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

April 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 April 23, 2025, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 7.01 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 April 23, 2025, in its 2025 first quarter earnings release, the Company announced that its Board of Directors had declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depository share, each representing a 1/100^th^ interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on June 2, 2025, to shareholders of record of the Series A Preferred Stock at the close of business on May 15, 2025.

Item 9.01 Financial Statements and Exhibits.

(d)****Exhibits

Exhibit 99.1	Press Release of Bridgewater Bancshares, Inc., dated April 23, 2025, regarding first quarter 2025 financial results
Exhibit 99.2	Earnings Presentation dated April 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: April 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

April 23, 2025

Bridgewater Bancshares, Inc. Announces First Quarter 2025 Financial Results

First Quarter 2025 Highlights

●	Net income of $9.6 million, or $0.31 per diluted common share; adjusted net income of $10.1 million, or $0.32 per diluted common share.^(1)^
●	Pre-provision net revenue^(1)^ increased $1.5 million, or 11.5%, from the fourth quarter of 2024.
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●	Net interest income increased $3.2 million, or 12.0%, from the fourth quarter of 2024.
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●	Net interest margin (on a fully tax-equivalent basis) of 2.51% for the first quarter of 2025, an increase of 19 basis points from the fourth quarter of 2024.
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●	Gross loans increased by $151.6 million, or 15.9% annualized, from the fourth quarter of 2024.
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●	Total deposits increased by $75.7 million, or 7.5% annualized, from the fourth quarter of 2024; core deposits^(2)^increased by $63.7 million, or 8.3% annualized, from the fourth quarter of 2024.
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●	Efficiency ratio^(1)^ of 55.5%, down from 56.8% for the fourth quarter of 2024; adjusted efficiency ratio^(1)^ of 53.7%, down from 55.2% for the fourth quarter of 2024.
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●	Annualized net loan charge-offs as a percentage of average loans of 0.00%, compared to 0.03% for the fourth quarter of 2024.
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●	Nonperforming assets to total assets of 0.20% at March 31, 2025, compared to 0.01% at December 31, 2024.
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●	Tangible book value per share^(1)^ of $13.89 at March 31, 2025, an increase of 12.2% annualized, from the fourth quarter of 2024.
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●	Repurchased 45,005 shares of common stock at an aggregate purchase price of $0.6 million.
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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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St. Louis Park, MN – Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $9.6 million for the first quarter of 2025, compared to $8.2 million for the fourth quarter of 2024, and $7.8 million for the first quarter of 2024. Earnings per diluted common share were $0.31 for the first quarter of 2025, compared to $0.26 for the fourth quarter of 2024, and $0.24 for the first quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $10.1 million for the first quarter of 2025, compared to $8.6 million for the fourth quarter of 2024, and $7.8 million for the first quarter of 2024. Adjusted earnings per diluted common share, a non-GAAP financial measure, were $0.32 for the first quarter of 2025, compared to $0.27 for the fourth quarter of 2024, and $0.24 for the first quarter of 2024.

“Bridgewater is off to a strong start in 2025 with the continuation of growth and profitability momentum which began in late 2024,” said Chairman and Chief Executive Officer, Jerry Baack. “Core deposit growth trends continued, allowing us to be more offensive-minded on the loan growth front. With increased demand resulting in a strong loan pipeline, we saw our second consecutive quarter of robust organic loan growth. In addition, revenue growth accelerated in the first quarter as declining deposit costs drove continued net interest margin expansion.

“While a new wave of economic uncertainty has been introduced into the market, the key for us is to remain focused on doing what we do best. This includes being experts in our markets, supporting our clients, maintaining superb asset quality, and continuing to grow tangible book value.”

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Key Financial Measures


		As of and for the Three Months Ended
		March 31,			December 31,			March 31,
	****	2025			2024			2024
Per Common Share Data
Basic Earnings Per Share		$	0.31		$	0.26		$	0.25
Diluted Earnings Per Share			0.31			0.26			0.24
Adjusted Diluted Earnings Per Share ^(1)^			0.32			0.27			0.24
Book Value Per Share			14.60			14.21			13.30
Tangible Book Value Per Share ^(1)^			13.89			13.49			13.20

Financial Ratios
Return on Average Assets ^(2)^			0.77	%		0.68	%		0.69	%
Pre-Provision Net Revenue Return on Average Assets ^(1)(2)^			1.13			1.05			0.95
Return on Average Shareholders' Equity ^(2)^			8.39			7.16			7.35
Return on Average Tangible Common Equity^(1)(2)^			9.22			7.43			7.64
Net Interest Margin^(3)^			2.51			2.32			2.24
Core Net Interest Margin ^(1)(3)^			2.37			2.24			2.18
Cost of Total Deposits			3.18			3.40			3.32
Cost of Funds			3.17			3.38			3.34
Efficiency Ratio^(1)^			55.5			56.8			58.2
Noninterest Expense to Average Assets ^(2)^			1.45			1.40			1.33
Tangible Common Equity to Tangible Assets ^(1)^			7.48			7.36			7.72
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) ^(4)^			9.03			9.08			9.21

Adjusted Financial Ratios ^(1)^
Adjusted Return on Average Assets ^(2)^			0.80	%		0.71	%		0.69	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ^(2)^			1.18			1.09			0.95
Adjusted Return on Average Shareholders' Equity ^(2)^			8.77			7.49			7.35
Adjusted Return on Average Tangible Common Equity ^(2)^			9.68			7.82			7.64
Adjusted Efficiency Ratio			53.7			55.2			58.2
Adjusted Noninterest Expense to Average Assets ^(2)^			1.41			1.36			1.33

Balance Sheet and Asset Quality (dollars in thousands)
Total Assets		$	5,136,808		$	5,066,242		$	4,723,109
Total Loans, Gross			4,020,076			3,868,514			3,784,205
Deposits			4,162,457			4,086,767			3,807,225
Loan to Deposit Ratio			96.6	%		94.7	%		99.4	%
Net Loan Charge-Offs to Average Loans ^(2)^			0.00			0.03			0.00
Nonperforming Assets to Total Assets^(5)^			0.20			0.01			0.01
Allowance for Credit Losses to Total Loans			1.34			1.35			1.36

(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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Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the first quarter of 2025 was 2.51%, a 19 basis point increase from 2.32% in the fourth quarter of 2024, and a 27 basis point increase from 2.24% in the first 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 and amortization, was 2.37% for the first quarter of 2025, a 13 basis point increase from 2.24% in the fourth quarter of 2024, and a 19 basis point increase from 2.18% in the first quarter of 2024.

●	Net interest margin expanded to 2.51% in the first quarter of 2025 primarily due to lower costs of deposits, higher purchase accounting accretion, and higher core loan yields.

Net interest income was $30.2 million for the first quarter of 2025, an increase of $3.2 million from $27.0 million in the fourth quarter of 2024, and an increase of $5.6 million from $24.6 million in the first quarter of 2024.

●	The linked-quarter increase in net interest income was primarily due to increased loan interest and fee income, higher purchase accounting accretion, and lower costs of deposits.
●	The year-over-year increase in net interest income was primarily due to growth and higher yields in the securities and loan portfolios.
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Interest income was $65.7 million for the first quarter of 2025, an increase of $2.4 million from $63.3 million in the fourth quarter of 2024, and an increase of $7.0 million from $58.7 million in the first quarter of 2024.

●	The yield on interest earning assets (on a fully tax-equivalent basis) was 5.43% in the first quarter of 2025, compared to 5.40% in the fourth quarter of 2024, and 5.28% in the first 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 in the higher interest rate environment and purchase accounting accretion attributable to the acquisition of First Minnetonka City Bank (FMCB).
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●	The aggregate loan yield increased to 5.61% in the first quarter of 2025, six basis points higher than 5.55% in the fourth quarter of 2024, and 23 basis points higher than 5.38% in the first quarter of 2024.
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●	Core loan yield, a non-GAAP financial measure, increased three basis points to 5.50% in the first quarter of 2025.
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A summary of interest and fees recognized on loans for the periods indicated is as follows:


	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Interest	5.50	%	5.47	%	5.47	%	5.42	%	5.31	%
Fees	0.07		0.08		0.10		0.08		0.07
Accretion	0.04		—		—		—		—
Yield on Loans	5.61	%	5.55	%	5.57	%	5.50	%	5.38	%

Interest expense was $35.5 million for the first quarter of 2025, a decrease of $857,000 from $36.4 million in the fourth quarter of 2024, and an increase of $1.5 million from $34.0 million in the first quarter of 2024.

●	The cost of interest bearing liabilities was 3.82% in the first quarter of 2025, compared to 4.06% in the fourth quarter of 2024, and 4.03% in the first quarter of 2024.
●	The linked-quarter and year-over-year decreases in the cost of interest bearing liabilities were primarily due to lower rates paid on deposits and decreases in average brokered deposit balances.
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Interest expense on deposits was $32.1 million for the first quarter of 2025, a decrease of $707,000 from $32.8 million in the fourth quarter of 2024, and an increase of $1.9 million from $30.2 million in the first quarter of 2024.

