8-K
Bridgewater Bancshares Inc (BWB)
8-K
2026-02-09
For: 2026-02-09
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April 04, 2026
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
February 9, 2026
Date of Report
(Date of earliest event reported)
BRIDGEWATER BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
| <br><br><br><br> | <br><br> | <br><br><br><br> |
|---|---|---|
| Minnesota<br><br>(State or other jurisdiction of<br><br>incorporation) | 001-38412<br><br>(Commission File Number) | 26-0113412<br><br>(I.R.S. Employer<br><br>Identification No.) |
| | 4450 Excelsior Boulevard, Suite 100<br><br>St. Louis Park , Minnesota<br><br>(Address of principal executive offices) | 55416<br><br>(Zip Code) |
Registrant’s telephone number, including area code: (952) 893-6868
Not Applicable (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol | | Name of each exchange on which registered: |
|---|---|---|---|
| Common Stock, $0.01 Par Value<br><br>Depositary Shares, each representing a 1/100th interest in a share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share | BWB<br><br>BWBBP | The NASDAQ Stock Market LLC<br><br>The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
Bridgewater Bancshares, Inc. (the “Company”) is furnishing an Investor Presentation, which will be used, in whole or in part, from time to time by executives of the Company in meetings with investors and analysts. A copy of the Investor Presentation 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 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 9.01 Financial Statements and Exhibits.
(d)****Exhibits
| Exhibit 99.1 | Investor Presentation dated February 9, 2026 |
|---|---|
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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2
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.
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| | Bridgewater Bancshares, Inc. |
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| Date: February 9, 2026 | |
| | By: /s/ Jerry Baack |
| | Name: Jerry Baack |
| | Title: Chairman and Chief Executive Officer |
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Exhibit 99.1
| 2<br>Disclaimer<br>Forward-Looking Statements<br>This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements<br>concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”,<br>“could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable<br>words of a future or forward-looking nature.<br>Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies,<br>projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are<br>difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these<br>forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate<br>risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement and changes in<br>foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and<br>within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including<br>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<br>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<br>agencies, the Financial Accounting Standards Board, Securities and Exchange Commission (the “SEC”) or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war, military conflicts, or<br>terrorism, changes in foreign relations, or other adverse external events, including ongoing conflicts in the Middle East, the Russian invasion of Ukraine and recent military activities in Venezuela; potential impairment to the goodwill the<br>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<br>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<br>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<br>sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the SEC.<br>Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any<br>forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Certain of the information contained in this presentation is derived<br>from information provided by industry sources. Although the Company believes that such information is accurate and that the sources from which it has been obtained are reliable, the Company cannot guarantee the accuracy of, and<br>has not independently verified, such information.<br>Use of Non-GAAP financial measures<br>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<br>believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate<br>comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures<br>that may be presented by other companies. Reconciliations of non-GAAP disclosures to the comparable GAAP measures are provided in this presentation. |
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| 3<br>The Finest Entrepreneurial Bank<br>Company Overview Branch-Light Model in Attractive Twin Cities Market<br>Name: Bridgewater Bancshares, Inc.<br>Headquarters: St. Louis Park, MN<br>Ticker: NASDAQ: BWB; BWBBP<br>Assets: $5.4 Billion<br>Loans: $4.3 Billion<br>Deposits: $4.3 Billion<br>Shareholders’ Equity: $517.1 Million<br>Serving a Commercial-Focused Client Base Track Record of Profitability, Growth and Efficiency<br>• CRE lending<br>• Acquisition financing<br>• Construction lending<br>• Affordable housing<br>financing<br>• Long-term multifamily<br>financing<br>• Leases<br>• Commercial & business<br>lending<br>• Business / treasury<br>management<br>• SBA lending<br>• 1-4 family rentals<br>• Personal banking<br>CRE,<br>31%<br>Multifamily,<br>37%<br>C&D,<br>6%<br>Leases,<br>1%<br>C&I,<br>13%<br>1-4 Family,<br>12%<br>Consumer,<br><1%<br>$4.3B<br>Business and<br>Personal Banking<br>Commercial<br>Banking<br>Loan Balances • Founded in 2005 by a group of banking industry veterans and local<br>business leaders<br>• Continuous profitability since the third month of operations<br>• Proven ability to generate strong organic growth in the Twin Cities<br>• Expertise in commercial real estate with a focus in multifamily and<br>affordable housing lending<br>• Highly efficient operations with a branch-light model<br>• Organizational focus on risk management with a long track record of<br>superb asset quality<br>Data as of December 31, 2025<br>BWB<br>Twin Cities<br>Planned Denovo Branch (1Q26) |
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| 4<br>Strategic Leadership Team (SLT) with<br>Broad Skill Sets and Industry Expertise<br>Jerry Baack<br>Chairman and Chief Executive Officer<br>• Former regulator and responsible for all aspects of BWB<br>formation<br>• Lead founder of BWB in 2005<br>• 35+ years of banking experience<br>Laura Espeseth<br>Chief Administrative Officer<br>• Oversees various aspects of finance, accounting, and facilities<br>• Joined BWB in 2017<br>• 20+ years of banking and public accounting experience<br>Nick Place<br>Chief Banking Officer<br>• Oversees all aspects of client growth and relationship management,<br>including lending, treasury management and deposits<br>• Joined BWB in 2007<br>• 15+ years of banking experience<br>Joe Chybowski<br>President and Chief Financial Officer<br>• Strategic insights across all aspects of the organization, including<br>finance, capital and liquidity management<br>• Joined BWB in 2013<br>• 15+ years of banking and capital markets experience<br>Lisa Salazar<br>Chief Operating Officer<br>• Oversees operations, technology and product initiatives to drive<br>efficiencies and enhance the overall client experience<br>• Joined BWB in 2018<br>• 30+ years of banking experience<br>Approximately 20% of BWB’s common shares were owned by Board<br>and SLT members as of December 31, 2025, demonstrating strong<br>alignment with shareholders<br>Katie Morrell<br>Chief Credit Officer<br>• Oversees credit policies and practices and chairs the loan and credit<br>risk management committees<br>• Joined BWB in 2020<br>• 18+ years of financial services experience<br>Jessica Stejskal<br>Chief Experience Officer<br>• Oversees marketing, community impact and project management<br>• Joined BWB in 2014<br>• 14+ years of marketing experience |
