BRIDGEWATER BANCSHARES, INC.

BRIDGEWATER BANCSHARES, INC._October 21, 2025

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

FORM 8-K
CURRENT REPORT

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

October 21, 2025

Date of Report

(Date of earliest event reported)

BRIDGEWATER BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of

incorporation)

001-38412

(Commission File Number)

26-0113412

(I.R.S. Employer

Identification No.)

4450 Excelsior Boulevard, Suite 100

St. Louis Park, Minnesota

(Address of principal executive offices)

55416

(Zip Code)

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

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

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

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

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

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

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

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

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.01 Par Value

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

BWB

BWBBP

The NASDAQ Stock Market LLC

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On October 21, 2025, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 7.01 Regulation 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 October 21, 2025, in its 2025 third quarter earnings release, the Company announced that its Board of Directors had declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depository share, each representing a 1/100^th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2025, to shareholders of record of the Series A Preferred Stock at the close of business on November 14, 2025.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press Release of Bridgewater Bancshares, Inc., dated October 21, 2025, regarding third quarter 2025 financial results

Exhibit 99.2

Earnings Presentation dated October 21, 2025

Exhibit 104

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

SIGNATURES

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


	Bridgewater Bancshares, Inc.


Date: October 21, 2025
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman and Chief Executive Officer

Exhibit 99.1


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

October 21, 2025

Bridgewater Bancshares, Inc. Announces Third Quarter 2025 Financial Results

Third Quarter 2025 Highlights

●

Net income of $11.6 million, or $0.38 per diluted common share; adjusted net income of $12.0 million, or $0.39 per diluted common share.⁽¹⁾

●

Net interest income increased $1.6 million, or 5.1%, from the second quarter of 2025.

●

Net interest margin (on a fully tax-equivalent basis) of 2.63% for the third quarter of 2025, an increase of one basis point from the second quarter of 2025.

●

Gross loans increased by $68.8 million, or 6.6% annualized, from the second quarter of 2025.

●

Total deposits increased by $56.0 million, or 5.2% annualized, from the second quarter of 2025; core deposits⁽²⁾ increased by $92.1 million, or 11.5% annualized, from the second quarter of 2025.

●

Efficiency ratio⁽¹⁾ of 54.7%, up from 52.6% for the second quarter of 2025; adjusted efficiency ratio⁽¹⁾ of 53.2%, up from 51.5% for the second quarter of 2025.

●

Annualized net loan charge-offs as a percentage of average loans of 0.03%, compared to 0.00% for the second quarter of 2025.

●

Nonperforming assets to total assets of 0.19% at September 30, 2025, stable with 0.19% at June 30, 2025.

●

Tangible book value per share⁽¹⁾ of $14.93 at September 30, 2025, an increase of 20.0% annualized, from the second quarter of 2025.

●

Successfully completed the systems conversion of the First Minnetonka City Bank (“FMCB”) acquisition.

●

Planned branch closure in December 2025 of one of the two branches acquired from FMCB in 2024.

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

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

Page 1 of 19

St. Louis Park, MN – Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“the Company”), the parent company of Bridgewater Bank (“the Bank”), today announced net income of $11.6 million for the third quarter of 2025, compared to $11.5 million for the second quarter of 2025, and $8.7 million for the third quarter of 2024. Earnings per diluted common share were $0.38 for the third quarter of 2025, compared to $0.38 for the second quarter of 2025, and $0.27 for the third quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $12.0 million for the third quarter of 2025, compared to $11.3 million for the second quarter of 2025, and $8.9 million for the third quarter of 2024. Adjusted earnings per diluted common share, a non-GAAP financial measure, were $0.39 for the third quarter of 2025, compared to $0.37 for the second quarter of 2025, and $0.28 for the third quarter of 2024.

“Bridgewater produced another quarter of strong net interest income growth as we continued to execute on our strategic priority of gaining both loan and deposit market share,” said Chairman and Chief Executive Officer, Jerry Baack. “Robust core deposit growth supported strong loan growth during the quarter as our loan pipelines remained near three-year highs, we continued to gain traction in the affordable housing space, and talent and client opportunities from M&A disruption in the Twin Cities remained plentiful. Meanwhile, our liability-sensitive balance sheet remains well positioned to benefit from the September interest rate cut and a rates-down environment.

“The third quarter was also highlighted by strong asset quality, consistent tangible book value per share growth, the launch of a new retail and small business online banking platform, and the successful systems conversion of our recent acquisition of First Minnetonka City Bank. With a favorable outlook for continued balance sheet growth and net interest margin expansion from here, we are poised for improved profitability trends moving forward.”

Page 2 of 19

Key Financial Measures


	As of and for the Three Months Ended									As of and for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2025			2025			2024			2025			2024
Per Common Share Data
Basic Earnings Per Share	$	0.38		$	0.38		$	0.28		$	1.08		$	0.79
Diluted Earnings Per Share		0.38			0.38			0.27			1.06			0.77
Adjusted Diluted Earnings Per Share ⁽¹⁾		0.39			0.37			0.28			1.08			0.77
Book Value Per Share		15.62			14.92			14.06			15.62			14.06
Tangible Book Value Per Share ⁽¹⁾		14.93			14.21			13.96			14.93			13.96

Financial Ratios
Return on Average Assets ⁽²⁾		0.86	%		0.90	%		0.73	%		0.84	%		0.71	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾		1.19			1.27			0.96			1.20			0.95
Return on Average Shareholders' Equity ⁽²⁾		9.47			9.80			7.79			9.23			7.55
Return on Average Tangible Common Equity⁽¹⁾⁽²⁾		10.50			10.93			8.16			10.23			7.87
Net Interest Margin⁽³⁾		2.63			2.62			2.24			2.59			2.24
Core Net Interest Margin ⁽¹⁾⁽³⁾		2.52			2.49			2.16			2.46			2.17
Cost of Total Deposits		3.19			3.16			3.58			3.18			3.45
Cost of Funds		3.25			3.19			3.54			3.20			3.46
Efficiency Ratio⁽¹⁾		54.7			52.6			58.0			54.2			58.3
Noninterest Expense to Average Assets ⁽²⁾		1.47			1.47			1.33			1.46			1.34
Tangible Common Equity to Tangible Assets ⁽¹⁾		7.71			7.40			8.17			7.71			8.17
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) ⁽⁴⁾		9.08			9.03			9.79			9.08			9.79

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets ⁽²⁾		0.88	%		0.88	%		0.75	%		0.86	%		0.70	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾		1.23			1.31			0.98			1.24			0.96
Adjusted Return on Average Shareholders' Equity ⁽²⁾		9.77			9.64			7.96			9.41			7.51
Adjusted Return on Average Tangible Common Equity ⁽²⁾		10.86			10.74			8.36			10.44			7.82
Adjusted Efficiency Ratio		53.2			51.5			57.2			52.8			58.0
Adjusted Noninterest Expense to Average Assets ⁽²⁾		1.43			1.43			1.31			1.42			1.33

Balance Sheet and Asset Quality (dollars in thousands)
Total Assets	$	5,359,994		$	5,296,673		$	4,691,517		$	5,359,994		$	4,691,517
Total Loans, Gross		4,214,554			4,145,799			3,685,590			4,214,554			3,685,590
Deposits		4,292,764			4,236,742			3,747,442			4,292,764			3,747,442
Loan to Deposit Ratio		98.2	%		97.9	%		98.3	%		98.2	%		98.3	%
Net Loan Charge-Offs to Average Loans ⁽²⁾		0.03			0.00			0.10			0.01			0.03
Nonperforming Assets to Total Assets⁽⁵⁾		0.19			0.19			0.19			0.19			0.19
Allowance for Credit Losses to Total Loans		1.34			1.35			1.38			1.34			1.38

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

(2)	Annualized.

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

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

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

Page 3 of 19

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the third quarter of 2025 was 2.63%, a one basis point increase from 2.62% in the second quarter of 2025, and a 39 basis point increase from 2.24% in the third quarter of 2024. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and purchase accounting accretion attributable to the acquisition of FMCB, was 2.52% for the third quarter of 2025, a three basis point increase from 2.49% in the second quarter of 2025, and a 36 basis point increase from 2.16% in the third quarter of 2024.

●

Net interest margin expanded to 2.63% in the third quarter of 2025 primarily due to higher earning asset yields, offset partially by the subordinated debt refinance in the second quarter of 2025, higher cash balances, and declining purchase accounting accretion income.

Net interest income was $34.1 million for the third quarter of 2025, an increase of $1.6 million from $32.5 million in the second quarter of 2025, and an increase of $8.5 million from $25.6 million in the third quarter of 2024.

●

The linked-quarter increase in net interest income was primarily due to growth in the loan and securities portfolios, offset partially by higher deposit balances.

●

The year-over-year increase in net interest income was primarily due to growth in the loan portfolio and purchase accounting accretion, offset partially by higher deposit balances.

Interest income was $73.6 million for the third quarter of 2025, an increase of $4.4 million from $69.2 million in the second quarter of 2025, and an increase of $10.6 million from $63.0 million in the third quarter of 2024.

●

The yield on interest earning assets (on a fully tax-equivalent basis) was 5.63% in the third quarter of 2025, compared to 5.56% in the second quarter of 2025, and 5.48% in the third quarter of 2024.

●

The linked-quarter increase in the yield on interest earning assets was primarily due to growth and repricing of the loan and securities portfolios.

●

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

●

The aggregate loan yield increased to 5.79% in the third quarter of 2025, five basis points higher than 5.74% in the second quarter of 2025, and 22 basis points higher than 5.57% in the third quarter of 2024.

●

Core loan yield, a non-GAAP financial measure, increased to 5.66% in the third quarter of 2025, seven basis points higher than 5.59% in the second quarter of 2025, and 19 basis points higher than 5.47% in the third quarter of 2024.

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


	Three Months Ended
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Interest	5.66	%	5.59	%	5.50	%	5.47	%	5.47	%
Fees	0.09		0.11		0.07		0.08		0.10
Accretion	0.04		0.04		0.04		—		—
Yield on Loans	5.79	%	5.74	%	5.61	%	5.55	%	5.57	%

Interest expense was $39.5 million for the third quarter of 2025, an increase of $2.8 million from $36.7 million in the second quarter of 2025, and an increase of $2.1 million from $37.4 million in the third quarter of 2024.

●

The cost of interest bearing liabilities was 3.89% in the third quarter of 2025, compared to 3.83% in the second quarter of 2025, and 4.27% in the third quarter of 2024.

