Bridgewater Bancshares, Inc. Announces Third Quarter 2026 Financial Results

Third Quarter 2026 Highlights

• Net income of $15.0 million, or $0.49 per diluted common share.
• Pre-provision net revenue⁽¹⁾ increased $2.9 million, or 60.4% annualized, from the second quarter of 2026.
• Net interest income increased $2.1 million, or 21.5% annualized, from the second quarter of 2026.
• Net interest margin (on a fully tax-equivalent basis) of 3.09%, an increase of two basis points from the second quarter of 2026.
• Efficiency ratio⁽¹⁾ of 48.8%, down from 53.0% for the second quarter of 2026.
• Gross loans increased by $80.4 million, or 7.2% annualized, from the second quarter of 2026.
• Total deposits increased by $126.8 million, or 11.6% annualized, from the second quarter of 2026.
• Core deposits⁽²⁾ increased by $165.3 million, or 19.6% annualized, from the second quarter of 2026.
• Annualized net loan charge-offs as a percentage of average loans of 0.21%, up from 0.04% for the second quarter of 2026.
• Nonperforming assets to total assets of 0.37% at September 30, 2026, down from 0.40% at June 30, 2026.
• Tangible book value per share⁽¹⁾ of $16.33 at September 30, 2026, a decrease of 6.7% annualized from the second quarter of 2026.
• Common Equity Tier 1 Risk-Based Capital Ratio of 9.63%, up from 9.61% at June 30, 2026.

ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the “Company”), the parent company of Bridgewater Bank (the “Bank”), today announced net income of $15.0 million for the third quarter of 2026, compared to $14.0 million for the second quarter of 2026, and $11.6 million for the third quarter of 2025. Earnings per diluted common share were $0.49 for the third quarter of 2026, compared to $0.45 for the second quarter of 2026, and $0.38 for the third quarter of 2025.

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

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

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(1)	Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.
(2)	Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.

Key Financial Measures

	As of and for the Three Months Ended									As of and for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Per Common Share Data
Basic Earnings Per Share	$	0.50		$	0.47		$	0.38		$	1.56		$	1.08
Diluted Earnings Per Share		0.49			0.45			0.38			1.52			1.06
Adjusted Diluted Earnings Per Share ^(1)		0.49			0.45			0.39			1.35			1.08
Book Value Per Share		16.98			17.27			15.62			16.98			15.62
Tangible Book Value Per Share ^(1)		16.33			16.61			14.93			16.33			14.93
Financial Ratios
Return on Average Assets ^(2)		1.08	%		1.06	%		0.86	%		1.16	%		0.84	%
Pre-Provision Net Revenue Return on Average Assets ^(1)(2)		1.57			1.43			1.19			1.44			1.20
Return on Average Shareholders' Equity ^(2)		10.81			10.17			9.47			11.43			9.23
Return on Average Tangible Common Equity^(1)(2)		11.91			11.15			10.50			12.67			10.23
Net Interest Margin^(3)		3.09			3.07			2.63			3.05			2.59
Core Net Interest Margin ^(1)(3)		2.98			2.94			2.52			2.93			2.46
Cost of Total Deposits		2.78			2.80			3.19			2.79			3.18
Cost of Funds		2.92			2.91			3.25			2.91			3.20
Yield on Loans		5.96			5.91			5.79			5.89			5.71
Efficiency Ratio^(1)		48.8			53.0			54.7			52.6			54.2
Noninterest Expense to Average Assets ^(2)		1.53			1.65			1.47			1.63			1.46
Tangible Common Equity to Tangible Assets ^(1)		8.16			8.62			7.71			8.16			7.71
Common Equity Tier 1 Risk-based Capital Ratio (Consolidated) ^(4)		9.63			9.61			9.08			9.63			9.08
Adjusted Financial Ratios ^(1)
Adjusted Return on Average Assets ^(2)		1.08	%		1.06	%		0.88	%		1.04	%		0.86	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ^(2)		1.57			1.43			1.23			1.46			1.24
Adjusted Return on Average Shareholders' Equity ^(2)		10.81			10.17			9.77			10.24			9.41
Adjusted Return on Average Tangible Common Equity ^(2)		11.91			11.15			10.86			11.26			10.44
Adjusted Efficiency Ratio		48.8			53.0			53.2			51.8			52.8
Adjusted Noninterest Expense to Average Assets ^(2)		1.53			1.65			1.43			1.61			1.42
Balance Sheet and Asset Quality (dollars in thousands)
Total Assets	$	5,615,482		$	5,389,726		$	5,359,994		$	5,615,482		$	5,359,994
Total Loans, Gross		4,506,834			4,426,389			4,214,554			4,506,834			4,214,554
Deposits		4,473,019			4,346,204			4,292,764			4,473,019			4,292,764
Loan to Deposit Ratio		100.8	%		101.8	%		98.2	%		100.8	%		98.2	%
Net Loan Charge-Offs to Average Loans ^(2)		0.21			0.04			0.03			0.10			0.01
Nonperforming Assets to Total Assets^(5)		0.37			0.40			0.19			0.37			0.19
Allowance for Credit Losses to Total Loans		1.28			1.30			1.34			1.28			1.34