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| 5<br>A Disciplined Strategy Built for Growth<br>Truly Unconventional Culture Highly Efficient Business Model<br>• A Top Workplace in Minnesota for 10+ years<br>• Focus on professional development and employee<br>retention<br>• Entrepreneurial mindset built for speed and<br>accountability, not bureaucracy<br>• Accessible, hands-on leadership, actively involved<br>in decisions and the business<br>• Culture of transparency and ownership, enabling<br>teams to act quickly and solve problems<br>• Long track record of generating robust organic<br>loan growth<br>• Emphasis on CRE and multifamily lending<br>• Increased focus on affordable housing with access<br>to higher growth markets and fee income<br>• M&A-related market disruption has created client<br>and talent acquisition opportunities to support<br>loan and deposit growth<br>• Opportunistic acquirer following successful bank<br>acquisition in 2024<br>• Branch-light model with a commercial real estate<br>focus<br>• Efficient operating philosophy, including<br>networking, banking tools and in-house expertise<br>• Relatively low levels of expenses as a percent of<br>total assets<br>• Efficiency ratio consistently better than peer<br>banks<br>• Strong asset quality track record with<br>consistently low levels of NCOs and NPAs<br>• Conservative and decisive credit culture, including<br>measured risk selection, consistent underwriting,<br>active credit oversight and deep industry<br>experience<br>• Invest in scaling the risk management function<br>to address emerging risks and support longer term<br>growth outlook<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ)<br>Consistent Tangible Book Value1<br>Growth and Outperformance<br>Tangible Book Value Per Share1 growth resumed in<br>1Q25 following a bank acquisition in 4Q24<br>243%<br>98%<br>4Q16<br>2Q17<br>4Q17<br>2Q18<br>4Q18<br>2Q19<br>4Q19<br>2Q20<br>4Q20<br>2Q21<br>4Q21<br>2Q22<br>4Q22<br>2Q23<br>4Q23<br>2Q24<br>4Q24<br>2Q25<br>4Q25<br>BWB Peer Bank Average2<br>Robust Balance Sheet Growth Proactive Risk Management |
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| Our Core Values<br>6<br>Unconventional.<br>Our clients notice a difference.<br>Responsive.<br>Under promise, over deliver.<br>Dedicated.<br>Don’t stop until you get it done.<br>Growth.<br>If you aren’t moving forward, where are you going?<br>Accurate.<br>It’s more than just an expectation. |
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| Culture as a Strategic Advantage<br>32%<br>Employee Experience<br>Clear Accountability<br>Professional Development<br>Employee-Led Committees<br>Compensation and Benefits<br>Intentional investment in the employee experience, supporting<br>long-term engagement and retention<br>Disciplined operating rhythms and clear accountability, supporting<br>execution and scalability<br>Committed to investing in learning, development and career<br>growth with an emphasis on developing talent from within<br>Employee-led committees supporting wellness, inclusion and<br>professional development<br>Competitive, equitable compensation and benefits designed to<br>attract and retain high-performing teams<br>7<br>Team members<br>promoted into next-level<br>and/or leadership roles in<br>2025<br>5-Time Winner |
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| A Responsive Service Model<br>Our clients can expect…<br>• Responsive support and<br>simple solutions<br>• A local bank of choice in a<br>market where many local<br>banks have been acquired<br>by out-of-state buyers<br>• Flexibility, market<br>expertise and strong<br>network connections<br>The “Proven Process” for Our Clients<br>• BEST<br>Business Bank<br>• BEST<br>Small Business<br>Bank<br>• BEST<br>Commercial<br>Mortgage Lender<br>An Award-Winning Client Experience<br>• BEST<br>Business Bank<br>• BEST<br>Commercial<br>Lender<br>8 |
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| A Commitment to Our Communities<br>Bridgewater’s Pillars of Community Impact<br>Building Places Fueling Business Investing in People<br>• Affordable housing and<br>community development<br>initiatives<br>• Partnerships that strengthen<br>neighborhoods and housing<br>stability<br>• Supporting entrepreneurs<br>and small businesses that<br>drive local economic vitality<br>• Expanding access to capital,<br>mentorship, and business<br>networks, particularly for<br>women-owned and diverse<br>businesses<br>• Workforce development,<br>financial education, and<br>community wellbeing<br>• Programs that expand access<br>to opportunity and long-term<br>financial mobility<br>• “Outstanding” CRA Rating<br>• Minnesota Banker’s Association –<br>Community Champion Award<br>• Partnered with the FHLB of Des<br>Moines through the Member Impact<br>Fund to help deliver over $800K in<br>matching grants to 23 Minnesota<br>nonprofits focused on affordable<br>housing and community<br>development<br>2025<br>Community Impact<br>Snapshot<br>$401K<br>Total<br>Donations<br>1,161<br>Volunteer<br>Hours<br>Bridgewater is committed to investing in the communities we serve, through philanthropy, volunteering,<br>and strategic partnerships, focused across our three Pillars of Community Impact:<br>BWB partnered with Project for Pride in Living<br>to support affordable housing and community<br>stability initiatives benefiting youth and<br>families across the Twin Cities<br>BWB sponsored a Power of 100 Greater<br>Stillwater event, supporting women leaders<br>who are fueling local economic growth through<br>collective philanthropy<br>As part of BWB’s Take Your Child to Work Day,<br>kids packed backpacks for resident children at<br>People Serving People, allowing them to be<br>prepared for the school year<br>9 |
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| 10<br>Attractive and Growing Twin Cities Market<br>#3<br>Fortune 500 companies<br>per capita (17)1<br>Large Corporate Presence<br>#1<br>State with highest<br>average credit score (742)2<br>Credit Worthy Population<br>#6<br>Best state for<br>economic opportunity3<br>Economic Opportunity<br>#10<br>Top state for<br>business4<br>Top State for Business<br>#4<br>Best rental market for<br>recent college graduates5<br>State to Move to<br>Top 20<br>Most populated MSA<br>in the U.S.6<br>Populated MSA<br>2.28%<br>0.95%<br>Twin Cities Midwest Weighted Average<br>$105,075<br>$81,775<br>Twin Cities Midwest Weighted Average<br>Strong Market Demographics<br>2026 Median Household Income ($)6<br>2026 – 2031 Proj. Population Growth (%)6<br>1 Source: Minnesota Department of Employment and Economic Development (ranking among 30 largest metro areas)<br>2 Source: Experian – Average FICO Score by State, 2025<br>3 Source: U.S. News & World Report, 2025<br>4 Source: CNBC, 2025<br>5 Source: Realtor.com, 2025<br>6 Source: S&P Capital IQ |
