8-K - BWB - Equibles

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

July 23, 2025

Date of Report

(Date of earliest event reported)

BRIDGEWATER BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

<br><br><br><br>	<br><br>	<br><br><br><br>
Minnesota<br><br>(State or other jurisdiction of<br><br>incorporation)	001-38412<br><br>(Commission File Number)	26-0113412<br><br>(I.R.S. Employer<br><br>Identification No.)
	4450 Excelsior Boulevard, Suite 100<br><br>St. Louis Park , Minnesota<br><br>(Address of principal executive offices)	55416<br><br>(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<br><br>Depositary Shares, each representing a 1/100th interest in a share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A	BWB<br><br>BWBBP	The NASDAQ Stock Market LLC<br><br>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 R esults of Operations and Financial Condition.

On July 23, 2025, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended June 30, 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 R egulation FD Disclosure.

The Company hereby furnishes the Investor 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 July 22, 2025, the Board of Directors of the Company extended the expiration date of the Company’s previously announced stock repurchase program (the “2022 Stock Repurchase Program”) from August 20, 2025 to August 26, 2026. As of July 22, 2025, the Stock Repurchase Program had $13.1 million remaining under its stock repurchase authorization.

Under the 2022 Stock Repurchase Program, the Company may repurchase shares of its common stock from time to time in the open market or privately negotiated transactions. Any open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the 2022 Stock Repurchase Program’s expiration, without any prior notice.

On July 23, 2025, in its 2025 second 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 September 2, 2025, to shareholders of record of the Series A Preferred Stock at the close of business on August 15, 2025.

Item 9.01 Financial Statements and Exhibits.

(d)****Exhibits

Exhibit 99.1	Press Release of Bridgewater Bancshares, Inc., dated July 23, 2025, regarding second quarter 2025 financial results
Exhibit 99.2	Earnings Presentation dated July 23, 2025
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Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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: July 23, 2025
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman and Chief Executive Officer

Exhibit 99.1


Media Contact: Jessica Stejskal	SVP Marketing<br>Jessica.Stejskal@bwbmn.com	952.893.6860	Investor Contact: Justin Horstman	VP Investor Relations<br>Justin.Horstman@bwbmn.com	952.542.5169

July 23, 2025

Bridgewater Bancshares, Inc. Announces Second Quarter 2025 Financial Results

Second Quarter 2025 Highlights

●	Net income of $11.5 million, or $0.38 per diluted common share; adjusted net income of $11.3 million, or $0.37 per diluted common share.^(1)^
●	Pre-provision net revenue^(1)^ increased $2.2 million, or 15.6%, from the first quarter of 2025.
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●	Net interest income increased $2.2 million, or 7.4%, from the first quarter of 2025.
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●	Record noninterest income of $3.6 million, up $1.5 million, or 74.5%, from the first quarter of 2025.
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●	Sold $58.5 million of securities acquired in the First Minnetonka City Bank (“FMCB”) acquisition for a gain of $474,000.
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●	Net interest margin (on a fully tax-equivalent basis) of 2.62% for the second quarter of 2025, an increase of 11 basis points from the first quarter of 2025.
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●	Gross loans increased by $125.7 million, or 12.5% annualized, from the first quarter of 2025.
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●	Total deposits increased by $74.3 million, or 7.2% annualized, from the first quarter of 2025; core deposits^(2)^ increased by $16.2 million, or 2.1% annualized, from the first quarter of 2025.
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●	Efficiency ratio^(1)^ of 52.6%, down from 55.5% for the first quarter of 2025; adjusted efficiency ratio^(1)^ of 51.5%, down from 53.7% for the first quarter of 2025.
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●	Annualized net loan charge-offs as a percentage of average loans of 0.00%, in line with the first quarter of 2025.
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●	Nonperforming assets to total assets of 0.19% at June 30, 2025, down from 0.20% at March 31, 2025.
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●	Tangible book value per share^(1)^ of $14.21 at June 30, 2025, an increase of 9.2% annualized, from the first quarter of 2025.
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●	Repurchased 122,704 shares of common stock at a weighted average price of $12.80 per share, for a total of $1.6 million.
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●	Completed the private placement of $80.0 million of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035, with a portion of the net proceeds used to redeem $50.0 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.
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(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.
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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 $11.5 million for the second quarter of 2025, compared to $9.6 million for the first quarter of 2025, and $8.1 million for the second quarter of 2024. Earnings per diluted common share were $0.38 for the second quarter of 2025, compared to $0.31 for the first quarter of 2025, and $0.26 for the second quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $11.3 million for the second quarter of 2025, compared to $10.1 million for the first quarter of 2025, and $7.9 million for the second quarter of 2024. Adjusted earnings per diluted common share, a non-GAAP financial measure, were $0.37 for the second quarter of 2025, compared to $0.32 for the first quarter of 2025, and $0.25 for the second quarter of 2024.

“Bridgewater’s second quarter results demonstrated our ability to continue producing strong profitability and balance sheet growth trends as we also look to take advantage of continuing M&A disruption in the Twin Cities,” said Chairman and Chief Executive Officer, Jerry Baack. “Strong revenue growth during the quarter was driven by additional net interest margin expansion, a record level of fee income, and robust loan growth, while core expenses remained well-controlled. Asset quality trends also held strong as we maintained low levels of nonperforming assets and virtually no net charge-offs.

“As local banks in our market continue to be acquired by out-of-state buyers, Bridgewater continues to find opportunities to attract top talent and high-quality clients. We expect this will be another tailwind to help support our consistently growing tangible book value and drive long-term shareholder value.”

Page 2 of 19

Key Financial Measures


		As of and for the Three Months Ended										As of and for the Six Months Ended
		June 30,			March 31			June 30,				June 30,			June 30,
	****	2025			2025			2024			****	2025		****	2024
Per Common Share Data
Basic Earnings Per Share		$	0.38		$	0.31		$	0.26			$	0.70		$	0.51
Diluted Earnings Per Share			0.38			0.31			0.26				0.68			0.50
Adjusted Diluted Earnings Per Share ^(1)^			0.37			0.32			0.25				0.69			0.49
Book Value Per Share			14.92			14.60			13.63				14.92			13.63
Tangible Book Value Per Share ^(1)^			14.21			13.89			13.53				14.21			13.53

Financial Ratios
Return on Average Assets ^(2)^			0.90	%		0.77	%		0.70	%			0.83	%		0.69	%
Pre-Provision Net Revenue Return on Average Assets ^(1)(2)^			1.27			1.13			0.94				1.20			0.95
Return on Average Shareholders' Equity ^(2)^			9.80			8.39			7.49				9.10			7.42
Return on Average Tangible Common Equity^(1)(2)^			10.93			9.22			7.80				10.08			7.72
Net Interest Margin^(3)^			2.62			2.51			2.24				2.56			2.24
Core Net Interest Margin ^(1)(3)^			2.49			2.37			2.17				2.43			2.18
Cost of Total Deposits			3.16			3.18			3.46				3.17			3.39
Cost of Funds			3.19			3.17			3.49				3.18			3.42
Efficiency Ratio^(1)^			52.6			55.5			58.7				53.9			58.5
Noninterest Expense to Average Assets ^(2)^			1.47			1.45			1.35				1.46			1.34
Tangible Common Equity to Tangible Assets ^(1)^			7.40			7.48			7.90				7.40			7.90
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) ^(4)^			9.03			9.03			9.41				9.03			9.41

Adjusted Financial Ratios ^(1)^
Adjusted Return on Average Assets ^(2)^			0.88	%		0.80	%		0.68	%			0.84	%		0.68	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ^(2)^			1.31			1.18			0.94				1.25			0.95
Adjusted Return on Average Shareholders' Equity ^(2)^			9.64			8.77			7.27				9.21			7.28
Adjusted Return on Average Tangible Common Equity ^(2)^			10.74			9.68			7.53				10.22			7.54
Adjusted Efficiency Ratio			51.5			53.7			58.7				52.5			58.5
Adjusted Noninterest Expense to Average Assets ^(2)^			1.43			1.41			1.35				1.42			1.34

Balance Sheet and Asset Quality (dollars in thousands)
Total Assets		$	5,296,673		$	5,136,808		$	4,687,035			$	5,296,673		$	4,687,035
Total Loans, Gross			4,145,799			4,020,076			3,800,385				4,145,799			3,800,385
Deposits			4,236,742			4,162,457			3,807,712				4,236,742			3,807,712
Loan to Deposit Ratio			97.9	%		96.6	%		99.8	%			97.9	%		99.8	%
Net Loan Charge-Offs to Average Loans ^(2)^			0.00			0.00			0.00				0.00			0.00
Nonperforming Assets to Total Assets^(5)^			0.19			0.20			0.01				0.19			0.01
Allowance for Credit Losses to Total Loans			1.35			1.34			1.37				1.35			1.37

(1)	Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.
(2)	Annualized.
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(3)	Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.
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(4)	Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.
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(5)	Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.
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Page 3 of 19

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the second quarter of 2025 was 2.62%, an 11 basis point increase from 2.51% in the first quarter of 2025, and a 38 basis point increase from 2.24% in the second 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 2.49% for the second quarter of 2025, a 12 basis point increase from 2.37% in the first quarter of 2025, and a 32 basis point increase from 2.17% in the second quarter of 2024.

●	Net interest margin expanded to 2.62% in the second quarter of 2025, primarily due to higher core loan yields and lower costs of deposits.

Net interest income was $32.5 million for the second quarter of 2025, an increase of $2.2 million from $30.2 million in the first quarter of 2025, and an increase of $7.5 million from $25.0 million in the second quarter of 2024.

●	The linked-quarter increase in net interest income was primarily due to increased loan interest and fee income.
●	The year-over-year increase in net interest income was primarily due to growth and higher yields in the loan portfolio and purchase accounting accretion.
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Interest income was $69.2 million for the second quarter of 2025, an increase of $3.5 million from $65.7 million in the first quarter of 2025, and an increase of $8.3 million from $60.9 million in the second quarter of 2024.

●	The yield on interest earning assets (on a fully tax-equivalent basis) was 5.56% in the second quarter of 2025, compared to 5.43% in the first quarter of 2025, and 5.41% in the second quarter of 2024.
●	The linked-quarter and year-over-year increases in the yield on interest earning assets were primarily due to growth and repricing of the loan portfolio and purchase accounting accretion.
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●	The aggregate loan yield increased to 5.74% in the second quarter of 2025, 13 basis points higher than 5.61% in the first quarter of 2025, and 24 basis points higher than 5.50% in the second quarter of 2024.
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●	Core loan yield, a non-GAAP financial measure, increased to 5.59% in the second quarter of 2025, nine basis points higher than 5.50% in the first quarter of 2025, and 17 basis points higher than 5.42% in the second quarter of 2024.
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A summary of interest and fees recognized on loans for the periods indicated is as follows:


	Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Interest	5.59	%	5.50	%	5.47	%	5.47	%	5.42	%
Fees	0.11		0.07		0.08		0.10		0.08
Accretion	0.04		0.04		—		—		—
Yield on Loans	5.74	%	5.61	%	5.55	%	5.57	%	5.50	%

Interest expense was $36.7 million for the second quarter of 2025, an increase of $1.2 million from $35.5 million in the first quarter of 2025, and an increase of $864,000 from $35.9 million in the second quarter of 2024.