●

The linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher interest bearing deposit balances and higher balances and rates paid on subordinated debentures following the payoff of $50.0 million of outstanding subordinated notes and the issuance of $80.0 million of new subordinated notes at the end of the second quarter.

●

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

Page 4 of 19

Interest expense on deposits was $34.6 million for the third quarter of 2025, an increase of $2.1 million from $32.5 million in the second quarter of 2025, and an increase of $428,000 from $34.2 million in the third quarter of 2024.

●

The cost of total deposits was 3.19% in the third quarter of 2025, three basis points higher than 3.16% in the second quarter of 2025, and 39 basis points lower than 3.58% in the third quarter of 2024.

●

The linked-quarter increase in the cost of total deposits was primarily due to time and brokered deposits repricing in the higher rate environment.

●

The year-over-year decrease in the cost of total deposits was primarily due to lower rates paid on deposits following interest rate cuts in 2024 and 2025 and decreases in average brokered deposit balances.

Provision for Credit Losses

The provision for credit losses on loans and leases was $900,000 for the third quarter of 2025, compared to $2.0 million for the second quarter of 2025 and $-0- for the third quarter of 2024.

●

The provision for credit losses on loans recorded in the third quarter of 2025 was primarily attributable to growth in the loan portfolio and an increase in specific reserves for loans individually evaluated.

●

The allowance for credit losses on loans to total loans was 1.34% at September 30, 2025, compared to 1.35% at June 30, 2025, and 1.38% at September 30, 2024.

The provision for credit losses for off-balance sheet credit exposures was $200,000 for the third quarter of 2025, and $-0- for each of the second quarter of 2025 and the third quarter of 2024.

●

A provision was recorded during the third quarter of 2025 due to an increase in the volume of newly originated loans with unfunded commitments in the commercial and construction and land development segments.

Noninterest Income

Noninterest income was $2.1 million for the third quarter of 2025, a decrease of $1.6 million from $3.6 million for the second quarter of 2025, and an increase of $539,000 from $1.5 million for the third quarter of 2024.

●

The linked-quarter decrease was primarily due to lower swap fees, gains on sales of securities, and FHLB prepayment income.

●

The year-over-year increase was primarily due to higher investment advisory fees and customer service fees.

Noninterest Expense

Noninterest expense was $20.0 million for the third quarter of 2025, an increase of $1.0 million from $18.9 million for the second quarter of 2025 and an increase of $4.2 million from $15.8 million for the third quarter of 2024.

●

Noninterest expense for the third quarter of 2025 included $530,000 of merger-related expenses associated with the acquisition of FMCB, compared to $540,000 for the second quarter of 2025.

●

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

●

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

●

The efficiency ratio, a non-GAAP financial measure, was 54.7% for the third quarter of 2025, compared to 52.6% for the second quarter of 2025, and 58.0% for the third quarter of 2024.

●

The Company had 325 full-time equivalent employees at September 30, 2025, compared to 308 at June 30, 2025, and 265 at September 30, 2024. The year-over-year increase was largely driven by the addition of employees from the acquisition of FMCB and the hiring of key talent across the organization.

Income Taxes

The effective combined federal and state income tax rate was 23.2% for the third quarter of 2025, compared to 23.9% for the second quarter of 2025, and 23.6% for the third quarter of 2024.

Page 5 of 19

Balance Sheet

Loans


(dollars in thousands)	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Commercial	$	533,476	$	549,259	$	528,801	$	497,662	$	493,403
Leases		43,186		44,817		43,958		44,291		—
Construction and Land Development		159,991		136,438		128,073		97,255		118,596
1-4 Family Construction		41,739		39,095		39,438		41,961		45,822
Real Estate Mortgage:
1 - 4 Family Mortgage		487,297		474,269		479,461		474,383		421,179
Multifamily		1,578,223		1,555,731		1,534,747		1,425,610		1,379,814
CRE Owner Occupied		192,966		192,837		196,080		191,248		182,239
CRE Nonowner Occupied		1,158,622		1,137,007		1,055,157		1,083,108		1,032,142
Total Real Estate Mortgage Loans		3,417,108		3,359,844		3,265,445		3,174,349		3,015,374
Consumer and Other		19,054		16,346		14,361		12,996		12,395
Total Loans, Gross		4,214,554		4,145,799		4,020,076		3,868,514		3,685,590
Allowance for Credit Losses on Loans		(56,390)		(55,765)		(53,766)		(52,277)		(51,018)
Net Deferred Loan Fees		(8,282)		(7,629)		(7,218)		(6,801)		(5,705)
Total Loans, Net	$	4,149,882	$	4,082,405	$	3,959,092	$	3,809,436	$	3,628,867

Total gross loans at September 30, 2025 were $4.21 billion, an increase of $68.8 million, or 6.6% annualized, over total gross loans of $4.15 billion at June 30, 2025, and an increase of $529.0 million, or 14.4%, over total gross loans of $3.69 billion at September 30, 2024.

●

The increase in the loan portfolio during the third quarter of 2025 was due to strong loan originations and lower loan payoffs and paydowns.

Deposits


(dollars in thousands)	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Noninterest Bearing Transaction Deposits	$	822,632	$	787,868	$	791,528	$	800,763	$	713,309
Interest Bearing Transaction Deposits		860,774		791,748		840,378		862,242		805,756
Savings and Money Market Deposits		1,428,726		1,441,694		1,372,191		1,259,503		980,345
Time Deposits		346,214		344,882		326,821		338,506		347,080
Brokered Deposits		834,418		870,550		831,539		825,753		900,952
Total Deposits	$	4,292,764	$	4,236,742	$	4,162,457	$	4,086,767	$	3,747,442

Total deposits at September 30, 2025 were $4.29 billion, an increase of $56.0 million, or 5.2% annualized, over total deposits of $4.24 billion at June 30, 2025, and an increase of $545.3 million, or 14.6%, over total deposits of $3.75 billion at September 30, 2024.

●

Core deposits, defined as total deposits excluding brokered deposits and certificates of deposits greater than $250,000, increased $92.1 million, or 11.5% annualized, from the second quarter of 2025, and increased $600.2 million, or 22.4%, from the third quarter of 2024.

Asset Quality

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

●

Annualized net charge-offs as a percentage of average loans were 0.03%, compared to 0.00% for the second quarter of 2025, and 0.10% for the third quarter of 2024.

●

At September 30, 2025, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $10.0 million, or 0.19% of total assets, compared to $10.3 million, or 0.19% of total assets, at June 30, 2025, and $8.8 million, or 0.19% of total assets, at September 30, 2024.

●

Loans with potential weaknesses that warranted a watch/special mention risk rating at September 30, 2025 totaled $40.6 million, compared to $53.3 million at June 30, 2025, and $32.0 million at September 30, 2024.

●

Loans that warranted a substandard risk rating at September 30, 2025 totaled $58.1 million, compared to $45.0 million at June 30, 2025, and $31.6 million at September 30, 2024.

Page 6 of 19

●

The linked-quarter increase in loans that warranted a substandard risk rating was primarily due to one loan that migrated from special mention to substandard.

Capital

Total shareholders’ equity at September 30, 2025 was $497.5 million, an increase of $21.2 million, or 17.6% annualized, compared to total shareholders’ equity of $476.3 million at June 30, 2025, and an increase of $45.3 million, or 10.0%, over total shareholders’ equity of $452.2 million at September 30, 2024.

●

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

●

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

●

The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.08% at September 30, 2025, compared to 9.03% at June 30, 2025, and 9.79% at September 30, 2024.

●

Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.71% at September 30, 2025, compared to 7.40% at June 30, 2025, and 8.17% at September 30, 2024.

Tangible book value per share, a non-GAAP financial measure, was $14.93 as of September 30, 2025, an increase of 20.0% annualized from $14.21 as of June 30, 2025, and an increase of 6.9% from $13.96 as of September 30, 2024.

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

●

The Company had $13.1 million remaining under its current share repurchase authorization at September 30, 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 December 1, 2025 to shareholders of record of the Series A Preferred Stock at the close of business on November 14, 2025.

Conference Call and Webcast

The Company will host a conference call to discuss its third quarter 2025 financial results on Wednesday, October 22, 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 1563263. The replay will be available through October 29, 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 $5.4 billion and nine strategically located branches as of September 30, 2025, Bridgewater is one of the largest locally-led banks in Minnesota and is committed to being the finest entrepreneurial bank. For more information, please visit www.bridgewaterbankmn.com.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely 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

Page 7 of 19

release to the comparable GAAP measures are provided in the accompanying tables.

Forward-Looking Statements

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

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and governmental agencies and executive orders, including with respect to tariffs, immigration, DEI and ESG initiatives, consumer protection, foreign policy, and tax regulations; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, including future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including CRE loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war or terrorism or other adverse external events, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, including the possibility that the merger may be more difficult or expensive to integrate than anticipated, and the effect of the merger on the Company’s customer and employee relationships and operating results; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; the effects of the current U.S. government shutdown and its impact on our customers; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

Page 8 of 19

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

Page 9 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Financial Highlights

(dollars in thousands, except share data)


	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Income Statement
Net Interest Income	$	34,091		$	32,452		$	30,208		$	26,967		$	25,599
Provision for Credit Losses		1,100			2,000			1,500			2,175			—
Noninterest Income		2,061			3,627			2,079			2,533			1,522
Noninterest Expense		19,956			18,941			18,136			16,812			15,760
Net Income		11,601			11,520			9,633			8,204			8,675
Net Income Available to Common Shareholders		10,588			10,506			8,620			7,190			7,662

Per Common Share Data
Basic Earnings Per Share	$	0.38		$	0.38		$	0.31		$	0.26		$	0.28
Diluted Earnings Per Share		0.38			0.38			0.31			0.26			0.27
Adjusted Diluted Earnings Per Share ⁽¹⁾		0.39			0.37			0.32			0.27			0.28
Book Value Per Share		15.62			14.92			14.60			14.21			14.06
Tangible Book Value Per Share ⁽¹⁾		14.93			14.21			13.89			13.49			13.96
Basic Weighted Average Shares Outstanding		27,504,840			27,460,982			27,568,772			27,459,433			27,382,798
Diluted Weighted Average Shares Outstanding		28,190,406			27,998,008			28,036,506			28,055,532			27,904,910
Shares Outstanding at Period End		27,584,732			27,470,283			27,560,150			27,552,449			27,425,690

