Bridgewater Bancshares, Inc. Announces Second Quarter 2026 Financial Results

About this update from Bridgewater Bancshares, Inc.

[{"type":"text","content":" \nBridgewater Bancshares, Inc. (Nasdaq: BWB) (“the Company”), the parent company of Bridgewater Bank (“the Bank”), today announced net income of $14.0 million for the second quarter of 2026, compared to $17.4 million for the first quarter of 2026, and $11.5 million for the second quarter of 2025. Earnings per diluted common share were $0.45 for the second quarter of 2026, compared to $0.58 for the first quarter of 2026, and $0.38 for the second quarter of 2025.\n\n \n“Bridgewater’s strong second quarter reflected continued progress across key profitability drivers, highlighted by improved revenue and net interest income growth trends,” said Chairman and Chief Executive Officer, Jerry Baack. “The profitable growth of our loan portfolio, supported by continued net interest margin expansion and higher loan repricing, helped drive stronger earnings performance while we maintained our disciplined credit underwriting approach and strong asset quality profile. Our results demonstrated the strength of our core banking model, the benefits of disciplined balance sheet management, and the continued momentum we are seeing across our markets.\n\n \n“We remain focused on executing our relationship-based growth strategy and are continuing to proactively add top talent across our production and support teams. These investments will support our ability to capitalize on future growth opportunities, strengthen our ability to serve clients, and create long-term value for our shareholders.”\n\n \n________________________________________\n\n \n(1)\n\n \nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n \n(2)\n\n \nCore deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.\n\n \nKey Financial Measures \n \n\n \n \n\n \nAs of and for the Three Months Ended \n \n\n \nAs of and for the Six Months Ended \n \n\n \n \n\n \nJune 30, \nMarch 31, \nJune 30, \n \n\n \nJune 30, \nJune 30, \n \n\n \n \n\n \n2026 \n2026 \n2025 \n \n\n \n2026 \n2025 \nPer Common Share Data \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic Earnings Per Share\n\n \n \n\n \n$\n\n \n0.47\n\n \n \n\n \n$\n\n \n0.59\n\n \n \n\n \n$\n\n \n0.38\n\n \n \n\n \n \n\n \n$\n\n \n1.06\n\n \n \n\n \n$\n\n \n0.70\n\n \n \n\n \nDiluted Earnings Per Share\n\n \n \n\n \n \n\n \n0.45\n\n \n \n\n \n \n\n \n0.58\n\n \n \n\n \n \n\n \n0.38\n\n \n \n\n \n \n\n \n \n\n \n1.03\n\n \n \n\n \n \n\n \n0.68\n\n \n \n\n \nAdjusted Diluted Earnings Per Share (1) \n \n\n \n \n\n \n0.45\n\n \n \n\n \n \n\n \n0.41\n\n \n \n\n \n \n\n \n0.37\n\n \n \n\n \n \n\n \n \n\n \n0.86\n\n \n \n\n \n \n\n \n0.69\n\n \n \n\n \nBook Value Per Share\n\n \n \n\n \n \n\n \n17.27\n\n \n \n\n \n \n\n \n16.60\n\n \n \n\n \n \n\n \n14.92\n\n \n \n\n \n \n\n \n \n\n \n17.27\n\n \n \n\n \n \n\n \n14.92\n\n \n \n\n \nTangible Book Value Per Share (1) \n \n\n \n \n\n \n16.61\n\n \n \n\n \n \n\n \n15.93\n\n \n \n\n \n \n\n \n14.21\n\n \n \n\n \n \n\n \n \n\n \n16.61\n\n \n \n\n \n \n\n \n14.21\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nFinancial Ratios \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nReturn on Average Assets (2) \n \n\n \n \n\n \n1.06\n\n \n%\n\n \n \n\n \n1.35\n\n \n%\n\n \n \n\n \n0.90\n\n \n%\n\n \n \n\n \n \n\n \n1.20\n\n \n%\n\n \n \n\n \n0.83\n\n \n%\n\n \nPre-Provision Net Revenue Return on Average Assets (1)(2) \n \n\n \n \n\n \n1.43\n\n \n \n\n \n \n\n \n1.30\n\n \n \n\n \n \n\n \n1.27\n\n \n \n\n \n \n\n \n \n\n \n1.37\n\n \n \n\n \n \n\n \n1.20\n\n \n \n\n \nReturn on Average Shareholders' Equity (2) \n \n\n \n \n\n \n10.17\n\n \n \n\n \n \n\n \n13.45\n\n \n \n\n \n \n\n \n9.80\n\n \n \n\n \n \n\n \n \n\n \n11.76\n\n \n \n\n \n \n\n \n9.10\n\n \n \n\n \nReturn on Average Tangible Common Equity (1)(2) \n \n\n \n \n\n \n11.15\n\n \n \n\n \n \n\n \n15.13\n\n \n \n\n \n \n\n \n10.93\n\n \n \n\n \n \n\n \n \n\n \n13.07\n\n \n \n\n \n \n\n \n10.08\n\n \n \n\n \nNet Interest Margin (3) \n \n\n \n \n\n \n3.07\n\n \n \n\n \n \n\n \n2.99\n\n \n \n\n \n \n\n \n2.62\n\n \n \n\n \n \n\n \n \n\n \n3.03\n\n \n \n\n \n \n\n \n2.56\n\n \n \n\n \nCore Net Interest Margin (1)(3) \n \n\n \n \n\n \n2.94\n\n \n \n\n \n \n\n \n2.86\n\n \n \n\n \n \n\n \n2.49\n\n \n \n\n \n \n\n \n \n\n \n2.90\n\n \n \n\n \n \n\n \n2.43\n\n \n \n\n \nCost of Total Deposits\n\n \n \n\n \n \n\n \n2.80\n\n \n \n\n \n \n\n \n2.79\n\n \n \n\n \n \n\n \n3.16\n\n \n \n\n \n \n\n \n \n\n \n2.79\n\n \n \n\n \n \n\n \n3.17\n\n \n \n\n \nCost of Funds\n\n \n \n\n \n \n\n \n2.91\n\n \n \n\n \n \n\n \n2.90\n\n \n \n\n \n \n\n \n3.19\n\n \n \n\n \n \n\n \n \n\n \n2.90\n\n \n \n\n \n \n\n \n3.18\n\n \n \n\n \nYield on Loans\n\n \n \n\n \n \n\n \n5.91\n\n \n \n\n \n \n\n \n5.81\n\n \n \n\n \n \n\n \n5.74\n\n \n \n\n \n \n\n \n \n\n \n5.86\n\n \n \n\n \n \n\n \n5.68\n\n \n \n\n \nEfficiency Ratio (1) \n \n\n \n \n\n \n53.0\n\n \n \n\n \n \n\n \n56.3\n\n \n \n\n \n \n\n \n52.6\n\n \n \n\n \n \n\n \n \n\n \n54.6\n\n \n \n\n \n \n\n \n53.9\n\n \n \n\n \nNoninterest Expense to Average Assets (2) \n \n\n \n \n\n \n1.65\n\n \n \n\n \n \n\n \n1.71\n\n \n \n\n \n \n\n \n1.47\n\n \n \n\n \n \n\n \n \n\n \n1.68\n\n \n \n\n \n \n\n \n1.46\n\n \n \n\n \nTangible Common Equity to Tangible Assets (1) \n \n\n \n \n\n \n8.62\n\n \n \n\n \n \n\n \n8.34\n\n \n \n\n \n \n\n \n7.40\n\n \n \n\n \n \n\n \n \n\n \n8.62\n\n \n \n\n \n \n\n \n7.40\n\n \n \n\n \nCommon Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4) \n \n\n \n \n\n \n9.61\n\n \n \n\n \n \n\n \n9.53\n\n \n \n\n \n \n\n \n9.03\n\n \n \n\n \n \n\n \n \n\n \n9.61\n\n \n \n\n \n \n\n \n9.03\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted Financial Ratios (1) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted Return on Average Assets (2) \n \n\n \n \n\n \n1.06\n\n \n%\n\n \n \n\n \n0.98\n\n \n%\n\n \n \n\n \n0.88\n\n \n%\n\n \n \n\n \n \n\n \n1.02\n\n \n%\n\n \n \n\n \n0.84\n\n \n%\n\n \nAdjusted Pre-Provision Net Revenue Return on Average Assets (2) \n \n\n \n \n\n \n1.43\n\n \n \n\n \n \n\n \n1.37\n\n \n \n\n \n \n\n \n1.31\n\n \n \n\n \n \n\n \n \n\n \n1.40\n\n \n \n\n \n \n\n \n1.25\n\n \n \n\n \nAdjusted Return on Average Shareholders' Equity (2) \n \n\n \n \n\n \n10.17\n\n \n \n\n \n \n\n \n9.76\n\n \n \n\n \n \n\n \n9.64\n\n \n \n\n \n \n\n \n \n\n \n9.97\n\n \n \n\n \n \n\n \n9.21\n\n \n \n\n \nAdjusted Return on Average Tangible Common Equity (2) \n \n\n \n \n\n \n11.15\n\n \n \n\n \n \n\n \n10.72\n\n \n \n\n \n \n\n \n10.74\n\n \n \n\n \n \n\n \n \n\n \n10.94\n\n \n \n\n \n \n\n \n10.22\n\n \n \n\n \nAdjusted Efficiency Ratio\n\n \n \n\n \n \n\n \n53.0\n\n \n \n\n \n \n\n \n53.8\n\n \n \n\n \n \n\n \n51.5\n\n \n \n\n \n \n\n \n \n\n \n53.4\n\n \n \n\n \n \n\n \n52.5\n\n \n \n\n \nAdjusted Noninterest Expense to Average Assets (2) \n \n\n \n \n\n \n1.65\n\n \n \n\n \n \n\n \n1.64\n\n \n \n\n \n \n\n \n1.43\n\n \n \n\n \n \n\n \n \n\n \n1.65\n\n \n \n\n \n \n\n \n1.42\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBalance Sheet and Asset Quality (dollars in thousands) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal Assets\n\n \n \n\n \n$\n\n \n5,389,726\n\n \n \n\n \n$\n\n \n5,335,396\n\n \n \n\n \n$\n\n \n5,296,673\n\n \n \n\n \n \n\n \n$\n\n \n5,389,726\n\n \n \n\n \n$\n\n \n5,296,673\n\n \n \n\n \nTotal Loans, Gross\n\n \n \n\n \n \n\n \n4,426,389\n\n \n \n\n \n \n\n \n4,368,042\n\n \n \n\n \n \n\n \n4,145,799\n\n \n \n\n \n \n\n \n \n\n \n4,426,389\n\n \n \n\n \n \n\n \n4,145,799\n\n \n \n\n \nDeposits\n\n \n \n\n \n \n\n \n4,346,204\n\n \n \n\n \n \n\n \n4,305,511\n\n \n \n\n \n \n\n \n4,236,742\n\n \n \n\n \n \n\n \n \n\n \n4,346,204\n\n \n \n\n \n \n\n \n4,236,742\n\n \n \n\n \nLoan to Deposit Ratio\n\n \n \n\n \n \n\n \n101.8\n\n \n%\n\n \n \n\n \n101.5\n\n \n%\n\n \n \n\n \n97.9\n\n \n%\n\n \n \n\n \n \n\n \n101.8\n\n \n%\n\n \n \n\n \n97.9\n\n \n%\n\n \nNet Loan Charge-Offs to Average Loans (2) \n \n\n \n \n\n \n0.04\n\n \n \n\n \n \n\n \n0.05\n\n \n \n\n \n \n\n \n0.00\n\n \n \n\n \n \n\n \n \n\n \n0.04\n\n \n \n\n \n \n\n \n0.00\n\n \n \n\n \nNonperforming Assets to Total Assets (5) \n \n\n \n \n\n \n0.40\n\n \n \n\n \n \n\n \n0.22\n\n \n \n\n \n \n\n \n0.19\n\n \n \n\n \n \n\n \n \n\n \n0.40\n\n \n \n\n \n \n\n \n0.19\n\n \n \n\n \nAllowance for Credit Losses to Total Loans\n\n \n \n\n \n \n\n \n1.30\n\n \n \n\n \n \n\n \n1.31\n\n \n \n\n \n \n\n \n1.35\n\n \n \n\n \n \n\n \n \n\n \n1.30\n\n \n \n\n \n \n\n \n1.35\n\n \n \n\n \n________________________________________\n\n \n(1)\n\n \nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n \n(2)\n\n \nAnnualized.