●	The cost of interest bearing liabilities was 3.83% in the second quarter of 2025, compared to 3.82% in the first quarter of 2025, and 4.19% in the second quarter of 2024.
●	The linked-quarter cost of interest bearing liabilities remained relatively stable.
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●	The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on deposits and decreases in average brokered deposit balances.
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Page 4 of 19

Interest expense on deposits was $32.5 million for the second quarter of 2025, an increase of $394,000 from $32.1 million in the first quarter of 2025, and an increase of $879,000 from $31.6 million in the second quarter of 2024.

●	The cost of total deposits was 3.16% in the second quarter of 2025, compared to 3.18% in the first quarter of 2025, and 3.46% in the second quarter of 2024.
●	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 decreases in average brokered deposit balances.
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Provision for Credit Losses

The provision for credit losses on loans and leases was $2.0 million for the second quarter of 2025, compared to $1.5 million for the first quarter of 2025 and $600,000 for the second quarter of 2024.

●	The provision for credit losses on loans recorded in the second quarter of 2025 was primarily attributable to growth in the loan portfolio and an increase in specific reserves for loans individually evaluated.
●	The allowance for credit losses on loans to total loans was 1.35% at June 30, 2025, compared to 1.34% at March 31, 2025, and 1.37% at June 30, 2024.
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The provision for credit losses for off-balance sheet credit exposures was $-0- for each of the second quarter of 2025, the first quarter of 2025, and the second quarter of 2024.

Noninterest Income

Noninterest income was $3.6 million for the second quarter of 2025, an increase of $1.5 million from $2.1 million for the first quarter of 2025, and an increase of $1.9 million from $1.8 million for the second quarter of 2024.

●	Noninterest income in the second quarter of 2025 inlcuded two non-core items: a $474,000 gain on sale of securities acquired in the FMCB acquisition and $301,000 of FHLB prepayment income.
●	The linked-quarter increase was primarily due to higher swap fees, gains on sales of securities, and FHLB prepayment income, offset partially by a decrease in letter of credit fees and investment advisory fees.
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●	The year-over-year increase was primarily due to higher swap fees, gains on sales of securities, FHLB prepayment income, and investment advisory fees.
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Noninterest Expense

Noninterest expense was $18.9 million for the second quarter of 2025, an increase of $805,000 from $18.1 million for the first quarter of 2025 and an increase of $3.4 million from $15.5 million for the second quarter of 2024.

●	Noninterest expense for the second quarter of 2025 included $540,000 of merger-related expenses, compared to $565,000 for the first quarter of 2025.
●	The linked-quarter increase was primarily due to increases in FDIC insurance assessments and other noninterest expense, which included higher charitable contributions.
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●	The year-over-year increase was primarily attributable to increases in salaries and employee benefits, operating costs related to the FMCB acquisition, and merger-related expenses, offset partially by a decrease in derivative collateral fees.
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●	The efficiency ratio, a non-GAAP financial measure, was 52.6% for the second quarter of 2025, compared to 55.5% for the first quarter of 2025, and 58.7% for the second quarter of 2024.
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●	The Company had 308 full-time equivalent employees at June 30, 2025, compared to 292 at March 31, 2025, and 258 at June 30, 2024.
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Income Taxes

The effective combined federal and state income tax rate was 23.9% for the second quarter of 2025 and the first quarter of 2025, compared to 23.6% for the second quarter of 2024.

Page 5 of 19

Balance Sheet

Loans


(dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Commercial	$	549,259	$	528,801	$	497,662	$	493,403	$	518,762
Leases		44,817		43,958		44,291		—		—
Construction and Land Development		136,438		128,073		97,255		118,596		134,096
1-4 Family Construction		39,095		39,438		41,961		45,822		60,551
Real Estate Mortgage:
1 - 4 Family Mortgage		474,269		479,461		474,383		421,179		416,944
Multifamily		1,555,731		1,534,747		1,425,610		1,379,814		1,404,835
CRE Owner Occupied		192,837		196,080		191,248		182,239		185,988
CRE Nonowner Occupied		1,137,007		1,055,157		1,083,108		1,032,142		1,070,050
Total Real Estate Mortgage Loans		3,359,844		3,265,445		3,174,349		3,015,374		3,077,817
Consumer and Other		16,346		14,361		12,996		12,395		9,159
Total Loans, Gross		4,145,799		4,020,076		3,868,514		3,685,590		3,800,385
Allowance for Credit Losses on Loans		(55,765)		(53,766)		(52,277)		(51,018)		(51,949)
Net Deferred Loan Fees		(7,629)		(7,218)		(6,801)		(5,705)		(6,214)
Total Loans, Net	$	4,082,405	$	3,959,092	$	3,809,436	$	3,628,867	$	3,742,222

Total gross loans at June 30, 2025 were $4.15 billion, an increase of $125.7 million, or 12.5% annualized, over total gross loans of $4.02 billion at March 31, 2025, and an increase of $345.4 million, or 9.1%, over total gross loans of $3.80 billion at June 30, 2024.

●	The increase in the loan portfolio during the second quarter of 2025 was due to strong loan originations in excess of loan payoffs and paydowns.

Deposits


(dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Noninterest Bearing Transaction Deposits	$	787,868	$	791,528	$	800,763	$	713,309	$	705,175
Interest Bearing Transaction Deposits		791,748		840,378		862,242		805,756		752,568
Savings and Money Market Deposits		1,441,694		1,372,191		1,259,503		980,345		943,994
Time Deposits		344,882		326,821		338,506		347,080		373,713
Brokered Deposits		870,550		831,539		825,753		900,952		1,032,262
Total Deposits	$	4,236,742	$	4,162,457	$	4,086,767	$	3,747,442	$	3,807,712

Total deposits at June 30, 2025 were $4.24 billion, an increase of $74.3 million, or 7.2% annualized, over total deposits of $4.16 billion at March 31, 2025, and an increase of $429.0 million, or 11.3%, over total deposits of $3.81 billion at June 30, 2024.

●	Core deposits, defined as total deposits excluding brokered deposits and certificates of deposits greater than $250,000, increased $16.2 million, or 2.1% annualized, from the first quarter of 2025, and increased $601.7 million, or 23.3%, from the second quarter of 2024.

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 0.00% for each of the second quarter of 2025, the first quarter of 2025, and the second quarter of 2024.
●	At June 30, 2025, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $10.3 million, or 0.19% of total assets, compared to $10.3 million, or 0.20% of total assets, at March 31, 2025, and $678,000, or 0.01% of total assets, at June 30, 2024.
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●	Loans with potential weaknesses that warranted a watch/special mention risk rating at June 30, 2025 totaled $53.3 million, compared to $38.3 million at March 31, 2025, and $30.4 million at June 30, 2024.
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●	Loans that warranted a substandard risk rating at June 30, 2025 totaled $45.0 million, compared to $31.6 million at March 31, 2025, and $33.9 million at June 30, 2024.
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Page 6 of 19

Capital

Total shareholders’ equity at June 30, 2025 was $476.3 million, an increase of $7.3 million, or 6.2% annualized, compared to total shareholders’ equity of $469.0 million at March 31, 2025, and an increase of $37.0 million, or 8.4%, over total shareholders’ equity of $439.2 million at June 30, 2024.

●	The linked-quarter increase was primarily due to net income retained, offset partially by preferred stock dividends and stock repurchases.
●	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 derivative portfolio, preferred stock dividends, and stock repurchases.
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●	The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.03% at June 30, 2025 and March 31, 2025, compared to 9.41% at June 30, 2024.
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●	Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.40% at June 30, 2025, compared to 7.48% at March 31, 2025, and 7.90% at June 30, 2024.
---	---

Tangible book value per share, a non-GAAP financial measure, was $14.21 as of June 30, 2025, an increase of 9.2% annualized from $13.89 as of March 31, 2025, and an increase of 5.0% from $13.53 as of June 30, 2024.

On June 24, 2025, the Company completed a private placement of $80.0 million of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035. A portion of the net proceeds were used to redeem $50.0 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.

During the second quarter of 2025, the Company repurchased 122,704 shares of its common stock at an aggregate purchase price of $1.6 million (average price of $12.80 per share).

●	The Company had $13.1 million remaining under its current share repurchase authorization at June 30, 2025.
●	On July 22, 2025, the Board of Directors extended the expiration date of the current share repurchase authorization from August 20, 2025 to August 26, 2026.
---	---

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on September 2, 2025 to shareholders of record of the Series A Preferred Stock at the close of business on August 15, 2025.

Conference Call and Webcast

The Company will host a conference call to discuss its second quarter 2025 financial results on Thursday, July 24, 2025 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 877-344-7529 and enter access code 1833047. The replay will be available through July 31, 2025. 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 $5.3 billion and nine strategically located branches as of June 30, 2025, 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

Page 7 of 19

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 the threat or implementation of new, or changes to, existing policies, regulations, regulatory and governmental agencies and executive orders, including with respect to tariffs, immigration, DEI and ESG initiatives, consumer protection, foreign policy, and tax regulations; 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, including future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including CRE loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their 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 or terrorism or other adverse external events, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine; 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

Page 8 of 19

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
		June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	****	2025		****	2025		****	2024		****	2024		****	2024		****
			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Income Statement
Net Interest Income		$	32,452		$	30,208		$	26,967		$	25,599		$	24,996
Provision for Credit Losses			2,000			1,500			2,175			—			600
Noninterest Income			3,627			2,079			2,533			1,522			1,763
Noninterest Expense			18,941			18,136			16,812			15,760			15,539
Net Income			11,520			9,633			8,204			8,675			8,115
Net Income Available to Common Shareholders			10,506			8,620			7,190			7,662			7,101

Per Common Share Data
Basic Earnings Per Share		$	0.38		$	0.31		$	0.26		$	0.28		$	0.26
Diluted Earnings Per Share			0.38			0.31			0.26			0.27			0.26
Adjusted Diluted Earnings Per Share ^(1)^			0.37			0.32			0.27			0.28			0.25
Book Value Per Share			14.92			14.60			14.21			14.06			13.63
Tangible Book Value Per Share ^(1)^			14.21			13.89			13.49			13.96			13.53
Basic Weighted Average Shares Outstanding			27,460,982			27,568,772			27,459,433			27,382,798			27,386,713
Diluted Weighted Average Shares Outstanding			27,998,008			28,036,506			28,055,532			27,904,910			27,748,184
Shares Outstanding at Period End			27,470,283			27,560,150			27,552,449			27,425,690			27,348,049

Financial Ratios
Return on Average Assets ^(2)^			0.90	%		0.77	%		0.68	%		0.73	%		0.70	%
Pre-Provision Net Revenue Return on Average Assets ^(1)(2)^			1.27			1.13			1.05			0.96			0.94
Return on Average Shareholders' Equity ^(2)^			9.80			8.39			7.16			7.79			7.49
Return on Average Tangible Common Equity ^(1)(2)^			10.93			9.22			7.43			8.16			7.80
Net Interest Margin^(3)^			2.62			2.51			2.32			2.24			2.24
Core Net Interest Margin ^(1)(3)^			2.49			2.37			2.24			2.16			2.17
Cost of Total Deposits			3.16			3.18			3.40			3.58			3.46
Cost of Funds			3.19			3.17			3.38			3.54			3.49
Efficiency Ratio^(1)^			52.6			55.5			56.8			58.0			58.7
Noninterest Expense to Average Assets ^(2)^			1.47			1.45			1.40			1.33			1.35