Financial Ratios
Return on Average Assets ⁽²⁾		0.86	%		0.90	%		0.77	%		0.68	%		0.73	%
Pre-Provision Net Revenue Return on Average Assets ⁽¹⁾⁽²⁾		1.19			1.27			1.13			1.05			0.96
Return on Average Shareholders' Equity ⁽²⁾		9.47			9.80			8.39			7.16			7.79
Return on Average Tangible Common Equity ⁽¹⁾⁽²⁾		10.50			10.93			9.22			7.43			8.16
Net Interest Margin⁽³⁾		2.63			2.62			2.51			2.32			2.24
Core Net Interest Margin ⁽¹⁾⁽³⁾		2.52			2.49			2.37			2.24			2.16
Cost of Total Deposits		3.19			3.16			3.18			3.40			3.58
Cost of Funds		3.25			3.19			3.17			3.38			3.54
Efficiency Ratio⁽¹⁾		54.7			52.6			55.5			56.8			58.0
Noninterest Expense to Average Assets ⁽²⁾		1.47			1.47			1.45			1.40			1.33

Adjusted Financial Ratios ⁽¹⁾
Adjusted Return on Average Assets		0.88	%		0.88	%		0.80	%		0.71	%		0.75	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ⁽²⁾		1.23			1.31			1.18			1.09			0.98
Adjusted Return on Average Shareholders' Equity		9.77			9.64			8.77			7.49			7.96
Adjusted Return on Average Tangible Common Equity		10.86			10.74			9.68			7.82			8.36
Adjusted Efficiency Ratio		53.2			51.5			53.7			55.2			57.2
Adjusted Noninterest Expense to Average Assets		1.43			1.43			1.41			1.36			1.31

Balance Sheet
Total Assets	$	5,359,994		$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517
Total Loans, Gross		4,214,554			4,145,799			4,020,076			3,868,514			3,685,590
Deposits		4,292,764			4,236,742			4,162,457			4,086,767			3,747,442
Total Shareholders' Equity		497,463			476,282			468,975			457,935			452,200
Loan to Deposit Ratio		98.2	%		97.9	%		96.6	%		94.7	%		98.3	%
Core Deposits to Total Deposits ⁽⁴⁾		76.4			75.2			76.2			76.0			71.5

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

Page 10 of 19


	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) ⁽⁶⁾
Tier 1 Leverage Ratio		9.02	%		9.14	%		9.10	%		9.45	%		9.75	%
Common Equity Tier 1 Risk-based Capital Ratio		9.08			9.03			9.03			9.08			9.79
Tier 1 Risk-based Capital Ratio		10.52			10.51			10.55			10.64			11.44
Total Risk-based Capital Ratio		14.12			14.17			13.62			13.76			14.62
Tangible Common Equity to Tangible Assets ⁽¹⁾		7.71			7.40			7.48			7.36			8.17

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

(2)	Annualized.

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

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

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

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

Page 11 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)


	September 30,		June 30,		March 31,		December 31,		September 30,
	2025		2025		2025		2024		2024
		(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
Assets
Cash and Cash Equivalents	$	131,818	$	217,495	$	166,205	$	229,760	$	191,859
Bank-Owned Certificates of Deposit		3,658		3,897		4,139		4,377		—
Securities Available for Sale, at Fair Value		826,473		743,889		764,626		768,247		664,715
Loans, Net of Allowance for Credit Losses		4,149,882		4,082,405		3,959,092		3,809,436		3,628,867
Federal Home Loan Bank (FHLB) Stock, at Cost		21,373		21,472		18,984		19,297		18,626
Premises and Equipment, Net		50,955		49,979		49,442		49,533		47,777
Foreclosed Assets		—		185		—		—		434
Accrued Interest		19,244		17,711		17,700		17,711		16,750
Goodwill		11,982		11,982		11,982		11,982		2,626
Other Intangible Assets, Net		7,160		7,390		7,620		7,850		163
Bank-Owned Life Insurance		46,121		45,413		45,025		44,646		38,219
Other Assets		91,328		94,855		91,993		103,403		81,481
Total Assets	$	5,359,994	$	5,296,673	$	5,136,808	$	5,066,242	$	4,691,517

Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	822,632	$	787,868	$	791,528	$	800,763	$	713,309
Interest Bearing		3,470,132		3,448,874		3,370,929		3,286,004		3,034,133
Total Deposits		4,292,764		4,236,742		4,162,457		4,086,767		3,747,442
Notes Payable		—		13,750		13,750		13,750		13,750
FHLB Advances		404,500		404,500		349,500		359,500		349,500
Subordinated Debentures, Net of Issuance Costs		108,588		108,689		79,766		79,670		79,574
Accrued Interest Payable		5,208		4,110		4,525		4,008		3,458
Other Liabilities		51,471		52,600		57,835		64,612		45,593
Total Liabilities		4,862,531		4,820,391		4,667,833		4,608,307		4,239,317

Shareholders' Equity
Preferred Stock- $0.01 par value; Authorized 10,000,000
Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at September 30, 2025 (unaudited), June 30, 2025 (unaudited), March 31, 2025 (unaudited), December 31, 2024, and September 30, 2024 (unaudited)		66,514		66,514		66,514		66,514		66,514
Common Stock- $0.01 par value; Authorized 75,000,000
Common Stock - Issued and Outstanding 27,584,732 at September 30, 2025 (unaudited), 27,470,283 at June 30, 2025 (unaudited), 27,560,150 at March 31, 2025 (unaudited), 27,552,449 at December 31, 2024, and 27,425,690 at September 30, 2024 (unaudited)		276		275		276		276		274
Additional Paid-In Capital		97,101		95,174		95,503		95,088		94,597
Retained Earnings		339,135		328,547		318,041		309,421		302,231
Accumulated Other Comprehensive Loss		(5,563)		(14,228)		(11,359)		(13,364)		(11,416)
Total Shareholders' Equity		497,463		476,282		468,975		457,935		452,200
Total Liabilities and Equity	$	5,359,994	$	5,296,673	$	5,136,808	$	5,066,242	$	4,691,517

Page 12 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income

(dollars in thousands, except per share data)


	Three Months Ended										Nine Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
	2025		2025		2025		2024		2024		2025		2024
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Interest Income
Loans, Including Fees	$	60,038	$	57,888	$	53,820	$	51,870	$	51,895	$	171,746	$	152,861
Investment Securities		10,371		9,200		9,397		9,109		8,725		28,968		24,818
Other		3,224		2,110		2,491		2,345		2,407		7,825		4,895
Total Interest Income		73,633		69,198		65,708		63,324		63,027		208,539		182,574


Interest Expense
Deposits		34,615		32,497		32,103		32,810		34,187		99,215		95,995
Federal Funds Purchased		—		16		—		42		2		16		1,159
Notes Payable		106		260		258		275		296		624		887
FHLB Advances		2,933		2,852		2,156		2,229		1,942		7,941		6,325
Subordinated Debentures		1,888		1,121		983		1,001		1,001		3,992		2,982
Total Interest Expense		39,542		36,746		35,500		36,357		37,428		111,788		107,348

Net Interest Income		34,091		32,452		30,208		26,967		25,599		96,751		75,226
Provision for Credit Losses		1,100		2,000		1,500		2,175		—		4,600		1,350

Net Interest Income After Provision for Credit Losses		32,991		30,452		28,708		24,792		25,599		92,151		73,876

Noninterest Income
Customer Service Fees		501		496		495		394		373		1,492		1,081
Net Gain (Loss) on Sales of Securities		59		474		1		—		(28)		534		385
Net Gain on Sales of Foreclosed Assets		—		—		—		62		—		—		—
Letter of Credit Fees		383		323		455		849		424		1,161		1,127
Debit Card Interchange Fees		173		152		137		145		152		462		448
Swap Fees		—		938		42		521		26		980		26
Bank-Owned Life Insurance		440		387		379		362		352		1,206		965
Investment Advisory Fees		208		213		325		—		—		746		—
FHLB Prepayment Income		—		301		—		—		—		301		—
Other Income		297		343		245		200		223		885		803
Total Noninterest Income		2,061		3,627		2,079		2,533		1,522		7,767		4,835

Noninterest Expense
Salaries and Employee Benefits		12,229		11,363		11,371		10,605		9,851		34,963		28,959
Occupancy and Equipment		1,266		1,274		1,234		1,181		1,069		3,774		3,218
FDIC Insurance Assessment		775		750		450		609		750		1,975		2,350
Data Processing		637		625		619		445		368		1,881		1,252
Professional and Consulting Fees		1,261		1,110		994		989		1,149		3,365		2,890
Derivative Collateral Fees		309		372		451		426		381		1,132		1,395
Information Technology and Telecommunications		973		971		971		877		840		2,915		2,448
Marketing and Advertising		658		435		327		479		367		1,420		1,006
Intangible Asset Amortization		230		230		230		52		9		690		26
Other Expense		1,618		1,811		1,489		1,149		976		4,918		2,944
Total Noninterest Expense		19,956		18,941		18,136		16,812		15,760		57,033		46,488

Income Before Income Taxes		15,096		15,138		12,651		10,513		11,361		42,885		32,223
Provision for Income Taxes		3,495		3,618		3,018		2,309		2,686		10,131		7,602
Net Income		11,601		11,520		9,633		8,204		8,675		32,754		24,621
Preferred Stock Dividends		(1,013)		(1,014)		(1,013)		(1,014)		(1,013)		(3,040)		(3,040)
Net Income Available to Common Shareholders	$	10,588	$	10,506	$	8,620	$	7,190	$	7,662	$	29,714	$	21,581

Earnings Per Share
Basic	$	0.38	$	0.38	$	0.31	$	0.26	$	0.28	$	1.08	$	0.79
Diluted		0.38		0.38		0.31		0.26		0.27		1.06		0.77

Page 13 of 19

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

(dollars in thousands, except per share data)

(Unaudited)