\n\n \n(3)\n\n \nAmounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.\n\n \n(4)\n\n \nPreliminary data. Current period subject to change prior to filings with applicable regulatory agencies.\n\n \n(5)\n\n \nNonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.\n\n \nIncome Statement \nNet Interest Margin and Net Interest Income \nNet interest margin (on a fully tax-equivalent basis) for the second quarter of 2026 was 3.07%, an eight basis point increase from 2.99% in the first quarter of 2026, and a 45 basis point increase from 2.62% in the second quarter of 2025. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and purchase accounting accretion attributable to the acquisition of First Minnetonka City Bank (“FMCB”), was 2.94% for the second quarter of 2026, an eight basis point increase from 2.86% in the first quarter of 2026, and a 45 basis point increase from 2.49% in the second quarter of 2025.\n\n \n\nNet interest margin expanded to 3.07% in the second quarter of 2026 primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits.\n\n \n\nThe year-over-year expansion in net interest margin was primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits, offset partially by the refinancing of subordinated debt at higher rates late in the second quarter of 2025.\n\n \nNet interest income was $38.6 million for the second quarter of 2026, an increase of $1.9 million from $36.6 million in the first quarter of 2026, and an increase of $6.1 million from $32.5 million in the second quarter of 2025.\n\n \n\nThe linked-quarter increase in net interest income was primarily driven by loan portfolio growth at higher yields, higher cash balances, and lower federal funds purchased balances, offset partially by higher deposit balances.\n\n \n\nThe year-over-year increase in net interest income was primarily due to growth in the loan portfolio and lower rates paid on deposits, offset partially by lower investment securities balances following the sale of $208.5 million of securities in the first quarter of 2026, and higher balances and rates paid on subordinated debt.\n\n \nInterest income was $72.7 million for the second quarter of 2026, an increase of $2.7 million from $70.0 million in the first quarter of 2026, and an increase of $3.5 million from $69.2 million in the second quarter of 2025.\n\n \n\nThe yield on interest earning assets (on a fully tax-equivalent basis) was 5.73% in the second quarter of 2026, compared to 5.65% in the first quarter of 2026, and 5.56% in the second quarter of 2025.\n\n \n\nThe linked-quarter increase in the yield on interest earning assets was primarily due to growth and repricing of the loan portfolio.\n\n \n\nThe year-over-year increase in the yield on interest earning assets (on a fully tax-equivalent basis) was primarily due to growth and repricing of the loan portfolio at accretive yields.\n\n \n\nThe aggregate loan yield was 5.91% in the second quarter of 2026, 10 basis points higher than 5.81% in the first quarter of 2026, and 17 basis points higher than 5.74% in the second quarter of 2025.\n\n \n\nCore loan yield, a non-GAAP financial measure, was 5.76% in the second quarter of 2026, 10 basis points higher than 5.66% in the first quarter of 2026, and 17 basis points higher than 5.59% in the second quarter of 2025.\n\n \nA summary of interest and fees recognized on loans for the periods indicated is as follows:\n\n \n \n\n \n \n\n \nThree Months Ended \n \n\n \n \n\n \nJune 30, 2026 \n \n\n \nMarch 31, 2026 \n \n\n \nDecember 31, 2025 \n \n\n \nSeptember 30, 2025 \n \n\n \nJune 30, 2025 \n \n\n \nInterest\n\n \n \n\n \n5.76\n\n \n%\n\n \n \n\n \n5.66\n\n \n%\n\n \n \n\n \n5.63\n\n \n%\n\n \n \n\n \n5.66\n\n \n%\n\n \n \n\n \n5.59\n\n \n%\n\n \n \n\n \nFees\n\n \n \n\n \n0.13\n\n \n \n\n \n \n\n \n0.12\n\n \n \n\n \n \n\n \n0.10\n\n \n \n\n \n \n\n \n0.09\n\n \n \n\n \n \n\n \n0.11\n\n \n \n\n \n \n\n \nAccretion\n\n \n \n\n \n0.02\n\n \n \n\n \n \n\n \n0.03\n\n \n \n\n \n \n\n \n0.05\n\n \n \n\n \n \n\n \n0.04\n\n \n \n\n \n \n\n \n0.04\n\n \n \n\n \n \n\n \nYield on Loans\n\n \n \n\n \n5.91\n\n \n%\n\n \n \n\n \n5.81\n\n \n%\n\n \n \n\n \n5.78\n\n \n%\n\n \n \n\n \n5.79\n\n \n%\n\n \n \n\n \n5.74\n\n \n%\n\n \n \n\n \nInterest expense was $34.1 million for the second quarter of 2026, an increase of $772,000 from $33.3 million in the first quarter of 2026, and a decrease of $2.7 million from $36.7 million in the second quarter of 2025.\n\n \n\nThe cost of interest bearing liabilities was 3.51% in the second quarter of 2026, compared to 3.53% in the first quarter of 2026, and 3.83% in the second quarter of 2025.\n\n \n\nThe linked-quarter decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits and lower balances and rates paid on federal funds purchased.\n\n \n\nThe year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits, lower balances on FHLB advances, and no balances drawn on the notes payable for the quarter, offset partially by an increase in balances and rates paid on subordinated debentures.\n\n \nInterest expense on deposits was $29.7 million for the second quarter of 2026, an increase of $918,000 from $28.8 million in the first quarter of 2026, and a decrease of $2.8 million from $32.5 million in the second quarter of 2025.\n\n \n\nThe cost of total deposits was 2.80% in the second quarter of 2026, one basis point higher than 2.79% in the first quarter of 2026, and 36 basis points lower than 3.16% in the second quarter of 2025.\n\n \n\nThe linked-quarter increase in the cost of total deposits was primarily due to higher balances and rates paid on interest bearing transaction deposits and a decrease in noninterest bearing deposits.\n\n \n\nThe year-over-year decrease in the cost of total deposits was primarily due to lower rates paid on deposits following interest rate cuts in 2025 and an increase in noninterest bearing deposits.\n\n \nProvision for Credit Losses \nThe provision for credit losses on loans and leases was $550,000 for the second quarter of 2026, compared to $1.4 million for the first quarter of 2026, and $2.0 million for the second quarter of 2025.\n\n \n\nThe provision recorded in the second quarter of 2026 was primarily attributable to growth in the loan portfolio, offset partially by changes to qualitative factors.\n\n \n\nThe allowance for credit losses on loans to total loans was 1.30% at June 30, 2026, compared to 1.31% at March 31, 2026, and 1.35% at June 30, 2025.\n\n \nThe provision for credit losses for off-balance sheet credit exposures was $-0- for the second quarter of 2026, compared to a negative provision of $150,000 for the first quarter of 2026, and a provision of $-0- for the second quarter of 2025.\n\n \nNoninterest Income \nNoninterest income was $2.3 million for the second quarter of 2026, a decrease of $7.2 million from $9.6 million for the first quarter of 2026, and a decrease of $1.3 million from $3.6 million for the second quarter of 2025.\n\n \n\nThe linked-quarter decrease was primarily due to no net gain on the sale of securities, offset partially by higher letter of credit fees.\n\n \n\nThe year-over-year decrease was primarily due to lower swap fees, net gain on the sale of securities, and FHLB prepayment income.\n\n \n\nNoninterest income included net gain on sales of securities of $-0- during the second quarter of 2026, compared to $7.3 million for the first quarter of 2026, and $474,000 for the second quarter of 2025, which is considered a non-core item.\n\n \nNoninterest Expense \nNoninterest expense was $21.9 million for the second quarter of 2026, a decrease of $276,000 from $22.2 million for the first quarter of 2026, and an increase of $3.0 million from $18.9 million for the second quarter of 2025.\n\n \n\nThe linked-quarter decrease was primarily due to no FHLB prepayment penalty, offset partially by higher salaries and employee benefits.