE OO 4.3% C&I 13.6% Leases 1.0% Consumer & Other 0.5% Loan Mix by Type $4.4 Billion • Strong C&I growth in 1Q26 driven by activity in real estate-related C&I • Remain comfortable with the diversity of the loan portfolio, including CRE and multifamily concentrations, given portfolio performance and expertise 1Q26 Loan Growth by Type (vs. 4Q25) Multifamily 1-4 Family Mortgage Construction and Development C&I CRE Nonowner Occupied CRE Owner Occupied Consumer & Other Leases National Affordable Housing Expertise • $708M affordable housing portfolio • Balances spread across multifamily ($492M), C&I ($163M) and construction and development ($53M) • Growth of $57M, or 35% annualized, during 1Q26 primarily in the C&I and multifamily portfolios • 34% of the portfolio located outside of Minnesota

14 Asset Quality Remains Strong 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands $11 $1 $275 $1,197 $516 0.00% 0.00% 0.03% 0.11% 0.05% 1Q25 2Q25 3Q25 4Q25 1Q26 Net Charge-Offs NCOs remain at relatively low levels Net Charge-offs (recoveries) % of Average Loans (annualized) $53,766 $55,765 $56,390 $56,443 $57,277 1.34% 1.35% 1.34% 1.31% 1.31% 1Q25 2Q25 3Q25 4Q25 1Q26 Allowance for Credit Losses Well-reserved compared to peer median ACL/Loans of 1.18%1 Allowance for Credit Losses % of Gross Loans $10,290 $10,134 $9,991 $22,034 $11,715 0.20% 0.19% 0.19% 0.41% 0.22% 1Q25 2Q25 3Q25 4Q25 1Q26 Nonperforming Assets2 1Q26 resolution to loan moved to nonaccrual in 4Q25 NPAs % of Assets

15 Stable Levels of Watch/Special Mention and Substandard Multifamily 66.1% CRE NOO 5.4% CRE OO 18.7% C&I 9.4% 1-4 Family 0.4% $48 Million Watch/Special Mention List Loans Substandard Loans C&I 24.1% CRE NOO Office 20.1% CRE NOO Hotels 6.6% CRE NOO Retail 4.3% CRE NOO Other 6.0% Multifamily 29.3% CRE OO 4.0% 1-4 Family 2.9% Other 2.7% $43 Million Watch/Special Mention Characteristics Loan Balances Outstanding $47,681 % of Total Loans, Gross 1.1% Number of Loans 15 Average Loan Size $3,179 % of Bank Risk-Based Capital 7.2% Substandard Characteristics Loan Balances Outstanding $43,074 % of Total Loans, Gross 1.0% Number of Loans 22 Average Loan Size $1,958 % of Bank Risk-Based Capital 6.5% $38,346 $53,282 $40,642 $47,823 $47,681 1Q25 2Q25 3Q25 4Q25 1Q26 $31,587 $44,986 $58,074 $52,956 $43,074 1Q25 2Q25 3Q25 4Q25 1Q26 Dollars in thousands

16 Strong Capital Position to Support Growth 9.10% 9.14% 9.02% 9.20% 9.89% 9.03% 9.03% 9.08% 9.17% 9.53% 13.62% 14.17% 14.12% 14.12% 14.48% 7.48% 7.40% 7.71% 8.01% 8.34% 1Q25 2Q25 3Q25 4Q25 1Q26 Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio Tier 1 Leverage Ratio Building Capital Ratios Tangible Common Equity Ratio1 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Recent Capital Actions • Launched an at-the-market (ATM) offering in February 2026 for the sale from time-to-time of up to $50M of common stock • No shares sold in 1Q26 • $13.1M remaining under current share repurchase authorization as of March 31, 2026 • No share repurchases in 1Q26 Capital Allocation Priorities 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 loan growth opportunities