	For the Three Months Ended
	September 30, 2025						June 30, 2025						September 30, 2024
	Average		Interest		Yield/		Average		Interest		Yield/		Average		Interest		Yield/
(dollars in thousands)	Balance		& Fees		Rate		Balance		& Fees		Rate		Balance		& Fees		Rate
Interest Earning Assets:
Cash Investments	$	256,174	$	2,732	4.23	%	$	166,164	$	1,681	4.06	%	$	157,114	$	1,971	4.99	%
Investment Securities:
Taxable Investment Securities		730,643		9,448	5.13			734,998		8,883	4.85			668,429		8,406	5.00
Tax-Exempt Investment Securities⁽¹⁾		81,962		1,168	5.66			31,940		401	5.04			31,496		402	5.08
Total Investment Securities		812,605		10,616	5.18			766,938		9,284	4.86			699,925		8,808	5.01
Loans ⁽¹⁾⁽²⁾		4,132,987		60,317	5.79			4,064,540		58,122	5.74			3,721,654		52,118	5.57
Federal Home Loan Bank Stock		21,373		492	9.12			21,416		429	8.03			16,828		436	10.31
Total Interest Earning Assets		5,223,139		74,157	5.63	%		5,019,058		69,516	5.56	%		4,595,521		63,333	5.48	%
Noninterest Earning Assets		149,304						143,124						108,283
Total Assets	$	5,372,443					$	5,162,182					$	4,703,804

Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits	$	843,905	$	8,037	3.78	%	$	813,906	$	7,769	3.83	%	$	804,161	$	9,369	4.63	%
Savings and Money Market Deposits		1,473,465		13,465	3.63			1,370,831		12,692	3.71			939,665		10,262	4.34
Time Deposits		342,926		3,703	4.28			326,024		3,268	4.02			355,050		3,918	4.39
Brokered Deposits		856,516		9,410	4.36			833,629		8,768	4.22			989,712		10,638	4.28
Total Interest Bearing Deposits		3,516,812		34,615	3.90			3,344,390		32,497	3.90			3,088,588		34,187	4.40
Federal Funds Purchased		—		—	—			1,369		16	4.64			141		2	5.72
Notes Payable		5,679		106	7.40			13,750		260	7.58			13,750		296	8.58
FHLB Advances		404,500		2,933	2.88			404,473		2,852	2.83			309,120		1,942	2.50
Subordinated Debentures		108,639		1,888	6.89			83,892		1,121	5.36			79,519		1,001	5.01
Total Interest Bearing Liabilities		4,035,630		39,542	3.89	%		3,847,874		36,746	3.83	%		3,491,118		37,428	4.27	%

Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		793,760						774,424						710,192
Other Noninterest Bearing Liabilities		57,184						68,184						59,417
Total Noninterest Bearing Liabilities		850,944						842,608						769,609
Shareholders' Equity		485,869						471,700						443,077
Total Liabilities and Shareholders' Equity	$	5,372,443					$	5,162,182					$	4,703,804
Net Interest Income / Interest Rate Spread				34,615	1.74	%				32,770	1.73	%				25,905	1.21	%
Net Interest Margin ⁽³⁾					2.63	%					2.62	%					2.24	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(524)						(318)						(306)
Net Interest Income			$	34,091					$	32,452					$	25,599

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

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

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

Page 14 of 19

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

(dollars in thousands, except per share data)

(Unaudited)


	For the Nine Months Ended
	September 30, 2025						September 30, 2024
	Average		Interest		Yield/		Average		Interest		Yield/
(dollars in thousands)	Balance		& Fees		Rate		Balance		& Fees		Rate
Interest Earning Assets:
Cash Investments	$	210,525	$	6,469	4.11	%	$	104,831	$	3,722	4.74	%
Investment Securities:
Taxable Investment Securities		744,605		27,364	4.91			649,538		23,867	4.91
Tax-Exempt Investment Securities⁽¹⁾		49,987		2,030	5.43			31,597		1,203	5.09
Total Investment Securities		794,592		29,394	4.95			681,135		25,070	4.92
Loans ⁽¹⁾⁽²⁾		4,034,656		172,418	5.71			3,740,855		153,568	5.48
Federal Home Loan Bank Stock		20,601		1,356	8.80			18,111		1,173	8.65
Total Interest Earning Assets		5,060,374		209,637	5.54	%		4,544,932		183,533	5.39	%
Noninterest Earning Assets		145,373						102,993
Total Assets	$	5,205,747					$	4,647,925
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits	$	837,504	$	23,995	3.83	%	$	757,409	$	25,332	4.47	%
Savings and Money Market Deposits		1,383,876		38,092	3.68			917,051		28,502	4.15
Time Deposits		333,199		10,280	4.13			344,484		10,935	4.24
Brokered Deposits		841,750		26,848	4.26			993,445		31,226	4.20
Total Interest Bearing Deposits		3,396,329		99,215	3.91			3,012,389		95,995	4.26
Federal Funds Purchased		456		16	4.64			27,605		1,159	5.61
Notes Payable		11,030		624	7.57			13,750		887	8.62
FHLB Advances		388,026		7,941	2.74			311,380		6,325	2.71
Subordinated Debentures		90,853		3,992	5.87			79,424		2,982	5.02
Total Interest Bearing Liabilities		3,886,694		111,788	3.85	%		3,444,548		107,348	4.16	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		779,897						700,308
Other Noninterest Bearing Liabilities		64,878						67,405
Total Noninterest Bearing Liabilities		844,775						767,713
Shareholders' Equity		474,278						435,664
Total Liabilities and Shareholders' Equity	$	5,205,747					$	4,647,925
Net Interest Income / Interest Rate Spread				97,849	1.69	%				76,185	1.23	%
Net Interest Margin ⁽³⁾					2.59	%					2.24	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(1,098)						(959)
Net Interest Income			$	96,751					$	75,226

Page 15 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Asset Quality Summary

(unaudited)


	As of and for the Three Months Ended															As of and for the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024			2025			2024
Allowance for Credit Losses
Balance at Beginning of Period	$	55,765		$	53,766		$	52,277		$	51,018		$	51,949		$	52,277		$	50,494
Day 1 PCD Allowance		—			—			—			114			—			—			—
Provision for Credit Losses⁽¹⁾		900			2,000			1,500			1,450			—			4,400			1,450
Charge-offs		(276)			(6)			(12)			(317)			(937)			(294)			(949)
Recoveries		1			5			1			12			6			7			23
Net Charge-offs	$	(275)		$	(1)		$	(11)		$	(305)		$	(931)		$	(287)		$	(926)
Balance at End of Period		56,390			55,765			53,766			52,277			51,018			56,390			51,018
Allowance for Credit Losses to Total Loans		1.34	%		1.35	%		1.34	%		1.35	%		1.38	%		1.34	%		1.38	%

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


	As of and for the Three Months Ended										As of and for the Nine Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
(dollars in thousands)	2025		2025		2025		2024		2024		2025		2024
Provision for Credit Losses on Loans and Leases	$	900	$	2,000	$	1,500	$	1,450	$	—	$	4,400	$	1,450
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures		200		—		—		725		—		200		(100)
Provision for Credit Losses	$	1,100	$	2,000	$	1,500	$	2,175	$	—	$	4,600	$	1,350


	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	2,906		$	12,492		$	466		$	1,291		$	65
Loans 30-89 Days Past Due to Total Loans		0.07	%		0.30	%		0.01	%		0.03	%		0.00	%
Nonperforming Loans	$	9,991		$	10,134		$	10,290		$	301		$	8,378
Nonperforming Loans to Total Loans		0.24	%		0.24	%		0.26	%		0.01	%		0.23	%
Nonaccrual Loans to Total Loans		0.24			0.24			0.26			0.01			0.23
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.24			0.24			0.26			0.01			0.23
Foreclosed Assets	$	—		$	185		$	—		$	—		$	434
Nonperforming Assets ⁽¹⁾		9,991			10,319			10,290			301			8,812
Nonperforming Assets to Total Assets ⁽¹⁾		0.19	%		0.19	%		0.20	%		0.01	%		0.19	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.03			0.00			0.00			0.03			0.10
Watchlist/Special Mention Risk Rating Loans	$	40,642		$	53,282		$	38,346		$	46,581		$	31,991
Substandard Risk Rating Loans		58,074			44,986			31,587			21,791			31,637

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

Page 16 of 19

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

(unaudited)


	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024			2025			2024
Pre-Provision Net Revenue
Noninterest Income	$	2,061		$	3,627		$	2,079		$	2,533		$	1,522		$	7,767		$	4,835
Less: (Gain) Loss on Sales of Securities		(59)			(474)			(1)			—			28			(534)			(385)
Less: FHLB Advance Prepayment Income		—			(301)			—			—			—			(301)			—
Total Operating Noninterest Income		2,002			2,852			2,078			2,533			1,550			6,932			4,450
Plus: Net Interest Income		34,091			32,452			30,208			26,967			25,599			96,751			75,226
Net Operating Revenue	$	36,093		$	35,304		$	32,286		$	29,500		$	27,149		$	103,683		$	79,676

Noninterest Expense	$	19,956		$	18,941		$	18,136		$	16,812		$	15,760		$	57,033		$	46,488
Total Operating Noninterest Expense	$	19,956		$	18,941		$	18,136		$	16,812		$	15,760		$	57,033		$	46,488

Pre-Provision Net Revenue	$	16,137		$	16,363		$	14,150		$	12,688		$	11,389		$	46,650		$	33,188

Plus:
Non-Operating Revenue Adjustments		59			775			1			—			(28)			835			385
Less:
Provision for Credit Losses		1,100			2,000			1,500			2,175			—			4,600			1,350
Provision for Income Taxes		3,495			3,618			3,018			2,309			2,686			10,131			7,602
Net Income	$	11,601		$	11,520		$	9,633		$	8,204		$	8,675		$	32,754		$	24,621

Average Assets	$	5,372,443		$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	5,205,747		$	4,647,925
Pre-Provision Net Revenue Return on Average Assets		1.19	%		1.27	%		1.13	%		1.05	%		0.96	%		1.20	%		0.95	%

Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	36,093		$	35,304		$	32,286		$	29,500		$	27,149		$	103,683		$	79,676

Noninterest Expense	$	19,956		$	18,941		$	18,136		$	16,812		$	15,760		$	57,033		$	46,488
Less: Merger-related Expenses		(530)			(540)			(565)			(488)			(224)			(1,635)			(224)
Adjusted Total Operating Noninterest Expense	$	19,426		$	18,401		$	17,571		$	16,324		$	15,536		$	55,398		$	46,264

Adjusted Pre-Provision Net Revenue	$	16,667		$	16,903		$	14,715		$	13,176		$	11,613		$	48,285		$	33,412
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.23	%		1.31	%		1.18	%		1.09	%		0.98	%		1.24	%		0.96	%

Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	34,614		$	32,770		$	30,464		$	27,254		$	25,905		$	97,848		$	76,185
Less:
Loan Fees		(966)			(1,019)			(719)			(747)			(968)			(2,704)			(2,342)
Purchase Accounting Accretion:
Loan Accretion		(380)			(425)			(342)			—			—			(1,147)			—
Bond Accretion		(89)			(152)			(578)			(91)			—			(819)			—
Bank-Owned Certificates of Deposit Accretion		(6)			(4)			(7)			—			—			(17)			—
Deposit Certificates of Deposit Accretion		(13)			(37)			(38)			—			—			(88)			—
Total Purchase Accounting Accretion		(488)			(618)			(965)			(91)			—			(2,071)			—
Core Net Interest Income (Tax-equivalent Basis)	$	33,160		$	31,133		$	28,780		$	26,416		$	24,937		$	93,073		$	73,843

Average Interest Earning Assets	$	5,223,139		$	5,019,058		$	4,928,283		$	4,682,841		$	4,595,521		$	5,060,374		$	4,544,932
Core Net Interest Margin		2.52	%		2.49	%		2.37	%		2.24	%		2.16	%		2.46	%		2.17	%

Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	60,317		$	58,122		$	53,979		$	52,078		$	52,118		$	172,418		$	153,567
Less:
Loan Fees		(966)			(1,019)			(719)			(747)			(968)			(2,704)			(2,342)
Loan Accretion		(380)			(425)			(342)			—			—			(1,147)			—
Core Loan Interest Income	$	58,971		$	56,678		$	52,918		$	51,331		$	51,150		$	168,567		$	151,225

Average Loans	$	4,132,987		$	4,064,540		$	3,899,258		$	3,730,532		$	3,721,654		$	4,034,656		$	3,740,855
Core Loan Yield		5.66	%		5.59	%		5.50	%		5.47	%		5.47	%		5.59	%		5.40	%

Page 17 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024			2025			2024
Efficiency Ratio
Noninterest Expense	$	19,956		$	18,941		$	18,136		$	16,812		$	15,760		$	57,033		$	46,488
Less: Amortization of Intangible Assets		(230)			(230)			(230)			(52)			(9)			(690)			(26)
Adjusted Noninterest Expense	$	19,726		$	18,711		$	17,906		$	16,760		$	15,751		$	56,343		$	46,462

Net Interest Income	$	34,091		$	32,452		$	30,208		$	26,967		$	25,599		$	96,751		$	75,226
Noninterest Income		2,061			3,627			2,079			2,533			1,522			7,767			4,835
Less: (Gain) Loss on Sales of Securities		(59)			(474)			(1)			—			28			(534)			(385)
Adjusted Operating Revenue	$	36,093		$	35,605		$	32,286		$	29,500		$	27,149		$	103,984		$	79,676
Efficiency Ratio		54.7	%		52.6	%		55.5	%		56.8	%		58.0	%		54.2	%		58.3	%

Adjusted Efficiency Ratio
Noninterest Expense	$	19,956		$	18,941		$	18,136		$	16,812		$	15,760		$	57,033		$	46,488
Less: Amortization of Intangible Assets		(230)			(230)			(230)			(52)			(9)			(690)			(26)
Less: Merger-related Expenses		(530)			(540)			(565)			(488)			(224)			(1,635)			(224)
Adjusted Noninterest Expense	$	19,196		$	18,171		$	17,341		$	16,272		$	15,527		$	54,708		$	46,238

Net Interest Income	$	34,091		$	32,452		$	30,208		$	26,967		$	25,599		$	96,751		$	75,226
Noninterest Income		2,061			3,627			2,079			2,533			1,522			7,767			4,835
Less: (Gain) Loss on Sales of Securities		(59)			(474)			(1)			—			28			(534)			(385)
Less: FHLB Advance Prepayment Income		—			(301)			—			—			—			(301)			—
Adjusted Operating Revenue	$	36,093		$	35,304		$	32,286		$	29,500		$	27,149		$	103,683		$	79,676
Adjusted Efficiency Ratio		53.2	%		51.5	%		53.7	%		55.2	%		57.2	%		52.8	%		58.0	%

Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	19,956		$	18,941		$	18,136		$	16,812		$	15,760		$	57,033		$	46,488
Less: Merger-related Expenses		(530)			(540)			(565)			(488)			(224)			(1,635)			(224)
Adjusted Noninterest Expense	$	19,426		$	18,401		$	17,571		$	16,324		$	15,536		$	55,398		$	46,264

Average Assets	$	5,372,443		$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	5,205,747		$	4,647,925
Adjusted Noninterest Expense to Average Assets (Annualized)		1.43	%		1.43	%		1.41	%		1.36	%		1.31	%		1.42	%		1.33	%

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	497,463		$	476,282		$	468,975		$	457,935		$	452,200
Less: Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Total Common Shareholders' Equity		430,949			409,768			402,461			391,421			385,686
Less: Intangible Assets		(19,142)			(19,372)			(19,602)			(19,832)			(2,789)
Tangible Common Equity	$	411,807		$	390,396		$	382,859		$	371,589		$	382,897

Total Assets	$	5,359,994		$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517
Less: Intangible Assets		(19,142)			(19,372)			(19,602)			(19,832)			(2,789)
Tangible Assets	$	5,340,852		$	5,277,301		$	5,117,206		$	5,046,410		$	4,688,728
Tangible Common Equity/Tangible Assets		7.71	%		7.40	%		7.48	%		7.36	%		8.17	%

Tangible Book Value Per Share
Book Value Per Common Share	$	15.62		$	14.92		$	14.60		$	14.21		$	14.06
Less: Effects of Intangible Assets		(0.69)			(0.71)			(0.71)			(0.72)			(0.10)
Tangible Book Value Per Common Share	$	14.93		$	14.21		$	13.89		$	13.49		$	13.96

Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	10,588		$	10,506		$	8,620		$	7,190		$	7,662		$	29,714		$	21,581

Average Shareholders' Equity	$	485,869		$	471,700		$	465,408		$	455,949		$	443,077		$	474,278		$	435,664
Less: Average Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Average Common Equity		419,355			405,186			398,894			389,435			376,563			407,764			369,150
Less: Effects of Average Intangible Assets		(19,274)			(19,504)			(19,738)			(4,412)			(2,794)			(19,504)			(2,802)
Average Tangible Common Equity	$	400,081		$	385,682		$	379,156		$	385,023		$	373,769		$	388,260		$	366,348
Return on Average Tangible Common Equity		10.50	%		10.93	%		9.22	%		7.43	%		8.16	%		10.23	%		7.87	%

Page 18 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024			2025			2024
Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	10,588		$	10,506		$	8,620		$	7,190		$	7,662		$	29,714		$	21,581

Add: Merger-related Expenses		530			540			565			488			224			1,635			224
Less: FHLB Advance Prepayment Income		—			(301)			—			—			—			(301)			—
Less: (Gain) Loss on Sales of Securities		(59)			(474)			(1)			—			28			(534)			(385)
Total Adjustments		471			(235)			564			488			252			800			(161)
Less: Tax Impact of Adjustments		(110)			56			(135)			(107)			(59)			(189)			38
Adjusted Net Income Available to Common Shareholders	$	10,949		$	10,327		$	9,049		$	7,571		$	7,855		$	30,325		$	21,458

Diluted Weighted Average Shares Outstanding		28,190,406			27,998,008			28,036,506			28,055,532			27,904,910			28,089,409			27,919,784
Adjusted Diluted Earnings Per Common Share	$	0.39		$	0.37		$	0.32		$	0.27		$	0.28		$	1.08		$	0.77

Adjusted Return on Average Assets
Net Income	$	11,601		$	11,520		$	9,633		$	8,204		$	8,675		$	32,754		$	24,621
Add: Total Adjustments		471			(235)			564			488			252			800			(161)
Less: Tax Impact of Adjustments		(110)			56			(135)			(107)			(59)			(189)			38
Adjusted Net Income	$	11,962		$	11,341		$	10,062		$	8,585		$	8,868		$	33,365		$	24,498

Average Assets	$	5,372,443		$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	5,205,747		$	4,647,925
Adjusted Return on Average Assets		0.88	%		0.88	%		0.80	%		0.71	%		0.75	%		0.86	%		0.70	%

Adjusted Return on Average Shareholders' Equity
Adjusted Net Income	$	11,962		$	11,341		$	10,062		$	8,585		$	8,868		$	33,365		$	24,498

Average Shareholders' Equity	$	485,869		$	471,700		$	465,408		$	455,949		$	443,077		$	474,278		$	435,664
Adjusted Return on Average Shareholders' Equity		9.77	%		9.64	%		8.77	%		7.49	%		7.96	%		9.41	%		7.51	%

Adjusted Return on Average Tangible Common Equity
Adjusted Net Income Available to Common Shareholders	$	10,949		$	10,327		$	9,049		$	7,571		$	7,855		$	30,325		$	21,458

Average Tangible Common Equity	$	400,081		$	385,682		$	379,156		$	385,023		$	373,769		$	388,260		$	366,348
Adjusted Return on Average Tangible Common Equity		10.86	%		10.74	%		9.68	%		7.82	%		8.36	%		10.44	%		7.82	%

Page 19 of 19

Exhibit 99.2

2 Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and governmental agencies and executive orders, including with respect to tariffs, immigration, DEI and ESG initiatives, consumer protection, foreign policy, and tax regulations; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, including future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including commercial real estate (CRE) loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission (the SEC) or Public Company Accounting Oversight Board; the concentration of large loans to certain borrowers; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including development and implementation of tools incorporating artificial intelligence; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes; risks related to 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 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 First Minnetonka City Bank (“FMCB”), including the possibility that the merger may be more difficult or expensive to integrate than anticipated and the effect of the merger on the Company’s customer and employee relationships and operating results; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor or depositor sentiment regarding the stability and liquidity of banks; the effects of the current U.S. government shutdown and its impact on our customers; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Certain of the information contained in this presentation is derived from information provided by industry sources. Although the Company 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 have not independently verified, such information. Use of Non-GAAP financial measures In addition to the results presented in accordance with U.S. General Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures to the comparable GAAP measures are provided in this presentation.

