Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q1 2026 Earnings Presentation
36 slides from Bridgewater Bancshares's earnings presentation, May 2026
Slide 1: First Quarter 2026 Investor Presentation
INVESTOR PRESENTATION FIRST QUARTER 2026 We y a x ai 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: The Finest Entrepreneurial Bank
The Finest Entrepreneurial Bank Company Overview Branch-Light Model in Attractive Twin Cities Market Name: Bridgewater Bancshares, Inc. Twin Cities Headquarters: St. Louis Park, MN Ticker: NASDAQ: BWB; BWBBP Assets: $5.3 Billion Loans: $4.4 Billion Deposits: $4.3 Billion Shareholders’ Equity: $528.4
Slide 4: Strategic Leadership Team with Broad Skill Sets and Industry Experience
Strategic Leadership Team (SLT) with Broad Skill Sets and Industry Experience Jerry Baack Joe Chybowski Chairman and Chief Executive Officer President and Chief Financial Officer • Former regulator and responsible for all aspects of BWB • Strategic insights across all aspects of the organization, in
Slide 5: A Disciplined Strategy Built for Growth
A Disciplined Strategy Built for Growth Consistent Tangible Book Value1 Truly Unconventional Culture Highly Efficient Business Model Growth and Outperformance • A Top Workplace in Minnesota for 10+ years • Branch-light model with a commercial real estate focus • Focus on professional development and
Slide 6: Unconventional. Responsive. Dedicated.
Our Core Values Unconventional. Our clients notice a difference. Responsive. Under promise, over deliver. Dedicated. Don’t stop until you get it done. Growth. If you aren’t moving forward, where are you going? Accurate. It’s more than just an expectation. 6
Slide 7: Culture as a Strategic Advantage
Culture as a Strategic Advantage Intentional investment in the employee experience, supporting Employee Experience long-term engagement and retention Team members Professional Development Committed to investing in learning, development and career growth with an emphasis on developing talent from wit
Slide 8: A Responsive Service Model
A Responsive Service Model The “Proven Process” for Our Clients An Award-Winning Client Experience Our clients can expect… • Responsive support and simple solutions • A local bank of choice in a market where many local banks have been acquired • BEST • BEST by out-of-state buyers Business Bank Busin
Slide 9: A Commitment to Our Communities
A Commitment to Our Communities Bridgewater is committed to investing in the communities we serve, through philanthropy, volunteering, and strategic partnerships, focused across our three Pillars of Community Impact: 2025 Community Impact Bridgewater’s Pillars of Community Impact Snapshot Building P
Slide 10: Attractive and Growing Twin Cities Market
Attractive and Growing Twin Cities Market Large Corporate Presence Credit Worthy Population Strong Market Demographics 2026 Median Household Income ($)6 #3 #1 $105,075 Fortune 500 companies State with highest per capita (17)1 average credit score (742)2 $81,775 Economic Opportunity Top State for Bus
Slide 11: Bank-of-Choice For Twin Cities Clients Looking to Bank Local
Bank-of-Choice For Twin Cities Clients Looking to Bank Local Largest Minnesota-Based Banks by Total Assets1 • Second largest locally-led bank in the Twin Cities Total Assets Deposit Market Share (Minneapolis-St. Paul MSA) $683.4 • Significant Twin Cities market disruption with several local banks be
Slide 12: History of Robust Organic Asset Growth
History of Robust Organic Asset Growth Proven ability to consistently generate robust organic asset growth $5,407 primarily in the Twin Cities market $5,335 $5,066 $245 $4,612 $4,346 Emphasis on commercial real estate and multifamily lending with an increased focus $3,478 on affordable housing $2,92
Slide 13: Return to Normalized Levels of Loan Growth
Return to Normalized Levels of Loan Growth After moderating through much of 2024 due to the higher interest rate Long track record of strong loan growth environment, organic loan growth returned in 2025 $4,310 $4,368 $4,368 $4,146 $4,215 $4,310 $4,020 $3,724 $3,869 $3,569 2022 2023 2024 2025 1Q26 1Q
Slide 14: Strong Diversification Within Key Portfolios
Strong Diversification Within Key Portfolios Multifamily CRE Nonowner Occupied Construction & Development C&I 36% of 27% of 6% of 14% of Size $1,590M portfolio $1,185M portfolio $260M portfolio $593M portfolio YoY Growth 4% 12% 55% 12% Agency lenders, local banks and Local banks and life insurance C
Slide 15: Well-Diversified Loan Portfolio with Multifamily and CRE Expertise