17 Near-Term Expectations • High single digit loan growth over the course of 2026, dependent on the pace of core deposit growth • Focus on profitable growth while aligning loan growth with core deposit growth over time • Target loan-to-deposit ratio between 95% and 105% Balance Sheet Growth • Slow NIM expansion over the near-term • Dependent on changes in interest rates and shape of the yield curve (assumes no rate cuts in 2026) • Continued net interest income growth due to NIM expansion and loan growth outlook Net Interest Margin • Noninterest expense growth in line with asset growth over time • Continued investments in people and technology initiatives • Alignment of provision expense with loan growth and overall asset quality Expenses • Maintain stable capital levels in the current environment given the stronger growth outlook • Opportunistic and nimble approach to capital, focused on enhancing shareholder value and supporting the balance sheet, whether as a purchaser or issuer Capital Levels

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 (1Q26) • NIM expansion of 24 bps • Low levels of net charge-offs and nonperforming assets • Loan growth of 5.5% annualized • Core deposit1 growth of 3.2% annualized • Affordable housing balances up $57M, or 35% annualized • Completing foundational work to help support AI implementation 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

19 APPENDIX

20 Interest Rate Sensitivity Estimated Change in NII From Immediate Interest Rate Shocks +100 bps -100 bps Liability-sensitive balance sheet well positioned for lower interest rates and a steepening yield curve Loan Portfolio Considerations • Loan portfolio most sensitive to changes in the 3- to 5-year portion of the yield curve • Loan portfolio to reprice higher even in a rates-down environment given larger fixed-rate portfolio and smaller variable-rate portfolio • $750M of fixed- and adjustable-rate loans scheduled to reprice over the next year • Leveraged prepayment penalties on new loan originations to help maintain benefit of higher rates over time Funding Considerations • Deposit base is more sensitive to changing interest rates • Strong momentum in core deposit growth since March 2023 • Continue to supplement core deposits with wholesale funding to support loan growth over time • Brokered deposits generally include call options to protect net interest margin as interest rates decline -200 bps (1.4)% 3.7% 4Q25 9.4% (1.1)% 4.6% 1Q26 12.2% (2.7)% +4.0% 1Q25 +8.8% (2.7)% +4.4% 3Q25 +10.5% (1.3)% +3.1% 2Q25 +7.2% +200 bps (5.3)% (2.4)% (4.9)% (2.8)% (2.2)% Funding Mix Repricing Lower Following Recent Rate Cuts • $1.9B of funding tied to short-term rates, including $1.5B of immediately-adjustable deposits and $0.4B of derivative hedging • $553M of other repricing opportunities, including time deposit maturities over the next 12 months and callable brokered deposits with rates over 4.00%

21 Well Positioned to Benefit in a Rates-Down Environment 21% 22% 16% 17% 10% 14% $106 $111 $84 $90 $53 $72 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 23% 18% 18% 14% 14% 13% $644 $503 $499 $403 $411 $382 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years Fixed, 65% Variable, 23% Adjustable, 12% Loan Portfolio Mix Fixed-Rate Portfolio ($2.8B) Variable-Rate Portfolio ($1.0B) Adjustable-Rate Portfolio ($516M) Years to Maturity • Large fixed-rate portfolio provides support to total loan yields in a rates-down environment • $644M of fixed-rate loans maturing over the next year, with a weighted average yield of 5.73% Variable-Rate Loan Floors • Smaller variable-rate portfolio limits immediate repricing pressure in a rates-down environment • 66% of variable-rate portfolio have rate floors, with 85% of the floors at or above 5% • 96% of variable-rate loans are currently tied to SOFR or Prime Adjustable-Rate Repricing/Maturity Schedule • Adjustable-rate loans likely to reprice higher, even in a rates-down environment • $106M of adjustable-rate loans repricing or maturing over the next year, with a weighted average yield of 3.86% Dollars in millions Data as of March 31, 2026 WA Yield 5.73% 5.63% 5.33% 5.88% 5.70% 4.38% WA Yield 3.86% 4.79% 4.54% 6.00% 6.25% 4.62% 7% 8% 27% 50% 8% $45 $55 $181 $341 $55 Below 4% 4%-5% 5%-6% 6%-7% Above 7% Increasing Variable-Rate Mix Fixed Variable Adjustable 68% 67% 67% 65% 65% 17% 18% 19% 22% 23% 15% 15% 14% 13% 12% 1Q25 2Q25 3Q25 4Q25 1Q26