3 • Net interest income increased $1.6M, or 5.1%, from 2Q25 • Net interest margin (NIM) of 2.63%, up 1 bp from 2Q25; core NIM1 of 2.52%, up 3 bps from 2Q25 • Average interest earning asset balances increased $204M, or 16.1% annualized, from 2Q25 0.19% • Loan balances increased $69M, or 6.6% annualized, from 2Q25 • Total deposit balances increased $56M, or 5.2% annualized, from 2Q25; core deposit2 balances increased $92M, or 11.5% annualized • Loan-to-deposit ratio of 98.2%, up from 97.9% at June 30, 2025 • Annualized net charge-offs to average loans of 0.03% vs. 0.00% in 2Q25 • Nonperforming assets to total assets of 0.19%, stable with 2Q25 • Well-reserved with allowance to total loans of 1.34%, down 1 bp from June 30, 2025 NIM Expansion and Net Interest Income Growth Strong Asset Quality Profile $0.38 Diluted EPS Nonperforming Assets to Total Assets Efficiency Ratio1 Return on Average Assets Return on Avg. Tangible Common Equity1 0.86% 10.50% 54.7% 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation 2 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 • Tangible book value per share1 of $14.93, up 20.0% annualized from 2Q25 • Common Equity Tier 1 Ratio of 9.08%, up from 9.03% at June 30, 2025 • Successfully completed the systems conversion of the First Minnetonka City Bank (FMCB) acquisition Focus on Creating Shareholder Value Robust Balance Sheet Growth $0.39 0.88% 10.86% 53.2% Reported Adjusted1 3Q25 Earnings Highlights • FMCB merger-related expenses of $530K • Sold $5.1M of securities for a gain of $59K Non-Core Items

4 Consistent Tangible Book Value Per Share Outperformance 230% 89% 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 BWB Peer Bank Average2 Tangible Book Value Per Share1 Growth Resumed in 2025 Following the Acquisition of First Minnetonka City Bank in 4Q24 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2025 with growth rate through 2Q25 (Source: S&P Capital IQ)

5 NIM Expansion and Net Interest Income Growth $24,631 $26,129 $28,524 $30,815 $32,637 $968 $747 $719 $1,019 $966 $91 $965 $618 $488 $25,599 $26,967 $30,208 $32,452 $34,091 2.24% 2.32% 2.51% 2.62% 2.63% 2.16% 2.24% 2.37% 2.49% 2.52% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 2.62% 0.09% 0.08% 0.03% (0.14)% (0.06)% 0.03% 2.63% (0.01)% (0.01)% NIM (2Q25) Loan Fees Purchase Accounting Accretion Loans Investments Cash Deposits Sub Debt Other NIM (3Q25) Net Interest Margin Roll-forward 3Q25 Net Interest Income / Net Interest Margin Commentary 1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21% 2 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in thousands Net Interest Income • Net interest income growth of 5% from 2Q25, driven by 16% annualized average interest earning asset growth • Included $488K of purchase accounting accretion income • Reduced loan fees as loan payoffs declined from 2Q25 Net Interest Margin • NIM increased 1 bp in 3Q25 as higher earning asset yields were partially offset by the subordinated debt refinance late in 2Q25, higher cash balances, and declining purchase accounting accretion income • 3Q25 NIM of 2.63% included 4 bps related to purchase accounting accretion Core NIM2 up 3 bps Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA)

6 Assets Reprice Higher as Deposit Cost Stabilization Continues $3,089 $3,121 $3,322 $3,344 $3,517 $710 $718 $403 $444 $767 $774 $793 $448 $505 $519 $4,202 $4,283 $4,537 $4,623 $4,829 3.54% 3.38% 3.17% 3.19% 3.25% 3Q24 4Q24 1Q25 2Q25 3Q25 $3,722 $3,731 $3,899 $4,065 $4,133 5.57% 5.55% 5.61% 5.74% 5.79% 5.47% 5.47% 5.50% 5.59% 5.66% 3Q24 4Q24 1Q25 2Q25 3Q25 $3,799 $3,840 $4,089 $4,119 $4,311 3.58% 3.40% 3.18% 3.16% 3.19% 3Q24 4Q24 1Q25 2Q25 3Q25 Core Loan Yield2 $700 $752 $804 $767 $813 5.01% 4.86% 4.79% 4.86% 5.18% 3Q24 4Q24 1Q25 2Q25 3Q25 Average Interest-Bearing Deposits Average Noninterest-Bearing Deposits Average Borrowings Cost of Funds Average Loans Loan Yield1 Average Investments Investment Yield1 Average Total Deposits Cost of Total Deposits 1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21% 2 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in millions Loans Continued to Reprice Higher Deposit Costs Stabilization Continues Growth of High-Yielding Securities Portfolio Total Funding Costs Impacted by Sub Debt Refinance

7 Revenue Growth Continues PPNR ROA1 $25,599 $26,967 $30,208 $32,452 $34,091 $1,522 $2,533 $2,079 $3,627 $2,061 $27,121 $29,500 $32,287 $36,079 $36,152 3Q24 4Q24 1Q25 2Q25 3Q25 $11,389 $12,688 $14,150 $16,363 $16,137 $8,675 $8,204 $9,633 $11,520 $11,601 0.96% 1.05% 1.13% 1.27% 0.98% 1.19% 1.09% 1.18% 1.31% 1.23% 0.73% 0.68% 0.77% 0.90% 0.86% 0.75% 0.71% 0.80% 0.88% 0.88% 3Q24 4Q24 1Q25 2Q25 3Q25 PPNR Net Income 1 ROA 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in thousands Total revenue growth continued in 3Q25 as net interest income growth more than offset lower swap fee income Adj. PPNR ROA1 Adj. ROA1 Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Net Interest Income Noninterest Income Swap Fees % of Non Int Income $ 26 2% $ 521 21% $ 42 2% $ 938 26% $ -- --%

8 A Highly Efficient Business Model 1.31% 1.36% 1.41% 1.43% 1.43% 0.02% 0.04% 1.33% 0.04% 0.04% 0.04% 1.40% 1.45% 1.47% 1.47% 58.0% 56.8% 55.5% 52.6% 54.7% 57.2% 55.2% 53.7% 51.5% 53.2% 3Q24 4Q24 1Q25 2Q25 3Q25 Adjusted NIE / Avg. Assets2 Adjusted Efficiency Ratio3 Peer median efficiency ratio of 58%1 in 2Q25 Increase in 3Q25 NIE driven by increased salaries, consulting fees, and marketing Salary and Employee Benefits Occupancy Technology Professional and Consulting 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2025 (Source: S&P Capital IQ) 2 Annualized 3 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in thousands Other Adjustment Factors / Avg. Assets2 Efficiency Ratio3 Merger-Related $9,851 $10,431 $11,339 $11,363 $12,215 $1,069 $1,172 $1,234 $1,274 $1,266 $1,208 $1,322 $1,590 $1,596 $1,610 $926 $769 $911 $1,043 $1,261 $2,482 $2,630 $2,497 $3,125 $3,074 $224 $488 $565 $540 $530 $15,760 $16,812 $18,136 $18,941 $19,956 3Q24 4Q24 1Q25 2Q25 3Q25 Steady NIE to Average Assets Well Managed Expense Growth Supporting Larger Balance Sheet

9 Continued Core Deposit Momentum 19% 20% 19% 19% 19% 22% 21% 20% 19% 20% 26% 31% 33% 34% 33% 9% 8% 8% 8% 24% 8% 20% 20% 20% $3,747 20% $4,087 $4,162 $4,237 $4,293 3Q24 4Q24 1Q25 2Q25 3Q25 Noninterest-Bearing Transaction Interest-Bearing Transaction Savings & Money Market Time Brokered • 3Q25 deposit growth of $56M, or 5.2% annualized (6.7% YTD) • 3Q25 core deposit growth1 of $92M, or 11.5% annualized (7.4% YTD) • Improved deposit mix as noninterest bearing transaction deposits increased $35M from 2Q25 while brokered deposits decreased $36M • Core deposit growth not always linear due to nature of the deposit base Strong Deposit Growth Trends Support Loan Growth Outlook 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 Dollars in millions Positive Core Deposit1 Growth Momentum Over Time $2,890 $217 $2,470 $2,515 $2,585 $2,547 $2,637 $2,585 $2,678 $3,107 $3,170 $3,186 $3,279 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Improved Deposit Mix Core Deposits Acquired Core Deposits1

10 Robust Loan Growth Trends Continue $3,752 $117 $3,686 $3,869 $4,020 $4,146 $4,215 3Q24 4Q24 1Q25 2Q25 3Q25 Gross Loans Dollars in millions • 3Q25 loan growth of $69M, or 6.6% annualized • YTD loan growth of $346M, or 12.0% annualized • Loan pipeline remains near highest level since 2022 • Loan-to-deposit ratio of 98.2%, in the lower end of the 95% to 105% target range Strong Loan Pipeline Drives Continued Growth Near-term loan growth will depend on a variety of factors, including: • Market and economic conditions – economic uncertainty including the interest rate environment • Loan demand – M&A disruption and strong pipelines to support near-term growth, but economic uncertainty and increased competition could impact demand going forward • Loan payoffs and paydowns – pace of loan payoffs will continue to impact loan growth • Core deposit growth – recent core deposit momentum provides additional liquidity for more offensive-minded loan growth while remaining within target loan-to-deposit ratio range Loan Growth Outlook Acquired Gross Loans Four Consecutive Quarters of Robust Organic Loan Growth

11 New Loan Origination Activity Continues Strong Loan Pipeline Translating into New Originations $60 $189 $221 $217 $132 $46 $68 $49 $58 $61 $106 $257 $270 $275 $193 3Q24 4Q24 1Q25 2Q25 3Q25 New Originations Advances Loan Payoff Activity Slowed $163 $155 $86 $122 $76 $54 $38 $55 $45 $48 $217 $193 $141 $167 $124 3Q24 4Q24 1Q25 2Q25 3Q25 Payoffs Amortization/Paydowns Dollars in millions $4,146 $4,215 $132 $61 $- $(76) $(48) Gross Loans (2Q25) New Originations Advances Net Revolving Lines of Credit Payoffs Amort. / Paydowns Gross Loans (3Q25) 3Q25 Loan Growth Roll-forward

12 Well-Diversified Loan Portfolio with Multifamily Expertise $(16) $(2) $0 $3 $13 $22 $22 $26 Dollars in millions CRE NOO 27.5% Multifamily 37.4% C&D 4.8% 1-4 Family Mortgage 11.6% CRE OO 4.6% C&I 12.7% Leases 1.0% Consumer & Other 0.4% Loan Mix by Type $4.2 Billion • Increased construction and development commitments over the past several quarters are starting to result in renewed balance sheet growth in 2025 • Multifamily growth driven by continued momentum in the affordable housing vertical • Remain comfortable with the diversity of the loan portfolio, including CRE and multifamily concentrations, given portfolio performance and expertise 3Q25 Loan Growth by Type (vs. 2Q25) Multifamily 1-4 Family Mortgage Construction & Development C&I CRE Nonowner Occupied CRE Owner Occupied Consumer & Other Leases

