Form 8-K

8-K — Bridgewater Bancshares Inc

Accession: 0001104659-26-117421

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0001341317

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — bwb-20261020x8k.htm (Primary)

EX-99.1 (bwb-ex99d1.htm)

EX-99.2 (bwb-ex99d2.htm)

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8-K

8-K (Primary)

Filename: bwb-20261020x8k.htm · Sequence: 1

BRIDGEWATER BANCSHARES, INC._October 20, 2026

0001341317false0001341317us-gaap:CommonStockMember2026-10-202026-10-200001341317bwb:DepositarySharesMember2026-10-202026-10-2000013413172026-10-202026-10-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

October 20, 2026

Date of Report

(Date of earliest event reported)

BRIDGEWATER BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of

incorporation)

001-38412

(Commission File Number)

26-0113412

(I.R.S. Employer

Identification No.)

4450 Excelsior Boulevard, Suite 100

St. Louis Park, Minnesota

(Address of principal executive offices)

55416

(Zip Code)

Registrant’s telephone number, including area code: (952) 893-6868

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.01 Par Value

Depositary Shares, each representing a 1/100th interest in a share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A

BWB

BWBBP

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 20, 2026, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results as of and for the three months ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished in this item of this Form 8-K, and the related exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

The Company hereby furnishes the Earnings Presentation attached hereto as Exhibit 99.2.

The information furnished in this item of this Form 8-K, and the related exhibits, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On October 20, 2026, in its 2026 third quarter earnings release, the Company announced that its Board of Directors had 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 depository share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2026, to shareholders of record of the Series A Preferred Stock at the close of business on November 13, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press Release of Bridgewater Bancshares, Inc., dated October 20, 2026, regarding third quarter 2026 financial results

Exhibit 99.2

Earnings Presentation dated October 20, 2026

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Bridgewater Bancshares, Inc.

Date: October 20, 2026

By: /s/ Jerry Baack

Name: Jerry Baack

Title: Chairman and Chief Executive Officer

EX-99.1

Filename: bwb-ex99d1.htm · Sequence: 2

Exhibit 99.1

Media Contact:

Emily Karpenske | Senior Communication Specialist

Emily.Karpenske@bwbmn.com | 952.653.0624

Investor Contact:

Justin Horstman | VP Investor Relations

Justin.Horstman@bwbmn.com | 952.542.5169

October 20, 2026

Bridgewater Bancshares, Inc. Announces Third Quarter 2026 Financial Results

Third Quarter 2026 Highlights

● Net income of $15.0 million, or $0.49 per diluted common share.

● Pre-provision net revenue(1) increased $2.9 million, or 60.4% annualized, from the second quarter of 2026.

● Net interest income increased $2.1 million, or 21.5% annualized, from the second quarter of 2026.

● Net interest margin (on a fully tax-equivalent basis) of 3.09%, an increase of two basis points from the second quarter of 2026.

● Efficiency ratio(1) of 48.8%, down from 53.0% for the second quarter of 2026.

● Gross loans increased by $80.4 million, or 7.2% annualized, from the second quarter of 2026.

● Total deposits increased by $126.8 million, or 11.6% annualized, from the second quarter of 2026.

● Core deposits(2) increased by $165.3 million, or 19.6% annualized, from the second quarter of 2026.

● Annualized net loan charge-offs as a percentage of average loans of 0.21%, up from 0.04% for the second quarter of 2026.

● Nonperforming assets to total assets of 0.37% at September 30, 2026, down from 0.40% at June 30, 2026.

● Tangible book value per share(1) of $16.33 at September 30, 2026, a decrease of 6.7% annualized from the second quarter of 2026.

● Common Equity Tier 1 Risk-Based Capital Ratio of 9.63%, up from 9.61% at June 30, 2026.

(1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2) Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.

Page 1 of 19

St. Louis Park, MN – Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the “Company”), the parent company of Bridgewater Bank (the “Bank”), today announced net income of $15.0 million for the third quarter of 2026, compared to $14.0 million for the second quarter of 2026, and $11.6 million for the third quarter of 2025. Earnings per diluted common share were $0.49 for the third quarter of 2026, compared to $0.45 for the second quarter of 2026, and $0.38 for the third quarter of 2025.

“Bridgewater delivered an impressive quarter highlighted by strong profitability and balance sheet growth as we continued to execute on our profitable growth strategy,” said Chairman and Chief Executive Officer, Jerry Baack. “Across-the-board revenue growth and well-controlled expenses in the third quarter resulted in a meaningful increase in pre-provision net revenue and an efficiency ratio below 50% for the first time since the first quarter of 2023. In addition, we generated robust core deposit growth during the quarter, which supported our organic loan growth engine, improved our overall deposit mix, and helped drive continued net interest margin expansion.

“Looking ahead, our balance sheet is better positioned today for a higher interest rate environment given our intentional mix shift toward more variable-rate loans over the past few years. Our teams continue to deliver an unconventional level of service that deepens existing client relationships and creates new ones, reinforcing our ability to sustain profitable growth and generate long-term value for shareholders.”

Page 2 of 19

Key Financial Measures

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

September 30,

2026

2025

2026

2025

Per Common Share Data

Basic Earnings Per Share

0.50

0.47

0.38

1.56

1.08

Diluted Earnings Per Share

0.49

0.45

0.38

1.52

1.06

Adjusted Diluted Earnings Per Share (1)

0.49

0.45

0.39

1.35

1.08

Book Value Per Share

16.98

17.27

15.62

16.98

15.62

Tangible Book Value Per Share (1)

16.33

16.61

14.93

16.33

14.93

Financial Ratios

Return on Average Assets (2)

1.08

1.06

0.86

1.16

0.84

Pre-Provision Net Revenue Return on Average Assets (1)(2)

1.57

1.43

1.19

1.44

1.20

Return on Average Shareholders' Equity (2)

10.81

10.17

9.47

11.43

9.23

Return on Average Tangible Common Equity (1)(2)

11.91

11.15

10.50

12.67

10.23

Net Interest Margin (3)

3.09

3.07

2.63

3.05

2.59

Core Net Interest Margin (1)(3)

2.98

2.94

2.52

2.93

2.46

Cost of Total Deposits

2.78

2.80

3.19

2.79

3.18

Cost of Funds

2.92

2.91

3.25

2.91

3.20

Yield on Loans

5.96

5.91

5.79

5.89

5.71

Efficiency Ratio (1)

48.8

53.0

54.7

52.6

54.2

Noninterest Expense to Average Assets (2)

1.53

1.65

1.47

1.63

1.46

Tangible Common Equity to Tangible Assets (1)

8.16

8.62

7.71

8.16

7.71

Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4)

9.63

9.61

9.08

9.63

9.08

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

1.08

1.06

0.88

1.04

0.86

Adjusted Pre-Provision Net Revenue Return on Average Assets (2)

1.57

1.43

1.23

1.46

1.24

Adjusted Return on Average Shareholders' Equity (2)

10.81

10.17

9.77

10.24

9.41

Adjusted Return on Average Tangible Common Equity (2)

11.91

11.15

10.86

11.26

10.44

Adjusted Efficiency Ratio

48.8

53.0

53.2

51.8

52.8

Adjusted Noninterest Expense to Average Assets (2)

1.53

1.65

1.43

1.61

1.42

Balance Sheet and Asset Quality (dollars in thousands)

Total Assets

5,615,482

5,389,726

5,359,994

5,615,482

5,359,994

Total Loans, Gross

4,506,834

4,426,389

4,214,554

4,506,834

4,214,554

Deposits

4,473,019

4,346,204

4,292,764

4,473,019

4,292,764

Loan to Deposit Ratio

100.8

101.8

98.2

100.8

98.2

Net Loan Charge-Offs to Average Loans (2)

0.21

0.04

0.03

0.10

0.01

Nonperforming Assets to Total Assets (5)

0.37

0.40

0.19

0.37

0.19

Allowance for Credit Losses to Total Loans

1.28

1.30

1.34

1.28

1.34

(1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2) Annualized.

(3) Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4) Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

(5) Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Page 3 of 19

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the third quarter of 2026 was 3.09%, a two basis point increase from 3.07% in the second quarter of 2026, and a 46 basis point increase from 2.63% in the third 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 2.98% for the third quarter of 2026, a four basis point increase from 2.94% in the second quarter of 2026, and a 46 basis point increase from 2.52% in the third quarter of 2025.

● Net interest margin expanded to 3.09% in the third quarter of 2026 primarily due to growth and repricing of the loan and investment securities portfolios at higher yields.

● The 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.

Net interest income was $40.7 million for the third quarter of 2026, an increase of $2.1 million from $38.6 million in the second quarter of 2026, and an increase of $6.6 million from $34.1 million in the third quarter of 2025.

● The linked-quarter increase in net interest income was primarily driven by growth in the loan and investment securities portfolios at higher yields and higher cash balances, offset partially by higher deposit balances.

● The year-over-year increase in net interest income was primarily due to growth in the loan portfolio at higher yields and lower rates paid on deposits, offset partially by lower balances and yields in the investment securities portfolio and lower cash balances.

Interest income was $76.6 million for the third quarter of 2026, an increase of $4.0 million from $72.7 million in the second quarter of 2026, and an increase of $3.0 million from $73.6 million in the third quarter of 2025.

● The yield on interest earning assets (on a fully tax-equivalent basis) was 5.76% in the third quarter of 2026, compared to 5.73% in the second quarter of 2026, and 5.63% in the third quarter of 2025.

● The linked-quarter increase in the yield on interest earning assets (on a fully tax-equivalent basis) was primarily driven by growth and repricing of the loan portfolio at higher yields and higher yielding investment securities balances.

● The 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.