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| 11<br>Bank-of-Choice For Twin Cities Clients<br>Looking to Bank Local<br>1 Source: FDIC and S&P Capital IQ; includes banks with deposits in the Minneapolis-St. Paul MSA (data as of June 30 of each year)<br>2 Total assets as of December 31, 2025; excludes Ameriprise Financial<br>3 Source: FDIC and S&P Capital IQ<br>Largest Minnesota-Based Banks by Total Assets1<br>2014<br>0.36% 0.59% 0.11% 0.07% 0.08% 0.01%<br>$1.4 $1.5 $1.5 $1.5 $2.2 $2.6 $2.7 $2.9 $3.0 $3.7<br>$5.4<br>$676.1<br>Deerwood<br>Bank<br>North<br>American<br>Bank<br>Citizens<br>Alliance<br>Bank<br>Park<br>State<br>Bank<br>Think<br>Mutual<br>Bank<br>Tradition<br>Capital<br>Bank<br>Sunrise<br>Banks<br>Merchants<br>Bank<br>Minnwest<br>Bank<br>Frandsen<br>Bank &<br>Trust<br>BWB U.S.<br>Bank<br>2025<br>2<br>0.12% 0.49% 0.05% 0.04% 0.11% 0.73% 0.33% 0.16% 0.33% 0.27% 1.84% 41.21%<br>Acquired Acquired Acquired Acquired Acquired<br>0.09% 0.57% 1.14% 2.51%<br>• Second largest locally-led bank in the<br>Twin Cities<br>• Significant Twin Cities market disruption with<br>several local banks being acquired by out-of-market buyers<br>• BWB has the scale and agility to be the bank-of-choice for local clients looking for a local<br>bank with local decision-making<br>• BWB’s YoY in-market deposit growth has<br>exceeded Twin Cities MSA growth for<br>13 consecutive years3<br>Total Assets Deposit Market Share (Minneapolis-St. Paul MSA)<br>0.27%<br>#2<br>26.76%<br>$0.7 $1.2 $1.4 $1.4 $1.5 $1.5 $1.5 $1.6 $1.6 $2.9<br>$18.9<br>$384.2<br>BWB Central<br>Bank<br>Anchor<br>Bank<br>Merchants<br>Bank<br>Minnwest<br>Bank<br>Think<br>Mutual<br>Bank<br>Stearns<br>Bank<br>Frandsen<br>Bank &<br>Trust<br>Klein<br>Bank<br>Bremer<br>Bank<br>TCF<br>Bank<br>U.S.<br>Bank<br>#14 |
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| 12<br>History of Robust Organic Asset Growth<br>$1,184<br>$4,821<br>$76<br>$245<br>$929<br>$1,260<br>$1,617<br>$1,974<br>$2,269<br>$2,927<br>$3,478<br>$4,346<br>$4,612<br>$5,066<br>$5,407<br>2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025<br>Organic Acquired Assets<br>Proven ability to consistently generate<br>robust organic asset growth<br>primarily in the Twin Cities market<br>Emphasis on commercial real estate and<br>multifamily lending with an increased focus<br>on affordable housing<br>Dollars in millions<br>Ongoing evaluation of potential<br>M&A opportunities to complement<br>organic growth strategy<br>Completed the acquisition of<br>First Minnetonka City Bank<br>in December 2024 |
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| 13<br>Return to Normalized Levels of Loan Growth<br>Dollars in millions<br>1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000<br>$2,819<br>$3,569 $3,724 $3,869<br>$4,310<br>2021 2022 2023 2024 2025<br>Long track record of robust loan growth<br>• Strong brand presence and relationships in the market allow us to get in<br>front of high-quality clients and deals<br>• Operating in a competitive “sweet spot” in the Twin Cities – financing<br>larger deals than community banks, but under the radar of the larger banks<br>• Opportunities to build new client and banker relationships due to recent<br>M&A-related market disruption in the Twin Cities<br>• Expansion of talented lending and treasury management teams<br>• Recent growth in affordable housing with balances up 29% in 2025<br>After moderating through much of 2024 due to the higher interest rate<br>environment, organic loan growth returned in 2025<br>$3,752<br>$117<br>$3,869<br>$4,020 $4,146 $4,215 $4,310<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Gross Loans Acquired Gross Loans<br>• 4Q25 loan balances increased 8.9% annualized<br>• Near-term loan growth dependent on a variety of factors, including:<br>• Market and economic conditions – economic uncertainty including<br>the interest rate environment<br>• Loan demand – M&A disruption and strong pipelines to support<br>near-term growth, but economic uncertainty and increased<br>competition could impact demand going forward<br>• Loan payoffs and paydowns – pace of loan payoffs will continue to<br>impact loan growth<br>• Core deposit1 growth – pace of core deposit growth will be a<br>governor on loan growth as we look to remain within our target<br>loan-to-deposit ratio range |
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| 14<br>Strong Diversification Within Key Portfolios<br>1<br>Includes formally subsidized properties (23%) and market rate properties with affordable set-asides (6%)<br>Data as of December 31, 2025<br>Class A<br>26%<br>Class B<br>10%<br>Class C<br>35%<br>Affordable<br>Housing<br>29%<br>Size<br>YoY Growth<br>Go-to-Market<br>Strategy<br>Competitors<br>Growth Outlook<br>Key Stats<br>Portfolio<br>Diversification<br>Multifamily CRE Nonowner Occupied Construction & Development C&I<br>Bank of choice in the Twin Cities<br>market due to proven expertise and<br>differentiated service model<br>Knowledgeable lenders with<br>efficient closing processes and<br>ample capacity<br>Responsive support, simple<br>solutions and the local touch<br>entrepreneurs are looking for<br>Efficient underwriting process and<br>deep knowledge in construction<br>loan management<br>Agency lenders, local banks and<br>credit unions<br>Local banks and life insurance<br>companies Local and regional banks Local and regional banks<br>Continued appetite given expertise<br>and market opportunities<br>Continued appetite given expertise<br>and market opportunities<br>Increased focus on expanding C&I<br>through targeted verticals<br>Renewed balance sheet growth<br>following increased commitments<br>since late 2024<br>$3.3M<br>Avg. Loan<br>Size<br>67%<br>Weighted<br>Avg. LTV<br>98%<br>Loans with<br>Pass Rating<br>$2.3M<br>Avg. Loan<br>Size<br>58%<br>Weighted<br>Avg. LTV<br>99%<br>Loans with<br>Pass Rating<br>$541K<br>Avg. Loan<br>Size<br>0.06%<br>5-Year<br>NCOs<br>99%<br>Loans with<br>Pass Rating<br>$1.2M<br>Avg. Loan<br>Size<br>56%<br>Weighted<br>Avg. LTV<br>0.00%<br>5-Year<br>NCOs<br>Property<br>Type<br>Industrial<br>27%<br>Office<br>18%<br>Retail<br>17%<br>Senior<br>Housing<br>10%<br>Mini<br>Storage<br>Facility 9%<br>Medical<br>Office<br>8%<br>Other<br>11%<br>Property<br>Type<br>RE, Rental<br>and<br>Leasing<br>51%<br>Constr.<br>8%<br>Manufact.<br>13%<br>Prof.<br>Services<br>5%<br>Finance &<br>Ins. 8%<br>Trade<br>1%<br>Accom. & Food<br>Service 1%<br>Other<br>13%<br>Industry<br>Residential<br>15%<br>Multifamily<br>19%<br>CRE Other<br>26%<br>Land<br>40% Property<br>Type<br>$1,587M 37% of<br>portfolio $1,165M 27% of<br>portfolio $547M 13% of $261M portfolio<br>6% of<br>portfolio<br>11% 8% 88% 10%<br>1 |
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| 15<br>Well-Diversified Loan Portfolio<br>With Multifamily and CRE Expertise<br>CRE NOO<br>27%<br>Multifamily<br>37%<br>C&D<br>6%<br>C&I<br>13%<br>CRE OO<br>4%<br>1-4 Family<br>12%<br>Leases<br>1%<br>Consumer<br>& Other<br><1%<br>CRE NOO<br>27%<br>Multifamily<br>21% C&D<br>15%<br>C&I<br>13%<br>CRE OO<br>6%<br>1-4 Family<br>18%<br>Consumer &<br>Other<br><1%<br>$0.8B<br>Evolution of Loan Mix by Type<br>2015 2025<br>Intentional mix shift toward Multifamily has aligned with the<br>build-out of talent and expertise in the segment<br>and continued strong performance<br>CRE Concentrations (ex. Multifamily) Have Trended Lower<br>Multifamily / Bank Risk-Based Capital<br>CRE (ex. Multifamily) / Bank Risk-Based Capital<br>$4.3B<br>354% 333% 318% 304% 313%<br>266% 264% 258% 232% 213% 224%<br>180%<br>164% 185%<br>177%<br>204%<br>190% 219% 257%<br>250%<br>249% 249%<br>534%<br>497% 503%<br>480%<br>517%<br>456%<br>483%<br>515%<br>482%<br>462% 473%<br>2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 |