\n\n \n\nThe year-over-year increase was primarily attributable to increases in salaries and employee benefits and information technology expenses.\n\n \n\nNoninterest expense for the second quarter of 2026 and the first quarter of 2026 included no merger-related expenses associated with the acquisition of FMCB, compared to merger-related expenses of $540,000 for the second quarter of 2025, which was considered non-core.\n\n \n\nNoninterest expense for the second quarter of 2026 included no FHLB prepayment penalty, compared to $982,000 for the first quarter of 2026, and no FHLB prepayment penalty for the second quarter of 2025, which was considered non-core.\n\n \n\nThe efficiency ratio (on a fully tax-equivalent basis), a non-GAAP financial measure, was 53.0% for the second quarter of 2026, compared to 56.3% for the first quarter of 2026, and 52.6% for the second quarter of 2025.\n\n \n\nThe Company had 355 full-time equivalent employees at June 30, 2026, compared to 337 at March 31, 2026, and 308 at June 30, 2025. The linked-quarter increase was primarily driven by the hiring of seasonal interns and hiring of key talent across the organization. The year-over-year increase was primarily driven by the hiring of key talent across the organization admist continued M&A disruption.\n\n \nIncome Taxes \nThe effective combined federal and state income tax rate was 24.1% for the second quarter of 2026, compared to 23.8% for the first quarter of 2026, and 23.9% for the second quarter of 2025.\n\n \nBalance Sheet \nLoans \n(dollars in thousands) \n \n\n \nJune 30, 2026 \n \n\n \nMarch 31, 2026 \n \n\n \nDecember 31, 2025 \n \n\n \nSeptember 30, 2025 \n \n\n \nJune 30, 2025 \n \n\n \nCommercial \n \n\n \n$\n\n \n591,034\n\n \n \n\n \n \n\n \n$\n\n \n593,406\n\n \n \n\n \n \n\n \n$\n\n \n547,245\n\n \n \n\n \n \n\n \n$\n\n \n533,476\n\n \n \n\n \n \n\n \n$\n\n \n549,259\n\n \n \n\n \n \n\n \nLeases \n \n\n \n \n\n \n41,802\n\n \n \n\n \n \n\n \n \n\n \n41,791\n\n \n \n\n \n \n\n \n \n\n \n43,407\n\n \n \n\n \n \n\n \n \n\n \n43,186\n\n \n \n\n \n \n\n \n \n\n \n44,817\n\n \n \n\n \n \n\n \nConstruction and Land Development \n \n\n \n \n\n \n186,248\n\n \n \n\n \n \n\n \n \n\n \n209,421\n\n \n \n\n \n \n\n \n \n\n \n216,163\n\n \n \n\n \n \n\n \n \n\n \n159,991\n\n \n \n\n \n \n\n \n \n\n \n136,438\n\n \n \n\n \n \n\n \n1-4 Family Construction \n \n\n \n \n\n \n46,539\n\n \n \n\n \n \n\n \n \n\n \n50,629\n\n \n \n\n \n \n\n \n \n\n \n45,152\n\n \n \n\n \n \n\n \n \n\n \n41,739\n\n \n \n\n \n \n\n \n \n\n \n39,095\n\n \n \n\n \n \n\n \nReal Estate Mortgage: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n1-4 Family Mortgage\n\n \n \n\n \n \n\n \n485,288\n\n \n \n\n \n \n\n \n \n\n \n488,029\n\n \n \n\n \n \n\n \n \n\n \n496,142\n\n \n \n\n \n \n\n \n \n\n \n487,297\n\n \n \n\n \n \n\n \n \n\n \n474,269\n\n \n \n\n \n \n\n \nMultifamily\n\n \n \n\n \n \n\n \n1,690,566\n\n \n \n\n \n \n\n \n \n\n \n1,590,091\n\n \n \n\n \n \n\n \n \n\n \n1,587,338\n\n \n \n\n \n \n\n \n \n\n \n1,578,223\n\n \n \n\n \n \n\n \n \n\n \n1,555,731\n\n \n \n\n \n \n\n \nCRE Owner Occupied\n\n \n \n\n \n \n\n \n191,153\n\n \n \n\n \n \n\n \n \n\n \n188,588\n\n \n \n\n \n \n\n \n \n\n \n189,754\n\n \n \n\n \n \n\n \n \n\n \n192,966\n\n \n \n\n \n \n\n \n \n\n \n192,837\n\n \n \n\n \n \n\n \nCRE Nonowner Occupied\n\n \n \n\n \n \n\n \n1,168,863\n\n \n \n\n \n \n\n \n \n\n \n1,185,371\n\n \n \n\n \n \n\n \n \n\n \n1,165,104\n\n \n \n\n \n \n\n \n \n\n \n1,158,622\n\n \n \n\n \n \n\n \n \n\n \n1,137,007\n\n \n \n\n \n \n\n \nTotal Real Estate Mortgage Loans \n \n\n \n \n\n \n3,535,870\n\n \n \n\n \n \n\n \n \n\n \n3,452,079\n\n \n \n\n \n \n\n \n \n\n \n3,438,338\n\n \n \n\n \n \n\n \n \n\n \n3,417,108\n\n \n \n\n \n \n\n \n \n\n \n3,359,844\n\n \n \n\n \n \n\n \nConsumer and Other \n \n\n \n \n\n \n24,896\n\n \n \n\n \n \n\n \n \n\n \n20,716\n\n \n \n\n \n \n\n \n \n\n \n19,212\n\n \n \n\n \n \n\n \n \n\n \n19,054\n\n \n \n\n \n \n\n \n \n\n \n16,346\n\n \n \n\n \n \n\n \nTotal Loans, Gross\n\n \n \n\n \n \n\n \n4,426,389\n\n \n \n\n \n \n\n \n \n\n \n4,368,042\n\n \n \n\n \n \n\n \n \n\n \n4,309,517\n\n \n \n\n \n \n\n \n \n\n \n4,214,554\n\n \n \n\n \n \n\n \n \n\n \n4,145,799\n\n \n \n\n \n \n\n \nAllowance for Credit Losses on Loans\n\n \n \n\n \n \n\n \n(57,418\n\n \n)\n\n \n \n\n \n \n\n \n(57,277\n\n \n)\n\n \n \n\n \n \n\n \n(56,443\n\n \n)\n\n \n \n\n \n \n\n \n(56,390\n\n \n)\n\n \n \n\n \n \n\n \n(55,765\n\n \n)\n\n \n \n\n \nNet Deferred Loan Fees\n\n \n \n\n \n \n\n \n(8,469\n\n \n)\n\n \n \n\n \n \n\n \n(8,633\n\n \n)\n\n \n \n\n \n \n\n \n(8,966\n\n \n)\n\n \n \n\n \n \n\n \n(8,282\n\n \n)\n\n \n \n\n \n \n\n \n(7,629\n\n \n)\n\n \n \n\n \nTotal Loans, Net\n\n \n \n\n \n$\n\n \n4,360,502\n\n \n \n\n \n \n\n \n$\n\n \n4,302,132\n\n \n \n\n \n \n\n \n$\n\n \n4,244,108\n\n \n \n\n \n \n\n \n$\n\n \n4,149,882\n\n \n \n\n \n \n\n \n$\n\n \n4,082,405\n\n \n \n\n \n \n\n \nTotal gross loans at June 30, 2026 were $4.43 billion, an increase of $58.3 million, or 5.4% annualized, compared to total gross loans of $4.37 billion at March 31, 2026, and an increase of $280.6 million, or 6.8%, compared to total gross loans of $4.15 billion at June 30, 2025.\n\n \n\nThe increase in the loan portfolio during the second quarter of 2026 was primarily due to growth in the multifamily portfolio.\n\n \nDeposits \n(dollars in thousands) \n \n\n \nJune 30, 2026 \n \n\n \nMarch 31, 2026 \n \n\n \nDecember 31, 2025 \n \n\n \nSeptember 30, 2025 \n \n\n \nJune 30, 2025 \n \n\n \nNoninterest Bearing Transaction Deposits\n\n \n \n\n \n$\n\n \n830,952\n\n \n \n\n \n$\n\n \n828,845\n\n \n \n\n \n$\n\n \n923,070\n\n \n \n\n \n$\n\n \n822,632\n\n \n \n\n \n$\n\n \n787,868\n\n \n \n\n \nInterest Bearing Transaction Deposits\n\n \n \n\n \n \n\n \n944,502\n\n \n \n\n \n \n\n \n899,911\n\n \n \n\n \n \n\n \n893,740\n\n \n \n\n \n \n\n \n860,774\n\n \n \n\n \n \n\n \n791,748\n\n \n \n\n \nSavings and Money Market Deposits\n\n \n \n\n \n \n\n \n1,435,582\n\n \n \n\n \n \n\n \n1,497,517\n\n \n \n\n \n \n\n \n1,380,922\n\n \n \n\n \n \n\n \n1,428,726\n\n \n \n\n \n \n\n \n1,441,694\n\n \n \n\n \nTime Deposits\n\n \n \n\n \n \n\n \n243,694\n\n \n \n\n \n \n\n \n232,959\n\n \n \n\n \n \n\n \n312,154\n\n \n \n\n \n \n\n \n346,214\n\n \n \n\n \n \n\n \n344,882\n\n \n \n\n \nBrokered Deposits\n\n \n \n\n \n \n\n \n891,474\n\n \n \n\n \n \n\n \n846,279\n\n \n \n\n \n \n\n \n810,483\n\n \n \n\n \n \n\n \n834,418\n\n \n \n\n \n \n\n \n870,550\n\n \n \n\n \nTotal Deposits\n\n \n \n\n \n$\n\n \n4,346,204\n\n \n \n\n \n$\n\n \n4,305,511\n\n \n \n\n \n$\n\n \n4,320,369\n\n \n \n\n \n$\n\n \n4,292,764\n\n \n \n\n \n$\n\n \n4,236,742\n\n \n \n\n \nTotal deposits at June 30, 2026 were $4.35 billion, an increase of $40.7 million, or 3.8% annualized, compared to total deposits of $4.31 billion at March 31, 2026, and an increase of $109.5 million, or 2.6%, compared to total deposits of $4.24 billion at June 30, 2025.\n\n \n\nCore deposits, defined as total deposits excluding brokered deposits and certificates of deposit greater than $250,000, decreased $29.9 million, or 3.5% annualized, from March 31, 2026, and increased $161.1 million, or 5.1%, from June 30, 2025.\n\n \n\nInterest bearing transaction deposits increased $44.6 million, or 19.9% annualized, from March 31, 2026, and increased $152.8 million, or 19.3%, from June 30, 2025.\n\n \n\nBrokered deposits increased $45.2 million from March 31, 2026, and increased $20.9 million from June 30, 2025. Consistent with historical practice, brokered deposits continue to be used as a supplemental funding source, as needed.\n\n \nAsset Quality \nOverall asset quality remained strong due to the Company’s measured risk selection, consistent underwriting standards, active credit oversight, and experienced lending and credit teams.\n\n \n\nAnnualized net charge-offs as a percentage of average loans were 0.04% for the second quarter of 2026, compared to 0.05% for the first quarter of 2026, and 0.00% for the second quarter of 2025.\n\n \n\nAt June 30, 2026, the Company’s nonperforming assets, which included nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $21.6 million, or 0.40% of total assets, compared to $11.7 million, or 0.22% of total assets, at March 31, 2026, and $10.3 million, or 0.19% of total assets, at June 30, 2025.\n\n \n\nLoans with potential weaknesses that warranted a watch/special mention risk rating at June 30, 2026 totaled $38.5 million, compared to $47.7 million at March 31, 2026, and $53.3 million at June 30, 2025.\n\n \n\nLoans that warranted a substandard risk rating at June 30, 2026 totaled $43.9 million, compared to $43.1 million at March 31, 2026, and $45.0 million at June 30, 2025.\n\n \nCapital \nTotal shareholders’ equity at June 30, 2026 was $547.9 million, an increase of $19.5 million, or 14.8% annualized, compared to $528.4 million at March 31, 2026, and an increase of $71.6 million, or 15.0%, over $476.3 million at June 30, 2025.\n\n \n\nThe linked-quarter increase was primarily due to net income retained, a decrease in unrealized losses in the investment securities portfolio, and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends.\n\n \n\nThe year-over-year increase was primarily due to net income retained, a decrease in unrealized losses in the investment securities portfolio, and an increase in unrealized gains in the derivatives portfolio, offset partially by preferred stock dividends and stock repurchases.\n\n \n\nThe Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.61% at June 30, 2026, compared to 9.53% at March 31, 2026, and 9.03% at June 30, 2025.\n\n \n\nTangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.62% at June 30, 2026, compared to 8.34% at March 31, 2026, and 7.40% at June 30, 2025.\n\n \nTangible book value per share, a non-GAAP financial measure, was $16.61 as of June 30, 2026, an increase of 17.1% annualized from $15.93 as of March 31, 2026, and an increase of 16.9% from $14.21 as of June 30, 2025.\n\n \nDuring the second quarter of 2026, the Company repurchased 38,659 shares of its common stock at an aggregate purchase price of $700,000 (weighted average price of $18.12 per share).\n\n \n\nThe Company had $12.4 million remaining under its current share repurchase authorization at June 30, 2026.\n\n \nThe Company did not sell any shares during the second quarter of 2026 as part of its existing at-the-market offering.\n\n \nToday, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on September 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on August 14, 2026.\n\n \nConference Call and Webcast \nThe Company will host a conference call to discuss its second quarter 2026 financial results on Wednesday, July 22, 2026 at 8:00 a.m. Central Time. The conference call can be accessed by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. To listen to a replay of the conference call via phone, please dial 855-669-9658 and enter access code 9039549. The replay will be available through July 29, 2026. The conference call will also be available via a live webcast on the Investor Relations section of the Company’s website, investors.bridgewaterbankmn.com, and archived for replay.\n\n \nAbout the Company \nBridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park, Minnesota-based financial holding company founded in 2005. Its banking subsidiary, Bridgewater Bank, is a premier, full-service bank dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals across the Twin Cities. Bridgewater offers a comprehensive suite of products and services spanning deposits, lending, and treasury management solutions. Bridgewater has received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.4 billion as of June 30, 2026 and nine strategically located branches, Bridgewater is one of the largest locally-led banks in Minnesota and is committed to being the finest entrepreneurial bank. For more information, please visit www.bridgewaterbankmn.com .\n\n \nUse of Non-GAAP Financial Measures \nIn addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.\n\n \nForward-Looking Statements \nThis earnings release 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 covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.\n\n \nForward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in circumstances and other factors that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including CRE loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, widespread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, and the effect of the merger on the Company’s customer and employee relationships and operating results; the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.\n\n \nAny forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.\n\n \nBridgewater Bancshares, Inc. and Subsidiaries \nFinancial Highlights (dollars in thousands, except share data) \n \n\n \n \n\n \nAs of and for the Three Months Ended \n \n\n \n \n\n \nJune 30, \nMarch 31, \nDecember 31, \nSeptember 30, \nJune 30, \n(dollars in thousands) \n \n\n \n2026 \n2026 \n2025 \n2025 \n2025 \n \n\n \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \nIncome Statement \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet Interest Income\n\n \n \n\n \n$\n\n \n38,566\n\n \n \n\n \n$\n\n \n36,647\n\n \n \n\n \n$\n\n \n35,687\n\n \n \n\n \n$\n\n \n34,091\n\n \n \n\n \n$\n\n \n32,452\n\n \n \n\n \nProvision for Credit Losses\n\n \n \n\n \n \n\n \n550\n\n \n \n\n \n \n\n \n1,200\n\n \n \n\n \n \n\n \n1,450\n\n \n \n\n \n \n\n \n1,100\n\n \n \n\n \n \n\n \n2,000\n\n \n \n\n \nNoninterest Income\n\n \n \n\n \n \n\n \n2,324\n\n \n \n\n \n \n\n \n9,564\n\n \n \n\n \n \n\n \n3,148\n\n \n \n\n \n \n\n \n2,061\n\n \n \n\n \n \n\n \n3,627\n\n \n \n\n \nNoninterest Expense\n\n \n \n\n \n \n\n \n21,894\n\n \n \n\n \n \n\n \n22,170\n\n \n \n\n \n \n\n \n20,238\n\n \n \n\n \n \n\n \n19,956\n\n \n \n\n \n \n\n \n18,941\n\n \n \n\n \nNet Income\n\n \n \n\n \n \n\n \n14,007\n\n \n \n\n \n \n\n \n17,406\n\n \n \n\n \n \n\n \n13,334\n\n \n \n\n \n \n\n \n11,601\n\n \n \n\n \n \n\n \n11,520\n\n \n \n\n \nNet Income Available to Common Shareholders\n\n \n \n\n \n \n\n \n12,993\n\n \n \n\n \n \n\n \n16,393\n\n \n \n\n \n \n\n \n12,320\n\n \n \n\n \n \n\n \n10,588\n\n \n \n\n \n \n\n \n10,506\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nPer Common Share Data \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic Earnings Per Share\n\n \n \n\n \n$\n\n \n0.47\n\n \n \n\n \n$\n\n \n0.59\n\n \n \n\n \n$\n\n \n0.45\n\n \n \n\n \n$\n\n \n0.38\n\n \n \n\n \n$\n\n \n0.38\n\n \n \n\n \nDiluted Earnings Per Share\n\n \n \n\n \n \n\n \n0.45\n\n \n \n\n \n \n\n \n0.58\n\n \n \n\n \n \n\n \n0.43\n\n \n \n\n \n \n\n \n0.38\n\n \n \n\n \n \n\n \n0.38\n\n \n \n\n \nAdjusted Diluted Earnings Per Share (1) \n \n\n \n \n\n \n0.45\n\n \n \n\n \n \n\n \n0.41\n\n \n \n\n \n \n\n \n0.44\n\n \n \n\n \n \n\n \n0.39\n\n \n \n\n \n \n\n \n0.37\n\n \n \n\n \nBook Value Per Share\n\n \n \n\n \n \n\n \n17.27\n\n \n \n\n \n \n\n \n16.60\n\n \n \n\n \n \n\n \n16.23\n\n \n \n\n \n \n\n \n15.62\n\n \n \n\n \n \n\n \n14.92\n\n \n \n\n \nTangible Book Value Per Share (1) \n \n\n \n \n\n \n16.61\n\n \n \n\n \n \n\n \n15.93\n\n \n \n\n \n \n\n \n15.55\n\n \n \n\n \n \n\n \n14.93\n\n \n \n\n \n \n\n \n14.21\n\n \n \n\n \nBasic Weighted Average Shares Outstanding\n\n \n \n\n \n \n\n \n27,861,522\n\n \n \n\n \n \n\n \n27,800,091\n\n \n \n\n \n \n\n \n27,641,138\n\n \n \n\n \n \n\n \n27,504,840\n\n \n \n\n \n \n\n \n27,460,982\n\n \n \n\n \nDiluted Weighted Average Shares Outstanding\n\n \n \n\n \n \n\n \n28,589,332\n\n \n \n\n \n \n\n \n28,490,176\n\n \n \n\n \n \n\n \n28,354,756\n\n \n \n\n \n \n\n \n28,190,406\n\n \n \n\n \n \n\n \n27,998,008\n\n \n \n\n \nShares Outstanding at Period End\n\n \n \n\n \n \n\n \n27,880,830\n\n \n \n\n \n \n\n \n27,832,867\n\n \n \n\n \n \n\n \n27,759,970\n\n \n \n\n \n \n\n \n27,584,732\n\n \n \n\n \n \n\n \n27,470,283\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nFinancial Ratios \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nReturn on Average Assets (2) \n \n\n \n \n\n \n1.06\n\n \n%\n\n \n \n\n \n1.35\n\n \n%\n\n \n \n\n \n0.97\n\n \n%\n\n \n \n\n \n0.86\n\n \n%\n\n \n \n\n \n0.90\n\n \n%\n\n \nPre-Provision Net Revenue Return on Average Assets (1)(2) \n \n\n \n \n\n \n1.43\n\n \n \n\n \n \n\n \n1.30\n\n \n \n\n \n \n\n \n1.35\n\n \n \n\n \n \n\n \n1.19\n\n \n \n\n \n \n\n \n1.27\n\n \n \n\n \nReturn on Average Shareholders' Equity (2) \n \n\n \n \n\n \n10.17\n\n \n \n\n \n \n\n \n13.45\n\n \n \n\n \n \n\n \n10.38\n\n \n \n\n \n \n\n \n9.47\n\n \n \n\n \n \n\n \n9.80\n\n \n \n\n \nReturn on Average Tangible Common Equity (1)(2) \n \n\n \n \n\n \n11.15\n\n \n \n\n \n \n\n \n15.13\n\n \n \n\n \n \n\n \n11.53\n\n \n \n\n \n \n\n \n10.50\n\n \n \n\n \n \n\n \n10.93\n\n \n \n\n \nNet Interest Margin (3) \n \n\n \n \n\n \n3.07\n\n \n \n\n \n \n\n \n2.99\n\n \n \n\n \n \n\n \n2.75\n\n \n \n\n \n \n\n \n2.63\n\n \n \n\n \n \n\n \n2.62\n\n \n \n\n \nCore Net Interest Margin (1)(3) \n \n\n \n \n\n \n2.94\n\n \n \n\n \n \n\n \n2.86\n\n \n \n\n \n \n\n \n2.62\n\n \n \n\n \n \n\n \n2.52\n\n \n \n\n \n \n\n \n2.49\n\n \n \n\n \nCost of Total Deposits\n\n \n \n\n \n \n\n \n2.80\n\n \n \n\n \n \n\n \n2.79\n\n \n \n\n \n \n\n \n2.97\n\n \n \n\n \n \n\n \n3.19\n\n \n \n\n \n \n\n \n3.16\n\n \n \n\n \nCost of Funds\n\n \n \n\n \n \n\n \n2.91\n\n \n \n\n \n \n\n \n2.90\n\n \n \n\n \n \n\n \n3.07\n\n \n \n\n \n \n\n \n3.25\n\n \n \n\n \n \n\n \n3.19\n\n \n \n\n \nYield on Loans\n\n \n \n\n \n \n\n \n5.91\n\n \n \n\n \n \n\n \n5.81\n\n \n \n\n \n \n\n \n5.78\n\n \n \n\n \n \n\n \n5.79\n\n \n \n\n \n \n\n \n5.74\n\n \n \n\n \nEfficiency Ratio (1) \n \n\n \n \n\n \n53.0\n\n \n \n\n \n \n\n \n56.3\n\n \n \n\n \n \n\n \n51.6\n\n \n \n\n \n \n\n \n54.7\n\n \n \n\n \n \n\n \n52.6\n\n \n \n\n \nNoninterest Expense to Average Assets (2) \n \n\n \n \n\n \n1.65\n\n \n \n\n \n \n\n \n1.71\n\n \n \n\n \n \n\n \n1.48\n\n \n \n\n \n \n\n \n1.47\n\n \n \n\n \n \n\n \n1.47\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted Financial Ratios (1) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted Return on Average Assets (2) \n \n\n \n \n\n \n1.06\n\n \n%\n\n \n \n\n \n0.98\n\n \n%\n\n \n \n\n \n0.99\n\n \n%\n\n \n \n\n \n0.88\n\n \n%\n\n \n \n\n \n0.88\n\n \n%\n\n \nAdjusted Pre-Provision Net Revenue Return on Average Assets (2) \n \n\n \n \n\n \n1.43\n\n \n \n\n \n \n\n \n1.37\n\n \n \n\n \n \n\n \n1.38\n\n \n \n\n \n \n\n \n1.23\n\n \n \n\n \n \n\n \n1.31\n\n \n \n\n \nAdjusted Return on Average Shareholders' Equity (2) \n \n\n \n \n\n \n10.17\n\n \n \n\n \n \n\n \n9.76\n\n \n \n\n \n \n\n \n10.54\n\n \n \n\n \n \n\n \n9.77\n\n \n \n\n \n \n\n \n9.64\n\n \n \n\n \nAdjusted Return on Average Tangible Common Equity (2) \n \n\n \n \n\n \n11.15\n\n \n \n\n \n \n\n \n10.72\n\n \n \n\n \n \n\n \n11.72\n\n \n \n\n \n \n\n \n10.86\n\n \n \n\n \n \n\n \n10.74\n\n \n \n\n \nAdjusted Efficiency Ratio\n\n \n \n\n \n \n\n \n53.0\n\n \n \n\n \n \n\n \n53.8\n\n \n \n\n \n \n\n \n50.7\n\n \n \n\n \n \n\n \n53.2\n\n \n \n\n \n \n\n \n51.5\n\n \n \n\n \nAdjusted Noninterest Expense to Average Assets (2) \n \n\n \n \n\n \n1.65\n\n \n \n\n \n \n\n \n1.64\n\n \n \n\n \n \n\n \n1.45\n\n \n \n\n \n \n\n \n1.43\n\n \n \n\n \n \n\n \n1.43\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBalance Sheet \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal Assets\n\n \n \n\n \n$\n\n \n5,389,726\n\n \n \n\n \n$\n\n \n5,335,396\n\n \n \n\n \n$\n\n \n5,407,002\n\n \n \n\n \n$\n\n \n5,359,994\n\n \n \n\n \n$\n\n \n5,296,673\n\n \n \n\n \nTotal Loans, Gross\n\n \n \n\n \n \n\n \n4,426,389\n\n \n \n\n \n \n\n \n4,368,042\n\n \n \n\n \n \n\n \n4,309,517\n\n \n \n\n \n \n\n \n4,214,554\n\n \n \n\n \n \n\n \n4,145,799\n\n \n \n\n \nDeposits\n\n \n \n\n \n \n\n \n4,346,204\n\n \n \n\n \n \n\n \n4,305,511\n\n \n \n\n \n \n\n \n4,320,369\n\n \n \n\n \n \n\n \n4,292,764\n\n \n \n\n \n \n\n \n4,236,742\n\n \n \n\n \nTotal Shareholders' Equity\n\n \n \n\n \n \n\n \n547,909\n\n \n \n\n \n \n\n \n528,424\n\n \n \n\n \n \n\n \n517,095\n\n \n \n\n \n \n\n \n497,463\n\n \n \n\n \n \n\n \n476,282\n\n \n \n\n \nLoan to Deposit Ratio\n\n \n \n\n \n \n\n \n101.8\n\n \n%\n\n \n \n\n \n101.5\n\n \n%\n\n \n \n\n \n99.7\n\n \n%\n\n \n \n\n \n98.2\n\n \n%\n\n \n \n\n \n97.9\n\n \n%\n\n \nCore Deposits to Total Deposits (4) \n \n\n \n \n\n \n77.0\n\n \n \n\n \n \n\n \n78.4\n\n \n \n\n \n \n\n \n77.6\n\n \n \n\n \n \n\n \n76.4\n\n \n \n\n \n \n\n \n75.2\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAsset Quality \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet Loan Charge-Offs to Average Loans (2) \n \n\n \n \n\n \n0.04\n\n \n%\n\n \n \n\n \n0.05\n\n \n%\n\n \n \n\n \n0.11\n\n \n%\n\n \n \n\n \n0.03\n\n \n%\n\n \n \n\n \n0.00\n\n \n%\n\n \nNonperforming Assets to Total Assets (5) \n \n\n \n \n\n \n0.40\n\n \n \n\n \n \n\n \n0.22\n\n \n \n\n \n \n\n \n0.41\n\n \n \n\n \n \n\n \n0.19\n\n \n \n\n \n \n\n \n0.19\n\n \n \n\n \nAllowance for Credit Losses to Total Loans\n\n \n \n\n \n \n\n \n1.30\n\n \n \n\n \n \n\n \n1.31\n\n \n \n\n \n \n\n \n1.31\n\n \n \n\n \n \n\n \n1.34\n\n \n \n\n \n \n\n \n1.35\n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAs of and for the Three Months Ended \n \n\n \n \n\n \nJune 30, \nMarch 31, \nDecember 31, \nSeptember 30, \nJune 30, \n(dollars in thousands) \n \n\n \n2026 \n2026 \n2025 \n2025 \n2025 \n \n\n \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \n \n\n \n(Unaudited) \n \n\n \nCapital Ratios (Consolidated) (6) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTier 1 Leverage Ratio\n\n \n \n\n \n \n\n \n10.02\n\n \n%\n\n \n \n\n \n9.89\n\n \n%\n\n \n \n\n \n9.20\n\n \n%\n\n \n \n\n \n9.02\n\n \n%\n\n \n \n\n \n9.14\n\n \n%\n\n \nCommon Equity Tier 1 Risk-based Capital Ratio\n\n \n \n\n \n \n\n \n9.61\n\n \n \n\n \n \n\n \n9.53\n\n \n \n\n \n \n\n \n9.17\n\n \n \n\n \n \n\n \n9.08\n\n \n \n\n \n \n\n \n9.03\n\n \n \n\n \nTier 1 Risk-based Capital Ratio\n\n \n \n\n \n \n\n \n10.98\n\n \n \n\n \n \n\n \n10.94\n\n \n \n\n \n \n\n \n10.57\n\n \n \n\n \n \n\n \n10.52\n\n \n \n\n \n \n\n \n10.51\n\n \n \n\n \nTotal Risk-based Capital Ratio\n\n \n \n\n \n \n\n \n14.48\n\n \n \n\n \n \n\n \n14.48\n\n \n \n\n \n \n\n \n14.12\n\n \n \n\n \n \n\n \n14.12\n\n \n \n\n \n \n\n \n14.17\n\n \n \n\n \nTangible Common Equity to Tangible Assets (1) \n \n\n \n \n\n \n8.62\n\n \n \n\n \n \n\n \n8.34\n\n \n \n\n \n \n\n \n8.01\n\n \n \n\n \n \n\n \n7.71\n\n \n \n\n \n \n\n \n7.40\n\n \n \n\n \n________________________________________\n\n \n(1)\n\n \nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n \n(2)\n\n \nAnnualized.\n\n \n(3)\n\n \nAmounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.\n\n \n(4)\n\n \nCore deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.\n\n \n(5)\n\n \nNonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.\n\n \n(6)\n\n \nPreliminary data. Current period subject to change prior to filings with applicable regulatory agencies.\n\n \nBridgewater Bancshares, Inc. and Subsidiaries \nConsolidated Balance Sheets (dollars in thousands, except share data) \n \n\n \n \n\n \n \n\n \nJune 30, \n \n\n \nMarch 31, \n \n\n \nDecember 31, \n \n\n \nSeptember 30, \n \n\n \nJune 30, \n \n\n \n \n\n \n2026 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2025 \n \n\n \n2025 \n \n\n \n \n\n \n(Unaudited) \n \n\n \n(Unaudited) \n \n\n \n \n\n \n \n\n \n \n\n \n(Unaudited) \n \n\n \n(Unaudited) \nAssets \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCash and Cash Equivalents\n\n \n \n\n \n$\n\n \n169,806\n\n \n \n\n \n$\n\n \n222,154\n\n \n \n\n \n$\n\n \n123,511\n\n \n \n\n \n$\n\n \n131,818\n\n \n \n\n \n$\n\n \n217,495\n\n \nBank-Owned Certificates of Deposit\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n3,658\n\n \n \n\n \n \n\n \n3,897\n\n \nSecurities Available for Sale, at Fair Value\n\n \n \n\n \n \n\n \n605,412\n\n \n \n\n \n \n\n \n566,565\n\n \n \n\n \n \n\n \n776,441\n\n \n \n\n \n \n\n \n826,473\n\n \n \n\n \n \n\n \n743,889\n\n \nLoans, Net of Allowance for Credit Losses\n\n \n \n\n \n \n\n \n4,360,502\n\n \n \n\n \n \n\n \n4,302,132\n\n \n \n\n \n \n\n \n4,244,108\n\n \n \n\n \n \n\n \n4,149,882\n\n \n \n\n \n \n\n \n4,082,405\n\n \nFederal Home Loan Bank (FHLB) Stock, at Cost\n\n \n \n\n \n \n\n \n17,979\n\n \n \n\n \n \n\n \n18,398\n\n \n \n\n \n \n\n \n21,122\n\n \n \n\n \n \n\n \n21,373\n\n \n \n\n \n \n\n \n21,472\n\n \nPremises and Equipment, Net\n\n \n \n\n \n \n\n \n52,730\n\n \n \n\n \n \n\n \n52,784\n\n \n \n\n \n \n\n \n51,576\n\n \n \n\n \n \n\n \n50,955\n\n \n \n\n \n \n\n \n49,979\n\n \nForeclosed Assets\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n185\n\n \nAccrued Interest\n\n \n \n\n \n \n\n \n16,946\n\n \n \n\n \n \n\n \n15,841\n\n \n \n\n \n \n\n \n18,929\n\n \n \n\n \n \n\n \n19,244\n\n \n \n\n \n \n\n \n17,711\n\n \nGoodwill\n\n \n \n\n \n \n\n \n11,982\n\n \n \n\n \n \n\n \n11,982\n\n \n \n\n \n \n\n \n11,982\n\n \n \n\n \n \n\n \n11,982\n\n \n \n\n \n \n\n \n11,982\n\n \nOther Intangible Assets, Net\n\n \n \n\n \n \n\n \n6,477\n\n \n \n\n \n \n\n \n6,703\n\n \n \n\n \n \n\n \n6,930\n\n \n \n\n \n \n\n \n7,160\n\n \n \n\n \n \n\n \n7,390\n\n \nBank-Owned Life Insurance\n\n \n \n\n \n \n\n \n45,671\n\n \n \n\n \n \n\n \n45,219\n\n \n \n\n \n \n\n \n46,576\n\n \n \n\n \n \n\n \n46,121\n\n \n \n\n \n \n\n \n45,413\n\n \nOther Assets\n\n \n \n\n \n \n\n \n102,221\n\n \n \n\n \n \n\n \n93,618\n\n \n \n\n \n \n\n \n105,827\n\n \n \n\n \n \n\n \n91,328\n\n \n \n\n \n \n\n \n94,855\n\n \nTotal Assets\n\n \n \n\n \n$\n\n \n5,389,726\n\n \n \n\n \n$\n\n \n5,335,396\n\n \n \n\n \n$\n\n \n5,407,002\n\n \n \n\n \n$\n\n \n5,359,994\n\n \n \n\n \n$\n\n \n5,296,673\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nLiabilities and Equity \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nLiabilities \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDeposits:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNoninterest Bearing\n\n \n \n\n \n$\n\n \n830,952\n\n \n \n\n \n$\n\n \n828,845\n\n \n \n\n \n$\n\n \n923,070\n\n \n \n\n \n$\n\n \n822,632\n\n \n \n\n \n$\n\n \n787,868\n\n \nInterest Bearing\n\n \n \n\n \n \n\n \n3,515,252\n\n \n \n\n \n \n\n \n3,476,666\n\n \n \n\n \n \n\n \n3,397,299\n\n \n \n\n \n \n\n \n3,470,132\n\n \n \n\n \n \n\n \n3,448,874\n\n \nTotal Deposits\n\n \n \n\n \n \n\n \n4,346,204\n\n \n \n\n \n \n\n \n4,305,511\n\n \n \n\n \n \n\n \n4,320,369\n\n \n \n\n \n \n\n \n4,292,764\n\n \n \n\n \n \n\n \n4,236,742\n\n \nNotes Payable\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n13,750\n\n \nFHLB Advances\n\n \n \n\n \n \n\n \n326,000\n\n \n \n\n \n \n\n \n336,000\n\n \n \n\n \n \n\n \n399,500\n\n \n \n\n \n \n\n \n404,500\n\n \n \n\n \n \n\n \n404,500\n\n \nSubordinated Debentures, Net of Issuance Costs\n\n \n \n\n \n \n\n \n108,882\n\n \n \n\n \n \n\n \n108,782\n\n \n \n\n \n \n\n \n108,677\n\n \n \n\n \n \n\n \n108,588\n\n \n \n\n \n \n\n \n108,689\n\n \nAccrued Interest Payable\n\n \n \n\n \n \n\n \n2,565\n\n \n \n\n \n \n\n \n4,254\n\n \n \n\n \n \n\n \n3,227\n\n \n \n\n \n \n\n \n5,208\n\n \n \n\n \n \n\n \n4,110\n\n \nOther Liabilities\n\n \n \n\n \n \n\n \n58,166\n\n \n \n\n \n \n\n \n52,425\n\n \n \n\n \n \n\n \n58,134\n\n \n \n\n \n \n\n \n51,471\n\n \n \n\n \n \n\n \n52,600\n\n \nTotal Liabilities\n\n \n \n\n \n \n\n \n4,841,817\n\n \n \n\n \n \n\n \n4,806,972\n\n \n \n\n \n \n\n \n4,889,907\n\n \n \n\n \n \n\n \n4,862,531\n\n \n \n\n \n \n\n \n4,820,391\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nShareholders' Equity \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nPreferred Stock- $0.01 par value; Authorized 10,000,000\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nPreferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at June 30, 2026 (unaudited), March 31, 2026 (unaudited), December 31, 2025, September 30, 2025 (unaudited), and June 30, 2025 (unaudited)\n\n \n \n\n \n \n\n \n66,514\n\n \n \n\n \n \n\n \n66,514\n\n \n \n\n \n \n\n \n66,514\n\n \n \n\n \n \n\n \n66,514\n\n \n \n\n \n \n\n \n66,514\n\n \nCommon Stock- $0.01 par value; Authorized 75,000,000\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCommon Stock - Issued and Outstanding 27,880,830 at June 30, 2026 (unaudited), 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, 27,584,732 at September 30, 2025 (unaudited), and 27,470,283 at June 30, 2025 (unaudited)\n\n \n \n\n \n \n\n \n279\n\n \n \n\n \n \n\n \n278\n\n \n \n\n \n \n\n \n278\n\n \n \n\n \n \n\n \n276\n\n \n \n\n \n \n\n \n275\n\n \nAdditional Paid-In Capital\n\n \n \n\n \n \n\n \n100,868\n\n \n \n\n \n \n\n \n99,564\n\n \n \n\n \n \n\n \n98,287\n\n \n \n\n \n \n\n \n97,101\n\n \n \n\n \n \n\n \n95,174\n\n \nRetained Earnings\n\n \n \n\n \n \n\n \n380,841\n\n \n \n\n \n \n\n \n367,848\n\n \n \n\n \n \n\n \n351,455\n\n \n \n\n \n \n\n \n339,135\n\n \n \n\n \n \n\n \n328,547\n\n \nAccumulated Other Comprehensive Gain (Loss)\n\n \n \n\n \n \n\n \n(593)\n\n \n \n\n \n \n\n \n(5,780)\n\n \n \n\n \n \n\n \n561\n\n \n \n\n \n \n\n \n(5,563)\n\n \n \n\n \n \n\n \n(14,228)\n\n \nTotal Shareholders' Equity\n\n \n \n\n \n \n\n \n547,909\n\n \n \n\n \n \n\n \n528,424\n\n \n \n\n \n \n\n \n517,095\n\n \n \n\n \n \n\n \n497,463\n\n \n \n\n \n \n\n \n476,282\n\n \nTotal Liabilities and Equity\n\n \n$\n\n \n5,389,726\n\n \n \n\n \n$\n\n \n5,335,396\n\n \n \n\n \n$\n\n \n5,407,002\n\n \n \n\n \n$\n\n \n5,359,994\n\n \n \n\n \n$\n\n \n5,296,673\n\n \nBridgewater Bancshares, Inc. and Subsidiaries \nConsolidated Statements of Income (dollars in thousands, except per share data) \n \n\n \n \n\n \n \n\n \nThree Months Ended \n \n\n \nSix Months Ended \n \n\n \n \n\n \nJune 30, \n \n\n \nMarch 31, \n \n\n \nDecember 31, \n \n\n \nSeptember 30, \n \n\n \nJune 30, \n \n\n \nJune 30, \n \n\n \nJune 30, \n \n\n \n \n\n \n2026 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2025 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n(Unaudited) \n \n\n \n(Unaudited) \n \n\n \n \n\n \n \n\n \n \n\n \n(Unaudited) \n \n\n \n(Unaudited) \n \n\n \n(Unaudited) \n \n\n \n(Unaudited) \nInterest Income \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nLoans, Including Fees\n\n \n \n\n \n$\n\n \n64,146\n\n \n \n\n \n \n\n \n$\n\n \n61,726\n\n \n \n\n \n \n\n \n$\n\n \n61,444\n\n \n \n\n \n \n\n \n$\n\n \n60,038\n\n \n \n\n \n \n\n \n$\n\n \n57,888\n\n \n \n\n \n \n\n \n$\n\n \n125,872\n\n \n \n\n \n \n\n \n$\n\n \n111,708\n\n \n \n\n \nInvestment Securities\n\n \n \n\n \n \n\n \n6,904\n\n \n \n\n \n \n\n \n \n\n \n6,923\n\n \n \n\n \n \n\n \n \n\n \n9,720\n\n \n \n\n \n \n\n \n \n\n \n10,371\n\n \n \n\n \n \n\n \n \n\n \n9,200\n\n \n \n\n \n \n\n \n \n\n \n13,827\n\n \n \n\n \n \n\n \n \n\n \n18,597\n\n \n \n\n \nOther\n\n \n \n\n \n \n\n \n1,606\n\n \n \n\n \n \n\n \n \n\n \n1,316\n\n \n \n\n \n \n\n \n \n\n \n2,145\n\n \n \n\n \n \n\n \n \n\n \n3,224\n\n \n \n\n \n \n\n \n \n\n \n2,110\n\n \n \n\n \n \n\n \n \n\n \n2,922\n\n \n \n\n \n \n\n \n \n\n \n4,601\n\n \n \n\n \nTotal Interest Income\n\n \n \n\n \n \n\n \n72,656\n\n \n \n\n \n \n\n \n \n\n \n69,965\n\n \n \n\n \n \n\n \n \n\n \n73,309\n\n \n \n\n \n \n\n \n \n\n \n73,633\n\n \n \n\n \n \n\n \n \n\n \n69,198\n\n \n \n\n \n \n\n \n \n\n \n142,621\n\n \n \n\n \n \n\n \n \n\n \n134,906\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nInterest Expense \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDeposits\n\n \n \n\n \n \n\n \n29,711\n\n \n \n\n \n \n\n \n \n\n \n28,793\n\n \n \n\n \n \n\n \n \n\n \n32,203\n\n \n \n\n \n \n\n \n \n\n \n34,615\n\n \n \n\n \n \n\n \n \n\n \n32,497\n\n \n \n\n \n \n\n \n \n\n \n58,504\n\n \n \n\n \n \n\n \n \n\n \n64,600\n\n \n \n\n \nFederal Funds Purchased\n\n \n \n\n \n \n\n \n19\n\n \n \n\n \n \n\n \n \n\n \n238\n\n \n \n\n \n \n\n \n \n\n \n5\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n257\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \nNotes Payable\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n106\n\n \n \n\n \n \n\n \n \n\n \n260\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n518\n\n \n \n\n \nFHLB Advances\n\n \n \n\n \n \n\n \n2,494\n\n \n \n\n \n \n\n \n \n\n \n2,438\n\n \n \n\n \n \n\n \n \n\n \n3,524\n\n \n \n\n \n \n\n \n \n\n \n2,933\n\n \n \n\n \n \n\n \n \n\n \n2,852\n\n \n \n\n \n \n\n \n \n\n \n4,932\n\n \n \n\n \n \n\n \n \n\n \n5,008\n\n \n \n\n \nSubordinated Debentures\n\n \n \n\n \n \n\n \n1,866\n\n \n \n\n \n \n\n \n \n\n \n1,849\n\n \n \n\n \n \n\n \n \n\n \n1,890\n\n \n \n\n \n \n\n \n \n\n \n1,888\n\n \n \n\n \n \n\n \n \n\n \n1,121\n\n \n \n\n \n \n\n \n \n\n \n3,715\n\n \n \n\n \n \n\n \n \n\n \n2,104\n\n \n \n\n \nTotal Interest Expense\n\n \n \n\n \n \n\n \n34,090\n\n \n \n\n \n \n\n \n \n\n \n33,318\n\n \n \n\n \n \n\n \n \n\n \n37,622\n\n \n \n\n \n \n\n \n \n\n \n39,542\n\n \n \n\n \n \n\n \n \n\n \n36,746\n\n \n \n\n \n \n\n \n \n\n \n67,408\n\n \n \n\n \n \n\n \n \n\n \n72,246\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet Interest Income \n \n\n \n \n\n \n38,566\n\n \n \n\n \n \n\n \n \n\n \n36,647\n\n \n \n\n \n \n\n \n \n\n \n35,687\n\n \n \n\n \n \n\n \n \n\n \n34,091\n\n \n \n\n \n \n\n \n \n\n \n32,452\n\n \n \n\n \n \n\n \n \n\n \n75,213\n\n \n \n\n \n \n\n \n \n\n \n62,660\n\n \n \n\n \nProvision for Credit Losses\n\n \n \n\n \n \n\n \n550\n\n \n \n\n \n \n\n \n \n\n \n1,200\n\n \n \n\n \n \n\n \n \n\n \n1,450\n\n \n \n\n \n \n\n \n \n\n \n1,100\n\n \n \n\n \n \n\n \n \n\n \n2,000\n\n \n \n\n \n \n\n \n \n\n \n1,750\n\n \n \n\n \n \n\n \n \n\n \n3,500\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet Interest Income After Provision for Credit Losses \n \n\n \n \n\n \n38,016\n\n \n \n\n \n \n\n \n \n\n \n35,447\n\n \n \n\n \n \n\n \n \n\n \n34,237\n\n \n \n\n \n \n\n \n \n\n \n32,991\n\n \n \n\n \n \n\n \n \n\n \n30,452\n\n \n \n\n \n \n\n \n \n\n \n73,463\n\n \n \n\n \n \n\n \n \n\n \n59,160\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNoninterest Income \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCustomer Service Fees\n\n \n \n\n \n \n\n \n520\n\n \n \n\n \n \n\n \n \n\n \n527\n\n \n \n\n \n \n\n \n \n\n \n521\n\n \n \n\n \n \n\n \n \n\n \n501\n\n \n \n\n \n \n\n \n \n\n \n496\n\n \n \n\n \n \n\n \n \n\n \n1,047\n\n \n \n\n \n \n\n \n \n\n \n991\n\n \n \n\n \nNet Gain on Sales of Securities\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n7,251\n\n \n \n\n \n \n\n \n \n\n \n80\n\n \n \n\n \n \n\n \n \n\n \n59\n\n \n \n\n \n \n\n \n \n\n \n474\n\n \n \n\n \n \n\n \n \n\n \n7,251\n\n \n \n\n \n \n\n \n \n\n \n475\n\n \n \n\n \nLetter of Credit Fees\n\n \n \n\n \n \n\n \n304\n\n \n \n\n \n \n\n \n \n\n \n185\n\n \n \n\n \n \n\n \n \n\n \n668\n\n \n \n\n \n \n\n \n \n\n \n383\n\n \n \n\n \n \n\n \n \n\n \n323\n\n \n \n\n \n \n\n \n \n\n \n489\n\n \n \n\n \n \n\n \n \n\n \n778\n\n \n \n\n \nDebit Card Interchange Fees\n\n \n \n\n \n \n\n \n230\n\n \n \n\n \n \n\n \n \n\n \n201\n\n \n \n\n \n \n\n \n \n\n \n178\n\n \n \n\n \n \n\n \n \n\n \n173\n\n \n \n\n \n \n\n \n \n\n \n152\n\n \n \n\n \n \n\n \n \n\n \n431\n\n \n \n\n \n \n\n \n \n\n \n289\n\n \n \n\n \nSwap Fees\n\n \n \n\n \n \n\n \n263\n\n \n \n\n \n \n\n \n \n\n \n240\n\n \n \n\n \n \n\n \n \n\n \n651\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n938\n\n \n \n\n \n \n\n \n \n\n \n503\n\n \n \n\n \n \n\n \n \n\n \n980\n\n \n \n\n \nBank-Owned Life Insurance\n\n \n \n\n \n \n\n \n451\n\n \n \n\n \n \n\n \n \n\n \n447\n\n \n \n\n \n \n\n \n \n\n \n455\n\n \n \n\n \n \n\n \n \n\n \n440\n\n \n \n\n \n \n\n \n \n\n \n387\n\n \n \n\n \n \n\n \n \n\n \n898\n\n \n \n\n \n \n\n \n \n\n \n766\n\n \n \n\n \nInvestment Advisory Fees\n\n \n \n\n \n \n\n \n260\n\n \n \n\n \n \n\n \n \n\n \n213\n\n \n \n\n \n \n\n \n \n\n \n227\n\n \n \n\n \n \n\n \n \n\n \n208\n\n \n \n\n \n \n\n \n \n\n \n213\n\n \n \n\n \n \n\n \n \n\n \n474\n\n \n \n\n \n \n\n \n \n\n \n538\n\n \n \n\n \nFHLB Prepayment Income\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n301\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n301\n\n \n \n\n \nOther Income\n\n \n \n\n \n \n\n \n296\n\n \n \n\n \n \n\n \n \n\n \n500\n\n \n \n\n \n \n\n \n \n\n \n368\n\n \n \n\n \n \n\n \n \n\n \n297\n\n \n \n\n \n \n\n \n \n\n \n343\n\n \n \n\n \n \n\n \n \n\n \n795\n\n \n \n\n \n \n\n \n \n\n \n588\n\n \n \n\n \nTotal Noninterest Income\n\n \n \n\n \n \n\n \n2,324\n\n \n \n\n \n \n\n \n \n\n \n9,564\n\n \n \n\n \n \n\n \n \n\n \n3,148\n\n \n \n\n \n \n\n \n \n\n \n2,061\n\n \n \n\n \n \n\n \n \n\n \n3,627\n\n \n \n\n \n \n\n \n \n\n \n11,888\n\n \n \n\n \n \n\n \n \n\n \n5,706\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNoninterest Expense \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSalaries and Employee Benefits\n\n \n \n\n \n \n\n \n13,916\n\n \n \n\n \n \n\n \n \n\n \n13,492\n\n \n \n\n \n \n\n \n \n\n \n12,434\n\n \n \n\n \n \n\n \n \n\n \n12,229\n\n \n \n\n \n \n\n \n \n\n \n11,363\n\n \n \n\n \n \n\n \n \n\n \n27,408\n\n \n \n\n \n \n\n \n \n\n \n22,734\n\n \n \n\n \nOccupancy and Equipment\n\n \n \n\n \n \n\n \n1,360\n\n \n \n\n \n \n\n \n \n\n \n1,375\n\n \n \n\n \n \n\n \n \n\n \n1,171\n\n \n \n\n \n \n\n \n \n\n \n1,266\n\n \n \n\n \n \n\n \n \n\n \n1,274\n\n \n \n\n \n \n\n \n \n\n \n2,735\n\n \n \n\n \n \n\n \n \n\n \n2,508\n\n \n \n\n \nFDIC Insurance Assessment\n\n \n \n\n \n \n\n \n595\n\n \n \n\n \n \n\n \n \n\n \n780\n\n \n \n\n \n \n\n \n \n\n \n770\n\n \n \n\n \n \n\n \n \n\n \n775\n\n \n \n\n \n \n\n \n \n\n \n750\n\n \n \n\n \n \n\n \n \n\n \n1,375\n\n \n \n\n \n \n\n \n \n\n \n1,200\n\n \n \n\n \nData Processing\n\n \n \n\n \n \n\n \n692\n\n \n \n\n \n \n\n \n \n\n \n611\n\n \n \n\n \n \n\n \n \n\n \n638\n\n \n \n\n \n \n\n \n \n\n \n637\n\n \n \n\n \n \n\n \n \n\n \n625\n\n \n \n\n \n \n\n \n \n\n \n1,303\n\n \n \n\n \n \n\n \n \n\n \n1,244\n\n \n \n\n \nProfessional and Consulting Fees\n\n \n \n\n \n \n\n \n1,267\n\n \n \n\n \n \n\n \n \n\n \n1,196\n\n \n \n\n \n \n\n \n \n\n \n1,404\n\n \n \n\n \n \n\n \n \n\n \n1,261\n\n \n \n\n \n \n\n \n \n\n \n1,110\n\n \n \n\n \n \n\n \n \n\n \n2,463\n\n \n \n\n \n \n\n \n \n\n \n2,104\n\n \n \n\n \nDerivative Collateral Fees\n\n \n \n\n \n \n\n \n206\n\n \n \n\n \n \n\n \n \n\n \n168\n\n \n \n\n \n \n\n \n \n\n \n237\n\n \n \n\n \n \n\n \n \n\n \n309\n\n \n \n\n \n \n\n \n \n\n \n372\n\n \n \n\n \n \n\n \n \n\n \n374\n\n \n \n\n \n \n\n \n \n\n \n823\n\n \n \n\n \nInformation Technology and Telecommunications\n\n \n \n\n \n \n\n \n1,258\n\n \n \n\n \n \n\n \n \n\n \n1,067\n\n \n \n\n \n \n\n \n \n\n \n976\n\n \n \n\n \n \n\n \n \n\n \n973\n\n \n \n\n \n \n\n \n \n\n \n971\n\n \n \n\n \n \n\n \n \n\n \n2,325\n\n \n \n\n \n \n\n \n \n\n \n1,942\n\n \n \n\n \nMarketing and Advertising\n\n \n \n\n \n \n\n \n604\n\n \n \n\n \n \n\n \n \n\n \n776\n\n \n \n\n \n \n\n \n \n\n \n718\n\n \n \n\n \n \n\n \n \n\n \n658\n\n \n \n\n \n \n\n \n \n\n \n435\n\n \n \n\n \n \n\n \n \n\n \n1,380\n\n \n \n\n \n \n\n \n \n\n \n762\n\n \n \n\n \nIntangible Asset Amortization\n\n \n \n\n \n \n\n \n227\n\n \n \n\n \n \n\n \n \n\n \n226\n\n \n \n\n \n \n\n \n \n\n \n231\n\n \n \n\n \n \n\n \n \n\n \n230\n\n \n \n\n \n \n\n \n \n\n \n230\n\n \n \n\n \n \n\n \n \n\n \n453\n\n \n \n\n \n \n\n \n \n\n \n460\n\n \n \n\n \nFHLB Prepayment Penalty\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n982\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n982\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nOther Expense\n\n \n \n\n \n \n\n \n1,769\n\n \n \n\n \n \n\n \n \n\n \n1,497\n\n \n \n\n \n \n\n \n \n\n \n1,659\n\n \n \n\n \n \n\n \n \n\n \n1,618\n\n \n \n\n \n \n\n \n \n\n \n1,811\n\n \n \n\n \n \n\n \n \n\n \n3,266\n\n \n \n\n \n \n\n \n \n\n \n3,300\n\n \n \n\n \nTotal Noninterest Expense\n\n \n \n\n \n \n\n \n21,894\n\n \n \n\n \n \n\n \n \n\n \n22,170\n\n \n \n\n \n \n\n \n \n\n \n20,238\n\n \n \n\n \n \n\n \n \n\n \n19,956\n\n \n \n\n \n \n\n \n \n\n \n18,941\n\n \n \n\n \n \n\n \n \n\n \n44,064\n\n \n \n\n \n \n\n \n \n\n \n37,077\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nIncome Before Income Taxes \n \n\n \n \n\n \n18,446\n\n \n \n\n \n \n\n \n \n\n \n22,841\n\n \n \n\n \n \n\n \n \n\n \n17,147\n\n \n \n\n \n \n\n \n \n\n \n15,096\n\n \n \n\n \n \n\n \n \n\n \n15,138\n\n \n \n\n \n \n\n \n \n\n \n41,287\n\n \n \n\n \n \n\n \n \n\n \n27,789\n\n \n \n\n \nProvision for Income Taxes\n\n \n \n\n \n \n\n \n4,439\n\n \n \n\n \n \n\n \n \n\n \n5,435\n\n \n \n\n \n \n\n \n \n\n \n3,813\n\n \n \n\n \n \n\n \n \n\n \n3,495\n\n \n \n\n \n \n\n \n \n\n \n3,618\n\n \n \n\n \n \n\n \n \n\n \n9,874\n\n \n \n\n \n \n\n \n \n\n \n6,636\n\n \n \n\n \nNet Income \n \n\n \n \n\n \n14,007\n\n \n \n\n \n \n\n \n \n\n \n17,406\n\n \n \n\n \n \n\n \n \n\n \n13,334\n\n \n \n\n \n \n\n \n \n\n \n11,601\n\n \n \n\n \n \n\n \n \n\n \n11,520\n\n \n \n\n \n \n\n \n \n\n \n31,413\n\n \n \n\n \n \n\n \n \n\n \n21,153\n\n \n \n\n \nPreferred Stock Dividends\n\n \n \n\n \n \n\n \n(1,014\n\n \n)\n\n \n \n\n \n \n\n \n(1,013\n\n \n)\n\n \n \n\n \n \n\n \n(1,014\n\n \n)\n\n \n \n\n \n \n\n \n(1,013\n\n \n)\n\n \n \n\n \n \n\n \n(1,014\n\n \n)\n\n \n \n\n \n \n\n \n(2,027\n\n \n)\n\n \n \n\n \n \n\n \n(2,027\n\n \n)\n\n \nNet Income Available to Common Shareholders \n \n\n \n$\n\n \n12,993\n\n \n \n\n \n \n\n \n$\n\n \n16,393\n\n \n \n\n \n \n\n \n$\n\n \n12,320\n\n \n \n\n \n \n\n \n$\n\n \n10,588\n\n \n \n\n \n \n\n \n$\n\n \n10,506\n\n \n \n\n \n \n\n \n$\n\n \n29,386\n\n \n \n\n \n \n\n \n$\n\n \n19,126\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nEarnings Per Share \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n \n\n \n$\n\n \n0.47\n\n \n \n\n \n \n\n \n$\n\n \n0.59\n\n \n \n\n \n \n\n \n$\n\n \n0.45\n\n \n \n\n \n \n\n \n$\n\n \n0.38\n\n \n \n\n \n \n\n \n$\n\n \n0.38\n\n \n \n\n \n \n\n \n$\n\n \n1.06\n\n \n \n\n \n \n\n \n$\n\n \n0.70\n\n \n \n\n \nDiluted\n\n \n \n\n \n \n\n \n0.45\n\n \n \n\n \n \n\n \n \n\n \n0.58\n\n \n \n\n \n \n\n \n \n\n \n0.43\n\n \n \n\n \n \n\n \n \n\n \n0.38\n\n \n \n\n \n \n\n \n \n\n \n0.38\n\n \n \n\n \n \n\n \n \n\n \n1.03\n\n \n \n\n \n \n\n \n \n\n \n0.68\n\n \n \n\n \nBridgewater Bancshares, Inc. and Subsidiaries \nAnalysis of Average Balances, Yields and Rates (dollars in thousands, except per share data) (Unaudited) \n \n\n \n \n\n \n \n\n \nFor the Three Months Ended \n \n\n \n \n\n \nJune 30, 2026 \nMarch 31, 2026 \nJune 30, 2025 \n \n\n \n \n\n \nAverage\n Balance \nInterest \n & Fees \nYield/ \n Rate \nAverage \n Balance \nInterest \n & Fees \nYield/ \n Rate \nAverage \n Balance \nInterest \n & Fees \nYield/ \n Rate \n(dollars in thousands) \n \n\n \nInterest Earning Assets: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCash Investments\n\n \n \n\n \n$\n\n \n140,738\n\n \n \n\n \n$\n\n \n1,167\n\n \n \n\n \n \n\n \n3.33\n\n \n%\n\n \n$\n\n \n97,488\n\n \n \n\n \n$\n\n \n771\n\n \n \n\n \n \n\n \n3.21\n\n \n%\n\n \n$\n\n \n166,164\n\n \n \n\n \n$\n\n \n1,681\n\n \n \n\n \n \n\n \n4.06\n\n \n%\n\n \nInvestment Securities: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTaxable Investment Securities\n\n \n \n\n \n \n\n \n460,567\n\n \n \n\n \n \n\n \n5,233\n\n \n \n\n \n \n\n \n4.56\n\n \n \n\n \n \n\n \n506,154\n\n \n \n\n \n \n\n \n5,530\n\n \n \n\n \n \n\n \n4.43\n\n \n \n\n \n \n\n \n734,998\n\n \n \n\n \n \n\n \n8,883\n\n \n \n\n \n \n\n \n4.85\n\n \n \n\n \nTax-Exempt Investment Securities (1) \n \n\n \n \n\n \n144,241\n\n \n \n\n \n \n\n \n2,115\n\n \n \n\n \n \n\n \n5.88\n\n \n \n\n \n \n\n \n119,582\n\n \n \n\n \n \n\n \n1,764\n\n \n \n\n \n \n\n \n5.98\n\n \n \n\n \n \n\n \n31,940\n\n \n \n\n \n \n\n \n401\n\n \n \n\n \n \n\n \n5.04\n\n \n \n\n \nTotal Investment Securities\n\n \n \n\n \n \n\n \n604,808\n\n \n \n\n \n \n\n \n7,348\n\n \n \n\n \n \n\n \n4.87\n\n \n \n\n \n \n\n \n625,736\n\n \n \n\n \n \n\n \n7,294\n\n \n \n\n \n \n\n \n4.73\n\n \n \n\n \n \n\n \n766,938\n\n \n \n\n \n \n\n \n9,284\n\n \n \n\n \n \n\n \n4.86\n\n \n \n\n \nLoans (1)(2) \n \n\n \n \n\n \n4,380,477\n\n \n \n\n \n \n\n \n64,537\n\n \n \n\n \n \n\n \n5.91\n\n \n \n\n \n \n\n \n4,336,869\n\n \n \n\n \n \n\n \n62,102\n\n \n \n\n \n \n\n \n5.81\n\n \n \n\n \n \n\n \n4,064,540\n\n \n \n\n \n \n\n \n58,122\n\n \n \n\n \n \n\n \n5.74\n\n \n \n\n \nFederal Home Loan Bank Stock\n\n \n \n\n \n \n\n \n18,692\n\n \n \n\n \n \n\n \n438\n\n \n \n\n \n \n\n \n9.39\n\n \n \n\n \n \n\n \n19,337\n\n \n \n\n \n \n\n \n546\n\n \n \n\n \n \n\n \n11.45\n\n \n \n\n \n \n\n \n21,416\n\n \n \n\n \n \n\n \n429\n\n \n \n\n \n \n\n \n8.03\n\n \n \n\n \nTotal Interest Earning Assets\n\n \n \n\n \n \n\n \n5,144,715\n\n \n \n\n \n \n\n \n73,490\n\n \n \n\n \n \n\n \n5.73\n\n \n%\n\n \n \n\n \n5,079,430\n\n \n \n\n \n \n\n \n70,713\n\n \n \n\n \n \n\n \n5.65\n\n \n%\n\n \n \n\n \n5,019,058\n\n \n \n\n \n \n\n \n69,516\n\n \n \n\n \n \n\n \n5.56\n\n \n%\n\n \nNoninterest Earning Assets\n\n \n \n\n \n \n\n \n172,500\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n163,331\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n143,124\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal Assets\n\n \n \n\n \n$\n\n \n5,317,215\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n5,242,761\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n5,162,182\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nInterest Bearing Liabilities: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDeposits: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nInterest Bearing Transaction Deposits\n\n \n \n\n \n$\n\n \n931,588\n\n \n \n\n \n$\n\n \n7,504\n\n \n \n\n \n \n\n \n3.23\n\n \n%\n\n \n$\n\n \n888,301\n\n \n \n\n \n$\n\n \n6,936\n\n \n \n\n \n \n\n \n3.17\n\n \n%\n\n \n$\n\n \n813,906\n\n \n \n\n \n$\n\n \n7,769\n\n \n \n\n \n \n\n \n3.83\n\n \n%\n\n \nSavings and Money Market Deposits\n\n \n \n\n \n \n\n \n1,436,829\n\n \n \n\n \n \n\n \n11,650\n\n \n \n\n \n \n\n \n3.25\n\n \n \n\n \n \n\n \n1,411,090\n\n \n \n\n \n \n\n \n11,423\n\n \n \n\n \n \n\n \n3.28\n\n \n \n\n \n \n\n \n1,370,831\n\n \n \n\n \n \n\n \n12,692\n\n \n \n\n \n \n\n \n3.71\n\n \n \n\n \nTime Deposits\n\n \n \n\n \n \n\n \n230,949\n\n \n \n\n \n \n\n \n2,089\n\n \n \n\n \n \n\n \n3.63\n\n \n \n\n \n \n\n \n252,426\n\n \n \n\n \n \n\n \n2,333\n\n \n \n\n \n \n\n \n3.75\n\n \n \n\n \n \n\n \n326,024\n\n \n \n\n \n \n\n \n3,268\n\n \n \n\n \n \n\n \n4.02\n\n \n \n\n \nBrokered Deposits\n\n \n \n\n \n \n\n \n843,456\n\n \n \n\n \n \n\n \n8,468\n\n \n \n\n \n \n\n \n4.03\n\n \n \n\n \n \n\n \n804,618\n\n \n \n\n \n \n\n \n8,101\n\n \n \n\n \n \n\n \n4.08\n\n \n \n\n \n \n\n \n833,629\n\n \n \n\n \n \n\n \n8,768\n\n \n \n\n \n \n\n \n4.22\n\n \n \n\n \nTotal Interest Bearing Deposits\n\n \n \n\n \n \n\n \n3,442,822\n\n \n \n\n \n \n\n \n29,711\n\n \n \n\n \n \n\n \n3.46\n\n \n \n\n \n \n\n \n3,356,435\n\n \n \n\n \n \n\n \n28,793\n\n \n \n\n \n \n\n \n3.48\n\n \n \n\n \n \n\n \n3,344,390\n\n \n \n\n \n \n\n \n32,497\n\n \n \n\n \n \n\n \n3.90\n\n \n \n\n \nFederal Funds Purchased\n\n \n \n\n \n \n\n \n1,901\n\n \n \n\n \n \n\n \n19\n\n \n \n\n \n \n\n \n3.90\n\n \n \n\n \n \n\n \n24,478\n\n \n \n\n \n \n\n \n238\n\n \n \n\n \n \n\n \n3.95\n\n \n \n\n \n \n\n \n1,369\n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n4.64\n\n \n \n\n \nNotes Payable\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n13,750\n\n \n \n\n \n \n\n \n260\n\n \n \n\n \n \n\n \n7.58\n\n \n \n\n \nFHLB Advances\n\n \n \n\n \n \n\n \n340,341\n\n \n \n\n \n \n\n \n2,494\n\n \n \n\n \n \n\n \n2.94\n\n \n \n\n \n \n\n \n336,472\n\n \n \n\n \n \n\n \n2,438\n\n \n \n\n \n \n\n \n2.94\n\n \n \n\n \n \n\n \n404,473\n\n \n \n\n \n \n\n \n2,852\n\n \n \n\n \n \n\n \n2.83\n\n \n \n\n \nSubordinated Debentures\n\n \n \n\n \n \n\n \n108,835\n\n \n \n\n \n \n\n \n1,866\n\n \n \n\n \n \n\n \n6.87\n\n \n \n\n \n \n\n \n108,730\n\n \n \n\n \n \n\n \n1,849\n\n \n \n\n \n \n\n \n6.90\n\n \n \n\n \n \n\n \n83,892\n\n \n \n\n \n \n\n \n1,121\n\n \n \n\n \n \n\n \n5.36\n\n \n \n\n \nTotal Interest Bearing Liabilities\n\n \n \n\n \n \n\n \n3,893,899\n\n \n \n\n \n \n\n \n34,090\n\n \n \n\n \n \n\n \n3.51\n\n \n%\n\n \n \n\n \n3,826,115\n\n \n \n\n \n \n\n \n33,318\n\n \n \n\n \n \n\n \n3.53\n\n \n%\n\n \n \n\n \n3,847,874\n\n \n \n\n \n \n\n \n36,746\n\n \n \n\n \n \n\n \n3.83\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNoninterest Bearing Liabilities: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNoninterest Bearing Transaction Deposits\n\n \n \n\n \n \n\n \n808,295\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n834,916\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n774,424\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOther Noninterest Bearing Liabilities\n\n \n \n\n \n \n\n \n62,446\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n56,905\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n69,178\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal Noninterest Bearing Liabilities\n\n \n \n\n \n \n\n \n870,741\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n891,821\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n843,602\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nShareholders' Equity\n\n \n \n\n \n \n\n \n552,575\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n524,825\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n470,706\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal Liabilities and Shareholders' Equity\n\n \n \n\n \n$\n\n \n5,317,215\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n5,242,761\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n5,162,182\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet Interest Income / Interest Rate Spread\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n39,400\n\n \n \n\n \n \n\n \n2.22\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n37,395\n\n \n \n\n \n \n\n \n2.11\n\n \n%\n\n \n \n\...

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