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(1)	Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.
(2)	Annualized.
(3)	Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.
(4)	Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.
(5)	Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.

Income Statement

Net Interest Margin and Net Interest Income

Net interest margin (on a fully tax-equivalent basis) for the third quarter of 2026 was 3.09%, a two basis point increase from 3.07% in the second quarter of 2026, and a 46 basis point increase from 2.63% in the third quarter of 2025. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and purchase accounting accretion attributable to the acquisition of First Minnetonka City Bank (“FMCB”), was 2.98% for the third quarter of 2026, a four basis point increase from 2.94% in the second quarter of 2026, and a 46 basis point increase from 2.52% in the third quarter of 2025.

• Net interest margin expanded to 3.09% in the third quarter of 2026 primarily due to growth and repricing of the loan and investment securities portfolios at higher yields.
• The year-over-year expansion in net interest margin was primarily due to growth and repricing of the loan portfolio at higher yields and lower rates paid on deposits.

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

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

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

• The yield on interest earning assets (on a fully tax-equivalent basis) was 5.76% in the third quarter of 2026, compared to 5.73% in the second quarter of 2026, and 5.63% in the third quarter of 2025.
• The linked-quarter increase in the yield on interest earning assets (on a fully tax-equivalent basis) was primarily driven by growth and repricing of the loan portfolio at higher yields and higher yielding investment securities balances.
• The year-over-year increase in the yield on interest earning assets (on a fully tax-equivalent basis) was primarily due to growth and repricing of the loan portfolio at accretive yields.
• The aggregate loan yield was 5.96% in the third quarter of 2026, five basis points higher than 5.91% in the second quarter of 2026, and 17 basis points higher than 5.79% in the third quarter of 2025.
• Core loan yield, a non-GAAP financial measure, was 5.82% in the third quarter of 2026, six basis points higher than 5.76% in the second quarter of 2026, and 16 basis points higher than 5.66% in the third quarter of 2025.

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

	Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Interest	5.82	%	5.76	%	5.66	%	5.63	%	5.66	%
Fees	0.12		0.13		0.12		0.10		0.09
Accretion	0.02		0.02		0.03		0.05		0.04
Yield on Loans	5.96	%	5.91	%	5.81	%	5.78	%	5.79	%

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

• The cost of interest bearing liabilities was 3.54% in the third quarter of 2026, compared to 3.51% in the second quarter of 2026, and 3.89% in the third quarter of 2025.
• The linked-quarter increase in the cost of interest bearing liabilities was primarily due to higher balances and rates paid on interest bearing transaction deposits, time deposits, and FHLB advances.
• The year-over-year decrease in the cost of interest bearing liabilities was primarily due to lower rates paid on interest bearing deposits.

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

• The cost of total deposits was 2.78% in the third quarter of 2026, two basis points lower than 2.80% in the second quarter of 2026, and 41 basis points lower than 3.19% in the third quarter of 2025.
• The linked-quarter decrease in the cost of total deposits was primarily due to lower rates paid on brokered deposits and an increase in noninterest bearing deposits.
• The year-over-year decrease in the cost of total deposits was primarily due to lower rates paid on deposits following interest rate cuts in 2025 and an increase in noninterest bearing deposits.

