Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q3 2026 Earnings Presentation
27 slides from Bridgewater Bancshares's earnings presentation, Oct 21, 2026
Slide 1: Earnings Presentation Third Quarter 2026
EARNINGS PRESENTATION THIRD QUARTER 2026 J 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: 3Q26 Earnings Highlights
3Q26 Earnings Highlights Diluted Return on Return on Avg. Tangible Efficiency Nonperforming Assets EPS Average Assets Common Equity1 Ratio1 to Total Assets $0.49 1.08% 11.91% 48.8% 0.37% • Pre-provision net revenue1 increased $2.9M, or 60.4% annualized, from 2Q26 Strong • Total revenue increased $2.
Slide 4: Consistent Tangible Book Value Per Share Outperformance
Consistent Tangible Book Value Per Share1 Outperformance BWB Tangible Book Value Per Share Up 9.4% YoY 49% Acquisition of First Minnetonka City Bank 30% 1Q22 2Q22 1Q23 2Q23 1Q24 2Q24 1Q25 2Q25 1Q26 2Q26 4Q21 4Q22 4Q23 4Q24 4Q25 3Q22 3Q23 3Q24 3Q25 3Q26 BWB Peer Bank Average2 1 Represents a non-GAAP
Slide 5: Strong Profitability and Revenue Trends Continue
Strong Profitability and Revenue Trends Continue Pre-Provision Net Revenue (PPNR)1 Growth of 36% YoY Total Revenue Growth of 20% YoY 1.57% 1.43% 1.38% 1.37% $46,211 1.23% $43,231 1.35% 1.35% 1.30% $40,890 $2,573 1.19% 0.99% $38,835 $9,564 $2,324 0.88% 1.08% $36,152 1.06% $3,148 0.97% 0.98% $21,890 $
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% 3.09% 0.01% 2.99% 0.04% 0.10% 2.75% 3.07% (0.07)% 3.09% 2.98% 0.00% (0.04)% 2.63% 2.94% 2.86% (0.02)% $40,658 2.62% $38,566 $1,367 $189 2.52% $36,647 $1,464 $188 $35,687 $346 Cor
Slide 7: Higher Loan Repricing Drives NIM Expansion
Higher Loan Repricing Drives NIM Expansion Loans Continued to Reprice Higher High-Yielding Securities Portfolio 5.96% 5.18% 4.93% 4.87% 5.08% 5.91% 4.73% 5.79% 5.78% 5.81% $813 $819 5.82% 5.76% 5.66% 5.63% 5.66% $626 $605 $645 $4,380 $4,471 $4,240 $4,337 $4,133 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q2
Slide 8: A Highly Efficient Business Model
A Highly Efficient Business Model Efficiency Ratio Below 50% for the First Time Since 1Q23 Well-Managed Expense Base Peer median efficiency ratio of 56%1 in 2Q26 NIE growth of 10% YoY (excluding non-core items) 56.3% $22,170 $21,894 54.7% $21,341 $982 51.6% $19,956 $20,238 48.8% $346 $3,401 $2,769 5
Slide 9: Robust Core Deposit Growth and Improved Deposit Mix
Robust Core Deposit Growth and Improved Deposit Mix Improved Deposit Mix Continued Focus on Core Deposit Growth to Support Loan Growth Outlook $4,473 • 3Q26 deposits increased $127M, or 11.6% annualized (4.7% YTD) $4,293 $4,320 $4,306 $4,346 • 3Q26 core deposits1 increased $165M, or 19.6% annualized
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 • 3Q26 loan growth of $80M, or 7.2% annualized (6.1% YTD) • YTD loan growth 6.1% annualized inline with core deposit1 growth of 6.4% $4,507 • Continued to see growth
Slide 11: Stronger Originations and Advances Support Loan Growth
Stronger Originations and Advances Support Loan Growth 3Q26 Loan Growth Roll-forward Strong Originations and Advances $324 $308 $21 $289 $125 $82 $258 $98 $125 $183 $193 $80 $(179) $4,507 $61 $(67) $(2) $242 $4,426 $191 $178 $183 $132 3Q25 4Q25 1Q26 2Q26 3Q26 New Originations Advances Elevated Loan
Slide 12: Well-Diversified Loan Portfolio with Multifamily Expertise
