BRIDGEWATER BANCSHARES, INC.

BRIDGEWATER BANCSHARES, INC._January 27, 2026

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

January 27, 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 January 27, 2026, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results as of and for the three and twelve months ended December 31, 2025. 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 January 27, 2026, in its 2025 fourth 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 March 2, 2026, to shareholders of record of the Series A Preferred Stock at the close of business on February 13, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press Release of Bridgewater Bancshares, Inc., dated January 27, 2026, regarding fourth quarter 2025 financial results

Exhibit 99.2

Earnings Presentation dated January 27, 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: January 27, 2026
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman and Chief Executive Officer

Exhibit 99.1


Media Contact: Emily Karpenske \| Senior Communication Specialist [email protected] \| 952.653.0624	Investor Contact: Justin Horstman \| VP Investor Relations [email protected] \| 952.542.5169

January 27, 2026

Bridgewater Bancshares, Inc. Announces Fourth Quarter 2025 Financial Results

Fourth Quarter 2025 Highlights

●

Net income of $13.3 million, or $0.43 per diluted common share; adjusted net income of $13.5 million, or $0.44 per diluted common share.⁽¹⁾

●

Net interest income increased $1.6 million, or 4.7%, from the third quarter of 2025.

●

Net interest margin (on a fully tax-equivalent basis) of 2.75%, an increase of 12 basis points from the third quarter of 2025.

●

Noninterest income increased $1.1 million, or 52.7%, from the third quarter of 2025.

●

Total deposits increased by $27.6 million, or 2.6% annualized, from the third quarter of 2025; core deposits⁽²⁾ increased by $72.6 million, or 8.8% annualized, from the third quarter of 2025.

●

Gross loans increased by $95.0 million, or 8.9% annualized, from the third quarter of 2025.

●

Efficiency ratio⁽¹⁾ of 51.6%, down from 54.7% for the third quarter of 2025; adjusted efficiency ratio⁽¹⁾ of 50.7%, down from 53.2% for the third quarter of 2025.

●

Completed the closure of one branch acquired from First Minnetonka City Bank (“FMCB”) in 2024.

Full Year 2025 Highlights

●

Net income of $46.1 million, or $1.49 per diluted common share; adjusted net income of $46.9 million, or $1.52 per diluted common share.⁽¹⁾

●

Pre-provision net revenue⁽¹⁾ increased $19.3 million, or 42.1%, from 2024.

●

Tangible book value per share⁽¹⁾ of $15.55 at December 31, 2025, an increase of $2.06, or 15.3%, from December 31, 2024.

●

Total deposits increased by $233.6 million, or 5.7%, in 2025; core deposits⁽²⁾ increased by $244.6 million, or 7.9%, in 2025.

●

Gross loans increased by $441.0 million, or 11.4%, in 2025.

●

Net loan charge-offs as a percentage of average loans of 0.04%, up from 0.03% for the year ended December 31, 2024.

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

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

Page 1 of 19

St. Louis Park, MN – Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“the Company”), the parent company of Bridgewater Bank (“the Bank”), today announced net income of $13.3 million for the fourth quarter of 2025, compared to $11.6 million for the third quarter of 2025, and $8.2 million for the fourth quarter of 2024. Earnings per diluted common share were $0.43 for the fourth quarter of 2025, compared to $0.38 for the third quarter of 2025, and $0.26 for the fourth quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $13.5 million for the fourth quarter of 2025, compared to $12.0 million for the third quarter of 2025, and $8.6 million for the fourth quarter of 2024. Adjusted earnings per diluted common share, a non-GAAP financial measure, were $0.44 for the fourth quarter of 2025, compared to $0.39 for the third quarter of 2025, and $0.27 for the fourth quarter of 2024.

“Bridgewater’s fourth quarter was highlighted by strong revenue growth, well controlled expenses, and continued core deposit and loan growth momentum,” said Chairman and Chief Executive Officer, Jerry Baack. “Our overall efficiency improved as meaningful net interest margin expansion and strong swap fee income drove revenue higher while expense growth returned to more normalized levels following the systems conversion of our recent acquisition. Meanwhile, we continued to capitalize on the M&A disruption in the Twin Cities through opportunities to attract top talent and earn new client relationships.

“As we look ahead to 2026, we are focused on driving profitable growth, gaining market share, and continuing to leverage technology investments to support future growth. We will also look to expand key verticals including affordable housing, which became a key growth driver for us in 2025. With the right team in place, an outlook for continued growth and net interest margin expansion, and a strong credit culture, we believe we are well positioned to continue improving profitability and growing tangible book value in 2026.”

Page 2 of 19

Key Financial Measures


		As of and for the Three Months Ended										As of and for the Year Ended
		December 31,			September 30,			December 31,				December 31,			December 31,
		2025			2025			2024				2025			2024
Per Common Share Data
Basic Earnings Per Share		$	0.45		$	0.38		$	0.26			$	1.53		$	1.05
Diluted Earnings Per Share			0.43			0.38			0.26				1.49			1.03
Adjusted Diluted Earnings Per Share ⁽¹⁾			0.44			0.39			0.27				1.52			1.04
Book Value Per Share			16.23			15.62			14.21				16.23			14.21
Tangible Book Value Per Share ⁽¹⁾			15.55			14.93			13.49				15.55			13.49

Financial Ratios
Return on Average Assets ⁽²⁾			0.97	%		0.86	%		0.68	%			0.87	%		0.70	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾			1.35			1.19			1.05				1.24			0.98
Return on Average Shareholders' Equity ⁽²⁾			10.38			9.47			7.16				9.53			7.45
Return on Average Tangible Common Equity⁽¹⁾⁽²⁾			11.53			10.50			7.43				10.56			7.75
Net Interest Margin⁽³⁾			2.75			2.63			2.32				2.63			2.26
Core Net Interest Margin ⁽¹⁾⁽³⁾			2.62			2.52			2.24				2.50			2.19
Cost of Total Deposits			2.97			3.19			3.40				3.12			3.44
Cost of Funds			3.07			3.25			3.38				3.17			3.44
Efficiency Ratio⁽¹⁾			51.6			54.7			56.8				53.5			57.9
Noninterest Expense to Average Assets ⁽²⁾			1.48			1.47			1.40				1.47			1.35
Tangible Common Equity to Tangible Assets ⁽¹⁾			8.01			7.71			7.36				8.01			7.36
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) ⁽⁴⁾			9.17			9.08			9.08				9.17			9.08

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets ⁽²⁾			0.99	%		0.88	%		0.71	%			0.89	%		0.71	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾			1.38			1.23			1.09				1.27			0.99
Adjusted Return on Average Shareholders' Equity ⁽²⁾			10.54			9.77			7.49				9.69			7.50
Adjusted Return on Average Tangible Common Equity ⁽²⁾			11.72			10.86			7.82				10.77			7.82
Adjusted Efficiency Ratio			50.7			53.2			55.2				52.2			57.3
Adjusted Noninterest Expense to Average Assets ⁽²⁾			1.45			1.43			1.36				1.43			1.34

Balance Sheet and Asset Quality (dollars in thousands)
Total Assets		$	5,407,002		$	5,359,994		$	5,066,242			$	5,407,002		$	5,066,242
Total Loans, Gross			4,309,517			4,214,554			3,868,514				4,309,517			3,868,514
Deposits			4,320,369			4,292,764			4,086,767				4,320,369			4,086,767
Loan to Deposit Ratio			99.7	%		98.2	%		94.7	%			99.7	%		94.7	%
Net Loan Charge-Offs to Average Loans ⁽²⁾			0.11			0.03			0.03				0.04			0.03
Nonperforming Assets to Total Assets⁽⁵⁾			0.41			0.19			0.01				0.41			0.01
Allowance for Credit Losses to Total Loans			1.31			1.34			1.35				1.31			1.35

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

(2)	Annualized.

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

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

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

Page 3 of 19

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the fourth quarter of 2025 was 2.75%, a 12 basis point increase from 2.63% in the third quarter of 2025, and a 43 basis point increase from 2.32% in the fourth quarter of 2024. 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 FMCB, was 2.62% for the fourth quarter of 2025, a 10 basis point increase from 2.52% in the third quarter of 2025, and a 38 basis point increase from 2.24% in the fourth quarter of 2024.

●

Net interest margin expanded to 2.75% in the fourth quarter of 2025 primarily due to growth in the loan portfolio at accretive yields and lower rates paid on deposits.

●

The year-over-year expansion in margin was primarily due to growth in the securities and loan portfolios at higher yields and lower rates paid on deposit balances, offset by higher average balances and rates paid on FHLB advances, as well as the refinancing of subordinated debt at the end of the second quarter of 2025.

Net interest income was $35.7 million for the fourth quarter of 2025, an increase of $1.6 million from $34.1 million in the third quarter of 2025, and an increase of $8.7 million from $27.0 million in the fourth quarter of 2024.

●

The linked-quarter increase in net interest income was primarily due to growth in the loan portfolio and lower rates paid on deposit balances, offset partially by lower cash balances.

●

The year-over-year increase in net interest income was primarily due to growth in the loan portfolio, lower rates paid on deposits, and purchase accounting accretion, offset partially by growth in deposit balances as well as higher balances and rates paid on FHLB advances.

Interest income was $73.3 million for the fourth quarter of 2025, a decrease of $324,000 from $73.6 million in the third quarter of 2025, and an increase of $10.0 million from $63.3 million in the fourth quarter of 2024.

●

The yield on interest earning assets (on a fully tax-equivalent basis) was 5.58% in the fourth quarter of 2025, compared to 5.63% in the third quarter of 2025, and 5.40% in the fourth quarter of 2024.

●

The linked-quarter decrease in the yield on interest earning assets was primarily due to 0.75% of Fed interest rate cuts which occurred in the last four months of the year.

●

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

●

The aggregate loan yield was 5.78% in the fourth quarter of 2025, one basis point lower than 5.79% in the third quarter of 2025, and 23 basis points higher than 5.55% in the fourth quarter of 2024.