Provision for Credit Losses

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

• The provision recorded in the third quarter of 2026 was primarily attributable to growth in the loan portfolio and an additional specific reserve.
• The allowance for credit losses on loans to total loans was 1.28% at September 30, 2026, compared to 1.30% at June 30, 2026, and 1.34% at September 30, 2025.

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

Noninterest Income

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

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

Noninterest Expense

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

• The linked-quarter decrease was primarily due to lower marketing and advertising expenses and lower professional and consulting costs, offset partially by higher salaries and employee benefits.
• The year-over-year increase was primarily attributable to increases in salaries and employee benefits and information technology expenses.
• Noninterest expense for the second and third quarters of 2026 included no merger-related expenses associated with the acquisition of FMCB, compared to merger-related expenses of $530,000 for the third quarter of 2025, which is considered a non-core item.
• The efficiency ratio (on a fully tax-equivalent basis), a non-GAAP financial measure, was 48.8% for the third quarter of 2026, compared to 53.0% for the second quarter of 2026, and 54.7% for the third quarter of 2025.
• The Company had 360 full-time equivalent employees at September 30, 2026, compared to 355 at June 30, 2026, and 325 at September 30, 2025. The linked-quarter and the year-over-year increases were primarily driven by hiring of key talent across the organization.

Income Taxes

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

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

Balance Sheet

Loans

(dollars in thousands)	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Commercial	$	627,569		$	591,034		$	593,406		$	547,245		$	533,476
Leases		41,854			41,802			41,791			43,407			43,186
Construction and Land Development		229,478			186,248			209,421			216,163			159,991
1-4 Family Construction		57,825			46,539			50,629			45,152			41,739
Real Estate Mortgage:
1-4 Family Mortgage		456,458			485,288			488,029			496,142			487,297
Multifamily		1,661,765			1,690,566			1,590,091			1,587,338			1,578,223
CRE Owner Occupied		191,664			191,153			188,588			189,754			192,966
CRE Nonowner Occupied		1,211,595			1,168,863			1,185,371			1,165,104			1,158,622
Total Real Estate Mortgage Loans		3,521,482			3,535,870			3,452,079			3,438,338			3,417,108
Consumer and Other		28,626			24,896			20,716			19,212			19,054
Total Loans, Gross		4,506,834			4,426,389			4,368,042			4,309,517			4,214,554
Allowance for Credit Losses on Loans		(57,819	)		(57,418	)		(57,277	)		(56,443	)		(56,390	)
Net Deferred Loan Fees		(8,889	)		(8,469	)		(8,633	)		(8,966	)		(8,282	)
Total Loans, Net	$	4,440,126		$	4,360,502		$	4,302,132		$	4,244,108		$	4,149,882

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

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

Deposits

(dollars in thousands)	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Noninterest Bearing Transaction Deposits	$	893,817	$	830,952	$	828,845	$	923,070	$	822,632
Interest Bearing Transaction Deposits		947,073		944,502		899,911		893,740		860,774
Savings and Money Market Deposits		1,538,271		1,435,582		1,497,517		1,380,922		1,428,726
Time Deposits		298,804		243,694		232,959		312,154		346,214
Brokered Deposits		795,054		891,474		846,279		810,483		834,418
Total Deposits	$	4,473,019	$	4,346,204	$	4,305,511	$	4,320,369	$	4,292,764

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

• Core deposits, defined as total deposits excluding brokered deposits and certificates of deposit greater than $250,000, increased $165.3 million, or 19.6% annualized, from June 30, 2026, and increased $234.3 million, or 7.1%, from September 30, 2025.
• Noninterest bearing transaction deposits increased $62.9 million, or 30.0% annualized, from June 30, 2026, and increased $71.2 million, or 8.7%, from September 30, 2025.
• Brokered deposits decreased $96.4 million from June 30, 2026, and decreased $39.4 million from September 30, 2025. Consistent with historical practice, brokered deposits continue to be used as a supplemental funding source, as needed.

