Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q3 2026 Earnings Presentation
27 slides from Bridgewater Bancshares's earnings presentation, Oct 20, 2026
Slide 1: Earnings Presentation Third Quarter 2026
EARNINGS PRESENTATION THIRD QUARTER 2026 : ¥Z ¥ m BRIDGEWATER BANCSHARES, INC.
Slide 2: Disclaimer: Forward-Looking Statements
2 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
Slide 3: 3Q26 Earnings Highlights
3 3Q26 Earnings Highlights • Pre-provision net revenue1 increased $2.9M, or 60.4% annualized, from 2Q26 • Total revenue increased $2.3M, or 22.7% annualized, from 2Q26 • Noninterest expense decreased $0.6M, or 10.0% annualized, from 2Q26 • Efficiency ratio1 of 48.8%, down from 53.0% in 2Q26 0.37% •
Slide 4: Consistent Tangible Book Value Per Share Outperformance
4 Consistent Tangible Book Value Per Share1 Outperformance 49% 30% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 BWB Peer Bank Average2 Acquisition of First Minnetonka City Bank 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP
Slide 5: Strong Profitability and Revenue Trends Continue
5 Strong Profitability and Revenue Trends Continue PPNR ROA1 $34,091 $35,687 $36,647 $38,566 $40,658 $2,061 $3,148 $9,564 $2,324 $2,573 $36,152 $38,835 $46,211 $40,890 $43,231 3Q25 4Q25 1Q26 2Q26 3Q26 $16,137 $18,517 $16,790 $18,996 $21,890 $11,601 $13,334 $17,406 $14,007 $15,028 1.19% 1.35% 1.30% 1
Slide 6: NIM Expansion and Net Interest Income Growth
6 NIM Expansion and Net Interest Income Growth $32,637 $34,051 $35,044 $36,914 $39,102 $966 $1,041 $1,257 $1,464 $1,367 $488 $595 $346 $188 $189 $34,091 $35,687 $36,647 $38,566 $40,658 2.63% 2.75% 2.99% 3.07% 3.09% 2.52% 2.62% 2.86% 2.94% 2.98% 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Margin1 Core Net
Slide 7: Higher Loan Repricing Drives NIM Expansion
7 Higher Loan Repricing Drives NIM Expansion $3,517 $3,447 $3,356 $3,443 $3,552 $793 $855 $835 $808 $864 $519 $558 $470 $451 $477 $4,829 $4,860 $4,661 $4,702 $4,893 3.25% 3.07% 2.90% 2.91% 2.92% 3Q25 4Q25 1Q26 2Q26 3Q26 $4,133 $4,240 $4,337 $4,380 $4,471 5.79% 5.78% 5.81% 5.91% 5.96% 5.66% 5.63% 5.6
Slide 8: A Highly Efficient Business Model
$12,215 $12,413 $13,492 $13,916 $14,353 $1,266 $1,171 $1,375 $1,360 $1,286 $1,610 $1,614 $1,678 $1,950 $1,806 $1,261 $1,404 $1,196 $3,074 $3,290 $1,267 $1,127 $3,447 $3,401 $2,769 $530 $346 $982 $19,956 $20,238 $22,170 $21,894 $21,341 3Q25 4Q25 1Q26 2Q26 3Q26 8 A Highly Efficient Business Model 1.43
Slide 9: Robust Core Deposit Growth and Improved Deposit Mix
9 Robust Core Deposit Growth and Improved Deposit Mix 19% 21% 19% 19% 20% 20% 21% 21% 22% 21% 33% 32% 35% 33% 34% 8% 7% 5% 6% 7% 20% 19% 20% 20% 18% $4,293 $4,320 $4,306 $4,346 $4,473 3Q25 4Q25 1Q26 2Q26 3Q26 Interest-Bearing Transaction Noninterest-Bearing Transaction Time Savings & Money Market Br
Slide 10: Profitable Loan Growth Trends Continue
10 Profitable Loan Growth Trends Continue $4,215 $4,310 $4,368 $4,426 $4,507 3Q25 4Q25 1Q26 2Q26 3Q26 Gross Loans 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 Dollars in millions • 3Q26 loan growth of $80M, or 7.2% annualized
Slide 11: Stronger Originations and Advances Support Loan Growth
11 Stronger Originations and Advances Support Loan Growth Strong Originations and Advances $132 $242 $191 $178 $183 $61 $82 $98 $80 $125 $193 $324 $289 $258 $308 3Q25 4Q25 1Q26 2Q26 3Q26 New Originations Advances Elevated Loan Payoff Activity $76 $183 $151 $195 $179 $48 $77 $63 $48 $67 $124 $260 $21
Slide 12: Well-Diversified Loan Portfolio with Multifamily Expertise
12 Well-Diversified Loan Portfolio with Multifamily Expertise $(29) $(29) $- $- $4 $37 $43 $54 1 Source: Michel Commercial Real Estate; Twin Cities Multifamily Market Q2-2026 Review Dollars in millions CRE NOO 27% Multifamily 37% C&D 6% 1-4 Family Mortgage 10% CRE OO 4% C&I 14% Leases 1% Consumer &
Slide 13: Unique Expertise in Affordable Housing