●

Core loan yield, a non-GAAP financial measure, was 5.63% in the fourth quarter of 2025, three basis points lower than 5.66% in the third quarter of 2025, and 16 basis points higher than 5.47% in the fourth quarter of 2024.

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


	Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Interest	5.63	%	5.66	%	5.59	%	5.50	%	5.47	%
Fees	0.10		0.09		0.11		0.07		0.08
Accretion	0.05		0.04		0.04		0.04		—
Yield on Loans	5.78	%	5.79	%	5.74	%	5.61	%	5.55	%

Interest expense was $37.6 million for the fourth quarter of 2025, a decrease of $1.9 million from $39.5 million in the third quarter of 2025, and an increase of $1.3 million from $36.4 million in the fourth quarter of 2024.

●

The cost of interest bearing liabilities was 3.73% in the fourth quarter of 2025, compared to 3.89% in the third quarter of 2025, and 4.06% in the fourth quarter of 2024.

●

The linked-quarter decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits as the result of recent fed rate cuts, offset partially by higher balances and rates paid on FHLB advances.

●

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

Page 4 of 19

Interest expense on deposits was $32.2 million for the fourth quarter of 2025, a decrease of $2.4 million from $34.6 million in the third quarter of 2025, and a decrease of $607,000 from $32.8 million in the fourth quarter of 2024.

●

The cost of total deposits was 2.97% in the fourth quarter of 2025, 22 basis points lower than 3.19% in the third quarter of 2025, and 43 basis points lower than 3.40% in the fourth quarter of 2024.

●

The linked-quarter decrease in the cost of total deposits was primarily due to lower rates paid on interest bearing deposits following interest rate cuts, lower average balance of brokered deposits, and an increase in noninterest bearing deposits.

●

The year-over-year decrease in the cost of total deposits was primarily due to lower rates paid on deposits following interest rate cuts in 2024 and 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 $1.3 million for the fourth quarter of 2025, compared to $900,000 for the third quarter of 2025 and $1.5 million for the fourth quarter of 2024.

●

The provision recorded in the fourth quarter of 2025 was primarily attributable to growth in the loan portfolio and an increase in historical loss rates.

●

The allowance for credit losses on loans to total loans was 1.31% at December 31, 2025, compared to 1.34% at September 30, 2025, and 1.35% at December 31, 2024.

The provision for credit losses for off-balance sheet credit exposures was $200,000 for the fourth quarter of 2025, stable with the third quarter of 2025, and compared to $725,000 for the fourth quarter of 2024.

●

A provision was recorded during the fourth quarter of 2025 due to an increase in the volume of newly originated loans with unfunded commitments.

Noninterest Income

Noninterest income was $3.1 million for the fourth quarter of 2025, an increase of $1.1 million from $2.1 million for the third quarter of 2025, and an increase of $615,000 from $2.5 million for the fourth quarter of 2024.

●

The linked-quarter increase was primarily due to higher swap fees and letter of credit fees.

●

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

Noninterest Expense

Noninterest expense was $20.2 million for the fourth quarter of 2025, an increase of $282,000 from $20.0 million for the third quarter of 2025 and an increase of $3.4 million from $16.8 million for the fourth quarter of 2024.

●

Noninterest expense for the fourth quarter of 2025 included $346,000 of merger-related expenses associated with the acquisition of FMCB, compared to $530,000 for the third quarter of 2025, and $488,000 for the fourth quarter of 2024.

●

The linked-quarter increase was primarily due to increases in salaries and employee benefits and professional and consulting fees.

●

The year-over-year increase was primarily attributable to increases in salaries and employee benefits, professional and consulting fees, marketing and advertising, operating costs related to the FMCB acquisition, and merger-related expenses.

●

The efficiency ratio, a non-GAAP financial measure, was 51.6% for the fourth quarter of 2025, compared to 54.7% for the third quarter of 2025, and 56.8% for the fourth quarter of 2024.

●

The Company had 322 full-time equivalent employees at December 31, 2025, compared to 325 at September 30, 2025, and 290 at December 31, 2024. The year-over-year increase was largely driven by the hiring of key talent across the organization.

Income Taxes

The effective combined federal and state income tax rate was 22.2% for the fourth quarter of 2025, compared to 23.2% for the third quarter of 2025, and 22.0% for the fourth quarter of 2024.

Page 5 of 19

Balance Sheet

Loans


(dollars in thousands)	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Commercial	$	547,245	$	533,476	$	549,259	$	528,801	$	497,662
Leases		43,407		43,186		44,817		43,958		44,291
Construction and Land Development		216,163		159,991		136,438		128,073		97,255
1-4 Family Construction		45,152		41,739		39,095		39,438		41,961
Real Estate Mortgage:
1 - 4 Family Mortgage		496,142		487,297		474,269		479,461		474,383
Multifamily		1,587,338		1,578,223		1,555,731		1,534,747		1,425,610
CRE Owner Occupied		189,754		192,966		192,837		196,080		191,248
CRE Nonowner Occupied		1,165,104		1,158,622		1,137,007		1,055,157		1,083,108
Total Real Estate Mortgage Loans		3,438,338		3,417,108		3,359,844		3,265,445		3,174,349
Consumer and Other		19,212		19,054		16,346		14,361		12,996
Total Loans, Gross		4,309,517		4,214,554		4,145,799		4,020,076		3,868,514
Allowance for Credit Losses on Loans		(56,443)		(56,390)		(55,765)		(53,766)		(52,277)
Net Deferred Loan Fees		(8,966)		(8,282)		(7,629)		(7,218)		(6,801)
Total Loans, Net	$	4,244,108	$	4,149,882	$	4,082,405	$	3,959,092	$	3,809,436

Total gross loans at December 31, 2025 were $4.31 billion, an increase of $95.0 million, or 8.9% annualized, over total gross loans of $4.21 billion at September 30, 2025, and an increase of $441.0 million, or 11.4%, over total gross loans of $3.87 billion at December 31, 2024.

●

The increase in the loan portfolio during the fourth quarter of 2025 was due to strong loan originations and advances outpacing the increase in payoffs and paydowns.

Deposits


(dollars in thousands)	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Noninterest Bearing Transaction Deposits	$	923,070	$	822,632	$	787,868	$	791,528	$	800,763
Interest Bearing Transaction Deposits		893,740		860,774		791,748		840,378		862,242
Savings and Money Market Deposits		1,380,922		1,428,726		1,441,694		1,372,191		1,259,503
Time Deposits		312,154		346,214		344,882		326,821		338,506
Brokered Deposits		810,483		834,418		870,550		831,539		825,753
Total Deposits	$	4,320,369	$	4,292,764	$	4,236,742	$	4,162,457	$	4,086,767

Total deposits at December 31, 2025 were $4.32 billion, an increase of $27.6 million, or 2.6% annualized, over total deposits of $4.29 billion at September 30, 2025, and an increase of $233.6 million, or 5.7%, over total deposits of $4.09 billion at December 31, 2024.

●

Core deposits, defined as total deposits excluding brokered deposits and certificates of deposits greater than $250,000, increased $72.6 million, or 8.8% annualized, from September 30, 2025, and increased $244.6 million, or 7.9%, from December 31, 2024.

●

Noninterest bearing deposits increased $100.4 million, or 48.4% annualized, from September 30, 2025, and increased $122.3 million, or 15.3%, from December 31, 2024. Based on the nature of the Company’s client base, noninterest bearing deposit balances can fluctuate from quarter to quarter, as deposit growth is not always linear.

●

Brokered deposits decreased $23.9 million, or 11.4% annualized, from September 30, 2025, and decreased $15.3 million, or 1.8%, from December 31, 2024. While balances are down, brokered deposits continue to be used as a supplemental funding source, as needed.

Asset Quality

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

●

Annualized net charge-offs as a percentage of average loans were 0.11% for the fourth quarter of 2025, compared to 0.03% for both the third quarter of 2025 and the fourth quarter of 2024.

Page 6 of 19

●

Net charge-offs as a percentage of average loans for the year ended December 31, 2025 were 0.04%, compared to 0.03% for the year ended December 31, 2024.

●

At December 31, 2025, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $22.0 million, or 0.41% of total assets, compared to $10.0 million, or 0.19% of total assets, at September 30, 2025, and $301,000, or 0.01% of total assets, at December 31, 2024.

●

Loans with potential weaknesses that warranted a watch/special mention risk rating at December 31, 2025 totaled $47.8 million, compared to $40.6 million at September 30, 2025, and $46.6 million at December 31, 2024.

●

Loans that warranted a substandard risk rating at December 31, 2025 totaled $53.0 million, compared to $58.1 million at September 30, 2025, and $21.8 million at December 31, 2024.

Capital

Total shareholders’ equity at December 31, 2025 was $517.1 million, an increase of $19.6 million, or 15.7% annualized, compared to $497.5 million at September 30, 2025, and an increase of $59.2 million, or 12.9%, over $457.9 million at December 31, 2024.

●

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

●

The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.17% at December 31, 2025, compared to 9.08% at both September 30, 2025 and December 31, 2024.

●

Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.01% at December 31, 2025, compared to 7.71% at September 30, 2025, and 7.36% at December 31, 2024.

Tangible book value per share, a non-GAAP financial measure, was $15.55 as of December 31, 2025, an increase of 16.5% annualized from $14.93 as of September 30, 2025, and an increase of 15.3% from $13.49 as of December 31, 2024.

The Company did not repurchase any shares of its common stock during the fourth quarter of 2025.

●

The Company had $13.1 million remaining under its current share repurchase authorization at December 31, 2025.

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 March 2, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on February 13, 2026.