Adjusted Financial Ratios ^(1)^
Adjusted Return on Average Assets			0.88	%		0.80	%		0.71	%		0.75	%		0.68	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ^(2)^			1.31			1.18			1.09			0.98			0.94
Adjusted Return on Average Shareholders' Equity			9.64			8.77			7.49			7.96			7.27
Adjusted Return on Average Tangible Common Equity			10.74			9.68			7.82			8.36			7.53
Adjusted Efficiency Ratio			51.5			53.7			55.2			57.2			58.7
Adjusted Noninterest Expense to Average Assets			1.43			1.41			1.36			1.31			1.35

Balance Sheet
Total Assets		$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035
Total Loans, Gross			4,145,799			4,020,076			3,868,514			3,685,590			3,800,385
Deposits			4,236,742			4,162,457			4,086,767			3,747,442			3,807,712
Total Shareholders' Equity			476,282			468,975			457,935			452,200			439,241
Loan to Deposit Ratio			97.9	%		96.6	%		94.7	%		98.3	%		99.8	%
Core Deposits to Total Deposits ^(4)^			75.2			76.2			76.0			71.5			67.9

Asset Quality
Net Loan Charge-Offs to Average Loans^(2)^			0.00	%		0.00	%		0.03	%		0.10	%		0.00	%
Nonperforming Assets to Total Assets ^(5)^			0.19			0.20			0.01			0.19			0.01
Allowance for Credit Losses to Total Loans			1.35			1.34			1.35			1.38			1.37

Page 10 of 19


		As of and for the Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	****	2025		****	2025		****	2024		****	2024		****	2024
			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) ^(6)^
Tier 1 Leverage Ratio			9.14	%		9.10	%		9.45	%		9.75	%		9.66	%
Common Equity Tier 1 Risk-based Capital Ratio			9.03			9.03			9.08			9.79			9.41
Tier 1 Risk-based Capital Ratio			10.51			10.55			10.64			11.44			11.03
Total Risk-based Capital Ratio			14.17			13.62			13.76			14.62			14.16
Tangible Common Equity to Tangible Assets ^(1)^			7.40			7.48			7.36			8.17			7.90

(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)


	June 30,			March 31,			December 31,			September 30,			June 30,
	2025		****	2025		****	2024		****	2024		****	2024
		(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Assets
Cash and Cash Equivalents	$	217,495		$	166,205		$	229,760		$	191,859		$	134,093
Bank-Owned Certificates of Deposit		3,897			4,139			4,377			—			—
Securities Available for Sale, at Fair Value		743,889			764,626			768,247			664,715			601,057
Loans, Net of Allowance for Credit Losses		4,082,405			3,959,092			3,809,436			3,628,867			3,742,222
Federal Home Loan Bank (FHLB) Stock, at Cost		21,472			18,984			19,297			18,626			15,844
Premises and Equipment, Net		49,979			49,442			49,533			47,777			47,902
Foreclosed Assets		185			—			—			434			—
Accrued Interest		17,711			17,700			17,711			16,750			16,944
Goodwill		11,982			11,982			11,982			2,626			2,626
Other Intangible Assets, Net		7,390			7,620			7,850			163			171
Bank-Owned Life Insurance		45,413			45,025			44,646			38,219			35,090
Other Assets		94,855			91,993			103,403			81,481			91,086
Total Assets	$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035

Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	787,868		$	791,528		$	800,763		$	713,309		$	705,175
Interest Bearing		3,448,874			3,370,929			3,286,004			3,034,133			3,102,537
Total Deposits		4,236,742			4,162,457			4,086,767			3,747,442			3,807,712
Notes Payable		13,750			13,750			13,750			13,750			13,750
FHLB Advances		404,500			349,500			359,500			349,500			287,000
Subordinated Debentures, Net of Issuance Costs		108,689			79,766			79,670			79,574			79,479
Accrued Interest Payable		4,110			4,525			4,008			3,458			3,999
Other Liabilities		52,600			57,835			64,612			45,593			55,854
Total Liabilities		4,820,391			4,667,833			4,608,307			4,239,317			4,247,794

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 June 30, 2025 (unaudited), March 31, 2025 (unaudited), December 31, 2024, September 30, 2024 (unaudited), and June 30, 2024 (unaudited)		66,514			66,514			66,514			66,514			66,514
Common Stock- $0.01 par value; Authorized 75,000,000
Common Stock - Issued and Outstanding 27,470,283 at June 30, 2025 (unaudited), 27,560,150 at March 31, 2025 (unaudited), 27,552,449 at December 31, 2024, 27,425,690 at September 30, 2024 (unaudited), and 27,348,049 at June 30, 2024 (unaudited)		275			276			276			274			273
Additional Paid-In Capital		95,174			95,503			95,088			94,597			93,205
Retained Earnings		328,547			318,041			309,421			302,231			294,569
Accumulated Other Comprehensive Loss		(14,228)			(11,359)			(13,364)			(11,416)			(15,320)
Total Shareholders' Equity		476,282			468,975			457,935			452,200			439,241
Total Liabilities and Equity	$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035

Page 12 of 19

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Income

(dollars in thousands, except per share data)


	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2025		****	2025		****	2024		****	2024		****	2024		****	2025		****	2024
		(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Interest Income
Loans, Including Fees	$	57,888		$	53,820		$	51,870		$	51,895		$	51,385		$	111,708		$	100,966
Investment Securities		9,200			9,397			9,109			8,725			8,177			18,597			16,093
Other		2,110			2,491			2,345			2,407			1,316			4,601			2,488
Total Interest Income		69,198			65,708			63,324			63,027			60,878			134,906			119,547


Interest Expense
Deposits		32,497			32,103			32,810			34,187			31,618			64,600			61,808
Federal Funds Purchased		16			—			42			2			853			16			1,157
Notes Payable		260			258			275			296			296			518			591
FHLB Advances		2,852			2,156			2,229			1,942			2,125			5,008			4,383
Subordinated Debentures		1,121			983			1,001			1,001			990			2,104			1,981
Total Interest Expense		36,746			35,500			36,357			37,428			35,882			72,246			69,920

Net Interest Income		32,452			30,208			26,967			25,599			24,996			62,660			49,627
Provision for Credit Losses		2,000			1,500			2,175			—			600			3,500			1,350

Net Interest Income After Provision for Credit Losses		30,452			28,708			24,792			25,599			24,396			59,160			48,277

Noninterest Income
Customer Service Fees		496			495			394			373			366			991			708
Net Gain (Loss) on Sales of Securities		474			1			—			(28)			320			475			413
Net Gain on Sales of Foreclosed Assets		—			—			62			—			—			—			—
Letter of Credit Fees		323			455			849			424			387			778			703
Debit Card Interchange Fees		152			137			145			152			155			289			296
Swap Fees		938			42			521			26			—			980			—
Bank-Owned Life Insurance		387			379			362			352			312			766			613
FHLB Prepayment Income		301			—			—			—			—			301			—
Investment Advisory Fees		213			325			—			—			—			538			—
Other Income		343			245			200			223			223			588			580
Total Noninterest Income		3,627			2,079			2,533			1,522			1,763			5,706			3,313

Noninterest Expense
Salaries and Employee Benefits		11,363			11,371			10,605			9,851			9,675			22,734			19,108
Occupancy and Equipment		1,274			1,234			1,181			1,069			1,092			2,508			2,149
FDIC Insurance Assessment		750			450			609			750			725			1,200			1,600
Data Processing		625			619			445			368			472			1,244			884
Professional and Consulting Fees		1,110			994			989			1,149			852			2,104			1,741
Derivative Collateral Fees		372			451			426			381			528			823			1,014
Information Technology and Telecommunications		971			971			877			840			812			1,942			1,608
Marketing and Advertising		435			327			479			367			317			762			639
Intangible Asset Amortization		230			230			52			9			8			460			17
Other Expense		1,811			1,489			1,149			976			1,058			3,300			1,968
Total Noninterest Expense		18,941			18,136			16,812			15,760			15,539			37,077			30,728

Income Before Income Taxes		15,138			12,651			10,513			11,361			10,620			27,789			20,862
Provision for Income Taxes		3,618			3,018			2,309			2,686			2,505			6,636			4,916
Net Income		11,520			9,633			8,204			8,675			8,115			21,153			15,946
Preferred Stock Dividends		(1,014)			(1,013)			(1,014)			(1,013)			(1,014)			(2,027)			(2,027)
Net Income Available to Common Shareholders	$	10,506		$	8,620		$	7,190		$	7,662		$	7,101		$	19,126		$	13,919

Earnings Per Share
Basic	$	0.38		$	0.31		$	0.26		$	0.28		$	0.26		$	0.70		$	0.51
Diluted		0.38			0.31			0.26			0.27			0.26			0.68			0.50

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																							****
		June 30, 2025								March 31, 2025							****	June 30, 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		$	166,164		$	1,681		4.06	%	$	205,897		$	2,056		4.05	%	$	81,672		$	922		4.54	%
Investment Securities:
Taxable Investment Securities			734,998			8,883		4.85			768,591			9,033		4.77			641,469			7,861		4.93
Tax-Exempt Investment Securities^(1)^			31,940			401		5.04			35,549			461		5.26			31,550			401		5.11
Total Investment Securities			766,938			9,284		4.86			804,140			9,494		4.79			673,019			8,262		4.94
Loans ^(1)(2)^			4,064,540			58,122		5.74			3,899,258			53,979		5.61			3,771,768			51,592		5.50
Federal Home Loan Bank Stock			21,416			429		8.03			18,988			435		9.28			19,461			394		8.15
Total Interest Earning Assets			5,019,058			69,516		5.56	%		4,928,283			65,964		5.43	%		4,545,920			61,170		5.41	%
Noninterest Earning Assets			143,124								143,163								100,597
Total Assets		$	5,162,182							$	5,071,446							$	4,646,517

Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	813,906		$	7,769		3.83	%	$	855,564		$	8,189		3.88	%	$	732,923		$	8,270		4.54	%
Savings and Money Market Deposits			1,370,831			12,692		3.71			1,302,349			11,935		3.72			914,397			9,459		4.16
Time Deposits			326,024			3,268		4.02			328,902			3,309		4.08			360,691			3,850		4.30
Brokered Deposits			833,629			8,768		4.22			834,866			8,670		4.21			976,467			10,039		4.13
Total Interest Bearing Deposits			3,344,390			32,497		3.90			3,321,681			32,103		3.92			2,984,478			31,618		4.26
Federal Funds Purchased			1,369			16		4.64			—			—		—			61,151			853		5.61
Notes Payable			13,750			260		7.58			13,750			258		7.60			13,750			296		8.64
FHLB Advances			404,473			2,852		2.83			354,556			2,156		2.47			306,396			2,125		2.79
Subordinated Debentures			83,892			1,121		5.36			79,710			983		5.00			79,424			990		5.02
Total Interest Bearing Liabilities			3,847,874			36,746		3.83	%		3,769,697			35,500		3.82	%		3,445,199			35,882		4.19	%

Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			774,424								767,235								691,891
Other Noninterest Bearing Liabilities			69,178								69,106								73,842
Total Noninterest Bearing Liabilities			843,602								836,341								765,733
Shareholders' Equity			470,706								465,408								435,585
Total Liabilities and Shareholders' Equity		$	5,162,182							$	5,071,446							$	4,646,517
Net Interest Income / Interest Rate Spread						32,770		1.73	%					30,464		1.61	%					25,288		1.22	%
Net Interest Margin ^(3)^								2.62	%							2.51	%							2.24	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(318)								(256)								(292)
Net Interest Income					$	32,452							$	30,208							$	24,996