● The aggregate loan yield was 5.96% in the third quarter of 2026, five basis points higher than 5.91% in the second quarter of 2026, and 17 basis points higher than 5.79% in the third quarter of 2025.

● Core loan yield, a non-GAAP financial measure, was 5.82% in the third quarter of 2026, six basis points higher than 5.76% in the second quarter of 2026, and 16 basis points higher than 5.66% in the third quarter of 2025.

A summary of interest and fees recognized on loans for the periods indicated is as follows:

Three Months Ended

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

Interest

5.82

5.76

5.66

5.63

5.66

Fees

0.12

0.13

0.12

0.10

0.09

Accretion

0.02

0.03

0.05

0.04

Yield on Loans

5.96

5.91

5.81

5.78

5.79

Interest expense was $36.0 million for the third quarter of 2026, an increase of $1.9 million from $34.1 million in the second quarter of 2026, and a decrease of $3.6 million from $39.5 million in the third quarter of 2025.

● The cost of interest bearing liabilities was 3.54% in the third quarter of 2026, compared to 3.51% in the second quarter of 2026, and 3.89% in the third quarter of 2025.

● The linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher balances and rates paid on interest bearing transaction deposits, time deposits, and FHLB advances.

● The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits.

Interest expense on deposits was $30.9 million for the third quarter of 2026, an increase of $1.2 million from $29.7 million in the second quarter of 2026, and a decrease of $3.7 million from $34.6 million in the third quarter of 2025.

Page 4 of 19

● The cost of total deposits was 2.78% in the third quarter of 2026, two basis points lower than 2.80% in the second quarter of 2026, and 41 basis points lower than 3.19% in the third quarter of 2025.

● The linked-quarter decrease in the cost of total deposits was primarily due to lower rates paid on brokered deposits and an increase in noninterest bearing deposits.

● The 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.

Provision for Credit Losses

The provision for credit losses on loans and leases was $2.8 million for the third quarter of 2026, compared to $550,000 for the second quarter of 2026, and $900,000 for the third quarter of 2025.

● The provision recorded in the third quarter of 2026 was primarily attributable to growth in the loan portfolio and an additional specific reserve.

● The allowance for credit losses on loans to total loans was 1.28% at September 30, 2026, compared to 1.30% at June 30, 2026, and 1.34% at September 30, 2025.

The provision for credit losses for off-balance sheet credit exposures was $-0- for both the second and third quarters of 2026, compared to a provision of $200,000 for the third quarter of 2025.

Noninterest Income

Noninterest income was $2.6 million for the third quarter of 2026, an increase of $249,000 from $2.3 million for the second quarter of 2026, and an increase of $512,000 from $2.1 million for the third quarter of 2025.

● The linked-quarter increase was primarily due to higher letter of credit fees, offset partially by lower swap fees.

● The year-over-year increase was primarily due to higher letter of credit fees and swap fees.

Noninterest Expense

Noninterest expense was $21.3 million for the third quarter of 2026, a decrease of $553,000 from $21.9 million for the second quarter of 2026, and an increase of $1.4 million from $20.0 million for the third quarter of 2025.

● The linked-quarter decrease was primarily due to lower marketing and advertising expenses and lower professional and consulting costs, offset partially by higher salaries and employee benefits.

● The year-over-year increase was primarily attributable to increases in salaries and employee benefits and information technology expenses.

● Noninterest expense for the second and third quarters of 2026 included no merger-related expenses associated with the acquisition of FMCB, compared to merger-related expenses of $530,000 for the third quarter of 2025, which is considered a non-core item.

● The efficiency ratio (on a fully tax-equivalent basis), a non-GAAP financial measure, was 48.8% for the third quarter of 2026, compared to 53.0% for the second quarter of 2026, and 54.7% for the third quarter of 2025.

● The Company had 360 full-time equivalent employees at September 30, 2026, compared to 355 at June 30, 2026, and 325 at September 30, 2025. The linked-quarter and the year-over-year increases were primarily driven by hiring of key talent across the organization.

Income Taxes

The effective combined federal and state income tax rate was 21.5% for the third quarter of 2026, compared to 24.1% for the second quarter of 2026, and 23.2% for the third quarter of 2025.

● The linked-quarter and the year-over-year decreases were primarily due to the increase in tax-exempt interest income following the purchase of tax-exempt municipal securities investments.

Page 5 of 19

Balance Sheet

Loans

(dollars in thousands)

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

Commercial

627,569

591,034

593,406

547,245

533,476

Leases

41,854

41,802

41,791

43,407

43,186

Construction and Land Development

229,478

186,248

209,421

216,163

159,991

1-4 Family Construction

57,825

46,539

50,629

45,152

41,739

Real Estate Mortgage:

1-4 Family Mortgage

456,458

485,288

488,029

496,142

487,297

Multifamily

1,661,765

1,690,566

1,590,091

1,587,338

1,578,223

CRE Owner Occupied

191,664

191,153

188,588

189,754

192,966

CRE Nonowner Occupied

1,211,595

1,168,863

1,185,371

1,165,104

1,158,622

Total Real Estate Mortgage Loans

3,521,482

3,535,870

3,452,079

3,438,338

3,417,108

Consumer and Other

28,626

24,896

20,716

19,212

19,054

Total Loans, Gross

4,506,834

4,426,389

4,368,042

4,309,517

4,214,554

Allowance for Credit Losses on Loans

(57,819)

(57,418)

(57,277)

(56,443)

(56,390)

Net Deferred Loan Fees

(8,889)

(8,469)

(8,633)

(8,966)

(8,282)

Total Loans, Net

4,440,126

4,360,502

4,302,132

4,244,108

4,149,882

Total gross loans at September 30, 2026 were $4.51 billion, an increase of $80.4 million, or 7.2% annualized, compared to total gross loans of $4.43 billion at June 30, 2026, and an increase of $292.3 million, or 6.9%, compared to total gross loans of $4.21 billion at September 30, 2025.

● The increase in the loan portfolio during the third quarter of 2026 was primarily due to growth in the construction and land development, commercial real estate (“CRE”) nonowner occupied, and commercial portfolios.

Deposits

(dollars in thousands)

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

Noninterest Bearing Transaction Deposits

893,817

830,952

828,845

923,070

822,632

Interest Bearing Transaction Deposits

947,073

944,502

899,911

893,740

860,774

Savings and Money Market Deposits

1,538,271

1,435,582

1,497,517

1,380,922

1,428,726

Time Deposits

298,804

243,694

232,959

312,154

346,214

Brokered Deposits

795,054

891,474

846,279

810,483

834,418

Total Deposits

4,473,019

4,346,204

4,305,511

4,320,369

4,292,764

Total deposits at September 30, 2026 were $4.47 billion, an increase of $126.8 million, or 11.6% annualized, compared to total deposits of $4.35 billion at June 30, 2026, and an increase of $180.3 million, or 4.2%, compared to total deposits of $4.29 billion at September 30, 2025.

● Core deposits, defined as total deposits excluding brokered deposits and certificates of deposit greater than $250,000, increased $165.3 million, or 19.6% annualized, from June 30, 2026, and increased $234.3 million, or 7.1%, from September 30, 2025.

● Noninterest bearing transaction deposits increased $62.9 million, or 30.0% annualized, from June 30, 2026, and increased $71.2 million, or 8.7%, from September 30, 2025.

● Brokered deposits decreased $96.4 million from June 30, 2026, and decreased $39.4 million from September 30, 2025. Consistent with historical practice, brokered deposits continue to be used as a supplemental funding source, as needed.

Asset Quality

Overall asset quality remained strong due to the Company’s measured risk selection, consistent underwriting standards, active credit oversight, and experienced lending and credit teams.

● Annualized net charge-offs as a percentage of average loans were 0.21% for the third quarter of 2026, compared to 0.04% for the second quarter of 2026, and 0.03% for the third quarter of 2025.

● At September 30, 2026, the Company’s nonperforming assets, which included nonaccrual loans, loans past due 90 days and still

Page 6 of 19

accruing, and foreclosed assets, were $20.9 million, or 0.37% of total assets, compared to $21.6 million, or 0.40% of total assets, at June 30, 2026, and $10.0 million, or 0.19% of total assets, at September 30, 2025.

● Loans with potential weaknesses that warranted a watch/special mention risk rating at September 30, 2026 totaled $23.6 million, compared to $38.5 million at June 30, 2026, and $40.6 million at September 30, 2025.

● Loans that warranted a substandard risk rating at September 30, 2026 totaled $42.9 million, compared to $43.9 million at June 30, 2026, and $58.1 million at September 30, 2025.

Capital

Total shareholders’ equity at September 30, 2026 was $541.4 million, a decrease of $6.5 million, or 4.7% annualized, compared to $547.9 million at June 30, 2026, and an increase of $43.9 million, or 8.8%, over $497.5 million at September 30, 2025.

● The linked-quarter decrease was primarily due to an increase in unrealized losses in the investment securities portfolio and preferred stock dividends, offset partially by net income retained and an increase in unrealized gains in the derivatives portfolio.

● The year-over-year increase was primarily due to net income retained and an increase in unrealized gains in the derivatives portfolio, offset partially by an increase in unrealized losses in the investment securities portfolio, preferred stock dividends and stock repurchases.

● The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.63% at September 30, 2026, compared to 9.61% at June 30, 2026, and 9.08% at September 30, 2025.

● Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.16% at September 30, 2026, compared to 8.62% at June 30, 2026, and 7.71% at September 30, 2025.

Tangible book value per share, a non-GAAP financial measure, was $16.33 as of September 30, 2026, a decrease of 6.7% annualized from $16.61 as of June 30, 2026, and an increase of 9.4% from $14.93 as of September 30, 2025.

The Company did not repurchase any shares of its common stock during both the third quarter of 2026 and 2025, compared to 38,659 shares repurchased during the second quarter of 2026.

