# EDGAR Filing Document

**Accession Number:** 0001341317
**File Stem:** 0001104659-25-101247
**Filing Date:** 2025-10
**Character Count:** 124976
**Document Hash:** 5eb93040a64dc196caaa12c766bb12fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101247.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001104659-25-101247

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bridgewater Bancshares Inc
- **CENTRAL INDEX KEY:** 0001341317
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38412
- **FILM NUMBER:** 251407333

**BUSINESS ADDRESS:**
- **STREET 1:** 4450 EXCELSIOR BLVD.
- **STREET 2:** SUITE 100
- **CITY:** ST. LOUIS PARK
- **STATE:** MN
- **ZIP:** 55416
- **BUSINESS PHONE:** (952) 893-6868

**MAIL ADDRESS:**
- **STREET 1:** 4450 EXCELSIOR BLVD.
- **STREET 2:** SUITE 100
- **CITY:** ST. LOUIS PARK
- **STATE:** MN
- **ZIP:** 55416

?xml version='1.0' encoding='ASCII'? BRIDGEWATER BANCSHARES, INC._October 21, 2025

**UNITED STATESSECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934**

**October 21, 2025**

**Date of Report**

**(Date of earliest event reported)**

## BRIDGEWATER BANCSHARES, INC.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Minnesota**<br>(State or other jurisdiction of <br>incorporation) | **001-38412**<br>(Commission File Number) | **26-0113412**<br>(I.R.S. Employer<br>Identification No.) |
|  | **4450 Excelsior Boulevard, Suite 100**<br>**St. Louis Park, Minnesota**<br>(Address of principal executive offices) | **55416**<br>(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<br>Depositary Shares, each representing a 1/100th interest in a share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A | BWB<br>BWBBP | The NASDAQ Stock Market LLC<br>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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.**

On October 21, 2025, Bridgewater Bancshares, Inc. (the "Company") issued a press release announcing its financial results for the three months ended September 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Events.**

On October 21, 2025, in its 2025 third quarter earnings release, the Company announced that its Board of Directors had declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock"). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depository share, each representing a 1/100<sup>th</sup> interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2025, to shareholders of record of the Series A Preferred Stock at the close of business on November 14, 2025.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** *Exhibits*

Exhibit 99.1 [Press Release of Bridgewater Bancshares, Inc., dated October 21, 2025, regarding third quarter 2025 financial results](bwb-20251021xex99d1.htm)

Exhibit 99.2 [Earnings Presentation dated October 21, 2025](bwb-20251021xex99d2.htm)

Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

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

---

| | |
|:---|:---|
|  | Bridgewater Bancshares, Inc. |
| Date: October 21, 2025 |  |
|  | By: */s/ Jerry Baack* |
|  | Name: Jerry Baack |
|  | Title: Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](bwb-20251021xex99d1001.jpg)

![Graphic](bwb-20251021xex99d1002.jpg)

---

| | |
|:---|:---|
| **Media Contact:**<br> Emily Karpenske \| Senior Communication Specialist<br>Emily.Karpenske@bwbmn.com \| 952.653.0624 | **Investor Contact:**<br> Justin Horstman \| VP Investor Relations<br>Justin.Horstman@bwbmn.com \| 952.542.5169 |

---

**October 21, 2025**

**Bridgewater Bancshares, Inc. Announces Third Quarter 2025 Financial Results**

**Third Quarter 2025 Highlights**

● Net income of $11.6 million, or $0.38 per diluted common share; adjusted net income of $12.0 million, or $0.39 per diluted common share. <sup>(1)</sup>

● Net interest income increased $1.6 million, or 5.1%, from the second quarter of 2025.

● Net interest margin (on a fully tax-equivalent basis) of 2.63% for the third quarter of 2025, an increase of one basis point from the second quarter of 2025.

● Gross loans increased by $68.8 million, or 6.6% annualized, from the second quarter of 2025.

● Total deposits increased by $56.0 million, or 5.2% annualized, from the second quarter of 2025 ; core deposits <sup>(2)</sup> increased by $92.1 million, or 11.5% annualized, from the second quarter of 2025.

● Efficiency ratio <sup>(1)</sup> of 54.7%, up from 52.6% for the second quarter of 2025; adjusted efficiency ratio <sup>(1)</sup> of 53.2%, up from 51.5% for the second quarter of 2025.

● Annualized net loan charge-offs as a percentage of average loans of 0.03%, compared to 0.00% for the second quarter of 2025.

● Nonperforming assets to total assets of 0.19% at September 30, 2025, stable with 0.19% at June 30, 2025.

● Tangible book value per share <sup>(1)</sup> of $14.93 at September 30, 2025, an increase of 20.0% annualized, from the second quarter of 2025.

● Successfully completed the systems conversion of the First Minnetonka City Bank ("FMCB") acquisition.

● Planned branch closure in December 2025 of one of the two branches acquired from FMCB in 2024.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) C ore 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 $11.6 million for the third quarter of 2025, compared to $11.5 million for the second quarter of 2025, and $8.7 million for the third quarter of 2024. Earnings per diluted common share were $0.38 for the third quarter of 2025, compared to $0.38 for the second quarter of 2025, and $0.27 for the third quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $12.0 million for the third quarter of 2025, compared to $11.3 million for the second quarter of 2025, and $8.9 million for the third quarter of 2024. Adjusted earnings per diluted common share, a non-GAAP financial measure, were $0.39 for the third quarter of 2025, compared to $0.37 for the second quarter of 2025, and $0.28 for the third quarter of 2024.

"Bridgewater produced another quarter of strong net interest income growth as we continued to execute on our strategic priority of gaining both loan and deposit market share," said Chairman and Chief Executive Officer, Jerry Baack. "Robust core deposit growth supported strong loan growth during the quarter as our loan pipelines remained near three-year highs, we continued to gain traction in the affordable housing space, and talent and client opportunities from M&A disruption in the Twin Cities remained plentiful. Meanwhile, our liability-sensitive balance sheet remains well positioned to benefit from the September interest rate cut and a rates-down environment.

"The third quarter was also highlighted by strong asset quality, consistent tangible book value per share growth, the launch of a new retail and small business online banking platform, and the successful systems conversion of our recent acquisition of First Minnetonka City Bank. With a favorable outlook for continued balance sheet growth and net interest margin expansion from here, we are poised for improved profitability trends moving forward."

Page 2 of 19

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**Key Financial Measures**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Nine Months Ended**  | **As of and for the Nine Months Ended**  |
|  | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **September 30,** <br>**2024** | **September 30,** <br>**2025** | **September 30,** <br>**2024** |
| **Per Common Share Data** |  |  |  |  |  |
| Basic Earnings Per Share | $0.38 | $0.38 | $0.28 | $1.08 | $0.79 |
| Diluted Earnings Per Share | 0.38 | 0.38 | 0.27 | 1.06 | 0.77 |
| Adjusted Diluted Earnings Per Share <sup>(1)</sup> | 0.39 | 0.37 | 0.28 | 1.08 | 0.77 |
| Book Value Per Share | 15.62 | 14.92 | 14.06 | 15.62 | 14.06 |
| Tangible Book Value Per Share <sup>(1)</sup> | 14.93 | 14.21 | 13.96 | 14.93 | 13.96 |
| **Financial Ratios** |  |  |  |  |  |
| Return on Average Assets <sup>(2)</sup> | 0.86% | 0.90% | 0.73% | 0.84% | 0.71% |
| Pre-Provision Net Revenue Return on Average Assets <sup>(1)(2)</sup> | 1.19 | 1.27 | 0.96 | 1.20 | 0.95 |
| Return on Average Shareholders' Equity <sup>(2)</sup>  | 9.47 | 9.80 | 7.79 | 9.23 | 7.55 |
| Return on Average Tangible Common Equity <sup>(1)(2)</sup> | 10.50 | 10.93 | 8.16 | 10.23 | 7.87 |
| Net Interest Margin <sup>(3)</sup> | 2.63 | 2.62 | 2.24 | 2.59 | 2.24 |
| Core Net Interest Margin <sup>(1)(3)</sup> | 2.52 | 2.49 | 2.16 | 2.46 | 2.17 |
| Cost of Total Deposits | 3.19 | 3.16 | 3.58 | 3.18 | 3.45 |
| Cost of Funds | 3.25 | 3.19 | 3.54 | 3.20 | 3.46 |
| Efficiency Ratio <sup>(1)</sup> | 54.7 | 52.6 | 58.0 | 54.2 | 58.3 |
| Noninterest Expense to Average Assets <sup>(2)</sup> | 1.47 | 1.47 | 1.33 | 1.46 | 1.34 |
| Tangible Common Equity to Tangible Assets <sup>(1)</sup> | 7.71 | 7.40 | 8.17 | 7.71 | 8.17 |
| Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) <sup>(4)</sup> | 9.08 | 9.03 | 9.79 | 9.08 | 9.79 |
| **Adjusted Financial Ratios** <sup>(1)</sup> |  |  |  |  |  |
| Adjusted Return on Average Assets <sup>(2)</sup> | 0.88% | 0.88% | 0.75% | 0.86% | 0.70% |
| Adjusted Pre-Provision Net Revenue Return on Average Assets <sup>(2)</sup> | 1.23 | 1.31 | 0.98 | 1.24 | 0.96 |
| Adjusted Return on Average Shareholders' Equity <sup>(2)</sup> | 9.77 | 9.64 | 7.96 | 9.41 | 7.51 |
| Adjusted Return on Average Tangible Common Equity <sup>(2)</sup> | 10.86 | 10.74 | 8.36 | 10.44 | 7.82 |
| Adjusted Efficiency Ratio | 53.2 | 51.5 | 57.2 | 52.8 | 58.0 |
| Adjusted Noninterest Expense to Average Assets <sup>(2)</sup> | 1.43 | 1.43 | 1.31 | 1.42 | 1.33 |
| **Balance Sheet and Asset Quality (dollars in thousands)** |  |  |  |  |  |
| Total Assets | $5359994 | $5296673 | $4691517 | $5359994 | $4691517 |
| Total Loans, Gross | 4214554 | 4145799 | 3685590 | 4214554 | 3685590 |
| Deposits | 4292764 | 4236742 | 3747442 | 4292764 | 3747442 |
| Loan to Deposit Ratio | 98.2% | 97.9% | 98.3% | 98.2% | 98.3% |
| Net Loan Charge-Offs to Average Loans <sup>(2)</sup> | 0.03 | 0.00 | 0.10 | 0.01 | 0.03 |
| Nonperforming Assets to Total Assets <sup>(5)</sup> | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| Allowance for Credit Losses to Total Loans | 1.34 | 1.35 | 1.38 | 1.34 | 1.38 |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized.

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

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

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

Page 3 of 19

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**Income Statement**

<u>Net Interest Margin and Net Interest Income</u>

Net interest margin (on a fully tax-equivalent basis) for the third quarter of 2025 was 2.63%, a one basis point increase from 2.62% in the second quarter of 2025, and a 39 basis point increase from 2.24% in the third 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 2.52% for the third quarter of 2025, a three basis point increase from 2.49% in the second quarter of 2025, and a 36 basis point increase from 2.16% in the third quarter of 2024.

● Net interest margin expanded to 2.63% in the third quarter of 2025 primarily due to higher earning asset yields, offset partially by the subordinated debt refinance in the second quarter of 2025, higher cash balances, and declining purchase accounting accretion income.