Well-Diversified Loan Portfolio with Multifamily Expertise 3Q26 Loan Growth by Type (vs. 2Q26) Loan Mix by Type Consumer Leases & Other Construction and Development $54 1% 1% CRE Nonowner Occupied $43 CRE OO C&I C&I $37 4% 14% CRE NOO 27% Consumer & Other $4 CRE Owner Occupied $- 1-4 Family Mortgage
Slide 13: Unique Expertise in Affordable Housing
Unique Expertise in Affordable Housing Affordable Housing Loan Growth 3Q26 Loan Growth by Type (vs. 2Q26) Portfolio Mix C&I Construction and 22% $734 $24 $708 $712 Development $652 $611 Construction C&I $24 and $734M Development 9% Multifamily $(26) Multifamily 69% 3Q25 4Q25 1Q26 2Q26 3Q26 Expertise
Slide 14: Declining Levels of Watch/Special Mention and Substandard
Declining Levels of Watch/Special Mention and Substandard Watch/Special Mention List Loans Substandard Loans $58,074 $52,956 $47,823 $47,681 $43,074 $43,888 $42,909 $40,642 $38,469 $23,607 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 1-4 1-4 Family CRE Family 4% OO 3% 8% C&I 6% Watch/Special Me
Slide 15: Asset Quality Remains Strong
Asset Quality Remains Strong Allowance for Credit Losses Nonperforming Assets2 Net Charge-Offs Well-reserved compared to peer median 3Q26 NCO related to one mixed-use Two loans make up 80% of the NPAs ACL/Loans of 1.15%1 loan on nonaccrual $57,277 $57,418 $57,819 $56,390 $56,443 $2,349 $22,034 $21,6
Slide 16: Strong Capital Position to Support Growth
Strong Capital Position to Support Growth Stable Capital Ratios Capital Allocation Priorities 14.48% 14.48% 14.12% 14.12% 14.24% 1 Organic Growth Drive profitability by supporting a proven organic loan growth engine 9.20% 9.89% 10.02% 9.94% 2 M&A 9.08% 9.61% 9.63% Review and evaluate M&A opportuniti
Slide 17: Near-Term Expectations
Near-Term Expectations • Mid-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% • Net interest margin stability over
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: 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) ($490M) ($1.2B) Adjustable-Rate Years to Maturity Repricing/Maturity Schedule Variable-Rate Loan Floors Adjustable, 11% $697 $527 $346 $467 $295 $408 $382 Var
Slide 21: Interest Rate Sensitivity
Interest Rate Sensitivity More neutral balance sheet with rate-sensitive portions of the loan and deposit portfolios better aligned – $1.2B of variable-rate loans and $1.6B of deposits tied to short-term rates Estimated Change in NII From Loan Portfolio Considerations Immediate Interest Rate Shocks
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 $2.9M 67% $3M 4.9%
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) $27,431 $826 $776 $14,278 9% 7% 18% $605 $599 19% $567 6% 5% 13% 12% 8% 15% 14% $(5,563) 17% 29% $(25,175) $(22,863) 31% 42% 46% 35% 31%
Slide 24: 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 Available Balance $2,737 Funding Source 12/31/2022 9/30/2026 Change $2,656 $2,586 Cash and Cash Equivalents $ 48 $ 216 $ 168 $2,510 $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, September 30, December 31, March 31, June 30, September 30, September 30, December 31, March 31, June 30, September 30, 2025 2025 2026 2026 2026 2025 2025 2026 2026 2026 Pre-Provision Net
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, September 30, December 31, March 31, June 30, September 30, September 30, December 31, March 31, June 30, September 30, 2025 2025 2026 2026 2026 2025 2025 2026 2026 2026 Tangible Common Eq
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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