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| 16<br>CRE Concentration Driven by a<br>Proven, Lower Risk Multifamily Portfolio<br>1<br>Includes formally subsidized properties (23%) and market rate properties with affordable set-asides (6%)<br>2 FDIC (data through 3Q25)<br>3<br>Includes nonowner-occupied CRE, construction and land development, and 1-4 family construction<br>Class A<br>26%<br>Class B<br>10%<br>Class C<br>35%<br>Affordable<br>Housing<br>29%<br>(0.20)%<br>0.00%<br>0.20%<br>0.40%<br>0.60%<br>0.80%<br>1.00%<br>1.20%<br>1.40%<br>Multi-family<br>CRE 1-4<br>Family<br>C&I C&D Consumer<br>(ex. cards<br>& auto)<br>Total<br>Loans<br>Last 5 Years Last 10 Years Last 15 Years Last 20 Years Last 25 Years<br>2025<br>249%<br>of Bank RBC<br>Multifamily<br>Traditional CRE3<br>224%<br>of Bank RBC<br>473%<br>of Bank RBC<br>Multifamily<br>Makes Up Over<br>Half of CRE<br>Concentration<br>Multifamily Lending Approach<br>Multifamily Portfolio Characteristics Drive Track Record of Strong Asset Quality<br>WA LTV<br>Avg. Loan Size<br>Avg. Debt/Unit<br>NCOs (since 2005)<br>67%<br>$3.3M<br>$86K<br>$62K<br>• Bank of choice in the Twin Cities with expertise and differentiated<br>service model<br>• Greater tenant diversification compared to other asset classes<br>• Positive market trends with reduced vacancy rates, strong<br>absorption, and slower construction = favorable outlook for<br>occupancy and rent growth<br>• Market catalysts include relative affordability, steady population<br>growth, low unemployment, strong wages, and shortage of single-family housing<br>Low Historical Losses vs. Other Asset Classes<br>Average Historical Net Charge-Off Rates<br>(all FDIC-insured banks)2<br>Portfolio Balance<br>Affordable Housing Mix1<br>$1.6B<br>29%<br>Increased Focus on<br>Affordable Housing<br>Product<br>Type<br>Well-Diversified<br>by Size<br>5-19<br>Units<br>9%<br>20-49<br>Units<br>25%<br>50-99<br>Units<br>30%<br>100+<br>Units<br>36%<br>Size<br>1<br>Properties Primarily<br>Located In-Market<br>Minnesota<br>86%<br>National<br>14%<br>Location |
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| 17<br>Unique Expertise in Affordable Housing<br>Dollars in millions<br>Data as of December 31, 2025<br>• Leveraging affordable housing expertise to support communities and<br>clients in the Twin Cities and across the country<br>• Active in the affordable housing space since 2008<br>• High barrier to entry due to complex nature of the transactions<br>• Risk mitigants include working with experienced developers of scale<br>across the country and the ongoing demand for affordable housing<br>nationwide<br>• 67% of the portfolio located in MN, 33% located out-of-state<br>• Strong source of core deposit growth<br>Expertise in the High-Quality Affordable Housing Space<br>Multifamily<br>71%<br>Construction<br>7%<br>Land<br>3%<br>Non-RE<br>(equity bridge, TIF, etc.)<br>19%<br>$652M<br>Portfolio Mix<br>$507<br>$597 $581<br>$611<br>$652<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Portfolio Growth<br>Anatomy of an Affordable Housing Transaction<br>Predevelopment<br>Stage<br>• Land acquisition<br>(takedown)<br>• Predevelopment<br>financing<br>• Entitlements and<br>approvals<br>Construction<br>Stage<br>• Construction<br>financing<br>• Equity investor<br>contributions<br>• Monthly draws<br>Permanent<br>Stage<br>• Permanent<br>financing<br>• Final equity<br>contributions<br>• Stabilization and<br>lease-up<br>Sources of Funds ($000s) Budget<br>Pre-development Construction Conversion Permanent<br>1st Mortgage Construction<br> to Permanent Loan $ 20,000 $ - $ 20,000 $ - $ 20,000<br>LIHTC Equity 30,000 - 12,000 18,000 30,000<br>Equity Bridge Loan 15,000 - 15,000 (15,000) -<br>Land Loan 2,000 2,000 - - -<br>Corporate Line of Credit<br> Advance 250 250 - - -<br>Borrower Equity 500 500 - - -<br>Letter of Credit (not drawn) 200 - - - -<br> Total Source of Funds $ 67,950 $ 2,750 $ 47,000 $ 3,000 $ 50,000<br>Sample Affordable Housing Transaction<br>1 2<br>3<br>5<br>4<br>6 Corporate Line of Credit<br>6<br>1<br>4<br>Construction Loan 2<br>Letter of Credit<br>Permanent Loan<br>5 Land Acquisition Financing<br>3 Equity Bridge Loan<br>BWB has the ability to provide financing through<br>one or more of the following parts of the transaction: |
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| 18<br>Continued Core Deposit Momentum<br>1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000<br>Dollars in millions<br>Long track record of strong deposit growth…<br>• Strong and growing brand taking market share in the Twin Cities<br>• New client and banker acquisition opportunities due to M&A disruption,<br>including ONB/Bremer merger<br>• Niche deposit verticals including property management companies, title<br>companies and affordable housing<br>• Supplemented core deposits with wholesale funding to support future<br>loan growth and manage interest rate risk<br>30% 26% 20% 20% 21%<br>18% 13% 19% 21% 21%<br>29% 30% 25%<br>31% 10% 8% 8% 32%<br>8%<br>7%<br>13%<br>23% 28%<br>20%<br>19%<br>$2,946<br>$3,417<br>$3,710<br>$4,087 $4,320<br>2021 2022 2023 2024 2025<br>…with recent core deposit momentum<br>20% 19% 19%<br>19% 19%<br>$3,107<br>$3,170 $3,186<br>$3,279<br>$3,351<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>• 2025 deposit growth of $234M, or 5.7%<br>• 2025 core deposit growth of $245M, or 7.9%<br>• Improved deposit mix as noninterest bearing transaction deposits<br>increased $122M in 2025, while brokered deposits decreased $15M<br>• Core deposit growth not always linear due to nature of the deposit base<br>• Loan-to-deposit ratio of 99.7%, within the 95% to 105% target range<br>Noninterest-Bearing Transaction Interest-Bearing Transaction<br>Savings and Money Market Time Brokered<br>Core Deposits1 |
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| 19<br>A Spread-Based Revenue Model<br>$25,314 $24,631 $24,996 $25,599 $26,967<br>$30,208<br>$32,452 $34,091 $35,687<br>$1,409 $1,550 $1,763 $1,522<br>$2,533<br>$2,079<br>$3,627 $2,061<br>$3,148<br>$26,723 $26,181 $26,759 $27,121<br>$29,500<br>$32,287<br>$36,079 $36,152<br>$38,835<br>4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25<br>Revenue Growth Continues<br>Dollars in thousands<br>• Strong track record of revenue growth with a 11% revenue<br>CAGR since 2019<br>• Spread-based revenue model with net interest income<br>making up 92% of total revenue in 2025<br>• Recent increase in noninterest income driven by:<br>• Swap fees ($2.2M over the past five quarters)<br>• Investment advisory fees ($973K since FMCB<br>acquisition in 4Q24)<br>• 4Q25 noninterest income included one non-core item:<br>• Sold $15.9M of securities for a gain of $80K<br>Spread Based Revenue Model…With Increased Fee Income Mix<br>Net Interest Income Noninterest Income |