13 Managing Multifamily and Office-Related Risk 1 Excludes medical office of $91 million at September 30, 2025 Data as of June 30, 2025 Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure Percent of Total Loans Average Loan Size 5.0% $2.5M CRE NOO Office by Geography Twin Cities Suburban 55% Minneapolis-St. Paul (CBD) 13% Minneapolis -St. Paul (non-CBD) 19% Out-of-State (non-CBD) 11% Greater MN 2% $211M • Majority of CRE NOO office exposure in the Twin Cities suburbs • Only 4 loans totaling $28M located in Minnesota CBDs, with one moved to nonaccrual in 1Q25 • Only 4 loans totaling $22M outside of Minnesota (non-CBD), consisting of projects for existing local clients Loan Balances Average Loan Size NCOs (since 2005) $1.6B $3.4M $62K Multifamily Lending Focus in Stable Twin Cities Market • Bank of choice in the Twin Cities with expertise and differentiated service model • Greater tenant diversification compared to other asset classes • Positive market trends with reduced vacancy rates, strong absorption, and slower construction = favorable outlook for occupancy and rent growth • Market catalysts include relative affordability, steady population growth, low unemployment, strong wages, and shortage of single-family housing Weighted Average LTV 67% Weighted Average LTV 61% National Affordable Housing Expertise • Leveraging affordable housing expertise to support communities in the Twin Cities and across the country • $611M affordable housing portfolio ($467M within multifamily portfolio) • 27% year-to-date growth (annualized) • 28% of the portfolio located outside of Minnesota

14 Asset Quality Remains Strong 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2025 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands $931 $305 $11 $1 $275 0.10% 0.03% 0.00% 0.00% 0.03% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Charge-Offs Low net charge-off history Net Charge-offs (recoveries) % of Average Loans (annualized) $51,018 $52,277 $53,766 $55,765 $56,390 1.38% 1.35% 1.34% 1.35% 1.34% 3Q24 4Q24 1Q25 2Q25 3Q25 Allowance for Credit Losses Well-reserved compared to peer median ACL/Loans of 1.19%1 Allowance for Credit Losses % of Gross Loans $8,812 $301 $10,290 $10,134 $9,991 0.19% 0.01% 0.20% 0.19% 0.19% 3Q24 4Q24 1Q25 2Q25 3Q25 Nonperforming Assets2 NPAs remain low despite one CBD office loan moving to nonaccrual in 1Q25 NPAs % of Assets

Modest Migration from Watch/Special Mention to Substandard Multifamily 83.8% CRE NOO Other 0.3% CRE OO 12.4% C&I 3.5% $41 Million Watch/Special Mention List Loans Substandard Loans C&I 24.3% CRE NOO Office 14.9% CRE NOO Hotels 5.0% CRE NOO Retail 3.4% CRE NOO Other 4.6% Multifamily 41.1% CRE OO 4.6% 1-4 Family 2.0% Other 0.1% $58 Million Watch/Special Mention Characteristics Loan Balances Outstanding $40,642 % of Total Loans, Gross 1.0% Number of Loans 18 Average Loan Size $2,258 % of Bank Risk-Based Capital 6.57% Substandard Characteristics Loan Balances Outstanding $58,074 % of Total Loans, Gross 1.4% Number of Loans 30 Average Loan Size $1,936 % of Bank Risk-Based Capital 9.38% $31,991 $46,581 $38,346 $53,282 $40,642 3Q24 4Q24 1Q25 2Q25 3Q25 $31,637 $21,791 $31,587 $44,986 $58,074 3Q24 4Q24 1Q25 2Q25 3Q25 Dollars in thousands 15

16 Stable Capital Position to Support Growth 9.75% 9.45% 9.10% 9.14% 9.02% 9.79% 9.08% 9.03% 9.03% 9.08% 14.62% 13.76% 13.62% 14.17% 14.12% 8.17% 7.36% 7.48% 7.40% 7.71% 3Q24 4Q24 1Q25 2Q25 3Q25 Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio Tier 1 Leverage Ratio Capital Ratios Stabilize Following Acquisition Tangible Common Equity Ratio1 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Recent Capital Actions • No share repurchases in 3Q25 • $13.1M remaining under current share repurchase authorization as of September 30, 2025 Capital Allocation Priorities 1 3 2 Organic Growth Share Repurchases M&A 4 Dividends Drive profitability by supporting a proven organic loan growth engine Opportunistically return capital to shareholders by buying back stock based on valuation, capital levels, and other uses of capital Review and evaluate M&A opportunities that complement BWB’s business model Have not historically paid a common stock dividend given loan growth opportunities

17 Near-Term Expectations • Mid-to-high single digit loan growth, dependent on the pace of core deposit growth • Focus on profitable growth while aligning loan growth with core deposit growth over time • Target loan-to-deposit ratio between 95% and 105% Balance Sheet Growth • Path to a 3.00% net interest margin by early 2027 • Dependent on pace of additional rate cuts and shape of the yield curve (assumes 50 bps of additional rate cuts through 2026) • Continued net interest income growth due to NIM expansion and loan growth outlook Net Interest Margin • Noninterest expense growth in line with asset growth over time • Continued investments in people and technology initiatives • Alignment of provision expense with loan growth and overall asset quality Expenses • Maintain stable capital levels in the current environment given the stronger growth outlook • Ongoing evaluation of potential share repurchases based on valuation, capital levels, and other uses of capital Capital Levels

18 2025 Strategic Priorities Return to More Normalized Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Leverage Technology to Support Business Growth Execute on M&A Integration and Readiness Initiatives • Well positioned given efforts to optimize the balance sheet in 2024, including strong core deposit growth and reduced loan-to-deposit ratio • Leverage increased loan demand due to the more favorable interest rate environment • Continue to align loan growth with core deposit growth over time • Maintain strong credit quality through consistent underwriting standards and active credit oversight • Utilize the expanded branch footprint, including two branches acquired from FMCB and anticipated 2026 opening of a de novo branch in Lake Elmo, MN • Focus on expanding targeted verticals, including affordable housing, women business leaders, and cannabis • Leverage affordable housing expertise to grow client base across the Twin Cities and nationally • Leverage marketplace disruption in the Twin Cities to attract new clients and top talent • Implement upgraded retail and small business online banking solution • Optimize recent technology investments, including the nCino commercial loan origination system and new CRM platform, as well as new AI tools to create efficiencies and enhance the client experience • Successfully complete systems integration of FMCB • Evaluate additional M&A opportunities that support BWB’s business model and growth outlook • Leverage recent M&A experience to optimize readiness and execution of future M&A opportunities Year-to-Date Progress (3Q25) • Loan growth of 12.0% annualized • Core deposit growth1 of 7.4% annualized • Deposit market share in the Twin Cities increased from 1.54% in 2024 to 1.84% in 20252 • Affordable housing growth of $104M, or 27.3% annualized • Successfully upgraded retail and small business online banking platform in 3Q25 • Successfully completed FMCB systems conversion in 3Q25 • Planned branch closure in December 2025 of one branch acquired from FMCB 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 2 Source: FDIC (data as of June 30th)

19 APPENDIX

20 Interest Rate Sensitivity Estimated Change in NII From Immediate Interest Rate Shocks +100 bps -100 bps Liability-sensitive balance sheet well positioned for lower interest rates and a steepening yield curve Loan Portfolio Considerations • Loan portfolio most sensitive to changes in the 3- to 5-year portion of the yield curve • Loan portfolio to reprice higher even in a rates-down environment given larger fixed-rate portfolio and smaller variable-rate portfolio • $748M of fixed- and adjustable-rate loans scheduled to reprice over the next year • Leveraged prepayment penalties on new loan originations to help maintain benefit of higher rates over time Funding Considerations • Deposit base is more sensitive to changing interest rates • Strong momentum in core deposit growth since March 2023 • Continue to supplement core deposits with wholesale funding to support loan growth over time • Brokered deposits generally include call options to protect net interest margin as interest rates decline -200 bps (1.3)% +3.1% 2Q25 +7.2% (2.7)% +4.4% 3Q25 +10.5% (2.4)% +3.1% 3Q24 +6.5% (2.7)% +4.0% 1Q25 +8.8% (1.7)% +3.1% 4Q24 +6.7% +200 bps (4.4)% (3.1)% (5.3)% (2.4)% (4.9)% Funding Mix Repricing Lower Following Recent Rate Cuts • $1.7B of funding tied to short-term rates, including $1.4B of immediately-adjustable deposits and $0.3B of derivative hedging • $798M of other repricing opportunities, including time deposit maturities over the next 12 months and callable brokered deposits with rates over 4.50%

21 Well Positioned to Benefit in Rates-Down Environment 24% 24% 17% 15% 8% 12% $140 $143 $102 $86 $47 $71 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 21% 19% 17% 14% 13% 16% $608 $529 $470 $396 $382 $448 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years Fixed, 67% Variable, 19% Adjustable, 14% Loan Portfolio Mix Fixed-Rate Portfolio ($2.8B) Variable-Rate Portfolio ($799M) Adjustable-Rate Portfolio ($588M) Years to Maturity • Large fixed-rate portfolio provides support to total loan yields in a rates-down environment • $608M of fixed-rate loans maturing over the next year, with a weighted average yield of 5.69% Variable-Rate Loan Floors • Smaller variable-rate portfolio limits immediate repricing pressure in a rates-down environment • 71% of variable-rate portfolio have rate floors, with 92% of the floors at or above 5% • 96% of variable-rate loans are currently tied to SOFR or Prime Adjustable-Rate Repricing/Maturity Schedule • Adjustable-rate loans likely to reprice higher, even in a rates-down environment • $140M of adjustable-rate loans repricing or maturing over the next year, with a weighted average yield of 3.85% Dollars in millions WA Yield 5.69% 5.02% 5.39% 5.47% 6.12% 4.15% WA Yield 3.85% 4.79% 4.48% 5.57% 6.56% 4.56% 5% 4% 26% 55% 10% $28 $20 $145 $313 $59 Below 4% 4%-5% 5%-6% 6%-7% Above 7% 30% of new loan originations YTD in 2025 were variable-rate

