Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q4 2025 Earnings Presentation
27 slides from Bridgewater Bancshares's earnings presentation, Jan 28, 2026
Slide 1: Earnings Presentation Fourth Quarter 2025
> — EARNINGS PRESENTATION FOURTH 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: 4Q25 Earnings Highlights
4Q25 Earnings Highlights Diluted Return on Return on Avg. Tangible Efficiency Nonperforming Assets EPS Average Assets Common Equity1 Ratio1 to Total Assets Reported $0.43 0.97% 11.53% 51.6% 0.41% Adjusted1 $0.44 0.99% 11.72% 50.7% • Net interest income increased $1.6M, or 4.7%, from 3Q25 NIM Expansi
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 243% 94% 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 2.75% 2.62% 2.63% 0.04% 0.18% 2.51% (0.05)% 0.01% 2.75% 2.62% (0.04)% 0.01% 0.01% (0.04)% 2.32% 2.52% 2.63% 2.49% 2.37% $35,687 $34,091 $595 Core NIM2 up 10 bps 2.24% $32,452 $488 $1,0
Slide 6: Deposit Costs Decline as Loan Yields Stabilize
Deposit Costs Decline as Loan Yields Stabilize Loans Yields Hold Flat Despite Recent Rate Cuts High-Yielding Securities Portfolio 5.74% 5.79% 5.78% 5.18% 4.93% 4.86% 4.79% 4.86% 5.61% 5.55% 5.66% $804 $813 $819 5.59% 5.63% $767 5.50% $752 5.47% $4,240 $4,065 $4,133 $3,899 $3,731 4Q24 1Q25 2Q25 3Q25
Slide 7: Strong Revenue and Profitability Trends Continue
Strong Revenue and Profitability Trends Continue Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Total revenue growth continued in 4Q25 1.38% due to NIM expansion and strong swap fee income 1.31% 1.23% 1.18% 1.09% 1.35% 1.27% 0.99% 1.19% 1.13% 0.90% 0.88% $38,835 1.05% 0.80% $36,152 0
Slide 8: A Highly Efficient Business Model
A Highly Efficient Business Model Improving Efficiency Ratio Well Managed Expense Growth Expense growth returns to more normalized level Peer median efficiency ratio of 57%1 in 3Q25 following FMCB systems conversion in 3Q25 $19,956 $20,238 56.8% $18,941 $530 $346 55.5% 54.7% $18,136 52.6% $540 51.6%
Slide 9: Continued Core Deposit Momentum
Continued Core Deposit Momentum Improved Deposit Mix Strong Core Deposit Growth Trends Support Loan Growth Outlook • 4Q25 deposit growth of $28M, or 2.6% annualized (5.7% for FY25) $4,293 $4,320 $4,162 $4,237 • 4Q25 core deposit growth1 of $73M, or 8.8% annualized (7.9% for FY25) $4,087 • Improved d
Slide 10: Robust Loan Growth Trends Continue
Robust Loan Growth Trends Continue Proven Track Record of Generating Robust Loan Growth Loan Growth Aligning With Expectations • 4Q25 loan growth of $95M, or 8.9% annualized $4,310 • FY25 loan growth of $441M, or 11.4% $4,215 $4,146 • Loan demand and pipeline remain strong • Loan-to-deposit ratio of
Slide 11: Loan Originations and Payoffs Increase
Loan Originations and Payoffs Increase 4Q25 Loan Growth Roll-forward Strong Loan Pipeline Translating into New Originations $324 $32 $82 $270 $275 $257 $82 $242 $49 $58 $68 $193 $(183) $61 $4,310 $242 $(77) $(1) $221 $217 $189 $4,215 $132 4Q24 1Q25 2Q25 3Q25 4Q25 New Originations Advances Increased
Slide 12: Well-Diversified Loan Portfolio with Multifamily Expertise
Well-Diversified Loan Portfolio with Multifamily Expertise 4Q25 Loan Growth by Type (vs. 3Q25) Construction and Development $60 C&I $14 • Increased construction and development commitments Multifamily $9 over the past several quarters have resulted in renewed balance sheet growth in 2025 1-4 Family
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 $3.3M 67% $62K 4.9%
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 FY25 NCOs of 0.04% NPAs remain at relatively low levels ACL/Loans of 1.18%1 compared to 0.03% in FY24 $56,390 $56,443 $55,765 $53,766 $52,277 $22,034 $1,197 1.35% 1.34
Slide 15: Manageable Levels of Watch/Special Mention and Substandard
Manageable Levels of Watch/Special Mention and Substandard Watch/Special Mention List Loans Substandard Loans $58,074 $53,282 $52,956 $46,581 $47,823 $44,986 $38,346 $40,642 $31,587 $21,791 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 1-4 CRE Family Other C&I OO 1.9% 0.1% 4.2% 3.2% C&I Watch/Sp
Slide 16: Comfortable Capital Position to Support Growth
Comfortable Capital Position to Support Growth Capital Ratios Stabilize Following Acquisition Capital Allocation Priorities 13.76% 13.62% 14.17% 14.12% 14.12% 1 Organic Growth Drive profitability by supporting a proven organic loan growth engine 9.45% 2 M&A 9.10% 9.14% 9.08% 9.20% Review and evaluat
Slide 17: 2026 Expectations
2026 Expectations • High single digit loan growth over the course of the year, 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
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
IDGEWATER ANCSHARES, INC. APPENDIX
Slide 20: 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 21: 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 22: 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 Loan Portfolio Mix ($2.8B) ($933M) ($555M) Adjustable-Rate Years to Maturity Variable-Rate Loan Floors Repricing/Maturity Schedule Adjustable, 13% $340 $637 $547 Variable, $398
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 $24,458 $768 $765 $776 $744 9% $14,508 7% 13% 12% 11% 18% $561 19% 22% 23% 20% 13% 12% 17% 17% 18% 29% $(13,364) 31% 16% 15% 15% $(
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 $2,510 $2,357 $2,384 $2,393 Available Balance $2,296 Funding Source 12/31/2022 12/31/2025 Change Cash and Cash Equivalents $ 48 $ 97 $ 49 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, December 31, March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, 2024 2025 2025 2025 2025 2024 2025 2025 2025 2025 Pre-Provision Net Re
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, December 31, March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, 2024 2025 2025 2025 2025 2024 2025 2025 2025 2025 Tangible Common Equi
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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