Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q4 2025 Earnings Presentation
35 slides from Bridgewater Bancshares's earnings presentation, February 2026
Slide 1: Investor Presentation Fourth Quarter 2025
> — INVESTOR PRESENTATION FOURTH QUARTER 2025 — BRIDGEWATER BANCSHARES, INC.
Slide 2: Disclaimer
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,
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: $5.4 Billion Loans: $4.3 Billion Deposits: $4.3 Billion Shareholders’ Equity: $517.1
Slide 4: Strategic Leadership Team with Broad Skill Sets and Industry Expertise
Strategic Leadership Team (SLT) with Broad Skill Sets and Industry Expertise 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, inc
Slide 5: A Disciplined Strategy Built for Growth
A Disciplined Strategy Built for Growth Truly Unconventional Culture Highly Efficient Business Model • A Top Workplace in Minnesota for 10+ years • Branch-light model with a commercial real estate focus • Focus on professional development and employee Consistent Tangible Book Value1 retention • Effi
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) $676.1 • 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 $5,066 $245 $4,612 $4,346 Emphasis on commercial real estate and multifamily lending with an increased focus $3,478 on affordable housing $2,927 $2,26
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 robust loan growth environment, organic loan growth returned in 2025 $4,310 $4,146 $4,215 $4,310 $4,020 $3,724 $3,869 $3,869 $3,569 $117 $2,819 $3,752 2021 2022 2023
Slide 14: Strong Diversification Within Key Portfolios
Strong Diversification Within Key Portfolios Multifamily CRE Nonowner Occupied Construction & Development C&I 37% of 27% of 6% of 13% of Size $1,587M portfolio $1,165M portfolio $261M portfolio $547M portfolio YoY Growth 11% 8% 88% 10% 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 2025 Consumer & Leases Consumer Other 1% & Other <1% <1% 534% CRE OO 1-4 Family 517% 515% 1-4 Family 497% 503% 4% 12% 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 $4,087 $3,351 $3,710 $3,279 19% $3,417 20% $3,186 $3,170 $2,946 7% $3,107 28% 8% 23% 13% 10% 8% 8% 32% 31% 19% 29% 30% 25% 19% 19% 19% 21% 20% 18% 13% 19% 21% 30% 26% 20% 20% 21% 202
Slide 19: A Spread-Based Revenue Model
A Spread-Based Revenue Model Revenue Growth Continues Spread Based Revenue Model…With Increased Fee Income Mix $38,835 • Strong track record of revenue growth with a 11% revenue $36,079 $36,152 $3,148 CAGR since 2019 $2,061 $32,287 $3,627 • Spread-based revenue model with net interest income $29,500
Slide 20: 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 2.75% 2.62% 2.63% 0.04% 0.18% 2.51% (0.05)% 0.01% 2.75% 2.62% (0.04)% 0.01% 0.01% (0.04)% 2.32% 2.52% 2.63% 2.49% 2.37% $35,687 $34,091 $595 Core NIM2 up 10 bps 2.24% $32,452 $488 $1,0
Slide 21: Well Positioned to Benefit in Rates-Down Environment
Well Positioned to Benefit in Rates-Down Environment Fixed-Rate Portfolio Variable-Rate Portfolio Adjustable-Rate Portfolio Loan Portfolio Mix ($2.8B) ($933M) ($555M) Adjustable-Rate Years to Maturity Variable-Rate Loan Floors Repricing/Maturity Schedule Adjustable, 13% $340 $637 $547 Variable, $398
Slide 22: 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 61.4% 60.6% 57.4% 56.3% 57.9% 57.8% 8 Total Expenses to Average Earning Assets (2025) Branches 53.5% (peer bank median2:
Slide 23: 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 24: 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 25: 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 26: Credit Risk Management and Oversight Driving Strong Asset Quality
Credit Risk Management and Oversight Driving Strong Asset Quality Substandard Loans Nonperforming Assets2 Manageable levels of Substandard loans NPAs remain at relatively low levels $52,956 $22,034 $35,858 0.41% $28,049 $22,641 $21,791 8.47% 5.45% 5.52% 6.46% 3.80% $722 $639 $919 $301 0.02% 0.01% 0.
Slide 27: 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 $24,458 $768 $765 $776 $744 9% $14,508 7% 13% 12% 11% 18% $561 19% 22% 23% 20% 13% 12% 17% 17% 18% 29% $(13,364) 31% 16% 15% 15% $(
Slide 28: Ample Liquidity and Borrowing Capacity
Ample Liquidity and Borrowing Capacity Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 $2,510 $2,357 $2,384 $2,393 Available Balance $2,296 Funding Source 12/31/2022 12/31/2025 Change Cash and Cash Equivalents $ 48 $ 97 $ 49 Unpledged
Slide 29: Stable Capital Position to Support Growth
Stable Capital Position to Support Growth Common Equity Tier 1 Capital Ratio Capital Priorities Organic Growth 9.79% 1 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 opportunities t
Slide 30: 2026 Expectations
2026 Expectations • High single digit loan growth over the course of the year, 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% • Path to a
Slide 31: 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 32: Appendix
IDGEWATER ANCSHARES, INC. APPENDIX
Slide 33: 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, December 31, March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, 2024 2025 2025 2025 2025 2024 2025 2025 2025 2025 Pre-Provision Net Re
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, December 31, March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, 2024 2025 2025 2025 2025 2024 2025 2025 2025 2025 Tangible Common Equi
Slide 35: 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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