Asset Quality

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

• Annualized net charge-offs as a percentage of average loans were 0.21% for the third quarter of 2026, compared to 0.04% for the second quarter of 2026, and 0.03% for the third quarter of 2025.
• At September 30, 2026, the Company’s nonperforming assets, which included nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $20.9 million, or 0.37% of total assets, compared to $21.6 million, or 0.40% of total assets, at June 30, 2026, and $10.0 million, or 0.19% of total assets, at September 30, 2025.
• Loans with potential weaknesses that warranted a watch/special mention risk rating at September 30, 2026 totaled $23.6 million, compared to $38.5 million at June 30, 2026, and $40.6 million at September 30, 2025.
• Loans that warranted a substandard risk rating at September 30, 2026 totaled $42.9 million, compared to $43.9 million at June 30, 2026, and $58.1 million at September 30, 2025.

Capital

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

• The linked-quarter decrease was primarily due to an increase in unrealized losses in the investment securities portfolio and preferred stock dividends, offset partially by net income retained and an increase in unrealized gains in the derivatives portfolio.
• The year-over-year increase was primarily due to net income retained and an increase in unrealized gains in the derivatives portfolio, offset partially by an increase in unrealized losses in the investment securities portfolio, preferred stock dividends and stock repurchases.
• The Consolidated Common Equity Tier 1 Risk-Based Capital Ratio was 9.63% at September 30, 2026, compared to 9.61% at June 30, 2026, and 9.08% at September 30, 2025.
• Tangible common equity as a percentage of tangible assets, a non-GAAP financial measure, was 8.16% at September 30, 2026, compared to 8.62% at June 30, 2026, and 7.71% at September 30, 2025.

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

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

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

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

Today, the Company also announced that its Board of Directors has declared a quarterly cash dividend on its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The quarterly cash dividend of $36.72 per share, equivalent to $0.3672 per depositary share, each representing a 1/100th interest in a share of the Series A Preferred Stock (Nasdaq: BWBBP), is payable on December 1, 2026 to shareholders of record of the Series A Preferred Stock at the close of business on November 13, 2026.

Conference Call and Webcast

The Company will host a conference call to discuss its third quarter 2026 financial results on Wednesday, October 21, 2026 at 8:00 a.m. Central Time. The conference call can be accessed by dialing 844-481-2913 and requesting to join the Bridgewater Bancshares earnings call. To listen to a replay of the conference call via phone, please dial 855-669-9658 and enter access code 9617563. The replay will be available through October 28, 2026. The conference call will also be available via a live webcast on the Investor Relations section of the Company’s website, investors.bridgewaterbankmn.com, and archived for replay.

About the Company

Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a St. Louis Park, Minnesota-based financial holding company founded in 2005. Its banking subsidiary, Bridgewater Bank, is a premier, full-service bank dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals across the Twin Cities. Bridgewater offers a comprehensive suite of products and services spanning deposits, lending, and treasury management solutions. Bridgewater has received numerous awards for its banking services and esteemed corporate culture. With total assets of $5.6 billion as of September 30, 2026 and nine strategically located branches, Bridgewater is one of the largest locally-led banks in Minnesota and is committed to being the finest entrepreneurial bank. For more information, please visit www.bridgewaterbankmn.com.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Forward-Looking Statements