● The Company had $12.4 million remaining under its current share repurchase authorization at September 30, 2026.

The Company did not sell any shares during the third quarter of 2026 as part of its existing at-the-market offering.

Today, 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 December 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on November 13, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its third quarter 2026 financial results on Wednesday, October 21, 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 9617563. The replay will be available through October 28, 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.

About the Company

Bridgewater 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 $5.6 billion as of September 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.

Page 7 of 19

Use of Non-GAAP Financial Measures

In 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.

Forward-Looking Statements

This 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.

Forward-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 the recent increase in the benchmark federal funds rate by the Federal Reserve; 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

Page 8 of 19

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; 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.

Any 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.

Page 9 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Financial Highlights

(dollars in thousands, except share data)

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

(Unaudited)

Income Statement

Net Interest Income

40,658

38,566

36,647

35,687

34,091

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

Noninterest Income

2,573

2,324

9,564

3,148

2,061

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

Net Income

15,028

14,007

17,406

13,334

11,601

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

Per Common Share Data

Basic Earnings Per Share

0.50

0.47

0.59

0.45

0.38

Diluted Earnings Per Share

0.49

0.45

0.58

0.43

0.38

Adjusted Diluted Earnings Per Share (1)

0.49

0.45

0.41

0.44

0.39

Book Value Per Share

16.98

17.27

16.60

16.23

15.62

Tangible Book Value Per Share (1)

16.33

16.61

15.93

15.55

14.93

Basic Weighted Average Shares Outstanding

27,923,824

27,861,522

27,800,091

27,641,138

27,504,840

Diluted Weighted Average Shares Outstanding

28,796,376

28,589,332

28,490,176

28,354,756

28,190,406

Shares Outstanding at Period End

27,960,252

27,880,830

27,832,867

27,759,970

27,584,732

Financial Ratios

Return on Average Assets (2)

1.08

1.06

1.35

0.97

0.86

Pre-Provision Net Revenue Return on Average Assets (1)(2)

1.57

1.43

1.30

1.35

1.19

Return on Average Shareholders' Equity (2)

10.81

10.17

13.45

10.38

9.47

Return on Average Tangible Common Equity (1)(2)

11.91

11.15

15.13

11.53

10.50

Net Interest Margin (3)

3.09

3.07

2.99

2.75

2.63

Core Net Interest Margin (1)(3)

2.98

2.94

2.86

2.62

2.52

Cost of Total Deposits

2.78

2.80

2.79

2.97

3.19

Cost of Funds

2.92

2.91

2.90

3.07

3.25

Yield on Loans

5.96

5.91

5.81

5.78

5.79

Efficiency Ratio (1)

48.8

53.0

56.3

51.6

54.7

Noninterest Expense to Average Assets (2)

1.53

1.65

1.71

1.48

1.47

Adjusted Financial Ratios (1)

Adjusted Return on Average Assets (2)

1.08

1.06

0.98

0.99

0.88

Adjusted Pre-Provision Net Revenue Return on Average Assets (2)

1.57

1.43

1.37

1.38

1.23

Adjusted Return on Average Shareholders' Equity (2)

10.81

10.17

9.76

10.54

9.77

Adjusted Return on Average Tangible Common Equity (2)

11.91

11.15

10.72

11.72

10.86

Adjusted Efficiency Ratio

48.8

53.0

53.8

50.7

53.2

Adjusted Noninterest Expense to Average Assets (2)

1.53

1.65

1.64

1.45

1.43

Balance Sheet

Total Assets

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Total Loans, Gross

4,506,834

4,426,389

4,368,042

4,309,517

4,214,554

Deposits

4,473,019

4,346,204

4,305,511

4,320,369

4,292,764

Total Shareholders' Equity

541,392

547,909

528,424

517,095

497,463

Loan to Deposit Ratio

100.8

101.8

101.5

99.7

98.2

Core Deposits to Total Deposits (4)

78.5

77.0

78.4

77.6

76.4

Asset Quality

Net Loan Charge-Offs to Average Loans (2)

0.21

0.04

0.05

0.11

0.03

Nonperforming Assets to Total Assets (5)

0.37

0.40

0.22

0.41

0.19

Allowance for Credit Losses to Total Loans

1.28

1.30

1.31

1.34

Page 10 of 19

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

(Unaudited)

Capital Ratios (Consolidated) (6)

Tier 1 Leverage Ratio

9.94

10.02

9.89

9.20

9.02

Common Equity Tier 1 Risk-based Capital Ratio

9.63

9.61

9.53

9.17

9.08

Tier 1 Risk-based Capital Ratio

10.95

10.98

10.94

10.57

10.52

Total Risk-based Capital Ratio

14.24

14.48

14.12

Tangible Common Equity to Tangible Assets (1)

8.16

8.62

8.34

8.01

7.71

(1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.

(2) Annualized.

(3) Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.

(4) Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.

(5) Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

(6) Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

Page 11 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands, except share data)

September 30,

June 30,

March 31,

December 31,

September 30,

2026

2025

(Unaudited)

Assets

Cash and Cash Equivalents

262,564

169,806

222,154

123,511

131,818

Bank-Owned Certificates of Deposit

—

3,658

Securities Available for Sale, at Fair Value

598,713

605,412

566,565

776,441

826,473

Loans, Net of Allowance for Credit Losses

4,440,126

4,360,502

4,302,132

4,244,108

4,149,882

Federal Home Loan Bank (FHLB) Stock, at Cost

21,189

17,979

18,398

21,122

21,373

Premises and Equipment, Net

52,530

52,730

52,784

51,576

50,955

Accrued Interest

16,818

16,946

15,841

18,929

19,244

Goodwill

11,982

Other Intangible Assets, Net

6,251

6,477

6,703

6,930

7,160

Bank-Owned Life Insurance

72,808

45,671

45,219

46,576

46,121

Other Assets

132,501

102,221

93,618

105,827

91,328

Total Assets

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Liabilities and Equity

Liabilities

Deposits:

Noninterest Bearing

893,817

830,952

828,845

923,070

822,632

Interest Bearing

3,579,202

3,515,252

3,476,666

3,397,299

3,470,132

Total Deposits

4,473,019

4,346,204

4,305,511

4,320,369

4,292,764

FHLB Advances

396,000

326,000

336,000

399,500

404,500

Subordinated Debentures, Net of Issuance Costs

108,953

108,882

108,782

108,677

108,588

Accrued Interest Payable

4,372

2,565

4,254

3,227

5,208

Other Liabilities

91,746

58,166

52,425

58,134

51,471

Total Liabilities

5,074,090

4,841,817

4,806,972

4,889,907

4,862,531

Shareholders' Equity

Preferred Stock- $0.01 par value; Authorized 10,000,000

Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at September 30, 2026 (unaudited), June 30, 2026 (unaudited), March 31, 2026 (unaudited), December 31, 2025, and September 30, 2025 (unaudited)

66,514

Common Stock- $0.01 par value; Authorized 75,000,000

Common Stock - Issued and Outstanding 27,960,252 at September 30, 2026 (unaudited), 27,880,830 at June 30, 2026 (unaudited), 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, and 27,584,732 at September 30, 2025 (unaudited)

280

279

278

276

Additional Paid-In Capital

102,605

100,868

99,564

98,287

97,101

Retained Earnings

394,856

380,841

367,848

351,455

339,135

Accumulated Other Comprehensive Gain (Loss)

(22,863)

(593)

(5,780)

561

(5,563)

Total Shareholders' Equity

541,392

547,909

528,424

517,095

497,463

Total Liabilities and Equity

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Page 12 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2026

2025

2026

2025

(Unaudited)

Interest Income

Loans, Including Fees

66,732

64,146

61,726

61,444

60,038

192,604

171,746

Investment Securities

7,587

6,904

6,923

9,720

10,371

21,414

28,968

Other

2,326

1,606

1,316

2,145

3,224

5,248

7,825

Total Interest Income

76,645

72,656

69,965

73,309

73,633

219,266

208,539

Interest Expense

Deposits

30,943

29,711

28,793

32,203

34,615

89,447

99,215

Federal Funds Purchased

—

238

—

257

Notes Payable

—

106

—

624

FHLB Advances

2,995

2,494

2,438

3,524

2,933

7,927

7,941

Subordinated Debentures

2,049

1,866

1,849

1,890

1,888

5,764

3,992

Total Interest Expense

35,987

34,090

33,318

37,622

39,542

103,395

111,788

Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

4,500

4,600

Net Interest Income After Provision for Credit Losses

37,908

38,016

35,447

34,237

32,991

111,371

92,151

Noninterest Income

Customer Service Fees

537

520

527

521

501

1,584

1,492

Net Gain on Sales of Securities

—

7,251

534

Letter of Credit Fees

643

304

185

668

383

1,132

1,161

Debit Card Interchange Fees

222

230

201

178

173

653

462

Swap Fees

112

263

240

651

—

615

980

Bank-Owned Life Insurance

530

451

447

455

440

1,428

1,206

Investment Advisory Fees

304

260

213

227

208

778

746

FHLB Prepayment Income

—

301

Other Income

225

296

500

368

297

1,020

885

Total Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Noninterest Expense

Salaries and Employee Benefits

14,353

13,916

13,492

12,434

12,229

41,761

34,963

Occupancy and Equipment

1,286

1,360

1,375

1,171

1,266

4,021

3,774

FDIC Insurance Assessment

555

595

780

770

775

1,930

1,975

Data Processing

623

692

611

638

637

1,926

1,881

Professional and Consulting Fees

1,127

1,267

1,196

1,404

1,261

3,590

3,365

Derivative Collateral Fees

284

206

168

237

309

658

1,132

Information Technology and Telecommunications

1,183

1,258

1,067

976

973

3,508

2,915

Marketing and Advertising

354

604

776

718

658

1,734

1,420

Intangible Asset Amortization

226

227

226

231

230

679

690

FHLB Prepayment Penalty

—

982

—

982

—

Other Expense

1,350

1,769

1,497

1,659

1,618

4,616

4,918

Total Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Income Before Income Taxes

19,140

18,446

22,841

17,147

15,096

60,427

42,885

Provision for Income Taxes

4,112

4,439

5,435

3,813

3,495

13,986

10,131

Net Income

15,028

14,007

17,406

13,334

11,601

46,441

32,754

Preferred Stock Dividends

(1,013)

(1,014)

(1,013)

(1,014)

(1,013)

(3,040)

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

43,401

29,714

Earnings Per Share

Basic

0.50

0.47

0.59

0.45

0.38

1.56

1.08

Diluted

0.49

0.45

0.58

0.43

0.38

1.52

1.06

Page 13 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Three Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

Average

Interest

Yield/

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

213,850

1,887

3.50

140,738

1,167

3.33

256,174

2,732

4.23

Investment Securities:

Taxable Investment Securities

446,156

5,046

4.49

460,567

5,233

4.56

730,643

9,448

5.13

Tax-Exempt Investment Securities (1)

199,173

3,217

6.41

144,241

2,115

5.88

81,962

1,168

5.66

Total Investment Securities

645,329

8,263

5.08

604,808

7,348

4.87

812,605

10,616

5.18

Loans (1)(2)

4,471,437

67,130

5.96

4,380,477

64,537

5.91

4,132,987

60,317

5.79

Federal Home Loan Bank Stock

19,924

439

8.75

18,692

438

9.39

21,373

492

9.12

Total Interest Earning Assets

5,350,540

77,719

5.76

5,144,715

73,490

5.73

5,223,139

74,157

5.63

Noninterest Earning Assets

170,949

172,500

149,304

Total Assets

5,521,489

5,317,215

5,372,443

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

970,042

7,995

3.27

931,588

7,504

3.23

843,905

8,037

3.78

Savings and Money Market Deposits

1,445,197

11,836

3.25

1,436,829

11,650

3.25

1,473,465

13,465

3.63

Time Deposits

291,668

2,726

3.71

230,949

2,089

3.63

342,926

3,703

4.28

Brokered Deposits

844,983

8,386

3.94

843,456

8,468

4.03

856,516

9,410

4.36

Total Interest Bearing Deposits

3,551,890

30,943

3.46

3,442,822

29,711

3.46

3,516,812

34,615

3.90

Federal Funds Purchased

—

1,901

3.90

—

Notes Payable

—

5,679

106

7.40

FHLB Advances

368,038

2,995

3.23

340,341

2,494

2.94

404,500

2,933

2.88

Subordinated Debentures

108,918

2,049

7.46

108,835

1,866

6.87

108,639

1,888

6.89

Total Interest Bearing Liabilities

4,028,846

35,987

3.54

3,893,899

34,090

3.51

4,035,630

39,542

3.89

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

864,046

808,295

793,760

Other Noninterest Bearing Liabilities

76,805

62,446

57,184

Total Noninterest Bearing Liabilities

940,851

870,741

850,944

Shareholders' Equity

551,792

552,575

485,869

Total Liabilities and Shareholders' Equity

5,521,489

5,317,215

5,372,443

Net Interest Income / Interest Rate Spread

41,732

2.22

39,400

2.22

34,615

1.74

Net Interest Margin (3)

3.09

3.07

2.63

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(1,074)

(834)

(524)

Net Interest Income

40,658

38,566

34,091

(1) Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3) Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Page 14 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Analysis of Average Balances, Yields and Rates

(dollars in thousands, except per share data)

(Unaudited)

For the Nine Months Ended

September 30, 2026

September 30, 2025

Average

Interest

Yield/

Average

Interest

Yield/

(dollars in thousands)

Balance

& Fees

Rate

Balance

& Fees

Rate

Interest Earning Assets:

Cash Investments

151,118

3,825

3.38

210,525

6,469

4.11

Investment Securities:

Taxable Investment Securities

470,739

15,809

4.49

744,605

27,364

4.91

Tax-Exempt Investment Securities (1)

154,624

7,096

6.14

49,987

2,030

5.43

Total Investment Securities

625,363

22,905

4.90

794,592

29,394

4.95

Loans (1)(2)

4,396,754

193,769

5.89

4,034,656

172,418

5.71

Federal Home Loan Bank Stock

19,320

1,423

9.85

20,601

1,356

8.80

Total Interest Earning Assets

5,192,555

221,922

5.71

5,060,374

209,637

5.54

Noninterest Earning Assets

168,954

145,373

Total Assets

5,361,509

5,205,747

Interest Bearing Liabilities:

Deposits:

Interest Bearing Transaction Deposits

930,394

22,435

3.22

837,504

23,995

3.83

Savings and Money Market Deposits

1,431,164

34,909

3.26

1,383,876

38,092

3.68

Time Deposits

258,491

7,148

3.70

333,199

10,280

4.13

Brokered Deposits

831,167

24,955

4.01

841,750

26,848

4.26

Total Interest Bearing Deposits

3,451,216

89,447

3.47

3,396,329

99,215

3.91

Federal Funds Purchased

8,706

257

3.94

456

4.64

Notes Payable

—

11,030

624

7.57

FHLB Advances

348,399

7,927

3.04

388,026

7,941

2.74

Subordinated Debentures

108,829

5,764

7.08

90,853

3,992

5.87

Total Interest Bearing Liabilities

3,917,150

103,395

3.53

3,886,694

111,788

3.85

Noninterest Bearing Liabilities:

Noninterest Bearing Transaction Deposits

835,741

779,897

Other Noninterest Bearing Liabilities

65,455

64,878

Total Noninterest Bearing Liabilities

901,196

844,775

Shareholders' Equity

543,163

474,278

Total Liabilities and Shareholders' Equity

5,361,509

5,205,747

Net Interest Income / Interest Rate Spread

118,527

2.19

97,849

1.69

Net Interest Margin (3)

3.05

2.59

Taxable Equivalent Adjustment:

Tax-Exempt Investment Securities and Loans

(2,656)

(1,098)

Net Interest Income

115,871

96,751

(1) Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.

(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

Page 15 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Asset Quality Summary

(unaudited)

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Allowance for Credit Losses

Balance at Beginning of Period

57,418

57,277

56,443

56,390

55,765

56,443

52,277

Provision for Credit Losses

2,750

550

1,350

1,250

900

4,650

4,400

Charge-offs

(2,442)

(738)

(658)

(1,259)

(276)

(3,838)

(294)

Recoveries

329

142

564

Net Charge-offs

(2,349)

(409)

(516)

(1,197)

(275)

(3,274)

(287)

Balance at End of Period

57,819

57,418

57,277

56,443

56,390

57,819

56,390

Allowance for Credit Losses to Total Loans

1.28

1.30

1.31

1.34

1.28

1.34

As of and for the Three Months Ended

As of and for the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Provision for Credit Losses on Loans and Leases

2,750

550

1,350

1,250

900

4,650

4,400

Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures

—

(150)

200

(150)

200

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

4,500

4,600

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

Selected Asset Quality Data

Loans 30-89 Days Past Due

1,381

871

494

968

2,906

Loans 30-89 Days Past Due to Total Loans

0.03

0.02

0.01

0.02

0.07

Nonperforming Loans

20,937

21,648

11,715

22,034

9,991

Nonperforming Loans to Total Loans

0.46

0.49

0.27

0.51

0.24

Nonaccrual Loans to Total Loans

0.46

0.49

0.27

0.51

0.24

Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans

0.46

0.49

0.27

0.51

0.24

Nonperforming Assets (1)

20,937

21,648

11,715

22,034

9,991

Nonperforming Assets to Total Assets (1)

0.37

0.40

0.22

0.41

0.19

Net Loan Charge-Offs (Annualized) to Average Loans

0.21

0.04

0.05

0.11

0.03

Watchlist/Special Mention Risk Rating Loans

23,607

38,469

47,681

47,823

40,642

Substandard Risk Rating Loans

42,909

43,888

43,074

52,956

58,074

(1) Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Page 16 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Pre-Provision Net Revenue

Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(7,251)

(534)

Less: FHLB Advance Prepayment Income

—

(301)

Total Operating Noninterest Income

2,573

2,324

2,313

3,068

2,002

7,210

6,932

Plus: Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Net Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,683

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Total Operating Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Pre-Provision Net Revenue

21,890

18,996

16,790

18,517

16,137

57,676

46,650

Plus:

Non-Operating Revenue Adjustments

—

7,251

835

Less:

Provision for Credit Losses

2,750

550

1,200

1,450

1,100

4,500

4,600

Provision for Income Taxes

4,112

4,439

5,435

3,813

3,495

13,986

10,131

Net Income

15,028

14,007

17,406

13,334

11,601

46,441

32,754

Average Assets

5,521,489

5,317,215

5,242,761

5,438,555

5,372,443

5,361,509

5,205,747

Pre-Provision Net Revenue Return on Average Assets

1.57

1.43

1.30

1.35

1.19

1.44

1.20

Adjusted Pre-Provision Net Revenue

Net Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,683

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Merger-related Expenses

—

(346)

(530)

—

(1,635)

Less: FHLB Prepayment Penalty

—

(982)

—

(982)

—

Adjusted Total Operating Noninterest Expense

21,341

21,894

21,188

19,892

19,426

64,423

55,398

Adjusted Pre-Provision Net Revenue

21,890

18,996

17,772

18,863

16,667

58,658

48,285

Adjusted Pre-Provision Net Revenue Return on Average Assets

1.57

1.43

1.37

1.38

1.23

1.46

1.24

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis)

41,732

39,400

37,395

36,447

34,614

118,527

97,848

Less:

Loan Fees

(1,367)

(1,464)

(1,257)

(1,041)

(966)

(4,088)

(2,704)

Purchase Accounting Accretion:

Loan Accretion

(171)

(324)

(546)

(380)

(666)

(1,147)

Bond Accretion

(18)

(17)

(22)

(33)

(89)

(57)

(819)

Bank-Owned Certificates of Deposit Accretion

—

(16)

(6)

—

(17)

Deposit Certificates of Deposit Accretion

—

(13)

—

(88)

Total Purchase Accounting Accretion

(189)

(188)

(346)

(595)

(488)

(723)

(2,071)

Core Net Interest Income (Tax-equivalent Basis)

40,176

37,748

35,792

34,811

33,160

113,716

93,073

Average Interest Earning Assets

5,350,540

5,144,715

5,079,430

5,264,700

5,223,139

5,192,555

5,060,374

Core Net Interest Margin

2.98

2.94

2.86

2.62

2.52

2.93

2.46

Core Loan Yield

Loan Interest Income (Tax-equivalent Basis)

67,130

64,537

62,102

61,746

60,317

193,769

172,418

Less:

Loan Fees

(1,367)

(1,464)

(1,257)

(1,041)

(966)

(4,088)

(2,704)

Loan Accretion

(171)

(324)

(546)

(380)

(666)

(1,147)

Core Loan Interest Income

65,592

62,902

60,521

60,159

58,971

189,015

168,567

Average Loans

4,471,437

4,380,477

4,336,869

4,239,936

4,132,987

4,396,754

4,034,656

Core Loan Yield

5.82

5.76

5.66

5.63

5.66

5.75

5.59

Page 17 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Efficiency Ratio

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Amortization of Intangible Assets

(226)

(227)

(226)

(231)

(230)

(679)

(690)

Adjusted Noninterest Expense

21,115

21,667

21,944

20,007

19,726

64,726

56,343

Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(7,251)

(534)

Adjusted Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,984

Efficiency Ratio

48.8

53.0

56.3

51.6

54.7

52.6

54.2

Adjusted Efficiency Ratio

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Amortization of Intangible Assets

(226)

(227)

(226)

(231)

(230)

(679)

(690)

Less: Merger-related Expenses

—

(346)

(530)

—

(1,635)

Less: FHLB Advance Prepayment Penalty

—

(982)

—

(982)

—

Adjusted Noninterest Expense

21,115

21,667

20,962

19,661

19,196

63,744

54,708

Net Interest Income

40,658

38,566

36,647

35,687

34,091

115,871

96,751

Noninterest Income

2,573

2,324

9,564

3,148

2,061

14,461

7,767

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(7,251)

(534)

Less: FHLB Advance Prepayment Income

—

(301)

Adjusted Operating Revenue

43,231

40,890

38,960

38,755

36,093

123,081

103,683

Adjusted Efficiency Ratio

48.8

53.0

53.8

50.7

53.2

51.8

52.8

Adjusted Noninterest Expense to Average Assets (Annualized)

Noninterest Expense

21,341

21,894

22,170

20,238

19,956

65,405

57,033

Less: Merger-related Expenses

—

(346)

(530)

—

(1,635)

Less: FHLB Advance Prepayment Penalty

—

(982)

—

(982)

—

Adjusted Noninterest Expense

21,341

21,894

21,188

19,892

19,426

64,423

55,398

Average Assets

5,521,489

5,317,215

5,242,761

5,438,555

5,372,443

5,361,509

5,205,747

Adjusted Noninterest Expense to Average Assets (Annualized)

1.53

1.65

1.64

1.45

1.43

1.61

1.42

Tangible Common Equity and Tangible Common Equity/Tangible Assets

Total Shareholders' Equity

541,392

547,909

528,424

517,095

497,463

Less: Preferred Stock

(66,514)

Total Common Shareholders' Equity

474,878

481,395

461,910

450,581

430,949

Less: Intangible Assets

(18,233)

(18,459)

(18,685)

(18,912)

(19,142)

Tangible Common Equity

456,645

462,936

443,225

431,669

411,807

Total Assets

5,615,482

5,389,726

5,335,396

5,407,002

5,359,994

Less: Intangible Assets

(18,233)

(18,459)

(18,685)

(18,912)

(19,142)

Tangible Assets

5,597,249

5,371,267

5,316,711

5,388,090

5,340,852

Tangible Common Equity/Tangible Assets

8.16

8.62

8.34

8.01

7.71

Tangible Book Value Per Share

Book Value Per Common Share

16.98

17.27

16.60

16.23

15.62

Less: Effects of Intangible Assets

(0.65)

(0.66)

(0.67)

(0.68)

(0.69)

Tangible Book Value Per Common Share

16.33

16.61

15.93

15.55

14.93

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

43,401

29,714

Average Shareholders' Equity

551,792

552,575

524,825

509,655

485,869

543,163

474,278

Less: Average Preferred Stock

(66,514)

Average Common Equity

485,278

486,061

458,311

443,141

419,355

476,649

407,764

Less: Effects of Average Intangible Assets

(18,361)

(18,588)

(18,816)

(19,042)

(19,274)

(18,587)

(19,504)

Average Tangible Common Equity

466,917

467,473

439,495

424,099

400,081

458,062

388,260

Return on Average Tangible Common Equity

11.91

11.15

15.13

11.53

10.50

12.67

10.23

Page 18 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2026

2025

2026

2025

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders

14,015

12,993

16,393

12,320

10,588

43,401

29,714

Add: Merger-related Expenses

—

346

530

—

1,635

Add: FHLB Advance Prepayment Penalty

—

982

—

982

—

Less: FHLB Advance Prepayment Income

—

(301)

Less: Gain on Sales of Securities

—

(7,251)

(80)

(59)

(7,251)

(534)

Total Adjustments

—

(6,269)

266

471

(6,269)

800

Less: Tax Impact of Adjustments

—

1,492

(59)

(110)

1,448

(189)

Adjusted Net Income Available to Common Shareholders

14,015

12,993

11,616

12,527

10,949

38,580

30,325

Diluted Weighted Average Shares Outstanding

28,796,376

28,589,332

28,490,176

28,354,756

28,190,406

28,644,219

28,089,409

Adjusted Diluted Earnings Per Common Share

0.49

0.45

0.41

0.44

0.39

1.35

1.08

Adjusted Return on Average Assets

Net Income

15,028

14,007

17,406

13,334

11,601

46,441

32,754

Add: Total Adjustments

—

(6,269)

266

471

(6,269)

800

Less: Tax Impact of Adjustments

—

1,492

(59)

(110)

1,448

(189)

Adjusted Net Income

15,028

14,007

12,629

13,541

11,962

41,620

33,365

Average Assets

5,521,489

5,317,215

5,242,761

5,438,555

5,372,443

5,361,509

5,205,747

Adjusted Return on Average Assets

1.08

1.06

0.98

0.99

0.88

1.04

0.86

Adjusted Return on Average Shareholders' Equity

Adjusted Net Income

15,028

14,007

12,629

13,541

11,962

41,620

33,365

Average Shareholders' Equity

551,792

552,575

524,825

509,655

485,869

543,163

474,278

Adjusted Return on Average Shareholders' Equity

10.81

10.17

9.76

10.54

9.77

10.24

9.41

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders

14,015

12,993

11,616

12,527

10,949

38,580

30,325

Average Tangible Common Equity

466,917

467,473

439,495

424,099

400,081

458,062

388,260

Adjusted Return on Average Tangible Common Equity

11.91

11.15

10.72

11.72

10.86

11.26

10.44

Page 19 of 19

EX-99.2

Filename: bwb-ex99d2.htm · Sequence: 3

Exhibit 99.2

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 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.

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 the recent increase in the benchmark federal funds rate by the Federal Reserve; 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 commercial real estate (“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 (the “SEC”) 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 consequence 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, wide spread 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; 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 SEC.

Any forward-looking statement made by us in this presentation 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. Certain of the information contained in this presentation is derived

from information provided by industry sources. Although the Company believes that such information is accurate and that the sources from which it has been obtained are reliable, the Company cannot guarantee the accuracy of, and

has not independently verified, such information.

Use of Non-GAAP financial measures

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 to the comparable GAAP measures are provided in this presentation.

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%

• Loan balances increased $80M, or 7.2% annualized, from 2Q26

• Deposit balances increased $127M, or 11.6% annualized, from 2Q26; core deposit2 balances increased $165M, or 19.6% annualized

• YTD loan growth of 6.1% annualized, inline with core deposit2 growth of 6.4%

• Positive deposit mix shift as noninterest-bearing deposits increased $63M in 3Q26 and brokered deposits declined $96M

• Net interest income increased $2.1M, or 21.5% annualized, from 2Q26

• Net interest margin (NIM) of 3.09%, up 2 bps from 2Q26

• Yield on total loans of 5.96%, up 5 bps from 2Q26

• Better positioned for a rates-up environment with the variable-rate mix of the loan portfolio at 26%, up from 15% in 3Q24

Profitable

Balance Sheet

Growth

Net Interest

Income Growth and

NIM Expansion

$0.49

Diluted

EPS

Nonperforming Assets

to Total Assets

Efficiency

Ratio1

Return on

Average Assets

Return on Avg. Tangible

Common Equity1

1.08% 11.91% 48.8%

1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation

2 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

• Nonperforming assets to total assets of 0.37%, down from 0.40% in 2Q26

• Annualized net charge-offs to average loans of 0.21%, up from 0.04% in 2Q26, related to one mixed-use multifamily loan

• Watch / special mention loans declined $14.9 million, or 38.6%, from June 30, 2026

• Well-reserved with allowance to total loans of 1.28%, down 2 bps from June 30, 2026

Strong

Asset Quality

Profile

Strong

Profitability

Momentum

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 reconciliation

Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2026 with growth rate through 2Q26 (Source: S&P Capital IQ)

BWB Tangible Book Value Per Share Up 9.4% YoY

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%

1.43%

1.57%

1.23%

1.38% 1.37%

0.86%

0.97%

1.35%

0.88% 1.06% 1.08%

0.99%

0.98%

3Q25 4Q25 1Q26 2Q26 3Q26

PPNR Net Income 1 ROA

1 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation

Dollars in thousands

Adj. PPNR ROA1 Adj. ROA1

Pre-Provision Net Revenue (PPNR)1 Growth of 36% YoY Total Revenue Growth of 20% YoY

Net Interest Income Noninterest Income

Swap Fees $ -- $ 651 $ 240 $ 263 $112

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 Interest Income

Loan Fees

Net Interest Income and Margin Trends

3.07%

0.10%

0.04% 0.01%

(0.07)%

(0.04)%

(0.02)%

0.00%

3.09%

NIM

(2Q26)

Loan

Fees

Purchase

Accounting

Accretion

Loans Investments Cash Deposits Borrowings NIM

(3Q26)

Net Interest Margin Roll-forward

3Q26 Net Interest Income / Net Interest Margin Commentary

1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21%

2 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation

Dollars in thousands

Net Interest Income

• Net interest income growth of 22% annualized from 2Q26, driven by both

earning asset growth and net interest margin expansion

• Average interest earning assets up $206M, or 16% annualized, from 2Q26

Net Interest Margin

• NIM increased 2 bps in 3Q26

• Loan portfolio continued to reprice higher

• Deposit costs remained relatively stable

• Better positioned for rising rate environment due to increased variable-rate

loan mix (26% in 3Q26 vs. 15% in 3Q24)

Core NIM2 up 4 bps

Core Net Interest Margin1,2

Purchase Accounting Accretion (PAA)

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% 5.66%

5.76% 5.82%

3Q25 4Q25 1Q26 2Q26 3Q26

$4,311 $4,301

$4,191 $4,251

$4,416

3.19%

2.97% 2.79% 2.80% 2.78%

3Q25 4Q25 1Q26 2Q26 3Q26

Core Loan Yield2

$813 $819

$626 $605 $645

5.18% 4.93% 4.73% 4.87% 5.08%

3Q25 4Q25 1Q26 2Q26 3Q26

Average Interest-Bearing Deposits Average Noninterest-Bearing Deposits

Average Borrowings Cost of Funds

Average Loans Loan Yield1 Average Investments Investment Yield1

Average Total Deposits Cost of Total Deposits

1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21%

2 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation

Dollars in millions

Loans Continued to Reprice Higher

Deposit Costs Stabilize

High-Yielding Securities Portfolio

Total Funding Costs Stabilize

$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

A Highly Efficient Business Model

1.43% 1.45%

1.64% 1.65% 1.53%

0.04% 0.03%

0.07%

1.47% 1.48%

1.71% 1.65%

1.53%

54.7%

51.6%

56.3%

48.8%

53.2%

50.7%

53.8% 53.0%

48.8%

3Q25 4Q25 1Q26 2Q26 3Q26

Adjusted NIE / Avg. Assets2

Adjusted Efficiency Ratio3

Peer median efficiency ratio of 56%1 in 2Q26 NIE growth of 10% YoY (excluding non-core items)

Salary and Employee Benefits Occupancy

Technology Professional and Consulting

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 Annualized

3 Represents a non-GAAP financial measure. See Appendix for non-GAAP reconciliation

Dollars in thousands

Other

Adjustment Factors / Avg. Assets2

Efficiency Ratio3

Non-Core Items

Efficiency Ratio Below 50% for the First Time Since 1Q23 Well-Managed Expense Base

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%

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

Brokered

• 3Q26 deposits increased $127M, or 11.6% annualized (4.7% YTD)

• 3Q26 core deposits1

increased $165M, or 19.6% annualized (6.4% YTD)

• Improved deposit mix as noninterest-bearing deposits increased $63M

while brokered deposits declined $96M

• Core deposit growth is not always linear and tends to be seasonally

lower early in the year

Continued Focus on Core Deposit Growth to Support Loan Growth Outlook

1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

Dollars in millions

Positive Core Deposit1 Growth Momentum Over Time

$217

$3,107 $3,170 $3,186

$3,279 $3,351 $3,377 $3,348

$3,513

4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26

Improved Deposit Mix

Core Deposits Acquired Core Deposits1

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 (6.1% YTD)

• YTD loan growth 6.1% annualized inline with core deposit1 growth of 6.4%

• Continued to see growth opportunities related to M&A disruption

• Loan-to-deposit ratio of 100.8%, within the 95% to 105% target range

Emphasizing Profitable Loan Growth

Near-term loan growth will depend on a variety of factors, including:

• Core deposit growth – pace of core deposit growth will be a governor

on loan growth as we look to remain within our target loan-to-deposit

ratio range

• Competition – increased loan competition and banks being more

aggressive on pricing could impact growth as we focus on profitable

growth

• Loan demand – M&A disruption and strong pipelines continue to

support near-term growth while the interest rate environment creates

demand uncertainty

• Loan payoffs and paydowns – pace of loan payoffs will continue to

impact loan growth

Loan Growth Outlook

Proven Track Record of Generating Strong Organic Loan Growth

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

$214

$243 $246

3Q25 4Q25 1Q26 2Q26 3Q26

Payoffs Amortization/Paydowns

Dollars in millions

$4,426

$21

$4,507

$183

$125

$(179)

$(67) $(2)

Gross

Loans

(2Q26)

New

Originations

Advances Net

Revolving

Lines of

Credit

Payoffs Amort. /

Paydowns

Charge-Offs

Gross

Loans

(3Q26)

3Q26 Loan Growth Roll-forward

Well-Diversified Loan Portfolio with

Multifamily Expertise

$(29)

$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

1-4 Family

Mortgage

10%

CRE OO

C&I

14%

Leases

Consumer

& Other

Loan Mix by Type

$4.5

Billion

• Loan growth driven by continued traction in the affordable housing

vertical across the construction and development and C&I portfolios

• Elevated payoff activity impacted the multifamily portfolio

• Remain comfortable with the diversity of the loan portfolio,

including CRE and multifamily concentrations, given portfolio

performance and expertise

3Q26 Loan Growth by Type (vs. 2Q26)

Multifamily

1-4 Family Mortgage

Construction and Development

C&I

CRE Nonowner Occupied

CRE Owner Occupied

Consumer & Other

Leases

3Q26 Loan Growth Commentary

• Bank of choice in the Twin Cities with expertise and

differentiated service model

• Positive market trends with reduced vacancy rates, strong

absorption, and slower construction = favorable outlook for

occupancy and rent growth

• Twin Cities ranks 4th in the nation for year-over-year multifamily

rent growth1

Multifamily Lending Approach

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 barrier to entry due to complex nature of the transactions

• Risk mitigants include working with experienced developers of scale across the country and the ongoing demand for affordable housing nationwide

• 38% of the portfolio located outside of Minnesota

• Strong source of core deposit growth

Multifamily

69%

Construction

and

Development

C&I

22%

$734M

$611

$652

$708 $712 $734

3Q25 4Q25 1Q26 2Q26 3Q26

$(26)

$24

$24 Construction and

Development

C&I

Multifamily

Affordable Housing Loan Growth 3Q26 Loan Growth by Type (vs. 2Q26) Portfolio Mix

Declining Levels of

Watch/Special Mention and Substandard

Multifamily

80%

CRE OO

10%

C&I

1-4 Family

$24

Million

Watch/Special Mention List Loans Substandard Loans

C&I

24%

CRE NOO

Office

20%

CRE

NOO

Hotels

CRE

NOO

Retail

10%

CRE

NOO

Other

Multifamily

22%

CRE

1-4

Family

$43

Million

Watch/Special Mention Characteristics

Loan Balances Outstanding $23,607

% of Total Loans, Gross 0.5%

Number of Loans 12

Average Loan Size $1,967

% of Bank Risk-Based Capital 3.4%

Substandard Characteristics

Loan Balances Outstanding $42,909

% of Total Loans, Gross 1.0%

Number of Loans 21

Average Loan Size $2,043

% of Bank Risk-Based Capital 6.2%

$40,642

$47,823 $47,681

$38,469

$23,607

3Q25 4Q25 1Q26 2Q26 3Q26

$58,074

$52,956

$43,074 $43,888 $42,909

3Q25 4Q25 1Q26 2Q26 3Q26

Dollars in thousands

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

$1,197

$516 $409

$2,349

0.03%

0.11%

0.05% 0.04%

0.21%

3Q25 4Q25 1Q26 2Q26 3Q26

Net Charge-Offs

3Q26 NCO related to one mixed-use

loan on nonaccrual

Net Charge-offs (recoveries) % of Average Loans (annualized)

$56,390 $56,443 $57,277 $57,418 $57,819

1.34%

1.31% 1.31% 1.30% 1.28%

3Q25 4Q25 1Q26 2Q26 3Q26

Allowance for Credit Losses

Well-reserved compared to peer median

ACL/Loans of 1.15%1

Allowance for Credit Losses % of Gross Loans

$9,991

$22,034

$11,715

$21,648 $20,937

0.19%

0.41%

0.22%

0.40% 0.37%

3Q25 4Q25 1Q26 2Q26 3Q26

Nonperforming Assets2

Two loans make up 80% of the NPAs

NPAs % of Assets

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 remaining under current share repurchase authorization as of

September 30, 2026; no shares repurchased in 3Q26

• No shares sold in 3Q26 as part of the at-the-market (ATM) offering

launched in February 2026

Capital Allocation Priorities

Organic Growth

Share Repurchases

M&A

4 Dividends

Drive profitability by supporting a proven organic loan growth engine

Opportunistically return capital to shareholders by buying back

stock based on valuation, capital levels, and other uses of capital

Review and evaluate M&A opportunities that complement BWB’s

business model

Have not historically paid a common stock dividend given

organic growth opportunities

9.02%

9.20%

9.89% 10.02% 9.94%

9.08%

9.17%

9.53% 9.61% 9.63%

14.12% 14.12%

14.48% 14.48% 14.24%

7.71% 8.01% 8.34% 8.62%

8.16%

3Q25 4Q25 1Q26 2Q26 3Q26

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 over the near-term (assumes three additional rate hikes through the first half of 2027)

• Higher loan repricing offsetting higher deposit costs

• Dependent on changes in interest rates and shape of the yield curve

• Continued net interest income growth due to NIM stabilization and loan growth outlook

Net Interest

Margin

• Noninterest expense to return to 2Q26 levels in 4Q26

• Continued investments in people and technology initiatives Expenses

• Maintain stable capital levels in the current environment given the growth outlook

• Opportunistic and nimble approach to capital, focused on enhancing shareholder value and supporting the

balance sheet, whether as a purchaser or issuer

Capital

Levels

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 align loan growth with

core deposit growth over time

• Drive NIM expansion in the lower

interest rate environment

• Maintain strong credit quality

through consistent underwriting

standards and active credit

oversight

• Take local deposit and loan market

share by being the bank-of-choice

for clients wanting to bank local in

the Twin Cities

• Expand expertise and capacity

across targeted verticals, such as

affordable housing, women business

leaders, nonprofits, and SBA

• Leverage marketplace disruption in

the Twin Cities to attract new

clients and top talent

• Evaluate M&A opportunities that

support our business model and

growth outlook

• Leverage affordable housing

expertise to grow client base across

the Twin Cities and nationally

• Enhance our national presence as an

affordable housing lender while

building infrastructure for long-term

growth

• Expand and enhance perm product

offering to drive additional loan and

swap fee income

• Continue to earn strong core

deposits through affordable

housing transactions

• Leverage recent technology

investments to support growth and

enhance workflow efficiencies

• Develop AI strategies to enhance

operational efficiencies, strengthen

client relationships, and empower

team members

• Modernize core banking for scalable

growth with open architecture and

easy access to third party services

• Expand investment in digital

products to improve the client

experience

Year-to-Date Progress (3Q26)

• Aligning loan growth (6.1%) with

core deposit1 growth (6.4%)

• NIM expansion of 34 bps

• Hired 17 team members as a result

of the local M&A disruption

• Affordable housing balances up

$82M, or 17% annualized

• Advanced AI from strategy to

execution through enterprise

governance, workforce enablement

and governed automation pilots

1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

APPENDIX

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

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

Fixed,

63%

Variable,

26%

Adjustable,

11%

Loan Portfolio Mix Fixed-Rate Portfolio

($2.8B)

Variable-Rate Portfolio

($1.2B)

Adjustable-Rate Portfolio

($490M)

Years to Maturity

• $697M of fixed-rate loans

maturing over the next year, with

a weighted average yield of

5.70%

• Larger fixed-rate portfolio

provides support to total loan

yields in a rates-down

environment

Variable-Rate Loan Floors

• Intentional focus on growing the

variable-rate loans to make the

loan portfolio more rate-neutral

• $1.2B of variable-rate loans

offset much of the $1.6B of

immediately adjustable deposits

tied to short-term rates

• 68% of variable-rate portfolio

have rate floors, with 83% of the

floors at or above 5%

• 97% of variable-rate loans are

currently tied to SOFR or Prime

Adjustable-Rate

Repricing/Maturity Schedule

• $105M of adjustable-rate loans

repricing or maturing over the

next year, with a weighted

average yield of 4.23%

• Adjustable-rate loans positioned

to continue repricing higher

Dollars in millions

Data as of September 30, 2026

Yield 5.70% 5.57% 5.55% 6.16% 5.56% 4.52%

Yield 4.23% 4.44% 5.68% 6.56% 6.63% 4.65%

5% 12%

36% 43%

$44

$98

$295

$346

$30

Below

4%-5% 5%-6% 6%-7% Above

Increasing Variable-Rate Mix

Fixed Variable Adjustable

67% 65% 65% 64% 63%

19% 22% 23% 25% 26%

14% 13% 12% 11% 11%

3Q25 4Q25 1Q26 2Q26 3Q26

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

rates-up environment

• $802M of fixed- and adjustable-rate loans scheduled to reprice over the

next year

• Leveraged prepayment penalties on new loan originations to help

maintain benefit of higher rates over time

Funding Considerations

• Deposit base is more sensitive to changing interest rates

• Strong momentum in core deposit growth since March 2023

• Continue to supplement core deposits with wholesale funding to support

loan growth over time

• $2.0B of funding tied to short-term rates, including $1.6B of immediately-adjustable deposits and $0.4B of derivative hedging

• $592M of other repricing opportunities, including time deposit maturities

over the next 12 months and callable brokered deposits with rates over

4.00%

-200 bps

(1.1)%

+4.3%

2Q26

+13.3%

(1.0)%

+2.4%

3Q26

+8.1%

(2.7)%

+4.4%

3Q25

+10.5%

(1.1)%

+4.6%

1Q26

+12.2%

(1.4)%

+3.7%

4Q25

+9.4%

+200 bps (4.9)% (2.8)% (2.2)% (2.4)% (2.5)%

More neutral balance sheet with rate-sensitive portions of the loan and deposit portfolios better aligned –

$1.2B of variable-rate loans and $1.6B of deposits tied to short-term rates

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

Twin Cities

Suburban

68%

Minneapolis-St. Paul (CBD)

13%

Minneapolis

-St. Paul

(non-CBD)

17%

Out-of-State

(non-CBD)

Greater MN

$220M

• Majority of CRE NOO office

exposure in the Twin Cities

suburbs

• Only 4 loans totaling $28M

located in Minnesota CBDs

• Only 4 loans totaling $2M

outside of Minnesota (non-CBD), consisting of projects

for existing local clients

Loan

Balances

Average

Loan Size

NCOs

(since 2005)

$1.7B $2.9M $3M

Multifamily Lending Focus in Stable Twin Cities Market

• Bank of choice in the Twin Cities with expertise and differentiated service

model

• Greater tenant diversification compared to other asset classes

• Positive market trends with reduced vacancy rates, strong absorption, and

slower construction = favorable outlook for occupancy and rent growth

• Market catalysts include relative affordability, steady population growth,

low unemployment, strong wages, and shortage of single-family housing

Weighted

Average LTV

67%

Weighted Average

LTV

68%

High Quality Securities Portfolio

See Quarterly Peer

Bank Financial

Review

AAA

35%

41%

BBB

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 AOCI1

• No held-to-maturity securities

• Securities portfolio average duration of 7.4 years

• Average securities portfolio yield of 5.08%

1 Includes the tax-effected impact of $2,244 in 3Q25 and $9,220 in 3Q26

31% 31% 40% 37% 35%

29% 31% 35% 42% 46%

13% 12%

17%

15% 14%

18% 19%

6% 5%

$826 $776

$567 $605 $599

3Q25 4Q25 1Q26 2Q26 3Q26

Mortgage-Backed Securities Municipal Bonds

U.S. Treasuries

Corporate Securities

Securities Available for Sale Portfolio (dollars in millions)

Other

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 Sheet Liquidity as a % of Assets

Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022

Funding Source 12/31/2022 9/30/2026 Change

Cash and Cash Equivalents $ 4 8 $ 216 $ 168

Unpledged Securities1

549 503 (46)

FHLB Capacity 391 638 247

FRB Discount Window 158 1,032 874

Unsecured Lines of Credit 208 220 12

Secured Line of Credit 26 4 7 21

Total $ 1,380 $ 2,656 $ 1,276

Available Balance

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) (1,464) (1,367)

Loan Accretion (380) (546) (324) (171) (171)

Core Loan Interest Income $ 58,971 $ 60,159 $ 60,521 $ 62,902 $ 65,592

Average Loans $ 4,132,987 $ 4,239,936 $ 4,336,869 $ 4,380,477 $ 4,471,437

Core Loan Yield 5.66% 5.63% 5.66% 5.76% 5.82%

Efficiency Ratio:

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Amortization Intangible Assets (230) (231) (226) (227) (226)

Adjusted Noninterest Expense $ 19,726 $ 20,007 $ 21,944 $ 21,667 $ 21,115

Net Interest Income $ 34,091 $ 35,687 $ 36,647 $ 38,566 $ 40,658

Noninterest Income 2,061 3,148 9,564 2,324 2,573

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Adjusted Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Efficiency Ratio 54.7% 51.6% 56.3% 53.0% 48.8%

Adjusted Efficiency Ratio:

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Amortization Intangible Assets (230) (231) (226) (227) (226)

Less: Merger-related Expenses (530) (346) - - -

Less: FHLB Advance Prepayment/Debt Redemption Loss - - (982) - -

Adjusted Noninterest Expense $ 19,196 $ 19,661 $ 20,962 $ 21,667 $ 21,115

Net Interest Income $ 34,091 $ 35,687 $ 36,647 $ 38,566 $ 40,658

Noninterest Income 2,061 3,148 9,564 2,324 2,573

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Less: FHLB Advance Prepayment Income - - - - -

Adjusted Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Adjusted Efficiency Ratio 53.2% 50.7% 53.8% 53.0% 48.8%

Adjusted Noninterest Expense to Average Assets:

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Merger-related Expenses (530) (346) - - -

Less: FHLB Prepayment Penalty - - (982) - -

Adjusted Noninterest Expense $ 19,426 $ 19,892 $ 21,188 $ 21,894 $ 21,341

Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489

Adjusted Noninterest Expense to Average Assets (ann.) 1.43% 1.45% 1.64% 1.65% 1.53%

As of and for the quarter ended,

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Pre-Provision Net Revenue:

Noninterest Income $ 2,061 $ 3,148 $ 9,564 $ 2,324 $ 2,573

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Less: FHLB Advance Prepayment Income - - - - -

Total Operating Noninterest Income 2,002 3,068 2,313 2,324 2,573

Plus: Net Interest Income 34,091 35,687 36,647 38,566 40,658

Net Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Total Operating Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Pre-provision Net Revenue $ 16,137 $ 18,517 $ 16,790 $ 18,996 $ 21,890

Plus: Non-Operating Revenue Adjustments 59 8 0 7,251 - -

Less: Provision for Credit Losses 1,100 1,450 1,200 550 2,750

Less: Provision for Income Taxes 3,495 3,813 5,435 4,439 4,112

Net Income $ 11,601 $ 13,334 $ 17,406 $ 14,007 $ 15,028

Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489

Pre-Provision Net Revenue Return on

Average Assets 1.19% 1.35% 1.30% 1.43% 1.57%

Adjusted Pre-Provision Net Revenue:

Net Operating Revenue $ 36,093 $ 38,755 $ 38,960 $ 40,890 $ 43,231

Noninterest Expense $ 19,956 $ 20,238 $ 22,170 $ 21,894 $ 21,341

Less: Merger-related Expenses (530) (346) - - -

Less: FHLB Prepayment Income - - (982) - -

Adjusted Total Operating Noninterest Expense $ 19,426 $ 19,892 $ 21,188 $ 21,894 $ 21,341

Adjusted Pre-Provision Net Revenue $ 16,667 $ 18,863 $ 17,772 $ 18,996 $ 21,890

Adjusted Pre-Provision Net Revenue Return on

Average Assets 1.23% 1.38% 1.37% 1.43% 1.57%

Core Net Interest Margin

Net Interest Income (Tax-equivalent Basis) $ 34,614 $ 36,447 $ 37,395 $ 39,400 $ 41,732

Less:

Loan Fees (966) (1,041) (1,257) (1,464) (1,367)

Purchase Accounting Accretion:

Loan Accretion (380) (546) (324) (171) (171)

Bond Accretion (89) (33) (22) (17) (18)

Bank-Owned Certificates of Deposit Accretion (6) (16) - - -

Deposit Certificates of Deposit Accretion (13) - - - -

Total Purchase Accounting Accretion (488) (595) (346) (188) (189)

Core Net Interest Income (Tax-equivalent Basis) $ 33,160 $ 34,811 $ 35,792 $ 37,748 $ 40,176

Average Interest Earning Assets $ 5,223,139 $ 5,264,700 $ 5,079,430 $ 5,144,715 $ 5,350,540

Core Net Interest Margin 2.52% 2.62% 2.86% 2.94% 2.98%

As of and for the quarter ended,

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 (66,514) (66,514) (66,514) (66,514) (66,514)

Total Common Shareholders' Equity 430,949 450,581 461,910 481,395 474,878

Less: Intangible Assets (19,142) (18,912) (18,685) (18,459) (18,233)

Tangible Common Equity $ 411,807 $ 431,669 $ 443,225 $ 462,936 $ 456,645

Total Assets $ 5,359,994 $ 5,407,002 $ 5,335,396 $ 5,389,726 $ 5,615,482

Less: Intangible Assets (19,142) (18,912) (18,685) (18,459) (18,233)

Tangible Assets $ 5,340,852 $ 5,388,090 $ 5,316,711 $ 5,371,267 $ 5,597,249

Tangible Common Equity / Tangible Assets 7.71% 8.01% 8.34% 8.62% 8.16%

Return on Average Tangible Common Equity

Net Income Available to Common Shareholders $ 10,588 $ 12,320 $ 16,393 $ 12,993 $ 14,015

Average Shareholders' Equity $ 485,869 $ 509,655 $ 524,825 $ 552,575 $ 551,792

Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)

Average Common Equity 419,355 443,141 458,311 486,061 485,278

Less: Effects of Average Intangible Assets (19,274) (19,042) (18,816) (18,588) (18,361)

Average Tangible Common Equity $ 400,081 $ 424,099 $ 439,495 $ 467,473 $ 466,917

Return on Average Tangible Common Equity 10.50% 11.53% 15.13% 11.15% 11.91%

As of and for the quarter ended,

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Adjusted Diluted Earnings Per Common Share

Net Income Available to Common Shareholders $ 10,588 $ 12,320 $ 16,393 $ 12,993 $ 14,015

Add: Merger-related Expenses 530 346 - - -

Add: FHLB Prepayment Penalties - - 982 - -

Less: FHLB Advance Prepayment Income - - - - -

Less: (Gain) Loss on Sales of Securities (59) (80) (7,251) - -

Total Adjustments 471 266 (6,269) - -

Less: Tax Impact of Adjustments (110) (59) 1,492 - -

Adjusted Net Income Available to Common $ 10,949 $ 12,527 $ 11,616 $ 12,993 $ 14,015

Diluted Weighted Average Shares Outstanding 28,190,406 28,354,756 28,490,176 28,589,332 28,796,376

Adjusted Diluted Earnings Per Common Share $ 0.39 $ 0.44 $ 0.41 $ 0.45 $ 0.49

Adjusted Return on Average Assets

Net Income $ 11,601 $ 13,334 $ 17,406 $ 14,007 $ 15,028

Add: Total Adjustments 471 266 (6,269) - -

Less: Tax Impact of Adjustments (110) (59) 1,492 - -

Adjusted Net Income $ 11,962 $ 13,541 $ 12,629 $ 14,007 $ 15,028

Average Assets $ 5,372,443 $ 5,438,555 $ 5,242,761 $ 5,317,215 $ 5,521,489

Adjusted Return on Average Assets 0.88% 0.99% 0.98% 1.06% 1.08%

Adjusted Return on Average Tangible Common Equity

Adjusted Net Income Available to Common Shareholders $ 10,949 $ 12,527 $ 11,616 $ 12,993 $ 14,015

Average Tangible Common Equity $ 400,081 $ 424,099 $ 439,495 $ 467,473 $ 466,917

Adjusted Return on Average Tangible Common Equity 10.86% 11.72% 10.72% 11.15% 11.91%

As of and for the quarter ended,

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 $ 5.56 $ 6.62 $ 6.85 $ 7.01 $ 7.34 $ 7.70

Less: Effects of Intangible Assets (0.16) (0.16) (0.16) (0.16) (0.16) (0.13) (0.12) (0.12) (0.12) (0.12)

Tangible Book Value Per Common Share $ 4.53 $ 4.75 $ 5.07 $ 5.27 $ 5.40 $ 6.49 $ 6.73 $ 6.89 $ 7.22 $ 7.58

Total Common Shares 24,589,861 24,589,861 24,589,861 24,629,861 24,679,861 30,059,374 30,059,374 30,059,374 30,097,274 30,097,674

Tangible Book Value Per Share

June 30,

2019

September 30,

2019

December 31,

2019

March 31,

2020

June 30,

2020

September 30,

2020

December 31,

2020

March 31,

2021

June 30,

2021

September 30,

2021

Book Value Per Common Share $ 7.90 $ 8.20 $ 8.45 $ 8.61 $ 8.92 $ 9.25 $ 9.43 $ 9.92 $ 10.33 $ 10.73

Less: Effects of Intangible Assets (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.11)

Tangible Book Value Per Common Share $ 7.78 $ 8.08 $ 8.33 $ 8.49 $ 8.80 $ 9.13 $ 9.31 $ 9.80 $ 10.21 $ 10.62

Total Common Shares 28,986,729 28,781,162 28,973,572 28,807,375 28,837,560 28,710,775 28,143,493 28,132,929 28,162,777 28,066,822

Tangible Book Value Per Share

December 31,

2021

March 31,

2022

June 30,

2022

September 30,

2022

December 31,

2022

March 31,

2023

June 30,

2023

September 30,

2023

December 31,

2023

March 31,

2024

Book Value Per Common Share $ 11.09 $ 11.12 $ 11.14 $ 11.44 $ 11.80 $ 12.05 $ 12.25 $ 12.47 $ 12.94 $ 13.30

Less: Effects of Intangible Assets (0.11) (0.11) (0.11) (0.11) (0.11) (0.10) (0.10) (0.10) (0.10) (0.10)

Tangible Book Value Per Common Share $ 10.98 $ 11.01 $ 11.03 $ 11.33 $ 11.69 $ 11.95 $ 12.15 $ 12.37 $ 12.84 $ 13.20

Total Common Shares 28,206,566 28,150,389 27,677,372 27,587,978 27,751,950 27,845,244 27,973,995 28,015,505 27,748,965 27,589,827

Tangible Book Value Per Share

June 30,

2024

September 30,

2024

December 31,

2024

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

September 30,

2026

Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92 $ 15.62 $ 16.23 $ 16.60 $ 17.27 $ 16.98

Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) (0.69) (0.68) (0.67) (0.66) (0.65)

Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21 $ 14.93 $ 15.55 $ 15.93 $ 16.61 $ 16.33

Total Common Shares Outstanding 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283 27,584,732 27,759,970 27,832,867 27,880,830 27,960,252

As of and for the quarter ended,

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Document and Entity Information

Oct. 20, 2026

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Entity Address, Address Line One

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Name of the City or Town

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Code for the postal or zip code

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- Definition

Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

+ Details

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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