ブリッジウォーターバンクの適時開示・決算・その他

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

July 23, 2025

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 July 23, 2025, Bridgewater Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended June 30, 2025. 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 Investor 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 July 22, 2025, the Board of Directors of the Company extended the expiration date of the Company’s previously announced stock repurchase program (the “2022 Stock Repurchase Program”) from August 20, 2025 to August 26, 2026. As of July 22, 2025, the Stock Repurchase Program had $13.1 million remaining under its stock repurchase authorization.

Under the 2022 Stock Repurchase Program, the Company may repurchase shares of its common stock from time to time in the open market or privately negotiated transactions. Any open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the 2022 Stock Repurchase Program’s expiration, without any prior notice.

On July 23, 2025, in its 2025 second 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 September 2, 2025, to shareholders of record of the Series A Preferred Stock at the close of business on August 15, 2025.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press Release of Bridgewater Bancshares, Inc., dated July 23, 2025, regarding second quarter 2025 financial results

Exhibit 99.2

Earnings Presentation dated July 23, 2025

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: July 23, 2025
	By: /s/ Jerry Baack
	Name: Jerry Baack
	Title: Chairman and Chief Executive Officer

EX-99.1 2 bwb-20250723xex99d1.htm EX-99.1

Exhibit 99.1


Media Contact: Jessica Stejskal \| SVP Marketing Jessica.Stejskal@bwbmn.com \| 952.893.6860	Investor Contact: Justin Horstman \| VP Investor Relations Justin.Horstman@bwbmn.com \| 952.542.5169

July 23, 2025

Bridgewater Bancshares, Inc. Announces Second Quarter 2025 Financial Results

Second Quarter 2025 Highlights

●

Net income of $11.5 million, or $0.38 per diluted common share; adjusted net income of $11.3 million, or $0.37 per diluted common share.(1)

●

Pre-provision net revenue(1) increased $2.2 million, or 15.6%, from the first quarter of 2025.

●

Net interest income increased $2.2 million, or 7.4%, from the first quarter of 2025.

●

Record noninterest income of $3.6 million, up $1.5 million, or 74.5%, from the first quarter of 2025.

●

Sold $58.5 million of securities acquired in the First Minnetonka City Bank (“FMCB”) acquisition for a gain of $474,000.

●

Net interest margin (on a fully tax-equivalent basis) of 2.62% for the second quarter of 2025, an increase of 11 basis points from the first quarter of 2025.

●

Gross loans increased by $125.7 million, or 12.5% annualized, from the first quarter of 2025.

●

Total deposits increased by $74.3 million, or 7.2% annualized, from the first quarter of 2025; core deposits(2) increased by $16.2 million, or 2.1% annualized, from the first quarter of 2025.

●

Efficiency ratio(1) of 52.6%, down from 55.5% for the first quarter of 2025; adjusted efficiency ratio(1) of 51.5%, down from 53.7% for the first quarter of 2025.

●

Annualized net loan charge-offs as a percentage of average loans of 0.00%, in line with the first quarter of 2025.

●

Nonperforming assets to total assets of 0.19% at June 30, 2025, down from 0.20% at March 31, 2025.

●

Tangible book value per share(1) of $14.21 at June 30, 2025, an increase of 9.2% annualized, from the first quarter of 2025.

●

Repurchased 122,704 shares of common stock at a weighted average price of $12.80 per share, for a total of $1.6 million.

●

Completed the private placement of $80.0 million of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035, with a portion of the net proceeds used to redeem $50.0 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.

(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 $11.5 million for the second quarter of 2025, compared to $9.6 million for the first quarter of 2025, and $8.1 million for the second quarter of 2024. Earnings per diluted common share were $0.38 for the second quarter of 2025, compared to $0.31 for the first quarter of 2025, and $0.26 for the second quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $11.3 million for the second quarter of 2025, compared to $10.1 million for the first quarter of 2025, and $7.9 million for the second quarter of 2024. Adjusted earnings per diluted common share, a non-GAAP financial measure, were $0.37 for the second quarter of 2025, compared to $0.32 for the first quarter of 2025, and $0.25 for the second quarter of 2024.

“Bridgewater’s second quarter results demonstrated our ability to continue producing strong profitability and balance sheet growth trends as we also look to take advantage of continuing M&A disruption in the Twin Cities,” said Chairman and Chief Executive Officer, Jerry Baack. “Strong revenue growth during the quarter was driven by additional net interest margin expansion, a record level of fee income, and robust loan growth, while core expenses remained well-controlled. Asset quality trends also held strong as we maintained low levels of nonperforming assets and virtually no net charge-offs.

“As local banks in our market continue to be acquired by out-of-state buyers, Bridgewater continues to find opportunities to attract top talent and high-quality clients. We expect this will be another tailwind to help support our consistently growing tangible book value and drive long-term shareholder value.”

Page 2 of 19

Key Financial Measures


	As of and for the Three Months Ended									As of and for the Six Months Ended
	June 30,			March 31			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Per Common Share Data
Basic Earnings Per Share	$	0.38		$	0.31		$	0.26		$	0.70		$	0.51
Diluted Earnings Per Share		0.38			0.31			0.26			0.68			0.50
Adjusted Diluted Earnings Per Share (1)		0.37			0.32			0.25			0.69			0.49
Book Value Per Share		14.92			14.60			13.63			14.92			13.63
Tangible Book Value Per Share (1)		14.21			13.89			13.53			14.21			13.53

Financial Ratios
Return on Average Assets (2)		0.90	%		0.77	%		0.70	%		0.83	%		0.69	%
Pre-Provision Net Revenue Return on Average Assets (1)(2)		1.27			1.13			0.94			1.20			0.95
Return on Average Shareholders' Equity (2)		9.80			8.39			7.49			9.10			7.42
Return on Average Tangible Common Equity (1)(2)		10.93			9.22			7.80			10.08			7.72
Net Interest Margin (3)		2.62			2.51			2.24			2.56			2.24
Core Net Interest Margin (1)(3)		2.49			2.37			2.17			2.43			2.18
Cost of Total Deposits		3.16			3.18			3.46			3.17			3.39
Cost of Funds		3.19			3.17			3.49			3.18			3.42
Efficiency Ratio (1)		52.6			55.5			58.7			53.9			58.5
Noninterest Expense to Average Assets (2)		1.47			1.45			1.35			1.46			1.34
Tangible Common Equity to Tangible Assets (1)		7.40			7.48			7.90			7.40			7.90
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) (4)		9.03			9.03			9.41			9.03			9.41

Adjusted Financial Ratios (1)
Adjusted Return on Average Assets (2)		0.88	%		0.80	%		0.68	%		0.84	%		0.68	%
Adjusted Pre-Provision Net Revenue Return on Average Assets (2)		1.31			1.18			0.94			1.25			0.95
Adjusted Return on Average Shareholders' Equity (2)		9.64			8.77			7.27			9.21			7.28
Adjusted Return on Average Tangible Common Equity (2)		10.74			9.68			7.53			10.22			7.54
Adjusted Efficiency Ratio		51.5			53.7			58.7			52.5			58.5
Adjusted Noninterest Expense to Average Assets (2)		1.43			1.41			1.35			1.42			1.34

Balance Sheet and Asset Quality (dollars in thousands)
Total Assets	$	5,296,673		$	5,136,808		$	4,687,035		$	5,296,673		$	4,687,035
Total Loans, Gross		4,145,799			4,020,076			3,800,385			4,145,799			3,800,385
Deposits		4,236,742			4,162,457			3,807,712			4,236,742			3,807,712
Loan to Deposit Ratio		97.9	%		96.6	%		99.8	%		97.9	%		99.8	%
Net Loan Charge-Offs to Average Loans (2)		0.00			0.00			0.00			0.00			0.00
Nonperforming Assets to Total Assets (5)		0.19			0.20			0.01			0.19			0.01
Allowance for Credit Losses to Total Loans		1.35			1.34			1.37			1.35			1.37

(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 second quarter of 2025 was 2.62%, an 11 basis point increase from 2.51% in the first quarter of 2025, and a 38 basis point increase from 2.24% in the second quarter of 2024. 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 FMCB, was 2.49% for the second quarter of 2025, a 12 basis point increase from 2.37% in the first quarter of 2025, and a 32 basis point increase from 2.17% in the second quarter of 2024.

●

Net interest margin expanded to 2.62% in the second quarter of 2025, primarily due to higher core loan yields and lower costs of deposits.

Net interest income was $32.5 million for the second quarter of 2025, an increase of $2.2 million from $30.2 million in the first quarter of 2025, and an increase of $7.5 million from $25.0 million in the second quarter of 2024.

●

The linked-quarter increase in net interest income was primarily due to increased loan interest and fee income.

●

The year-over-year increase in net interest income was primarily due to growth and higher yields in the loan portfolio and purchase accounting accretion.

Interest income was $69.2 million for the second quarter of 2025, an increase of $3.5 million from $65.7 million in the first quarter of 2025, and an increase of $8.3 million from $60.9 million in the second quarter of 2024.

●

The yield on interest earning assets (on a fully tax-equivalent basis) was 5.56% in the second quarter of 2025, compared to 5.43% in the first quarter of 2025, and 5.41% in the second quarter of 2024.

●

The linked-quarter and year-over-year increases in the yield on interest earning assets were primarily due to growth and repricing of the loan portfolio and purchase accounting accretion.

●

The aggregate loan yield increased to 5.74% in the second quarter of 2025, 13 basis points higher than 5.61% in the first quarter of 2025, and 24 basis points higher than 5.50% in the second quarter of 2024.

●

Core loan yield, a non-GAAP financial measure, increased to 5.59% in the second quarter of 2025, nine basis points higher than 5.50% in the first quarter of 2025, and 17 basis points higher than 5.42% in the second quarter of 2024.

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


	Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Interest	5.59	%	5.50	%	5.47	%	5.47	%	5.42	%
Fees	0.11		0.07		0.08		0.10		0.08
Accretion	0.04		0.04		—		—		—
Yield on Loans	5.74	%	5.61	%	5.55	%	5.57	%	5.50	%

Interest expense was $36.7 million for the second quarter of 2025, an increase of $1.2 million from $35.5 million in the first quarter of 2025, and an increase of $864,000 from $35.9 million in the second quarter of 2024.

●

The cost of interest bearing liabilities was 3.83% in the second quarter of 2025, compared to 3.82% in the first quarter of 2025, and 4.19% in the second quarter of 2024.

●

The linked-quarter cost of interest bearing liabilities remained relatively stable.

●

The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on deposits and decreases in average brokered deposit balances.

Page 4 of 19

Interest expense on deposits was $32.5 million for the second quarter of 2025, an increase of $394,000 from $32.1 million in the first quarter of 2025, and an increase of $879,000 from $31.6 million in the second quarter of 2024.

●

The cost of total deposits was 3.16% in the second quarter of 2025, compared to 3.18% in the first quarter of 2025, and 3.46% in the second quarter of 2024.

●

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 2024 and decreases in average brokered deposit balances.

Provision for Credit Losses

The provision for credit losses on loans and leases was $2.0 million for the second quarter of 2025, compared to $1.5 million for the first quarter of 2025 and $600,000 for the second quarter of 2024.

●

The provision for credit losses on loans recorded in the second quarter of 2025 was primarily attributable to growth in the loan portfolio and an increase in specific reserves for loans individually evaluated.

●

The allowance for credit losses on loans to total loans was 1.35% at June 30, 2025, compared to 1.34% at March 31, 2025, and 1.37% at June 30, 2024.

The provision for credit losses for off-balance sheet credit exposures was $-0- for each of the second quarter of 2025, the first quarter of 2025, and the second quarter of 2024.

Noninterest Income

Noninterest income was $3.6 million for the second quarter of 2025, an increase of $1.5 million from $2.1 million for the first quarter of 2025, and an increase of $1.9 million from $1.8 million for the second quarter of 2024.

●

Noninterest income in the second quarter of 2025 inlcuded two non-core items: a $474,000 gain on sale of securities acquired in the FMCB acquisition and $301,000 of FHLB prepayment income.

●

The linked-quarter increase was primarily due to higher swap fees, gains on sales of securities, and FHLB prepayment income, offset partially by a decrease in letter of credit fees and investment advisory fees.

●

The year-over-year increase was primarily due to higher swap fees, gains on sales of securities, FHLB prepayment income, and investment advisory fees.

Noninterest Expense

Noninterest expense was $18.9 million for the second quarter of 2025, an increase of $805,000 from $18.1 million for the first quarter of 2025 and an increase of $3.4 million from $15.5 million for the second quarter of 2024.

●

Noninterest expense for the second quarter of 2025 included $540,000 of merger-related expenses, compared to $565,000 for the first quarter of 2025.

●

The linked-quarter increase was primarily due to increases in FDIC insurance assessments and other noninterest expense, which included higher charitable contributions.

●

The year-over-year increase was primarily attributable to increases in salaries and employee benefits, operating costs related to the FMCB acquisition, and merger-related expenses, offset partially by a decrease in derivative collateral fees.

●

The efficiency ratio, a non-GAAP financial measure, was 52.6% for the second quarter of 2025, compared to 55.5% for the first quarter of 2025, and 58.7% for the second quarter of 2024.

●

The Company had 308 full-time equivalent employees at June 30, 2025, compared to 292 at March 31, 2025, and 258 at June 30, 2024.

Income Taxes

The effective combined federal and state income tax rate was 23.9% for the second quarter of 2025 and the first quarter of 2025, compared to 23.6% for the second quarter of 2024.

Page 5 of 19

Balance Sheet

Loans


(dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Commercial	$	549,259	$	528,801	$	497,662	$	493,403	$	518,762
Leases		44,817		43,958		44,291		—		—
Construction and Land Development		136,438		128,073		97,255		118,596		134,096
1-4 Family Construction		39,095		39,438		41,961		45,822		60,551
Real Estate Mortgage:
1 - 4 Family Mortgage		474,269		479,461		474,383		421,179		416,944
Multifamily		1,555,731		1,534,747		1,425,610		1,379,814		1,404,835
CRE Owner Occupied		192,837		196,080		191,248		182,239		185,988
CRE Nonowner Occupied		1,137,007		1,055,157		1,083,108		1,032,142		1,070,050
Total Real Estate Mortgage Loans		3,359,844		3,265,445		3,174,349		3,015,374		3,077,817
Consumer and Other		16,346		14,361		12,996		12,395		9,159
Total Loans, Gross		4,145,799		4,020,076		3,868,514		3,685,590		3,800,385
Allowance for Credit Losses on Loans		(55,765)		(53,766)		(52,277)		(51,018)		(51,949)
Net Deferred Loan Fees		(7,629)		(7,218)		(6,801)		(5,705)		(6,214)
Total Loans, Net	$	4,082,405	$	3,959,092	$	3,809,436	$	3,628,867	$	3,742,222

Total gross loans at June 30, 2025 were $4.15 billion, an increase of $125.7 million, or 12.5% annualized, over total gross loans of $4.02 billion at March 31, 2025, and an increase of $345.4 million, or 9.1%, over total gross loans of $3.80 billion at June 30, 2024.

●

The increase in the loan portfolio during the second quarter of 2025 was due to strong loan originations in excess of loan payoffs and paydowns.

Deposits


(dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Noninterest Bearing Transaction Deposits	$	787,868	$	791,528	$	800,763	$	713,309	$	705,175
Interest Bearing Transaction Deposits		791,748		840,378		862,242		805,756		752,568
Savings and Money Market Deposits		1,441,694		1,372,191		1,259,503		980,345		943,994
Time Deposits		344,882		326,821		338,506		347,080		373,713
Brokered Deposits		870,550		831,539		825,753		900,952		1,032,262
Total Deposits	$	4,236,742	$	4,162,457	$	4,086,767	$	3,747,442	$	3,807,712

Total deposits at June 30, 2025 were $4.24 billion, an increase of $74.3 million, or 7.2% annualized, over total deposits of $4.16 billion at March 31, 2025, and an increase of $429.0 million, or 11.3%, over total deposits of $3.81 billion at June 30, 2024.

●

Core deposits, defined as total deposits excluding brokered deposits and certificates of deposits greater than $250,000, increased $16.2 million, or 2.1% annualized, from the first quarter of 2025, and increased $601.7 million, or 23.3%, from the second quarter of 2024.

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 0.00% for each of the second quarter of 2025, the first quarter of 2025, and the second quarter of 2024.

●

At June 30, 2025, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $10.3 million, or 0.19% of total assets, compared to $10.3 million, or 0.20% of total assets, at March 31, 2025, and $678,000, or 0.01% of total assets, at June 30, 2024.

●

Loans with potential weaknesses that warranted a watch/special mention risk rating at June 30, 2025 totaled $53.3 million, compared to $38.3 million at March 31, 2025, and $30.4 million at June 30, 2024.

●

Loans that warranted a substandard risk rating at June 30, 2025 totaled $45.0 million, compared to $31.6 million at March 31, 2025, and $33.9 million at June 30, 2024.

Page 6 of 19

Capital

Total shareholders’ equity at June 30, 2025 was $476.3 million, an increase of $7.3 million, or 6.2% annualized, compared to total shareholders’ equity of $469.0 million at March 31, 2025, and an increase of $37.0 million, or 8.4%, over total shareholders’ equity of $439.2 million at June 30, 2024.

●

The linked-quarter increase was primarily due to net income retained, offset partially by preferred stock dividends and stock repurchases.

●

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

●

The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.03% at June 30, 2025 and March 31, 2025, compared to 9.41% at June 30, 2024.

●

Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.40% at June 30, 2025, compared to 7.48% at March 31, 2025, and 7.90% at June 30, 2024.

Tangible book value per share, a non-GAAP financial measure, was $14.21 as of June 30, 2025, an increase of 9.2% annualized from $13.89 as of March 31, 2025, and an increase of 5.0% from $13.53 as of June 30, 2024.

On June 24, 2025, the Company completed a private placement of $80.0 million of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035. A portion of the net proceeds were used to redeem $50.0 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.

During the second quarter of 2025, the Company repurchased 122,704 shares of its common stock at an aggregate purchase price of $1.6 million (average price of $12.80 per share).

●

The Company had $13.1 million remaining under its current share repurchase authorization at June 30, 2025.

●

On July 22, 2025, the Board of Directors extended the expiration date of the current share repurchase authorization from August 20, 2025 to August 26, 2026.

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 September 2, 2025 to shareholders of record of the Series A Preferred Stock at the close of business on August 15, 2025.

Conference Call and Webcast

The Company will host a conference call to discuss its second quarter 2025 financial results on Thursday, July 24, 2025 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 877-344-7529 and enter access code 1833047. The replay will be available through July 31, 2025. 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 also received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.3 billion and nine strategically located branches as of June 30, 2025, 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.

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.

Page 7 of 19

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 meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, 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 uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and governmental agencies and executive orders, including with respect to tariffs, immigration, DEI and ESG initiatives, consumer protection, foreign policy, and tax regulations; 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, including future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; credit risk and risks from concentrations (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 consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; 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 or terrorism or other adverse external events, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of FMCB, including the possibility that the merger may be more difficult or expensive to integrate than anticipated, and the effect of the merger on the Company’s customer and employee relationships and operating results; 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.

Page 8 of 19

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
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024
		(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Income Statement
Net Interest Income	$	32,452		$	30,208		$	26,967		$	25,599		$	24,996
Provision for Credit Losses		2,000			1,500			2,175			—			600
Noninterest Income		3,627			2,079			2,533			1,522			1,763
Noninterest Expense		18,941			18,136			16,812			15,760			15,539
Net Income		11,520			9,633			8,204			8,675			8,115
Net Income Available to Common Shareholders		10,506			8,620			7,190			7,662			7,101

Per Common Share Data
Basic Earnings Per Share	$	0.38		$	0.31		$	0.26		$	0.28		$	0.26
Diluted Earnings Per Share		0.38			0.31			0.26			0.27			0.26
Adjusted Diluted Earnings Per Share (1)		0.37			0.32			0.27			0.28			0.25
Book Value Per Share		14.92			14.60			14.21			14.06			13.63
Tangible Book Value Per Share (1)		14.21			13.89			13.49			13.96			13.53
Basic Weighted Average Shares Outstanding		27,460,982			27,568,772			27,459,433			27,382,798			27,386,713
Diluted Weighted Average Shares Outstanding		27,998,008			28,036,506			28,055,532			27,904,910			27,748,184
Shares Outstanding at Period End		27,470,283			27,560,150			27,552,449			27,425,690			27,348,049

Financial Ratios
Return on Average Assets (2)		0.90	%		0.77	%		0.68	%		0.73	%		0.70	%
Pre-Provision Net Revenue Return on Average Assets (1)(2)		1.27			1.13			1.05			0.96			0.94
Return on Average Shareholders' Equity (2)		9.80			8.39			7.16			7.79			7.49
Return on Average Tangible Common Equity (1)(2)		10.93			9.22			7.43			8.16			7.80
Net Interest Margin (3)		2.62			2.51			2.32			2.24			2.24
Core Net Interest Margin (1)(3)		2.49			2.37			2.24			2.16			2.17
Cost of Total Deposits		3.16			3.18			3.40			3.58			3.46
Cost of Funds		3.19			3.17			3.38			3.54			3.49
Efficiency Ratio (1)		52.6			55.5			56.8			58.0			58.7
Noninterest Expense to Average Assets (2)		1.47			1.45			1.40			1.33			1.35

Adjusted Financial Ratios (1)
Adjusted Return on Average Assets		0.88	%		0.80	%		0.71	%		0.75	%		0.68	%
Adjusted Pre-Provision Net Revenue Return on Average Assets (2)		1.31			1.18			1.09			0.98			0.94
Adjusted Return on Average Shareholders' Equity		9.64			8.77			7.49			7.96			7.27
Adjusted Return on Average Tangible Common Equity		10.74			9.68			7.82			8.36			7.53
Adjusted Efficiency Ratio		51.5			53.7			55.2			57.2			58.7
Adjusted Noninterest Expense to Average Assets		1.43			1.41			1.36			1.31			1.35

Balance Sheet
Total Assets	$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035
Total Loans, Gross		4,145,799			4,020,076			3,868,514			3,685,590			3,800,385
Deposits		4,236,742			4,162,457			4,086,767			3,747,442			3,807,712
Total Shareholders' Equity		476,282			468,975			457,935			452,200			439,241
Loan to Deposit Ratio		97.9	%		96.6	%		94.7	%		98.3	%		99.8	%
Core Deposits to Total Deposits (4)		75.2			76.2			76.0			71.5			67.9

Asset Quality
Net Loan Charge-Offs to Average Loans (2)		0.00	%		0.00	%		0.03	%		0.10	%		0.00	%
Nonperforming Assets to Total Assets (5)		0.19			0.20			0.01			0.19			0.01
Allowance for Credit Losses to Total Loans		1.35			1.34			1.35			1.38			1.37

Page 10 of 19


	As of and for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024
		(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) (6)
Tier 1 Leverage Ratio		9.14	%		9.10	%		9.45	%		9.75	%		9.66	%
Common Equity Tier 1 Risk-based Capital Ratio		9.03			9.03			9.08			9.79			9.41
Tier 1 Risk-based Capital Ratio		10.51			10.55			10.64			11.44			11.03
Total Risk-based Capital Ratio		14.17			13.62			13.76			14.62			14.16
Tangible Common Equity to Tangible Assets (1)		7.40			7.48			7.36			8.17			7.90

(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)


	June 30,		March 31,		December 31,		September 30,		June 30,
	2025		2025		2024		2024		2024
		(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
Assets
Cash and Cash Equivalents	$	217,495	$	166,205	$	229,760	$	191,859	$	134,093
Bank-Owned Certificates of Deposit		3,897		4,139		4,377		—		—
Securities Available for Sale, at Fair Value		743,889		764,626		768,247		664,715		601,057
Loans, Net of Allowance for Credit Losses		4,082,405		3,959,092		3,809,436		3,628,867		3,742,222
Federal Home Loan Bank (FHLB) Stock, at Cost		21,472		18,984		19,297		18,626		15,844
Premises and Equipment, Net		49,979		49,442		49,533		47,777		47,902
Foreclosed Assets		185		—		—		434		—
Accrued Interest		17,711		17,700		17,711		16,750		16,944
Goodwill		11,982		11,982		11,982		2,626		2,626
Other Intangible Assets, Net		7,390		7,620		7,850		163		171
Bank-Owned Life Insurance		45,413		45,025		44,646		38,219		35,090
Other Assets		94,855		91,993		103,403		81,481		91,086
Total Assets	$	5,296,673	$	5,136,808	$	5,066,242	$	4,691,517	$	4,687,035

Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	787,868	$	791,528	$	800,763	$	713,309	$	705,175
Interest Bearing		3,448,874		3,370,929		3,286,004		3,034,133		3,102,537
Total Deposits		4,236,742		4,162,457		4,086,767		3,747,442		3,807,712
Notes Payable		13,750		13,750		13,750		13,750		13,750
FHLB Advances		404,500		349,500		359,500		349,500		287,000
Subordinated Debentures, Net of Issuance Costs		108,689		79,766		79,670		79,574		79,479
Accrued Interest Payable		4,110		4,525		4,008		3,458		3,999
Other Liabilities		52,600		57,835		64,612		45,593		55,854
Total Liabilities		4,820,391		4,667,833		4,608,307		4,239,317		4,247,794

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 June 30, 2025 (unaudited), March 31, 2025 (unaudited), December 31, 2024, September 30, 2024 (unaudited), and June 30, 2024 (unaudited)		66,514		66,514		66,514		66,514		66,514
Common Stock- $0.01 par value; Authorized 75,000,000
Common Stock - Issued and Outstanding 27,470,283 at June 30, 2025 (unaudited), 27,560,150 at March 31, 2025 (unaudited), 27,552,449 at December 31, 2024, 27,425,690 at September 30, 2024 (unaudited), and 27,348,049 at June 30, 2024 (unaudited)		275		276		276		274		273
Additional Paid-In Capital		95,174		95,503		95,088		94,597		93,205
Retained Earnings		328,547		318,041		309,421		302,231		294,569
Accumulated Other Comprehensive Loss		(14,228)		(11,359)		(13,364)		(11,416)		(15,320)
Total Shareholders' Equity		476,282		468,975		457,935		452,200		439,241
Total Liabilities and Equity	$	5,296,673	$	5,136,808	$	5,066,242	$	4,691,517	$	4,687,035

Page 12 of 19

Bridgewater Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income

(dollars in thousands, except per share data)


	Three Months Ended										Six Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,		June 30,
	2025		2025		2024		2024		2024		2025		2024
		(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Interest Income
Loans, Including Fees	$	57,888	$	53,820	$	51,870	$	51,895	$	51,385	$	111,708	$	100,966
Investment Securities		9,200		9,397		9,109		8,725		8,177		18,597		16,093
Other		2,110		2,491		2,345		2,407		1,316		4,601		2,488
Total Interest Income		69,198		65,708		63,324		63,027		60,878		134,906		119,547


Interest Expense
Deposits		32,497		32,103		32,810		34,187		31,618		64,600		61,808
Federal Funds Purchased		16		—		42		2		853		16		1,157
Notes Payable		260		258		275		296		296		518		591
FHLB Advances		2,852		2,156		2,229		1,942		2,125		5,008		4,383
Subordinated Debentures		1,121		983		1,001		1,001		990		2,104		1,981
Total Interest Expense		36,746		35,500		36,357		37,428		35,882		72,246		69,920

Net Interest Income		32,452		30,208		26,967		25,599		24,996		62,660		49,627
Provision for Credit Losses		2,000		1,500		2,175		—		600		3,500		1,350

Net Interest Income After Provision for Credit Losses		30,452		28,708		24,792		25,599		24,396		59,160		48,277

Noninterest Income
Customer Service Fees		496		495		394		373		366		991		708
Net Gain (Loss) on Sales of Securities		474		1		—		(28)		320		475		413
Net Gain on Sales of Foreclosed Assets		—		—		62		—		—		—		—
Letter of Credit Fees		323		455		849		424		387		778		703
Debit Card Interchange Fees		152		137		145		152		155		289		296
Swap Fees		938		42		521		26		—		980		—
Bank-Owned Life Insurance		387		379		362		352		312		766		613
FHLB Prepayment Income		301		—		—		—		—		301		—
Investment Advisory Fees		213		325		—		—		—		538		—
Other Income		343		245		200		223		223		588		580
Total Noninterest Income		3,627		2,079		2,533		1,522		1,763		5,706		3,313

Noninterest Expense
Salaries and Employee Benefits		11,363		11,371		10,605		9,851		9,675		22,734		19,108
Occupancy and Equipment		1,274		1,234		1,181		1,069		1,092		2,508		2,149
FDIC Insurance Assessment		750		450		609		750		725		1,200		1,600
Data Processing		625		619		445		368		472		1,244		884
Professional and Consulting Fees		1,110		994		989		1,149		852		2,104		1,741
Derivative Collateral Fees		372		451		426		381		528		823		1,014
Information Technology and Telecommunications		971		971		877		840		812		1,942		1,608
Marketing and Advertising		435		327		479		367		317		762		639
Intangible Asset Amortization		230		230		52		9		8		460		17
Other Expense		1,811		1,489		1,149		976		1,058		3,300		1,968
Total Noninterest Expense		18,941		18,136		16,812		15,760		15,539		37,077		30,728

Income Before Income Taxes		15,138		12,651		10,513		11,361		10,620		27,789		20,862
Provision for Income Taxes		3,618		3,018		2,309		2,686		2,505		6,636		4,916
Net Income		11,520		9,633		8,204		8,675		8,115		21,153		15,946
Preferred Stock Dividends		(1,014)		(1,013)		(1,014)		(1,013)		(1,014)		(2,027)		(2,027)
Net Income Available to Common Shareholders	$	10,506	$	8,620	$	7,190	$	7,662	$	7,101	$	19,126	$	13,919

Earnings Per Share
Basic	$	0.38	$	0.31	$	0.26	$	0.28	$	0.26	$	0.70	$	0.51
Diluted		0.38		0.31		0.26		0.27		0.26		0.68		0.50

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
	June 30, 2025						March 31, 2025						June 30, 2024
	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	$	166,164	$	1,681	4.06	%	$	205,897	$	2,056	4.05	%	$	81,672	$	922	4.54	%
Investment Securities:
Taxable Investment Securities		734,998		8,883	4.85			768,591		9,033	4.77			641,469		7,861	4.93
Tax-Exempt Investment Securities (1)		31,940		401	5.04			35,549		461	5.26			31,550		401	5.11
Total Investment Securities		766,938		9,284	4.86			804,140		9,494	4.79			673,019		8,262	4.94
Loans (1)(2)		4,064,540		58,122	5.74			3,899,258		53,979	5.61			3,771,768		51,592	5.50
Federal Home Loan Bank Stock		21,416		429	8.03			18,988		435	9.28			19,461		394	8.15
Total Interest Earning Assets		5,019,058		69,516	5.56	%		4,928,283		65,964	5.43	%		4,545,920		61,170	5.41	%
Noninterest Earning Assets		143,124						143,163						100,597
Total Assets	$	5,162,182					$	5,071,446					$	4,646,517

Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits	$	813,906	$	7,769	3.83	%	$	855,564	$	8,189	3.88	%	$	732,923	$	8,270	4.54	%
Savings and Money Market Deposits		1,370,831		12,692	3.71			1,302,349		11,935	3.72			914,397		9,459	4.16
Time Deposits		326,024		3,268	4.02			328,902		3,309	4.08			360,691		3,850	4.30
Brokered Deposits		833,629		8,768	4.22			834,866		8,670	4.21			976,467		10,039	4.13
Total Interest Bearing Deposits		3,344,390		32,497	3.90			3,321,681		32,103	3.92			2,984,478		31,618	4.26
Federal Funds Purchased		1,369		16	4.64			—		—	—			61,151		853	5.61
Notes Payable		13,750		260	7.58			13,750		258	7.60			13,750		296	8.64
FHLB Advances		404,473		2,852	2.83			354,556		2,156	2.47			306,396		2,125	2.79
Subordinated Debentures		83,892		1,121	5.36			79,710		983	5.00			79,424		990	5.02
Total Interest Bearing Liabilities		3,847,874		36,746	3.83	%		3,769,697		35,500	3.82	%		3,445,199		35,882	4.19	%

Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		774,424						767,235						691,891
Other Noninterest Bearing Liabilities		69,178						69,106						73,842
Total Noninterest Bearing Liabilities		843,602						836,341						765,733
Shareholders' Equity		470,706						465,408						435,585
Total Liabilities and Shareholders' Equity	$	5,162,182					$	5,071,446					$	4,646,517
Net Interest Income / Interest Rate Spread				32,770	1.73	%				30,464	1.61	%				25,288	1.22	%
Net Interest Margin (3)					2.62	%					2.51	%					2.24	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(318)						(256)						(292)
Net Interest Income			$	32,452					$	30,208					$	24,996

(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 Six Months Ended
	June 30, 2025						June 30, 2024
	Average		Interest		Yield/		Average		Interest		Yield/
(dollars in thousands)	Balance		& Fees		Rate		Balance		& Fees		Rate
Interest Earning Assets:
Cash Investments	$	185,850	$	3,737	4.06	%	$	78,380	$	1,751	4.49	%
Investment Securities:
Taxable Investment Securities		751,702		17,916	4.81			639,989		15,461	4.86
Tax-Exempt Investment Securities (1)		33,734		862	5.15			31,648		801	5.09
Total Investment Securities		785,436		18,778	4.82			671,637		16,262	4.87
Loans (1)(2)		3,982,389		112,101	5.68			3,750,561		101,450	5.44
Federal Home Loan Bank Stock		20,209		864	8.62			18,760		737	7.90
Total Interest Earning Assets		4,973,884		135,480	5.49	%		4,519,338		120,200	5.35	%
Noninterest Earning Assets		143,115						100,340
Total Assets	$	5,116,999					$	4,619,678
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits	$	834,537	$	15,958	3.86	%	$	733,714	$	15,963	4.38	%
Savings and Money Market Deposits		1,336,632		24,627	3.72			905,620		18,240	4.05
Time Deposits		327,613		6,577	4.05			339,143		7,017	4.16
Brokered Deposits		834,244		17,438	4.22			995,332		20,588	4.16
Total Interest Bearing Deposits		3,333,026		64,600	3.91			2,973,809		61,808	4.18
Federal Funds Purchased		688		16	4.64			41,487		1,157	5.61
Notes Payable		13,750		518	7.60			13,750		591	8.64
FHLB Advances		379,652		5,008	2.66			312,522		4,383	2.82
Subordinated Debentures		81,813		2,104	5.19			79,376		1,981	5.02
Total Interest Bearing Liabilities		3,808,929		72,246	3.82	%		3,420,944		69,920	4.11	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		770,849						695,373
Other Noninterest Bearing Liabilities		68,607						71,445
Total Noninterest Bearing Liabilities		839,456						766,818
Shareholders' Equity		468,614						431,916
Total Liabilities and Shareholders' Equity	$	5,116,999					$	4,619,678
Net Interest Income / Interest Rate Spread				63,234	1.67	%				50,280	1.24	%
Net Interest Margin (3)					2.56	%					2.24	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(574)						(653)
Net Interest Income			$	62,660					$	49,627

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 Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
Allowance for Credit Losses
Balance at Beginning of Period	$	53,766		$	52,277		$	51,018		$	51,949		$	51,347		$	52,277		$	50,494
Day 1 PCD Allowance		—			—			114			—			—			—			—
Provision for Credit Losses(1)		2,000			1,500			1,450			—			600			3,500			1,450
Charge-offs		(6)			(12)			(317)			(937)			(10)			(18)			(12)
Recoveries		5			1			12			6			12			6			17
Net Charge-offs	$	(1)		$	(11)		$	(305)		$	(931)		$	2		$	(12)		$	5
Balance at End of Period		55,765			53,766			52,277			51,018			51,949			55,765			51,949
Allowance for Credit Losses to Total Loans		1.35	%		1.34	%		1.35	%		1.38	%		1.37	%		1.35	%		1.37	%

(1)	Includes a day 1 provision for credit losses for non-PCD loans acquired in the FMCB transaction of $950,000 for the three months ended December 31, 2024.


	As of and for the Three Months Ended										As of and for the Six Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,		June 30,
(dollars in thousands)	2025		2025		2024		2024		2024		2025		2024
Provision for Credit Losses on Loans and Leases	$	2,000	$	1,500	$	1,450	$	—	$	600	$	3,500	$	1,450
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures		—		—		725		—		—		—		(100)
Provision for Credit Losses	$	2,000	$	1,500	$	2,175	$	—	$	600	$	3,500	$	1,350


	As of and for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	12,492		$	466		$	1,291		$	65		$	502
Loans 30-89 Days Past Due to Total Loans		0.30	%		0.01	%		0.03	%		0.00	%		0.01	%
Nonperforming Loans	$	10,134		$	10,290		$	301		$	8,378		$	678
Nonperforming Loans to Total Loans		0.24	%		0.26	%		0.01	%		0.23	%		0.02	%
Nonaccrual Loans to Total Loans		0.24			0.26			0.01			0.23			0.02
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.24			0.26			0.01			0.23			0.02
Foreclosed Assets	$	185		$	—		$	—		$	434		$	—
Nonperforming Assets (1)		10,319			10,290			301			8,812			678
Nonperforming Assets to Total Assets (1)		0.19	%		0.20	%		0.01	%		0.19	%		0.01	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.00			0.00			0.03			0.10			0.00
Watchlist/Special Mention Risk Rating Loans	$	53,282		$	38,346		$	46,581		$	31,991		$	30,436
Substandard Risk Rating Loans		44,986			31,587			21,791			31,637			33,908

(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 Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
Pre-Provision Net Revenue
Noninterest Income	$	3,627		$	2,079		$	2,533		$	1,522		$	1,763		$	5,706		$	3,313
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Less: FHLB Advance Prepayment Income		(301)			—			—			—			—			(301)			—
Total Operating Noninterest Income		2,852			2,078			2,533			1,550			1,443			4,930			2,900
Plus: Net Interest Income		32,452			30,208			26,967			25,599			24,996			62,660			49,627
Net Operating Revenue	$	35,304		$	32,286		$	29,500		$	27,149		$	26,439		$	67,590		$	52,527

Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Total Operating Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728

Pre-Provision Net Revenue	$	16,363		$	14,150		$	12,688		$	11,389		$	10,900		$	30,513		$	21,799

Plus:
Non-Operating Revenue Adjustments		775			1			—			(28)			320			776			413
Less:
Provision for Credit Losses		2,000			1,500			2,175			—			600			3,500			1,350
Provision for Income Taxes		3,618			3,018			2,309			2,686			2,505			6,636			4,916
Net Income	$	11,520		$	9,633		$	8,204		$	8,675		$	8,115		$	21,153		$	15,946

Average Assets	$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	5,116,999		$	4,619,678
Pre-Provision Net Revenue Return on Average Assets		1.27	%		1.13	%		1.05	%		0.96	%		0.94	%		1.20	%		0.95	%

Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	35,304		$	32,286		$	29,500		$	27,149		$	26,439		$	67,590		$	52,527

Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Merger-related Expenses		(540)			(565)			(488)			(224)			—			(1,105)			—
Adjusted Total Operating Noninterest Expense	$	18,401		$	17,571		$	16,324		$	15,536		$	15,539		$	35,972		$	30,728

Adjusted Pre-Provision Net Revenue	$	16,903		$	14,715		$	13,176		$	11,613		$	10,900		$	31,618		$	21,799
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.31	%		1.18	%		1.09	%		0.98	%		0.94	%		1.25	%		0.95	%

Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	32,770		$	30,464		$	27,254		$	25,905		$	25,288		$	63,234		$	50,280
Less:
Loan Fees		(1,019)			(719)			(747)			(968)			(767)			(1,738)			(1,374)
Purchase Accounting Accretion:
Loan Accretion		(425)			(342)			—			—			—			(767)			—
Bond Accretion		(152)			(578)			(91)			—			—			(730)			—
Bank-Owned Certificates of Deposit Accretion		(4)			(7)			—			—			—			(11)			—
Deposit Certificates of Deposit Accretion		(37)			(38)			—			—			—			(75)			—
Total Purchase Accounting Accretion		(618)			(965)			(91)			—			—			(1,583)			—
Core Net Interest Income (Tax-equivalent Basis)	$	31,133		$	28,780		$	26,416		$	24,937		$	24,521		$	59,913		$	48,906

Average Interest Earning Assets	$	5,019,058		$	4,928,283		$	4,682,841		$	4,595,521		$	4,545,920		$	4,973,884		$	4,519,338
Core Net Interest Margin		2.49	%		2.37	%		2.24	%		2.16	%		2.17	%		2.43	%		2.18	%

Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	58,122		$	53,979		$	52,078		$	52,118		$	51,592		$	112,101		$	101,450
Less:
Loan Fees		(1,019)			(719)			(747)			(968)			(767)			(1,738)			(1,374)
Loan Accretion		(425)			(342)			—			—			—			(767)			—
Core Loan Interest Income	$	56,678		$	52,918		$	51,331		$	51,150		$	50,825		$	109,596		$	100,076

Average Loans	$	4,064,540		$	3,899,258		$	3,730,532		$	3,721,654		$	3,771,768		$	3,982,389		$	3,750,561
Core Loan Yield		5.59	%		5.50	%		5.47	%		5.47	%		5.42	%		5.55	%		5.37	%

Page 17 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
Efficiency Ratio
Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Amortization of Intangible Assets		(230)			(230)			(52)			(9)			(8)			(460)			(17)
Adjusted Noninterest Expense	$	18,711		$	17,906		$	16,760		$	15,751		$	15,531		$	36,617		$	30,711

Net Interest Income	$	32,452		$	30,208		$	26,967		$	25,599		$	24,996		$	62,660		$	49,627
Noninterest Income		3,627			2,079			2,533			1,522			1,763			5,706			3,313
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Adjusted Operating Revenue	$	35,605		$	32,286		$	29,500		$	27,149		$	26,439		$	67,891		$	52,527
Efficiency Ratio		52.6	%		55.5	%		56.8	%		58.0	%		58.7	%		53.9	%		58.5	%

Adjusted Efficiency Ratio
Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Amortization of Intangible Assets		(230)			(230)			(52)			(9)			(8)			(460)			(17)
Less: Merger-related Expenses		(540)			(565)			(488)			(224)			—			(1,105)			—
Adjusted Noninterest Expense	$	18,171		$	17,341		$	16,272		$	15,527		$	15,531		$	35,512		$	30,711

Net Interest Income	$	32,452		$	30,208		$	26,967		$	25,599		$	24,996		$	62,660		$	49,627
Noninterest Income		3,627			2,079			2,533			1,522			1,763			5,706			3,313
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Less: FHLB Advance Prepayment Income		(301)			—			—			—			—			(301)			—
Adjusted Operating Revenue	$	35,304		$	32,286		$	29,500		$	27,149		$	26,439		$	67,590		$	52,527
Adjusted Efficiency Ratio		51.5	%		53.7	%		55.2	%		57.2	%		58.7	%		52.5	%		58.5	%

Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	18,941		$	18,136		$	16,812		$	15,760		$	15,539		$	37,077		$	30,728
Less: Merger-related Expenses		(540)			(565)			(488)			(224)			—			(1,105)			—
Adjusted Noninterest Expense	$	18,401		$	17,571		$	16,324		$	15,536		$	15,539		$	35,972		$	30,728

Average Assets	$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	5,116,999		$	4,619,678
Adjusted Noninterest Expense to Average Assets (Annualized)		1.43	%		1.41	%		1.36	%		1.31	%		1.35	%		1.42	%		1.34	%

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	476,282		$	468,975		$	457,935		$	452,200		$	439,241
Less: Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Total Common Shareholders' Equity		409,768			402,461			391,421			385,686			372,727
Less: Intangible Assets		(19,372)			(19,602)			(19,832)			(2,789)			(2,797)
Tangible Common Equity	$	390,396		$	382,859		$	371,589		$	382,897		$	369,930

Total Assets	$	5,296,673		$	5,136,808		$	5,066,242		$	4,691,517		$	4,687,035
Less: Intangible Assets		(19,372)			(19,602)			(19,832)			(2,789)			(2,797)
Tangible Assets	$	5,277,301		$	5,117,206		$	5,046,410		$	4,688,728		$	4,684,238
Tangible Common Equity/Tangible Assets		7.40	%		7.48	%		7.36	%		8.17	%		7.90	%

Tangible Book Value Per Share
Book Value Per Common Share	$	14.92		$	14.60		$	14.21		$	14.06		$	13.63
Less: Effects of Intangible Assets		(0.71)			(0.71)			(0.72)			(0.10)			(0.10)
Tangible Book Value Per Common Share	$	14.21		$	13.89		$	13.49		$	13.96		$	13.53

Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	10,506		$	8,620		$	7,190		$	7,662		$	7,101		$	19,126		$	13,919

Average Shareholders' Equity	$	471,700		$	465,408		$	455,949		$	443,077		$	435,585		$	468,614		$	431,916
Less: Average Preferred Stock		(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)			(66,514)
Average Common Equity		405,186			398,894			389,435			376,563			369,071			402,100			365,402
Less: Effects of Average Intangible Assets		(19,504)			(19,738)			(4,412)			(2,794)			(2,802)			(19,620)			(2,806)
Average Tangible Common Equity	$	385,682		$	379,156		$	385,023		$	373,769		$	366,269		$	382,480		$	362,596
Return on Average Tangible Common Equity		10.93	%		9.22	%		7.43	%		8.16	%		7.80	%		10.08	%		7.72	%

Page 18 of 19

Bridgewater Bancshares, Inc. and Subsidiaries

Non-GAAP Financial Measures

(unaudited)


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	10,506		$	8,620		$	7,190		$	7,662		$	7,101		$	19,126		$	13,919

Add: Merger-related Expenses		540			565			488			224			—			1,105			—
Less: FHLB Advance Prepayment Income		(301)			—			—			—			—			(301)			—
Less: (Gain) Loss on Sales of Securities		(474)			(1)			—			28			(320)			(475)			(413)
Total Adjustments		(235)			564			488			252			(320)			329			(413)
Less: Tax Impact of Adjustments		56			(135)			(107)			(59)			76			(79)			97
Adjusted Net Income Available to Common Shareholders	$	10,327		$	9,049		$	7,571		$	7,855		$	6,857		$	19,376		$	13,603

Diluted Weighted Average Shares Outstanding		27,998,008			28,036,506			28,055,532			27,904,910			27,748,184			28,022,592			27,921,601
Adjusted Diluted Earnings Per Common Share	$	0.37		$	0.32		$	0.27		$	0.28		$	0.25		$	0.69		$	0.49

Adjusted Return on Average Assets
Net Income	$	11,520		$	9,633		$	8,204		$	8,675		$	8,115		$	21,153		$	15,946
Add: Total Adjustments		(235)			564			488			252			(320)			329			(413)
Less: Tax Impact of Adjustments		56			(135)			(107)			(59)			76			(79)			97
Adjusted Net Income	$	11,341		$	10,062		$	8,585		$	8,868		$	7,871		$	21,403		$	15,630

Average Assets	$	5,162,182		$	5,071,446		$	4,788,036		$	4,703,804		$	4,646,517		$	5,116,999		$	4,619,678
Adjusted Return on Average Assets		0.88	%		0.80	%		0.71	%		0.75	%		0.68	%		0.84	%		0.68	%

Adjusted Return on Average Shareholders' Equity
Adjusted Net Income	$	11,341		$	10,062		$	8,585		$	8,868		$	7,871		$	21,403		$	15,630

Average Shareholders' Equity	$	471,700		$	465,408		$	455,949		$	443,077		$	435,585		$	468,614		$	431,916
Adjusted Return on Average Shareholders' Equity		9.64	%		8.77	%		7.49	%		7.96	%		7.27	%		9.21	%		7.28	%

Adjusted Return on Average Tangible Common Equity
Adjusted Net Income Available to Common Shareholders	$	10,327		$	9,049		$	7,571		$	7,855		$	6,857		$	19,376		$	13,603

Average Tangible Common Equity	$	385,682		$	379,156		$	385,023		$	373,769		$	366,269		$	382,480		$	362,596
Adjusted Return on Average Tangible Common Equity		10.74	%		9.68	%		7.82	%		8.36	%		7.53	%		10.22	%		7.54	%

Page 19 of 19

EX-99.2 3 bwb-20250723xex99d2.htm EX-99.2

Exhibit 99.2

2 Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, 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 uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and governmental agencies and executive orders, including with respect to tariffs, immigration, DEI and ESG initiatives, consumer protection, foreign policy, and tax regulations; 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, including future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; credit risk and risks from concentrations (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 loans to certain borrowers; 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 development and implementation of tools incorporating artificial intelligence; 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; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of domestic or foreign 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 or terrorism or other adverse external events, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of First Minnetonka City Bank (“FMCB”), including the possibility that the merger may be more difficult or expensive to integrate than anticipated and the effect of the merger on the Company’s customer and employee relationships and operating results; 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 or 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 undertake 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 believe 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 have not independently verified, such information. Use of Non-GAAP financial measures In addition to the results presented in accordance with U.S. General 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 to the comparable GAAP measures are provided in this presentation.

3 • Net interest margin (NIM) of 2.62%, up 11 bps from 1Q25; core NIM1 of 2.49%, up 12 bps from 1Q25 • Net interest income increased $2.2M, or 7.4%, from 1Q25 • Noninterest income increased $1.5M, or 74.5%, from 1Q25 • Efficiency ratio1 of 52.6%, down from 55.5% in 1Q25; adjusted efficiency ratio1 of 51.5%, down from 53.7% in 1Q25 0.19% • Loan balances increased $126M, or 12.5% annualized, from 1Q25 • Total deposit balances increased $74M, or 7.2% annualized, from 1Q25; core deposit2 balances increased $16M, or 2.1% annualized • Loan-to-deposit ratio of 97.9%, up from 96.6% at March 31, 2025 • Annualized net charge-offs to average loans of 0.00%, in line with 1Q25 • Nonperforming assets to total assets of 0.19% vs. 0.20% in 1Q25 • Well-reserved with allowance to total loans of 1.35%, up 1 bp from March 31, 2025 NIM Expansion and Revenue Growth Strong Asset Quality Profile $0.38 Diluted EPS Nonperforming Assets to Total Assets Efficiency Ratio1 Return on Average Assets Return on Avg. Tangible Common Equity1 0.90% 10.93% 52.6% 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 • Tangible book value per share1 of $14.21, up 9.2% annualized from 1Q25 • Common Equity Tier 1 Ratio of 9.03%, inline with March 31, 2025 • Repurchased 122,704 shares of common stock at an aggregate purchase price of $1.6 million (average price of $12.80 per share) • Completed offering of $80.0M of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 Focus on Creating Shareholder Value Robust Balance Sheet Growth $0.37 0.88% 10.74% 51.5% Reported Adjusted1 2Q25 Earnings Highlights • Merger-related expenses of $540K • Sold $58.5M of securities acquired from FMCB for a gain of $474K • FHLB prepayment income of $301K (other noninterest income) Non-Core Items

4 Consistent Tangible Book Value Per Share Outperformance 214% 85% 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 BWB Peer Bank Average2 Tangible Book Value Per Share1 Growth Resumed in 2025 Following the Acquisition of First Minnetonka City Bank in 4Q24 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 with growth rate through 1Q25 (Source: S&P Capital IQ)

5 NIM Expansion and Net Interest Income Growth $24,229 $24,631 $26,129 $28,524 $30,815 $767 $968 $747 $719 $1,019 $91 $965 $618 $24,996 $25,599 $26,967 $30,208 $32,452 2.24% 2.24% 2.32% 2.51% 2.62% 2.17% 2.16% 2.24% 2.37% 2.49% 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 2.51% 0.18% 0.04% (0.05)% (0.03)% (0.02)% 2.62% 0.02% (0.03)% NIM (1Q25) Loan Fees Purchase Accounting Accretion Loans Deposits Borrow-ings Cash and Invest-ments Other NIM (2Q25) Net Interest Margin Roll-forward 2Q25 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 7% from 1Q25, driven by NIM expansion and average earning asset growth • Included $618K of purchase accounting accretion income • Higher loan fees as loan payoffs increased from 1Q25 Net Interest Margin • NIM expansion of 11 bps in 2Q25 driven by higher loan yields as the loan portfolio reprices higher in the current environment • 2Q25 NIM of 2.62% included 5 bps related to purchase accounting accretion Core NIM2 up 12 bps Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA)

6 Loans Reprice Higher as Funding Costs Stabilize $2,984 $3,089 $3,121 $3,322 $3,344 $692 $710 $718 $461 $767 $774 $403 $444 $448 $505 $4,137 $4,202 $4,283 $4,537 $4,623 3.49% 3.54% 3.38% 3.17% 3.19% 2Q24 3Q24 4Q24 1Q25 2Q25 $3,772 $3,722 $3,731 $3,899 $4,065 5.50% 5.57% 5.55% 5.61% 5.74% 5.42% 5.47% 5.47% 5.50% 5.59% 2Q24 3Q24 4Q24 1Q25 2Q25 $3,676 $3,799 $3,840 $4,089 $4,119 3.46% 3.58% 3.40% 3.18% 3.16% 2Q24 3Q24 4Q24 1Q25 2Q25 Core Loan Yield2 $673 $700 $752 $804 $767 4.94% 5.01% 4.86% 4.79% 4.86% 2Q24 3Q24 4Q24 1Q25 2Q25 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 Stabilized Following 2024 Rate Cuts Sold a Portion of FMCB’s Securities Portfolio in 2Q25 Total Funding Costs Stabilized

7 Positive Profitability Trends Continue PPNR ROA1 $24,996 $25,599 $26,967 $30,208 $32,452 $1,763 $1,522 $2,533 $2,079 $3,627 $26,759 $27,121 $29,500 $32,287 $36,079 2Q24 3Q24 4Q24 1Q25 2Q25 $10,900 $11,389 $12,688 $14,150 $16,363 $8,115 $8,675 $8,204 $9,633 $11,520 0.94% 0.96% 1.05% 1.13% 1.27% 0.98% 1.09% 1.18% 1.31% 0.70% 0.73% 0.68% 0.77% 0.90% 0.68% 0.75% 0.71% 0.80% 0.88% 2Q24 3Q24 4Q24 1Q25 2Q25 PPNR Net Income 1 ROA 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in thousands 2Q25 noninterest income included a $474K gain on sale of FMCB securities and $301K of FHLB prepayment income Adj. PPNR ROA1 Adj. ROA1 Pre-Provision Net Revenue (PPNR)1 Growth Strong Revenue Growth Net Interest Income Noninterest Income Swap Fees % of Non Int Income $ - 0% $ 26 2% $ 521 21% $ 42 2% $ 938 26%

8 A Highly Efficient Business Model 1.31% 1.36% 1.41% 1.43% 0.02% 0.04% 1.35% 1.33% 0.04% 0.04% 1.40% 1.45% 1.47% 58.7% 58.0% 56.8% 55.5% 52.6% 57.2% 55.2% 53.7% 51.5% 2Q24 3Q24 4Q24 1Q25 2Q25 Adjusted NIE / Avg. Assets2 Adjusted Efficiency Ratio3 Peer median efficiency ratio of 60%1 in 1Q25 Increase in 2Q25 Other NIE includes higher FDIC insurance assessments and charitable contributions Salary and Employee Benefits Occupancy Technology Professional and Consulting 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (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 Merger-Related $9,675 $9,851 $10,431 $11,339 $11,363 $1,092 $1,069 $1,172 $1,234 $1,274 $1,284 $1,208 $1,322 $1,590 $1,596 $852 $926 $769 $911 $1,043 $2,636 $2,482 $2,630 $2,497 $3,125 $224 $488 $565 $540 $15,539 $15,760 $16,812 $18,136 $18,941 2Q24 3Q24 4Q24 1Q25 2Q25 Improving Efficiency Ratio Driven by Strong Revenue Growth Well-Controlled Expense Growth Supporting Larger Balance Sheet

9 Continued Core Deposit Momentum 18% 19% 20% 19% 19% 20% 22% 21% 20% 19% 25% 26% 31% 33% 34% 10% 9% 8% 8% 8% 27% 24% 20% 20% 20% $3,808 $3,747 $4,087 $4,162 $4,237 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest-Bearing Transaction Interest-Bearing Transaction Savings & Money Market Time Brokered • 2Q25 deposit growth of $74M, or 7.2% annualized (7.4% YTD) • 2Q25 core deposit growth1 of $16M, or 2.1% annualized (5.2% YTD) • Core deposit growth not always linear due to nature of the deposit base • 2Q is typically a seasonally low quarter for core deposit growth Strong Deposit Growth Trends 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 $2,890 $217 $2,470 $2,515 $2,585 $2,547 $2,637 $2,585 $2,678 $3,107 $3,170 $3,186 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 More Favorable Deposit Mix Core Deposits Acquired Core Deposits1

10 Robust Loan Growth Trends Continue $3,752 $117 $3,800 $3,686 $3,869 $4,020 $4,146 2Q24 3Q24 4Q24 1Q25 2Q25 Gross Loans Dollars in millions • 2Q25 loan growth of $126M, or 12.5% annualized • YTD loan growth of $277M, or 14.5% annualized • Loan originations remain at elevated levels • Loan payoffs up 42% from 1Q25 • Loan pipeline remains near highest level since 2022 • Loan-to-deposit ratio of 97.9%, within target range of 95% to 105% Strong Loan Pipeline Drives Continued Growth Near-term loan growth will depend on a variety of factors, including: • Market and economic conditions – economic uncertainty including the interest rate environment • Loan demand – M&A disruption and strong pipelines to support near-term growth, but economic uncertainty and increased competition could impact demand going forward • Loan payoffs and paydowns – pace of loan payoffs will continue to impact loan growth • Core deposit growth – recent core deposit momentum provides additional liquidity for more offensive-minded loan growth while remaining within target loan-to-deposit ratio range Loan Growth Outlook Acquired Gross Loans Three Consecutive Quarters of Robust Organic Loan Growth

11 New Loan Originations Remain Strong Strong Loan Pipeline Translating into New Originations $91 $60 $189 $221 $217 $50 $46 $68 $49 $58 $141 $106 $257 $270 $275 2Q24 3Q24 4Q24 1Q25 2Q25 New Originations Advances Loan Payoff Activity Continues $105 $163 $155 $86 $122 $45 $54 $38 $55 $45 $150 $217 $193 $141 $167 2Q24 3Q24 4Q24 1Q25 2Q25 Payoffs Amortization/Paydowns Dollars in millions $4,020 $217 $58 $18 $(122) $(45) $4,146 Gross Loans (1Q25) New Originations Advances Net Revolving Lines of Credit Payoffs Amort. / Paydowns Gross Loans (2Q25) 2Q25 Loan Growth Roll-forward

12 Well-Diversified Loan Portfolio with Multifamily Expertise $(5) $(3) $1 $2 $8 $20 $21 $82 Dollars in millions CRE NOO 27.4% Multifamily 37.5% C&D 4.2% 1-4 Family Mortgage 11.4% CRE OO 4.7% C&I 13.3% Leases 1.1% Consumer & Other 0.4% Loan Mix by Type $4.1 Billion • CRE nonowner occupied growth across most property types • Increased construction & development commitments in 2024 leading to renewed balance sheet growth in 2025 • Remain comfortable with the diversity of the loan portfolio, including CRE and Multifamily concentrations, given portfolio performance and expertise 2Q25 Loan Growth by Type (vs. 1Q25) Multifamily 1-4 Family Mortgage Construction & Development C&I CRE Nonowner Occupied CRE Owner Occupied Consumer & Other Leases

13 Managing Multifamily and Office-Related Risk 1 Excludes medical office of $87 million at June 30, 2025 Data as of June 30, 2025 Strong Multifamily Track Record Well-Managed CRE NOO Office Portfolio1 With Limited CBD Exposure Percent of Total Loans Average Loan Size 5.2% $2.5M CRE NOO Office by Geography Twin Cities Suburban 56% Minneapolis-St. Paul (CBD) 13% Minneapolis -St. Paul (non-CBD) 19% Out-of-State (non-CBD) 10% Greater MN 2% $214M • Majority of CRE NOO office exposure in the Twin Cities suburbs • Only 4 loans totaling $28M located in Minnesota CBDs, with one moved to nonaccrual in 1Q25 • Only 4 loans totaling $22M outside of Minnesota (non-CBD), consisting of projects for existing local clients Average Loan Size Weighted Average LTV NCOs (since 2005) $3.4M 67% $62K 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 NPLs/ Loans 0.07% Weighted Average LTV 61% National Affordable Housing Expertise • Leveraging affordable housing expertise to support communities in the Twin Cities and across the country • $581M affordable housing portfolio • 15% year-over-year growth • 24% of the portfolio located outside of Minnesota

14 Asset Quality Remains Strong 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands $(2) $931 $305 $11 $1 0.00% 0.10% 0.03% 0.00% 0.00% 2Q24 3Q24 4Q24 1Q25 2Q25 Net Charge-Offs Low net charge-off history Net Charge-offs (recoveries) % of Average Loans (annualized) $51,949 $51,018 $52,277 $53,766 $55,765 1.37% 1.38% 1.35% 1.34% 1.35% 2Q24 3Q24 4Q24 1Q25 2Q25 Allowance for Credit Losses Well-reserved compared to peer median ACL/Loans of 1.17%1 Allowance for Credit Losses % of Gross Loans $678 $8,812 $301 $10,290 $10,134 0.01% 0.19% 0.01% 0.20% 0.19% 2Q24 3Q24 4Q24 1Q25 2Q25 Nonperforming Assets2 NPAs remain low despite one CBD office loan moving to nonaccrual in 1Q25 NPAs % of Assets

Modest Migration to Watch/Special Mention and Substandard Multifamily 89.3% CRE NOO Other 1.7% CRE OO 5.4% C&I 3.6% $53 Million Watch/Special Mention List Loans Substandard Loans C&I 28.5% CRE NOO Office CRE 19.2% NOO Hotels 6.5% CRE NOO Retail 4.5% CRE NOO Other 6.2% Multifamily 25.9% CRE OO 6.0% 1-4 Family 3.0% Other 0.2% $45 Million Watch/Special Mention Characteristics Loan Balances Outstanding $53,282 % of Total Loans, Gross 1.3% Number of Loans 15 Average Loan Size $3,552 % of Bank Risk-Based Capital 8.84% Substandard Characteristics Loan Balances Outstanding $44,986 % of Total Loans, Gross 1.1% Number of Loans 38 Average Loan Size $1,184 % of Bank Risk-Based Capital 7.46% $30,436 $31,991 $46,581 $38,346 $53,282 2Q24 3Q24 4Q24 1Q25 2Q25 $33,908 $31,637 $21,791 $31,587 $44,986 2Q24 3Q24 4Q24 1Q25 2Q25 Dollars in thousands 15

16 Stable Capital Position to Support Growth 9.66% 9.75% 9.45% 9.10% 9.14% 9.41% 9.79% 9.08% 9.03% 9.03% 14.16% 14.62% 13.76% 13.62% 14.17% 7.90% 8.17% 7.36% 7.48% 7.40% 2Q24 3Q24 4Q24 1Q25 2Q25 Total Risk-Based Capital Ratio Common Equity Tier 1 Capital Ratio Tier 1 Leverage Ratio Capital Ratios Stabilize Following Acquisition Tangible Common Equity Ratio1 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Recent Capital Actions • Completed offering of $80.0M of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 • Net proceeds used to redeem $50.0M of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes • Repurchased 122,704 shares of common stock in 2Q25 at an aggregate purchase price of $1.6 million (average price of $12.80 per share); $13.1M remaining under current share repurchase authorization as of June 30, 2025 • Extended the expiration date of the current share repurchase authorization from August 20, 2025 to August 26, 2026 Capital Allocation Priorities 1 3 2 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 loan growth opportunities

17 Near-Term Expectations • Mid-to-high single digit loan growth in 2H25, 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 • Slight NIM expansion in 3Q25 due to headwinds from subordinated debt refinance and lower accretion income • Loan yield repricing and potential interest rate cuts likely to drive ongoing margin expansion in future quarters • Continued net interest income growth due to NIM expansion and loan growth outlook • Dependent on pace of additional rate cuts and shape of the yield curve Net Interest Margin • High-teen noninterest expense growth for full-year 2025 (excluding merger-related expenses) • Continued investments in people and technology initiatives • Alignment of provision expense with loan growth and overall asset quality Expenses • Maintain stable capital levels in the current environment given the stronger growth outlook • Ongoing evaluation of potential share repurchases based on valuation, capital levels, and other uses of capital Capital Levels

18 2025 Strategic Priorities Return to More Normalized Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Leverage Technology to Support Business Growth Execute on M&A Integration and Readiness Initiatives • Well positioned given efforts to optimize the balance sheet in 2024, including strong core deposit growth and reduced loan-to-deposit ratio • Leverage increased loan demand due to the more favorable interest rate environment • Continue to align loan growth with core deposit growth over time • Maintain strong credit quality through consistent underwriting standards and active credit oversight • Utilize the expanded branch footprint, including two branches acquired from FMCB and anticipated 2026 opening of a de novo branch in Lake Elmo, MN • Focus on expanding targeted verticals, including affordable housing, women business leaders, and cannabis • Leverage affordable housing expertise to grow client base across the Twin Cities and nationally • Leverage marketplace disruption in the Twin Cities to attract new clients and top talent • Implement upgraded retail and small business online banking solution • Optimize recent technology investments, including the nCino commercial loan origination system and new CRM platform, as well as new AI tools to create efficiencies and enhance the client experience • Successfully complete systems integration of FMCB • Evaluate additional M&A opportunities that support BWB’s business model and growth outlook • Leverage recent M&A experience to optimize readiness and execution of future M&A opportunities Year-to-Date Progress (2Q25) • Loan growth of 14.5% annualized • Core deposit growth1 of 5.2% annualized • Affordable housing growth of $74M, or 29.4% annualized • C&I growth of 20.9% annualized • Preparing for upgraded retail and small business online banking rollout later in 3Q25 • Preparing for FMCB systems conversion in 3Q25 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

19 APPENDIX

20 Interest Rate Sensitivity Estimated Change in NII From Immediate Interest Rate Shocks +100 bps -100 bps Liability-sensitive balance sheet well positioned for lower interest rates and a steepening yield curve Loan Portfolio Considerations • Loan portfolio most sensitive to changes in the 3- to 5-year portion of the yield curve • Loan portfolio to reprice higher even in a rates-down environment given larger fixed-rate portfolio and smaller variable-rate portfolio • $732M 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 • Brokered deposits generally include call options to protect net interest margin as interest rates decline -200 bps (1.4)% +3.1% 2Q25 +7.2% (2.1)% +3.3% 2Q24 +6.3% (2.4)% +3.1% 3Q24 +6.5% (2.7)% +4.0% 1Q25 +8.8% (1.7)% +3.1% 4Q24 +6.7% +200 bps (3.2)% (4.4)% (3.1)% (5.3)% (2.4)% Funding Mix Repricing Lower Following Recent Rate Cuts • $1.6B of funding tied to short-term rates, including $1.3B of immediately-adjustable deposits and $0.3B of derivative hedging • $799M of other repricing opportunities, including time deposit maturities over the next 12 months and callable brokered deposits with rates over 4.50%

21 Well Positioned to Benefit in Rates-Down Environment 23% 24% 16% 18% 6% 12% $141 $149 $100 $116 $38 $75 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 21% 17% 17% 13% 15% 17% $590 $475 $469 $379 $407 $470 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years Fixed, 67% Variable, 18% Adjustable, 15% Loan Portfolio Mix Fixed-Rate Portfolio ($2.8B) Variable-Rate Portfolio ($742M) Adjustable-Rate Portfolio ($619M) Years to Maturity • Large fixed-rate portfolio provides support to total loan yields in a rates-down environment • $590M of fixed-rate loans maturing over the next year, with a weighted average yield of 5.65% Variable-Rate Loan Floors • Small variable-rate portfolio limits immediate repricing pressure in a rates-down environment • 72% of variable-rate portfolio have rate floors, with 94% of the floors at or above 5% • 100% of variable-rate loans are currently tied to SOFR or Prime Adjustable-Rate Repricing/Maturity Schedule • Adjustable-rate loans likely to reprice higher, even in a rates-down environment • $141M of adjustable-rate loans repricing or maturing over the next year, with a weighted average yield of 4.43% Dollars in millions WA Yield 5.65% 4.86% 5.47% 5.35% 5.91% 4.16% WA Yield 4.43% 4.59% 4.65% 5.02% 6.82% 4.56% 2% 4% 29% 54% 11% $11 $19 $154 $287 $61 Below 4% 4%-5% 5%-6% 6%-7% Above 7% 37% of new loan originations YTD in 2025 were variable-rate

22 High Quality Securities Portfolio AAA 20% AA 53% A 2% BBB 11% NR 14% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(43,522) $(39,161) $26,708 $16,119 $(15,320) $(14,228) 2Q24 2Q25 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securities • Securities portfolio average duration of 6.1 years • Average securities portfolio yield of 4.86% • AOCI / Total Risk-Based Capital of 2.3% vs. peer bank median of 5.6%2 1 Includes the tax-effected impact of $6,179 in 2Q24 and $5,738 in 2Q25 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ) 34% 31% 32% 33% 36% 22% 17% 16% 15% 15% 23% 21% 17% 17% 18% 16% 22% 23% 20% 21% 15% 13% 12% 11% $601 $665 $768 $765 $744 2Q24 3Q24 4Q24 1Q25 2Q25 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Corporate Securities Securities Available for Sale Portfolio (dollars in millions) Other

11.3% 14.5% 13.2% 11.9% 12.4% 36.1% 34.2% 32.2% 34.0% 32.7% $2,222 $2,290 $2,296 $2,357 $2,385 2Q24 3Q24 4Q24 1Q25 2Q25 23 Ample Liquidity and Borrowing Capacity 1 Excludes $282M of pledged securities at June 30, 2025 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sheet Liquidity as a % of Assets Liquidity Position with 1.8x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 Funding Source 12/31/2022 6/30/2025 Change Cash and Cash Equivalents $ 4 8 $ 193 $ 145 Unpledged Securities1 549 462 (87) FHLB Capacity 391 491 100 FRB Discount Window 158 1,019 861 Unsecured Lines of Credit 208 200 (8) Secured Line of Credit 26 20 (6) Total $ 1,380 $ 2,385 $ 1,005 Available Balance

24 Reconciliation of Non-GAAP Financial Measures Dollars in thousands June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 51,592 $ 52,118 $ 52,078 $ 53,979 $ 58,122 Less: Loan Fees (767) (968) (747) (719) (1,019) Loan Accretion - - - (342) (425) Core Loan Interest Income $ 50,825 $ 51,150 $ 51,331 $ 52,918 $ 56,678 Average Loans $ 3,771,768 $ 3,721,654 $ 3,730,532 $ 3,899,258 $ 4,064,540 Core Loan Yield 5.42% 5.47% 5.47% 5.50% 5.59% Efficiency Ratio: Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941 Less: Amortization Intangible Assets (8) (9) (52) (230) (230) Adjusted Noninterest Expense $ 15,531 $ 15,751 $ 16,760 $ 17,906 $ 18,711 Net Interest Income $ 24,996 $ 25,599 $ 26,967 $ 30,208 $ 32,452 Noninterest Income 1,763 1,522 2,533 2,079 3,627 Less: (Gain) Loss on Sales of Securities (320) 28 - (1) (474) Adjusted Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,605 Efficiency Ratio 58.7% 58.0% 56.8% 55.5% 52.6% Adjusted Efficiency Ratio: Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941 Less: Amortization Intangible Assets (8) (9) (52) (230) (230) Less: Merger-related Expenses - (224) (488) (565) (540) Adjusted Noninterest Expense $ 15,531 $ 15,527 $ 16,272 $ 17,341 $ 18,171 Net Interest Income $ 24,996 $ 25,599 $ 26,967 $ 30,208 $ 32,452 Noninterest Income 1,763 1,522 2,533 2,079 3,627 Less: (Gain) Loss on Sales of Securities (320) 28 - (1) (474) Less: FHLB Advance Prepayment Income (301) Adjusted Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,304 Adjusted Efficiency Ratio 58.7% 57.2% 55.2% 53.7% 51.5% Adjusted Noninterest Expense to Average Assets: Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941 Less: Merger-related Expenses - (224) (488) (565) (540) Adjusted Noninterest Expense $ 15,539 $ 15,536 $ 16,324 $ 17,571 $ 18,401 Average Assets $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446 $ 5,162,182 Adjusted Noninterest Expense to Average Assets (ann.) 1.35% 1.31% 1.36% 1.41% 1.43% As of and for the quarter ended, June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Pre-Provision Net Revenue: Noninterest Income $ 1,763 $ 1,522 $ 2,533 $ 2,079 $ 3,627 Less: (Gain) Loss on Sales of Securities (320) 2 8 - (1) (474) Less: FHLB Advance Prepayment Income - - - - (301) Total Operating Noninterest Income 1,443 1,550 2,533 2,078 2,852 Plus: Net Interest Income 24,996 25,599 26,967 30,208 32,452 Net Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,304 Noninterest Expense 15,539 15,760 $ 16,812 $ 18,136 $ 18,941 Total Operating Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941 Pre-provision Net Revenue $ 10,900 $ 11,389 $ 12,688 $ 14,150 $ 16,363 Plus: Non-Operating Revenue Adjustments 320 (28) - 1 775 Less: Provision for Credit Losses 600 - 2,175 1,500 2,000 Less: Provision for Income Taxes 2,505 2,686 2,309 3,018 3,618 Net Income $ 8,115 $ 8,675 $ 8,204 $ 9,633 $ 11,520 Average Assets $ 4,646,517 $ 4,709,804 $ 4,788,036 $ 5,071,446 $ 5,162,182 Pre-Provision Net Revenue Return on Average Assets 0.94% 0.96% 1.05% 1.13% 1.27% Adjusted Pre-Provision Net Revenue: Net Operating Revenue $ 26,439 $ 27,149 $ 29,500 $ 32,286 $ 35,304 Noninterest Expense $ 15,539 $ 15,760 $ 16,812 $ 18,136 $ 18,941 Less: Merger-related Expenses - (224) (488) (565) (540) Adjusted Total Operating Noninterest Expense $ 15,539 $ 15,536 $ 16,324 $ 17,571 $ 18,401 Adjusted Pre-Provision Net Revenue $ 10,900 $ 11,613 $ 13,176 $ 14,715 $ 16,903 Adjusted Pre-Provision Net Revenue Return on Average Assets 0.94% 0.98% 1.09% 1.18% 1.31% Core Net Interest Margin Net Interest Income (Tax-equivalent Basis) $ 25,288 $ 25,905 $ 27,254 $ 30,464 $ 32,770 Less: Loan Fees (767) (968) (747) (719) (1,019) Purchase Accounting Accretion: Loan Accretion - - - (342) (425) Bond Accretion - - (91) (578) (152) Bank-Owned Certificates of Deposit Accretion - - - (7) (4) Deposit Certificates of Deposit Accretion - - - (38) (37) Total Purchase Accounting Accretion - - (91) (965) (618) Core Net Interest Income (Tax-equivalent Basis) $ 24,521 $ 24,937 $ 26,416 $ 28,780 $ 31,133 Average Interest Earning Assets $ 4,545,920 $ 4,595,521 $ 4,682,841 $ 4,928,283 $ 5,019,058 Core Net Interest Margin 2.17% 2.16% 2.24% 2.37% 2.49% As of and for the quarter ended,

25 Reconciliation of Non-GAAP Financial Measures Dollars in thousands June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Tangible Common Equity / Tangible Assets Total Shareholders' Equity $ 439,241 $ 452,200 $ 457,935 $ 468,975 $ 476,282 Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Total Common Shareholders' Equity 372,727 385,686 391,421 402,461 409,768 Less: Intangible Assets (2,797) (2,789) (19,832) (19,602) (19,372) Tangible Common Equity $ 369,930 $ 382,897 $ 371,589 $ 382,859 $ 390,396 Total Assets $ 4,687,035 $ 4,691,517 $ 5,066,242 $ 5,136,808 $ 5,296,673 Less: Intangible Assets (2,797) (2,789) (19,832) (19,602) (19,372) Tangible Assets $ 4,684,238 $ 4,688,728 $ 5,046,410 $ 5,117,206 $ 5,277,301 Tangible Common Equity / Tangible Assets 7.90% 8.17% 7.36% 7.48% 7.40% Return on Average Tangible Common Equity Net Income Available to Common Shareholders $ 7,101 $ 7,662 $ 7,190 $ 8,620 $ 10,506 Average Shareholders' Equity $ 435,585 $ 443,077 $ 455,949 $ 465,408 $ 471,700 Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Average Common Equity 369,071 376,563 389,435 398,894 405,186 Less: Effects of Average Intangible Assets (2,802) (2,794) (4,412) (19,738) (19,504) Average Tangible Common Equity $ 366,269 $ 373,769 $ 385,023 $ 379,156 $ 385,682 Return on Average Tangible Common Equity 7.80% 8.16% 7.43% 9.22% 10.93% As of and for the quarter ended, June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Adjusted Diluted Earnings Per Common Share Net Income Available to Common Shareholders $ 7,101 $ 7,662 $ 7,190 $ 8,620 $ 10,506 Add: Merger-related Expenses - 224 488 565 540 Less: FHLB Advance Prepayment Income - - - - (301) Less: (Gain) Loss on Sales of Securities (320) 2 8 - (1) (474) Total Adjustments (320) 252 488 564 (235) Less: Tax Impact of Adjustments 76 (59) (107) (135) 56 Adjusted Net Income Available to Common $ 6,857 $ 7,855 $ 7,571 $ 9,049 $ 10,327 Diluted Weighted Average Shares Outstanding 27,748,184 27,904,910 28,055,532 28,036,506 27,998,008 Adjusted Diluted Earnings Per Common Share $ 0.25 $ 0.28 $ 0.27 $ 0.32 $ 0.37 Adjusted Return on Average Assets Net Income $ 8,115 $ 8,675 $ 8,204 $ 9,633 $ 11,520 Add: Total Adjustments (320) 252 488 564 (235) Less: Tax Impact of Adjustments 76 (59) (107) (135) 56 Adjusted Net Income $ 7,871 $ 8,868 $ 8,585 $ 10,062 $ 11,341 Average Assets $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446 $ 5,162,182 Adjusted Return on Average Assets 0.68% 0.75% 0.71% 0.80% 0.88% Adjusted Return on Average Tangible Common Equity Adjusted Net Income Available to Common $ 6,857 $ 7,855 $ 7,571 $ 9,049 $ 10,327 Average Tangible Common Equity $ 366,269 $ 373,769 $ 385,023 $ 379,156 $ 385,682 Adjusted Return on Average Tangible Common 7.53% 8.36% 7.82% 9.68% 10.74% As of and for the quarter ended,

26 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 Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 $ 14.92 Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 $ 14.21 Total Common Shares 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283 As of and for the quarter ended, As of and for the quarter ended, As of and for the quarter ended, As of and for the quarter ended,