22 Managing Multifamily and Office-Related Risk 1 Excludes NOO medical office of $43 million Data as of March 31, 2026 Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure Percent of Total Loans Average Loan Size 5.4% $2.4M CRE NOO Office by Geography Twin Cities Suburban 67% Minneapolis-St. Paul (CBD) 12% Minneapolis -St. Paul (non-CBD) 19% Out-of-State (non-CBD) 1% Greater MN 1% $238M • Majority of CRE NOO office exposure in the Twin Cities suburbs • Only 4 loans totaling $28M located in Minnesota CBDs • Only 3 loans totaling $2M outside of Minnesota (non-CBD), consisting of projects for existing local clients Loan Balances Average Loan Size NCOs (since 2005) $1.6B $3.0M $62K Multifamily Lending Focus in Stable Twin Cities Market • Bank of choice in the Twin Cities with expertise and differentiated service model • Greater tenant diversification compared to other asset classes • Positive market trends with reduced vacancy rates, strong absorption, and slower construction = favorable outlook for occupancy and rent growth • Market catalysts include relative affordability, steady population growth, low unemployment, strong wages, and shortage of single-family housing Weighted Average LTV 68% Weighted Average LTV 62%

23 High Quality Securities Portfolio See Quarterly Peer Bank Financial Review AAA 27% AA 44% A 4% BBB 9% BB 0% NR 16% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(37,806) $(20,396) $19,389 $15,606 $(11,359) $(5,780) 1Q25 1Q26 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securities • Securities portfolio average duration of 6.2 years • Average securities portfolio yield of 4.73% • AOCI / Total Risk-Based Capital of (0.9)% vs. peer bank median of (3.4)%2 1 Includes the tax-effected impact of $4,581 in 1Q25 and $2,331 in 1Q26 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ) 33% 36% 31% 31% 40% 15% 15% 29% 31% 35% 17% 18% 13% 12% 17% 23% 20% 18% 19% 12% 11% 9% 7% 8% $765 $744 $826 $776 $567 1Q25 2Q25 3Q25 4Q25 1Q26 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Corporate Securities Securities Available for Sale Portfolio (dollars in millions) Other

24 Ample Liquidity and Borrowing Capacity 11.9% 12.4% 12.5% 11.5% 12.4% 34.0% 32.7% 32.1% 35.0% 36.1% $2,357 $2,384 $2,393 $2,510 $2,586 1Q25 2Q25 3Q25 4Q25 1Q26 1 Excludes $107M of pledged securities at March 31, 2026 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sheet Liquidity as a % of Assets Liquidity Position with 2.2x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 Funding Source 12/31/2022 3/31/2026 Change Cash and Cash Equivalents $ 4 8 $ 202 $ 154 Unpledged Securities1 549 460 (89) FHLB Capacity 391 785 394 FRB Discount Window 158 882 724 Unsecured Lines of Credit 208 220 12 Secured Line of Credit 26 3 7 11 Total $ 1,380 $ 2,586 $ 1,206 Available Balance