●	The cost of total deposits was 3.18% in the first quarter of 2025, compared to 3.40% in the fourth quarter of 2024, and 3.32% in the first quarter of 2024.
●	The linked-quarter decrease in the cost of total deposits was primarily due to interest rate cuts by the Federal Reserve that occurred in the fourth quarter of 2024 and the reduction of higher cost funding.
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●	The year-over-year increase in the cost of total deposits was primarily due to higher balances in interest bearing transaction deposits, savings and money market deposits, and time deposits.
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Provision for Credit Losses

The provision for credit losses on loans and leases was $1.5 million for the first quarter of 2025, compared to $1.5 million for the fourth quarter of 2024 and $850,000 the first quarter of 2024.

●	The provision for credit losses on loans recorded in the first quarter of 2025 was primarily attributable to increased growth in the loan portfolio.
●	The allowance for credit losses on loans to total loans was 1.34% at March 31, 2025, compared to 1.35% at December 31, 2024, and 1.36% at March 31, 2024.
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The provision for credit losses for off-balance sheet credit exposures was $-0- for the first quarter of 2025, compared to $725,000 for the fourth quarter of 2024, and a negative provision of $100,000 for the first quarter of 2024.

Noninterest Income

Noninterest income was $2.1 million for the first quarter of 2025, a decrease of $454,000 from $2.5 million for the fourth quarter of 2024, and an increase of $529,000 from $1.6 million for the first quarter of 2024.

●	The linked-quarter decrease was primarily due to lower letter of credit fees and swap fees, offset partially by an increase in investment advisory fees.
●	The year-over-year increase was primarily due to higher customer service fees, letter of credit fees, and investment advisory fees.
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Noninterest Expense

Noninterest expense was $18.1 million for the first quarter of 2025, an increase of $1.3 million from $16.8 million for the fourth quarter of 2024 and an increase of $2.9 million from $15.2 million for the first quarter of 2024.

●	The linked-quarter increase was primarily due to increases in salaries and employee benefits, increased operating costs related to the FMCB acquisition, primarily driven by the inclusion of a full quarter of FMCB expenses, and merger-related expenses.
●	The year-over-year increase was primarily attributable to increases in salaries and employee benefits, increased operating costs related to the acquisition, and merger-related expenses, offset partially by a decrease in the FDIC insurance assessment, which resulted from decreased brokered deposits and moderated loan growth.
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●	Noninterest expense for the first quarter of 2025 included $565,000 of merger-related expenses, compared to $488,000 for the fourth quarter of 2024.
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●	The efficiency ratio, a non-GAAP financial measure, was 55.5% for the first quarter of 2025, compared to 56.8% for the fourth quarter of 2024, and 58.2% for the first quarter of 2024.
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●	The Company had 292 full-time equivalent employees at March 31, 2025, compared to 290 at December 31, 2024, and 255 at March 31, 2024.
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Income Taxes

The effective combined federal and state income tax rate was 23.9% for the first quarter of 2025, compared to 22.0% for the fourth quarter of 2024, and 23.5% for the first quarter of 2024.

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Balance Sheet

Loans


(dollars in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Commercial	$	528,801	$	497,662	$	493,403	$	518,762	$	483,069
Leases		43,958		44,291		—		—		—
Construction and Land Development		128,073		97,255		118,596		134,096		200,970
1-4 Family Construction		39,438		41,961		45,822		60,551		65,606
Real Estate Mortgage:
1 - 4 Family Mortgage		479,461		474,383		421,179		416,944		417,773
Multifamily		1,534,747		1,425,610		1,379,814		1,404,835		1,389,345
CRE Owner Occupied		196,080		191,248		182,239		185,988		182,589
CRE Nonowner Occupied		1,055,157		1,083,108		1,032,142		1,070,050		1,035,702
Total Real Estate Mortgage Loans		3,265,445		3,174,349		3,015,374		3,077,817		3,025,409
Consumer and Other		14,361		12,996		12,395		9,159		9,151
Total Loans, Gross		4,020,076		3,868,514		3,685,590		3,800,385		3,784,205
Allowance for Credit Losses on Loans		(53,766)		(52,277)		(51,018)		(51,949)		(51,347)
Net Deferred Loan Fees		(7,218)		(6,801)		(5,705)		(6,214)		(6,356)
Total Loans, Net	$	3,959,092	$	3,809,436	$	3,628,867	$	3,742,222	$	3,726,502

Total gross loans at March 31, 2025 were $4.02 billion, an increase of $151.6 million, or 15.9% annualized, over total gross loans of $3.87 billion at December 31, 2024, and an increase of $235.9 million, or 6.2%, over total gross loans of $3.78 billion at March 31, 2024.

●	The increase in the loan portfolio during the first quarter of 2025 was due to increased loan originations.

Deposits


(dollars in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest Bearing Transaction Deposits	$	791,528	$	800,763	$	713,309	$	705,175	$	698,432
Interest Bearing Transaction Deposits		840,378		862,242		805,756		752,568		783,736
Savings and Money Market Deposits		1,372,191		1,259,503		980,345		943,994		979,773
Time Deposits		326,821		338,506		347,080		373,713		352,510
Brokered Deposits		831,539		825,753		900,952		1,032,262		992,774
Total Deposits	$	4,162,457	$	4,086,767	$	3,747,442	$	3,807,712	$	3,807,225

Total deposits at March 31, 2025 were $4.16 billion, an increase of $75.7 million, or 7.5% annualized, over total deposits of $4.09 billion at December 31, 2024, and an increase of $355.2 million, or 9.3%, over total deposits of $3.81 billion at March 31, 2024.

●

Core deposits, defined as total deposits excluding brokered deposits and certificates of deposits greater than $250,000, increased $63.7 million, or 8.3% annualized, from the fourth quarter of 2024. Growth in core deposits was due to both increased balances of existing clients and new client acquisitions. Based on the nature of the Company’s client base, core deposit balances can fluctuate from quarter to quarter, as deposit growth is not always linear.

Asset Quality

Overall asset quality remained superb 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 the first quarter of 2025, compared to 0.03% for the fourth quarter of 2024, and 0.00% for the first quarter of 2024.
●	At March 31, 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 0.20% of total assets, compared to $301,000, or 0.01% of total assets, at December 31, 2024, and $269,000, or 0.01% of total assets, at March 31, 2024. The increase in nonperforming assets was primarily due to one central business district office loan that previously had a special mention risk rating.
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●	Loans with potential weaknesses that warranted a watch/special mention risk rating at March 31, 2025 totaled $38.3 million, compared to $46.6 million at December 31, 2024, and $21.6 million at March 31, 2024.
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●	Loans that warranted a substandard risk rating at March 31, 2025 totaled $31.6 million, compared to $21.8 million at December 31, 2024, and $33.8 million at March 31, 2024.
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Capital

Total shareholders’ equity at March 31, 2025 was $469.0 million, an increase of $11.0 million, or 2.4%, compared to total shareholders’ equity of $457.9 million at December 31, 2024, and an increase of $35.4 million, or 8.2%, over total shareholders’ equity of $433.6 million at March 31, 2024.

●	The linked-quarter and year-over-year increases were primarily due to net income retained and a decrease in unrealized losses in the securities portfolio, offset partially by a decrease in unrealized gains in the derivatives portfolio, preferred stock dividends, and stock repurchases.
●	The Common Equity Tier 1 Risk-Based Capital Ratio was 9.03% at March 31, 2025, compared to 9.08% at December 31, 2024, and 9.21% at March 31, 2024.
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●	Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.48% at March 31, 2025, compared to 7.36% at December 31, 2024, and 7.72% at March 31, 2024.
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Tangible book value per share, a non-GAAP financial measure, was $13.89 as of March 31, 2025, an increase of 12.2% annualized from $13.49 as of December 31, 2024, and an increase of 5.2% from $13.20 as of March 31, 2024.

During the first quarter of 2025, the Company repurchased 45,005 shares of its common stock at an aggregate purchase price of $0.6 million.

●	The Company had $14.7 million remaining under its current share repurchase authorization at March 31, 2025.