22 High Quality Securities Portfolio AAA 22% AA 54% A 3% BBB 7% BB 1% NR 13% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(27,863) $(25,175) $17,217 $14,278 $(11,416) $(5,563) 3Q24 3Q25 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securities • Securities portfolio average duration of 6.98 years • Average securities portfolio yield of 5.18% • AOCI / Total Risk-Based Capital of 0.9% vs. peer bank median of 4.8%2 1 Includes the tax-effected impact of $4,604 in 3Q24 and $2,244 in 3Q25 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2025 (Source: S&P Capital IQ) 31% 32% 33% 36% 31% 17% 16% 15% 15% 21% 29% 17% 17% 18% 13% 16% 22% 23% 20% 18% 15% 13% 12% 11% 9% $665 $768 $765 $744 $826 3Q24 4Q24 1Q25 2Q25 3Q25 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Corporate Securities Securities Available for Sale Portfolio (dollars in millions) Other

14.5% 13.2% 11.9% 12.4% 12.5% 34.2% 32.2% 34.0% 32.7% 32.1% $2,290 $2,296 $2,357 $2,384 $2,393 3Q24 4Q24 1Q25 2Q25 3Q25 23 Ample Liquidity and Borrowing Capacity 1 Excludes $265M of pledged securities at September 30, 2025 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sheet Liquidity as a % of Assets Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 Funding Source 12/31/2022 9/30/2025 Change Cash and Cash Equivalents $ 4 8 $ 110 $ 6 2 Unpledged Securities1 549 561 12 FHLB Capacity 391 494 103 FRB Discount Window 158 994 836 Unsecured Lines of Credit 208 200 (8) Secured Line of Credit 26 3 4 8 Total $ 1,380 $ 2,393 $ 1,013 Available Balance

24 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Pre-Provision Net Revenue: Noninterest Income $ 1,522 $ 2,533 $ 2,079 $ 3,627 $ 2,061 Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Less: FHLB Advance Prepayment Income - - - (301) - Total Operating Noninterest Income 1,550 2,533 2,078 2,852 2,002 Plus: Net Interest Income 25,599 26,967 30,208 32,452 34,091 Net Operating Revenue $ 27,149 $ 29,500 $ 32,286 $ 35,304 $ 36,093 Noninterest Expense 15,760 $ 16,812 $ 18,136 $ 18,941 $ 19,956 Total Operating Noninterest Expense $ 15,760 $ 16,812 $ 18,136 $ 18,941 $ 19,956 Pre-provision Net Revenue $ 11,389 $ 12,688 $ 14,150 $ 16,363 $ 16,137 Plus: Non-Operating Revenue Adjustments (28) - 1 775 59 Less: Provision for Credit Losses - 2,175 1,500 2,000 1,100 Less: Provision for Income Taxes 2,686 2,309 3,018 3,618 3,495 Net Income $ 8,675 $ 8,204 $ 9,633 $ 11,520 $ 11,601 Average Assets $ 4,703,804 $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 Pre-Provision Net Revenue Return on Average Assets 0.96% 1.05% 1.13% 1.27% 1.19% Adjusted Pre-Provision Net Revenue: Net Operating Revenue $ 27,149 $ 29,500 $ 32,286 $ 35,304 $ 36,093 Noninterest Expense $ 15,760 $ 16,812 $ 18,136 $ 18,941 $ 19,956 Less: Merger-related Expenses (224) (488) (565) (540) (530) Adjusted Total Operating Noninterest Expense $ 15,536 $ 16,324 $ 17,571 $ 18,401 $ 19,426 Adjusted Pre-Provision Net Revenue $ 11,613 $ 13,176 $ 14,715 $ 16,903 $ 16,667 Adjusted Pre-Provision Net Revenue Return on Average Assets 0.98% 1.09% 1.18% 1.31% 1.23% Core Net Interest Margin Net Interest Income (Tax-equivalent Basis) $ 25,905 $ 27,254 $ 30,464 $ 32,770 $ 34,614 Less: Loan Fees (968) (747) (719) (1,019) (966) Purchase Accounting Accretion: Loan Accretion - - (342) (425) (380) Bond Accretion - (91) (578) (152) (89) Bank-Owned Certificates of Deposit Accretion - - (7) (4) (6) Deposit Certificates of Deposit Accretion - - (38) (37) (13) Total Purchase Accounting Accretion - (91) (965) (618) (488) Core Net Interest Income (Tax-equivalent Basis) $ 24,937 $ 26,416 $ 28,780 $ 31,133 $ 33,160 Average Interest Earning Assets $ 4,595,521 $ 4,682,841 $ 4,928,283 $ 5,019,058 $ 5,223,139 Core Net Interest Margin 2.16% 2.24% 2.37% 2.49% 2.52% As of and for the quarter ended, September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 52,118 $ 52,078 $ 53,979 $ 58,122 $ 60,317 Less: Loan Fees (968) (747) (719) (1,019) (966) Loan Accretion - - (342) (425) (380) Core Loan Interest Income $ 51,150 $ 51,331 $ 52,918 $ 56,678 $ 58,971 Average Loans $ 3,721,654 $ 3,730,532 $ 3,899,258 $ 4,064,540 $ 4,132,987 Core Loan Yield 5.47% 5.47% 5.50% 5.59% 5.66% Efficiency Ratio: Noninterest Expense $ 15,760 $ 16,812 $ 18,136 $ 18,941 $ 19,956 Less: Amortization Intangible Assets (9) (52) (230) (230) (230) Adjusted Noninterest Expense $ 15,751 $ 16,760 $ 17,906 $ 18,711 $ 19,726 Net Interest Income $ 25,599 $ 26,967 $ 30,208 $ 32,452 $ 34,091 Noninterest Income 1,522 2,533 2,079 3,627 2,061 Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Adjusted Operating Revenue $ 27,149 $ 29,500 $ 32,286 $ 35,605 $ 36,093 Efficiency Ratio 58.0% 56.8% 55.5% 52.6% 54.7% Adjusted Efficiency Ratio: Noninterest Expense $ 15,760 $ 16,812 $ 18,136 $ 18,941 $ 19,956 Less: Amortization Intangible Assets (9) (52) (230) (230) (230) Less: Merger-related Expenses (224) (488) (565) (540) (530) Adjusted Noninterest Expense $ 15,527 $ 16,272 $ 17,341 $ 18,171 $ 19,196 Net Interest Income $ 25,599 $ 26,967 $ 30,208 $ 32,452 $ 34,091 Noninterest Income 1,522 2,533 2,079 3,627 2,061 Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Less: FHLB Advance Prepayment Income - - - (301) - Adjusted Operating Revenue $ 27,149 $ 29,500 $ 32,286 $ 35,304 $ 36,093 Adjusted Efficiency Ratio 57.2% 55.2% 53.7% 51.5% 53.2% Adjusted Noninterest Expense to Average Assets: Noninterest Expense $ 15,760 $ 16,812 $ 18,136 $ 18,941 $ 19,956 Less: Merger-related Expenses (224) (488) (565) (540) (530) Adjusted Noninterest Expense $ 15,536 $ 16,324 $ 17,571 $ 18,401 $ 19,426 Average Assets $ 4,703,804 $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 Adjusted Noninterest Expense to Average Assets (ann.) 1.31% 1.36% 1.41% 1.43% 1.43% As of and for the quarter ended,

25 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Adjusted Diluted Earnings Per Common Share Net Income Available to Common Shareholders $ 7,662 $ 7,190 $ 8,620 $ 10,506 $ 10,588 Add: Merger-related Expenses 224 488 565 540 530 Less: FHLB Advance Prepayment Income - - - (301) - Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Total Adjustments 252 488 564 (235) 471 Less: Tax Impact of Adjustments (59) (107) (135) 56 (110) Adjusted Net Income Available to Common $ 7,855 $ 7,571 $ 9,049 $ 10,327 $ 10,949 Diluted Weighted Average Shares Outstanding 27,904,910 28,055,532 28,036,506 27,998,008 28,190,406 Adjusted Diluted Earnings Per Common Share $ 0.28 $ 0.27 $ 0.32 $ 0.37 $ 0.39 Adjusted Return on Average Assets Net Income $ 8,675 $ 8,204 $ 9,633 $ 11,520 $ 11,601 Add: Total Adjustments 252 488 564 (235) 471 Less: Tax Impact of Adjustments (59) (107) (135) 56 (110) Adjusted Net Income $ 8,868 $ 8,585 $ 10,062 $ 11,341 $ 11,962 Average Assets $ 4,703,804 $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 Adjusted Return on Average Assets 0.75% 0.71% 0.80% 0.88% 0.88% Adjusted Return on Average Tangible Common Equity Adjusted Net Income Available to Common $ 7,855 $ 7,571 $ 9,049 $ 10,327 $ 10,949 Average Tangible Common Equity $ 373,769 $ 385,023 $ 379,156 $ 385,682 $ 400,081 Adjusted Return on Average Tangible Common 8.36% 7.82% 9.68% 10.74% 10.86% As of and for the quarter ended, September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Tangible Common Equity / Tangible Assets Total Shareholders' Equity $ 452,200 $ 457,935 $ 468,975 $ 476,282 $ 497,463 Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Total Common Shareholders' Equity 385,686 391,421 402,461 409,768 430,949 Less: Intangible Assets (2,789) (19,832) (19,602) (19,372) (19,142) Tangible Common Equity $ 382,897 $ 371,589 $ 382,859 $ 390,396 $ 411,807 Total Assets $ 4,691,517 $ 5,066,242 $ 5,136,808 $ 5,296,673 $ 5,359,994 Less: Intangible Assets (2,789) (19,832) (19,602) (19,372) (19,142) Tangible Assets $ 4,688,728 $ 5,046,410 $ 5,117,206 $ 5,277,301 $ 5,340,852 Tangible Common Equity / Tangible Assets 8.17% 7.36% 7.48% 7.40% 7.71% Return on Average Tangible Common Equity Net Income Available to Common Shareholders $ 7,662 $ 7,190 $ 8,620 $ 10,506 $ 10,588 Average Shareholders' Equity $ 443,077 $ 455,949 $ 465,408 $ 471,700 $ 485,869 Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Average Common Equity 376,563 389,435 398,894 405,186 419,355 Less: Effects of Average Intangible Assets (2,794) (4,412) (19,738) (19,504) (19,274) Average Tangible Common Equity $ 373,769 $ 385,023 $ 379,156 $ 385,682 $ 400,081 Return on Average Tangible Common Equity 8.16% 7.43% 9.22% 10.93% 10.50% As of and for the quarter ended,

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