Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q1 2026 Earnings Presentation
27 slides from Bridgewater Bancshares's earnings presentation, Apr 22, 2026
Slide 1: Earnings Presentation First Quarter 2026
EARNINGS PRESENTATION FIRST QUARTER 2026 BRIDGEWATER BANCSHARES, INC.
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be co
Slide 3: 1Q26 Earnings Highlights
1Q26 Earnings Highlights Diluted Return on Return on Avg. Tangible Efficiency Nonperforming Assets EPS Average Assets Common Equity1 Ratio1 to Total Assets Reported $0.58 1.35% 15.13% 56.3% 0.22% Adjusted1 $0.41 0.98% 10.72% 53.8% Net Interest Income • Net interest income increased $960K, or 10.9% a
Slide 4: Consistent Tangible Book Value Per Share Outperformance
Consistent Tangible Book Value Per Share Outperformance Tangible Book Value Per Share1 Growth Resumed in 2025 Following the Acquisition of First Minnetonka City Bank in 4Q24 252% 99% 1Q17 2Q17 1Q18 2Q18 1Q19 2Q19 1Q20 2Q20 1Q21 2Q21 1Q22 2Q22 1Q23 2Q23 1Q24 2Q24 1Q25 2Q25 1Q26 4Q16 4Q17 4Q18 4Q19 4Q
Slide 5: Enhancing Balance Sheet Efficiency
Enhancing Balance Sheet Efficiency 1Q26 Actions to Improve Forward Profitability While Generating a Gain on Sales of Securities • Sold $146.5M of treasuries and unwound related derivatives Sale of • Resulted in a net pre-tax gain of $1.2M Treasuries • Weighted average yield of 4.24% Net Impact • Pre
Slide 6: NIM Expansion and Net Interest Income Growth
NIM Expansion and Net Interest Income Growth Net Interest Income and Margin Trends Net Interest Margin Roll-forward 2.99% 0.08% 2.75% 0.08% 0.21% 0.00% 2.99% 2.62% 2.63% (0.11)% 2.86% (0.02)% 2.51% 2.75% 0.02% 2.62% 2.49% 2.52% $36,647 (0.02)% $35,687 $346 2.37% $34,091 $1,257 Core NIM2 up 24 bps $5
Slide 7: Lower Deposit Costs and Higher Loan Yields Drive NIM Expansion
Lower Deposit Costs and Higher Loan Yields Drive NIM Expansion Loan Yields Reprice Higher Sold $209M of Securities in 1Q26 for a Gain of $7.3M 5.79% 5.78% 5.81% 5.18% 4.93% 5.74% 4.79% 4.86% 4.73% 5.61% $804 $813 $819 5.66% 5.63% 5.66% $767 5.59% 5.50% $4,337 $626 $4,240 $4,065 $4,133 $3,899 1Q25 2Q
Slide 8: Strong Revenue and Profitability Trends Continue
Strong Revenue and Profitability Trends Continue Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Trends 1Q26 noninterest income included a $7.3M net gain on sales of securities 1.38% 1.37% 1.31% 1.23% 1.35% 1.18% 1.35% 1.27% 1.30% 1.19% 0.99% $46,211 1.13% 0.90% 0.88% 0.80% 0.97% 0.98
Slide 9: A Highly Efficient Business Model
A Highly Efficient Business Model Adjusted Efficiency Ratio Consistently Better Than Peer Median Well Managed Expense Growth Peer median efficiency ratio of 56%1 in 4Q25 Expect to grow NIE in-line with asset growth over time 55.5% 56.3% $22,170 54.7% 52.6% 51.6% $20,238 $982 $19,956 53.7% 53.8% $18,
Slide 10: Continued Core Deposit Momentum
Continued Core Deposit Momentum Improving Deposit Mix Strong Core Deposit Growth Trends Support Loan Growth Outlook • 1Q26 deposits declined $15M, or 1.4% annualized (up 3.4% YoY) $4,293 $4,320 $4,306 $4,162 $4,237 • 1Q26 core deposit1 growth of $26M, or 3.2% annualized (up 6.5% YoY) • Core deposit
Slide 11: Robust Loan Growth Trends Continue
Robust Loan Growth Trends Continue Proven Track Record of Generating Robust Loan Growth Loan Growth Aligning With Expectations • 1Q26 loan growth of $59M, or 5.5% annualized (8.7% YoY) $4,368 • Loan demand and pipeline returned to near three-year highs $4,310 • Continued to see growth opportunities
Slide 12: Strong Loan Origination and Payoff Activity
Strong Loan Origination and Payoff Activity 1Q26 Loan Growth Roll-forward Strong Loan Pipeline Translating into New Originations $98 $324 $289 $270 $275 $191 $82 $49 $58 $98 $193 $(151) $4,368 $(63) $(16) $(1) $61 $4,310 $221 $242 $217 $191 $132 1Q25 2Q25 3Q25 4Q25 1Q26 New Originations Advances Ele
Slide 13: Well-Diversified Loan Portfolio with Multifamily Expertise
Well-Diversified Loan Portfolio with Multifamily Expertise 1Q26 Loan Growth by Type (vs. 4Q25) C&I $46 CRE Nonowner Occupied $20 • Strong C&I growth in 1Q26 driven by activity in real estate- Multifamily $3 related C&I Consumer & Other $2 • Remain comfortable with the diversity of the loan portfolio
Slide 14: Asset Quality Remains Strong
Asset Quality Remains Strong Allowance for Credit Losses Nonperforming Assets2 Net Charge-Offs Well-reserved compared to peer median 1Q26 resolution to NCOs remain at relatively low levels ACL/Loans of 1.18%1 loan moved to nonaccrual in 4Q25 $57,277 $56,390 $56,443 $55,765 $53,766 $22,034 $1,197 1.3
Slide 15: Stable Levels of Watch/Special Mention and Substandard
Stable Levels of Watch/Special Mention and Substandard Watch/Special Mention List Loans Substandard Loans $58,074 $53,282 $52,956 $47,823 $47,681 $44,986 $40,642 $43,074 $38,346 $31,587 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1-4 1-4 Family Other CRE Family 0.4% 2.7% OO 2.9% 4.0% C&I 9.4%
Slide 16: Strong Capital Position to Support Growth
Strong Capital Position to Support Growth Building Capital Ratios Capital Allocation Priorities 14.48% 13.62% 14.17% 14.12% 14.12% 1 Organic Growth Drive profitability by supporting a proven organic loan growth engine 9.89% 2 M&A 9.10% 9.14% 9.08% 9.20% Review and evaluate M&A opportunities that com
Slide 17: Near-Term Expectations
Near-Term Expectations • High single digit loan growth over the course of 2026, dependent on the pace of core deposit growth Balance Sheet • Focus on profitable growth while aligning loan growth with core deposit growth over time Growth • Target loan-to-deposit ratio between 95% and 105% • Slow NIM
Slide 18: 2026 Strategic Priorities
2026 Strategic Priorities Optimize Levels Continue to Gain Loan and Expand Reach of the Leverage Technology to of Profitable Growth Deposit Market Share Affordable Housing Vertical Support Business Growth • Leverage elevated loan demand and • Take local deposit and loan market • Leverage affordable
Slide 19: Appendix
APPENDIX 19
Slide 20: Interest Rate Sensitivity
Interest Rate Sensitivity Estimated Change in NII From Funding Considerations Immediate Interest Rate Shocks Liability-sensitive balance sheet well positioned for lower interest rates and • Deposit base is more sensitive to changing interest rates a steepening yield curve • Strong momentum in core d
Slide 21: Well Positioned to Benefit in a Rates-Down Environment
Well Positioned to Benefit in a Rates-Down Environment Fixed-Rate Portfolio Variable-Rate Portfolio Adjustable-Rate Portfolio Loan Portfolio Mix ($2.8B) ($1.0B) ($516M) Adjustable-Rate Years to Maturity Variable-Rate Loan Floors Repricing/Maturity Schedule Adjustable, 12% $644 $503 $499 $403 $411 $3
Slide 22: Managing Multifamily and Office-Related Risk
Managing Multifamily and Office-Related Risk Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure Loan Average Weighted NCOs Percent of Total Weighted Average Average Loan Size Balances Loan Size Average LTV (since 2005) Loans LTV $1.6B $3.0M 68% $62K 5.4%
Slide 23: High Quality Securities Portfolio
High Quality Securities Portfolio Securities Available for Sale Portfolio (dollars in millions) Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $826 $19,389 $15,606 $765 $776 $744 9% 7% 12% 11% 18% 19% $567 23% 20% 13% 12% 8% 18% 17% $(5,780) 17% $(11,359) 29% 31% 15% 15% 35% $(2
Slide 24: Ample Liquidity and Borrowing Capacity
Ample Liquidity and Borrowing Capacity Liquidity Position with 2.2x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 $2,586 Available Balance $2,510 $2,357 $2,384 $2,393 Funding Source 12/31/2022 3/31/2026 Change Cash and Cash Equivalents $ 48 $ 202 $ 154 Unpledged
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures As of and for the quarter ended, As of and for the quarter ended, March 31, June 30, September 30, December 31, March 31, March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 2025 2025 2025 2025 2026 Pre-Provision Net Revenue:
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures As of and for the quarter ended, As of and for the quarter ended, March 31, June 30, September 30, December 31, March 31, March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 2025 2025 2025 2025 2026 Tangible Common Equity / T
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures As of and for the quarter ended, December 31, March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, Tangible Book Value Per Share 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 Book Value Per Common Shar
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