(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 Six Months Ended															****
		June 30, 2025								June 30, 2024							****
		Average			Interest			Yield/		Average			Interest			Yield/
(dollars in thousands)	****	Balance		****	& Fees		****	Rate	****	Balance		****	& Fees		****	Rate	****
Interest Earning Assets:
Cash Investments		$	185,850		$	3,737		4.06	%	$	78,380		$	1,751		4.49	%
Investment Securities:
Taxable Investment Securities			751,702			17,916		4.81			639,989			15,461		4.86
Tax-Exempt Investment Securities^(1)^			33,734			862		5.15			31,648			801		5.09
Total Investment Securities			785,436			18,778		4.82			671,637			16,262		4.87
Loans ^(1)(2)^			3,982,389			112,101		5.68			3,750,561			101,450		5.44
Federal Home Loan Bank Stock			20,209			864		8.62			18,760			737		7.90
Total Interest Earning Assets			4,973,884			135,480		5.49	%		4,519,338			120,200		5.35	%
Noninterest Earning Assets			143,115								100,340
Total Assets		$	5,116,999							$	4,619,678
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	834,537		$	15,958		3.86	%	$	733,714		$	15,963		4.38	%
Savings and Money Market Deposits			1,336,632			24,627		3.72			905,620			18,240		4.05
Time Deposits			327,613			6,577		4.05			339,143			7,017		4.16
Brokered Deposits			834,244			17,438		4.22			995,332			20,588		4.16
Total Interest Bearing Deposits			3,333,026			64,600		3.91			2,973,809			61,808		4.18
Federal Funds Purchased			688			16		4.64			41,487			1,157		5.61
Notes Payable			13,750			518		7.60			13,750			591		8.64
FHLB Advances			379,652			5,008		2.66			312,522			4,383		2.82
Subordinated Debentures			81,813			2,104		5.19			79,376			1,981		5.02
Total Interest Bearing Liabilities			3,808,929			72,246		3.82	%		3,420,944			69,920		4.11	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			770,849								695,373
Other Noninterest Bearing Liabilities			68,607								71,445
Total Noninterest Bearing Liabilities			839,456								766,818
Shareholders' Equity			468,614								431,916
Total Liabilities and Shareholders' Equity		$	5,116,999							$	4,619,678
Net Interest Income / Interest Rate Spread						63,234		1.67	%					50,280		1.24	%
Net Interest Margin ^(3)^								2.56	%							2.24	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(574)								(653)
Net Interest Income					$	62,660							$	49,627

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 Six Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	****	2025		****	2025		****	2024		****	2024		****	2024		****	2025		****	2024
Allowance for Credit Losses
Balance at Beginning of Period		$	53,766		$	52,277		$	51,018		$	51,949		$	51,347		$	52,277		$	50,494
Day 1 PCD Allowance			—			—			114			—			—			—			—
Provision for Credit Losses^(1)^			2,000			1,500			1,450			—			600			3,500			1,450
Charge-offs			(6)			(12)			(317)			(937)			(10)			(18)			(12)
Recoveries			5			1			12			6			12			6			17
Net Charge-offs		$	(1)		$	(11)		$	(305)		$	(931)		$	2		$	(12)		$	5
Balance at End of Period			55,765			53,766			52,277			51,018			51,949			55,765			51,949
Allowance for Credit Losses to Total Loans			1.35	%		1.34	%		1.35	%		1.38	%		1.37	%		1.35	%		1.37	%

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


		As of and for the Three Months Ended														As of and for the Six Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,		June 30,			June 30,
(dollars in thousands)	****	2025		****	2025		****	2024		****	2024		****	2024		2025		****	2024
Provision for Credit Losses on Loans and Leases		$	2,000		$	1,500		$	1,450		$	—		$	600	$	3,500		$	1,450
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures			—			—			725			—			—		—			(100)
Provision for Credit Losses		$	2,000		$	1,500		$	2,175		$	—		$	600	$	3,500		$	1,350


	As of and for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	2025		****	2025		****	2024		****	2024		****	2024
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	12,492		$	466		$	1,291		$	65		$	502
Loans 30-89 Days Past Due to Total Loans		0.30	%		0.01	%		0.03	%		0.00	%		0.01	%
Nonperforming Loans	$	10,134		$	10,290		$	301		$	8,378		$	678
Nonperforming Loans to Total Loans		0.24	%		0.26	%		0.01	%		0.23	%		0.02	%
Nonaccrual Loans to Total Loans		0.24			0.26			0.01			0.23			0.02
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.24			0.26			0.01			0.23			0.02
Foreclosed Assets	$	185		$	—		$	—		$	434		$	—
Nonperforming Assets ^(1)^		10,319			10,290			301			8,812			678
Nonperforming Assets to Total Assets ^(1)^		0.19	%		0.20	%		0.01	%		0.19	%		0.01	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.00			0.00			0.03			0.10			0.00
Watchlist/Special Mention Risk Rating Loans	$	53,282		$	38,346		$	46,581		$	31,991		$	30,436
Substandard Risk Rating Loans		44,986			31,587			21,791			31,637			33,908

(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 Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	2025		****	2025		****	2024		****	2024		****	2024			2025		****	2024		****
Pre-Provision Net Revenue
Noninterest Income	$	3,627		$	2,079		$	2,533		$	1,522		$	1,763		$	5,706		$	3,313
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Less: FHLB Advance Prepayment Income		(301)			—			—			—			—			(301)			—
Total Operating Noninterest Income		2,852			2,078			2,533			1,550			1,443			4,930			2,900
Plus: Net Interest Income		32,452			30,208			26,967			25,599			24,996			62,660			49,627
Net Operating Revenue	$	35,304		$	32,286		$	29,500		$	27,149		$	26,439		$	67,590		$	52,527

Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Total Operating Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728

Pre-Provision Net Revenue	$	16,363		$	14,150		$	12,688		$	11,389		$	10,900		$	30,513		$	21,799

Plus:
Non-Operating Revenue Adjustments		775			1			—			(28)			320			776			413
Less:
Provision for Credit Losses		2,000			1,500			2,175			—			600			3,500			1,350
Provision for Income Taxes		3,618			3,018			2,309			2,686			2,505			6,636			4,916
Net Income	$	11,520		$	9,633		$	8,204		$	8,675		$	8,115		$	21,153		$	15,946

Average Assets	$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	5,116,999		$	4,619,678
Pre-Provision Net Revenue Return on Average Assets		1.27	%		1.13	%		1.05	%		0.96	%		0.94	%		1.20	%		0.95	%

Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	35,304		$	32,286		$	29,500		$	27,149		$	26,439		$	67,590		$	52,527

Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Merger-related Expenses		(540)			(565)			(488)			(224)			—			(1,105)			—
Adjusted Total Operating Noninterest Expense	$	18,401		$	17,571		$	16,324		$	15,536		$	15,539		$	35,972		$	30,728

Adjusted Pre-Provision Net Revenue	$	16,903		$	14,715		$	13,176		$	11,613		$	10,900		$	31,618		$	21,799
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.31	%		1.18	%		1.09	%		0.98	%		0.94	%		1.25	%		0.95	%

Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	32,770		$	30,464		$	27,254		$	25,905		$	25,288		$	63,234		$	50,280
Less:
Loan Fees		(1,019)			(719)			(747)			(968)			(767)			(1,738)			(1,374)
Purchase Accounting Accretion:
Loan Accretion		(425)			(342)			—			—			—			(767)			—
Bond Accretion		(152)			(578)			(91)			—			—			(730)			—
Bank-Owned Certificates of Deposit Accretion		(4)			(7)			—			—			—			(11)			—
Deposit Certificates of Deposit Accretion		(37)			(38)			—			—			—			(75)			—
Total Purchase Accounting Accretion		(618)			(965)			(91)			—			—			(1,583)			—
Core Net Interest Income (Tax-equivalent Basis)	$	31,133		$	28,780		$	26,416		$	24,937		$	24,521		$	59,913		$	48,906

Average Interest Earning Assets	$	5,019,058		$	4,928,283		$	4,682,841		$	4,595,521		$	4,545,920		$	4,973,884		$	4,519,338
Core Net Interest Margin		2.49	%		2.37	%		2.24	%		2.16	%		2.17	%		2.43	%		2.18	%

Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	58,122		$	53,979		$	52,078		$	52,118		$	51,592		$	112,101		$	101,450
Less:
Loan Fees		(1,019)			(719)			(747)			(968)			(767)			(1,738)			(1,374)
Loan Accretion		(425)			(342)			—			—			—			(767)			—
Core Loan Interest Income	$	56,678		$	52,918		$	51,331		$	51,150		$	50,825		$	109,596		$	100,076

Average Loans	$	4,064,540		$	3,899,258		$	3,730,532		$	3,721,654		$	3,771,768		$	3,982,389		$	3,750,561
Core Loan Yield		5.59	%		5.50	%		5.47	%		5.47	%		5.42	%		5.55	%		5.37	%

Page 17 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	2025		****	2025		****	2024		****	2024			2024			2025			2024
Efficiency Ratio
Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Amortization of Intangible Assets		(230)			(230)			(52)			(9)			(8)			(460)			(17)
Adjusted Noninterest Expense	$	18,711		$	17,906		$	16,760		$	15,751		$	15,531		$	36,617		$	30,711

Net Interest Income	$	32,452		$	30,208		$	26,967		$	25,599		$	24,996		$	62,660		$	49,627
Noninterest Income		3,627			2,079			2,533			1,522			1,763			5,706			3,313
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Adjusted Operating Revenue	$	35,605		$	32,286		$	29,500		$	27,149		$	26,439		$	67,891		$	52,527
Efficiency Ratio		52.6	%		55.5	%		56.8	%		58.0	%		58.7	%		53.9	%		58.5	%

Adjusted Efficiency Ratio
Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Amortization of Intangible Assets		(230)			(230)			(52)			(9)			(8)			(460)			(17)
Less: Merger-related Expenses		(540)			(565)			(488)			(224)			—			(1,105)			—
Adjusted Noninterest Expense	$	18,171		$	17,341		$	16,272		$	15,527		$	15,531		$	35,512		$	30,711

Net Interest Income	$	32,452		$	30,208		$	26,967		$	25,599		$	24,996		$	62,660		$	49,627
Noninterest Income		3,627			2,079			2,533			1,522			1,763			5,706			3,313
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Less: FHLB Advance Prepayment Income		(301)			—			—			—			—			(301)			—
Adjusted Operating Revenue	$	35,304		$	32,286		$	29,500		$	27,149		$	26,439		$	67,590		$	52,527
Adjusted Efficiency Ratio		51.5	%		53.7	%		55.2	%		57.2	%		58.7	%		52.5	%		58.5	%

Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Merger-related Expenses		(540)			(565)			(488)			(224)			—			(1,105)			—
Adjusted Noninterest Expense	$	18,401		$	17,571		$	16,324		$	15,536		$	15,539		$	35,972		$	30,728

Average Assets	$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	5,116,999		$	4,619,678
Adjusted Noninterest Expense to Average Assets (Annualized)		1.43	%		1.41	%		1.36	%		1.31	%		1.35	%		1.42	%		1.34	%