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

Conference Call and Webcast

The Company will host a conference call to discuss its first quarter 2025 financial results on Thursday, April 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 9827138. The replay will be available through May 1, 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 $5.1 billion and nine strategically located branches as of March 31, 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 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

Page 7 of 17

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, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory or other governmental agencies, 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; 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 regulations; 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 8 of 17

Bridgewater Bancshares, Inc. and Subsidiaries Financial Highlights

(dollars in thousands, except share data)


		As of and for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	****	2025		****	2024		****	2024		****	2024		****	2024		****
			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Income Statement
Net Interest Income		$	30,208		$	26,967		$	25,599		$	24,996		$	24,631
Provision for Credit Losses			1,500			2,175			—			600			750
Noninterest Income			2,079			2,533			1,522			1,763			1,550
Noninterest Expense			18,136			16,812			15,760			15,539			15,189
Net Income			9,633			8,204			8,675			8,115			7,831
Net Income Available to Common Shareholders			8,620			7,190			7,662			7,101			6,818

Per Common Share Data
Basic Earnings Per Share		$	0.31		$	0.26		$	0.28		$	0.26		$	0.25
Diluted Earnings Per Share			0.31			0.26			0.27			0.26			0.24
Adjusted Diluted Earnings Per Share ^(1)^			0.32			0.27			0.28			0.26			0.24
Book Value Per Share			14.60			14.21			14.06			13.63			13.30
Tangible Book Value Per Share ^(1)^			13.89			13.49			13.96			13.53			13.20
Basic Weighted Average Shares Outstanding			27,568,772			27,459,433			27,382,798			27,386,713			27,691,401
Diluted Weighted Average Shares Outstanding			28,036,506			28,055,532			27,904,910			27,748,184			28,089,805
Shares Outstanding at Period End			27,560,150			27,552,449			27,425,690			27,348,049			27,589,827

Financial Ratios
Return on Average Assets ^(2)^			0.77	%		0.68	%		0.73	%		0.70	%		0.69	%
Pre-Provision Net Revenue Return on Average Assets ^(1)(2)^			1.13			1.05			0.96			0.94			0.95
Return on Average Shareholders' Equity ^(2)^			8.39			7.16			7.79			7.49			7.35
Return on Average Tangible Common Equity ^(1)(2)^			9.22			7.43			8.16			7.80			7.64
Net Interest Margin^(3)^			2.51			2.32			2.24			2.24			2.24
Core Net Interest Margin ^(1)(3)^			2.37			2.24			2.16			2.17			2.18
Cost of Total Deposits			3.18			3.40			3.58			3.46			3.32
Cost of Funds			3.17			3.38			3.54			3.49			3.34
Efficiency Ratio^(1)^			55.5			56.8			58.0			58.7			58.2
Noninterest Expense to Average Assets ^(2)^			1.45			1.40			1.33			1.35			1.33

Adjusted Financial Ratios ^(1)^
Adjusted Return on Average Assets			0.80	%		0.71	%		0.75	%		0.70	%		0.69	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ^(2)^			1.18			1.09			0.98			0.94			0.95
Adjusted Return on Average Shareholders' Equity			8.77			7.49			7.94			7.49			7.35
Adjusted Return on Average Tangible Common Equity			9.68			7.82			8.34			7.80			7.64
Adjusted Efficiency Ratio			53.7			55.2			57.2			58.7			58.2
Adjusted Noninterest Expense to Average Assets			1.41			1.36			1.31			1.35			1.33

Balance Sheet
Total Assets		$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035		$	4,723,109
Total Loans, Gross			4,020,076			3,868,514			3,685,590			3,800,385			3,784,205
Deposits			4,162,457			4,086,767			3,747,442			3,807,712			3,807,225
Total Shareholders' Equity			468,975			457,935			452,200			439,241			433,611
Loan to Deposit Ratio			96.6	%		94.7	%		98.3	%		99.8	%		99.4	%
Core Deposits to Total Deposits ^(4)^			76.2			76.0			71.5			67.9			69.3

Asset Quality
Net Loan Charge-Offs to Average Loans^(2)^			0.00	%		0.03	%		0.10	%		0.00	%		0.00	%
Nonperforming Assets to Total Assets ^(5)^			0.20			0.01			0.19			0.01			0.01
Allowance for Credit Losses to Total Loans			1.34			1.35			1.38			1.37			1.36

Page 9 of 17


		As of and for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	****	2025		****	2024		****	2024		****	2024		****	2024
			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) ^(6)^
Tier 1 Leverage Ratio			9.10	%		9.45	%		9.75	%		9.66	%		9.66	%
Common Equity Tier 1 Risk-based Capital Ratio			9.03			9.08			9.79			9.41			9.21
Tier 1 Risk-based Capital Ratio			10.55			10.64			11.44			11.03			10.83
Total Risk-based Capital Ratio			13.62			13.76			14.62			14.16			14.00
Tangible Common Equity to Tangible Assets ^(1)^			7.48			7.36			8.17			7.90			7.72

(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 10 of 17

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)


	March 31,			December 31,			September 30,			June 30,			March 31,
	2025		****	2024		****	2024		****	2024		****	2024
		(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and Cash Equivalents	$	166,205		$	229,760		$	191,859		$	134,093		$	143,355
Bank-Owned Certificates of Deposit		4,139			4,377			—			—			—
Securities Available for Sale, at Fair Value		764,626			768,247			664,715			601,057			633,282
Loans, Net of Allowance for Credit Losses		3,959,092			3,809,436			3,628,867			3,742,222			3,726,502
Federal Home Loan Bank (FHLB) Stock, at Cost		18,984			19,297			18,626			15,844			17,195
Premises and Equipment, Net		49,442			49,533			47,777			47,902			48,299
Foreclosed Assets		—			—			434			—			20
Accrued Interest		17,700			17,711			16,750			16,944			16,696
Goodwill		11,982			11,982			2,626			2,626			2,626
Other Intangible Assets, Net		7,620			7,850			163			171			180
Bank-Owned Life Insurance		45,025			44,646			38,219			35,090			34,778
Other Assets		91,993			103,403			81,481			91,086			100,176
Total Assets	$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035		$	4,723,109

Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	791,528		$	800,763		$	713,309		$	705,175		$	698,432
Interest Bearing		3,370,929			3,286,004			3,034,133			3,102,537			3,108,793
Total Deposits		4,162,457			4,086,767			3,747,442			3,807,712			3,807,225
Notes Payable		13,750			13,750			13,750			13,750			13,750
FHLB Advances		349,500			359,500			349,500			287,000			317,000
Subordinated Debentures, Net of Issuance Costs		79,766			79,670			79,574			79,479			79,383
Accrued Interest Payable		4,525			4,008			3,458			3,999			4,405
Other Liabilities		57,835			64,612			45,593			55,854			67,735
Total Liabilities		4,667,833			4,608,307			4,239,317			4,247,794			4,289,498

Shareholders' Equity
Preferred Stock- $0.01 par value; Authorized 10,000,000
Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at March 31, 2025 (unaudited), December 31, 2024, September 30, 2024 (unaudited), June 30, 2024 (unaudited), and March 31, 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 27,560,150 at March 31, 2025 (unaudited), 27,552,449 at December 31, 2024, 27,425,690 at September 30, 2024 (unaudited), 27,348,049 at June 30, 2024 (unaudited), and 27,589,827 at March 31, 2024 (unaudited)		276			276			274			273			276
Additional Paid-In Capital		95,503			95,088			94,597			93,205			95,069
Retained Earnings		318,041			309,421			302,231			294,569			287,468
Accumulated Other Comprehensive Loss		(11,359)			(13,364)			(11,416)			(15,320)			(15,716)
Total Shareholders' Equity		468,975			457,935			452,200			439,241			433,611
Total Liabilities and Equity	$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035		$	4,723,109

Page 11 of 17

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Income

(dollars in thousands, except per share data)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025		****	2024		****	2024		****	2024		****	2024
		(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Interest Income
Loans, Including Fees	$	53,820		$	51,870		$	51,895		$	51,385		$	49,581
Investment Securities		9,397			9,109			8,725			8,177			7,916
Other		2,491			2,345			2,407			1,316			1,172
Total Interest Income		65,708			63,324			63,027			60,878			58,669


Interest Expense
Deposits		32,103			32,810			34,187			31,618			30,190
Federal Funds Purchased		—			42			2			853			304
Notes Payable		258			275			296			296			295
FHLB Advances		2,156			2,229			1,942			2,125			2,258
Subordinated Debentures		983			1,001			1,001			990			991
Total Interest Expense		35,500			36,357			37,428			35,882			34,038

Net Interest Income		30,208			26,967			25,599			24,996			24,631
Provision for Credit Losses		1,500			2,175			—			600			750

Net Interest Income After Provision for Credit Losses		28,708			24,792			25,599			24,396			23,881

Noninterest Income
Customer Service Fees		495			394			373			366			342
Net Gain (Loss) on Sales of Securities		1			—			(28)			320			93
Net Gain on Sales of Foreclosed Assets		—			62			—			—			—
Letter of Credit Fees		455			849			424			387			316
Debit Card Interchange Fees		137			145			152			155			141
Swap Fees		42			521			26			—			—
Bank-Owned Life Insurance		379			362			352			312			301
Investment Advisory Fees		325			—			—			—			—
Other Income		245			200			223			223			357
Total Noninterest Income		2,079			2,533			1,522			1,763			1,550

Noninterest Expense
Salaries and Employee Benefits		11,371			10,605			9,851			9,675			9,433
Occupancy and Equipment		1,234			1,181			1,069			1,092			1,057
FDIC Insurance Assessment		450			609			750			725			875
Data Processing		619			445			368			472			412
Professional and Consulting Fees		994			989			1,149			852			889
Derivative Collateral Fees		451			426			381			528			486
Information Technology and Telecommunications		971			877			840			812			796
Marketing and Advertising		327			479			367			317			322
Intangible Asset Amortization		230			52			9			8			9
Other Expense		1,489			1,149			976			1,058			910
Total Noninterest Expense		18,136			16,812			15,760			15,539			15,189

Income Before Income Taxes		12,651			10,513			11,361			10,620			10,242
Provision for Income Taxes		3,018			2,309			2,686			2,505			2,411
Net Income		9,633			8,204			8,675			8,115			7,831
Preferred Stock Dividends		(1,013)			(1,014)			(1,013)			(1,014)			(1,013)
Net Income Available to Common Shareholders	$	8,620		$	7,190		$	7,662		$	7,101		$	6,818

Earnings Per Share
Basic	$	0.31		$	0.26		$	0.28		$	0.26		$	0.25
Diluted		0.31			0.26			0.27			0.26			0.24

Page 12 of 17

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

(dollars in thousands, except per share data)

(Unaudited)


		For the Three Months Ended																							****
		March 31, 2025								December 31, 2024							****	March 31, 2024							****
		Average			Interest			Yield/		Average			Interest			Yield/	****	Average			Interest			Yield/	****
(dollars in thousands)	****	Balance		****	& Fees		****	Rate	****	Balance		****	& Fees		****	Rate	****	Balance		****	& Fees		****	Rate	****
Interest Earning Assets:
Cash Investments		$	205,897		$	2,056		4.05	%	$	181,904		$	1,968		4.30	%	$	75,089		$	829		4.44	%
Investment Securities:
Taxable Investment Securities			768,591			9,033		4.77			723,038			8,814		4.85			638,509			7,600		4.79
Tax-Exempt Investment Securities^(1)^			35,549			461		5.26			28,681			374		5.19			31,745			400		5.07
Total Investment Securities			804,140			9,494		4.79			751,719			9,188		4.86			670,254			8,000		4.80
Loans ^(1)(2)^			3,899,258			53,979		5.61			3,730,532			52,078		5.55			3,729,355			49,858		5.38
Federal Home Loan Bank Stock			18,988			435		9.28			18,686			377		8.02			18,058			343		7.64
Total Interest Earning Assets			4,928,283			65,964		5.43	%		4,682,841			63,611		5.40	%		4,492,756			59,030		5.28	%
Noninterest Earning Assets			143,163								105,195								100,082
Total Assets		$	5,071,446							$	4,788,036							$	4,592,838

Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		$	855,564		$	8,189		3.88	%	$	836,155		$	8,962		4.26	%	$	732,186		$	7,693		4.23	%
Savings and Money Market Deposits			1,302,349			11,935		3.72			1,073,194			10,795		4.00			896,844			8,781		3.94
Time Deposits			328,902			3,309		4.08			336,917			3,650		4.31			317,595			3,167		4.01
Brokered Deposits			834,866			8,670		4.21			875,015			9,403		4.27			1,014,197			10,549		4.18
Total Interest Bearing Deposits			3,321,681			32,103		3.92			3,121,281			32,810		4.18			2,960,822			30,190		4.10
Federal Funds Purchased			—			—		—			3,290			42		5.09			21,824			304		5.60
Notes Payable			13,750			258		7.60			13,750			275		7.95			13,750			295		8.64
FHLB Advances			354,556			2,156		2.47			347,652			2,229		2.55			318,648			2,258		2.85
Subordinated Debentures			79,710			983		5.00			79,616			1,001		5.00			79,328			991		5.02
Total Interest Bearing Liabilities			3,769,697			35,500		3.82	%		3,565,589			36,357		4.06	%		3,394,372			34,038		4.03	%

Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits			767,235								718,227								701,175
Other Noninterest Bearing Liabilities			69,106								48,271								69,043
Total Noninterest Bearing Liabilities			836,341								766,498								770,218
Shareholders' Equity			465,408								455,949								428,248
Total Liabilities and Shareholders' Equity		$	5,071,446							$	4,788,036							$	4,592,838
Net Interest Income / Interest Rate Spread						30,464		1.61	%					27,254		1.35	%					24,992		1.25	%
Net Interest Margin ^(3)^								2.51	%							2.32	%							2.24	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans						(256)								(287)								(361)
Net Interest Income					$	30,208							$	26,967							$	24,631

(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 13 of 17

Bridgewater Bancshares, Inc. and Subsidiaries Asset Quality Summary

(unaudited)


		As of and for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	****	2025		****	2024		****	2024		****	2024		****	2024		****
Allowance for Credit Losses
Balance at Beginning of Period		$	52,277		$	51,018		$	51,949		$	51,347		$	50,494
Day 1 PCD Allowance			—			114			—			—			—
Provision for Credit Losses^(1)^			1,500			1,450			—			600			850
Charge-offs			(12)			(317)			(937)			(10)			(2)
Recoveries			1			12			6			12			5
Net Charge-offs		$	(11)		$	(305)		$	(931)		$	2		$	3
Balance at End of Period			53,766			52,277			51,018			51,949			51,347
Allowance for Credit Losses to Total Loans			1.34	%		1.35	%		1.38	%		1.37	%		1.36	%

(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
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	****	2025		****	2024		****	2024		****	2024		****	2024
Provision for Credit Losses on Loans and Leases		$	1,500		$	1,450		$	—		$	600		$	850
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures			—			725			—			—			(100)
Provision for Credit Losses		$	1,500		$	2,175		$	—		$	600		$	750


	As of and for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2025		****	2024		****	2024		****	2024		****	2024
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	466		$	1,291		$	65		$	502		$	—
Loans 30-89 Days Past Due to Total Loans		0.01	%		0.03	%		0.00	%		0.01	%		0.00	%
Nonperforming Loans	$	10,290		$	301		$	8,378		$	678		$	249
Nonperforming Loans to Total Loans		0.26	%		0.01	%		0.23	%		0.02	%		0.01	%
Nonaccrual Loans to Total Loans		0.26			0.01			0.23			0.02			0.01
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.26			0.01			0.23			0.02			0.01
Foreclosed Assets	$	—		$	—		$	434		$	—		$	20
Nonperforming Assets ^(1)^		10,290			301			8,812			678			269
Nonperforming Assets to Total Assets ^(1)^		0.20	%		0.01	%		0.19	%		0.01	%		0.01	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.00			0.03			0.10			0.00			0.00
Watchlist/Special Mention Risk Rating Loans	$	38,346		$	46,581		$	31,991		$	30,436		$	21,624
Substandard Risk Rating Loans		31,587			21,791			31,637			33,908			33,829

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

Page 14 of 17

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

(unaudited)


	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2025		****	2024		****	2024		****	2024		****	2024
Pre-Provision Net Revenue
Noninterest Income	$	2,079		$	2,533		$	1,522		$	1,763		$	1,550
Less: (Gain) Loss on Sales of Securities		(1)			—			28			(320)			(93)
Total Operating Noninterest Income		2,078			2,533			1,550			1,443			1,457
Plus: Net Interest Income		30,208			26,967			25,599			24,996			24,631
Net Operating Revenue	$	32,286		$	29,500		$	27,149		$	26,439		$	26,088

Noninterest Expense	$	18,136		$	16,812		$	15,760		$	15,539		$	15,189
Total Operating Noninterest Expense	$	18,136		$	16,812		$	15,760		$	15,539		$	15,189

Pre-Provision Net Revenue	$	14,150		$	12,688		$	11,389		$	10,900		$	10,899

Plus:
Non-Operating Revenue Adjustments		1			—			(28)			320			93
Less:
Provision for Credit Losses		1,500			2,175			—			600			750
Provision for Income Taxes		3,018			2,309			2,686			2,505			2,411
Net Income	$	9,633		$	8,204		$	8,675		$	8,115		$	7,831

Average Assets	$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	4,592,838
Pre-Provision Net Revenue Return on Average Assets		1.13	%		1.05	%		0.96	%		0.94	%		0.95	%

Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	32,286		$	29,500		$	27,149		$	26,439		$	26,088

Noninterest Expense	$	18,136		$	16,812		$	15,760		$	15,539		$	15,189
Less: Merger-related Expenses		(565)			(488)			(224)			—			—
Adjusted Total Operating Noninterest Expense	$	17,571		$	16,324		$	15,536		$	15,539		$	15,189

Adjusted Pre-Provision Net Revenue	$	14,715		$	13,176		$	11,613		$	10,900		$	10,899
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.18	%		1.09	%		0.98	%		0.94	%		0.95	%

Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	30,464		$	27,254		$	25,905		$	25,288		$	24,992

Less:
Loan Fees		(719)			(747)			(968)			(767)			(608)
Purchase Accounting Accretion:
Loan Accretion		(342)			—			—			—			—
Bond Accretion		(578)			(91)			—			—			—
Bank-Owned Certificates of Deposit Accretion		(7)			—			—			—			—
Deposit Certificates of Deposit Accretion		(38)			—			—			—			—
Total Purchase Accounting Accretion		(965)			(91)			—			—			—

Core Net Interest Income (Tax-equivalent Basis)	$	28,780		$	26,416		$	24,937		$	24,521		$	24,384

Average Interest Earning Assets	$	4,928,283		$	4,682,841		$	4,595,521		$	4,545,920		$	4,492,756
Core Net Interest Margin		2.37	%		2.24	%		2.16	%		2.17	%		2.18	%

Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	53,979		$	52,078		$	52,118		$	51,592		$	49,858
Less:
Loan Fees		(719)			(747)			(968)			(767)			(608)
Loan Accretion		(342)			—			—			—			—
Core Loan Interest Income	$	52,918		$	51,331		$	51,150		$	50,825		$	49,250

Average Loans	$	3,899,258		$	3,730,532		$	3,721,654		$	3,771,768		$	3,729,355
Core Loan Yield		5.50	%		5.47	%		5.47	%		5.42	%		5.31	%

Page 15 of 17

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2025		****	2024		****	2024		****	2024			2024
Efficiency Ratio
Noninterest Expense	$	18,136		$	16,812		$	15,760		$	15,539		$	15,189
Less: Amortization of Intangible Assets		(230)			(52)			(9)			(8)			(9)
Adjusted Noninterest Expense	$	17,906		$	16,760		$	15,751		$	15,531		$	15,180

Net Interest Income	$	30,208		$	26,967		$	25,599		$	24,996		$	24,631
Noninterest Income		2,079			2,533			1,522			1,763			1,550
Less: (Gain) Loss on Sales of Securities		(1)			—			28			(320)			(93)
Adjusted Operating Revenue	$	32,286		$	29,500		$	27,149		$	26,439		$	26,088
Efficiency Ratio		55.5	%		56.8	%		58.0	%		58.7	%		58.2	%

Adjusted Efficiency Ratio
Noninterest Expense	$	18,136		$	16,812		$	15,760		$	15,539		$	15,189
Less: Amortization of Intangible Assets		(230)			(52)			(9)			(8)			(9)
Less: Merger-related Expenses		(565)			(488)			(224)			—			—
Adjusted Noninterest Expense	$	17,341		$	16,272		$	15,527		$	15,531		$	15,180

Net Interest Income	$	30,208		$	26,967		$	25,599		$	24,996		$	24,631
Noninterest Income		2,079			2,533			1,522			1,763			1,550
Less: (Gain) Loss on Sales of Securities		(1)			—			28			(320)			(93)
Adjusted Operating Revenue	$	32,286		$	29,500		$	27,149		$	26,439		$	26,088
Adjusted Efficiency Ratio		53.7	%		55.2	%		57.2	%		58.7	%		58.2	%

Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	18,136		$	16,812		$	15,760		$	15,539		$	15,189
Less: Merger-related Expenses		(565)			(488)			(224)			—			—
Adjusted Noninterest Expense	$	17,571		$	16,324		$	15,536		$	15,539		$	15,189

Average Assets	$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	4,592,838
Adjusted Noninterest Expense to Average Assets (Annualized)		1.41	%		1.36	%		1.31	%		1.35	%		1.33	%

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	468,975		$	457,935		$	452,200		$	439,241		$	433,611
Less: Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Total Common Shareholders' Equity		402,461			391,421			385,686			372,727			367,097
Less: Intangible Assets		(19,602)			(19,832)			(2,789)			(2,797)			(2,806)
Tangible Common Equity	$	382,859		$	371,589		$	382,897		$	369,930		$	364,291

Total Assets	$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035		$	4,723,109
Less: Intangible Assets		(19,602)			(19,832)			(2,789)			(2,797)			(2,806)
Tangible Assets	$	5,117,206		$	5,046,410		$	4,688,728		$	4,684,238		$	4,720,303
Tangible Common Equity/Tangible Assets		7.48	%		7.36	%		8.17	%		7.90	%		7.72	%

Tangible Book Value Per Share
Book Value Per Common Share	$	14.60		$	14.21		$	14.06		$	13.63		$	13.30
Less: Effects of Intangible Assets		(0.71)			(0.72)			(0.10)			(0.10)			(0.10)
Tangible Book Value Per Common Share	$	13.89		$	13.49		$	13.96		$	13.53		$	13.20

Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	8,620		$	7,190		$	7,662		$	7,101		$	6,818

Average Shareholders' Equity	$	465,408		$	455,949		$	443,077		$	435,585		$	428,248
Less: Average Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Average Common Equity		398,894			389,435			376,563			369,071			361,734
Less: Effects of Average Intangible Assets		(19,738)			(4,412)			(2,794)			(2,802)			(2,811)
Average Tangible Common Equity	$	379,156		$	385,023		$	373,769		$	366,269		$	358,923
Return on Average Tangible Common Equity		9.22	%		7.43	%		8.16	%		7.80	%		7.64	%

Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	8,620		$	7,190		$	7,662		$	7,101		$	6,818
Add: Merger-related Expenses		565			488			224			—			—
Less: Tax Impact		(135)			(107)			(53)			—			—
Net Income Available to Common Shareholders, Excluding Impact of Merger-related Expenses	$	9,050		$	7,571		$	7,833		$	7,101		$	6,818

Diluted Weighted Average Shares Outstanding		28,036,506			28,055,532			27,904,910			27,748,184			28,089,805
Adjusted Diluted Earnings Per Common Share	$	0.32		$	0.27		$	0.28		$	0.26		$	0.24

Page 16 of 17

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2025		****	2024		****	2024		****	2024			2024
Adjusted Return on Average Assets
Net Income	$	9,633		$	8,204		$	8,675		$	8,115		$	7,831
Add: Merger-related Expenses		565			488			224			—			—
Less: Tax Impact		(135)			(107)			(53)			—			—
Net Income, Excluding Impact of Merger-related Expenses	$	10,063		$	8,585		$	8,846		$	8,115		$	7,831

Average Assets	$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	4,592,838
Adjusted Return on Average Assets		0.80	%		0.71	%		0.75	%		0.70	%		0.69	%

Adjusted Return on Average Shareholders' Equity
Net Income, Excluding Impact of Merger-related Expenses	$	10,063		$	8,585		$	8,846		$	8,115		$	7,831

Average Shareholders' Equity	$	465,408		$	455,949		$	443,077		$	435,585		$	428,248
Adjusted Return on Average Shareholders' Equity		8.77	%		7.49	%		7.94	%		7.49	%		7.35	%

Adjusted Return on Average Tangible Common Equity
Net Income Available to Common Shareholders, Excluding Impact of Merger-related Expenses	$	9,050		$	7,571		$	7,833		$	7,101		$	6,818

Average Tangible Common Equity	$	379,156		$	385,023		$	373,769		$	366,269		$	358,923
Adjusted Return on Average Tangible Common Equity		9.68	%		7.82	%		8.34	%		7.80	%		7.64	%

Page 17 of 17

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, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory or<br>other governmental agencies, 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<br>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<br>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,<br>geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including commercial real estate (CRE) loans); the overall health of the local and national real estate market; our ability to<br>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<br>Accounting Standards Board, Securities and Exchange Commission (the SEC) or Public Company Accounting Oversight Board; the concentration of large loans to certain borrowers; the concentration of large deposits from certain<br>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<br>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<br>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<br>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<br>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<br>our risk management framework; 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; risks related to<br>climate change and the negative impact 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<br>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<br>invasion of Ukraine; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of First Minnetonka City Bank (“FMCB”), including the possibility that the merger may<br>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 government<br>policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the<br>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 2.51%, up 19 bps from 4Q24; core NIM1 of 2.37%, up 13 bps from 4Q24<br>• Net interest income increased $3.2M, or 12.0%, from 4Q24<br>• Cost of total deposits of 3.18%, down 22 bps from 4Q24<br>• Efficiency ratio1 of 55.5%, down from 56.8% in 4Q24; adjusted efficiency ratio1 of 53.7%, down from 55.2% in 4Q24<br>0.20%<br>• Loan balances increased $152M from 4Q24, or 15.9% annualized<br>• Total deposit balances increased $76M from 4Q24, or 7.5% annualized<br>• Core deposit2 balances increased $64M from 4Q24, or 8.3% annualized<br>• Loan-to-deposit ratio of 96.6%, up from 94.7% at December 31, 2024<br>• Annualized net charge-offs to average loans of 0.00% vs. 0.03% in 4Q24<br>• Nonperforming assets to total assets of 0.20% vs. 0.01% in 4Q24<br>• Increase in nonperforming assets primarily due to one central business district (CBD) office loan previously rated special mention<br>• Well-reserved with allowance to total loans of 1.34%, down 1 bp from December 31, 2024<br>NIM Expansion and<br>Net Interest Income<br>Growth<br>Superb<br>Asset Quality<br>Profile<br>$0.31<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>0.77% 9.22% 55.5%<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 $13.89, up 12.2% annualized from 4Q24<br>• Common Equity Tier 1 Ratio of 9.03%, down from 9.08% at December 31, 2024<br>• Repurchased 45,005 shares of common stock at an aggregate purchase price of $0.6 million<br>Focus on Creating<br>Shareholder Value<br>Strong<br>Balance Sheet<br>Growth<br>$0.32 0.80% 9.68% 53.7%<br>Reported<br>Adjusted1<br>1Q25 Earnings Highlights
---
4<br>Consistent Tangible Book Value Per Share<br>Outperformance<br>207%<br>79%<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>BWB Peer Bank Average2<br>Tangible Book Value Per Share1 Growth Resumed in 1Q25 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 December 31, 2024 with growth rate through 4Q24 (Source: S&P Capital IQ)
---
5<br>NIM Expansion and Net Interest Income Growth<br>$24,023 $24,229 $24,631 $26,129<br>$28,524<br>$608 $767 $968<br>$747<br>$719<br>$91<br>$965<br>$24,631 $24,996 $25,599<br>$26,967<br>$30,208<br>2.24% 2.24% 2.24%<br>2.32%<br>2.51%<br>2.18% 2.17% 2.16%<br>2.24%<br>2.37%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Net Interest Margin1<br>Core Net Interest Income<br>Loan Fees<br>Net Interest Income and Margin Trends<br>2.32%<br>0.14% 0.01% 0.00%<br>(0.04)%<br>0.02% 2.51%<br>(0.01)%<br>0.07%<br>NIM<br>(4Q24)<br>Loan<br>Fees<br>Purchase<br>Accounting<br>Accretion<br>Deposits Borrow-ings<br>Loans Cash and<br>Invest-ments<br>Other NIM<br>(1Q25)<br>Net Interest Margin Roll-forward<br>1Q25 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 12% from 4Q24, driven by NIM expansion and<br>average earning asset growth<br>• Included $965K of purchase accounting accretion income<br>• Reduced loan fees as loan payoffs declined from recent highs<br>Net Interest Margin<br>• NIM expansion of 19 bps in 1Q25 driven by lower deposit costs and higher<br>purchase accounting accretion<br>• 1Q25 NIM of 2.51% included 8 bps related to purchase accounting accretion<br>Core NIM2 up 13 bps<br>Core Net Interest Margin1,2<br>Purchase Accounting Accretion (PAA)
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6<br>Declining Funding Costs Drive NIM Expansion<br>$2,961 $2,984 $3,089 $3,121 $3,322<br>$701 $692 $710 $718 $434 $461 $403 $767 $444 $448<br>$4,096 $4,137 $4,202 $4,283 $4,537<br>3.34% 3.49% 3.54% 3.38% 3.17%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>$3,729 $3,772 $3,722 $3,731<br>$3,899<br>5.38% 5.50% 5.57% 5.55% 5.61%<br>5.31% 5.42% 5.47% 5.47% 5.50%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>$3,662 $3,676 $3,799 $3,840<br>$4,089<br>3.32% 3.46% 3.58% 3.40% 3.18%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Core Loan Yield2<br>$670 $673 $700<br>$752<br>$804<br>4.80% 4.94% 5.01% 4.86% 4.79%<br>1Q24 2Q24 3Q24 4Q24 1Q25<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 Repriced Higher<br>Deposit Costs Continued to Decline<br>Growth of High-Yielding Securities Portfolio<br>Total Funding Costs Continued to Decline
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7<br>Positive Profitability Trends Continue<br>PPNR ROA1<br>$24,631 $24,996 $25,599 $26,967<br>$30,208<br>$1,550 $1,763 $1,522<br>$2,533<br>$2,079<br>$26,181 $26,759 $27,121<br>$29,500<br>$32,287<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>$10,899 $10,900 $11,389<br>$12,688<br>$14,150<br>$7,831 $8,115 $8,675 $8,204<br>$9,633<br>0.95% 0.94% 0.96%<br>1.05%<br>0.98% 1.13%<br>1.09%<br>1.18%<br>0.69% 0.70% 0.73%<br>0.68%<br>0.77%<br>0.75%<br>0.71%<br>0.80%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>PPNR Net Income 1 ROA Net Interest Income Noninterest Income<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Dollars in thousands<br>1Q25 noninterest income included $325K of investment advisory fees,<br>added through the FMCB acquisition<br>Adj. PPNR ROA1 Adj. ROA1<br>Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth
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8<br>A Highly Efficient Business Model<br>1.31% 1.36% 1.41%<br>0.02%<br>0.04% 1.33% 1.35% 0.04% 1.33% 1.40% 1.45%<br>58.2% 58.7% 58.0% 56.8% 55.5%<br>57.2%<br>55.2% 53.7%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Adjusted NIE / Avg. Assets2<br>Adjusted Efficiency Ratio3<br>Peer median efficiency ratio of 60%1 in 4Q24 1Q25 reflects first full-quarter impact of FMCB acquisition<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 December 31, 2024 (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>$9,433 $9,675 $9,851 $10,431 $11,339<br>$1,057 $1,092 $1,069<br>$1,172<br>$1,234<br>$1,208 $1,284 $1,208<br>$1,322<br>$1,590<br>$889 $852 $926<br>$769<br>$911<br>$2,602 $2,636 $2,482<br>$2,630<br>$2,497<br>$224<br>$488<br>$565<br>$15,189 $15,539 $15,760<br>$16,812<br>$18,136<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Improving Efficiency Ratio Driven by Stronger Revenue Well-Controlled Expense Growth Supporting Larger Balance Sheet
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9<br>Strong Core Deposit Momentum Continues<br>18% 18% 19% 20% 19%<br>21% 20% 22%<br>21% 20%<br>26% 25% 26%<br>31% 33%<br>9% 10% 9%<br>8% 8%<br>26% 27% 24%<br>20% 20%<br>$3,807 $3,808 $3,747<br>$4,087 $4,162<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Noninterest-Bearing Transaction Interest-Bearing Transaction<br>Savings & Money Market Time<br>Brokered<br>• 1Q25 deposit growth of $76M, or 7.5% annualized<br>• 1Q25 core deposit growth1 of $64M, or 8.3% annualized<br>• Core deposit growth coming from new and existing clients<br>• Core deposit growth not always linear due to nature of the deposit base<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>$217<br>$2,470 $2,515 $2,585 $2,547 $2,637 $2,585 $2,678<br>$3,107 $3,170<br>1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25<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 $3,784 $3,800<br>$3,686<br>$3,869<br>$4,020<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Gross Loans<br>Dollars in millions<br>• 1Q25 loan growth of $152M, or 15.9% annualized<br>• Loan originations up 17% from 4Q24<br>• Loan payoffs down 45% from 4Q24<br>• Loan pipeline at highest level since 2022<br>• Loan-to-deposit ratio of 96.6%, within target range of 95% to 105%<br>Strong Loan Pipeline Drives Loan Growth<br>Expect mid-to-high single digit loan growth for full-year 2025, dependent on<br>a variety of factors including:<br>• Market and economic conditions – economic uncertainty related to<br>tariffs and the interest rate environment<br>• Loan demand – recent strength in loan demand and pipelines to<br>support near-term growth, but economic uncertainty could impact<br>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<br>Loan Growth Outlook<br>Acquired Gross Loans<br>Two Consecutive Quarters of Robust Organic Loan Growth
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11<br>New Originations Increase as Payoffs Decline<br>Loan Pipeline Translating into New Originations<br>$96 $91 $60<br>$189<br>$221<br>$67 $50<br>$46<br>$68<br>$49<br>$163<br>$141<br>$106<br>$257 $270<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>New Originations Advances<br>Loan Payoffs Decline<br>$58<br>$105<br>$163 $155<br>$86<br>$44<br>$45<br>$54<br>$38<br>$55 $102<br>$150<br>$217<br>$193<br>$141<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Payoffs Amortization/Paydowns<br>Dollars in millions<br>$3,869<br>$221<br>$49 $22<br>$(86)<br>$(55)<br>$4,020<br>Gross<br>Loans<br>(4Q24)<br>New<br>Originations<br>Advances Net<br>Revolving<br>Lines of<br>Credit<br>Payoffs Amort. /<br>Paydowns<br>Gross<br>Loans<br>(1Q25)<br>1Q25 Loan Growth Roll-forward
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12<br>Well-Diversified Loan Portfolio with<br>Multifamily Expertise<br>$(28)<br>$(0)<br>$1<br>$5<br>$5<br>$28<br>$31<br>$109<br>Dollars in millions<br>CRE NOO<br>26.1%<br>Multifamily<br>38.2%<br>C&D<br>4.2%<br>1-4 Family<br>Mortgage<br>11.9%<br>CRE OO<br>4.9%<br>C&I<br>13.2%<br>Leases<br>1.1%<br>Consumer<br>& Other<br>0.4%<br>Loan Mix<br>by Type<br>$4.0<br>Billion<br>• Multifamily growth driven by momentum in the affordable housing vertical<br>• Construction & Development growth returned following an increase in commitments late in 2024<br>• Remain comfortable with the diversity of the loan portfolio, including CRE and Multifamily concentrations, given<br>portfolio performance and expertise<br>1Q25 Loan Growth by Type (vs. 4Q24)<br>Multifamily<br>1-4 Family Mortgage<br>Construction & Development<br>C&I<br>CRE Owner Occupied<br>CRE Nonowner Occupied<br>Consumer & Other<br>Leases
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13<br>Managing Multifamily and Office-Related Risk<br>1 Excludes medical office of $96 million at March 31, 2025<br>Data as of March 31, 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>5.0% $2.3M<br>CRE NOO Office by Geography<br>Twin Cities<br>Suburban<br>55%<br>Minneapolis-St. Paul (CBD)<br>14%<br>Minneapolis<br>-St. Paul<br>(non-CBD)<br>20%<br>Out-of-State<br>(non-CBD)<br>11%<br>$201M<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 68% $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>58%<br>National Affordable Housing Expertise<br>• Leveraging affordable housing expertise to support communities in the Twin<br>Cities and across the country<br>• $597M affordable housing portfolio<br>• 13% 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 $10 billion as of December 31, 2024 (Source: S&P Capital IQ)<br>2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets<br>Dollars in thousands<br>$(3) $(2)<br>$931<br>$305<br>$11<br>0.00% 0.00%<br>0.10%<br>0.03%<br>0.00%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Net Charge-Offs<br>Low net charge-off history<br>Net Charge-offs (recoveries) % of Average Loans (annualized)<br>$51,347 $51,949<br>$51,018<br>$52,277<br>$53,766<br>1.36% 1.37% 1.38%<br>1.35% 1.34%<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Allowance for Credit Losses<br>Well-reserved compared to peer median<br>ACL/Loans of 1.15%1<br>Allowance for Credit Losses % of Gross Loans<br>$269 $678<br>$8,812<br>$301<br>$10,290<br>0.01%<br>0.01%<br>0.19%<br>0.01%<br>0.20%<br>1Q24 2Q24 3Q24 4Q24 1Q25<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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Watch/Special Mention and Substandard<br>Loans Remain at Low Levels<br>Multifamily<br>59.4%<br>CRE NOO<br>Retail<br>16.5%<br>CRE NOO<br>Other<br>4.7%<br>CRE OO<br>12.1%<br>C&I<br>5.2%<br>1-4 Family<br>2.1%<br>$38<br>Million<br>Watch/Special Mention List Loans Substandard Loans<br>C&I<br>40.3%<br>CRE NOO<br>Office<br>27.4%<br>CRE NOO<br>Hotels<br>9.3%<br>CRE NOO<br>Retail<br>6.4%<br>CRE NOO<br>Other<br>6.8%<br>Multifamily<br>3.3%<br>CRE OO<br>3.0%<br>1-4<br>Family<br>3.3%<br>Other<br>0.2%<br>$32<br>Million<br>Watch/Special Mention Characteristics<br>Loan Balances Outstanding $38,346<br>% of Total Loans, Gross 1.0%<br>Number of Loans 20<br>Average Loan Size $1,917<br>% of Bank Risk-Based Capital 6.53%<br>Substandard Characteristics<br>Loan Balances Outstanding $31,587<br>% of Total Loans, Gross 0.8%<br>Number of Loans 31<br>Average Loan Size $1,019<br>% of Bank Risk-Based Capital 5.38%<br>$21,624<br>$30,436 $31,991<br>$46,581<br>$38,346<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>$33,829 $33,908 $31,637<br>$21,791<br>$31,587<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Dollars in thousands<br>15
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16<br>Stable Capital Position<br>9.66% 9.66%<br>9.75%<br>9.45% 9.10%<br>9.21% 9.41%<br>9.79%<br>9.08% 9.03%<br>14.00% 14.16%<br>14.62%<br>13.76% 13.62%<br>7.72% 7.90% 8.17%<br>7.36% 7.48%<br>1Q24 2Q24 3Q24 4Q24 1Q25<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>• Repurchased 45,005 shares of common stock in 1Q25 at an aggregate<br>purchase price of $0.6 million<br>• $14.7M remaining under current share repurchase authorization as of<br>March 31, 2025<br>• Completed the acquisition of FMCB on December 13, 2024<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 for full-year 2025<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>• Slower pace of net interest margin expansion in 2Q25, with potential future rate cuts providing additional margin benefit<br>• Continued net interest income growth due to NIM expansion and loan growth<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 opening of a de novo<br>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<br>• Loan growth of 15.9% annualized<br>• Core deposit growth1 of 8.3%<br>annualized<br>• Affordable housing balances up<br>$90M<br>• C&I growth of 25.4% annualized<br>• Preparing for upgraded retail and<br>small business online banking<br>rollout later in 2025<br>• Preparing for FMCB systems<br>integration in 3Q25<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation
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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>• $727M 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>(1.2)%<br>+2.1%<br>1Q24<br>+4.1%<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 (1.5)% (3.2)% (4.4)% (3.1)% (5.3)%<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>• $723M of other repricing opportunities, including time deposit maturities<br>over the next 12 months and callable brokered deposits with rates over<br>4.50%
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21<br>Loan Portfolio Repricing<br>19% 20% 24%<br>14% 15% 8%<br>$113 $120 $142<br>$85 $89<br>$51<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>22%<br>15% 16% 14% 14% 19%<br>$614<br>$405 $435 $370 $388<br>$507<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>68%<br>Variable,<br>17%<br>Adjustable,<br>15%<br>Loan Portfolio Mix<br>Fixed-Rate Portfolio<br>($2.7B)<br>Variable-Rate Portfolio<br>($700M)<br>Adjustable-Rate Portfolio<br>($600M)<br>Years to Maturity<br>• Large fixed-rate portfolio<br>provides support to total loan<br>yields in a rates-down<br>environment<br>• $614M of fixed-rate loans<br>maturing over the next year, with<br>a weighted average yield of 5.61%<br>Variable-Rate Loan Floors<br>• Small variable-rate portfolio<br>limits immediate repricing<br>pressure in a rates-down<br>environment<br>• 75% of variable-rate portfolio<br>have rate floors, with 90% of the<br>floors above 5%<br>• 97% 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>• $113M of adjustable-rate loans<br>repricing or maturing over the<br>next year, with a weighted<br>average yield of 4.27%<br>Dollars in millions<br>WA<br>Yield 5.61% 4.95% 5.28% 5.06% 5.77% 4.23%<br>WA<br>Yield 4.27% 3.85% 5.24% 4.54% 5.99% 4.58%<br>2% 8%<br>28%<br>49%<br>13% $10 $43<br>$145<br>$260<br>$70<br>Below<br>4%<br>4%-5% 5%-6% 6%-7% Above<br>7%<br>46% of new loan originations in<br>1Q25 were variable-rate
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22<br>High Quality Securities Portfolio<br>38% 34% 31% 18%<br>33%<br>21%<br>22% 17%<br>16%<br>15%<br>21% 23% 21%<br>17%<br>17%<br>16% 22%<br>20% 23%<br>21%<br>15%<br>27% $633 12% $601<br>$665<br>$768 $765<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Mortgage-Backed Securities Municipal Bonds<br>U.S. Treasuries<br>Corporate Securities<br>Securities Available for Sale Portfolio (dollars in millions)<br>AAA<br>43%<br>AA<br>30%<br>A<br>2%<br>BBB<br>10%<br>BB<br>1%<br>NR<br>14%<br>Rating Mix<br>Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands)<br>$(44,370)<br>$(37,806)<br>$27,201<br>$19,389<br>$(15,716) $(11,359)<br>1Q24 1Q25<br>MTM Securities MTM Derivatives Net Impact on AOCI1<br>• No held-to-maturity securities<br>• Securities portfolio average duration of 6.2 years<br>• Average securities portfolio yield of 4.79%<br>• AOCI / Total Risk-Based Capital of 1.9% vs. peer bank<br>median of 6.7%2<br>1 Includes the tax-effected impact of $6,338 in 1Q24 and $4,581 in 1Q25<br>2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2024 (Source: S&P Capital IQ)<br>Other
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12.1% 11.3%<br>14.5% 13.2% 11.9%<br>35.5% 36.1%<br>34.2% 32.2% 34.0%<br>$2,249 $2,222 $2,290 $2,296 $2,357<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>23<br>Ample Liquidity and Borrowing Capacity<br>1 Excludes $291M of pledged securities at March 31, 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 2.0x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022<br>Funding Source 3/31/2025 12/31/2022 Change<br>Cash and Cash Equivalents $ 135 $ 4 8 $ 87<br>Unpledged Securities1<br> 474 549 (75)<br>FHLB Capacity 538 391 147<br>FRB Discount Window 990 158 832<br>Unsecured Lines of Credit 200 208 (8)<br>Secured Line of Credit 20 26 (6)<br> Total $ 2,357 $ 1,380 $ 977<br>Available Balance
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24<br>Reconciliation of Non-GAAP Financial Measures<br>Dollars in thousands<br>March 31,<br>2024<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>Adjusted Diluted Earnings Per Common Share<br>Net Income Available to Common Shareholders $ 6,818 $ 7,101 $ 7,662 $ 7,190 $ 8,620<br>Add: Merger-related Expenses - - 224 488 565<br>Less: Tax Impact - - (53) (107) (135)<br>Net Income Available to Common Shareholders,<br> Excluding Impact of Merger-related Expenses $ 6,818 $ 7,101 $ 7,833 $ 7,571 $ 9,050<br>Diluted Weighted Average Shares Outstanding 28,089,805 27,748,184 27,904,910 28,055,532 28,036,506<br>Adjusted Diluted Earnings Per Common Share $ 0.24 $ 0.26 $ 0.28 $ 0.27 $ 0.32<br>Return on Average Tangible Common Equity<br>Net Income Available to Common Shareholders $ 6,818 $ 7,101 $ 7,662 $ 7,190 $ 8,620<br>Average Shareholders' Equity $ 428,248 $ 435,585 $ 443,077 $ 455,949 $ 465,408<br>Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)<br>Average Common Equity 361,734 369,071 376,563 389,435 398,894<br>Less: Effects of Average Intangible Assets (2,811) (2,802) (2,794) (4,412) (19,738)<br>Average Tangible Common Equity $ 358,923 $ 366,269 $ 373,769 $ 385,023 $ 379,156<br>Return on Average Tangible Common Equity 7.64% 7.80% 8.16% 7.43% 9.22%<br>Adjusted Return on Average Tangible Common<br>Equity<br>Net Income Available to Common Shareholders,<br> Excluding Impact of Merger-related Expenses $ 6,818 $ 7,101 $ 7,833 $ 7,571 $ 9,050<br>Average Tangible Common Equity $ 358,923 $ 366,269 $ 373,769 $ 385,023 $ 379,156<br>Adjusted Return on Average Tangible<br> Common Equity 7.64% 7.80% 8.34% 7.82% 9.68%<br>As of and for the quarter ended,<br>March 31,<br>2024<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>Pre-Provision Net Revenue:<br>Noninterest Income $ 1,550 $ 1,763 $ 1,522 $ 2,533 $ 2,079<br>Less: (Gain) Loss on Sales of Securities (93) (320) 2 8 - (1)<br>Total Operating Noninterest Income 1,457 1,443 1,550 2,533 2,078<br>Plus: Net Interest Income 24,631 24,996 25,599 26,967 30,208<br>Net Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286<br>Noninterest Expense 15,189 15,539 15,760 $ 16,812 $ 18,136<br>Total Operating Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136<br>Pre-provision Net Revenue $ 10,899 $ 10,900 $ 11,389 $ 12,688 $ 14,150<br>Plus: Non-Operating Revenue Adjustments 9 3 320 (28) - 1<br>Less: Provision (Recovery of) for Credit Losses 750 600 - 2,175 1,500<br>Less: Provision for Income Taxes 2,411 2,505 2,686 2,309 3,018<br>Net Income $ 7,831 $ 8,115 $ 8,675 $ 8,204 $ 9,633<br>Average Assets $ 4,592,838 $ 4,646,517 $ 4,709,804 $ 4,788,036 $ 5,071,446<br>Pre-Provision Net Renveue Return on<br> Average Assets 0.95% 0.94% 0.96% 1.05% 1.13%<br>Adjusted Pre-Provision Net Revenue:<br>Net Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286<br>Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136<br>Less: Merger-related Expenses - - (224) (488) (565)<br>Adjusted Total Operating Noninterest Expense $ 15,189 $ 15,539 $ 15,536 $ 16,324 $ 17,571<br>Adjusted Pre-Provision Net Revenue $ 10,899 $ 10,900 $ 11,613 $ 13,176 $ 14,715<br>Adjusted Pre-Provision Net Revenue Return on<br> Average Assets 0.95% 0.94% 0.98% 1.09% 1.18%<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>March 31,<br>2024<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>Efficiency Ratio:<br>Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136<br>Less: Amortization Intangible Assets (9) (8) (9) (52) (230)<br>Adjusted Noninterest Expense $ 15,180 $ 15,531 $ 15,751 $ 16,760 $ 17,906<br>Net Interest Income $ 24,631 $ 24,996 $ 25,599 $ 26,967 $ 30,208<br>Noninterest Income 1,550 1,763 1,522 2,533 2,079<br>Less: (Gain) Loss on Sales of Securities (93) (320) 2 8 - (1)<br>Adjusted Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286<br> Efficiency Ratio 58.2% 58.7% 58.0% 56.8% 55.5%<br>Adjusted Efficiency Ratio:<br>Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136<br>Less: Amortization Intangible Assets (9) (8) (9) (52) (230)<br>Less: Merger-related Expenses - - (224) (488) (565)<br>Adjusted Noninterest Expense $ 15,180 $ 15,531 $ 15,527 $ 16,272 $ 17,341<br>Net Interest Income $ 24,631 $ 24,996 $ 25,599 $ 26,967 $ 30,208<br>Noninterest Income 1,550 1,763 1,522 2,533 2,079<br>Less: (Gain) Loss on Sales of Securities (93) (320) 2 8 - (1)<br>Adjusted Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286<br> Efficiency Ratio 58.2% 58.7% 57.2% 55.2% 53.7%<br>Adjusted Noninterest Expense to Average Assets:<br>Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136<br>Less: Merger-related Expenses - - (224) (488) (565)<br>Adjusted Noninterest Expense $ 15,189 $ 15,539 $ 15,536 $ 16,324 $ 17,571<br>Average Assets $ 4,592,838 $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446<br>Adjusted Noninterest Expense to Average Assets 1.33% 1.35% 1.31% 1.36% 1.41%<br>As of and for the quarter ended,<br>March 31,<br>2024<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>Adjusted Return on Average Assets<br>Net Income $ 7,831 $ 8,115 $ 8,675 $ 8,204 $ 9,633<br>Add: Merger-related Expenses - - 224 488 565<br>Less: Tax Impact - - (53) (107) (135)<br>Net Income, Excluding Impact of Merger-<br> related Expenses $ 7,831 $ 8,115 $ 8,846 $ 8,585 $ 10,063<br>Average Assets $ 4,592,838 $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446<br>Adjusted Return on Average Assets 0.69% 0.70% 0.75% 0.71% 0.80%<br>Tangible Common Equity / Tangible Assets<br>Total Shareholders' Equity $ 433,611 $ 439,241 $ 452,200 $ 457,935 $ 468,975<br>Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)<br>Total Common Shareholders' Equity 367,097 372,727 385,686 391,421 402,461<br>Less: Intangible Assets (2,806) (2,797) (2,789) (19,832) (19,602)<br>Tangible Common Equity $ 364,291 $ 369,930 $ 382,897 $ 371,589 $ 382,859<br>Total Assets $ 4,723,109 $ 4,687,035 $ 4,691,517 $ 5,066,242 $ 5,136,808<br>Less: Intangible Assets (2,806) (2,797) (2,789) (19,832) (19,602)<br>Tangible Assets $ 4,720,303 $ 4,684,238 $ 4,688,728 $ 5,046,410 $ 5,117,206<br>Tangible Common Equity / Tangible Assets 7.72% 7.90% 8.17% 7.36% 7.48%<br>Core Loan Yield<br>Loan Interest Income (Tax-Equivalent Basis) $ 49,858 $ 51,592 $ 52,118 $ 52,078 $ 53,979<br>Less:<br> Loan Fees (608) (767) (968) (747) (719)<br> Loan Accretion - - - - (342)<br>Core Loan Interest Income $ 49,250 $ 50,825 $ 51,150 $ 51,331 $ 52,918<br>Average Loans $ 3,729,355 $ 3,771,768 $ 3,721,654 $ 3,730,532 $ 3,899,258<br>Core Loan Yield 5.31% 5.42% 5.47% 5.47% 5.50%<br>Core Net Interest Margin<br>Net Interest Income (Tax-equivalent Basis) $ 24,992 $ 25,288 $ 25,905 $ 27,254 $ 30,464<br>Less:<br> Loan Fees (608) (767) (968) (747) (719)<br> Purchase Accounting Accretion:<br> Loan Accretion - - - - (342)<br> Bond Accretion - - - (91) (578)<br> Bank-Owned CDs - - - - (7)<br> Deposit CDs - - - - (38)<br> Total Purchase Accounting Accretion - - - (91) (965)<br>Core Net Interest Income (Tax-equivalent Basis) $ 24,384 $ 24,521 $ 24,937 $ 26,416 $ 28,780<br>Average Interest Earning Assets $ 4,492,756 $ 4,545,920 $ 4,595,521 $ 4,682,841 $ 4,928,283<br>Core Net Interest Margin 2.18% 2.17% 2.16% 2.24% 2.37%<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>Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60<br>Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71)<br>Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89<br>Total Common Shares 27,348,049 27,425,690 27,552,449 27,560,150<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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