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| 20<br>NIM Expansion and Net Interest Income Growth<br>$26,129<br>$28,524<br>$30,815 $32,637 $34,051<br>$747<br>$719<br>$1,019<br>$966<br>$1,041<br>$91<br>$965<br>$618<br>$488<br>$595<br>$26,967<br>$30,208<br>$32,452<br>$34,091<br>$35,687<br>2.32%<br>2.51%<br>2.62% 2.63%<br>2.75%<br>2.24%<br>2.37%<br>2.49% 2.52%<br>2.62%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Net Interest Margin1<br>Core Net Interest Income<br>Loan Fees<br>Net Interest Income and Margin Trends<br>2.63%<br>0.18% 0.04%<br>(0.05)% (0.04)% (0.04)%<br>0.01%<br>0.01% 0.01%<br>2.75%<br>NIM<br>(3Q25)<br>Loan<br>Fees<br>Purchase<br>Accounting<br>Accretion<br>Deposits Loans Cash Investments Borrowings Other NIM<br>(4Q25)<br>Net Interest Margin Roll-forward<br>4Q25 Net Interest Income / Net Interest Margin Commentary<br>1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21%<br>2 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Dollars in thousands<br>Net Interest Income<br>• Net interest income growth of 5% from 3Q25, driven by strong net interest<br>margin expansion<br>• Included $595K of purchase accounting accretion income<br>• Higher loan fees as loan payoffs increased from 3Q25<br>Net Interest Margin<br>• NIM increased 12 bps in 4Q25 as deposit costs improved meaningfully<br>• Path to a 3.00% NIM by the end of 2026<br>Core NIM2 up 10 bps<br>Core Net Interest Margin1,2<br>Purchase Accounting Accretion (PAA) |
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| 21<br>Well Positioned to Benefit in<br>Rates-Down Environment<br>19% 26%<br>13% 15% 12% 15%<br>$106<br>$143<br>$70 $85 $64 $86<br>Less<br>Than<br>1 Year<br>1 to 2<br>Years<br>2 to 3<br>Years<br>3 to 4<br>Years<br>4 to 5<br>Years<br>5+<br>Years<br>23% 19%<br>14% 15% 14% 15%<br>$637<br>$547<br>$398 $421 $400 $416<br>Less<br>Than<br>1 Year<br>1 to 2<br>Years<br>2 to 3<br>Years<br>3 to 4<br>Years<br>4 to 5<br>Years<br>5+<br>Years<br>Fixed,<br>65%<br>Variable,<br>22%<br>Adjustable,<br>13%<br>Loan Portfolio Mix Fixed-Rate Portfolio<br>($2.8B)<br>Variable-Rate Portfolio<br>($933M)<br>Adjustable-Rate Portfolio<br>($555M)<br>Years to Maturity<br>• Large fixed-rate portfolio<br>provides support to total loan<br>yields in a rates-down<br>environment<br>• $637M of fixed-rate loans<br>maturing over the next year, with<br>a weighted average yield of<br>5.55%<br>Variable-Rate Loan Floors<br>• Smaller variable-rate portfolio<br>limits immediate repricing<br>pressure in a rates-down<br>environment<br>• 64% of variable-rate portfolio<br>have rate floors, with 91% of the<br>floors at or above 5%<br>• 96% of variable-rate loans are<br>currently tied to SOFR or Prime<br>Adjustable-Rate<br>Repricing/Maturity Schedule<br>• Adjustable-rate loans likely to<br>reprice higher, even in a rates-down environment<br>• $106M of adjustable-rate loans<br>repricing or maturing over the<br>next year, with a weighted<br>average yield of 3.84%<br>Dollars in millions<br>Data as of December 31, 2025<br>WA<br>Yield 5.55% 5.38% 5.48% 5.44% 6.02% 4.21%<br>WA<br>Yield 3.84% 4.48% 4.24% 5.61% 6.42% 4.93%<br>4% 5%<br>24%<br>57%<br>10%<br>$27 $28<br>$144<br>$340<br>$58<br>Below<br>4%<br>4%-5% 5%-6% 6%-7% Above<br>7%<br>Increasing Variable-Rate Mix<br>70% 68% 67% 67% 65%<br>14% 17% 18% 19% 22%<br>16% 15% 15% 14% 13%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Fixed Variable Adjustable |
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| 22<br>A Highly Efficient Business Model<br>42.0% 41.5%<br>53.0%<br>57.9%<br>53.5%<br>57.4%<br>56.3%<br>60.6% 61.4%<br>57.8%<br>2021 2022 2023 2024 2025<br>BWB<br>An Efficiency Ratio1 Consistently Below Peers<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation.<br>2<br>Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ)<br>What Makes BWB So Efficient?<br>An Efficient Operating Culture With a CRE-Focused, Branch-Light Model<br>~2x<br>as many assets per FTE<br>employee compared to<br>the peer bank median2<br>8<br>Branches<br>(peer bank median2<br>: 38)<br>~4x<br>as many assets per<br>branch compared to<br>the peer bank median2<br>The higher cost of funds associated with a<br>branch-light model is more than offset<br>by lower overall operating expenses<br>Total Expenses to Average Earning Assets<br>(2025)<br>1.51%<br>2.57%<br>2.92%<br>2.03%<br>4.43% 4.60%<br>BWB Peer Bank Average<br>Peer Bank Median2<br>2<br>Interest Expense / Avg. Earning Assets<br>Noninterest Expense / Avg. Earning Assets |
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| Modernizing Technology Tools to<br>Support Growth and Efficiency<br>Client-Facing<br>• Unified digital experience<br>for consumer and small<br>business clients<br>• Updated user experience for<br>commercial online banking<br>• Predictive intelligence with<br>data-driven engagement<br>• Improved client service with<br>consistent, responsive<br>support and reliable<br>outcomes<br>Scalable core to support growth outlook<br>Core Banking Platform<br>IT Strategy: improve client interactions, streamline processes,<br>automate activities and embrace digital transformation<br>IT Decision-Making: driven by unconventional culture, enhancing<br>the client experience and improving organizational efficiencies<br>IT Current State<br>Loan and Deposit<br>Infrastructure<br>• Unified, scalable, cloud-native operating system for<br>commercial lending<br>• Relationship management<br>tools for personalized client<br>interaction summaries and<br>improved client service<br>• Generative AI tools to<br>augment banker<br>productivity<br>Workflow Automation<br>and Analysis<br>• Enhanced productivity and<br>operational efficiency<br>through streamlined<br>workflows and automation<br>• Centralized real-time data<br>platform for secure, high-performance analytics<br>• Improved accuracy and<br>compliance with<br>strengthened data security<br>2025 IT Focus Areas<br>Enhancing the Digital Client Experience<br>• Expanded investment in digital products that improve<br>client interaction with evolving payment solutions<br>Modernization of Core Banking<br>• Unified core to create a consistent and modern<br>experience<br>• Scalable architecture to support bank growth and M&A<br>API First Banking Architecture<br>• Seamless integration for modular business services<br>with easy access to third-party fintech services<br>Workforce Transformation with AI Driven Automation<br>• AI assistant tools for employees with automation of<br>back-office workflows<br>• Embedded AI across enterprise software tools to<br>improve productivity<br>Strengthening Cybersecurity and Fraud Detection<br>• Behavioral biometrics<br>• AI driven fraud and AML detection and continuous risk<br>monitoring<br>23 |