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	476,282		$	468,975		$	457,935		$	452,200		$	439,241
Less: Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Total Common Shareholders' Equity		409,768			402,461			391,421			385,686			372,727
Less: Intangible Assets		(19,372)			(19,602)			(19,832)			(2,789)			(2,797)
Tangible Common Equity	$	390,396		$	382,859		$	371,589		$	382,897		$	369,930

Total Assets	$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035
Less: Intangible Assets		(19,372)			(19,602)			(19,832)			(2,789)			(2,797)
Tangible Assets	$	5,277,301		$	5,117,206		$	5,046,410		$	4,688,728		$	4,684,238
Tangible Common Equity/Tangible Assets		7.40	%		7.48	%		7.36	%		8.17	%		7.90	%

Tangible Book Value Per Share
Book Value Per Common Share	$	14.92		$	14.60		$	14.21		$	14.06		$	13.63
Less: Effects of Intangible Assets		(0.71)			(0.71)			(0.72)			(0.10)			(0.10)
Tangible Book Value Per Common Share	$	14.21		$	13.89		$	13.49		$	13.96		$	13.53

Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	10,506		$	8,620		$	7,190		$	7,662		$	7,101		$	19,126		$	13,919

Average Shareholders' Equity	$	471,700		$	465,408		$	455,949		$	443,077		$	435,585		$	468,614		$	431,916
Less: Average Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Average Common Equity		405,186			398,894			389,435			376,563			369,071			402,100			365,402
Less: Effects of Average Intangible Assets		(19,504)			(19,738)			(4,412)			(2,794)			(2,802)			(19,620)			(2,806)
Average Tangible Common Equity	$	385,682		$	379,156		$	385,023		$	373,769		$	366,269		$	382,480		$	362,596
Return on Average Tangible Common Equity		10.93	%		9.22	%		7.43	%		8.16	%		7.80	%		10.08	%		7.72	%

Page 18 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	2025		****	2025		****	2024		****	2024			2024			2025			2024
Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	10,506		$	8,620		$	7,190		$	7,662		$	7,101		$	19,126		$	13,919

Add: Merger-related Expenses		540			565			488			224			—			1,105			—
Less: FHLB Advance Prepayment Income		(301)			—			—			—			—			(301)			—
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Total Adjustments		(235)			564			488			252			(320)			329			(413)
Less: Tax Impact of Adjustments		56			(135)			(107)			(59)			76			(79)			97
Adjusted Net Income Available to Common Shareholders	$	10,327		$	9,049		$	7,571		$	7,855		$	6,857		$	19,376		$	13,603

Diluted Weighted Average Shares Outstanding		27,998,008			28,036,506			28,055,532			27,904,910			27,748,184			28,022,592			27,921,601
Adjusted Diluted Earnings Per Common Share	$	0.37		$	0.32		$	0.27		$	0.28		$	0.25		$	0.69		$	0.49

Adjusted Return on Average Assets
Net Income	$	11,520		$	9,633		$	8,204		$	8,675		$	8,115		$	21,153		$	15,946
Add: Total Adjustments		(235)			564			488			252			(320)			329			(413)
Less: Tax Impact of Adjustments		56			(135)			(107)			(59)			76			(79)			97
Adjusted Net Income	$	11,341		$	10,062		$	8,585		$	8,868		$	7,871		$	21,403		$	15,630

Average Assets	$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	5,116,999		$	4,619,678
Adjusted Return on Average Assets		0.88	%		0.80	%		0.71	%		0.75	%		0.68	%		0.84	%		0.68	%

Adjusted Return on Average Shareholders' Equity
Adjusted Net Income	$	11,341		$	10,062		$	8,585		$	8,868		$	7,871		$	21,403		$	15,630

Average Shareholders' Equity	$	471,700		$	465,408		$	455,949		$	443,077		$	435,585		$	468,614		$	431,916
Adjusted Return on Average Shareholders' Equity		9.64	%		8.77	%		7.49	%		7.96	%		7.27	%		9.21	%		7.28	%

Adjusted Return on Average Tangible Common Equity
Adjusted Net Income Available to Common Shareholders	$	10,327		$	9,049		$	7,571		$	7,855		$	6,857		$	19,376		$	13,603

Average Tangible Common Equity	$	385,682		$	379,156		$	385,023		$	373,769		$	366,269		$	382,480		$	362,596
Adjusted Return on Average Tangible Common Equity		10.74	%		9.68	%		7.82	%		8.36	%		7.53	%		10.22	%		7.54	%