Net interest income was $34.1 million for the third quarter of 2025, an increase of $1.6 million from $32.5 million in the second quarter of 2025, and an increase of $8.5 million from $25.6 million in the third quarter of 2024.

● The linked-quarter increase in net interest income was primarily due to growth in the loan and securities portfolios, offset partially by higher deposit balances.

● The year-over-year increase in net interest income was primarily due to growth in the loan portfolio and purchase accounting accretion, offset partially by higher deposit balances.

Interest income was $73.6 million for the third quarter of 2025, an increase of $4.4 million from $69.2 million in the second quarter of 2025, and an increase of $10.6 million from $63.0 million in the third quarter of 2024.

● The yield on interest earning assets (on a fully tax-equivalent basis) was 5.63% in the third quarter of 2025, compared to 5.56% in the second quarter of 2025, and 5.48% in the third quarter of 2024.

● The linked-quarter increase in the yield on interest earning assets was primarily due to growth and repricing of the loan and securities portfolios.

● The year-over-year increase in the yield on interest earning assets was primarily due to growth and repricing of the loan and securities portfolios and purchase accounting accretion.

● The aggregate loan yield increased to 5.79% in the third quarter of 2025, five basis points higher than 5.74% in the second quarter of 2025, and 22 basis points higher than 5.57% in the third quarter of 2024.

● Core loan yield, a non-GAAP financial measure, increased to 5.66% in the third quarter of 2025, seven basis points higher than 5.59% in the second quarter of 2025, and 19 basis points higher than 5.47% in the third quarter of 2024.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| Interest | 5.66% | 5.59% | 5.50% | 5.47% | 5.47% |
| Fees | 0.09 | 0.11 | 0.07 | 0.08 | 0.10 |
| Accretion | 0.04 | 0.04 | 0.04 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Yield on Loans | 5.79% | 5.74% | 5.61% | 5.55% | 5.57% |

---

Interest expense was $39.5 million for the third quarter of 2025, an increase of $2.8 million from $36.7 million in the second quarter of 2025, and an increase of $2.1 million from $37.4 million in the third quarter of 2024.

● The cost of interest bearing liabilities was 3.89% in the third quarter of 2025, compared to 3.83% in the second quarter of 2025, and 4.27% in the third quarter of 2024.

● The linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher interest bearing deposit balances and higher balances and rates paid on subordinated debentures following the payoff of $50.0 million of outstanding subordinated notes and the issuance of $80.0 million of new subordinated notes at the end of the second quarter.

● The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower interest bearing deposit costs, offset partially by higher balances and rates paid on FHLB advances and subordinated debentures.

Page 4 of 19

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Interest expense on deposits was $34.6 million for the third quarter of 2025, an increase of $2.1 million from $32.5 million in the second quarter of 2025, and an increase of $428,000 from $34.2 million in the third quarter of 2024.

● The cost of total deposits was 3.19% in the third quarter of 2025, three basis points higher than 3.16% in the second quarter of 2025, and 39 basis points lower than 3.58% in the third quarter of 2024.

● The linked-quarter increase in the cost of total deposits was primarily due to time and brokered deposits repricing in the higher rate environment.

● 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 2025 and decreases in average brokered deposit balances.

<u>Provision for Credit Losses</u> 

The provision for credit losses on loans and leases was $900,000 for the third quarter of 2025, compared to $2.0 million for the second quarter of 2025 and $-0- for the third quarter of 2024.

● The provision for credit losses on loans recorded in the third 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 1.34% at September 30, 2025, compared to 1.35% at June 30, 2025, and 1.38% at September 30, 2024 .

The provision for credit losses for off-balance sheet credit exposures was $200,000 for the third quarter of 2025, and $-0- for each of the second quarter of 2025 and the third quarter of 2024.

● A provision was recorded during the third quarter of 2025 due to an increase in the volume of newly originated loans with unfunded commitments in the commercial and construction and land development segments.

<u>Noninterest Income</u> 

Noninterest income was $2.1 million for the third quarter of 2025, a decrease of $1.6 million from $3.6 million for the second quarter of 2025, and an increase of $539,000 from $1.5 million for the third quarter of 2024.

● The linked-quarter decrease was primarily due to lower swap fees, gains on sales of securities, and FHLB prepayment income.

● The year-over-year increase was primarily due to higher investment advisory fees and customer service fees.

<u>Noninterest Expense</u>

Noninterest expense was $20.0 million for the third quarter of 2025, an increase of $1.0 million from $18.9 million for the second quarter of 2025 and an increase of $4.2 million from $15.8 million for the third quarter of 2024.

● Noninterest expense for the third quarter of 2025 included $530,000 of merger-related expenses associated with the acquisition of FMCB, compared to $540,000 for the second quarter of 2025.

● The linked-quarter increase was primarily due to increases in salaries and employee benefits, marketing and advertising, and professional and consulting fees.

● The year-over-year increase was primarily attributable to increases in salaries and employee benefits, marketing and advertising, operating costs related to the FMCB acquisition, and merger-related expenses.

● The efficiency ratio, a non-GAAP financial measure, was 54.7% for the third quarter of 2025, compared to 52.6% for the second quarter of 2025, and 58.0% for the third quarter of 2024.

● The Company had 325 full-time equivalent employees at September 30, 2025, compared to 308 at June 30, 2025, and 265 at September 30, 2024 . The year-over-year increase was largely driven by the addition of employees from the acquisition of FMCB and the hiring of key talent across the organization.

<u>Income Taxes</u>

The effective combined federal and state income tax rate was 23.2% for the third quarter of 2025, compared to 23.9% for the second quarter of 2025, and 23.6% for the third quarter of 2024.

Page 5 of 19

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**Balance Sheet**

<u>Loans</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(dollars in thousands)** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| &nbsp;&nbsp;**Commercial** | $533476 | $549259 | $528801 | $497662 | $493403 |
| &nbsp;&nbsp;**Leases** | 43186 | 44817 | 43958 | 44291 |  |
| &nbsp;&nbsp;**Construction and Land Development** | 159991 | 136438 | 128073 | 97255 | 118596 |
| &nbsp;&nbsp;**1-4 Family Construction** | 41739 | 39095 | 39438 | 41961 | 45822 |
| &nbsp;&nbsp;**Real Estate Mortgage:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 - 4 Family Mortgage | 487297 | 474269 | 479461 | 474383 | 421179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 1578223 | 1555731 | 1534747 | 1425610 | 1379814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE Owner Occupied | 192966 | 192837 | 196080 | 191248 | 182239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE Nonowner Occupied | 1158622 | 1137007 | 1055157 | 1083108 | 1032142 |
| &nbsp;&nbsp;**Total Real Estate Mortgage Loans** | 3417108 | 3359844 | 3265445 | 3174349 | 3015374 |
| &nbsp;&nbsp;**Consumer and Other** | 19054 | 16346 | 14361 | 12996 | 12395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Loans, Gross | 4214554 | 4145799 | 4020076 | 3868514 | 3685590 |
| &nbsp;&nbsp;Allowance for Credit Losses on Loans | (56390) | (55765) | (53766) | (52277) | (51018) |
| &nbsp;&nbsp;Net Deferred Loan Fees | (8282) | (7629) | (7218) | (6801) | (5705) |
| Total Loans, Net | $4149882 | $4082405 | $3959092 | $3809436 | $3628867 |

---

Total gross loans at September 30, 2025 were $4.21 billion, an increase of $68.8 million, or 6.6% annualized, over total gross loans of $4.15 billion at June 30, 2025, and an increase of $529.0 million, or 14.4%, over total gross loans of $3.69 billion at September 30, 2024.

● The increase in the loan portfolio during the third quarter of 2025 was due to strong loan originations and lower loan payoffs and paydowns.

<u>Deposits</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(dollars in thousands)** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| Noninterest Bearing Transaction Deposits | $822632 | $787868 | $791528 | $800763 | $713309 |
| Interest Bearing Transaction Deposits | 860774 | 791748 | 840378 | 862242 | 805756 |
| Savings and Money Market Deposits | 1428726 | 1441694 | 1372191 | 1259503 | 980345 |
| Time Deposits | 346214 | 344882 | 326821 | 338506 | 347080 |
| Brokered Deposits | 834418 | 870550 | 831539 | 825753 | 900952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Deposits | $4292764 | $4236742 | $4162457 | $4086767 | $3747442 |

---

Total deposits at September 30, 2025 were $4.29 billion, an increase of $56.0 million, or 5.2% annualized, over total deposits of $4.24 billion at June 30, 2025, and an increase of $545.3 million, or 14.6%, over total deposits of $3.75 billion at September 30, 2024.

● Core deposits, defined as total deposits excluding brokered deposits and certificates of deposits greater than $250,000, increased $92.1 million, or 11.5% annualized, from the second quarter of 2025, and increased $600.2 million, or 22.4%, from the third quarter of 2024.

<u>Asset Quality</u>

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 0.03%, compared to 0.00% for the second quarter of 2025, and 0.10% for the third quarter of 2024.

● At September 30, 2025, the Company's nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $10.0 million, or 0.19% of total assets, compared to $10.3 million, or 0.19% of total assets, at June 30, 2025, and $8.8 million, or 0.19% of total assets, at September 30, 2024.

● Loans with potential weaknesses that warranted a watch/special mention risk rating at September 30, 2025 totaled $40.6 million, compared to $53.3 million at June 30, 2025, and $32.0 million at September 30, 2024.

● Loans that warranted a substandard risk rating at September 30, 2025 totaled $58.1 million, compared to $45.0 million at June 30, 2025, and $31.6 million at September 30, 2024.

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● The linked-quarter increase in loans that warranted a substandard risk rating was primarily due to one loan that migrated from special mention to substandard.

<u>Capital</u>

Total shareholders' equity at September 30, 2025 was $497.5 million, an increase of $21.2 million, or 17.6% annualized, compared to total shareholders' equity of $476.3 million at June 30, 2025, and an increase of $45.3 million, or 10.0%, over total shareholders' equity of $452.2 million at September 30, 2024.

● The linked-quarter 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 derivatives portfolio and preferred stock dividends.

● 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 derivatives portfolio, preferred stock dividends, and stock repurchases.

● The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.08% at September 30, 2025, compared to 9.03% at June 30, 2025, and 9.79% at September 30, 2024.

● Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 7.71% at September 30, 2025, compared to 7.40% at June 30, 2025, and 8.17% at September 30, 2024.

Tangible book value per share, a non-GAAP financial measure, was $14.93 as of September 30, 2025, an increase of 20.0% annualized from $14.21 as of June 30, 2025, and an increase of 6.9% from $13.96 as of September 30, 2024.

The Company did not repurchase any shares of its common stock during the third quarter of 2025.

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

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock"). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2025 to shareholders of record of the Series A Preferred Stock at the close of business on November 14, 2025.

**Conference Call and Webcast** 

The Company will host a conference call to discuss its third quarter 2025 financial results on Wednesday, October 22, 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 1563263. The replay will be available through October 29, 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 $5.4 billion and nine strategically located branches as of September 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. 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

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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; the effects of the current U.S. government shutdown and its impact on our customers; and any other risks described in the "Risk Factors" sections of reports filed by the Company with the Securities and Exchange Commission.

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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.

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**Bridgewater Bancshares, Inc. and Subsidiaries <br>Financial Highlights**

***(dollars in thousands, except share data)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Income Statement** |  |  |  |  |  |
| Net Interest Income | $34091 | $32452 | $30208 | $26967 | $25599 |
| Provision for Credit Losses | 1100 | 2000 | 1500 | 2175 |  |
| Noninterest Income | 2061 | 3627 | 2079 | 2533 | 1522 |
| Noninterest Expense | 19956 | 18941 | 18136 | 16812 | 15760 |
| Net Income | 11601 | 11520 | 9633 | 8204 | 8675 |
| Net Income Available to Common Shareholders | 10588 | 10506 | 8620 | 7190 | 7662 |
| **Per Common Share Data** |  |  |  |  |  |
| Basic Earnings Per Share | $0.38 | $0.38 | $0.31 | $0.26 | $0.28 |
| Diluted Earnings Per Share | 0.38 | 0.38 | 0.31 | 0.26 | 0.27 |
| Adjusted Diluted Earnings Per Share <sup>(1)</sup> | 0.39 | 0.37 | 0.32 | 0.27 | 0.28 |
| Book Value Per Share | 15.62 | 14.92 | 14.60 | 14.21 | 14.06 |
| Tangible Book Value Per Share <sup>(1)</sup> | 14.93 | 14.21 | 13.89 | 13.49 | 13.96 |
| Basic Weighted Average Shares Outstanding | 27504840 | 27460982 | 27568772 | 27459433 | 27382798 |
| Diluted Weighted Average Shares Outstanding | 28190406 | 27998008 | 28036506 | 28055532 | 27904910 |
| Shares Outstanding at Period End | 27584732 | 27470283 | 27560150 | 27552449 | 27425690 |
| **Financial Ratios** |  |  |  |  |  |
| Return on Average Assets <sup>(2)</sup> | 0.86% | 0.90% | 0.77% | 0.68% | 0.73% |
| Pre-Provision Net Revenue Return on Average Assets <sup>(1)(2)</sup> | 1.19 | 1.27 | 1.13 | 1.05 | 0.96 |
| Return on Average Shareholders' Equity <sup>(2)</sup>  | 9.47 | 9.80 | 8.39 | 7.16 | 7.79 |
| Return on Average Tangible Common Equity <sup>(1)(2)</sup> | 10.50 | 10.93 | 9.22 | 7.43 | 8.16 |
| Net Interest Margin <sup>(3)</sup> | 2.63 | 2.62 | 2.51 | 2.32 | 2.24 |
| Core Net Interest Margin <sup>(1)(3)</sup> | 2.52 | 2.49 | 2.37 | 2.24 | 2.16 |
| Cost of Total Deposits | 3.19 | 3.16 | 3.18 | 3.40 | 3.58 |
| Cost of Funds | 3.25 | 3.19 | 3.17 | 3.38 | 3.54 |
| Efficiency Ratio <sup>(1)</sup> | 54.7 | 52.6 | 55.5 | 56.8 | 58.0 |
| Noninterest Expense to Average Assets <sup>(2)</sup> | 1.47 | 1.47 | 1.45 | 1.40 | 1.33 |
| **Adjusted Financial Ratios** <sup>(1)</sup> |  |  |  |  |  |
| Adjusted Return on Average Assets | 0.88% | 0.88% | 0.80% | 0.71% | 0.75% |
| Adjusted Pre-Provision Net Revenue Return on Average Assets <sup>(2)</sup> | 1.23 | 1.31 | 1.18 | 1.09 | 0.98 |
| Adjusted Return on Average Shareholders' Equity | 9.77 | 9.64 | 8.77 | 7.49 | 7.96 |
| Adjusted Return on Average Tangible Common Equity | 10.86 | 10.74 | 9.68 | 7.82 | 8.36 |
| Adjusted Efficiency Ratio | 53.2 | 51.5 | 53.7 | 55.2 | 57.2 |
| Adjusted Noninterest Expense to Average Assets | 1.43 | 1.43 | 1.41 | 1.36 | 1.31 |
| **Balance Sheet** |  |  |  |  |  |
| Total Assets | $5359994 | $5296673 | $5136808 | $5066242 | $4691517 |
| Total Loans, Gross | 4214554 | 4145799 | 4020076 | 3868514 | 3685590 |
| Deposits | 4292764 | 4236742 | 4162457 | 4086767 | 3747442 |
| Total Shareholders' Equity | 497463 | 476282 | 468975 | 457935 | 452200 |
| Loan to Deposit Ratio | 98.2% | 97.9% | 96.6% | 94.7% | 98.3% |
| Core Deposits to Total Deposits <sup>(4)</sup> | 76.4 | 75.2 | 76.2 | 76.0 | 71.5 |
| **Asset Quality** |  |  |  |  |  |
| Net Loan Charge-Offs to Average Loans <sup>(2)</sup> | 0.03% | 0.00% | 0.00% | 0.03% | 0.10% |
| Nonperforming Assets to Total Assets <sup>(5)</sup> | 0.19 | 0.19 | 0.20 | 0.01 | 0.19 |
| Allowance for Credit Losses to Total Loans | 1.34 | 1.35 | 1.34 | 1.35 | 1.38 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Capital Ratios (Consolidated)** <sup>(6)</sup> |  |  |  |  |  |
| Tier 1 Leverage Ratio | 9.02% | 9.14% | 9.10% | 9.45% | 9.75% |
| Common Equity Tier 1 Risk-based Capital Ratio | 9.08 | 9.03 | 9.03 | 9.08 | 9.79 |
| Tier 1 Risk-based Capital Ratio | 10.52 | 10.51 | 10.55 | 10.64 | 11.44 |
| Total Risk-based Capital Ratio | 14.12 | 14.17 | 13.62 | 13.76 | 14.62 |
| Tangible Common Equity to Tangible Assets <sup>(1)</sup> | 7.71 | 7.40 | 7.48 | 7.36 | 8.17 |

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized.

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

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

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

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

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**Bridgewater Bancshares, Inc. and Subsidiaries** 

**Consolidated Balance Sheets**

***(dollars in thousands, except share data)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  | **(Unaudited)** |
| **Assets** |  |  |  |  |  |
| Cash and Cash Equivalents | $131818 | $217495 | $166205 | $229760 | $191859 |
| Bank-Owned Certificates of Deposit | 3658 | 3897 | 4139 | 4377 |  |
| Securities Available for Sale, at Fair Value | 826473 | 743889 | 764626 | 768247 | 664715 |
| Loans, Net of Allowance for Credit Losses | 4149882 | 4082405 | 3959092 | 3809436 | 3628867 |
| Federal Home Loan Bank (FHLB) Stock, at Cost | 21373 | 21472 | 18984 | 19297 | 18626 |
| Premises and Equipment, Net | 50955 | 49979 | 49442 | 49533 | 47777 |
| Foreclosed Assets |  | 185 |  |  | 434 |
| Accrued Interest | 19244 | 17711 | 17700 | 17711 | 16750 |
| Goodwill | 11982 | 11982 | 11982 | 11982 | 2626 |
| Other Intangible Assets, Net | 7160 | 7390 | 7620 | 7850 | 163 |
| Bank-Owned Life Insurance | 46121 | 45413 | 45025 | 44646 | 38219 |
| Other Assets | 91328 | 94855 | 91993 | 103403 | 81481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $5359994 | $5296673 | $5136808 | $5066242 | $4691517 |
| **Liabilities and Equity** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;Noninterest Bearing | $822632 | $787868 | $791528 | $800763 | $713309 |
| &nbsp;&nbsp;Interest Bearing | 3470132 | 3448874 | 3370929 | 3286004 | 3034133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Deposits | 4292764 | 4236742 | 4162457 | 4086767 | 3747442 |
| Notes Payable |  | 13750 | 13750 | 13750 | 13750 |
| FHLB Advances | 404500 | 404500 | 349500 | 359500 | 349500 |
| Subordinated Debentures, Net of Issuance Costs | 108588 | 108689 | 79766 | 79670 | 79574 |
| Accrued Interest Payable | 5208 | 4110 | 4525 | 4008 | 3458 |
| Other Liabilities | 51471 | 52600 | 57835 | 64612 | 45593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 4862531 | 4820391 | 4667833 | 4608307 | 4239317 |
| **Shareholders' Equity** |  |  |  |  |  |
| Preferred Stock- $0.01 par value; Authorized 10,000,000 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at September 30, 2025 (unaudited), June 30, 2025 (unaudited), March 31, 2025 (unaudited), December 31, 2024, and September 30, 2024 (unaudited) | 66514 | 66514 | 66514 | 66514 | 66514 |
| Common Stock- $0.01 par value; Authorized 75,000,000 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock - Issued and Outstanding 27,584,732 at September 30, 2025 (unaudited), 27,470,283 at June 30, 2025 (unaudited), 27,560,150 at March 31, 2025 (unaudited), 27,552,449 at December 31, 2024, and 27,425,690 at September 30, 2024 (unaudited) | 276 | 275 | 276 | 276 | 274 |
| Additional Paid-In Capital | 97101 | 95174 | 95503 | 95088 | 94597 |
| Retained Earnings | 339135 | 328547 | 318041 | 309421 | 302231 |
| Accumulated Other Comprehensive Loss | (5563) | (14228) | (11359) | (13364) | (11416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Equity | 497463 | 476282 | 468975 | 457935 | 452200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $5359994 | $5296673 | $5136808 | $5066242 | $4691517 |

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**Bridgewater Bancshares, Inc. and Subsidiaries<br>Consolidated Statements of Income**

***(dollars in thousands, except per share data)***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **September 30,** <br>**2025** | **September 30,** <br>**2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Interest Income** |  |  |  |  |  |  |  |
| Loans, Including Fees | $60038 | $57888 | $53820 | $51870 | $51895 | $171746 | $152861 |
| Investment Securities | 10371 | 9200 | 9397 | 9109 | 8725 | 28968 | 24818 |
| Other | 3224 | 2110 | 2491 | 2345 | 2407 | 7825 | 4895 |
| &nbsp;&nbsp;&nbsp;Total Interest Income | 73633 | 69198 | 65708 | 63324 | 63027 | 208539 | 182574 |
| **Interest Expense** |  |  |  |  |  |  |  |
| Deposits | 34615 | 32497 | 32103 | 32810 | 34187 | 99215 | 95995 |
| Federal Funds Purchased |  | 16 |  | 42 | 2 | 16 | 1159 |
| Notes Payable | 106 | 260 | 258 | 275 | 296 | 624 | 887 |
| FHLB Advances | 2933 | 2852 | 2156 | 2229 | 1942 | 7941 | 6325 |
| Subordinated Debentures | 1888 | 1121 | 983 | 1001 | 1001 | 3992 | 2982 |
| &nbsp;&nbsp;&nbsp;Total Interest Expense | 39542 | 36746 | 35500 | 36357 | 37428 | 111788 | 107348 |
| **Net Interest Income** | 34091 | 32452 | 30208 | 26967 | 25599 | 96751 | 75226 |
| Provision for Credit Losses | 1100 | 2000 | 1500 | 2175 |  | 4600 | 1350 |
| **Net Interest Income After Provision for Credit Losses** | 32991 | 30452 | 28708 | 24792 | 25599 | 92151 | 73876 |
| **Noninterest Income** |  |  |  |  |  |  |  |
| Customer Service Fees | 501 | 496 | 495 | 394 | 373 | 1492 | 1081 |
| Net Gain (Loss) on Sales of Securities | 59 | 474 | 1 |  | (28) | 534 | 385 |
| Net Gain on Sales of Foreclosed Assets |  |  |  | 62 |  |  |  |
| Letter of Credit Fees | 383 | 323 | 455 | 849 | 424 | 1161 | 1127 |
| Debit Card Interchange Fees | 173 | 152 | 137 | 145 | 152 | 462 | 448 |
| Swap Fees |  | 938 | 42 | 521 | 26 | 980 | 26 |
| Bank-Owned Life Insurance | 440 | 387 | 379 | 362 | 352 | 1206 | 965 |
| Investment Advisory Fees | 208 | 213 | 325 |  |  | 746 |  |
| FHLB Prepayment Income |  | 301 |  |  |  | 301 |  |
| Other Income | 297 | 343 | 245 | 200 | 223 | 885 | 803 |
| &nbsp;&nbsp;&nbsp;Total Noninterest Income | 2061 | 3627 | 2079 | 2533 | 1522 | 7767 | 4835 |
| **Noninterest Expense** |  |  |  |  |  |  |  |
| Salaries and Employee Benefits | 12229 | 11363 | 11371 | 10605 | 9851 | 34963 | 28959 |
| Occupancy and Equipment | 1266 | 1274 | 1234 | 1181 | 1069 | 3774 | 3218 |
| FDIC Insurance Assessment | 775 | 750 | 450 | 609 | 750 | 1975 | 2350 |
| Data Processing | 637 | 625 | 619 | 445 | 368 | 1881 | 1252 |
| Professional and Consulting Fees | 1261 | 1110 | 994 | 989 | 1149 | 3365 | 2890 |
| Derivative Collateral Fees | 309 | 372 | 451 | 426 | 381 | 1132 | 1395 |
| Information Technology and Telecommunications | 973 | 971 | 971 | 877 | 840 | 2915 | 2448 |
| Marketing and Advertising | 658 | 435 | 327 | 479 | 367 | 1420 | 1006 |
| Intangible Asset Amortization | 230 | 230 | 230 | 52 | 9 | 690 | 26 |
| Other Expense | 1618 | 1811 | 1489 | 1149 | 976 | 4918 | 2944 |
| &nbsp;&nbsp;&nbsp;Total Noninterest Expense | 19956 | 18941 | 18136 | 16812 | 15760 | 57033 | 46488 |
| **Income Before Income Taxes** | 15096 | 15138 | 12651 | 10513 | 11361 | 42885 | 32223 |
| &nbsp;&nbsp;&nbsp;Provision for Income Taxes | 3495 | 3618 | 3018 | 2309 | 2686 | 10131 | 7602 |
| **Net Income** | 11601 | 11520 | 9633 | 8204 | 8675 | 32754 | 24621 |
| &nbsp;&nbsp;&nbsp;Preferred Stock Dividends | (1013) | (1014) | (1013) | (1014) | (1013) | (3040) | (3040) |
| **Net Income Available to Common Shareholders** | $10588 | $10506 | $8620 | $7190 | $7662 | $29714 | $21581 |
| **Earnings Per Share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.38 | $0.38 | $0.31 | $0.26 | $0.28 | $1.08 | $0.79 |
| &nbsp;&nbsp;&nbsp;Diluted | 0.38 | 0.38 | 0.31 | 0.26 | 0.27 | 1.06 | 0.77 |

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Page 13 of 19

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**Bridgewater Bancshares, Inc. and Subsidiaries<br>Analysis of Average Balances, Yields and Rates**

***(dollars in thousands, except per share data)***

***(Unaudited)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| <br>**(dollars in thousands)** | **Average**<br>**Balance** | **Interest**<br>**& Fees** | **Yield/**<br>**Rate** | **Average**<br>**Balance** | **Interest**<br>**& Fees** | **Yield/**<br>**Rate** | **Average**<br>**Balance** | **Interest**<br>**& Fees** | **Yield/**<br>**Rate** |
| **Interest Earning Assets:** |  |  |  |  |  |  |  |  |  |
| Cash Investments | $256174 | $2732 | 4.23% | $166164 | $1681 | 4.06% | $157114 | $1971 | 4.99% |
| *Investment Securities:* |  |  |  |  |  |  |  |  |  |
| Taxable Investment Securities | 730643 | 9448 | 5.13 | 734998 | 8883 | 4.85 | 668429 | 8406 | 5.00 |
| Tax-Exempt Investment Securities <sup>(1)</sup> | 81962 | 1168 | 5.66 | 31940 | 401 | 5.04 | 31496 | 402 | 5.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities | 812605 | 10616 | 5.18 | 766938 | 9284 | 4.86 | 699925 | 8808 | 5.01 |
| Loans <sup>(1)(2)</sup> | 4132987 | 60317 | 5.79 | 4064540 | 58122 | 5.74 | 3721654 | 52118 | 5.57 |
| Federal Home Loan Bank Stock | 21373 | 492 | 9.12 | 21416 | 429 | 8.03 | 16828 | 436 | 10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Earning Assets | 5223139 | 74157 | 5.63% | 5019058 | 69516 | 5.56% | 4595521 | 63333 | 5.48% |
| Noninterest Earning Assets | 149304 |  |  | 143124 |  |  | 108283 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $5372443 |  |  | $5162182 |  |  | $4703804 |  |  |
| **Interest Bearing Liabilities:** |  |  |  |  |  |  |  |  |  |
| *Deposits:* |  |  |  |  |  |  |  |  |  |
| Interest Bearing Transaction Deposits | $843905 | $8037 | 3.78% | $813906 | $7769 | 3.83% | $804161 | $9369 | 4.63% |
| Savings and Money Market Deposits | 1473465 | 13465 | 3.63 | 1370831 | 12692 | 3.71 | 939665 | 10262 | 4.34 |
| Time Deposits | 342926 | 3703 | 4.28 | 326024 | 3268 | 4.02 | 355050 | 3918 | 4.39 |
| Brokered Deposits | 856516 | 9410 | 4.36 | 833629 | 8768 | 4.22 | 989712 | 10638 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Bearing Deposits | 3516812 | 34615 | 3.90 | 3344390 | 32497 | 3.90 | 3088588 | 34187 | 4.40 |
| Federal Funds Purchased |  |  |  | 1369 | 16 | 4.64 | 141 | 2 | 5.72 |
| Notes Payable | 5679 | 106 | 7.40 | 13750 | 260 | 7.58 | 13750 | 296 | 8.58 |
| FHLB Advances | 404500 | 2933 | 2.88 | 404473 | 2852 | 2.83 | 309120 | 1942 | 2.50 |
| Subordinated Debentures | 108639 | 1888 | 6.89 | 83892 | 1121 | 5.36 | 79519 | 1001 | 5.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Bearing Liabilities | 4035630 | 39542 | 3.89% | 3847874 | 36746 | 3.83% | 3491118 | 37428 | 4.27% |
| **Noninterest Bearing Liabilities:** |  |  |  |  |  |  |  |  |  |
| Noninterest Bearing Transaction Deposits | 793760 |  |  | 774424 |  |  | 710192 |  |  |
| Other Noninterest Bearing Liabilities | 57184 |  |  | 68184 |  |  | 59417 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Noninterest Bearing Liabilities | 850944 |  |  | 842608 |  |  | 769609 |  |  |
| Shareholders' Equity | 485869 |  |  | 471700 |  |  | 443077 |  |  |
| Total Liabilities and Shareholders' Equity | $5372443 |  |  | $5162182 |  |  | $4703804 |  |  |
| Net Interest Income / Interest Rate Spread |  | 34615 | 1.74% |  | 32770 | 1.73% |  | 25905 | 1.21% |
| Net Interest Margin <sup>(3)</sup> |  |  | 2.63% |  |  | 2.62% |  |  | 2.24% |
| Taxable Equivalent Adjustment: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt Investment Securities and Loans |  | (524) |  |  | (318) |  |  | (306) |  |
| Net Interest Income |  | $34091 |  |  | $32452 |  |  | $25599 |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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

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**Bridgewater Bancshares, Inc. and Subsidiaries<br>Analysis of Average Balances, Yields and Rates**

***(dollars in thousands, except per share data)***

***(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| <br>**(dollars in thousands)** | **Average**<br>**Balance** | **Interest**<br>**& Fees** | **Yield/**<br>**Rate** | **Average**<br>**Balance** | **Interest**<br>**& Fees** | **Yield/**<br>**Rate** |
| **Interest Earning Assets:** |  |  |  |  |  |  |
| Cash Investments | $210525 | $6469 | 4.11% | $104831 | $3722 | 4.74% |
| *Investment Securities:* |  |  |  |  |  |  |
| Taxable Investment Securities | 744605 | 27364 | 4.91 | 649538 | 23867 | 4.91 |
| Tax-Exempt Investment Securities <sup>(1)</sup> | 49987 | 2030 | 5.43 | 31597 | 1203 | 5.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities | 794592 | 29394 | 4.95 | 681135 | 25070 | 4.92 |
| Loans <sup>(1)(2)</sup> | 4034656 | 172418 | 5.71 | 3740855 | 153568 | 5.48 |
| Federal Home Loan Bank Stock | 20601 | 1356 | 8.80 | 18111 | 1173 | 8.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Earning Assets | 5060374 | 209637 | 5.54% | 4544932 | 183533 | 5.39% |
| Noninterest Earning Assets | 145373 |  |  | 102993 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $5205747 |  |  | $4647925 |  |  |
| **Interest Bearing Liabilities:** |  |  |  |  |  |  |
| *Deposits:* |  |  |  |  |  |  |
| Interest Bearing Transaction Deposits | $837504 | $23995 | 3.83% | $757409 | $25332 | 4.47% |
| Savings and Money Market Deposits | 1383876 | 38092 | 3.68 | 917051 | 28502 | 4.15 |
| Time Deposits | 333199 | 10280 | 4.13 | 344484 | 10935 | 4.24 |
| Brokered Deposits | 841750 | 26848 | 4.26 | 993445 | 31226 | 4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Bearing Deposits | 3396329 | 99215 | 3.91 | 3012389 | 95995 | 4.26 |
| Federal Funds Purchased | 456 | 16 | 4.64 | 27605 | 1159 | 5.61 |
| Notes Payable | 11030 | 624 | 7.57 | 13750 | 887 | 8.62 |
| FHLB Advances | 388026 | 7941 | 2.74 | 311380 | 6325 | 2.71 |
| Subordinated Debentures | 90853 | 3992 | 5.87 | 79424 | 2982 | 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Bearing Liabilities | 3886694 | 111788 | 3.85% | 3444548 | 107348 | 4.16% |
| **Noninterest Bearing Liabilities:** |  |  |  |  |  |  |
| Noninterest Bearing Transaction Deposits | 779897 |  |  | 700308 |  |  |
| Other Noninterest Bearing Liabilities | 64878 |  |  | 67405 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Noninterest Bearing Liabilities | 844775 |  |  | 767713 |  |  |
| Shareholders' Equity | 474278 |  |  | 435664 |  |  |
| Total Liabilities and Shareholders' Equity | $5205747 |  |  | $4647925 |  |  |
| Net Interest Income / Interest Rate Spread |  | 97849 | 1.69% |  | 76185 | 1.23% |
| Net Interest Margin <sup>(3)</sup> |  |  | 2.59% |  |  | 2.24% |
| Taxable Equivalent Adjustment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt Investment Securities and Loans |  | (1098) |  |  | (959) |  |
| Net Interest Income |  | $96751 |  |  | $75226 |  |

---

Page 15 of 19

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**Bridgewater Bancshares, Inc. and Subsidiaries<br>Asset Quality Summary**

***(unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Nine Months Ended**  | **As of and for the Nine Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,** <br>**2024** | **September 30,** <br>**2024** | **September 30,** <br>**2025** | **September 30,** <br>**2024** |
| **Allowance for Credit Losses** |  |  |  |  |  |  |  |
| Balance at Beginning of Period | $55765 | $53766 | $52277 | $51018 | $51949 | $52277 | $50494 |
| &nbsp;&nbsp;Day 1 PCD Allowance |  |  |  | 114 |  |  |  |
| &nbsp;&nbsp;Provision for Credit Losses<sup>(1)</sup> | 900 | 2000 | 1500 | 1450 |  | 4400 | 1450 |
| &nbsp;&nbsp;Charge-offs | (276) | (6) | (12) | (317) | (937) | (294) | (949) |
| &nbsp;&nbsp;Recoveries | 1 | 5 | 1 | 12 | 6 | 7 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Charge-offs | $(275) | $(1) | $(11) | $(305) | $(931) | $(287) | $(926) |
| Balance at End of Period | 56390 | 55765 | 53766 | 52277 | 51018 | 56390 | 51018 |
| Allowance for Credit Losses to Total Loans | 1.34% | 1.35% | 1.34% | 1.35% | 1.38% | 1.34% | 1.38% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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 Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Nine Months Ended**  | **As of and for the Nine Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,** <br>**2024** | **September 30,** <br>**2024** | **September 30,** <br>**2025** | **September 30,** <br>**2024** |
| Provision for Credit Losses on Loans and Leases | $900 | $2000 | $1500 | $1450 | $— | $4400 | $1450 |
| Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures | 200 |  |  | 725 |  | 200 | (100) |
| &nbsp;&nbsp;Provision for Credit Losses | $1100 | $2000 | $1500 | $2175 | $— | $4600 | $1350 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  | **As of and for the Three Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,** <br>**2024** | **September 30,** <br>**2024** |
| **Selected Asset Quality Data** |  |  |  |  |  |
| Loans 30-89 Days Past Due | $2906 | $12492 | $466 | $1291 | $65 |
| Loans 30-89 Days Past Due to Total Loans | 0.07% | 0.30% | 0.01% | 0.03% | 0.00% |
| Nonperforming Loans | $9991 | $10134 | $10290 | $301 | $8378 |
| Nonperforming Loans to Total Loans | 0.24% | 0.24% | 0.26% | 0.01% | 0.23% |
| Nonaccrual Loans to Total Loans | 0.24 | 0.24 | 0.26 | 0.01 | 0.23 |
| Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans | 0.24 | 0.24 | 0.26 | 0.01 | 0.23 |
| Foreclosed Assets | $— | $185 | $— | $— | $434 |
| Nonperforming Assets <sup>(1)</sup> | 9991 | 10319 | 10290 | 301 | 8812 |
| Nonperforming Assets to Total Assets <sup>(1)</sup> | 0.19% | 0.19% | 0.20% | 0.01% | 0.19% |
| Net Loan Charge-Offs (Annualized) to Average Loans | 0.03 | 0.00 | 0.00 | 0.03 | 0.10 |
| Watchlist/Special Mention Risk Rating Loans | $40642 | $53282 | $38346 | $46581 | $31991 |
| Substandard Risk Rating Loans | 58074 | 44986 | 31587 | 21791 | 31637 |

---

------

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

Page 16 of 19

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**Bridgewater Bancshares, Inc. and Subsidiaries<br>Non-GAAP Financial Measures**

***(unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,** <br>**2024** | **September 30,** <br>**2024** | **September 30,** <br>**2025** | **September 30,** <br>**2024** |
| **Pre-Provision Net Revenue** |  |  |  |  |  |  |  |
| Noninterest Income | $2061 | $3627 | $2079 | $2533 | $1522 | $7767 | $4835 |
| Less: (Gain) Loss on Sales of Securities | (59) | (474) | (1) |  | 28 | (534) | (385) |
| Less: FHLB Advance Prepayment Income |  | (301) |  |  |  | (301) |  |
| &nbsp;&nbsp;&nbsp;Total Operating Noninterest Income | 2002 | 2852 | 2078 | 2533 | 1550 | 6932 | 4450 |
| Plus: Net Interest Income | 34091 | 32452 | 30208 | 26967 | 25599 | 96751 | 75226 |
| &nbsp;&nbsp;&nbsp;Net Operating Revenue | $36093 | $35304 | $32286 | $29500 | $27149 | $103683 | $79676 |
| Noninterest Expense | $19956 | $18941 | $18136 | $16812 | $15760 | $57033 | $46488 |
| &nbsp;&nbsp;&nbsp;Total Operating Noninterest Expense | $19956 | $18941 | $18136 | $16812 | $15760 | $57033 | $46488 |
| Pre-Provision Net Revenue | $16137 | $16363 | $14150 | $12688 | $11389 | $46650 | $33188 |
| Plus: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Operating Revenue Adjustments | 59 | 775 | 1 |  | (28) | 835 | 385 |
| Less:  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for Credit Losses | 1100 | 2000 | 1500 | 2175 |  | 4600 | 1350 |
| &nbsp;&nbsp;&nbsp;Provision for Income Taxes | 3495 | 3618 | 3018 | 2309 | 2686 | 10131 | 7602 |
| Net Income | $11601 | $11520 | $9633 | $8204 | $8675 | $32754 | $24621 |
| Average Assets | $5372443 | $5162182 | $5071446 | $4788036 | $4703804 | $5205747 | $4647925 |
| &nbsp;&nbsp;&nbsp;Pre-Provision Net Revenue Return on Average Assets | 1.19% | 1.27% | 1.13% | 1.05% | 0.96% | 1.20% | 0.95% |
| **Adjusted Pre-Provision Net Revenue** |  |  |  |  |  |  |  |
| Net Operating Revenue | $36093 | $35304 | $32286 | $29500 | $27149 | $103683 | $79676 |
| Noninterest Expense | $19956 | $18941 | $18136 | $16812 | $15760 | $57033 | $46488 |
| Less: Merger-related Expenses | (530) | (540) | (565) | (488) | (224) | (1635) | (224) |
| &nbsp;&nbsp;&nbsp;Adjusted Total Operating Noninterest Expense | $19426 | $18401 | $17571 | $16324 | $15536 | $55398 | $46264 |
| Adjusted Pre-Provision Net Revenue | $16667 | $16903 | $14715 | $13176 | $11613 | $48285 | $33412 |
| &nbsp;&nbsp;&nbsp;Adjusted Pre-Provision Net Revenue Return on Average Assets | 1.23% | 1.31% | 1.18% | 1.09% | 0.98% | 1.24% | 0.96% |
| **Core Net Interest Margin** |  |  |  |  |  |  |  |
| Net Interest Income (Tax-equivalent Basis) | $34614 | $32770 | $30464 | $27254 | $25905 | $97848 | $76185 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan Fees | (966) | (1019) | (719) | (747) | (968) | (2704) | (2342) |
| &nbsp;&nbsp;&nbsp;Purchase Accounting Accretion: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Accretion | (380) | (425) | (342) |  |  | (1147) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Accretion | (89) | (152) | (578) | (91) |  | (819) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank-Owned Certificates of Deposit Accretion | (6) | (4) | (7) |  |  | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Certificates of Deposit Accretion | (13) | (37) | (38) |  |  | (88) |  |
| &nbsp;&nbsp;&nbsp;Total Purchase Accounting Accretion | (488) | (618) | (965) | (91) |  | (2071) |  |
| Core Net Interest Income (Tax-equivalent Basis) | $33160 | $31133 | $28780 | $26416 | $24937 | $93073 | $73843 |
| Average Interest Earning Assets | $5223139 | $5019058 | $4928283 | $4682841 | $4595521 | $5060374 | $4544932 |
| &nbsp;&nbsp;&nbsp;Core Net Interest Margin | 2.52% | 2.49% | 2.37% | 2.24% | 2.16% | 2.46% | 2.17% |
| **Core Loan Yield** |  |  |  |  |  |  |  |
| Loan Interest Income (Tax-equivalent Basis) | $60317 | $58122 | $53979 | $52078 | $52118 | $172418 | $153567 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan Fees | (966) | (1019) | (719) | (747) | (968) | (2704) | (2342) |
| &nbsp;&nbsp;&nbsp;Loan Accretion | (380) | (425) | (342) |  |  | (1147) |  |
| Core Loan Interest Income | $58971 | $56678 | $52918 | $51331 | $51150 | $168567 | $151225 |
| Average Loans | $4132987 | $4064540 | $3899258 | $3730532 | $3721654 | $4034656 | $3740855 |
| Core Loan Yield | 5.66% | 5.59% | 5.50% | 5.47% | 5.47% | 5.59% | 5.40% |

---

Page 17 of 19

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**Bridgewater Bancshares, Inc. and Subsidiaries** 

**Non-GAAP Financial Measures**

***(unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,** <br>**2024** | **September 30,** <br>**2024** | **September 30,** <br>**2025** | **September 30,** <br>**2024** |
| **Efficiency Ratio** |  |  |  |  |  |  |  |
| Noninterest Expense | $19956 | $18941 | $18136 | $16812 | $15760 | $57033 | $46488 |
| Less: Amortization of Intangible Assets | (230) | (230) | (230) | (52) | (9) | (690) | (26) |
| &nbsp;&nbsp;&nbsp;Adjusted Noninterest Expense | $19726 | $18711 | $17906 | $16760 | $15751 | $56343 | $46462 |
| Net Interest Income | $34091 | $32452 | $30208 | $26967 | $25599 | $96751 | $75226 |
| Noninterest Income | 2061 | 3627 | 2079 | 2533 | 1522 | 7767 | 4835 |
| Less: (Gain) Loss on Sales of Securities | (59) | (474) | (1) |  | 28 | (534) | (385) |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Revenue | $36093 | $35605 | $32286 | $29500 | $27149 | $103984 | $79676 |
| &nbsp;&nbsp;&nbsp;Efficiency Ratio | 54.7% | 52.6% | 55.5% | 56.8% | 58.0% | 54.2% | 58.3% |
| **Adjusted Efficiency Ratio** |  |  |  |  |  |  |  |
| Noninterest Expense | $19956 | $18941 | $18136 | $16812 | $15760 | $57033 | $46488 |
| Less: Amortization of Intangible Assets | (230) | (230) | (230) | (52) | (9) | (690) | (26) |
| Less: Merger-related Expenses | (530) | (540) | (565) | (488) | (224) | (1635) | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Noninterest Expense | $19196 | $18171 | $17341 | $16272 | $15527 | $54708 | $46238 |
| Net Interest Income | $34091 | $32452 | $30208 | $26967 | $25599 | $96751 | $75226 |
| Noninterest Income | 2061 | 3627 | 2079 | 2533 | 1522 | 7767 | 4835 |
| Less: (Gain) Loss on Sales of Securities | (59) | (474) | (1) |  | 28 | (534) | (385) |
| Less: FHLB Advance Prepayment Income |  | (301) |  |  |  | (301) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Operating Revenue | $36093 | $35304 | $32286 | $29500 | $27149 | $103683 | $79676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Efficiency Ratio | 53.2% | 51.5% | 53.7% | 55.2% | 57.2% | 52.8% | 58.0% |
| **Adjusted Noninterest Expense to Average Assets (Annualized)** |  |  |  |  |  |  |  |
| Noninterest Expense | $19956 | $18941 | $18136 | $16812 | $15760 | $57033 | $46488 |
| Less: Merger-related Expenses | (530) | (540) | (565) | (488) | (224) | (1635) | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Noninterest Expense | $19426 | $18401 | $17571 | $16324 | $15536 | $55398 | $46264 |
| Average Assets | $5372443 | $5162182 | $5071446 | $4788036 | $4703804 | $5205747 | $4647925 |
| &nbsp;&nbsp;&nbsp;Adjusted Noninterest Expense to Average Assets (Annualized) | 1.43% | 1.43% | 1.41% | 1.36% | 1.31% | 1.42% | 1.33% |
| **Tangible Common Equity and Tangible Common Equity/Tangible Assets** |  |  |  |  |  |  |  |
| Total Shareholders' Equity | $497463 | $476282 | $468975 | $457935 | $452200 |  |  |
| Less: Preferred Stock | (66514) | (66514) | (66514) | (66514) | (66514) |  |  |
| &nbsp;&nbsp;&nbsp;Total Common Shareholders' Equity | 430949 | 409768 | 402461 | 391421 | 385686 |  |  |
| Less: Intangible Assets | (19142) | (19372) | (19602) | (19832) | (2789) |  |  |
| &nbsp;&nbsp;&nbsp;Tangible Common Equity | $411807 | $390396 | $382859 | $371589 | $382897 |  |  |
| Total Assets | $5359994 | $5296673 | $5136808 | $5066242 | $4691517 |  |  |
| Less: Intangible Assets | (19142) | (19372) | (19602) | (19832) | (2789) |  |  |
| &nbsp;&nbsp;&nbsp;Tangible Assets | $5340852 | $5277301 | $5117206 | $5046410 | $4688728 |  |  |
| &nbsp;&nbsp;&nbsp;Tangible Common Equity/Tangible Assets | 7.71% | 7.40% | 7.48% | 7.36% | 8.17% |  |  |
| **Tangible Book Value Per Share** |  |  |  |  |  |  |  |
| Book Value Per Common Share | $15.62 | $14.92 | $14.60 | $14.21 | $14.06 |  |  |
| Less: Effects of Intangible Assets | (0.69) | (0.71) | (0.71) | (0.72) | (0.10) |  |  |
| &nbsp;&nbsp;&nbsp;Tangible Book Value Per Common Share | $14.93 | $14.21 | $13.89 | $13.49 | $13.96 |  |  |
| **Return on Average Tangible Common Equity** |  |  |  |  |  |  |  |
| Net Income Available to Common Shareholders | $10588 | $10506 | $8620 | $7190 | $7662 | $29714 | $21581 |
| Average Shareholders' Equity | $485869 | $471700 | $465408 | $455949 | $443077 | $474278 | $435664 |
| Less: Average Preferred Stock | (66514) | (66514) | (66514) | (66514) | (66514) | (66514) | (66514) |
| &nbsp;&nbsp;&nbsp;Average Common Equity | 419355 | 405186 | 398894 | 389435 | 376563 | 407764 | 369150 |
| Less: Effects of Average Intangible Assets | (19274) | (19504) | (19738) | (4412) | (2794) | (19504) | (2802) |
| &nbsp;&nbsp;&nbsp;Average Tangible Common Equity | $400081 | $385682 | $379156 | $385023 | $373769 | $388260 | $366348 |
| &nbsp;&nbsp;&nbsp;Return on Average Tangible Common Equity | 10.50% | 10.93% | 9.22% | 7.43% | 8.16% | 10.23% | 7.87% |

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**Bridgewater Bancshares, Inc. and Subsidiaries** 

**Non-GAAP Financial Measures**

***(unaudited)***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  |
| <br>**(dollars in thousands)** | **September 30,** <br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,** <br>**2024** | **September 30,** <br>**2024** | **September 30,** <br>**2025** | **September 30,** <br>**2024** |
| **Adjusted Diluted Earnings Per Common Share** |  |  |  |  |  |  |  |
| Net Income Available to Common Shareholders | $10588 | $10506 | $8620 | $7190 | $7662 | $29714 | $21581 |
| Add: Merger-related Expenses | 530 | 540 | 565 | 488 | 224 | 1635 | 224 |
| Less: FHLB Advance Prepayment Income |  | (301) |  |  |  | (301) |  |
| Less: (Gain) Loss on Sales of Securities | (59) | (474) | (1) |  | 28 | (534) | (385) |
| &nbsp;&nbsp;&nbsp;Total Adjustments | 471 | (235) | 564 | 488 | 252 | 800 | (161) |
| Less: Tax Impact of Adjustments | (110) | 56 | (135) | (107) | (59) | (189) | 38 |
| &nbsp;&nbsp;&nbsp;Adjusted Net Income Available to Common Shareholders | $10949 | $10327 | $9049 | $7571 | $7855 | $30325 | $21458 |
| Diluted Weighted Average Shares Outstanding | &nbsp;&nbsp;&nbsp; 28190406 | &nbsp;&nbsp;&nbsp; 27998008 | &nbsp;&nbsp;&nbsp; 28036506 | &nbsp;&nbsp;&nbsp; 28055532 | &nbsp;&nbsp;&nbsp; 27904910 | &nbsp;&nbsp;&nbsp; 28089409 | &nbsp;&nbsp;&nbsp; 27919784 |
| &nbsp;&nbsp;&nbsp;Adjusted Diluted Earnings Per Common Share | $0.39 | $0.37 | $0.32 | $0.27 | $0.28 | $1.08 | $0.77 |
| **Adjusted Return on Average Assets** |  |  |  |  |  |  |  |
| Net Income | $11601 | $11520 | $9633 | $8204 | $8675 | $32754 | $24621 |
| Add: Total Adjustments | 471 | (235) | 564 | 488 | 252 | 800 | (161) |
| Less: Tax Impact of Adjustments | (110) | 56 | (135) | (107) | (59) | (189) | 38 |
| Adjusted Net Income | $11962 | $11341 | $10062 | $8585 | $8868 | $33365 | $24498 |
| Average Assets | $5372443 | $5162182 | $5071446 | $4788036 | $4703804 | $5205747 | $4647925 |
| &nbsp;&nbsp;&nbsp;Adjusted Return on Average Assets | 0.88% | 0.88% | 0.80% | 0.71% | 0.75% | 0.86% | 0.70% |
| **Adjusted Return on Average Shareholders' Equity** |  |  |  |  |  |  |  |
| Adjusted Net Income | $11962 | $11341 | $10062 | $8585 | $8868 | $33365 | $24498 |
| Average Shareholders' Equity | $485869 | $471700 | $465408 | $455949 | $443077 | $474278 | $435664 |
| &nbsp;&nbsp;&nbsp;Adjusted Return on Average Shareholders' Equity | 9.77% | 9.64% | 8.77% | 7.49% | 7.96% | 9.41% | 7.51% |
| **Adjusted Return on Average Tangible Common Equity** |  |  |  |  |  |  |  |
| Adjusted Net Income Available to Common Shareholders | $10949 | $10327 | $9049 | $7571 | $7855 | $30325 | $21458 |
| Average Tangible Common Equity | $400081 | $385682 | $379156 | $385023 | $373769 | $388260 | $366348 |
| &nbsp;&nbsp;&nbsp;Adjusted Return on Average Tangible Common Equity | 10.86% | 10.74% | 9.68% | 7.82% | 8.36% | 10.44% | 7.82% |

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## Exhibit 99.2

#### Exhibit 99.2
&nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g001.jpg)<br>

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; the effects of the current U.S. government shutdown and its impact on our customers; 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.  |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 • Net interest income increased $1.6M, or 5.1%, from 2Q25 • Net interest margin (NIM) of 2.63%, up 1 bp from 2Q25; core NIM1 of 2.52%, up 3 bps from 2Q25 • Average interest earning asset balances increased $204M, or 16.1% annualized, from 2Q25 0.19% • Loan balances increased $69M, or 6.6% annualized, from 2Q25 • Total deposit balances increased $56M, or 5.2% annualized, from 2Q25; core deposit2 balances increased $92M, or 11.5% annualized • Loan-to-deposit ratio of 98.2%, up from 97.9% at June 30, 2025 • Annualized net charge-offs to average loans of 0.03% vs. 0.00% in 2Q25 • Nonperforming assets to total assets of 0.19%, stable with 2Q25 • Well-reserved with allowance to total loans of 1.34%, down 1 bp from June 30, 2025 NIM Expansion and Net Interest Income 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 0.86% 10.50% 54.7% 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 $14.93, up 20.0% annualized from 2Q25 • Common Equity Tier 1 Ratio of 9.08%, up from 9.03% at June 30, 2025 • Successfully completed the systems conversion of the First Minnetonka City Bank (FMCB) acquisition Focus on Creating Shareholder Value Robust Balance Sheet Growth $0.39 0.88% 10.86% 53.2% Reported Adjusted1 3Q25 Earnings Highlights • FMCB merger-related expenses of $530K • Sold $5.1M of securities for a gain of $59K Non-Core Items |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Consistent Tangible Book Value Per Share Outperformance 230% 89% 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 3Q25 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 June 30, 2025 with growth rate through 2Q25 (Source: S&P Capital IQ) |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 NIM Expansion and Net Interest Income Growth $24,631 $26,129 $28,524 $30,815 $32,637 $968 $747 $719 $1,019 $966 $91 $965 $618 $488 $25,599 $26,967 $30,208 $32,452 $34,091 2.24% 2.32% 2.51% 2.62% 2.63% 2.16% 2.24% 2.37% 2.49% 2.52% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 2.62% 0.09% 0.08% 0.03% (0.14)% (0.06)% 0.03% 2.63% (0.01)% (0.01)% NIM (2Q25) Loan Fees Purchase Accounting Accretion Loans Investments Cash Deposits Sub Debt Other NIM (3Q25) Net Interest Margin Roll-forward 3Q25 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 5% from 2Q25, driven by 16% annualized average interest earning asset growth • Included $488K of purchase accounting accretion income • Reduced loan fees as loan payoffs declined from 2Q25 Net Interest Margin • NIM increased 1 bp in 3Q25 as higher earning asset yields were partially offset by the subordinated debt refinance late in 2Q25, higher cash balances, and declining purchase accounting accretion income • 3Q25 NIM of 2.63% included 4 bps related to purchase accounting accretion Core NIM2 up 3 bps Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA) |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Assets Reprice Higher as Deposit Cost Stabilization Continues $3,089 $3,121 $3,322 $3,344 $3,517 $710 $718 $403 $444 $767 $774 $793 $448 $505 $519 $4,202 $4,283 $4,537 $4,623 $4,829 3.54% 3.38% 3.17% 3.19% 3.25% 3Q24 4Q24 1Q25 2Q25 3Q25 $3,722 $3,731 $3,899 $4,065 $4,133 5.57% 5.55% 5.61% 5.74% 5.79% 5.47% 5.47% 5.50% 5.59% 5.66% 3Q24 4Q24 1Q25 2Q25 3Q25 $3,799 $3,840 $4,089 $4,119 $4,311 3.58% 3.40% 3.18% 3.16% 3.19% 3Q24 4Q24 1Q25 2Q25 3Q25 Core Loan Yield2 $700 $752 $804 $767 $813 5.01% 4.86% 4.79% 4.86% 5.18% 3Q24 4Q24 1Q25 2Q25 3Q25 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 Stabilization Continues Growth of High-Yielding Securities Portfolio Total Funding Costs Impacted by Sub Debt Refinance |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Revenue Growth Continues PPNR ROA1 $25,599 $26,967 $30,208 $32,452 $34,091 $1,522 $2,533 $2,079 $3,627 $2,061 $27,121 $29,500 $32,287 $36,079 $36,152 3Q24 4Q24 1Q25 2Q25 3Q25 $11,389 $12,688 $14,150 $16,363 $16,137 $8,675 $8,204 $9,633 $11,520 $11,601 0.96% 1.05% 1.13% 1.27% 0.98% 1.19% 1.09% 1.18% 1.31% 1.23% 0.73% 0.68% 0.77% 0.90% 0.86% 0.75% 0.71% 0.80% 0.88% 0.88% 3Q24 4Q24 1Q25 2Q25 3Q25 PPNR Net Income 1 ROA 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in thousands Total revenue growth continued in 3Q25 as net interest income growth more than offset lower swap fee 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 $26 2% $521 21% $42 2% $938 26% $-- --% |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 A Highly Efficient Business Model 1.31% 1.36% 1.41% 1.43% 1.43% 0.02% 0.04% 1.33% 0.04% 0.04% 0.04% 1.40% 1.45% 1.47% 1.47% 58.0% 56.8% 55.5% 52.6% 54.7% 57.2% 55.2% 53.7% 51.5% 53.2% 3Q24 4Q24 1Q25 2Q25 3Q25 Adjusted NIE / Avg. Assets2 Adjusted Efficiency Ratio3 Peer median efficiency ratio of 58%1 in 2Q25 Increase in 3Q25 NIE driven by increased salaries, consulting fees, and marketing 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 June 30, 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 $9,851 $10,431 $11,339 $11,363 $12,215 $1,069 $1,172 $1,234 $1,274 $1,266 $1,208 $1,322 $1,590 $1,596 $1,610 $926 $769 $911 $1,043 $1,261 $2,482 $2,630 $2,497 $3,125 $3,074 $224 $488 $565 $540 $530 $15,760 $16,812 $18,136 $18,941 $19,956 3Q24 4Q24 1Q25 2Q25 3Q25 Steady NIE to Average Assets Well Managed Expense Growth Supporting Larger Balance Sheet |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Continued Core Deposit Momentum 19% 20% 19% 19% 19% 22% 21% 20% 19% 20% 26% 31% 33% 34% 33% 9% 8% 8% 8% 24% 8% 20% 20% 20% $3,747 20% $4,087 $4,162 $4,237 $4,293 3Q24 4Q24 1Q25 2Q25 3Q25 Noninterest-Bearing Transaction Interest-Bearing Transaction Savings & Money Market Time Brokered • 3Q25 deposit growth of $56M, or 5.2% annualized (6.7% YTD) • 3Q25 core deposit growth1 of $92M, or 11.5% annualized (7.4% YTD) • Improved deposit mix as noninterest bearing transaction deposits increased $35M from 2Q25 while brokered deposits decreased $36M • Core deposit growth not always linear due to nature of the deposit base 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 $3,279 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Improved Deposit Mix Core Deposits Acquired Core Deposits1 |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Robust Loan Growth Trends Continue $3,752 $117 $3,686 $3,869 $4,020 $4,146 $4,215 3Q24 4Q24 1Q25 2Q25 3Q25 Gross Loans Dollars in millions • 3Q25 loan growth of $69M, or 6.6% annualized • YTD loan growth of $346M, or 12.0% annualized • Loan pipeline remains near highest level since 2022 • Loan-to-deposit ratio of 98.2%, in the lower end of the 95% to 105% target range 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 Four Consecutive Quarters of Robust Organic Loan Growth |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 New Loan Origination Activity Continues Strong Loan Pipeline Translating into New Originations $60 $189 $221 $217 $132 $46 $68 $49 $58 $61 $106 $257 $270 $275 $193 3Q24 4Q24 1Q25 2Q25 3Q25 New Originations Advances Loan Payoff Activity Slowed $163 $155 $86 $122 $76 $54 $38 $55 $45 $48 $217 $193 $141 $167 $124 3Q24 4Q24 1Q25 2Q25 3Q25 Payoffs Amortization/Paydowns Dollars in millions $4,146 $4,215 $132 $61 $- $(76) $(48) Gross Loans (2Q25) New Originations Advances Net Revolving Lines of Credit Payoffs Amort. / Paydowns Gross Loans (3Q25) 3Q25 Loan Growth Roll-forward |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Well-Diversified Loan Portfolio with Multifamily Expertise $(16) $(2) $0 $3 $13 $22 $22 $26 Dollars in millions CRE NOO 27.5% Multifamily 37.4% C&D 4.8% 1-4 Family Mortgage 11.6% CRE OO 4.6% C&I 12.7% Leases 1.0% Consumer & Other 0.4% Loan Mix by Type $4.2 Billion • Increased construction and development commitments over the past several quarters are starting to result in renewed balance sheet growth in 2025 • Multifamily growth driven by continued momentum in the affordable housing vertical • Remain comfortable with the diversity of the loan portfolio, including CRE and multifamily concentrations, given portfolio performance and expertise 3Q25 Loan Growth by Type (vs. 2Q25) Multifamily 1-4 Family Mortgage Construction & Development C&I CRE Nonowner Occupied CRE Owner Occupied Consumer & Other Leases |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Managing Multifamily and Office-Related Risk 1 Excludes medical office of $91 million at September 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 5.0% $2.5M CRE NOO Office by Geography Twin Cities Suburban 55% Minneapolis-St. Paul (CBD) 13% Minneapolis - St. Paul (non-CBD) 19% Out-of-State (non-CBD) 11% Greater MN 2% $211M • 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 Loan Balances Average Loan Size NCOs (since 2005) $1.6B $3.4M $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 Weighted Average LTV 67% Weighted Average LTV 61% National Affordable Housing Expertise • Leveraging affordable housing expertise to support communities in the Twin Cities and across the country • $611M affordable housing portfolio ($467M within multifamily portfolio) • 27% year-to-date growth (annualized) • 28% of the portfolio located outside of Minnesota |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Asset Quality Remains Strong 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2025 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands $931 $305 $11 $1 $275 0.10% 0.03% 0.00% 0.00% 0.03% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Charge-Offs Low net charge-off history Net Charge-offs (recoveries) % of Average Loans (annualized) $51,018 $52,277 $53,766 $55,765 $56,390 1.38% 1.35% 1.34% 1.35% 1.34% 3Q24 4Q24 1Q25 2Q25 3Q25 Allowance for Credit Losses Well-reserved compared to peer median ACL/Loans of 1.19%1 Allowance for Credit Losses % of Gross Loans $8,812 $301 $10,290 $10,134 $9,991 0.19% 0.01% 0.20% 0.19% 0.19% 3Q24 4Q24 1Q25 2Q25 3Q25 Nonperforming Assets2 NPAs remain low despite one CBD office loan moving to nonaccrual in 1Q25 NPAs % of Assets |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modest Migration from Watch/Special Mention to Substandard Multifamily 83.8% CRE NOO Other 0.3% CRE OO 12.4% C&I 3.5% $41 Million Watch/Special Mention List Loans Substandard Loans C&I 24.3% CRE NOO Office 14.9% CRE NOO Hotels 5.0% CRE NOO Retail 3.4% CRE NOO Other 4.6% Multifamily 41.1% CRE OO 4.6% 1-4 Family 2.0% Other 0.1% $58 Million Watch/Special Mention Characteristics Loan Balances Outstanding $40,642 % of Total Loans, Gross 1.0% Number of Loans 18 Average Loan Size $2,258 % of Bank Risk-Based Capital 6.57% Substandard Characteristics Loan Balances Outstanding $58,074 % of Total Loans, Gross 1.4% Number of Loans 30 Average Loan Size $1,936 % of Bank Risk-Based Capital 9.38% $31,991 $46,581 $38,346 $53,282 $40,642 3Q24 4Q24 1Q25 2Q25 3Q25 $31,637 $21,791 $31,587 $44,986 $58,074 3Q24 4Q24 1Q25 2Q25 3Q25 Dollars in thousands 15 |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Stable Capital Position to Support Growth 9.75% 9.45% 9.10% 9.14% 9.02% 9.79% 9.08% 9.03% 9.03% 9.08% 14.62% 13.76% 13.62% 14.17% 14.12% 8.17% 7.36% 7.48% 7.40% 7.71% 3Q24 4Q24 1Q25 2Q25 3Q25 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 • No share repurchases in 3Q25 • $13.1M remaining under current share repurchase authorization as of September 30, 2025 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 |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Near-Term Expectations • Mid-to-high single digit loan growth, dependent on the pace of core deposit growth • Focus on profitable growth while aligning loan growth with core deposit growth over time • Target loan-to-deposit ratio between 95% and 105% Balance Sheet Growth • Path to a 3.00% net interest margin by early 2027 • Dependent on pace of additional rate cuts and shape of the yield curve (assumes 50 bps of additional rate cuts through 2026) • Continued net interest income growth due to NIM expansion and loan growth outlook Net Interest Margin • Noninterest expense growth in line with asset growth over time • 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 |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (3Q25) • Loan growth of 12.0% annualized • Core deposit growth1 of 7.4% annualized • Deposit market share in the Twin Cities increased from 1.54% in 2024 to 1.84% in 20252 • Affordable housing growth of $104M, or 27.3% annualized • Successfully upgraded retail and small business online banking platform in 3Q25 • Successfully completed FMCB systems conversion in 3Q25 • Planned branch closure in December 2025 of one branch acquired from FMCB 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 2 Source: FDIC (data as of June 30th) |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 APPENDIX |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 • $748M 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 (1.3)% +3.1% 2Q25 +7.2% (2.7)% +4.4% 3Q25 +10.5% (2.4)% +3.1% 3Q24 +6.5% (2.7)% +4.0% 1Q25 +8.8% (1.7)% +3.1% 4Q24 +6.7% +200 bps (4.4)% (3.1)% (5.3)% (2.4)% (4.9)% Funding Mix Repricing Lower Following Recent Rate Cuts • $1.7B of funding tied to short-term rates, including $1.4B of immediately-adjustable deposits and $0.3B of derivative hedging • $798M of other repricing opportunities, including time deposit maturities over the next 12 months and callable brokered deposits with rates over 4.50% |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Well Positioned to Benefit in Rates-Down Environment 24% 24% 17% 15% 8% 12% $140 $143 $102 $86 $47 $71 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 21% 19% 17% 14% 13% 16% $608 $529 $470 $396 $382 $448 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, 19% Adjustable, 14% Loan Portfolio Mix Fixed-Rate Portfolio ($2.8B) Variable-Rate Portfolio ($799M) Adjustable-Rate Portfolio ($588M) Years to Maturity • Large fixed-rate portfolio provides support to total loan yields in a rates-down environment • $608M of fixed-rate loans maturing over the next year, with a weighted average yield of 5.69% Variable-Rate Loan Floors • Smaller variable-rate portfolio limits immediate repricing pressure in a rates-down environment • 71% of variable-rate portfolio have rate floors, with 92% of the floors at or above 5% • 96% 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 • $140M of adjustable-rate loans repricing or maturing over the next year, with a weighted average yield of 3.85% Dollars in millions WA Yield 5.69% 5.02% 5.39% 5.47% 6.12% 4.15% WA Yield 3.85% 4.79% 4.48% 5.57% 6.56% 4.56% 5% 4% 26% 55% 10% $28 $20 $145 $313 $59 Below 4% 4%-5% 5%-6% 6%-7% Above 7% 30% of new loan originations YTD in 2025 were variable-rate |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 High Quality Securities Portfolio AAA 22% AA 54% A 3% BBB 7% BB 1% NR 13% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(27863) $(25175) $17,217 $14,278 $(11416) $(5563) 3Q24 3Q25 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securities • Securities portfolio average duration of 6.98 years • Average securities portfolio yield of 5.18% • AOCI / Total Risk-Based Capital of 0.9% vs. peer bank median of 4.8%2 1 Includes the tax-effected impact of $4,604 in 3Q24 and $2,244 in 3Q25 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of June 30, 2025 (Source: S&P Capital IQ) 31% 32% 33% 36% 31% 17% 16% 15% 15% 21% 29% 17% 17% 18% 13% 16% 22% 23% 20% 18% 15% 13% 12% 11% 9% $665 $768 $765 $744 $826 3Q24 4Q24 1Q25 2Q25 3Q25 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Corporate Securities Securities Available for Sale Portfolio (dollars in millions) Other |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5% 13.2% 11.9% 12.4% 12.5% 34.2% 32.2% 34.0% 32.7% 32.1% $2,290 $2,296 $2,357 $2,384 $2,393 3Q24 4Q24 1Q25 2Q25 3Q25 23 Ample Liquidity and Borrowing Capacity 1 Excludes $265M of pledged securities at September 30, 2025 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sheet Liquidity as a % of Assets Liquidity Position with 1.9x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 Funding Source 12/31/2022 9/30/2025 Change Cash and Cash Equivalents $4 8 $110 $6 2 Unpledged Securities1 549 561 12 FHLB Capacity 391 494 103 FRB Discount Window 158 994 836 Unsecured Lines of Credit 208 200 (8) Secured Line of Credit 26 3 4 8 Total $1,380 $2,393 $1,013 Available Balance |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Pre-Provision Net Revenue: Noninterest Income $1,522 $2,533 $2,079 $3,627 $2,061 Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Less: FHLB Advance Prepayment Income - - - (301) - Total Operating Noninterest Income 1,550 2,533 2,078 2,852 2,002 Plus: Net Interest Income 25,599 26,967 30,208 32,452 34,091 Net Operating Revenue $27,149 $29,500 $32,286 $35,304 $36,093 Noninterest Expense 15,760 $16,812 $18,136 $18,941 $19,956 Total Operating Noninterest Expense $15,760 $16,812 $18,136 $18,941 $19,956 Pre-provision Net Revenue $11,389 $12,688 $14,150 $16,363 $16,137 Plus: Non-Operating Revenue Adjustments (28) - 1 775 59 Less: Provision for Credit Losses - 2,175 1,500 2,000 1,100 Less: Provision for Income Taxes 2,686 2,309 3,018 3,618 3,495 Net Income $8,675 $8,204 $9,633 $11,520 $11,601 Average Assets $4,703,804 $4,788,036 $5,071,446 $5,162,182 $5,372,443 Pre-Provision Net Revenue Return on Average Assets 0.96% 1.05% 1.13% 1.27% 1.19% Adjusted Pre-Provision Net Revenue: Net Operating Revenue $27,149 $29,500 $32,286 $35,304 $36,093 Noninterest Expense $15,760 $16,812 $18,136 $18,941 $19,956 Less: Merger-related Expenses (224) (488) (565) (540) (530) Adjusted Total Operating Noninterest Expense $15,536 $16,324 $17,571 $18,401 $19,426 Adjusted Pre-Provision Net Revenue $11,613 $13,176 $14,715 $16,903 $16,667 Adjusted Pre-Provision Net Revenue Return on Average Assets 0.98% 1.09% 1.18% 1.31% 1.23% Core Net Interest Margin Net Interest Income (Tax-equivalent Basis) $25,905 $27,254 $30,464 $32,770 $34,614 Less: Loan Fees (968) (747) (719) (1019) (966) Purchase Accounting Accretion: Loan Accretion - - (342) (425) (380) Bond Accretion - (91) (578) (152) (89) Bank-Owned Certificates of Deposit Accretion - - (7) (4) (6) Deposit Certificates of Deposit Accretion - - (38) (37) (13) Total Purchase Accounting Accretion - (91) (965) (618) (488) Core Net Interest Income (Tax-equivalent Basis) $24,937 $26,416 $28,780 $31,133 $33,160 Average Interest Earning Assets $4,595,521 $4,682,841 $4,928,283 $5,019,058 $5,223,139 Core Net Interest Margin 2.16% 2.24% 2.37% 2.49% 2.52% As of and for the quarter ended, September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $52,118 $52,078 $53,979 $58,122 $60,317 Less: Loan Fees (968) (747) (719) (1019) (966) Loan Accretion - - (342) (425) (380) Core Loan Interest Income $51,150 $51,331 $52,918 $56,678 $58,971 Average Loans $3,721,654 $3,730,532 $3,899,258 $4,064,540 $4,132,987 Core Loan Yield 5.47% 5.47% 5.50% 5.59% 5.66% Efficiency Ratio: Noninterest Expense $15,760 $16,812 $18,136 $18,941 $19,956 Less: Amortization Intangible Assets (9) (52) (230) (230) (230) Adjusted Noninterest Expense $15,751 $16,760 $17,906 $18,711 $19,726 Net Interest Income $25,599 $26,967 $30,208 $32,452 $34,091 Noninterest Income 1,522 2,533 2,079 3,627 2,061 Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Adjusted Operating Revenue $27,149 $29,500 $32,286 $35,605 $36,093 Efficiency Ratio 58.0% 56.8% 55.5% 52.6% 54.7% Adjusted Efficiency Ratio: Noninterest Expense $15,760 $16,812 $18,136 $18,941 $19,956 Less: Amortization Intangible Assets (9) (52) (230) (230) (230) Less: Merger-related Expenses (224) (488) (565) (540) (530) Adjusted Noninterest Expense $15,527 $16,272 $17,341 $18,171 $19,196 Net Interest Income $25,599 $26,967 $30,208 $32,452 $34,091 Noninterest Income 1,522 2,533 2,079 3,627 2,061 Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Less: FHLB Advance Prepayment Income - - - (301) - Adjusted Operating Revenue $27,149 $29,500 $32,286 $35,304 $36,093 Adjusted Efficiency Ratio 57.2% 55.2% 53.7% 51.5% 53.2% Adjusted Noninterest Expense to Average Assets: Noninterest Expense $15,760 $16,812 $18,136 $18,941 $19,956 Less: Merger-related Expenses (224) (488) (565) (540) (530) Adjusted Noninterest Expense $15,536 $16,324 $17,571 $18,401 $19,426 Average Assets $4,703,804 $4,788,036 $5,071,446 $5,162,182 $5,372,443 Adjusted Noninterest Expense to Average Assets (ann.) 1.31% 1.36% 1.41% 1.43% 1.43% As of and for the quarter ended, |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 Reconciliation of Non-GAAP Financial Measures Dollars in thousands September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Adjusted Diluted Earnings Per Common Share Net Income Available to Common Shareholders $7,662 $7,190 $8,620 $10,506 $10,588 Add: Merger-related Expenses 224 488 565 540 530 Less: FHLB Advance Prepayment Income - - - (301) - Less: (Gain) Loss on Sales of Securities 2 8 - (1) (474) (59) Total Adjustments 252 488 564 (235) 471 Less: Tax Impact of Adjustments (59) (107) (135) 56 (110) Adjusted Net Income Available to Common $7,855 $7,571 $9,049 $10,327 $10,949 Diluted Weighted Average Shares Outstanding 27,904,910 28,055,532 28,036,506 27,998,008 28,190,406 Adjusted Diluted Earnings Per Common Share $0.28 $0.27 $0.32 $0.37 $0.39 Adjusted Return on Average Assets Net Income $8,675 $8,204 $9,633 $11,520 $11,601 Add: Total Adjustments 252 488 564 (235) 471 Less: Tax Impact of Adjustments (59) (107) (135) 56 (110) Adjusted Net Income $8,868 $8,585 $10,062 $11,341 $11,962 Average Assets $4,703,804 $4,788,036 $5,071,446 $5,162,182 $5,372,443 Adjusted Return on Average Assets 0.75% 0.71% 0.80% 0.88% 0.88% Adjusted Return on Average Tangible Common Equity Adjusted Net Income Available to Common $7,855 $7,571 $9,049 $10,327 $10,949 Average Tangible Common Equity $373,769 $385,023 $379,156 $385,682 $400,081 Adjusted Return on Average Tangible Common 8.36% 7.82% 9.68% 10.74% 10.86% As of and for the quarter ended, September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Tangible Common Equity / Tangible Assets Total Shareholders' Equity $452,200 $457,935 $468,975 $476,282 $497,463 Less: Preferred Stock (66514) (66514) (66514) (66514) (66514) Total Common Shareholders' Equity 385,686 391,421 402,461 409,768 430,949 Less: Intangible Assets (2789) (19832) (19602) (19372) (19142) Tangible Common Equity $382,897 $371,589 $382,859 $390,396 $411,807 Total Assets $4,691,517 $5,066,242 $5,136,808 $5,296,673 $5,359,994 Less: Intangible Assets (2789) (19832) (19602) (19372) (19142) Tangible Assets $4,688,728 $5,046,410 $5,117,206 $5,277,301 $5,340,852 Tangible Common Equity / Tangible Assets 8.17% 7.36% 7.48% 7.40% 7.71% Return on Average Tangible Common Equity Net Income Available to Common Shareholders $7,662 $7,190 $8,620 $10,506 $10,588 Average Shareholders' Equity $443,077 $455,949 $465,408 $471,700 $485,869 Less: Average Preferred Stock (66514) (66514) (66514) (66514) (66514) Average Common Equity 376,563 389,435 398,894 405,186 419,355 Less: Effects of Average Intangible Assets (2794) (4412) (19738) (19504) (19274) Average Tangible Common Equity $373,769 $385,023 $379,156 $385,682 $400,081 Return on Average Tangible Common Equity 8.16% 7.43% 9.22% 10.93% 10.50% As of and for the quarter ended, |

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| &nbsp;&nbsp;![GRAPHIC](bwb-20251021xex99d2g026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 September 30, 2025 Book Value Per Common Share $13.63 $14.06 $14.21 $14.60 $14.92 $15.62 Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) (0.71) (0.69) Tangible Book Value Per Common Share $13.53 $13.96 $13.49 $13.89 $14.21 $14.93 Total Common Shares 27,348,049 27,425,690 27,552,449 27,560,150 27,470,283 27,584,732 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, |

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