This earnings release contains “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in circumstances and other factors that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of the recent increase in the benchmark federal funds rate by the Federal Reserve; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, and future monetary policies of the Federal Reserve and executive orders in response thereto, and possible recession; credit risk and risks from concentrations (including by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including CRE loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission or Public Company Accounting Oversight Board; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes, domestic or foreign; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, widespread disease or pandemics, acts of war, military conflicts, or terrorism, changes in foreign relations, or other adverse external events, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; potential impairment to the goodwill the Company recorded in connection with acquisitions; the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; changes to U.S. or state tax laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Bridgewater Bancshares, Inc. and Subsidiaries Financial Highlights (dollars in thousands, except share data)
	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2026			2026			2026			2025			2025
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Income Statement
Net Interest Income	$	40,658		$	38,566		$	36,647		$	35,687		$	34,091
Provision for Credit Losses		2,750			550			1,200			1,450			1,100
Noninterest Income		2,573			2,324			9,564			3,148			2,061
Noninterest Expense		21,341			21,894			22,170			20,238			19,956
Net Income		15,028			14,007			17,406			13,334			11,601
Net Income Available to Common Shareholders		14,015			12,993			16,393			12,320			10,588
Per Common Share Data
Basic Earnings Per Share	$	0.50		$	0.47		$	0.59		$	0.45		$	0.38
Diluted Earnings Per Share		0.49			0.45			0.58			0.43			0.38
Adjusted Diluted Earnings Per Share ^(1)		0.49			0.45			0.41			0.44			0.39
Book Value Per Share		16.98			17.27			16.60			16.23			15.62
Tangible Book Value Per Share ^(1)		16.33			16.61			15.93			15.55			14.93
Basic Weighted Average Shares Outstanding		27,923,824			27,861,522			27,800,091			27,641,138			27,504,840
Diluted Weighted Average Shares Outstanding		28,796,376			28,589,332			28,490,176			28,354,756			28,190,406
Shares Outstanding at Period End		27,960,252			27,880,830			27,832,867			27,759,970			27,584,732
Financial Ratios
Return on Average Assets ^(2)		1.08	%		1.06	%		1.35	%		0.97	%		0.86	%
Pre-Provision Net Revenue Return on Average Assets ^(1)(2)		1.57			1.43			1.30			1.35			1.19
Return on Average Shareholders' Equity ^(2)		10.81			10.17			13.45			10.38			9.47
Return on Average Tangible Common Equity ^(1)(2)		11.91			11.15			15.13			11.53			10.50
Net Interest Margin^(3)		3.09			3.07			2.99			2.75			2.63
Core Net Interest Margin ^(1)(3)		2.98			2.94			2.86			2.62			2.52
Cost of Total Deposits		2.78			2.80			2.79			2.97			3.19
Cost of Funds		2.92			2.91			2.90			3.07			3.25
Yield on Loans		5.96			5.91			5.81			5.78			5.79
Efficiency Ratio^(1)		48.8			53.0			56.3			51.6			54.7
Noninterest Expense to Average Assets ^(2)		1.53			1.65			1.71			1.48			1.47
Adjusted Financial Ratios ^(1)
Adjusted Return on Average Assets ^(2)		1.08	%		1.06	%		0.98	%		0.99	%		0.88	%
Adjusted Pre-Provision Net Revenue Return on Average Assets ^(2)		1.57			1.43			1.37			1.38			1.23
Adjusted Return on Average Shareholders' Equity ^(2)		10.81			10.17			9.76			10.54			9.77
Adjusted Return on Average Tangible Common Equity ^(2)		11.91			11.15			10.72			11.72			10.86
Adjusted Efficiency Ratio		48.8			53.0			53.8			50.7			53.2
Adjusted Noninterest Expense to Average Assets ^(2)		1.53			1.65			1.64			1.45			1.43
Balance Sheet
Total Assets	$	5,615,482		$	5,389,726		$	5,335,396		$	5,407,002		$	5,359,994
Total Loans, Gross		4,506,834			4,426,389			4,368,042			4,309,517			4,214,554
Deposits		4,473,019			4,346,204			4,305,511			4,320,369			4,292,764
Total Shareholders' Equity		541,392			547,909			528,424			517,095			497,463
Loan to Deposit Ratio		100.8	%		101.8	%		101.5	%		99.7	%		98.2	%
Core Deposits to Total Deposits ^(4)		78.5			77.0			78.4			77.6			76.4
Asset Quality
Net Loan Charge-Offs to Average Loans^(2)		0.21	%		0.04	%		0.05	%		0.11	%		0.03	%
Nonperforming Assets to Total Assets ^(5)		0.37			0.40			0.22			0.41			0.19
Allowance for Credit Losses to Total Loans		1.28			1.30			1.31			1.31			1.34