Page 19 of 19

Exhibit 99.2

2<br>Disclaimer<br>Forward-Looking Statements<br>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<br>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”,<br>“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<br>words of a future or forward-looking nature.<br>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,<br>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<br>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<br>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<br>risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and governmental agencies and executive<br>orders, including with respect to tariffs, immigration, DEI and ESG initiatives, consumer protection, foreign policy, and tax regulations; fluctuations in the values of the securities held in our securities portfolio, including as the result of<br>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, including future monetary policies of the<br>Federal Reserve in response thereto, and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several<br>bank failures; credit risk and risks from concentrations (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);<br>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<br>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 loans to<br>certain borrowers; 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<br>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<br>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<br>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;<br>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<br>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<br>more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including development and implementation of tools incorporating artificial intelligence; the<br>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; risks related to climate change and the negative impact<br>it may have on our customers and their businesses; the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe<br>weather, natural disasters, wide spread disease or pandemics, acts of war or terrorism or other adverse external events, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine; potential impairment to the<br>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<br>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<br>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<br>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.<br>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<br>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<br>from information provided by industry sources. Although the Company believe 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<br>have not independently verified, such information.<br>Use of Non-GAAP financial measures<br>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<br>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<br>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<br>that may be presented by other companies. Reconciliations of non-GAAP disclosures to the comparable GAAP measures are provided in this presentation.
3<br>• Net interest margin (NIM) of 2.62%, up 11 bps from 1Q25; core NIM1 of 2.49%, up 12 bps from 1Q25<br>• Net interest income increased $2.2M, or 7.4%, from 1Q25<br>• Noninterest income increased $1.5M, or 74.5%, from 1Q25<br>• Efficiency ratio1 of 52.6%, down from 55.5% in 1Q25; adjusted efficiency ratio1 of 51.5%, down from 53.7% in 1Q25<br>0.19%<br>• Loan balances increased $126M, or 12.5% annualized, from 1Q25<br>• Total deposit balances increased $74M, or 7.2% annualized, from 1Q25; core deposit2 balances increased $16M, or 2.1% annualized<br>• Loan-to-deposit ratio of 97.9%, up from 96.6% at March 31, 2025<br>• Annualized net charge-offs to average loans of 0.00%, in line with 1Q25<br>• Nonperforming assets to total assets of 0.19% vs. 0.20% in 1Q25<br>• Well-reserved with allowance to total loans of 1.35%, up 1 bp from March 31, 2025<br>NIM Expansion and<br>Revenue Growth<br>Strong<br>Asset Quality<br>Profile<br>$0.38<br>Diluted<br>EPS<br>Nonperforming Assets<br>to Total Assets<br>Efficiency<br>Ratio1<br>Return on<br>Average Assets<br>Return on Avg. Tangible<br>Common Equity1<br>0.90% 10.93% 52.6%<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>2 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000<br>• Tangible book value per share1 of $14.21, up 9.2% annualized from 1Q25<br>• Common Equity Tier 1 Ratio of 9.03%, inline with March 31, 2025<br>• Repurchased 122,704 shares of common stock at an aggregate purchase price of $1.6 million (average price of $12.80 per share)<br>• Completed offering of $80.0M of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035<br>Focus on Creating<br>Shareholder Value<br>Robust<br>Balance Sheet<br>Growth<br>$0.37 0.88% 10.74% 51.5%<br>Reported<br>Adjusted1<br>2Q25 Earnings Highlights<br>• Merger-related expenses of $540K<br>• Sold $58.5M of securities acquired from FMCB for a gain of $474K<br>• FHLB prepayment income of $301K (other noninterest income)<br>Non-Core<br>Items
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4<br>Consistent Tangible Book Value Per Share<br>Outperformance<br>214%<br>85%<br>4Q16<br>1Q17<br>2Q17<br>3Q17<br>4Q17<br>1Q18<br>2Q18<br>3Q18<br>4Q18<br>1Q19<br>2Q19<br>3Q19<br>4Q19<br>1Q20<br>2Q20<br>3Q20<br>4Q20<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>3Q22<br>4Q22<br>1Q23<br>2Q23<br>3Q23<br>4Q23<br>1Q24<br>2Q24<br>3Q24<br>4Q24<br>1Q25<br>2Q25<br>BWB Peer Bank Average2<br>Tangible Book Value Per Share1 Growth Resumed in 2025 Following the Acquisition of First Minnetonka City Bank in 4Q24<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>2<br>Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 with growth rate through 1Q25 (Source: S&P Capital IQ)
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5<br>NIM Expansion and Net Interest Income Growth<br>$24,229 $24,631 $26,129<br>$28,524<br>$30,815<br>$767 $968<br>$747<br>$719<br>$1,019<br>$91<br>$965<br>$618<br>$24,996 $25,599<br>$26,967<br>$30,208<br>$32,452<br>2.24% 2.24%<br>2.32%<br>2.51%<br>2.62%<br>2.17% 2.16%<br>2.24%<br>2.37%<br>2.49%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Net Interest Margin1<br>Core Net Interest Income<br>Loan Fees<br>Net Interest Income and Margin Trends<br>2.51%<br>0.18% 0.04%<br>(0.05)% (0.03)% (0.02)%<br>2.62%<br>0.02%<br>(0.03)%<br>NIM<br>(1Q25)<br>Loan<br>Fees<br>Purchase<br>Accounting<br>Accretion<br>Loans Deposits Borrow-ings<br>Cash and<br>Invest-ments<br>Other NIM<br>(2Q25)<br>Net Interest Margin Roll-forward<br>2Q25 Net Interest Income / Net Interest Margin Commentary<br>1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21%<br>2 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Dollars in thousands<br>Net Interest Income<br>• Net interest income growth of 7% from 1Q25, driven by NIM expansion and<br>average earning asset growth<br>• Included $618K of purchase accounting accretion income<br>• Higher loan fees as loan payoffs increased from 1Q25<br>Net Interest Margin<br>• NIM expansion of 11 bps in 2Q25 driven by higher loan yields as the loan<br>portfolio reprices higher in the current environment<br>• 2Q25 NIM of 2.62% included 5 bps related to purchase accounting accretion<br>Core NIM2 up 12 bps<br>Core Net Interest Margin1,2<br>Purchase Accounting Accretion (PAA)
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6<br>Loans Reprice Higher as Funding Costs Stabilize<br>$2,984 $3,089 $3,121 $3,322 $3,344<br>$692 $710 $718 $461 $767 $774 $403 $444 $448 $505<br>$4,137 $4,202 $4,283 $4,537 $4,623<br>3.49% 3.54% 3.38% 3.17% 3.19%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>$3,772 $3,722 $3,731<br>$3,899<br>$4,065<br>5.50% 5.57% 5.55% 5.61%<br>5.74%<br>5.42% 5.47% 5.47% 5.50%<br>5.59%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>$3,676 $3,799 $3,840<br>$4,089 $4,119<br>3.46% 3.58% 3.40% 3.18% 3.16%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Core Loan Yield2<br>$673 $700<br>$752<br>$804<br>$767<br>4.94% 5.01% 4.86% 4.79% 4.86%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Average Interest-Bearing Deposits Average Noninterest-Bearing Deposits<br>Average Borrowings Cost of Funds<br>Average Loans Loan Yield1 Average Investments Investment Yield1<br>Average Total Deposits Cost of Total Deposits<br>1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21%<br>2 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Dollars in millions<br>Loans Continued to Reprice Higher<br>Deposit Costs Stabilized Following 2024 Rate Cuts<br>Sold a Portion of FMCB’s Securities Portfolio in 2Q25<br>Total Funding Costs Stabilized
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7<br>Positive Profitability Trends Continue<br>PPNR ROA1<br>$24,996 $25,599 $26,967<br>$30,208 $32,452<br>$1,763 $1,522<br>$2,533<br>$2,079<br>$3,627<br>$26,759 $27,121<br>$29,500<br>$32,287<br>$36,079<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>$10,900 $11,389<br>$12,688<br>$14,150<br>$16,363<br>$8,115 $8,675 $8,204<br>$9,633<br>$11,520<br>0.94%<br>0.96% 1.05%<br>1.13%<br>1.27% 0.98%<br>1.09%<br>1.18%<br>1.31%<br>0.70%<br>0.73% 0.68%<br>0.77%<br>0.90%<br>0.68%<br>0.75% 0.71%<br>0.80%<br>0.88%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>PPNR Net Income 1 ROA<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Dollars in thousands<br>2Q25 noninterest income included a $474K gain on sale of FMCB<br>securities and $301K of FHLB prepayment income<br>Adj. PPNR ROA1 Adj. ROA1<br>Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth<br>Net Interest Income Noninterest Income<br>Swap Fees<br>% of Non Int<br>Income<br>$ -<br>0%<br>$ 26<br>2%<br>$ 521<br>21%<br>$ 42<br>2%<br>$ 938<br>26%
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8<br>A Highly Efficient Business Model<br>1.31% 1.36% 1.41% 1.43%<br>0.02%<br>0.04%<br>1.35% 1.33% 0.04% 0.04%<br>1.40% 1.45% 1.47%<br>58.7% 58.0% 56.8% 55.5%<br>52.6%<br>57.2%<br>55.2% 53.7%<br>51.5%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Adjusted NIE / Avg. Assets2<br>Adjusted Efficiency Ratio3<br>Peer median efficiency ratio of 60%1 in 1Q25 Increase in 2Q25 Other NIE includes<br>higher FDIC insurance assessments and charitable contributions<br>Salary and Employee Benefits Occupancy<br>Technology Professional and Consulting<br>1<br>Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ)<br>2 Annualized<br>3 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Dollars in thousands<br>Other<br>Adjustment Factors / Avg. Assets2<br>Efficiency Ratio3<br>Merger-Related<br>$9,675 $9,851 $10,431 $11,339 $11,363<br>$1,092 $1,069<br>$1,172<br>$1,234 $1,274<br>$1,284 $1,208<br>$1,322<br>$1,590 $1,596<br>$852 $926<br>$769<br>$911 $1,043 $2,636 $2,482<br>$2,630<br>$2,497 $3,125<br>$224<br>$488<br>$565<br>$540<br>$15,539 $15,760<br>$16,812<br>$18,136<br>$18,941<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Improving Efficiency Ratio Driven by Strong Revenue Growth Well-Controlled Expense Growth Supporting Larger Balance Sheet
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9<br>Continued Core Deposit Momentum<br>18% 19% 20% 19% 19%<br>20% 22%<br>21% 20% 19%<br>25% 26%<br>31% 33% 34%<br>10% 9%<br>8% 8% 8% 27% 24%<br>20% 20% 20%<br>$3,808 $3,747<br>$4,087 $4,162 $4,237<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Noninterest-Bearing Transaction Interest-Bearing Transaction<br>Savings & Money Market Time<br>Brokered<br>• 2Q25 deposit growth of $74M, or 7.2% annualized (7.4% YTD)<br>• 2Q25 core deposit growth1 of $16M, or 2.1% annualized (5.2% YTD)<br>• Core deposit growth not always linear due to nature of the deposit base<br>• 2Q is typically a seasonally low quarter for core deposit growth<br>Strong Deposit Growth Trends Support Loan Growth Outlook<br>1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000<br>Dollars in millions<br>Positive Core Deposit1 Growth Momentum Over Time<br>$2,890<br>$217<br>$2,470 $2,515 $2,585 $2,547 $2,637 $2,585 $2,678<br>$3,107 $3,170 $3,186<br>1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25<br>More Favorable Deposit Mix<br>Core Deposits Acquired Core Deposits1
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10<br>Robust Loan Growth Trends Continue<br>$3,752<br>$117<br>$3,800<br>$3,686<br>$3,869<br>$4,020<br>$4,146<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Gross Loans<br>Dollars in millions<br>• 2Q25 loan growth of $126M, or 12.5% annualized<br>• YTD loan growth of $277M, or 14.5% annualized<br>• Loan originations remain at elevated levels<br>• Loan payoffs up 42% from 1Q25<br>• Loan pipeline remains near highest level since 2022<br>• Loan-to-deposit ratio of 97.9%, within target range of 95% to 105%<br>Strong Loan Pipeline Drives Continued Growth<br>Near-term loan growth will depend on a variety of factors, including:<br>• Market and economic conditions – economic uncertainty including the<br>interest rate environment<br>• Loan demand – M&A disruption and strong pipelines to support near-term growth, but economic uncertainty and increased competition could<br>impact demand going forward<br>• Loan payoffs and paydowns – pace of loan payoffs will continue to<br>impact loan growth<br>• Core deposit growth – recent core deposit momentum provides<br>additional liquidity for more offensive-minded loan growth while<br>remaining within target loan-to-deposit ratio range<br>Loan Growth Outlook<br>Acquired Gross Loans<br>Three Consecutive Quarters of Robust Organic Loan Growth
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11<br>New Loan Originations Remain Strong<br>Strong Loan Pipeline Translating into New Originations<br>$91 $60<br>$189<br>$221 $217 $50<br>$46<br>$68<br>$49 $58<br>$141<br>$106<br>$257 $270 $275<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>New Originations Advances<br>Loan Payoff Activity Continues<br>$105<br>$163 $155<br>$86<br>$122<br>$45<br>$54<br>$38<br>$55<br>$45<br>$150<br>$217<br>$193<br>$141<br>$167<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Payoffs Amortization/Paydowns<br>Dollars in millions<br>$4,020<br>$217<br>$58 $18<br>$(122)<br>$(45)<br>$4,146<br>Gross<br>Loans<br>(1Q25)<br>New<br>Originations<br>Advances Net<br>Revolving<br>Lines of<br>Credit<br>Payoffs Amort. /<br>Paydowns<br>Gross<br>Loans<br>(2Q25)<br>2Q25 Loan Growth Roll-forward
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12<br>Well-Diversified Loan Portfolio with<br>Multifamily Expertise<br>$(5)<br>$(3)<br>$1<br>$2<br>$8<br>$20<br>$21<br>$82<br>Dollars in millions<br>CRE NOO<br>27.4%<br>Multifamily<br>37.5%<br>C&D<br>4.2%<br>1-4 Family<br>Mortgage<br>11.4%<br>CRE OO<br>4.7%<br>C&I<br>13.3%<br>Leases<br>1.1%<br>Consumer<br>& Other<br>0.4%<br>Loan Mix<br>by Type<br>$4.1<br>Billion<br>• CRE nonowner occupied growth across most property types<br>• Increased construction & development commitments in 2024 leading to renewed balance sheet growth in 2025<br>• Remain comfortable with the diversity of the loan portfolio, including CRE and Multifamily concentrations, given<br>portfolio performance and expertise<br>2Q25 Loan Growth by Type (vs. 1Q25)<br>Multifamily<br>1-4 Family Mortgage<br>Construction & Development<br>C&I<br>CRE Nonowner Occupied<br>CRE Owner Occupied<br>Consumer & Other<br>Leases
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13<br>Managing Multifamily and Office-Related Risk<br>1 Excludes medical office of $87 million at June 30, 2025<br>Data as of June 30, 2025<br>Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure<br>Percent of Total<br>Loans Average Loan Size<br>5.2% $2.5M<br>CRE NOO Office by Geography<br>Twin Cities<br>Suburban<br>56%<br>Minneapolis-St. Paul (CBD)<br>13%<br>Minneapolis<br>-St. Paul<br>(non-CBD)<br>19%<br>Out-of-State<br>(non-CBD)<br>10%<br>Greater MN<br>2%<br>$214M<br>• Majority of CRE NOO office<br>exposure in the Twin Cities<br>suburbs<br>• Only 4 loans totaling $28M<br>located in Minnesota CBDs,<br>with one moved to<br>nonaccrual in 1Q25<br>• Only 4 loans totaling $22M<br>outside of Minnesota (non-CBD), consisting of projects<br>for existing local clients<br>Average<br>Loan Size<br>Weighted<br>Average LTV<br>NCOs<br>(since 2005)<br>$3.4M 67% $62K<br>Multifamily Lending Focus in Stable Twin Cities Market<br>• Bank of choice in the Twin Cities with expertise and differentiated service model<br>• Greater tenant diversification compared to other asset classes<br>• Positive market trends with reduced vacancy rates, strong absorption, and<br>slower construction = favorable outlook for occupancy and rent growth<br>• Market catalysts include relative affordability, steady population growth,<br>low unemployment, strong wages, and shortage of single-family housing<br>NPLs/<br>Loans<br>0.07%<br>Weighted Average<br>LTV<br>61%<br>National Affordable Housing Expertise<br>• Leveraging affordable housing expertise to support communities in the Twin<br>Cities and across the country<br>• $581M affordable housing portfolio<br>• 15% year-over-year growth<br>• 24% of the portfolio located outside of Minnesota
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14<br>Asset Quality Remains Strong<br>1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ)<br>2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets<br>Dollars in thousands<br>$(2)<br>$931<br>$305<br>$11 $1<br>0.00%<br>0.10%<br>0.03%<br>0.00% 0.00%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Net Charge-Offs<br>Low net charge-off history<br>Net Charge-offs (recoveries) % of Average Loans (annualized)<br>$51,949<br>$51,018<br>$52,277<br>$53,766<br>$55,765<br>1.37% 1.38%<br>1.35% 1.34% 1.35%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Allowance for Credit Losses<br>Well-reserved compared to peer median<br>ACL/Loans of 1.17%1<br>Allowance for Credit Losses % of Gross Loans<br>$678<br>$8,812<br>$301<br>$10,290 $10,134<br>0.01%<br>0.19%<br>0.01%<br>0.20% 0.19%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Nonperforming Assets2<br>NPAs remain low despite one CBD office loan<br>moving to nonaccrual in 1Q25<br>NPAs % of Assets
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Modest Migration to<br>Watch/Special Mention and Substandard<br>Multifamily<br>89.3%<br>CRE NOO<br>Other<br>1.7%<br>CRE OO<br>5.4%<br>C&I<br>3.6%<br>$53<br>Million<br>Watch/Special Mention List Loans Substandard Loans<br>C&I<br>28.5%<br>CRE NOO<br>Office<br>CRE 19.2%<br>NOO<br>Hotels<br>6.5%<br>CRE NOO<br>Retail<br>4.5%<br>CRE NOO<br>Other<br>6.2%<br>Multifamily<br>25.9%<br>CRE OO<br>6.0%<br>1-4<br>Family<br>3.0%<br>Other<br>0.2%<br>$45<br>Million<br>Watch/Special Mention Characteristics<br>Loan Balances Outstanding $53,282<br>% of Total Loans, Gross 1.3%<br>Number of Loans 15<br>Average Loan Size $3,552<br>% of Bank Risk-Based Capital 8.84%<br>Substandard Characteristics<br>Loan Balances Outstanding $44,986<br>% of Total Loans, Gross 1.1%<br>Number of Loans 38<br>Average Loan Size $1,184<br>% of Bank Risk-Based Capital 7.46%<br>$30,436 $31,991<br>$46,581<br>$38,346<br>$53,282<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>$33,908 $31,637<br>$21,791<br>$31,587<br>$44,986<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Dollars in thousands<br>15
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16<br>Stable Capital Position to Support Growth<br>9.66%<br>9.75%<br>9.45% 9.10% 9.14%<br>9.41%<br>9.79%<br>9.08% 9.03% 9.03%<br>14.16%<br>14.62%<br>13.76% 13.62%<br>14.17%<br>7.90% 8.17%<br>7.36% 7.48% 7.40%<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio<br>Tier 1 Leverage Ratio<br>Capital Ratios Stabilize Following Acquisition<br>Tangible Common Equity Ratio1<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Recent Capital Actions<br>• Completed offering of $80.0M of 7.625% Fixed-to-Floating Rate<br>Subordinated Notes due 2035<br>• Net proceeds used to redeem $50.0M of outstanding 5.25% Fixed-to-Floating<br>Rate Subordinated Notes due 2030 and for general corporate purposes<br>• Repurchased 122,704 shares of common stock in 2Q25 at an aggregate<br>purchase price of $1.6 million (average price of $12.80 per share); $13.1M<br>remaining under current share repurchase authorization as of June 30, 2025<br>• Extended the expiration date of the current share repurchase authorization<br>from August 20, 2025 to August 26, 2026<br>Capital Allocation Priorities<br>1<br>3<br>2<br>Organic Growth<br>Share Repurchases<br>M&A<br>4 Dividends<br>Drive profitability by supporting a proven organic loan growth engine<br>Opportunistically return capital to shareholders by buying back<br>stock based on valuation, capital levels, and other uses of capital<br>Review and evaluate M&A opportunities that complement BWB’s<br>business model<br>Have not historically paid a common stock dividend given loan<br>growth opportunities
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17<br>Near-Term Expectations<br>• Mid-to-high single digit loan growth in 2H25, dependent on the pace of core deposit growth<br>• Focus on profitable growth while aligning loan growth with core deposit growth over time<br>• Target loan-to-deposit ratio between 95% and 105%<br>Balance Sheet<br>Growth<br>• Slight NIM expansion in 3Q25 due to headwinds from subordinated debt refinance and lower accretion income<br>• Loan yield repricing and potential interest rate cuts likely to drive ongoing margin expansion in future quarters<br>• Continued net interest income growth due to NIM expansion and loan growth outlook<br>• Dependent on pace of additional rate cuts and shape of the yield curve<br>Net Interest<br>Margin<br>• High-teen noninterest expense growth for full-year 2025 (excluding merger-related expenses)<br>• Continued investments in people and technology initiatives<br>• Alignment of provision expense with loan growth and overall asset quality<br>Expenses<br>• Maintain stable capital levels in the current environment given the stronger growth outlook<br>• Ongoing evaluation of potential share repurchases based on valuation, capital levels, and other uses of capital<br>Capital<br>Levels
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18<br>2025 Strategic Priorities<br>Return to More Normalized<br>Levels of Profitable Growth<br>Continue to Gain Loan and<br>Deposit Market Share<br>Leverage Technology to<br>Support Business Growth<br>Execute on M&A Integration<br>and Readiness Initiatives<br>• Well positioned given efforts to<br>optimize the balance sheet in 2024,<br>including strong core deposit<br>growth and reduced loan-to-deposit ratio<br>• Leverage increased loan demand<br>due to the more favorable interest<br>rate environment<br>• Continue to align loan growth with<br>core deposit growth over time<br>• Maintain strong credit quality<br>through consistent underwriting<br>standards and active credit<br>oversight<br>• Utilize the expanded branch<br>footprint, including two branches<br>acquired from FMCB and<br>anticipated 2026 opening of a de<br>novo branch in Lake Elmo, MN<br>• Focus on expanding targeted<br>verticals, including affordable<br>housing, women business leaders,<br>and cannabis<br>• Leverage affordable housing<br>expertise to grow client base across<br>the Twin Cities and nationally<br>• Leverage marketplace disruption in<br>the Twin Cities to attract new<br>clients and top talent<br>• Implement upgraded retail and<br>small business online banking<br>solution<br>• Optimize recent technology<br>investments, including the nCino<br>commercial loan origination system<br>and new CRM platform, as well as<br>new AI tools to create efficiencies<br>and enhance the client experience<br>• Successfully complete systems<br>integration of FMCB<br>• Evaluate additional M&A<br>opportunities that support BWB’s<br>business model and growth outlook<br>• Leverage recent M&A experience to<br>optimize readiness and execution of<br>future M&A opportunities<br>Year-to-Date Progress (2Q25)<br>• Loan growth of 14.5% annualized<br>• Core deposit growth1 of 5.2%<br>annualized<br>• Affordable housing growth of $74M,<br>or 29.4% annualized<br>• C&I growth of 20.9% annualized<br>• Preparing for upgraded retail and<br>small business online banking<br>rollout later in 3Q25<br>• Preparing for FMCB systems<br>conversion in 3Q25<br>1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000
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19<br>APPENDIX
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20<br>Interest Rate Sensitivity<br>Estimated Change in NII From<br>Immediate Interest Rate Shocks<br>+100 bps<br>-100 bps<br>Liability-sensitive balance sheet well positioned for lower interest rates and<br>a steepening yield curve<br>Loan Portfolio Considerations<br>• Loan portfolio most sensitive to changes in the 3- to 5-year portion of the<br>yield curve<br>• Loan portfolio to reprice higher even in a rates-down environment given<br>larger fixed-rate portfolio and smaller variable-rate portfolio<br>• $732M of fixed- and adjustable-rate loans scheduled to reprice over the<br>next year<br>• Leveraged prepayment penalties on new loan originations to help<br>maintain benefit of higher rates over time<br>Funding Considerations<br>• Deposit base is more sensitive to changing interest rates<br>• Strong momentum in core deposit growth since March 2023<br>• Continue to supplement core deposits with wholesale funding to support<br>loan growth over time<br>• Brokered deposits generally include call options to protect net interest<br>margin as interest rates decline<br>-200 bps<br>(1.4)%<br>+3.1%<br>2Q25<br>+7.2%<br>(2.1)%<br>+3.3%<br>2Q24<br>+6.3%<br>(2.4)%<br>+3.1%<br>3Q24<br>+6.5%<br>(2.7)%<br>+4.0%<br>1Q25<br>+8.8%<br>(1.7)%<br>+3.1%<br>4Q24<br>+6.7%<br>+200 bps (3.2)% (4.4)% (3.1)% (5.3)% (2.4)%<br>Funding Mix Repricing Lower Following Recent Rate Cuts<br>• $1.6B of funding tied to short-term rates, including $1.3B of<br>immediately-adjustable deposits and $0.3B of derivative hedging<br>• $799M of other repricing opportunities, including time deposit<br>maturities over the next 12 months and callable brokered deposits with<br>rates over 4.50%