25 Reconciliation of Non-GAAP Financial Measures Dollars in thousands March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 53,979 $ 58,122 $ 60,317 $ 61,746 $ 62,102 Less: Loan Fees (719) (1,019) (966) (1,041) (1,257) Loan Accretion (342) (425) (380) (546) (324) Core Loan Interest Income $ 52,918 $ 56,678 $ 58,971 $ 60,159 $ 60,521 Average Loans $ 3,899,258 $ 4,064,540 $ 4,132,987 $ 4,239,936 $ 4,336,869 Core Loan Yield 5.50% 5.59% 5.66% 5.63% 5.66% Efficiency Ratio: Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170 Less: Amortization Intangible Assets (230) (230) (230) (231) (226) Adjusted Noninterest Expense $ 17,906 $ 18,711 $ 19,726 $ 20,007 $ 21,944 Net Interest Income $ 30,208 $ 32,452 $ 34,091 $ 35,687 $ 36,647 Noninterest Income 2,079 3,627 2,061 3,148 9,564 Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251) Adjusted Operating Revenue $ 32,286 $ 35,605 $ 36,093 $ 38,755 $ 38,960 Efficiency Ratio 55.5% 52.6% 54.7% 51.6% 56.3% Adjusted Efficiency Ratio: Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170 Less: Amortization Intangible Assets (230) (230) (230) (231) (226) Less: Merger-related Expenses (565) (540) (530) (346) - Less: FHLB Advance Prepayment/Debt Redepmption Loss - - - - (982) Adjusted Noninterest Expense $ 17,341 $ 18,171 $ 19,196 $ 19,661 $ 20,962 Net Interest Income $ 30,208 $ 32,452 $ 34,091 $ 35,687 $ 36,647 Noninterest Income 2,079 3,627 2,061 3,148 9,564 Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251) Less: FHLB Advance Prepayment Income - (301) - - - Adjusted Operating Revenue $ 32,286 $ 35,304 $ 36,093 $ 38,755 $ 38,960 Adjusted Efficiency Ratio 53.7% 51.5% 53.2% 50.7% 53.8% Adjusted Noninterest Expense to Average Assets: Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170 Less: Merger-related Expenses (565) (540) (530) (346) - Less: FHLB Prepayment Penalty - - - - (982) Adjusted Noninterest Expense $ 17,571 $ 18,401 $ 19,426 $ 19,892 $ 21,188 Average Assets $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761 Adjusted Noninterest Expense to Average Assets (ann.) 1.41% 1.43% 1.43% 1.45% 1.64% As of and for the quarter ended, March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Pre-Provision Net Revenue: Noninterest Income $ 2,079 $ 3,627 $ 2,061 $ 3,148 $ 9,564 Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251) Less: FHLB Advance Prepayment Income - (301) - - - Total Operating Noninterest Income 2,078 2,852 2,002 3,068 2,313 Plus: Net Interest Income 30,208 32,452 34,091 35,687 36,647 Net Operating Revenue $ 32,286 $ 35,304 $ 36,093 $ 38,755 $ 38,960 Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170 Total Operating Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170 Pre-provision Net Revenue $ 14,150 $ 16,363 $ 16,137 $ 18,517 $ 16,790 Plus: Non-Operating Revenue Adjustments 1 775 59 80 7,251 Less: Provision for Credit Losses 1,500 2,000 1,100 1,450 1,200 Less: Provision for Income Taxes 3,018 3,618 3,495 3,813 5,435 Net Income $ 9,633 $ 11,520 $ 11,601 $ 13,334 $ 17,406 Average Assets $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761 Pre-Provision Net Revenue Return on Average Assets 1.13% 1.27% 1.19% 1.35% 1.30% Adjusted Pre-Provision Net Revenue: Net Operating Revenue $ 32,286 $ 35,304 $ 36,093 $ 38,755 $ 38,960 Noninterest Expense $ 18,136 $ 18,941 $ 19,956 $ 20,238 $ 22,170 Less: Merger-related Expenses (565) (540) (530) (346) - Less: FHLB Prepayment Income - - - - (982) Adjusted Total Operating Noninterest Expense $ 17,571 $ 18,401 $ 19,426 $ 19,892 $ 21,188 Adjusted Pre-Provision Net Revenue $ 14,715 $ 16,903 $ 16,667 $ 18,863 $ 17,772 Adjusted Pre-Provision Net Revenue Return on Average Assets 1.18% 1.31% 1.23% 1.38% 1.37% Core Net Interest Margin Net Interest Income (Tax-equivalent Basis) $ 30,464 $ 32,770 $ 34,614 $ 36,447 $ 37,395 Less: Loan Fees (719) (1,019) (966) (1,041) (1,257) Purchase Accounting Accretion: Loan Accretion (342) (425) (380) (546) (324) Bond Accretion (578) (152) (89) (33) (22) Bank-Owned Certificates of Deposit Accretion (7) (4) (6) (16) - Deposit Certificates of Deposit Accretion (38) (37) (13) - - Total Purchase Accounting Accretion (965) (618) (488) (595) (346) Core Net Interest Income (Tax-equivalent Basis) $ 28,780 $ 31,133 $ 33,160 $ 34,811 $ 35,792 Average Interest Earning Assets $ 4,928,283 $ 5,019,058 $ 5,223,139 $ 5,264,700 $ 5,079,430 Core Net Interest Margin 2.37% 2.49% 2.52% 2.62% 2.86% As of and for the quarter ended,