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| 24<br>Scaling Enterprise Risk Management<br>Across a Growing Organization<br>Manage and mitigate dynamic risks while enhancing shareholder value, being responsive to<br>clients and delivering simple solutions in unconventional ways<br>BWB Risk Management<br>Philosophy<br>Enterprise Risk Management<br>Attributes in Place Today at BWB<br>• Proactively addressing top and emerging risks<br>across all risk categories<br>• Continuing to scale a risk framework aligned with<br>growth<br>• Communicating with and educating clients and<br>team members about fraud prevention<br>• Leveraging technology to enhance processes and<br>controls while driving responsiveness<br>• Reinforcing operational and financial resilience<br>through all three lines of defense<br>• Making investments to bolster organizational<br>resiliency and third-party risk management<br>• Proactively making incremental enhancements to<br>CRA programs, including affordable housing and<br>low to moderate income initiatives<br>Making Investments to<br>Proactively Identify and Mitigate Emerging Risks<br>Credit<br>Concentration<br>Risk<br>Information and<br>Cybersecurity<br>Risk<br>Enterprise<br>Risk and<br>Compliance<br>Financial Risk<br>• Strong credit underwriting and administration program<br>• Proactive credit risk oversight, analytics and portfolio monitoring as well as<br>building upon the Bank’s stress testing capabilities<br>• Expertise and specialization in key portfolios, including multifamily and affordable<br>housing<br>• Investing in enhanced infrastructure and security protocols, including planned<br>disaster recovery and business continuity expansion<br>• Proactively leveraging technology to meet the evolving digital needs of clients while<br>maintaining safety and security<br>• Developing effective risk culture and awareness model with ongoing training<br>initiatives and tabletop simulations<br>• Focusing on recruitment and retention of highly skilled risk professionals<br>• Proactively monitoring internal and external trends to quantify changes in risk profile<br>• Maintaining compliance with evolving regulatory expectations and broadening suite of<br>products and services<br>• Monitoring and managing balance sheet growth with an eye toward economic and<br>interest rate volatility<br>• Actively monitoring, maintaining and strategically deploying liquidity while<br>developing long-term strategies for capital preservation<br>• Enhancing enterprise stress testing to evaluate capital impact in various scenarios<br>• Broadening the Bank’s liquidity risk management tools through expanded digital<br>offerings and enhancements to the client experience |
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| A Strong Credit Culture<br>5-Year Peak Annual Net Charge-off Ratio<br>vs. Peers<br>5-Year Peak Quarterly<br>Nonperforming Assets2 / Assets vs. Peers<br>0.04%<br>BWB Peer Bank Median1<br>0.17%<br>0.41%<br>BWB Peer Bank Median1<br>0.71%<br>1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ)<br>2 Nonaccrual loans, loans 90 days past due and foreclosed assets<br>Data as of December 31, 2025<br>Asset Quality Consistently<br>Outperforms Peers<br>Consistent<br>Underwriting<br>Standards<br>Active<br>Credit Oversight<br>Experienced Banking<br>and Credit Teams<br>• Robust credit policy<br>and underwriting<br>guidelines for all<br>types of lending<br>• No significant<br>changes in portfolio<br>composition –<br>continued focus on<br>multifamily expertise<br>• No individual credit<br>authority for lending<br>staff<br>• Enhanced credit<br>concentration<br>monitoring<br>• Ongoing covenant<br>testing to assess<br>potential risks early<br>• Proactively<br>addressing repricing<br>risk to identify<br>potential cash flow<br>strain well ahead of<br>maturity<br>• Seasoned credit team<br>supporting loan<br>growth and credit risk<br>management<br>• Solid lender and<br>credit analyst<br>expertise across<br>segments,<br>geographies and<br>relationships<br>25 |
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| 26<br>Credit Risk Management and Oversight<br>Driving Strong Asset Quality<br>$722 $639 $919 $301<br>$22,034<br>0.02% 0.01% 0.02% 0.01%<br>0.41%<br>2021 2022 2023 2024 2025<br>$40,020<br>$47,996 $50,494 $52,277 $56,443<br>1.42%<br>1.34% 1.36% 1.35% 1.31%<br>2021 2022 2023 2024 2025<br>Nonperforming Assets2<br>NPAs remain at relatively low levels<br>Allowance for Credit Losses<br>Well-reserved compared to peer median ACL/Loans of 1.18%1<br>$(29)<br>$(276)<br>$202<br>$1,231<br>$1,484<br>0.00%<br>(0.01)% 0.01%<br>0.03% 0.04%<br>2021 2022 2023 2024 2025<br>Net Charge-Offs<br>Low net charge-off history<br>Net Charge-Offs % of Average Loans<br>$22,641<br>$28,049<br>$35,858<br>$21,791<br>$52,956<br>5.45% 5.52% 6.46%<br>3.80%<br>8.47%<br>2021 2022 2023 2024 2025<br>Substandard Loans<br>Manageable levels of Substandard loans<br>Substandard Loans % of Total Bank Capital<br>ACL % of Gross Loans<br>1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2025 (Source: S&P Capital IQ)<br>2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets<br>Dollars in thousands<br>NPAs % of Assets |
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| 27<br>High Quality Securities Portfolio<br>AAA<br>21%<br>AA<br>56%<br>A<br>4%<br>BBB<br>6%<br>BB<br><1%<br>NR<br>13%<br>Rating Mix<br>Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands)<br>$(49,418)<br>$(20,750)<br>$24,458<br>$14,508<br>$(13,364)<br>$561<br>4Q24 4Q25<br>MTM Securities MTM Derivatives Net Impact on AOCI1<br>• No held-to-maturity securities<br>• Securities portfolio average duration of 7.3 years<br>• Average securities portfolio yield of 4.93%<br>• AOCI / Total Risk-Based Capital of 0.1% vs. peer bank<br>median of (3.7)%2<br>1 Includes the tax-effected impact of $5,390 in 4Q24 and $(226) in 4Q25<br>2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of September 30, 2025 (Source: S&P Capital IQ)<br>32% 33% 36% 31% 31%<br>16% 15% 15%<br>29% 31%<br>17% 17% 18%<br>13% 12%<br>22% 23% 20%<br>18% 19%<br>13% 12% 11%<br>9%<br>7%<br>$768 $765 $744<br>$826 $776<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Mortgage-Backed Securities Municipal Bonds<br>U.S. Treasuries<br>Corporate Securities<br>Securities Available for Sale Portfolio (dollars in millions)<br>Other |
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| 13.2% 11.9% 12.4% 12.5% 11.5%<br>32.2% 34.0% 32.7% 32.1% 35.0%<br>$2,296 $2,357 $2,384 $2,393<br>$2,510<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>28<br>Ample Liquidity and Borrowing Capacity<br>1 Excludes $254M of pledged securities at December 31, 2025<br>Dollars in millions<br>Off-Balance Sheet Liquidity as a % of Assets<br>On-Balance Sheet Liquidity as a % of Assets<br>Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022<br>Funding Source 12/31/2022 12/31/2025 Change<br>Cash and Cash Equivalents $ 4 8 $ 9 7 $ 4 9<br>Unpledged Securities1<br> 549 522 (27)<br>FHLB Capacity 391 611 220<br>FRB Discount Window 158 1,026 868<br>Unsecured Lines of Credit 208 220 12<br>Secured Line of Credit 26 3 4 8<br> Total $ 1,380 $ 2,510 $ 1,130<br>Available Balance |
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| 29<br>Stable Capital Position to Support Growth<br>1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation<br>Capital Priorities<br>1<br>3<br>2<br>Organic Growth<br>Share Repurchases<br>M&A<br>4<br>Dividends<br>Drive profitability by supporting a proven organic loan growth engine<br>Opportunistically return capital to shareholders by buying back<br>stock based on valuation, capital levels and other uses of capital<br>Review and evaluate M&A opportunities that complement BWB’s<br>business model<br>Have not historically paid a common stock dividend given market<br>share opportunities<br>7.48%<br>7.23%<br>7.39%<br>7.61% 7.73% 7.72%<br>7.90%<br>8.17%<br>7.36% 7.48% 7.40%<br>7.71%<br>8.01%<br>4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25<br>8.40% 8.48%<br>8.72%<br>9.07% 9.16% 9.21%<br>9.41%<br>9.79%<br>9.08% 9.03% 9.03% 9.08% 9.17%<br>4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25<br>Common Equity Tier 1 Capital Ratio<br>Tangible Common Equity Ratio1<br>Recent Capital Actions<br>• No share repurchases in 4Q25<br>• $13.1M remaining under current share repurchase authorization as of<br>December 31, 2025 |
