Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q2 2026 Earnings Presentation
27 slides from Bridgewater Bancshares's earnings presentation, Jul 22, 2026
Slide 1: Earnings Presentation Second Quarter 2026
EARNINGS PRESENTATION SECOND QUARTER 2026 a 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: 2Q26 Earnings Highlights
2Q26 Earnings Highlights Diluted Return on Return on Avg. Tangible Efficiency Nonperforming Assets EPS Average Assets Common Equity1 Ratio1 to Total Assets $0.45 1.06% 11.15% 53.0% 0.40% • Net interest income increased $1.9M, or 21.0% annualized, from 1Q26 Net Interest Income • Net interest margin (
Slide 4: Consistent Tangible Book Value Per Share Outperformance
Consistent Tangible Book Value Per Share1 Outperformance 51% Acquisition of First Minnetonka City Bank 27% 1Q22 2Q22 1Q23 2Q23 1Q24 2Q24 1Q25 2Q25 1Q26 2Q26 4Q21 4Q22 4Q23 4Q24 4Q25 3Q22 3Q23 3Q24 3Q25 BWB Peer Bank Average2 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconc
Slide 5: Strong Revenue and Profitability Trends Continue
Strong Revenue and Profitability Trends Continue Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Trends 1.38% 1.43% 1.37% 1.31% 1.23% $46,211 1.35% 1.35% 1.27% 1.30% 1.19% 0.99% 0.90% 0.88% $40,890 1.06% $38,835 $9,564 0.97% 0.98% $2,324 0.88% $36,079 $36,152 $3,148 0.86% $18,996 $18,
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 3.07% 2.99% 0.11% 0.01% 0.01% 2.75% 3.07% 2.62% 2.63% 2.94% 0.01% (0.05)% 2.86% 2.99% $38,566 (0.01)% 2.62% $36,647 $188 2.49% 2.52% $35,687 $1,464 $346 $34,091 $595 $1,257 Core NIM2 u
Slide 7: Higher Loan Repricing Drives NIM Expansion
Higher Loan Repricing Drives NIM Expansion Loans Continued to Reprice Higher Executed Securities Sale in 1Q26 5.91% 5.18% 4.93% 5.79% 5.78% 5.81% 4.86% 4.73% 4.87% 5.74% 5.76% $813 $819 $767 5.66% 5.63% 5.66% 5.59% $626 $605 $4,337 $4,380 $4,240 $4,065 $4,133 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25
Slide 8: A Highly Efficient Business Model
A Highly Efficient Business Model Efficiency Ratio Consistently Better Than Peer Median Well Managed Expense Growth Peer median efficiency ratio of 57%1 in 1Q26 Opportunistic investments in our people to support future growth 56.3% $22,170 $21,894 54.7% 52.6% 51.6% $20,238 $982 $19,956 $18,941 $346
Slide 9: Stable Deposit Mix
Stable Deposit Mix Stable Deposit Mix Continued Focus on Core Deposit Growth to Support Loan Growth Outlook • 2Q26 deposits increased $41M, or 3.8% annualized (up 2.6% YoY) $4,293 $4,320 $4,306 $4,346 $4,237 • 2Q26 core deposits1 declined $30M, or 3.5% annualized (up 5.1% YoY) • Year-over-year core
Slide 10: Profitable Loan Growth Trends Continue
Profitable Loan Growth Trends Continue Proven Track Record of Generating Strong Organic Loan Growth Emphasizing Profitable Loan Growth $4,426 • 2Q26 loan growth of $58M, or 5.4% annualized (6.8% YoY) $4,368 • Focused on aligning loan growth with core deposit growth over time $4,310 • Continued to se
Slide 11: Elevated Payoffs Impact Loan Growth
Elevated Payoffs Impact Loan Growth 2Q26 Loan Growth Roll-forward New Origination Activity $324 $289 $43 $275 $82 $258 $80 $58 $98 $178 $193 $80 $61 $(195) $- $4,426 $4,368 $(48) $242 $217 $191 $178 $132 2Q25 3Q25 4Q25 1Q26 2Q26 New Originations Advances Elevated Loan Payoff Activity $260 $243 $214
Slide 12: Well-Diversified Loan Portfolio with Multifamily Expertise
Well-Diversified Loan Portfolio with Multifamily Expertise 2Q26 Loan Growth by Type (vs. 1Q26) Loan Mix by Type Consumer Leases & Other Multifamily $100 0.9% 0.6% Consumer & Other $4 CRE OO C&I CRE Owner Occupied $3 4.3% 13.3% CRE NOO 26.4% Leases $0 C&I $(2) 1-4 Family Mortgage $4.4 11.0% Billion 1
Slide 13: Unique Expertise in Affordable Housing
Unique Expertise in Affordable Housing Affordable Housing Loan Growth 2Q26 Loan Growth by Type (vs. 1Q26) Portfolio Mix C&I 19% $712 Multifamily $38 $708 $652 Construction $611 $581 Construction and and Development $(8) Development $712M 6% C&I $(27) Multifamily 75% 2Q25 3Q25 4Q25 1Q26 2Q26 Expertis
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 One mixed-use multifamily property NCOs remain at relatively low levels ACL/Loans of 1.18%1 moved to nonaccrual in 2Q26 $57,277 $57,418 $56,390 $56,443 $55,765 $22,034
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 $43,074 $43,888 $40,642 $38,469 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 1-4 Other Other Family 1% CRE 2% 3% OO 8% C&I 5% Watch/Special M
Slide 16: Strong Capital Position to Support Growth
Strong Capital Position to Support Growth Building Capital Ratios Capital Allocation Priorities 14.48% 14.48% 14.17% 14.12% 14.12% 1 Organic Growth Drive profitability by supporting a proven organic loan growth engine 9.20% 9.89% 10.02% 2 M&A 9.14% 9.08% 9.61% Review and evaluate M&A opportunities t
Slide 17: Near-Term Expectations
Near-Term Expectations • Mid-to-high single digit loan growth in 2H26, 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% • Continued NIM expa
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: Loan Portfolio Positioned to Reprice Higher
Loan Portfolio Positioned to Reprice Higher Fixed-Rate Portfolio Adjustable-Rate Portfolio Variable-Rate Portfolio Loan Portfolio Mix ($2.8B) ($504M) ($1.1B) Adjustable-Rate Years to Maturity Repricing/Maturity Schedule Variable-Rate Loan Floors Adjustable, 11% $629 $371 $528 $496 $424 $387 Variable
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 $1.7B $3.0M 67% <$1M 5.2%
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 $16,119 $17,687 $776 $744 9% 7% 11% 18% 19% $605 $567 20% 6% 13% 12% 8% 15% $(593) 18% 17% 29% 31% 42% $(14,228) $(15,865) 15% 35%
Slide 24: Ample Liquidity and Borrowing Capacity
Ample Liquidity and Borrowing Capacity Liquidity Position with 2.4x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 $2,732 Available Balance $2,586 Funding Source 12/31/2022 6/30/2026 Change $2,510 Cash and Cash Equivalents $ 48 $ 146 $ 98 $2,384 $2,393 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, June 30, September 30, December 31, March 31, June 30, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2026 2026 2025 2025 2025 2026 2026 Pre-Provision Net Revenue: C
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, June 30, September 30, December 31, March 31, June 30, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2026 2026 2025 2025 2025 2026 2026 Tangible Common Equity / Tan
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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