26 Reconciliation of Non-GAAP Financial Measures Dollars in thousands March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Tangible Common Equity / Tangible Assets Total Shareholders' Equity $ 468,975 $ 476,282 $ 497,463 $ 517,095 $ 528,424 Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Total Common Shareholders' Equity 402,461 409,768 430,949 450,581 461,910 Less: Intangible Assets (19,602) (19,372) (19,142) (18,912) (18,685) Tangible Common Equity $ 382,859 $ 390,396 $ 411,807 $ 431,669 $ 443,225 Total Assets $ 5,136,808 $ 5,296,673 $ 5,359,994 $ 5,407,002 $ 5,335,396 Less: Intangible Assets (19,602) (19,372) (19,142) (18,912) (18,685) Tangible Assets $ 5,117,206 $ 5,277,301 $ 5,340,852 $ 5,388,090 $ 5,316,711 Tangible Common Equity / Tangible Assets 7.48% 7.40% 7.71% 8.01% 8.34% Return on Average Tangible Common Equity Net Income Available to Common Shareholders $ 8,620 $ 10,506 $ 10,588 $ 12,320 $ 16,393 Average Shareholders' Equity $ 465,408 $ 471,700 $ 485,869 $ 509,655 $ 524,825 Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Average Common Equity 398,894 405,186 419,355 443,141 458,311 Less: Effects of Average Intangible Assets (19,738) (19,504) (19,274) (19,042) (18,816) Average Tangible Common Equity $ 379,156 $ 385,682 $ 400,081 $ 424,099 $ 439,495 Return on Average Tangible Common Equity 9.22% 10.93% 10.50% 11.53% 15.13% As of and for the quarter ended, March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Adjusted Diluted Earnings Per Common Share Net Income Available to Common Shareholders $ 8,620 $ 10,506 $ 10,588 $ 12,320 $ 16,393 Add: Merger-related Expenses 565 540 530 346 - Add: FHLB Prepayment Penalties - - - - 982 Less: FHLB Advance Prepayment Income - (301) - - - Less: (Gain) Loss on Sales of Securities (1) (474) (59) (80) (7,251) Total Adjustments 564 (235) 471 266 (6,269) Less: Tax Impact of Adjustments (135) 56 (110) (59) 1,492 Adjusted Net Income Available to Common $ 9,049 $ 10,327 $ 10,949 $ 12,527 $ 11,616 Diluted Weighted Average Shares Outstanding 28,036,506 27,998,008 28,190,406 28,354,756 28,490,176 Adjusted Diluted Earnings Per Common Share $ 0.32 $ 0.37 $ 0.39 $ 0.44 $ 0.41 Adjusted Return on Average Assets Net Income $ 9,633 $ 11,520 $ 11,601 $ 13,334 $ 17,406 Add: Total Adjustments 564 (235) 471 266 (6,269) Less: Tax Impact of Adjustments (135) 56 (110) (59) 1,492 Adjusted Net Income $ 10,062 $ 11,341 $ 11,962 $ 13,541 $ 12,629 Average Assets $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 $ 5,242,761 Adjusted Return on Average Assets 0.80% 0.88% 0.88% 0.99% 0.98% Adjusted Return on Average Tangible Common Equity Adjusted Net Income Available to Common Shareholders $ 9,049 $ 10,327 $ 10,949 $ 12,527 $ 11,616 Average Tangible Common Equity $ 379,156 $ 385,682 $ 400,081 $ 424,099 $ 439,495 Adjusted Return on Average Tangible Common Equity 9.68% 10.74% 10.86% 11.72% 10.72% As of and for the quarter ended,