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21<br>Well Positioned to Benefit in<br>Rates-Down Environment<br>23% 24%<br>16% 18%<br>6% 12%<br>$141 $149<br>$100 $116<br>$38<br>$75<br>Less<br>Than<br>1 Year<br>1 to 2<br>Years<br>2 to 3<br>Years<br>3 to 4<br>Years<br>4 to 5<br>Years<br>5+<br>Years<br>21% 17% 17% 13% 15% 17%<br>$590<br>$475 $469<br>$379 $407 $470<br>Less<br>Than<br>1 Year<br>1 to 2<br>Years<br>2 to 3<br>Years<br>3 to 4<br>Years<br>4 to 5<br>Years<br>5+<br>Years<br>Fixed,<br>67%<br>Variable,<br>18%<br>Adjustable,<br>15%<br>Loan Portfolio Mix<br>Fixed-Rate Portfolio<br>($2.8B)<br>Variable-Rate Portfolio<br>($742M)<br>Adjustable-Rate Portfolio<br>($619M)<br>Years to Maturity<br>• Large fixed-rate portfolio<br>provides support to total loan<br>yields in a rates-down<br>environment<br>• $590M of fixed-rate loans<br>maturing over the next year, with<br>a weighted average yield of<br>5.65%<br>Variable-Rate Loan Floors<br>• Small variable-rate portfolio<br>limits immediate repricing<br>pressure in a rates-down<br>environment<br>• 72% of variable-rate portfolio<br>have rate floors, with 94% of the<br>floors at or above 5%<br>• 100% of variable-rate loans are<br>currently tied to SOFR or Prime<br>Adjustable-Rate<br>Repricing/Maturity Schedule<br>• Adjustable-rate loans likely to<br>reprice higher, even in a rates-down environment<br>• $141M of adjustable-rate loans<br>repricing or maturing over the<br>next year, with a weighted<br>average yield of 4.43%<br>Dollars in millions<br>WA<br>Yield 5.65% 4.86% 5.47% 5.35% 5.91% 4.16%<br>WA<br>Yield 4.43% 4.59% 4.65% 5.02% 6.82% 4.56%<br>2% 4%<br>29%<br>54%<br>11% $11 $19<br>$154<br>$287<br>$61<br>Below<br>4%<br>4%-5% 5%-6% 6%-7% Above<br>7%<br>37% of new loan originations<br>YTD in 2025 were variable-rate
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22<br>High Quality Securities Portfolio<br>AAA<br>20%<br>AA<br>53%<br>A<br>2%<br>BBB<br>11%<br>NR<br>14%<br>Rating Mix<br>Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands)<br>$(43,522) $(39,161)<br>$26,708<br>$16,119<br>$(15,320) $(14,228)<br>2Q24 2Q25<br>MTM Securities MTM Derivatives Net Impact on AOCI1<br>• No held-to-maturity securities<br>• Securities portfolio average duration of 6.1 years<br>• Average securities portfolio yield of 4.86%<br>• AOCI / Total Risk-Based Capital of 2.3% vs. peer bank<br>median of 5.6%2<br>1 Includes the tax-effected impact of $6,179 in 2Q24 and $5,738 in 2Q25<br>2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ)<br>34% 31% 32% 33% 36%<br>22% 17%<br>16% 15% 15%<br>23% 21%<br>17% 17% 18%<br>16%<br>22% 23% 20%<br>21%<br>15%<br>13% 12% 11% $601<br>$665<br>$768 $765 $744<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>Mortgage-Backed Securities Municipal Bonds<br>U.S. Treasuries<br>Corporate Securities<br>Securities Available for Sale Portfolio (dollars in millions)<br>Other
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11.3%<br>14.5% 13.2% 11.9% 12.4%<br>36.1%<br>34.2% 32.2% 34.0% 32.7%<br>$2,222 $2,290 $2,296 $2,357 $2,385<br>2Q24 3Q24 4Q24 1Q25 2Q25<br>23<br>Ample Liquidity and Borrowing Capacity<br>1 Excludes $282M of pledged securities at June 30, 2025<br>Dollars in millions<br>Off-Balance Sheet Liquidity as a % of Assets<br>On-Balance Sheet Liquidity as a % of Assets<br>Liquidity Position with 1.8x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022<br>Funding Source 12/31/2022 6/30/2025 Change<br>Cash and Cash Equivalents $ 4 8 $ 193 $ 145<br>Unpledged Securities1<br> 549 462 (87)<br>FHLB Capacity 391 491 100<br>FRB Discount Window 158 1,019 861<br>Unsecured Lines of Credit 208 200 (8)<br>Secured Line of Credit 26 20 (6)<br> Total $ 1,380 $ 2,385 $ 1,005<br>Available Balance
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24<br>Reconciliation of Non-GAAP Financial Measures<br>Dollars in thousands<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>Core Loan Yield<br>Loan Interest Income (Tax-Equivalent Basis) $ 51,592 $ 52,118 $ 52,078 $ 53,979 $ 58,122<br>Less:<br> Loan Fees (767) (968) (747) (719) (1,019)<br> Loan Accretion - - - (342) (425)<br>Core Loan Interest Income $ 50,825 $ 51,150 $ 51,331 $ 52,918 $ 56,678<br>Average Loans $ 3,771,768 $ 3,721,654 $ 3,730,532 $ 3,899,258 $ 4,064,540<br>Core Loan Yield 5.42% 5.47% 5.47% 5.50% 5.59%<br>Efficiency Ratio:<br>Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941<br>Less: Amortization Intangible Assets (8) (9) (52) (230) (230)<br> Adjusted Noninterest Expense $ 15,531 $ 15,751 $ 16,760 $ 17,906 $ 18,711<br>Net Interest Income $ 24,996 $ 25,599 $ 26,967 $ 30,208 $ 32,452<br>Noninterest Income 1,763 1,522 2,533 2,079 3,627<br>Less: (Gain) Loss on Sales of Securities (320) 28 - (1) (474)<br> Adjusted Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,605<br> Efficiency Ratio 58.7% 58.0% 56.8% 55.5% 52.6%<br>Adjusted Efficiency Ratio:<br>Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941<br>Less: Amortization Intangible Assets (8) (9) (52) (230) (230)<br>Less: Merger-related Expenses - (224) (488) (565) (540)<br> Adjusted Noninterest Expense $ 15,531 $ 15,527 $ 16,272 $ 17,341 $ 18,171<br>Net Interest Income $ 24,996 $ 25,599 $ 26,967 $ 30,208 $ 32,452<br>Noninterest Income 1,763 1,522 2,533 2,079 3,627<br>Less: (Gain) Loss on Sales of Securities (320) 28 - (1) (474)<br>Less: FHLB Advance Prepayment Income (301)<br> Adjusted Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,304<br> Adjusted Efficiency Ratio 58.7% 57.2% 55.2% 53.7% 51.5%<br>Adjusted Noninterest Expense to Average Assets:<br>Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941<br>Less: Merger-related Expenses - (224) (488) (565) (540)<br> Adjusted Noninterest Expense $ 15,539 $ 15,536 $ 16,324 $ 17,571 $ 18,401<br>Average Assets $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446 $ 5,162,182<br> Adjusted Noninterest Expense to Average Assets (ann.) 1.35% 1.31% 1.36% 1.41% 1.43%<br>As of and for the quarter ended,<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>Pre-Provision Net Revenue:<br>Noninterest Income $ 1,763 $ 1,522 $ 2,533 $ 2,079 $ 3,627<br>Less: (Gain) Loss on Sales of Securities (320) 2 8 - (1) (474)<br>Less: FHLB Advance Prepayment Income - - - - (301)<br> Total Operating Noninterest Income 1,443 1,550 2,533 2,078 2,852<br>Plus: Net Interest Income 24,996 25,599 26,967 30,208 32,452<br> Net Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,304<br>Noninterest Expense 15,539 15,760 $ 16,812 $ 18,136 $ 18,941<br> Total Operating Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941<br>Pre-provision Net Revenue $ 10,900 $ 11,389 $ 12,688 $ 14,150 $ 16,363<br>Plus: Non-Operating Revenue Adjustments 320 (28) - 1 775<br>Less: Provision for Credit Losses 600 - 2,175 1,500 2,000<br>Less: Provision for Income Taxes 2,505 2,686 2,309 3,018 3,618<br> Net Income $ 8,115 $ 8,675 $ 8,204 $ 9,633 $ 11,520<br>Average Assets $ 4,646,517 $ 4,709,804 $ 4,788,036 $ 5,071,446 $ 5,162,182<br>Pre-Provision Net Revenue Return on<br>Average Assets 0.94% 0.96% 1.05% 1.13% 1.27%<br>Adjusted Pre-Provision Net Revenue:<br>Net Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,304<br>Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941<br>Less: Merger-related Expenses - (224) (488) (565) (540)<br> Adjusted Total Operating Noninterest Expense $ 15,539 $ 15,536 $ 16,324 $ 17,571 $ 18,401<br>Adjusted Pre-Provision Net Revenue $ 10,900 $ 11,613 $ 13,176 $ 14,715 $ 16,903<br> Adjusted Pre-Provision Net Revenue Return on<br> Average Assets 0.94% 0.98% 1.09% 1.18% 1.31%<br>Core Net Interest Margin<br>Net Interest Income (Tax-equivalent Basis) $ 25,288 $ 25,905 $ 27,254 $ 30,464 $ 32,770<br>Less:<br> Loan Fees (767) (968) (747) (719) (1,019)<br> Purchase Accounting Accretion:<br> Loan Accretion - - - (342) (425)<br> Bond Accretion - - (91) (578) (152)<br> Bank-Owned Certificates of Deposit Accretion - - - (7) (4)<br> Deposit Certificates of Deposit Accretion - - - (38) (37)<br> Total Purchase Accounting Accretion - - (91) (965) (618)<br>Core Net Interest Income (Tax-equivalent Basis) $ 24,521 $ 24,937 $ 26,416 $ 28,780 $ 31,133<br>Average Interest Earning Assets $ 4,545,920 $ 4,595,521 $ 4,682,841 $ 4,928,283 $ 5,019,058<br>Core Net Interest Margin 2.17% 2.16% 2.24% 2.37% 2.49%<br>As of and for the quarter ended,
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25<br>Reconciliation of Non-GAAP Financial Measures<br>Dollars in thousands<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>Tangible Common Equity / Tangible Assets<br>Total Shareholders' Equity $ 439,241 $ 452,200 $ 457,935 $ 468,975 $ 476,282<br>Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)<br> Total Common Shareholders' Equity 372,727 385,686 391,421 402,461 409,768<br>Less: Intangible Assets (2,797) (2,789) (19,832) (19,602) (19,372)<br> Tangible Common Equity $ 369,930 $ 382,897 $ 371,589 $ 382,859 $ 390,396<br>Total Assets $ 4,687,035 $ 4,691,517 $ 5,066,242 $ 5,136,808 $ 5,296,673<br>Less: Intangible Assets (2,797) (2,789) (19,832) (19,602) (19,372)<br> Tangible Assets $ 4,684,238 $ 4,688,728 $ 5,046,410 $ 5,117,206 $ 5,277,301<br> Tangible Common Equity / Tangible Assets 7.90% 8.17% 7.36% 7.48% 7.40%<br>Return on Average Tangible Common Equity<br>Net Income Available to Common Shareholders $ 7,101 $ 7,662 $ 7,190 $ 8,620 $ 10,506<br>Average Shareholders' Equity $ 435,585 $ 443,077 $ 455,949 $ 465,408 $ 471,700<br>Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)<br> Average Common Equity 369,071 376,563 389,435 398,894 405,186<br>Less: Effects of Average Intangible Assets (2,802) (2,794) (4,412) (19,738) (19,504)<br> Average Tangible Common Equity $ 366,269 $ 373,769 $ 385,023 $ 379,156 $ 385,682<br> Return on Average Tangible Common Equity 7.80% 8.16% 7.43% 9.22% 10.93%<br>As of and for the quarter ended,<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>Adjusted Diluted Earnings Per Common Share<br>Net Income Available to Common Shareholders $ 7,101 $ 7,662 $ 7,190 $ 8,620 $ 10,506<br>Add: Merger-related Expenses - 224 488 565 540<br>Less: FHLB Advance Prepayment Income - - - - (301)<br>Less: (Gain) Loss on Sales of Securities (320) 2 8 - (1) (474)<br> Total Adjustments (320) 252 488 564 (235)<br>Less: Tax Impact of Adjustments 76 (59) (107) (135) 56<br> Adjusted Net Income Available to Common $ 6,857 $ 7,855 $ 7,571 $ 9,049 $ 10,327<br>Diluted Weighted Average Shares Outstanding 27,748,184 27,904,910 28,055,532 28,036,506 27,998,008<br> Adjusted Diluted Earnings Per Common Share $ 0.25 $ 0.28 $ 0.27 $ 0.32 $ 0.37<br>Adjusted Return on Average Assets<br>Net Income $ 8,115 $ 8,675 $ 8,204 $ 9,633 $ 11,520<br>Add: Total Adjustments (320) 252 488 564 (235)<br>Less: Tax Impact of Adjustments 76 (59) (107) (135) 56<br>Adjusted Net Income $ 7,871 $ 8,868 $ 8,585 $ 10,062 $ 11,341<br>Average Assets $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446 $ 5,162,182<br> Adjusted Return on Average Assets 0.68% 0.75% 0.71% 0.80% 0.88%<br>Adjusted Return on Average Tangible Common<br>Equity<br>Adjusted Net Income Available to Common $ 6,857 $ 7,855 $ 7,571 $ 9,049 $ 10,327<br>Average Tangible Common Equity $ 366,269 $ 373,769 $ 385,023 $ 379,156 $ 385,682<br> Adjusted Return on Average Tangible Common 7.53% 8.36% 7.82% 9.68% 10.74%<br>As of and for the quarter ended,
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26<br>Reconciliation of Non-GAAP Financial Measures<br>Tangible Book Value Per Share<br>December 31,<br>2016<br>March 31,<br>2017<br>June 30,<br>2017<br>September 30,<br>2017<br>December 31,<br>2017<br>March 31,<br>2018<br>June 30,<br>2018<br>September 30,<br>2018<br>December 31,<br>2018<br>March 31,<br>2019<br>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<br>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)<br>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<br>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<br>Tangible Book Value Per Share<br>June 30,<br>2019<br>September 30,<br>2019<br>December 31,<br>2019<br>March 31,<br>2020<br>June 30,<br>2020<br>September 30,<br>2020<br>December 31,<br>2020<br>March 31,<br>2021<br>June 30,<br>2021<br>September 30,<br>2021<br>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<br>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)<br>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<br>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<br>Tangible Book Value Per Share<br>December 31,<br>2021<br>March 31,<br>2022<br>June 30,<br>2022<br>September 30,<br>2022<br>December 31,<br>2022<br>March 31,<br>2023<br>June 30,<br>2023<br>September 30,<br>2023<br>December 31,<br>2023<br>March 31,<br>2024<br>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<br>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)<br>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<br>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<br>Tangible Book Value Per Share<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92<br>Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71)<br>Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21<br>Total Common Shares 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283<br>As of and for the quarter ended,<br>As of and for the quarter ended,<br>As of and for the quarter ended,<br>As of and for the quarter ended,
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