Page 7 of 19

Conference Call and Webcast

The Company will host a conference call to discuss its fourth quarter 2025 financial results on Wednesday, January 28, 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 9545199. The replay will be available through February 4, 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 also received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.4 billion as of December 31, 2025 and eight 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 meaning of the safe harbor provisions of the U.S. 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 uncertainties, risks and changes in circumstances 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 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

Page 8 of 19

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 ongoing conflicts in the Middle East, the Russian invasion of Ukraine and recent military activities in Venezuela; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, including the possibility that the merger may be more difficult or expensive to integrate than anticipated, 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 19

Bridgewater Bancshares, Inc. and Subsidiaries
Financial Highlights

(dollars in thousands, except share data)


		As of and for the Three Months Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)		2025			2025			2025			2025			2024
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Income Statement
Net Interest Income		$	35,687		$	34,091		$	32,452		$	30,208		$	26,967
Provision for Credit Losses			1,450			1,100			2,000			1,500			2,175
Noninterest Income			3,148			2,061			3,627			2,079			2,533
Noninterest Expense			20,238			19,956			18,941			18,136			16,812
Net Income			13,334			11,601			11,520			9,633			8,204
Net Income Available to Common Shareholders			12,320			10,588			10,506			8,620			7,190

Per Common Share Data
Basic Earnings Per Share		$	0.45		$	0.38		$	0.38		$	0.31		$	0.26
Diluted Earnings Per Share			0.43			0.38			0.38			0.31			0.26
Adjusted Diluted Earnings Per Share ⁽¹⁾			0.44			0.39			0.37			0.32			0.27
Book Value Per Share			16.23			15.62			14.92			14.60			14.21
Tangible Book Value Per Share ⁽¹⁾			15.55			14.93			14.21			13.89			13.49
Basic Weighted Average Shares Outstanding			27,641,138			27,504,840			27,460,982			27,568,772			27,459,433
Diluted Weighted Average Shares Outstanding			28,354,756			28,190,406			27,998,008			28,036,506			28,055,532
Shares Outstanding at Period End			27,759,970			27,584,732			27,470,283			27,560,150			27,552,449

Financial Ratios
Return on Average Assets ⁽²⁾			0.97	%		0.86	%		0.90	%		0.77	%		0.68	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾			1.35			1.19			1.27			1.13			1.05
Return on Average Shareholders' Equity ⁽²⁾			10.38			9.47			9.80			8.39			7.16
Return on Average Tangible Common Equity ⁽¹⁾⁽²⁾			11.53			10.50			10.93			9.22			7.43
Net Interest Margin⁽³⁾			2.75			2.63			2.62			2.51			2.32
Core Net Interest Margin ⁽¹⁾⁽³⁾			2.62			2.52			2.49			2.37			2.24
Cost of Total Deposits			2.97			3.19			3.16			3.18			3.40
Cost of Funds			3.07			3.25			3.19			3.17			3.38
Efficiency Ratio⁽¹⁾			51.6			54.7			52.6			55.5			56.8
Noninterest Expense to Average Assets ⁽²⁾			1.48			1.47			1.47			1.45			1.40

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets ⁽²⁾			0.99	%		0.88	%		0.88	%		0.80	%		0.71	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾			1.38			1.23			1.31			1.18			1.09
Adjusted Return on Average Shareholders' Equity ⁽²⁾			10.54			9.77			9.64			8.77			7.49
Adjusted Return on Average Tangible Common Equity ⁽²⁾			11.72			10.86			10.74			9.68			7.82
Adjusted Efficiency Ratio			50.7			53.2			51.5			53.7			55.2
Adjusted Noninterest Expense to Average Assets ⁽²⁾			1.45			1.43			1.43			1.41			1.36

Balance Sheet
Total Assets		$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808		$	5,066,242
Total Loans, Gross			4,309,517			4,214,554			4,145,799			4,020,076			3,868,514
Deposits			4,320,369			4,292,764			4,236,742			4,162,457			4,086,767
Total Shareholders' Equity			517,095			497,463			476,282			468,975			457,935
Loan to Deposit Ratio			99.7	%		98.2	%		97.9	%		96.6	%		94.7	%
Core Deposits to Total Deposits ⁽⁴⁾			77.6			76.4			75.2			76.2			76.0

Asset Quality
Net Loan Charge-Offs to Average Loans⁽²⁾			0.11	%		0.03	%		0.00	%		0.00	%		0.03	%
Nonperforming Assets to Total Assets ⁽⁵⁾			0.41			0.19			0.19			0.20			0.01
Allowance for Credit Losses to Total Loans			1.31			1.34			1.35			1.34			1.35

Page 10 of 19


		As of and for the Three Months Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)		2025			2025			2025			2025			2024
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) ⁽⁶⁾
Tier 1 Leverage Ratio			9.20	%		9.02	%		9.14	%		9.10	%		9.45	%
Common Equity Tier 1 Risk-based Capital Ratio			9.17			9.08			9.03			9.03			9.08
Tier 1 Risk-based Capital Ratio			10.57			10.52			10.51			10.55			10.64
Total Risk-based Capital Ratio			14.12			14.12			14.17			13.62			13.76
Tangible Common Equity to Tangible Assets ⁽¹⁾			8.01			7.71			7.40			7.48			7.36

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

(2)	Annualized.

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

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

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

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

Page 11 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)


	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and Cash Equivalents	$	123,511		$	131,818		$	217,495		$	166,205		$	229,760
Bank-Owned Certificates of Deposit		—			3,658			3,897			4,139			4,377
Securities Available for Sale, at Fair Value		776,441			826,473			743,889			764,626			768,247
Loans, Net of Allowance for Credit Losses		4,244,108			4,149,882			4,082,405			3,959,092			3,809,436
Federal Home Loan Bank (FHLB) Stock, at Cost		21,122			21,373			21,472			18,984			19,297
Premises and Equipment, Net		51,576			50,955			49,979			49,442			49,533
Foreclosed Assets		—			—			185			—			—
Accrued Interest		18,929			19,244			17,711			17,700			17,711
Goodwill		11,982			11,982			11,982			11,982			11,982
Other Intangible Assets, Net		6,930			7,160			7,390			7,620			7,850
Bank-Owned Life Insurance		46,576			46,121			45,413			45,025			44,646
Other Assets		105,827			91,328			94,855			91,993			103,403
Total Assets	$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808		$	5,066,242

Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	923,070		$	822,632		$	787,868		$	791,528		$	800,763
Interest Bearing		3,397,299			3,470,132			3,448,874			3,370,929			3,286,004
Total Deposits		4,320,369			4,292,764			4,236,742			4,162,457			4,086,767
Notes Payable		—			—			13,750			13,750			13,750
FHLB Advances		399,500			404,500			404,500			349,500			359,500
Subordinated Debentures, Net of Issuance Costs		108,677			108,588			108,689			79,766			79,670
Accrued Interest Payable		3,227			5,208			4,110			4,525			4,008
Other Liabilities		58,134			51,471			52,600			57,835			64,612
Total Liabilities		4,889,907			4,862,531			4,820,391			4,667,833			4,608,307

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 December 31, 2025 (unaudited), September 30, 2025 (unaudited), June 30, 2025 (unaudited), March 31, 2025 (unaudited), and December 31, 2024		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 27,759,970 at December 31, 2025 (unaudited), 27,584,732 at September 30, 2025 (unaudited), 27,470,283 at June 30, 2025 (unaudited), 27,560,150 at March 31, 2025 (unaudited), and 27,552,449 at December 31, 2024		278			276			275			276			276
Additional Paid-In Capital		98,287			97,101			95,174			95,503			95,088
Retained Earnings		351,455			339,135			328,547			318,041			309,421
Accumulated Other Comprehensive Gain (Loss)		561			(5,563)			(14,228)			(11,359)			(13,364)
Total Shareholders' Equity		517,095			497,463			476,282			468,975			457,935
Total Liabilities and Equity	$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808		$	5,066,242

Page 12 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income

(dollars in thousands, except per share data)


	Three Months Ended															Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2025			2025			2025			2025			2024			2025			2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Interest Income
Loans, Including Fees	$	61,444		$	60,038		$	57,888		$	53,820		$	51,870		$	233,190		$	204,731
Investment Securities		9,720			10,371			9,200			9,397			9,109			38,688			33,927
Other		2,145			3,224			2,110			2,491			2,345			9,970			7,240
Total Interest Income		73,309			73,633			69,198			65,708			63,324			281,848			245,898


Interest Expense
Deposits		32,203			34,615			32,497			32,103			32,810			131,418			128,805
Federal Funds Purchased		5			—			16			—			42			21			1,201
Notes Payable		—			106			260			258			275			624			1,162
FHLB Advances		3,524			2,933			2,852			2,156			2,229			11,465			8,554
Subordinated Debentures		1,890			1,888			1,121			983			1,001			5,882			3,983
Total Interest Expense		37,622			39,542			36,746			35,500			36,357			149,410			143,705

Net Interest Income		35,687			34,091			32,452			30,208			26,967			132,438			102,193
Provision for Credit Losses		1,450			1,100			2,000			1,500			2,175			6,050			3,525

Net Interest Income After Provision for Credit Losses		34,237			32,991			30,452			28,708			24,792			126,388			98,668

Noninterest Income
Customer Service Fees		521			501			496			495			394			2,013			1,475
Net Gain on Sales of Securities		80			59			474			1			—			614			385
Net Gain on Sales of Foreclosed Assets		—			—			—			—			62			—			62
Letter of Credit Fees		668			383			323			455			849			1,829			1,976
Debit Card Interchange Fees		178			173			152			137			145			640			593
Swap Fees		651			—			938			42			521			1,631			547
Bank-Owned Life Insurance		455			440			387			379			362			1,661			1,327
Investment Advisory Fees		227			208			213			325			—			973			—
FHLB Prepayment Income		—			—			301			—			—			301			—
Other Income		368			297			343			245			200			1,253			1,003
Total Noninterest Income		3,148			2,061			3,627			2,079			2,533			10,915			7,368

Noninterest Expense
Salaries and Employee Benefits		12,434			12,229			11,363			11,371			10,605			47,397			39,564
Occupancy and Equipment		1,171			1,266			1,274			1,234			1,181			4,945			4,399
FDIC Insurance Assessment		770			775			750			450			609			2,745			2,959
Data Processing		638			637			625			619			445			2,519			1,697
Professional and Consulting Fees		1,404			1,261			1,110			994			989			4,769			3,879
Derivative Collateral Fees		237			309			372			451			426			1,369			1,821
Information Technology and Telecommunications		976			973			971			971			877			3,891			3,325
Marketing and Advertising		718			658			435			327			479			2,138			1,485
Intangible Asset Amortization		231			230			230			230			52			921			78
Other Expense		1,659			1,618			1,811			1,489			1,149			6,577			4,093
Total Noninterest Expense		20,238			19,956			18,941			18,136			16,812			77,271			63,300

Income Before Income Taxes		17,147			15,096			15,138			12,651			10,513			60,032			42,736
Provision for Income Taxes		3,813			3,495			3,618			3,018			2,309			13,944			9,911
Net Income		13,334			11,601			11,520			9,633			8,204			46,088			32,825
Preferred Stock Dividends		(1,014)			(1,013)			(1,014)			(1,013)			(1,014)			(4,054)			(4,054)
Net Income Available to Common Shareholders	$	12,320		$	10,588		$	10,506		$	8,620		$	7,190		$	42,034		$	28,771

Earnings Per Share
Basic	$	0.45		$	0.38		$	0.38		$	0.31		$	0.26		$	1.53		$	1.05
Diluted		0.43			0.38			0.38			0.31			0.26			1.49			1.03

Page 13 of 19

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

(dollars in thousands, except per share data)

(Unaudited)


		For the Three Months Ended
		December 31, 2025								September 30, 2025								December 31, 2024
		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		$	182,129		$	1,649		3.59	%	$	256,174		$	2,732		4.23	%	$	181,904		$	1,968		4.30	%
Investment Securities:
Taxable Investment Securities			671,444			8,001		4.73			730,643			9,448		5.13			723,038			8,814		4.85
Tax-Exempt Investment Securities⁽¹⁾			147,832			2,177		5.84			81,962			1,168		5.66			28,681			374		5.19
Total Investment Securities			819,276			10,178		4.93			812,605			10,616		5.18			751,719			9,188		4.86
Loans ⁽¹⁾⁽²⁾			4,239,936			61,746		5.78			4,132,987			60,317		5.79			3,730,532			52,078		5.55
Federal Home Loan Bank Stock			23,359			496		8.43			21,373			492		9.12			18,686			377		8.02
Total Interest Earning Assets			5,264,700			74,069		5.58	%		5,223,139			74,157		5.63	%		4,682,841			63,611		5.40	%
Noninterest Earning Assets			173,855								149,304								105,195
Total Assets		$	5,438,555							$	5,372,443							$	4,788,036

Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	891,419		$	7,912		3.52	%	$	843,905		$	8,037		3.78	%	$	836,155		$	8,962		4.26	%
Savings and Money Market Deposits			1,445,588			12,597		3.46			1,473,465			13,465		3.63			1,073,194			10,795		4.00
Time Deposits			333,904			3,282		3.90			342,926			3,703		4.28			336,917			3,650		4.31
Brokered Deposits			775,750			8,412		4.30			856,516			9,410		4.36			875,015			9,403		4.27
Total Interest Bearing Deposits			3,446,661			32,203		3.71			3,516,812			34,615		3.90			3,121,281			32,810		4.18
Federal Funds Purchased			496			5		4.22			—			—		—			3,290			42		5.09
Notes Payable			—			—		—			5,679			106		7.40			13,750			275		7.95
FHLB Advances			449,065			3,524		3.11			404,500			2,933		2.88			347,652			2,229		2.55
Subordinated Debentures			108,629			1,890		6.90			108,639			1,888		6.89			79,616			1,001		5.00
Total Interest Bearing Liabilities			4,004,851			37,622		3.73	%		4,035,630			39,542		3.89	%		3,565,589			36,357		4.06	%

Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			854,687								793,760								718,227
Other Noninterest Bearing Liabilities			69,362								57,184								48,271
Total Noninterest Bearing Liabilities			924,049								850,944								766,498
Shareholders' Equity			509,655								485,869								455,949
Total Liabilities and Shareholders' Equity		$	5,438,555							$	5,372,443							$	4,788,036
Net Interest Income / Interest Rate Spread						36,447		1.86	%					34,615		1.74	%					27,254		1.35	%
Net Interest Margin ⁽³⁾								2.75	%							2.63	%							2.32	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(760)								(524)								(287)
Net Interest Income					$	35,687							$	34,091							$	26,967

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

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

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

Page 14 of 19

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

(dollars in thousands, except per share data)

(Unaudited)


		For the Year Ended
		December 31, 2025								December 31, 2024
		Average			Interest			Yield/		Average			Interest			Yield/
(dollars in thousands)		Balance			& Fees			Rate		Balance			& Fees			Rate
Interest Earning Assets:
Cash Investments		$	203,433		$	8,118		3.99	%	$	124,205		$	5,690		4.58	%
Investment Securities:
Taxable Investment Securities			726,164			35,365		4.87			668,012			32,681		4.89
Tax-Exempt Investment Securities⁽¹⁾			74,649			4,207		5.64			30,864			1,577		5.11
Total Investment Securities			800,813			39,572		4.94			698,876			34,258		4.90
Loans ⁽¹⁾⁽²⁾			4,088,601			234,164		5.73			3,738,260			205,646		5.50
Federal Home Loan Bank Stock			21,296			1,852		8.70			18,256			1,550		8.49
Total Interest Earning Assets			5,114,143			283,706		5.55	%		4,579,597			247,144		5.40	%
Noninterest Earning Assets			154,410								103,547
Total Assets		$	5,268,553							$	4,683,144
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	852,426		$	31,907		3.74	%	$	776,768		$	34,294		4.41	%
Savings and Money Market Deposits			1,401,187			50,689		3.62			956,300			39,297		4.11
Time Deposits			334,003			13,562		4.06			342,582			14,585		4.26
Brokered Deposits			825,114			35,260		4.27			963,676			40,629		4.22
Total Interest Bearing Deposits			3,412,730			131,418		3.85			3,039,326			128,805		4.24
Federal Funds Purchased			466			21		4.53			21,493			1,201		5.59
Notes Payable			8,250			624		7.57			13,750			1,162		8.45
FHLB Advances			403,411			11,465		2.84			320,497			8,554		2.67
Subordinated Debentures			95,334			5,882		6.17			79,473			3,983		5.01
Total Interest Bearing Liabilities			3,920,191			149,410		3.81	%		3,474,539			143,705		4.14	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			799,099								705,247
Other Noninterest Bearing Liabilities			65,435								62,595
Total Noninterest Bearing Liabilities			864,534								767,842
Shareholders' Equity			483,828								440,763
Total Liabilities and Shareholders' Equity		$	5,268,553							$	4,683,144
Net Interest Income / Interest Rate Spread						134,296		1.74	%					103,439		1.26	%
Net Interest Margin ⁽³⁾								2.63	%							2.26	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(1,858)								(1,246)
Net Interest Income					$	132,438							$	102,193

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

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

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

Page 15 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Asset Quality Summary

(unaudited)


		As of and for the Three Months Ended															As of and for the Year Ended
		December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
(dollars in thousands)		2025			2025			2025			2025			2024			2025			2024
Allowance for Credit Losses
Balance at Beginning of Period		$	56,390		$	55,765		$	53,766		$	52,277		$	51,018		$	52,277		$	50,494
Day 1 PCD Allowance			—			—			—			—			114			—			114
Provision for Credit Losses⁽¹⁾			1,250			900			2,000			1,500			1,450			5,650			2,900
Charge-offs			(1,259)			(276)			(6)			(12)			(317)			(1,553)			(1,266)
Recoveries			62			1			5			1			12			69			35
Net Charge-offs			(1,197)			(275)			(1)			(11)			(305)			(1,484)			(1,231)
Balance at End of Period		$	56,443		$	56,390		$	55,765		$	53,766		$	52,277		$	56,443		$	52,277
Allowance for Credit Losses to Total Loans			1.31	%		1.34	%		1.35	%		1.34	%		1.35	%		1.31	%		1.35	%

(1)	Includes a day 1 provision for credit losses for non-PCD loans acquired in the FMCB transaction of $950,000 for the three and twelve months ended December 31, 2024.


		As of and for the Three Months Ended														As of and for the Year Ended
		December 31,			September 30,			June 30,			March 31,			December 31,		December 31,			December 31,
(dollars in thousands)		2025			2025			2025			2025			2024		2025			2024
Provision for Credit Losses on Loans and Leases		$	1,250		$	900		$	2,000		$	1,500		$	1,450	$	5,650		$	2,900
Provision for Credit Losses for Off-Balance Sheet Credit Exposures			200			200			—			—			725		400			625
Provision for Credit Losses		$	1,450		$	1,100		$	2,000		$	1,500		$	2,175	$	6,050		$	3,525


	As of and for the Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)	2025			2025			2025			2025			2024
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	968		$	2,906		$	12,492		$	466		$	1,291
Loans 30-89 Days Past Due to Total Loans		0.02	%		0.07	%		0.30	%		0.01	%		0.03	%
Nonperforming Loans	$	22,034		$	9,991		$	10,134		$	10,290		$	301
Nonperforming Loans to Total Loans		0.51	%		0.24	%		0.24	%		0.26	%		0.01	%
Nonaccrual Loans to Total Loans		0.51			0.24			0.24			0.26			0.01
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.51			0.24			0.24			0.26			0.01
Foreclosed Assets	$	—		$	—		$	185		$	—		$	—
Nonperforming Assets ⁽¹⁾		22,034			9,991			10,319			10,290			301
Nonperforming Assets to Total Assets ⁽¹⁾		0.41	%		0.19	%		0.19	%		0.20	%		0.01	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.11			0.03			0.00			0.00			0.03
Watchlist/Special Mention Risk Rating Loans	$	47,823		$	40,642		$	53,282		$	38,346		$	46,581
Substandard Risk Rating Loans		52,956			58,074			44,986			31,587			21,791

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

Page 16 of 19

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

(unaudited)


	For the Three Months Ended															For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
(dollars in thousands)	2025			2025			2025			2025			2024			2025			2024
Pre-Provision Net Revenue
Noninterest Income	$	3,148		$	2,061		$	3,627		$	2,079		$	2,533		$	10,915		$	7,368
Less: Gain on Sales of Securities		(80)			(59)			(474)			(1)			—			(614)			(385)
Less: FHLB Advance Prepayment Income		—			—			(301)			—			—			(301)			—
Total Operating Noninterest Income		3,068			2,002			2,852			2,078			2,533			10,000			6,983
Plus: Net Interest Income		35,687			34,091			32,452			30,208			26,967			132,438			102,193
Net Operating Revenue	$	38,755		$	36,093		$	35,304		$	32,286		$	29,500		$	142,438		$	109,176

Noninterest Expense	$	20,238		$	19,956		$	18,941		$	18,136		$	16,812		$	77,271		$	63,300
Total Operating Noninterest Expense	$	20,238		$	19,956		$	18,941		$	18,136		$	16,812		$	77,271		$	63,300

Pre-Provision Net Revenue	$	18,517		$	16,137		$	16,363		$	14,150		$	12,688		$	65,167		$	45,876

Plus:
Non-Operating Revenue Adjustments		80			59			775			1			—			915			385
Less:
Provision for Credit Losses		1,450			1,100			2,000			1,500			2,175			6,050			3,525
Provision for Income Taxes		3,813			3,495			3,618			3,018			2,309			13,944			9,911
Net Income	$	13,334		$	11,601		$	11,520		$	9,633		$	8,204		$	46,088		$	32,825

Average Assets	$	5,438,555		$	5,372,443		$	5,162,182		$	5,071,446		$	4,788,036		$	5,268,553		$	4,683,144
Pre-Provision Net Revenue Return on Average Assets		1.35	%		1.19	%		1.27	%		1.13	%		1.05	%		1.24	%		0.98	%

Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	38,755		$	36,093		$	35,304		$	32,286		$	29,500		$	142,438		$	109,176

Noninterest Expense	$	20,238		$	19,956		$	18,941		$	18,136		$	16,812		$	77,271		$	63,300
Less: Merger-related Expenses		(346)			(530)			(540)			(565)			(488)			(1,981)			(712)
Adjusted Total Operating Noninterest Expense	$	19,892		$	19,426		$	18,401		$	17,571		$	16,324		$	75,290		$	62,588

Adjusted Pre-Provision Net Revenue	$	18,863		$	16,667		$	16,903		$	14,715		$	13,176		$	67,148		$	46,588
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.38	%		1.23	%		1.31	%		1.18	%		1.09	%		1.27	%		0.99	%

Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	36,447		$	34,614		$	32,770		$	30,464		$	27,254		$	134,296		$	103,440
Less:
Loan Fees		(1,041)			(966)			(1,019)			(719)			(747)			(3,745)			(3,090)
Purchase Accounting Accretion:
Loan Accretion		(546)			(380)			(425)			(342)			—			(1,693)			—
Bond Accretion		(33)			(89)			(152)			(578)			(91)			(852)			(91)
Bank-Owned Certificates of Deposit Accretion		(16)			(6)			(4)			(7)			—			(33)			—
Deposit Certificates of Deposit Accretion		—			(13)			(37)			(38)			—			(88)			—
Total Purchase Accounting Accretion		(595)			(488)			(618)			(965)			(91)			(2,666)			(91)
Core Net Interest Income (Tax-equivalent Basis)	$	34,811		$	33,160		$	31,133		$	28,780		$	26,416		$	127,885		$	100,259

Average Interest Earning Assets	$	5,264,700		$	5,223,139		$	5,019,058		$	4,928,283		$	4,682,841		$	5,114,143		$	4,579,597
Core Net Interest Margin		2.62	%		2.52	%		2.49	%		2.37	%		2.24	%		2.50	%		2.19	%

Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	61,746		$	60,317		$	58,122		$	53,979		$	52,078		$	234,164		$	205,646
Less:
Loan Fees		(1,041)			(966)			(1,019)			(719)			(747)			(3,745)			(3,090)
Loan Accretion		(546)			(380)			(425)			(342)			—			(1,693)			—
Core Loan Interest Income	$	60,159		$	58,971		$	56,678		$	52,918		$	51,331		$	228,726		$	202,556

Average Loans	$	4,239,936		$	4,132,987		$	4,064,540		$	3,899,258		$	3,730,532		$	4,088,601		$	3,738,260
Core Loan Yield		5.63	%		5.66	%		5.59	%		5.50	%		5.47	%		5.59	%		5.42	%

Page 17 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
(dollars in thousands)	2025			2025			2025			2025			2024			2025			2024
Efficiency Ratio
Noninterest Expense	$	20,238		$	19,956		$	18,941		$	18,136		$	16,812		$	77,271		$	63,300
Less: Amortization of Intangible Assets		(231)			(230)			(230)			(230)			(52)			(921)			(78)
Adjusted Noninterest Expense	$	20,007		$	19,726		$	18,711		$	17,906		$	16,760		$	76,350		$	63,222

Net Interest Income	$	35,687		$	34,091		$	32,452		$	30,208		$	26,967		$	132,438		$	102,193
Noninterest Income		3,148			2,061			3,627			2,079			2,533			10,915			7,368
Less: Gain on Sales of Securities		(80)			(59)			(474)			(1)			—			(614)			(385)
Adjusted Operating Revenue	$	38,755		$	36,093		$	35,605		$	32,286		$	29,500		$	142,739		$	109,176
Efficiency Ratio		51.6	%		54.7	%		52.6	%		55.5	%		56.8	%		53.5	%		57.9	%

Adjusted Efficiency Ratio
Noninterest Expense	$	20,238		$	19,956		$	18,941		$	18,136		$	16,812		$	77,271		$	63,300
Less: Amortization of Intangible Assets		(231)			(230)			(230)			(230)			(52)			(921)			(78)
Less: Merger-related Expenses		(346)			(530)			(540)			(565)			(488)			(1,981)			(712)
Adjusted Noninterest Expense	$	19,661		$	19,196		$	18,171		$	17,341		$	16,272		$	74,369		$	62,510

Net Interest Income	$	35,687		$	34,091		$	32,452		$	30,208		$	26,967		$	132,438		$	102,193
Noninterest Income		3,148			2,061			3,627			2,079			2,533			10,915			7,368
Less: Gain on Sales of Securities		(80)			(59)			(474)			(1)			—			(614)			(385)
Less: FHLB Advance Prepayment Income		—			—			(301)			—			—			(301)			—
Adjusted Operating Revenue	$	38,755		$	36,093		$	35,304		$	32,286		$	29,500		$	142,438		$	109,176
Adjusted Efficiency Ratio		50.7	%		53.2	%		51.5	%		53.7	%		55.2	%		52.2	%		57.3	%

Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	20,238		$	19,956		$	18,941		$	18,136		$	16,812		$	77,271		$	63,300
Less: Merger-related Expenses		(346)			(530)			(540)			(565)			(488)			(1,981)			(712)
Adjusted Noninterest Expense	$	19,892		$	19,426		$	18,401		$	17,571		$	16,324		$	75,290		$	62,588

Average Assets	$	5,438,555		$	5,372,443		$	5,162,182		$	5,071,446		$	4,788,036		$	5,268,553		$	4,683,144
Adjusted Noninterest Expense to Average Assets (Annualized)		1.45	%		1.43	%		1.43	%		1.41	%		1.36	%		1.43	%		1.34	%

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	517,095		$	497,463		$	476,282		$	468,975		$	457,935
Less: Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Total Common Shareholders' Equity		450,581			430,949			409,768			402,461			391,421
Less: Intangible Assets		(18,912)			(19,142)			(19,372)			(19,602)			(19,832)
Tangible Common Equity	$	431,669		$	411,807		$	390,396		$	382,859		$	371,589

Total Assets	$	5,407,002		$	5,359,994		$	5,296,673		$	5,136,808		$	5,066,242
Less: Intangible Assets		(18,912)			(19,142)			(19,372)			(19,602)			(19,832)
Tangible Assets	$	5,388,090		$	5,340,852		$	5,277,301		$	5,117,206		$	5,046,410
Tangible Common Equity/Tangible Assets		8.01	%		7.71	%		7.40	%		7.48	%		7.36	%

Tangible Book Value Per Share
Book Value Per Common Share	$	16.23		$	15.62		$	14.92		$	14.60		$	14.21
Less: Effects of Intangible Assets		(0.68)			(0.69)			(0.71)			(0.71)			(0.72)
Tangible Book Value Per Common Share	$	15.55		$	14.93		$	14.21		$	13.89		$	13.49

Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	12,320		$	10,588		$	10,506		$	8,620		$	7,190		$	42,034		$	28,771

Average Shareholders' Equity	$	509,655		$	485,869		$	471,700		$	465,408		$	455,949		$	483,828		$	440,763
Less: Average Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Average Common Equity		443,141			419,355			405,186			398,894			389,435			417,314			374,249
Less: Effects of Average Intangible Assets		(19,042)			(19,274)			(19,504)			(19,738)			(4,412)			(19,387)			(3,207)
Average Tangible Common Equity	$	424,099		$	400,081		$	385,682		$	379,156		$	385,023		$	397,927		$	371,042
Return on Average Tangible Common Equity		11.53	%		10.50	%		10.93	%		9.22	%		7.43	%		10.56	%		7.75	%

Page 18 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
(dollars in thousands)	2025			2025			2025			2025			2024			2025			2024
Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	12,320		$	10,588		$	10,506		$	8,620		$	7,190		$	42,034		$	28,771

Add: Merger-related Expenses		346			530			540			565			488			1,981			712
Less: FHLB Advance Prepayment Income		—			—			(301)			—			—			(301)			—
Less: Gain on Sales of Securities		(80)			(59)			(474)			(1)			—			(614)			(385)
Total Adjustments		266			471			(235)			564			488			1,066			327
Less: Tax Impact of Adjustments		(59)			(110)			56			(135)			(107)			(247)			(76)
Adjusted Net Income Available to Common Shareholders	$	12,527		$	10,949		$	10,327		$	9,049		$	7,571		$	42,853		$	29,022

Diluted Weighted Average Shares Outstanding		28,354,756			28,190,406			27,998,008			28,036,506			28,055,532			28,169,857			27,943,343
Adjusted Diluted Earnings Per Common Share	$	0.44		$	0.39		$	0.37		$	0.32		$	0.27		$	1.52		$	1.04

Adjusted Return on Average Assets
Net Income	$	13,334		$	11,601		$	11,520		$	9,633		$	8,204		$	46,088		$	32,825
Add: Total Adjustments		266			471			(235)			564			488			1,066			327
Less: Tax Impact of Adjustments		(59)			(110)			56			(135)			(107)			(247)			(76)
Adjusted Net Income	$	13,541		$	11,962		$	11,341		$	10,062		$	8,585		$	46,907		$	33,076

Average Assets	$	5,438,555		$	5,372,443		$	5,162,182		$	5,071,446		$	4,788,036		$	5,268,553		$	4,683,144
Adjusted Return on Average Assets		0.99	%		0.88	%		0.88	%		0.80	%		0.71	%		0.89	%		0.71	%

Adjusted Return on Average Shareholders' Equity
Adjusted Net Income	$	13,541		$	11,962		$	11,341		$	10,062		$	8,585		$	46,907		$	33,076

Average Shareholders' Equity	$	509,655		$	485,869		$	471,700		$	465,408		$	455,949		$	483,828		$	440,763
Adjusted Return on Average Shareholders' Equity		10.54	%		9.77	%		9.64	%		8.77	%		7.49	%		9.69	%		7.50	%

Adjusted Return on Average Tangible Common Equity
Adjusted Net Income Available to Common Shareholders	$	12,527		$	10,949		$	10,327		$	9,049		$	7,571		$	42,853		$	29,022

Average Tangible Common Equity	$	424,099		$	400,081		$	385,682		$	379,156		$	385,023		$	397,927		$	371,042
Adjusted Return on Average Tangible Common Equity		11.72	%		10.86	%		10.74	%		9.68	%		7.82	%		10.77	%		7.82	%

Page 19 of 19

Exhibit 99.2

2 Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. 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 uncertainties, risks and changes in circumstances 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 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 and forign; 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 ongoing conflicts in the Middle East, the Russian invasion of Ukraine and recent military activities in Venezuela; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of First Minnetonka City Bank (“FMCB”), including the possibility that the merger may be more difficult or expensive to integrate than anticipated 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 or 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 undertake 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 have not independently verified, such information. Use of Non-GAAP financial measures In addition to the results presented in accordance with U.S. General 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 • Net interest income increased $1.6M, or 4.7%, from 3Q25 • Net interest margin (NIM) of 2.75%, up 12 bps from 3Q25; core NIM1 of 2.62%, up 10 bps from 3Q25 • Noninterest income increased $1.1M, or 52.7%, from 3Q25 • Efficiency ratio1 of 51.6%, down from 54.7% in 3Q25; adjusted efficiency ratio1 of 50.7%, down from 53.2% in 3Q25 0.41% • Deposit balances increased $28M, or 2.6% annualized, from 3Q25; core deposit2 balances increased $73M, or 8.8% annualized • Loan balances increased $95M, or 8.9% annualized, from 3Q25 • FY25 total deposit growth of 5.7%; core deposit2 growth of 7.9%; and loan growth of 11.4% • Annualized net charge-offs to average loans of 0.11% vs. 0.03% in 3Q25; FY25 net charge-offs of 0.04% vs. 0.03% in FY24 • Nonperforming assets to total assets of 0.41%, up from 0.19% in 3Q25 • Well-reserved with allowance to total loans of 1.31%, down 3 bps from September 30, 2025 Robust Core Deposit and Loan Growth Strong Asset Quality Profile $0.43 Diluted EPS Nonperforming Assets to Total Assets Efficiency Ratio1 Return on Average Assets Return on Avg. Tangible Common Equity1 0.97% 11.53% 51.6% 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 $16.23, up 15.5% annualized from 3Q25 • Tangible book value per share1 of $15.55, up 16.5% annualized from 3Q25; up 15.3% from 4Q24 • Common Equity Tier 1 Ratio of 9.17%, up from 9.08% at September 30, 2025 Focus on Creating Shareholder Value NIM Expansion and Revenue Growth $0.44 0.99% 11.72% 50.7% Reported Adjusted1 4Q25 Earnings Highlights • FMCB merger-related expenses of $346K • Sold $15.9M of securities for a gain of $80K Non-Core Items

4 Consistent Tangible Book Value Per Share Outperformance 243% 94% 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 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 September 30, 2025 with growth rate through 3Q25 (Source: S&P Capital IQ)

5 NIM Expansion and Net Interest Income Growth $26,129 $28,524 $30,815 $32,637 $34,051 $747 $719 $1,019 $966 $1,041 $91 $965 $618 $488 $595 $26,967 $30,208 $32,452 $34,091 $35,687 2.32% 2.51% 2.62% 2.63% 2.75% 2.24% 2.37% 2.49% 2.52% 2.62% 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 2.63% 0.18% 0.04% (0.05)% (0.04)% (0.04)% 0.01% 0.01% 0.01% 2.75% NIM (3Q25) Loan Fees Purchase Accounting Accretion Deposits Loans Cash Investments Borrowings Other NIM (4Q25) Net Interest Margin Roll-forward 4Q25 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 5% from 3Q25, driven by strong net interest margin expansion • Included $595K of purchase accounting accretion income • Higher loan fees as loan payoffs increased from 3Q25 Net Interest Margin • NIM increased 12 bps in 4Q25 as deposit costs improved meaningfully • Path to a 3.00% NIM by the end of 2026 Core NIM2 up 10 bps Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA)

6 Deposit Costs Decline as Loan Yields Stabilize $3,121 $3,322 $3,344 $3,517 $3,447 $718 $444 $767 $774 $793 $855 $448 $505 $519 $558 $4,283 $4,537 $4,623 $4,829 $4,860 3.38% 3.17% 3.19% 3.25% 3.07% 4Q24 1Q25 2Q25 3Q25 4Q25 $3,731 $3,899 $4,065 $4,133 $4,240 5.55% 5.61% 5.74% 5.79% 5.78% 5.47% 5.50% 5.59% 5.66% 5.63% 4Q24 1Q25 2Q25 3Q25 4Q25 $3,840 $4,089 $4,119 $4,311 $4,301 3.40% 3.18% 3.16% 3.19% 2.97% 4Q24 1Q25 2Q25 3Q25 4Q25 Core Loan Yield2 $752 $804 $767 $813 $819 4.86% 4.79% 4.86% 5.18% 4.93% 4Q24 1Q25 2Q25 3Q25 4Q25 Average Interest-Bearing Deposits Average Noninterest-Bearing Deposits Average Borrowings Cost of Funds Average Loans Loan Yield1 Average Investments Investment Yield1 Average Total Deposits Cost of Total Deposits 1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21% 2 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in millions Loans Yields Hold Flat Despite Recent Rate Cuts Deposit Costs Decline Following Recent Rate Cuts High-Yielding Securities Portfolio Total Funding Costs Improve

7 Strong Revenue and Profitability Trends Continue PPNR ROA1 $26,967 $30,208 $32,452 $34,091 $35,687 $2,533 $2,079 $3,627 $2,061 $3,148 $29,500 $32,287 $36,079 $36,152 $38,835 4Q24 1Q25 2Q25 3Q25 4Q25 $12,688 $14,150 $16,363 $16,137 $18,517 $8,204 $9,633 $11,520 $11,601 $13,334 1.05% 1.13% 1.27% 1.19% 1.09% 1.35% 1.18% 1.31% 1.23% 1.38% 0.68% 0.77% 0.90% 0.86% 0.71% 0.97% 0.80% 0.88% 0.88% 0.99% 4Q24 1Q25 2Q25 3Q25 4Q25 PPNR Net Income 1 ROA 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in thousands Total revenue growth continued in 4Q25 due to NIM expansion and strong swap fee income Adj. PPNR ROA1 Adj. ROA1 Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Net Interest Income Noninterest Income Swap Fees % of Non Int Income $ 521 21% $ 42 2% $ 938 26% $-- --% $ 651 21%

8 A Highly Efficient Business Model 1.36% 1.41% 1.43% 1.43% 1.45% 0.04% 0.04% 0.04% 0.04% 0.03% 1.40% 1.45% 1.47% 1.47% 1.48% 56.8% 55.5% 52.6% 54.7% 51.6% 55.2% 53.7% 51.5% 53.2% 50.7% 4Q24 1Q25 2Q25 3Q25 4Q25 Adjusted NIE / Avg. Assets2 Adjusted Efficiency Ratio3 Peer median efficiency ratio of 57%1 in 3Q25 Expense growth returns to more normalized level following FMCB systems conversion in 3Q25 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 September 30, 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 Merger-Related $10,431 $11,339 $11,363 $12,215 $12,413 $1,172 $1,234 $1,274 $1,266 $1,171 $1,322 $1,590 $1,596 $1,610 $1,614 $769 $911 $1,043 $1,261 $1,404 $2,630 $2,497 $3,125 $3,074 $3,290 $488 $565 $540 $530 $346 $16,812 $18,136 $18,941 $19,956 $20,238 4Q24 1Q25 2Q25 3Q25 4Q25 Improving Efficiency Ratio Well Managed Expense Growth

9 Continued Core Deposit Momentum 20% 19% 19% 19% 21% 21% 20% 19% 20% 21% 31% 33% 34% 33% 32% 8% 8% 8% 8% 7% 20% 20% 20% 20% 19% $4,087 $4,162 $4,237 $4,293 $4,320 4Q24 1Q25 2Q25 3Q25 4Q25 Interest-Bearing Transaction Noninterest-Bearing Transaction Time Savings & Money Market Brokered • 4Q25 deposit growth of $28M, or 2.6% annualized (5.7% for FY25) • 4Q25 core deposit growth1 of $73M, or 8.8% annualized (7.9% for FY25) • Improved deposit mix as noninterest bearing transaction deposits increased $100M from 3Q25 while brokered deposits decreased $24M • Core deposit growth not always linear due to nature of the deposit base 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 $2,470 $2,515 $2,585 $2,547 $2,637 $2,585 $2,678 $3,107 $3,170 $3,186 $3,279 $3,351 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Improved Deposit Mix Core Deposits Acquired Core Deposits1

