Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q3 2025 Earnings Presentation
26 slides from Bridgewater Bancshares's earnings presentation, Oct 22, 2025
Slide 1: Earnings Presentation Third Quarter 2025
> — EARNINGS PRESENTATION THIRD 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: 3Q25 Earnings Highlights
3Q25 Earnings Highlights Diluted Return on Return on Avg. Tangible Efficiency Nonperforming Assets EPS Average Assets Common Equity1 Ratio1 to Total Assets Reported $0.38 0.86% 10.50% 54.7% 0.19% Adjusted1 $0.39 0.88% 10.86% 53.2% Robust • Loan balances increased $69M, or 6.6% annualized, from 2Q25
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 230% 89% 1Q17 2Q17 1Q18 2Q18 1Q19 2Q19 1Q20 2Q20 1Q21 2Q21 1Q22 2Q22 1Q23 2Q23 1Q24 2Q24 1Q25 2Q25 4Q16 4Q17 4Q18 4Q19 4Q20 4Q
Slide 5: 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 2.62% 2.63% 2.51% 0.08% 0.03% 0.09% 2.32% 2.52% 2.62% 0.03% 2.63% 2.49% (0.14)% 2.24% (0.01)% (0.01)% (0.06)% 2.37% $34,091 $32,452 $488 2.24% $966 Core NIM2 up 3 bps 2.16% $30,208 $61
Slide 6: Assets Reprice Higher as Deposit Cost Stabilization Continues
Assets Reprice Higher as Deposit Cost Stabilization Continues Loans Continued to Reprice Higher Growth of High-Yielding Securities Portfolio 5.74% 5.79% 5.01% 5.18% 4.86% 4.79% 4.86% 5.57% 5.61% 5.55% 5.66% $804 $813 5.59% $752 $767 5.47% 5.47% 5.50% $4,133 $4,065 $700 $3,899 $3,722 $3,731 3Q24 4Q24
Slide 7: Revenue Growth Continues
Revenue Growth Continues Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Total revenue growth continued in 3Q25 as net interest income growth 1.31% more than offset lower swap fee income 1.23% 1.18% 1.09% 1.27% 0.98% 1.19% 1.13% 0.90% 0.88% 1.05% 0.80% 0.96% 0.75% 0.71% $36,079 $36,15
Slide 8: A Highly Efficient Business Model
A Highly Efficient Business Model Steady NIE to Average Assets Well Managed Expense Growth Supporting Larger Balance Sheet Increase in 3Q25 NIE driven by increased salaries, Peer median efficiency ratio of 58%1 in 2Q25 consulting fees, and marketing $19,956 58.0% 56.8% $18,941 55.5% $530 54.7% $18,1
Slide 9: Continued Core Deposit Momentum
Continued Core Deposit Momentum Improved Deposit Mix Strong Deposit Growth Trends Support Loan Growth Outlook • 3Q25 deposit growth of $56M, or 5.2% annualized (6.7% YTD) $4,237 $4,293 • 3Q25 core deposit growth1 of $92M, or 11.5% annualized (7.4% YTD) $4,087 $4,162 $3,747 • Improved deposit mix as
Slide 10: Robust Loan Growth Trends Continue
Robust Loan Growth Trends Continue Four Consecutive Quarters of Robust Organic Loan Growth Strong Loan Pipeline Drives Continued Growth • 3Q25 loan growth of $69M, or 6.6% annualized $4,215 $4,146 • YTD loan growth of $346M, or 12.0% annualized • Loan pipeline remains near highest level since 2022 $
Slide 11: New Loan Origination Activity Continues
New Loan Origination Activity Continues 3Q25 Loan Growth Roll-forward Strong Loan Pipeline Translating into New Originations $270 $275 $257 $61 $- $49 $58 $132 $68 $193 $(76) $4,215 $61 $(48) $4,146 $106 $221 $217 $189 $46 $132 $60 3Q24 4Q24 1Q25 2Q25 3Q25 New Originations Advances Loan Payoff Activ
Slide 12: Well-Diversified Loan Portfolio with Multifamily Expertise
Well-Diversified Loan Portfolio with Multifamily Expertise Consumer Leases & Other 1.0% 0.4% 3Q25 Loan Growth by Type (vs. 2Q25) Construction & Development $26 CRE OO C&I 4.6% 12.7% Multifamily $22 CRE NOO 27.5% CRE Nonowner Occupied $22 Loan Mix 1-4 Family Mortgage $4.2 1-4 Family Mortgage $13 by T
Slide 13: 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 $3.4M 67% $62K 5.0%
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 NPAs remain low despite one CBD office loan Low net charge-off history ACL/Loans of 1.19%1 moving to nonaccrual in 1Q25 $56,390 $55,765 $53,766 $52,277 $51,018 $10,290
Slide 15: Modest Migration from Watch/Special Mention to Substandard
Modest Migration from Watch/Special Mention to Substandard Watch/Special Mention List Loans Substandard Loans $58,074 $53,282 $46,581 $44,986 $38,346 $40,642 $31,991 $31,637 $31,587 $21,791 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 1-4 CRE Family Other C&I OO 2.0% 3.5% 0.1% 4.6% CRE NOO Othe
Slide 16: Stable Capital Position to Support Growth
Stable Capital Position to Support Growth Capital Ratios Stabilize Following Acquisition Capital Allocation Priorities 14.62% 13.76% 13.62% 14.17% 14.12% 1 Organic Growth Drive profitability by supporting a proven organic loan growth engine 9.79% 9.45% 2 M&A 9.10% 9.14% 9.08% 9.75% Review and evalua
Slide 17: Near-Term Expectations
Near-Term Expectations • Mid-to-high single digit loan growth, 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 3.00% net intere
Slide 18: 2025 Strategic Priorities
2025 Strategic Priorities Return to More Normalized Continue to Gain Loan and Leverage Technology to Execute on M&A Integration Levels of Profitable Growth Deposit Market Share Support Business Growth and Readiness Initiatives • Well positioned given efforts to • Utilize the expanded branch • Implem
Slide 19: Appendix
IDGEWATER ANCSHARES, INC. APPENDIX
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 Rates-Down Environment
Well Positioned to Benefit in Rates-Down Environment Fixed-Rate Portfolio Variable-Rate Portfolio Adjustable-Rate Portfolio ($2.8B) ($799M) ($588M) Adjustable-Rate Years to Maturity Variable-Rate Loan Floors Repricing/Maturity Schedule Loan Portfolio Mix $313 $608 $529 $470 $448 $140 $143 $396 $382
Slide 22: High Quality Securities Portfolio
High Quality Securities Portfolio Securities Available for Sale Portfolio (dollars in millions) Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $17,217 $14,278 $826 $768 $765 $744 9% $665 13% 12% 11% 18% 15% 22% 23% 20% 13% $(5,563) 16% $(11,416) 17% 17% 18% 21% 29% 16% 15% 15% 1
Slide 23: 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 $2,384 $2,393 Available Balance $2,357 $2,290 $2,296 Funding Source 12/31/2022 9/30/2025 Change Cash and Cash Equivalents $ 48 $ 110 $ 62 Unpledged
Slide 24: 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, September 30, December 31, March 31, June 30, September 30, September 30, December 31, March 31, June 30, September 30, 2024 2024 2025 2025 2025 2024 2024 2025 2025 2025 Pre-Provision Net
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, September 30, December 31, March 31, June 30, September 30, September 30, December 31, March 31, June 30, September 30, 2024 2024 2025 2025 2025 2024 2024 2025 2025 2025 Tangible Common Eq
Slide 26: 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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