Well-Diversified Loan Portfolio with Multifamily and CRE Expertise Evolution of Loan Mix by Type CRE Concentrations (ex. Multifamily) Have Trended Lower 2015 1Q26 Consumer & Leases Consumer Other 1% & Other <1% <1% 534% CRE OO 1-4 Family 517% 515% 1-4 Family 497% 503% 4% 11% 480% 483% 482% 473% 18%
Slide 16: CRE Concentration Driven by a Proven, Lower Risk Multifamily Portfolio
CRE Concentration Driven by a Proven, Lower Risk Multifamily Portfolio Multifamily Lending Approach Low Historical Losses vs. Other Asset Classes Multifamily Makes Up Over • Bank of choice in the Twin Cities with expertise and differentiated Average Historical Net Charge-Off Rates Half of CRE servic
Slide 17: Unique Expertise in Affordable Housing
Unique Expertise in Affordable Housing Expertise in the High-Quality Affordable Housing Space Anatomy of an Affordable Housing Transaction • Leveraging affordable housing expertise to support communities and Predevelopment Construction Permanent clients in the Twin Cities and across the country Stag
Slide 18: Continued Core Deposit Momentum
Continued Core Deposit Momentum Long track record of strong deposit growth… …with recent core deposit momentum $4,320 $4,306 $3,377 $4,087 $3,351 $3,710 $3,279 19% 20% $3,417 20% $3,186 $3,170 7% 5% 28% 8% 23% 8% 8% 32% 35% 31% 30% 25% 21% 21% 21% 13% 19% 26% 20% 20% 21% 19% 2022 2023 2024 2025 1Q26
Slide 19: 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 20: A Spread-Based Revenue Model
A Spread-Based Revenue Model Revenue Growth Continues Spread Based Revenue Model…With Increased Fee Income Mix • Strong track record of revenue growth driven by steady net $46,211 interest income growth $38,835 $9,564 • Spread-based revenue model with net interest income $36,079 $36,152 making up 92
Slide 21: 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 22: 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 23: A Highly Efficient Business Model
A Highly Efficient Business Model What Makes BWB So Efficient? An Efficiency Ratio1 Consistently Below Peers An Efficient Operating Culture With a CRE-Focused, Branch-Light Model 60.9% 61.5% 56.3% 57.9% 57.8% 57.0% 9 Total Expenses to Average Earning Assets (1Q26) 56.3% Branches (peer bank median2:
Slide 24: Modernizing Technology Tools to Support Growth and Efficiency
Modernizing Technology Tools to Support Growth and Efficiency IT Strategy: improve client interactions, streamline processes, IT Decision-Making: driven by unconventional culture, enhancing automate activities and embrace digital transformation the client experience and improving organizational effi
Slide 25: Scaling Enterprise Risk Management Across a Growing Organization
Scaling Enterprise Risk Management Across a Growing Organization BWB Risk Management Manage and mitigate dynamic risks while enhancing shareholder value, being responsive to Philosophy clients and delivering simple solutions in unconventional ways Enterprise Risk Management Making Investments to Att
Slide 26: A Strong Credit Culture
A Strong Credit Culture Consistent Active Experienced Banking Underwriting 5-Year Peak Annual Net Charge-off Ratio Credit Oversight and Credit Teams Standards vs. Peers BWB Peer Bank Median1 • Robust credit policy • No individual credit • Seasoned credit team and underwriting guidelines for all auth
Slide 27: Credit Risk Management and Oversight Driving Strong Asset Quality
Credit Risk Management and Oversight Driving Strong Asset Quality Substandard Loans Nonperforming Assets2 1Q26 resolution of Manageable levels of Substandard loans loan moved to nonaccrual in 4Q25 $52,956 $22,034 $43,074 $35,858 0.41% $28,049 $11,715 $21,791 0.22% 8.5% 5.5% 6.5% 6.5% 3.8% $639 $919
Slide 28: 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 29: 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 30: Strong Capital Position to Support Growth
Strong Capital Position to Support Growth Common Equity Tier 1 Capital Ratio Capital Priorities Organic Growth 9.79% 1 9.53% Drive profitability by supporting a proven organic loan growth engine 9.41% 9.16% 9.21% 9.17% 9.07% 9.08% 9.03% 9.08% 9.03% M&A 8.48% 8.72% 2 Review and evaluate M&A opportuni
Slide 31: 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 32: 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 33: Appendix
APPENDIX 33
Slide 34: 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 35: 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 36: 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
Bridgewater Bancshares — Q1 2026 Earnings Presentation on 6ix