10 Robust Loan Growth Trends Continue $3,752 $117 $3,869 $4,020 $4,146 $4,215 $4,310 4Q24 1Q25 2Q25 3Q25 4Q25 Gross Loans Dollars in millions • 4Q25 loan growth of $95M, or 8.9% annualized • FY25 loan growth of $441M, or 11.4% • Loan demand and pipeline remain strong • Loan-to-deposit ratio of 99.7%, 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 Acquired Gross Loans Proven Track Record of Generating Robust Loan Growth

11 Loan Originations and Payoffs Increase Strong Loan Pipeline Translating into New Originations $189 $221 $217 $132 $242 $68 $49 $58 $61 $257 $82 $270 $275 $193 $324 4Q24 1Q25 2Q25 3Q25 4Q25 New Originations Advances Increased Loan Payoff Activity $155 $86 $122 $76 $183 $38 $55 $45 $48 $193 $77 $141 $167 $124 $260 4Q24 1Q25 2Q25 3Q25 4Q25 Payoffs Amortization/Paydowns Dollars in millions $4,215 $4,310 $242 $82 $32 $(183) $(77) $(1) Gross Loans (3Q25) New Originations Advances Net Revolving Lines of Credit Payoffs Amort. / Paydowns Charge-Offs Gross Loans (4Q25) 4Q25 Loan Growth Roll-forward

12 Well-Diversified Loan Portfolio with Multifamily Expertise $(3) $0 $0 $6 $9 $9 $14 $60 Dollars in millions CRE NOO 27.0% Multifamily 36.8% C&D 6.1% 1-4 Family Mortgage 11.5% CRE OO 4.4% C&I 12.7% Leases 1.0% Consumer & Other 0.5% Loan Mix by Type $4.3 Billion • Increased construction and development commitments over the past several quarters have resulted in renewed balance sheet growth in 2025 • Remain comfortable with the diversity of the loan portfolio, including CRE and multifamily concentrations, given portfolio performance and expertise 4Q25 Loan Growth by Type (vs. 3Q25) Multifamily 1-4 Family Mortgage Construction and Development C&I CRE Nonowner Occupied CRE Owner Occupied Consumer & Other Leases National Affordable Housing Expertise • Affordable housing vertical grew $41M, or 27% annualized, during 4Q25 with balances spread across the multifamily, construction and development, and C&I portfolios • $652M affordable housing portfolio ($464M within multifamily portfolio) • 29% growth in 2025 • 33% of the portfolio located outside of Minnesota

13 Managing Multifamily and Office-Related Risk 1 Excludes medical office of $91 million Data as of December 31, 2025 Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure Percent of Total Loans Average Loan Size 4.9% $2.4M CRE NOO Office by Geography Twin Cities Suburban 63% Minneapolis-St. Paul (CBD) 13% Minneapolis -St. Paul (non-CBD) 21% Out-of-State (non-CBD) 1% Greater MN 2% $213M • 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 $3.3M $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 67% Weighted Average LTV 63%

14 Asset Quality Remains Strong 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of September 30, 2025 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands $305 $11 $1 $275 $1,197 0.03% 0.00% 0.00% 0.03% 0.11% 4Q24 1Q25 2Q25 3Q25 4Q25 Net Charge-Offs FY25 NCOs of 0.04% compared to 0.03% in FY24 Net Charge-offs (recoveries) % of Average Loans (annualized) $52,277 $53,766 $55,765 $56,390 $56,443 1.35% 1.34% 1.35% 1.34% 1.31% 4Q24 1Q25 2Q25 3Q25 4Q25 Allowance for Credit Losses Well-reserved compared to peer median ACL/Loans of 1.18%1 Allowance for Credit Losses % of Gross Loans $301 $10,290 $10,134 $9,991 $22,034 0.01% 0.20% 0.19% 0.19% 0.41% 4Q24 1Q25 2Q25 3Q25 4Q25 Nonperforming Assets2 NPAs remain at relatively low levels NPAs % of Assets

Manageable Levels of Watch/Special Mention and Substandard Multifamily 70.9% CRE NOO Other 0.3% CRE OO 24.6% C&I 4.2% $48 Million Watch/Special Mention List Loans Substandard Loans C&I 19.8% CRE NOO Office 16.3% CRE NOO Hotels 5.4% CRE NOO Retail 3.5% CRE NOO Other 4.9% Multifamily 44.9% CRE OO 3.2% 1-4 Family 1.9% Other 0.1% $53 Million Watch/Special Mention Characteristics Loan Balances Outstanding $47,823 % of Total Loans, Gross 1.1% Number of Loans 19 Average Loan Size $2,517 % of Bank Risk-Based Capital 7.5% Substandard Characteristics Loan Balances Outstanding $52,956 % of Total Loans, Gross 1.2% Number of Loans 19 Average Loan Size $2,787 % of Bank Risk-Based Capital 8.3% $46,581 $38,346 $53,282 $40,642 $47,823 4Q24 1Q25 2Q25 3Q25 4Q25 $21,791 $31,587 $44,986 $58,074 $52,956 4Q24 1Q25 2Q25 3Q25 4Q25 Dollars in thousands 15

16 Comfortable Capital Position to Support Growth 9.45% 9.10% 9.14% 9.02% 9.20% 9.08% 9.03% 9.03% 9.08% 9.17% 13.76% 13.62% 14.17% 14.12% 14.12% 7.36% 7.48% 7.40% 7.71% 8.01% 4Q24 1Q25 2Q25 3Q25 4Q25 Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio Tier 1 Leverage Ratio Capital Ratios Stabilize Following Acquisition Tangible Common Equity Ratio1 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Recent Capital Actions • No share repurchases in 4Q25 • $13.1M remaining under current share repurchase authorization as of December 31, 2025 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 2026 Expectations • High single digit loan growth over the course of the year, 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 • Path to a 3.00% net interest margin by the end of 2026 • Dependent on pace of additional rate cuts 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 • Ongoing evaluation of potential share repurchases based on valuation, capital levels, and other uses of capital 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

19 APPENDIX

20 2025 Strategic Priorities Return to More Normalized Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Leverage Technology to Support Business Growth Execute on M&A Integration and Readiness Initiatives • Well positioned given efforts to optimize the balance sheet in 2024, including strong core deposit growth and reduced loan-to-deposit ratio • Leverage increased loan demand due to the more favorable interest rate environment • Continue to align loan growth with core deposit growth over time • Maintain strong credit quality through consistent underwriting standards and active credit oversight • Utilize the expanded branch footprint, including acquisition of FMCB and anticipated 2026 opening of a de novo branch in Lake Elmo, MN • Focus on expanding targeted verticals, including affordable housing, women business leaders, and cannabis • Leverage affordable housing expertise to grow client base across the Twin Cities and nationally • Leverage marketplace disruption in the Twin Cities to attract new clients and top talent • Implement upgraded retail and small business online banking solution • Optimize recent technology investments, including the nCino commercial loan origination system and new CRM platform, as well as new AI tools to create efficiencies and enhance the client experience • Successfully complete systems integration of FMCB • Evaluate additional M&A opportunities that support BWB’s business model and growth outlook • Leverage recent M&A experience to optimize readiness and execution of future M&A opportunities Full Year 2025 Actions • Loan growth of 11.4% • Core deposit growth1 of 7.9% • Deposit market share in the Twin Cities increased from 1.54% in 2024 to 1.84% in 20252 • Affordable housing growth of $145M, or 28.5% • Successfully upgraded retail and small business online banking platform in 3Q25 • Successfully completed FMCB systems conversion in 3Q25 • Closure in December 2025 of one branch acquired from FMCB 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 2 Source: FDIC (data as of June 30th)

21 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 • $742M 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 (2.7)% +4.4% 3Q25 +10.5% (1.4)% 3.7% 4Q25 9.4% (1.7)% +3.1% 4Q24 +6.7% (1.3)% +3.1% 2Q25 +7.2% (2.7)% +4.0% 1Q25 +8.8% +200 bps (3.1)% (5.3)% (2.4)% (4.9)% (2.8)% Funding Mix Repricing Lower Following Recent Rate Cuts • $1.8B of funding tied to short-term rates, including $1.4B of immediately-adjustable deposits and $0.4B of derivative hedging • $598M of other repricing opportunities, including time deposit maturities over the next 12 months and callable brokered deposits with rates over 4.25%

22 Well Positioned to Benefit in Rates-Down Environment 19% 26% 13% 15% 12% 15% $106 $143 $70 $85 $64 $86 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 23% 19% 14% 15% 14% 15% $637 $547 $398 $421 $400 $416 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, 22% Adjustable, 13% Loan Portfolio Mix Fixed-Rate Portfolio ($2.8B) Variable-Rate Portfolio ($933M) Adjustable-Rate Portfolio ($555M) Years to Maturity • Large fixed-rate portfolio provides support to total loan yields in a rates-down environment • $637M of fixed-rate loans maturing over the next year, with a weighted average yield of 5.55% Variable-Rate Loan Floors • Smaller variable-rate portfolio limits immediate repricing pressure in a rates-down environment • 64% of variable-rate portfolio have rate floors, with 91% 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 3.84% Dollars in millions Data as of December 31, 2025 WA Yield 5.55% 5.38% 5.48% 5.44% 6.02% 4.21% WA Yield 3.84% 4.48% 4.24% 5.61% 6.42% 4.93% 4% 5% 24% 57% 10% $27 $28 $144 $340 $58 Below 4% 4%-5% 5%-6% 6%-7% Above 7% Increasing Variable-Rate Mix 70% 68% 67% 67% 65% 14% 17% 18% 19% 22% 16% 15% 15% 14% 13% 4Q24 1Q25 2Q25 3Q25 4Q25 Fixed Variable Adjustable

23 High Quality Securities Portfolio AAA 21% AA 56% A 4% BBB 6% BB 0% NR 13% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(49,418) $(20,750) $24,458 $14,508 $(13,364) $561 4Q24 4Q25 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securities • Securities portfolio average duration of 7.3 years • Average securities portfolio yield of 4.93% • AOCI / Total Risk-Based Capital of 0.1% vs. peer bank median of (3.7)%2 1 Includes the tax-effected impact of $5,390 in 4Q24 and $(226) in 4Q25 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of September 30, 2025 (Source: S&P Capital IQ) 32% 33% 36% 31% 31% 16% 15% 15% 29% 31% 17% 17% 18% 13% 12% 22% 23% 20% 18% 19% 13% 12% 11% 9% 7% $768 $765 $744 $826 $776 4Q24 1Q25 2Q25 3Q25 4Q25 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Corporate Securities Securities Available for Sale Portfolio (dollars in millions) Other

13.2% 11.9% 12.4% 12.5% 11.5% 32.2% 34.0% 32.7% 32.1% 35.0% $2,296 $2,357 $2,384 $2,393 $2,510 4Q24 1Q25 2Q25 3Q25 4Q25 24 Ample Liquidity and Borrowing Capacity 1 Excludes $254M of pledged securities at December 31, 2025 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sheet Liquidity as a % of Assets Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 Funding Source 12/31/2022 12/31/2025 Change Cash and Cash Equivalents $ 4 8 $ 9 7 $ 4 9 Unpledged Securities1 549 522 (27) FHLB Capacity 391 611 220 FRB Discount Window 158 1,026 868 Unsecured Lines of Credit 208 220 12 Secured Line of Credit 26 3 4 8 Total $ 1,380 $ 2,510 $ 1,130 Available Balance

25 Reconciliation of Non-GAAP Financial Measures Dollars in thousands December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 52,078 $ 53,979 $ 58,122 $ 60,317 $ 61,746 Less: Loan Fees (747) (719) (1,019) (966) (1,041) Loan Accretion - (342) (425) (380) (546) Core Loan Interest Income $ 51,331 $ 52,918 $ 56,678 $ 58,971 $ 60,159 Average Loans $ 3,730,532 $ 3,899,258 $ 4,064,540 $ 4,132,987 $ 4,239,936 Core Loan Yield 5.47% 5.50% 5.59% 5.66% 5.63% Efficiency Ratio: Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238 Less: Amortization Intangible Assets (52) (230) (230) (230) (231) Adjusted Noninterest Expense $ 16,760 $ 17,906 $ 18,711 $ 19,726 $ 20,007 Net Interest Income $ 26,967 $ 30,208 $ 32,452 $ 34,091 $ 35,687 Noninterest Income 2,533 2,079 3,627 2,061 3,148 Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80) Adjusted Operating Revenue $ 29,500 $ 32,286 $ 35,605 $ 36,093 $ 38,755 Efficiency Ratio 56.8% 55.5% 52.6% 54.7% 51.6% Adjusted Efficiency Ratio: Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238 Less: Amortization Intangible Assets (52) (230) (230) (230) (231) Less: Merger-related Expenses (488) (565) (540) (530) (346) Adjusted Noninterest Expense $ 16,272 $ 17,341 $ 18,171 $ 19,196 $ 19,661 Net Interest Income $ 26,967 $ 30,208 $ 32,452 $ 34,091 $ 35,687 Noninterest Income 2,533 2,079 3,627 2,061 3,148 Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80) Less: FHLB Advance Prepayment Income - - (301) - - Adjusted Operating Revenue $ 29,500 $ 32,286 $ 35,304 $ 36,093 $ 38,755 Adjusted Efficiency Ratio 55.2% 53.7% 51.5% 53.2% 50.7% Adjusted Noninterest Expense to Average Assets: Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238 Less: Merger-related Expenses (488) (565) (540) (530) (346) Adjusted Noninterest Expense $ 16,324 $ 17,571 $ 18,401 $ 19,426 $ 19,892 Average Assets $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 Adjusted Noninterest Expense to Average Assets (ann.) 1.36% 1.41% 1.43% 1.43% 1.45% As of and for the quarter ended, December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Pre-Provision Net Revenue: Noninterest Income $ 2,533 $ 2,079 $ 3,627 $ 2,061 $ 3,148 Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80) Less: FHLB Advance Prepayment Income - - (301) - - Total Operating Noninterest Income 2,533 2,078 2,852 2,002 3,068 Plus: Net Interest Income 26,967 30,208 32,452 34,091 35,687 Net Operating Revenue $ 29,500 $ 32,286 $ 35,304 $ 36,093 $ 38,755 Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238 Total Operating Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238 Pre-provision Net Revenue $ 12,688 $ 14,150 $ 16,363 $ 16,137 $ 18,517 Plus: Non-Operating Revenue Adjustments - 1 775 59 8 0 Less: Provision for Credit Losses 2,175 1,500 2,000 1,100 1,450 Less: Provision for Income Taxes 2,309 3,018 3,618 3,495 3,813 Net Income $ 8,204 $ 9,633 $ 11,520 $ 11,601 $ 13,334 Average Assets $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 Pre-Provision Net Revenue Return on Average Assets 1.05% 1.13% 1.27% 1.19% 1.35% Adjusted Pre-Provision Net Revenue: Net Operating Revenue $ 29,500 $ 32,286 $ 35,304 $ 36,093 $ 38,755 Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238 Less: Merger-related Expenses (488) (565) (540) (530) (346) Adjusted Total Operating Noninterest Expense $ 16,324 $ 17,571 $ 18,401 $ 19,426 $ 19,892 Adjusted Pre-Provision Net Revenue $ 13,176 $ 14,715 $ 16,903 $ 16,667 $ 18,863 Adjusted Pre-Provision Net Revenue Return on Average Assets 1.09% 1.18% 1.31% 1.23% 1.38% Core Net Interest Margin Net Interest Income (Tax-equivalent Basis) $ 27,254 $ 30,464 $ 32,770 $ 34,614 $ 36,447 Less: Loan Fees (747) (719) (1,019) (966) (1,041) Purchase Accounting Accretion: Loan Accretion - (342) (425) (380) (546) Bond Accretion (91) (578) (152) (89) (33) Bank-Owned Certificates of Deposit Accretion - (7) (4) (6) (16) Deposit Certificates of Deposit Accretion - (38) (37) (13) - Total Purchase Accounting Accretion (91) (965) (618) (488) (595) Core Net Interest Income (Tax-equivalent Basis) $ 26,416 $ 28,780 $ 31,133 $ 33,160 $ 34,811 Average Interest Earning Assets $ 4,682,841 $ 4,928,283 $ 5,019,058 $ 5,223,139 $ 5,264,700 Core Net Interest Margin 2.24% 2.37% 2.49% 2.52% 2.62% As of and for the quarter ended,

26 Reconciliation of Non-GAAP Financial Measures Dollars in thousands December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Adjusted Diluted Earnings Per Common Share Net Income Available to Common Shareholders $ 7,190 $ 8,620 $ 10,506 $ 10,588 $ 12,320 Add: Merger-related Expenses 488 565 540 530 346 Less: FHLB Advance Prepayment Income - - (301) - - Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80) Total Adjustments 488 564 (235) 471 266 Less: Tax Impact of Adjustments (107) (135) 56 (110) (59) Adjusted Net Income Available to Common $ 7,571 $ 9,049 $ 10,327 $ 10,949 $ 12,527 Diluted Weighted Average Shares Outstanding 28,055,532 28,036,506 27,998,008 28,190,406 28,354,756 Adjusted Diluted Earnings Per Common Share $ 0.27 $ 0.32 $ 0.37 $ 0.39 $ 0.44 Adjusted Return on Average Assets Net Income $ 8,204 $ 9,633 $ 11,520 $ 11,601 $ 13,334 Add: Total Adjustments 488 564 (235) 471 266 Less: Tax Impact of Adjustments (107) (135) 56 (110) (59) Adjusted Net Income $ 8,585 $ 10,062 $ 11,341 $ 11,962 $ 13,541 Average Assets $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555 Adjusted Return on Average Assets 0.71% 0.80% 0.88% 0.88% 0.99% Adjusted Return on Average Tangible Common Equity Adjusted Net Income Available to Common $ 7,571 $ 9,049 $ 10,327 $ 10,949 $ 12,527 Average Tangible Common Equity $ 385,023 $ 379,156 $ 385,682 $ 400,081 $ 424,099 Adjusted Return on Average Tangible Common 7.82% 9.68% 10.74% 10.86% 11.72% As of and for the quarter ended, December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Tangible Common Equity / Tangible Assets Total Shareholders' Equity $ 457,935 $ 468,975 $ 476,282 $ 497,463 $ 517,095 Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Total Common Shareholders' Equity 391,421 402,461 409,768 430,949 450,581 Less: Intangible Assets (19,832) (19,602) (19,372) (19,142) (18,912) Tangible Common Equity $ 371,589 $ 382,859 $ 390,396 $ 411,807 $ 431,669 Total Assets $ 5,066,242 $ 5,136,808 $ 5,296,673 $ 5,359,994 $ 5,407,002 Less: Intangible Assets (19,832) (19,602) (19,372) (19,142) (18,912) Tangible Assets $ 5,046,410 $ 5,117,206 $ 5,277,301 $ 5,340,852 $ 5,388,090 Tangible Common Equity / Tangible Assets 7.36% 7.48% 7.40% 7.71% 8.01% Return on Average Tangible Common Equity Net Income Available to Common Shareholders $ 7,190 $ 8,620 $ 10,506 $ 10,588 $ 12,320 Average Shareholders' Equity $ 455,949 $ 465,408 $ 471,700 $ 485,869 $ 509,655 Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Average Common Equity 389,435 398,894 405,186 419,355 443,141 Less: Effects of Average Intangible Assets (4,412) (19,738) (19,504) (19,274) (19,042) Average Tangible Common Equity $ 385,023 $ 379,156 $ 385,682 $ 400,081 $ 424,099 Return on Average Tangible Common Equity 7.43% 9.22% 10.93% 10.50% 11.53% 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 Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92 $ 15.62 $ 16.23 Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) (0.69) (0.68) Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21 $ 14.93 $ 15.55 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 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,