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 Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92 $ 15.62 $ 16.23 $ 16.60 Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) (0.69) (0.68) (0.67) Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21 $ 14.93 $ 15.55 $ 15.93 Total Common Shares Outstanding 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283 27,584,732 27,759,970 27,832,867 As of and for the quarter ended, 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

FAQ

How did Bridgewater Bancshares (BWB) perform in Q1 2026?

Bridgewater Bancshares reported net income of $17.4 million and diluted EPS of $0.58 in Q1 2026. Results improved from $13.3 million and $0.43 in Q4 2025, supported by higher net interest income, stronger margins, and significantly higher noninterest income.

What happened to Bridgewater Bancshares’ net interest margin in Q1 2026?

Net interest margin for Bridgewater Bancshares rose to 2.99% in Q1 2026, from 2.75% in Q4 2025 and 2.51% in Q1 2025. Core net interest margin reached 2.86%, reflecting better funding costs and balance sheet actions that boosted recurring earnings capacity.

What is the asset quality profile for Bridgewater Bancshares (BWB) in Q1 2026?

Asset quality remained strong, with nonperforming assets at 0.22% of total assets as of March 31, 2026. Annualized net loan charge-offs were just 0.05% of average loans, and the allowance for credit losses stood at 1.31% of total loans, supporting credit resilience.

Did Bridgewater Bancshares declare any dividends on its preferred stock?

Yes. The board declared a quarterly cash dividend on its 5.875% Series A preferred stock of $36.72 per share, or $0.3672 per depositary share. The dividend is payable on June 1, 2026 to shareholders of record as of May 15, 2026.

What new capital actions did Bridgewater Bancshares take in Q1 2026?

Bridgewater Bancshares launched an at-the-market equity offering program for up to $50 million of common stock during Q1 2026. This program allows the company to issue shares over time, providing an additional tool to support capital levels and future growth initiatives.

Filing Exhibits & Attachments

6 documents

Bridgewater Bancshares (BWB) lifts Q1 profit, margins and launches $50M ATM

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Bridgewater Bancshares (BWB) perform in Q1 2026?

What happened to Bridgewater Bancshares’ net interest margin in Q1 2026?

What is the asset quality profile for Bridgewater Bancshares (BWB) in Q1 2026?

Did Bridgewater Bancshares declare any dividends on its preferred stock?

What new capital actions did Bridgewater Bancshares take in Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Bridgewater Bancshares (BWB) lifts Q1 profit, margins and launches $50M ATM

Rhea-AI Filing Summary

Positive

Negative

Insights

Bank earnings analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Bridgewater Bancshares (BWB) perform in Q1 2026?

What happened to Bridgewater Bancshares’ net interest margin in Q1 2026?

How are Bridgewater Bancshares’ loans and deposits trending in Q1 2026?

What is the asset quality profile for Bridgewater Bancshares (BWB) in Q1 2026?

Did Bridgewater Bancshares declare any dividends on its preferred stock?

What new capital actions did Bridgewater Bancshares take in Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents