Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q3 2025 Earnings Presentation
37 slides from Bridgewater Bancshares's earnings presentation, Nov 3, 2025
Slide 1: Investor Presentation Third Quarter 2025
i ‘a SS Tear i= INVESTOR PRESENTATION THIRD QUARTER 2025 cy BRIDGEWATER BANCSHARES, INC.
Slide 2: Disclaimer: Forward-Looking Statements
2 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, estimate
Slide 3: The Finest Entrepreneurial Bank Company Overview
3 The Finest Entrepreneurial Bank Company Overview Branch-Light Model in Attractive Twin Cities Market Name: Bridgewater Bancshares, Inc. Headquarters: St. Louis Park, MN Ticker: NASDAQ: BWB; BWBBP Assets: $5.4 Billion Loans: $4.2 Billion Deposits: $4.3 Billion Shareholders’ Equity: $497.5 Million S
Slide 4: Strategic Leadership Team with Broad Skill Sets and Industry Expertise
4 Strategic Leadership Team (SLT) with Broad Skill Sets and Industry Expertise Jerry Baack Chairman and Chief Executive Officer • Former regulator and responsible for all aspects of BWB formation • Lead founder of BWB in 2005 • 35+ years of banking experience Laura Espeseth Chief Administrative Offi
Slide 5: A Culture-Driven Growth Story
5 A Culture-Driven Growth Story Truly Unconventional Culture Highly Efficient Business Model Robust Balance Sheet Growth Proactive Risk Management • Entrepreneurial spirit unlike the culture of a typical bank • Modern headquarters with an open layout promoting team member and client collaboration •
Slide 6: Our Core Values
Our Core Values 6 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.
Slide 7: An Award-Winning Workplace Culture
An Award-Winning Workplace Culture “In today’s environment, it is more important than ever to be able to recruit, retain and develop top talent. At Bridgewater, we have demonstrated an ability to do this through our unconventional culture and employee experience, extensive team member referral netwo
Slide 8: A Responsive Service Model
A Responsive Service Model Our clients can expect… • Responsive support and simple solutions • A local bank of choice in a market where many local banks have been acquired by out-of-state buyers • Flexibility, market expertise and strong network connections The “Proven Process” for Our Clients • BES
Slide 9: A Commitment to Our Communities
A Commitment to Our Communities Our communities can expect… Bridgewater’s commitment to investing, lending and volunteering in ways that serve low-to-moderate income segments in the Twin Cities “Outstanding” Rating for Community Reinvestment Act Performance FDIC, 2023 $327K Total Contributions in 20
Slide 10: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) We are committed to establishing and advancing impactful initiatives that support our corporate responsibility as one of the largest locally-led banks in the Twin Cities, while regularly sharing our progress with our stakeholders Our ESG Commitment Our ESG
Slide 11: Attractive and Growing Twin Cities Market
11 Attractive and Growing Twin Cities Market #3 Fortune 500 companies per capita (17)1 Large Corporate Presence #1 State with highest average credit score (742)2 Credit Worthy Population #6 Best state for economic opportunity3 Economic Opportunity #10 Top state for business4 Top State for Business #
Slide 12: Bank-of-Choice For Twin Cities Clients Looking to Bank Local
12 Bank-of-Choice For Twin Cities Clients Looking to Bank Local 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) 2 Total assets as of September 30, 2025; excludes Ameriprise Financial Largest Minnesota-Based Banks by To
Slide 13: History of Robust Organic Asset Growth
13 History of Robust Organic Asset Growth $1,184 $4,821 $76 $245 $929 $1,260 $1,617 $1,974 $2,269 $2,927 $3,478 $4,346 $4,612 $5,066 $5,360 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 Organic Acquired Assets Proven ability to consistently generate robust organic asset growth primarily in
Slide 14: Return to Normalized Levels of Loan Growth
14 Return to Normalized Levels of Loan Growth Dollars in millions 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 $3,752 $117 $3,686 $3,869 $4,020 $4,146 $4,215 3Q24 4Q24 1Q25 2Q25 3Q25 $2,819 $3,569 $3,724 $3,869 $4,215 2021 202
Slide 15: Strong Diversification Within Key Portfolios
15 Strong Diversification Within Key Portfolios 1 Includes formally subsidized properties (22%) and market rate properties with affordable set-asides (7%) Data as of September 30, 2025 Class A 27% Class B 10% Class C 34% Affordable Housing 29% Size YoY Growth Go-to-Market Strategy Competitors Growth
Slide 16: Well-Diversified Loan Portfolio With Multifamily and CRE Expertise
16 Well-Diversified Loan Portfolio With Multifamily and CRE Expertise CRE NOO 27% Multifamily 37% C&D 5% C&I 13% CRE OO 5% 1-4 Family 12% Leases 1% Consumer & Other 0% CRE NOO 27% Multifamily 21% C&D 15% C&I 13% CRE OO 6% 1-4 Family 18% Consumer & Other 0% $0.8B Evolution of Loan Mix by Type 2015 3Q
Slide 17: CRE Concentration Driven by a Proven, Lower Risk Multifamily Portfolio
17 CRE Concentration Driven by a Proven, Lower Risk Multifamily Portfolio 1 Includes formally subsidized properties (22%) and market rate properties with affordable set-asides (7%) 2 FDIC (data through 2Q25) 3 Includes nonowner-occupied CRE, construction and land development, and 1-4 family construc
Slide 18: Unique Expertise in Affordable Housing
18 Unique Expertise in Affordable Housing Dollars in millions Data as of September 30, 2025 • Leveraging affordable housing expertise to support communities and clients in the Twin Cities and across the country • Active in the affordable housing space since 2008 • High barrier to entry due to comple
Slide 19: Managing Office-Related Risk
19 Managing Office-Related Risk 1 Excludes medical office of $91 million Data as of September 30, 2025 Percent of Total Loans Average Loan Size 5.0% $2.5M Weighted Average LTV 61% CRE NOO Office by Geography1 • Majority of CRE NOO office exposure in the Twin Cities suburbs • Only 4 loans totaling $2
Slide 20: Continued Core Deposit Momentum
20 Continued Core Deposit Momentum Dollars in millions A track record of strong deposit growth… • Strong and growing brand taking market share in the Twin Cities • New client and banker acquisition opportunities due to M&A disruption, including ONB/Bremer merger • Niche deposit verticals including p
Slide 21: A Spread-Based Revenue Model
21 A Spread-Based Revenue Model $25,421 $25,314 $24,631 $24,996 $25,599 $26,967 $30,208 $32,452 $34,091 $1,726 $1,409 $1,550 $1,763 $1,522 $2,533 $2,079 $3,627 $2,061 $27,147 $26,723 $26,181 $26,759 $27,121 $29,500 $32,287 $36,079 $36,152 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Revenue Growth C
Slide 22: NIM Expansion and Net Interest Income Growth
22 NIM Expansion and Net Interest Income Growth $24,631 $26,129 $28,524 $30,815 $32,637 $968 $747 $719 $1,019 $966 $91 $965 $618 $488 $25,599 $26,967 $30,208 $32,452 $34,091 2.24% 2.32% 2.51% 2.62% 2.63% 2.16% 2.24% 2.37% 2.49% 2.52% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Margin1 Core Net Interest In
Slide 23: Well Positioned to Benefit in Rates-Down Environment
23 Well Positioned to Benefit in Rates-Down Environment 24% 24% 17% 15% 8% 12% $140 $143 $102 $86 $47 $71 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 21% 19% 17% 14% 13% 16% $608 $529 $470 $396 $382 $448 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5
Slide 24: A Highly Efficient Business Model
24 A Highly Efficient Business Model 42.0% 41.5% 53.0% 57.9% 54.2% 56.9% 56.3% 60.7% 61.5% 58.2% 2021 2022 2023 2024 3Q25 YTD BWB An Efficiency Ratio1 Consistently Below Peers 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation. 2 Includes publicly-traded banks on maj
Slide 25: Modernizing Technology Tools to Support Growth and Efficiency
25 Modernizing Technology Tools to Support Growth and Efficiency Client-Facing • Commercial online banking upgrade completed in 2023 • Collaborative technology tools integrated into BWB Corporate Center • Cybersecurity threat detection and response Scalable core to support growth outlook Core Bankin
Slide 26: Scaling Enterprise Risk Management Across a Growing Organization
26 Scaling Enterprise Risk Management Across a Growing Organization Manage and mitigate dynamic risks while enhancing shareholder value, being responsive to clients and delivering simple solutions in unconventional ways BWB Risk Management Philosophy Enterprise Risk Management Attributes in Place To
Slide 27: A Strong Credit Culture
A Strong Credit Culture 5-Year Peak Annual Net Charge-off Ratio vs. Peers 5-Year Peak Quarterly Nonperforming Assets2 / Assets vs. Peers 0.03% BWB Peer Bank Median1 0.16% 0.20% BWB Peer Bank Median1 0.68% 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $1
Slide 28: Credit Risk Management and Oversight Driving Strong Asset Quality
28 Credit Risk Management and Oversight Driving Strong Asset Quality $722 $639 $919 $301 $9,991 0.02% 0.01% 0.02% 0.01% 0.19% 2021 2022 2023 2024 3Q25 $40,020 $47,996 $50,494 $52,277 $56,390 1.42% 1.34% 1.36% 1.35% 1.34% 2021 2022 2023 2024 3Q25 Nonperforming Assets2 NPAs remain low despite one CBD
Slide 29: High Quality Securities Portfolio
29 High Quality Securities Portfolio AAA 22% AA 54% A 3% BBB 7% BB 1% NR 13% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(27,863) $(25,175) $17,217 $14,278 $(11,416) $(5,563) 3Q24 3Q25 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securi
Slide 30: Ample Liquidity and Borrowing Capacity
14.5% 13.2% 11.9% 12.4% 12.5% 34.2% 32.2% 34.0% 32.7% 32.1% $2,290 $2,296 $2,357 $2,384 $2,393 3Q24 4Q24 1Q25 2Q25 3Q25 30 Ample Liquidity and Borrowing Capacity 1 Excludes $265M of pledged securities at September 30, 2025 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance S
Slide 31: Stable Capital Position to Support Growth
31 Stable Capital Position to Support Growth 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Capital Priorities 1 3 2 Organic Growth Share Repurchases M&A 4 Dividends Drive profitability by supporting a proven organic loan growth engine Opportunistically return ca
Slide 32: Near-Term Expectations
32 Near-Term Expectations • Mid-to-high single digit loan growth, dependent on the pace of core deposit growth • Focus on profitable growth while aligning loan growth with core deposit growth over time • Target loan-to-deposit ratio between 95% and 105% Balance Sheet Growth • Path to a 3.00% net int
Slide 33: 2025 Strategic Priorities
33 2025 Strategic Priorities Return to More Normalized Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Leverage Technology to Support Business Growth Execute on M&A Integration and Readiness Initiatives • Well positioned given efforts to optimize the balance sheet in 2024,
Slide 34: Bridgewater Bancshares, Inc.
iw BRIDGEWATER x4 BANCSHARES, INC
Slide 35: Reconciliation of Non-GAAP Financial Measures
35 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Pre-Provision Net Revenue: Noninterest Income $ 1,522 $ 2,533 $ 2,079 $ 3,627 $ 2,061 Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (5
Slide 36: Reconciliation of Non-GAAP Financial Measures
36 Reconciliation of Non-GAAP Financial Measures Dollars in thousands December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 Efficiency Ratio: Noninterest Expense $ 48,095 $ 56,620 $ 59,320 $ 63,300 Less: Amortization Intangible Assets (191) (191) (100) (78) Adjusted Noninterest Exp
Slide 37: Reconciliation of Non-GAAP Financial Measures: Tangible Book Value Per Share
37 Reconciliation of Non-GAAP Financial Measures Tangible Book Value Per Share December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Book Value Per Common Share $ 4.69 $ 4.91 $ 5.23 $ 5.43
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