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| 30<br>2026 Expectations<br>• High single digit loan growth over the course of the year, dependent on the pace of core deposit growth<br>• Focus on profitable growth while aligning loan growth with core deposit growth over time<br>• Target loan-to-deposit ratio between 95% and 105%<br>Balance Sheet<br>Growth<br>• Path to a 3.00% net interest margin by the end of 2026<br>• Dependent on pace of additional rate cuts and shape of the yield curve (assumes no rate cuts in 2026)<br>• Continued net interest income growth due to NIM expansion and loan growth outlook<br>Net Interest<br>Margin<br>• Noninterest expense growth in line with asset growth over time<br>• Continued investments in people and technology initiatives<br>• Alignment of provision expense with loan growth and overall asset quality<br>Expenses<br>• Maintain stable capital levels in the current environment given the stronger growth outlook<br>• Opportunistic and nimble approach to capital, focused on shareholder value and support for the balance sheet,<br>whether as a purchaser or issuer<br>• Ongoing evaluation of potential share repurchases based on valuation, capital levels, and alternative uses of capital<br>• Effective SEC shelf registration, armed with a host of capital tools to support balance sheet needs<br>Capital<br>Levels |
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| 31<br>2026 Strategic Priorities<br>Optimize Levels<br>of Profitable Growth<br>Continue to Gain Loan and<br>Deposit Market Share<br>Expand Reach of the<br>Affordable Housing Vertical<br>Leverage Technology to<br>Support Business Growth<br>• Leverage elevated loan demand and<br>pipelines to drive organic loan<br>growth<br>• Continue to align loan growth with<br>core deposit growth over time<br>• Drive NIM expansion in the lower<br>interest rate environment<br>• Maintain strong credit quality<br>through consistent underwriting<br>standards and active credit<br>oversight<br>• Take local deposit and loan market<br>share by being the bank-of-choice<br>for clients wanting to bank local in<br>the Twin Cities<br>• Expand expertise and capacity<br>across targeted verticals, such as<br>affordable housing, women business<br>leaders, nonprofits, and SBA<br>• Leverage marketplace disruption in<br>the Twin Cities to attract new<br>clients and top talent<br>• Evaluate M&A opportunities that<br>support our business model and<br>growth outlook<br>• Leverage affordable housing<br>expertise to grow client base across<br>the Twin Cities and nationally<br>• Enhance our national presence as an<br>affordable housing lender while<br>building infrastructure for long-term<br>growth<br>• Expand and enhance perm product<br>offering to drive additional loan and<br>swap fee income<br>• Continue to earn strong core<br>deposits through affordable<br>housing transactions<br>• Leverage recent technology<br>investments to support growth and<br>enhance workflow efficiencies<br>• Develop AI strategies to enhance<br>operational efficiencies, strengthen<br>client relationships, and empower<br>team members<br>• Modernize core banking for scalable<br>growth with open architecture and<br>easy access to third party services<br>• Expand investment in digital<br>products to improve the client<br>experience |
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| 32<br>APPENDIX |
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| 33<br>Reconciliation of Non-GAAP Financial Measures<br>Dollars in thousands<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>September 30,<br>2025<br>December 31,<br>2025<br>Core Loan Yield<br>Loan Interest Income (Tax-Equivalent Basis) $ 52,078 $ 53,979 $ 58,122 $ 60,317 $ 61,746<br>Less:<br> Loan Fees (747) (719) (1,019) (966) (1,041)<br> Loan Accretion - (342) (425) (380) (546)<br>Core Loan Interest Income $ 51,331 $ 52,918 $ 56,678 $ 58,971 $ 60,159<br>Average Loans $ 3,730,532 $ 3,899,258 $ 4,064,540 $ 4,132,987 $ 4,239,936<br>Core Loan Yield 5.47% 5.50% 5.59% 5.66% 5.63%<br>Efficiency Ratio:<br>Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238<br>Less: Amortization Intangible Assets (52) (230) (230) (230) (231)<br> Adjusted Noninterest Expense $ 16,760 $ 17,906 $ 18,711 $ 19,726 $ 20,007<br>Net Interest Income $ 26,967 $ 30,208 $ 32,452 $ 34,091 $ 35,687<br>Noninterest Income 2,533 2,079 3,627 2,061 3,148<br>Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80)<br> Adjusted Operating Revenue $ 29,500 $ 32,286 $ 35,605 $ 36,093 $ 38,755<br> Efficiency Ratio 56.8% 55.5% 52.6% 54.7% 51.6%<br>Adjusted Efficiency Ratio:<br>Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238<br>Less: Amortization Intangible Assets (52) (230) (230) (230) (231)<br>Less: Merger-related Expenses (488) (565) (540) (530) (346)<br> Adjusted Noninterest Expense $ 16,272 $ 17,341 $ 18,171 $ 19,196 $ 19,661<br>Net Interest Income $ 26,967 $ 30,208 $ 32,452 $ 34,091 $ 35,687<br>Noninterest Income 2,533 2,079 3,627 2,061 3,148<br>Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80)<br>Less: FHLB Advance Prepayment Income - - (301) - -<br> Adjusted Operating Revenue $ 29,500 $ 32,286 $ 35,304 $ 36,093 $ 38,755<br> Adjusted Efficiency Ratio 55.2% 53.7% 51.5% 53.2% 50.7%<br>Adjusted Noninterest Expense to Average Assets:<br>Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238<br>Less: Merger-related Expenses (488) (565) (540) (530) (346)<br> Adjusted Noninterest Expense $ 16,324 $ 17,571 $ 18,401 $ 19,426 $ 19,892<br>Average Assets $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555<br> Adjusted Noninterest Expense to Average Assets (ann.) 1.36% 1.41% 1.43% 1.43% 1.45%<br>As of and for the quarter ended,<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>September 30,<br>2025<br>December 31,<br>2025<br>Pre-Provision Net Revenue:<br>Noninterest Income $ 2,533 $ 2,079 $ 3,627 $ 2,061 $ 3,148<br>Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80)<br>Less: FHLB Advance Prepayment Income - - (301) - -<br> Total Operating Noninterest Income 2,533 2,078 2,852 2,002 3,068<br>Plus: Net Interest Income 26,967 30,208 32,452 34,091 35,687<br> Net Operating Revenue $ 29,500 $ 32,286 $ 35,304 $ 36,093 $ 38,755<br>Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238<br> Total Operating Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238<br>Pre-provision Net Revenue $ 12,688 $ 14,150 $ 16,363 $ 16,137 $ 18,517<br>Plus: Non-Operating Revenue Adjustments - 1 775 59 8 0<br>Less: Provision for Credit Losses 2,175 1,500 2,000 1,100 1,450<br>Less: Provision for Income Taxes 2,309 3,018 3,618 3,495 3,813<br> Net Income $ 8,204 $ 9,633 $ 11,520 $ 11,601 $ 13,334<br>Average Assets $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555<br>Pre-Provision Net Revenue Return on<br>Average Assets 1.05% 1.13% 1.27% 1.19% 1.35%<br>Adjusted Pre-Provision Net Revenue:<br>Net Operating Revenue $ 29,500 $ 32,286 $ 35,304 $ 36,093 $ 38,755<br>Noninterest Expense $ 16,812 $ 18,136 $ 18,941 $ 19,956 $ 20,238<br>Less: Merger-related Expenses (488) (565) (540) (530) (346)<br> Adjusted Total Operating Noninterest Expense $ 16,324 $ 17,571 $ 18,401 $ 19,426 $ 19,892<br>Adjusted Pre-Provision Net Revenue $ 13,176 $ 14,715 $ 16,903 $ 16,667 $ 18,863<br> Adjusted Pre-Provision Net Revenue Return on<br> Average Assets 1.09% 1.18% 1.31% 1.23% 1.38%<br>Core Net Interest Margin<br>Net Interest Income (Tax-equivalent Basis) $ 27,254 $ 30,464 $ 32,770 $ 34,614 $ 36,447<br>Less:<br> Loan Fees (747) (719) (1,019) (966) (1,041)<br> Purchase Accounting Accretion:<br> Loan Accretion - (342) (425) (380) (546)<br> Bond Accretion (91) (578) (152) (89) (33)<br> Bank-Owned Certificates of Deposit Accretion - (7) (4) (6) (16)<br> Deposit Certificates of Deposit Accretion - (38) (37) (13) -<br> Total Purchase Accounting Accretion (91) (965) (618) (488) (595)<br>Core Net Interest Income (Tax-equivalent Basis) $ 26,416 $ 28,780 $ 31,133 $ 33,160 $ 34,811<br>Average Interest Earning Assets $ 4,682,841 $ 4,928,283 $ 5,019,058 $ 5,223,139 $ 5,264,700<br>Core Net Interest Margin 2.24% 2.37% 2.49% 2.52% 2.62%<br>As of and for the quarter ended, |