13 Unique Expertise in Affordable Housing Dollars in millions Expertise in the High-Quality Affordable Housing Space • 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 barri
Slide 14: Declining Levels of Watch/Special Mention and Substandard
14 Declining Levels of Watch/Special Mention and Substandard Multifamily 80% CRE OO 10% C&I 6% 1-4 Family 4% $24 Million Watch/Special Mention List Loans Substandard Loans C&I 24% CRE NOO Office 20% CRE NOO Hotels 7% CRE NOO Retail 10% CRE NOO Other 6% Multifamily 22% CRE OO 8% 1-4 Family 3% $43 Mil
Slide 15: Asset Quality Remains Strong
15 Asset Quality Remains Strong 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2026 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands $275 $1,1
Slide 16: Strong Capital Position to Support Growth
16 Strong Capital Position to Support Growth Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio Tier 1 Leverage Ratio Stable Capital Ratios Tangible Common Equity Ratio1 1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation Recent Capital Actions • $12.4M
Slide 17: Near-Term Expectations
17 Near-Term Expectations • Mid-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 • Net interest margin stability o
Slide 18: 2026 Strategic Priorities
18 2026 Strategic Priorities Optimize Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Expand Reach of the Affordable Housing Vertical Leverage Technology to Support Business Growth • Leverage elevated loan demand and pipelines to drive organic loan growth • Continue to ali
Slide 19: Bridgewater Bancshares, Inc.
=, BRIDGEWATER BANCSHARES, INC.
Slide 20: Loan Portfolio Positioned to Reprice Higher
20 Loan Portfolio Positioned to Reprice Higher 21% 19% 19% 8% 18% 15% $105 $94 $94 $38 $88 $72 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 25% 19% 17% 14% 13% 12% $697 $527 $467 $408 $382 $348 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Y
Slide 21: Interest Rate Sensitivity
Interest Rate Sensitivity Estimated Change in NII From Immediate Interest Rate Shocks +100 bps -100 bps Loan Portfolio Considerations • Loan portfolio most sensitive to changes in the 3- to 5-year portion of the yield curve • Increased mix of variable-rate loans to support loan yield repricing in a
Slide 22: Managing Multifamily and Office-Related Risk
22 Managing Multifamily and Office-Related Risk 1 Excludes NOO medical office of $45 million Data as of September 30, 2026 Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure Percent of Total Loans Average Loan Size 4.9% $2.2M CRE NOO Office by Geography
Slide 23: High Quality Securities Portfolio
23 High Quality Securities Portfolio See Quarterly Peer Bank Financial Review AAA 35% AA 41% A 5% BBB 6% NR 13% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(25,175) $(61,070) $14,278 $27,431 $(5,563) $(22,863) 3Q25 3Q26 MTM Securities MTM Derivatives Net Impact on
Slide 24: Ample Liquidity and Borrowing Capacity
24 Ample Liquidity and Borrowing Capacity 12.5% 11.5% 12.4% 12.1% 12.8% 32.1% 35.0% 36.1% 38.7% 34.5% $2,393 $2,510 $2,586 $2,737 $2,656 3Q25 4Q25 1Q26 2Q26 3Q26 1 Excludes $93M of pledged securities at September 30, 2026 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sh
Slide 25: Reconciliation of Non-GAAP Financial Measures
25 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 60,317 $ 61,746 $ 62,102 $ 64,537 $ 67,130 Less: Loan Fees (966) (1,041) (1,257) (1
Slide 26: Reconciliation of Non-GAAP Financial Measures
26 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Tangible Common Equity / Tangible Assets Total Shareholders' Equity $ 497,463 $ 517,095 $ 528,424 $ 547,909 $ 541,392 Less: Preferred Stock (66,5
Slide 27: Reconciliation of Non-GAAP Financial Measures: Tangible Book Value Per Share
27 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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