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| 34<br>Reconciliation of Non-GAAP Financial Measures<br>Dollars in thousands<br>December 31,<br>2021<br>December 31,<br>2022<br>December 31,<br>2023<br>December 31,<br>2024<br>December 31,<br>2025<br>Efficiency Ratio:<br>Noninterest Expense $ 48,095 $ 56,620 $ 59,320 $ 63,300 $ 77,271<br>Less: Amortization Intangible Assets (191) (191) (100) (78) (921)<br>Adjusted Noninterest Expense $ 47,904 $ 56,429 $ 59,220 $ 63,222 $ 76,350<br>Net Interest Income $ 109,509 $ 129,698 $ 105,174 $ 102,193 $ 132,438<br>Noninterest Income 5,309 6,332 6,493 7,368 10,915<br>Less: (Gain) Loss on Sales of Securities (750) (82) 33 (385) (614)<br>Adjusted Operating Revenue $ 114,068 $ 135,948 $ 111,700 $ 109,176 $ 142,739<br> Efficiency Ratio 42.0% 41.5% 53.0% 57.9% 53.5%<br>As of and for the year ended,<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>September 30,<br>2025<br>December 31,<br>2025<br>Tangible Common Equity / Tangible Assets<br>Total Shareholders' Equity $ 457,935 $ 468,975 $ 476,282 $ 497,463 $ 517,095<br>Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)<br> Total Common Shareholders' Equity 391,421 402,461 409,768 430,949 450,581<br>Less: Intangible Assets (19,832) (19,602) (19,372) (19,142) (18,912)<br> Tangible Common Equity $ 371,589 $ 382,859 $ 390,396 $ 411,807 $ 431,669<br>Total Assets $ 5,066,242 $ 5,136,808 $ 5,296,673 $ 5,359,994 $ 5,407,002<br>Less: Intangible Assets (19,832) (19,602) (19,372) (19,142) (18,912)<br> Tangible Assets $ 5,046,410 $ 5,117,206 $ 5,277,301 $ 5,340,852 $ 5,388,090<br> Tangible Common Equity / Tangible Assets 7.36% 7.48% 7.40% 7.71% 8.01%<br>Return on Average Tangible Common Equity<br>Net Income Available to Common Shareholders $ 7,190 $ 8,620 $ 10,506 $ 10,588 $ 12,320<br>Average Shareholders' Equity $ 455,949 $ 465,408 $ 471,700 $ 485,869 $ 509,655<br>Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)<br> Average Common Equity 389,435 398,894 405,186 419,355 443,141<br>Less: Effects of Average Intangible Assets (4,412) (19,738) (19,504) (19,274) (19,042)<br> Average Tangible Common Equity $ 385,023 $ 379,156 $ 385,682 $ 400,081 $ 424,099<br> Return on Average Tangible Common Equity 7.43% 9.22% 10.93% 10.50% 11.53%<br>As of and for the quarter ended,<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>September 30,<br>2025<br>December 31,<br>2025<br>Adjusted Diluted Earnings Per Common Share<br>Net Income Available to Common Shareholders $ 7,190 $ 8,620 $ 10,506 $ 10,588 $ 12,320<br>Add: Merger-related Expenses 488 565 540 530 346<br>Less: FHLB Advance Prepayment Income - - (301) - -<br>Less: (Gain) Loss on Sales of Securities - (1) (474) (59) (80)<br> Total Adjustments 488 564 (235) 471 266<br>Less: Tax Impact of Adjustments (107) (135) 56 (110) (59)<br> Adjusted Net Income Available to Common $ 7,571 $ 9,049 $ 10,327 $ 10,949 $ 12,527<br>Diluted Weighted Average Shares Outstanding 28,055,532 28,036,506 27,998,008 28,190,406 28,354,756<br> Adjusted Diluted Earnings Per Common Share $ 0.27 $ 0.32 $ 0.37 $ 0.39 $ 0.44<br>Adjusted Return on Average Assets<br>Net Income $ 8,204 $ 9,633 $ 11,520 $ 11,601 $ 13,334<br>Add: Total Adjustments 488 564 (235) 471 266<br>Less: Tax Impact of Adjustments (107) (135) 56 (110) (59)<br>Adjusted Net Income $ 8,585 $ 10,062 $ 11,341 $ 11,962 $ 13,541<br>Average Assets $ 4,788,036 $ 5,071,446 $ 5,162,182 $ 5,372,443 $ 5,438,555<br> Adjusted Return on Average Assets 0.71% 0.80% 0.88% 0.88% 0.99%<br>Adjusted Return on Average Tangible Common<br>Equity<br>Adjusted Net Income Available to Common $ 7,571 $ 9,049 $ 10,327 $ 10,949 $ 12,527<br>Average Tangible Common Equity $ 385,023 $ 379,156 $ 385,682 $ 400,081 $ 424,099<br> Adjusted Return on Average Tangible Common 7.82% 9.68% 10.74% 10.86% 11.72%<br>As of and for the quarter ended, |
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| 35<br>Reconciliation of Non-GAAP Financial Measures<br>Tangible Book Value Per Share<br>December 31,<br>2016<br>March 31,<br>2017<br>June 30,<br>2017<br>September 30,<br>2017<br>December 31,<br>2017<br>March 31,<br>2018<br>June 30,<br>2018<br>September 30,<br>2018<br>December 31,<br>2018<br>March 31,<br>2019<br>Book Value Per Common Share $ 4.69 $ 4.91 $ 5.23 $ 5.43 $ 5.56 $ 6.62 $ 6.85 $ 7.01 $ 7.34 $ 7.70<br>Less: Effects of Intangible Assets (0.16) (0.16) (0.16) (0.16) (0.16) (0.13) (0.12) (0.12) (0.12) (0.12)<br>Tangible Book Value Per Common Share $ 4.53 $ 4.75 $ 5.07 $ 5.27 $ 5.40 $ 6.49 $ 6.73 $ 6.89 $ 7.22 $ 7.58<br>Total Common Shares 24,589,861 24,589,861 24,589,861 24,629,861 24,679,861 30,059,374 30,059,374 30,059,374 30,097,274 30,097,674<br>Tangible Book Value Per Share<br>June 30,<br>2019<br>September 30,<br>2019<br>December 31,<br>2019<br>March 31,<br>2020<br>June 30,<br>2020<br>September 30,<br>2020<br>December 31,<br>2020<br>March 31,<br>2021<br>June 30,<br>2021<br>September 30,<br>2021<br>Book Value Per Common Share $ 7.90 $ 8.20 $ 8.45 $ 8.61 $ 8.92 $ 9.25 $ 9.43 $ 9.92 $ 10.33 $ 10.73<br>Less: Effects of Intangible Assets (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.11)<br>Tangible Book Value Per Common Share $ 7.78 $ 8.08 $ 8.33 $ 8.49 $ 8.80 $ 9.13 $ 9.31 $ 9.80 $ 10.21 $ 10.62<br>Total Common Shares 28,986,729 28,781,162 28,973,572 28,807,375 28,837,560 28,710,775 28,143,493 28,132,929 28,162,777 28,066,822<br>Tangible Book Value Per Share<br>December 31,<br>2021<br>March 31,<br>2022<br>June 30,<br>2022<br>September 30,<br>2022<br>December 31,<br>2022<br>March 31,<br>2023<br>June 30,<br>2023<br>September 30,<br>2023<br>December 31,<br>2023<br>March 31,<br>2024<br>Book Value Per Common Share $ 11.09 $ 11.12 $ 11.14 $ 11.44 $ 11.80 $ 12.05 $ 12.25 $ 12.47 $ 12.94 $ 13.30<br>Less: Effects of Intangible Assets (0.11) (0.11) (0.11) (0.11) (0.11) (0.10) (0.10) (0.10) (0.10) (0.10)<br>Tangible Book Value Per Common Share $ 10.98 $ 11.01 $ 11.03 $ 11.33 $ 11.69 $ 11.95 $ 12.15 $ 12.37 $ 12.84 $ 13.20<br>Total Common Shares 28,206,566 28,150,389 27,677,372 27,587,978 27,751,950 27,845,244 27,973,995 28,015,505 27,748,965 27,589,827<br>Tangible Book Value Per Share<br>June 30,<br>2024<br>September 30,<br>2024<br>December 31,<br>2024<br>March 31,<br>2025<br>June 30,<br>2025<br>September 30,<br>2025<br>December 31,<br>2025<br>Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92 $ 15.62 $ 16.23<br>Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) (0.69) (0.68)<br>Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21 $ 14.93 $ 15.55<br>Total Common Shares Outstanding 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283 27,584,732 27,759,970<br>As of and for the quarter ended,<br>As of and for the quarter ended,<br>As of and for the quarter ended,<br>As of and for the quarter ended, |
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