	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2026			2026			2026			2025			2025
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Capital Ratios (Consolidated) ^(6)
Tier 1 Leverage Ratio		9.94	%		10.02	%		9.89	%		9.20	%		9.02	%
Common Equity Tier 1 Risk-based Capital Ratio		9.63			9.61			9.53			9.17			9.08
Tier 1 Risk-based Capital Ratio		10.95			10.98			10.94			10.57			10.52
Total Risk-based Capital Ratio		14.24			14.48			14.48			14.12			14.12
Tangible Common Equity to Tangible Assets ^(1)		8.16			8.62			8.34			8.01			7.71

__________________________________
(1)	Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details.
(2)	Annualized.
(3)	Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.
(4)	Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000.
(5)	Nonperforming assets are defined as nonaccrual loans plus 90 days past due and still accruing plus foreclosed assets.
(6)	Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets (dollars in thousands, except share data)
	September 30,			June 30,			March 31,			December 31,		September 30,
	2026			2026			2026			2025		2025
	(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)
Assets
Cash and Cash Equivalents	$	262,564		$	169,806		$	222,154		$	123,511	$	131,818
Bank-Owned Certificates of Deposit		—			—			—			—		3,658
Securities Available for Sale, at Fair Value		598,713			605,412			566,565			776,441		826,473
Loans, Net of Allowance for Credit Losses		4,440,126			4,360,502			4,302,132			4,244,108		4,149,882
Federal Home Loan Bank (FHLB) Stock, at Cost		21,189			17,979			18,398			21,122		21,373
Premises and Equipment, Net		52,530			52,730			52,784			51,576		50,955
Accrued Interest		16,818			16,946			15,841			18,929		19,244
Goodwill		11,982			11,982			11,982			11,982		11,982
Other Intangible Assets, Net		6,251			6,477			6,703			6,930		7,160
Bank-Owned Life Insurance		72,808			45,671			45,219			46,576		46,121
Other Assets		132,501			102,221			93,618			105,827		91,328
Total Assets	$	5,615,482		$	5,389,726		$	5,335,396		$	5,407,002	$	5,359,994
Liabilities and Equity
Liabilities
Deposits:
Noninterest Bearing	$	893,817		$	830,952		$	828,845		$	923,070	$	822,632
Interest Bearing		3,579,202			3,515,252			3,476,666			3,397,299		3,470,132
Total Deposits		4,473,019			4,346,204			4,305,511			4,320,369		4,292,764
FHLB Advances		396,000			326,000			336,000			399,500		404,500
Subordinated Debentures, Net of Issuance Costs		108,953			108,882			108,782			108,677		108,588
Accrued Interest Payable		4,372			2,565			4,254			3,227		5,208
Other Liabilities		91,746			58,166			52,425			58,134		51,471
Total Liabilities		5,074,090			4,841,817			4,806,972			4,889,907		4,862,531
Shareholders' Equity
Preferred Stock- $0.01 par value; Authorized 10,000,000
Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at September 30, 2026 (unaudited), June 30, 2026 (unaudited), March 31, 2026 (unaudited), December 31, 2025, and September 30, 2025 (unaudited)		66,514			66,514			66,514			66,514		66,514
Common Stock- $0.01 par value; Authorized 75,000,000
Common Stock - Issued and Outstanding 27,960,252 at September 30, 2026 (unaudited), 27,880,830 at June 30, 2026 (unaudited), 27,832,867 at March 31, 2026 (unaudited), 27,759,970 at December 31, 2025, and 27,584,732 at September 30, 2025 (unaudited)		280			279			278			278		276
Additional Paid-In Capital		102,605			100,868			99,564			98,287		97,101
Retained Earnings		394,856			380,841			367,848			351,455		339,135
Accumulated Other Comprehensive Gain (Loss)		(22,863	)		(593	)		(5,780	)		561		(5,563	)
Total Shareholders' Equity		541,392			547,909			528,424			517,095		497,463
Total Liabilities and Equity	$	5,615,482		$	5,389,726		$	5,335,396		$	5,407,002	$	5,359,994

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (dollars in thousands, except per share data)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2026			2026			2026			2025			2025			2026			2025
		(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Interest Income
Loans, Including Fees	$	66,732		$	64,146		$	61,726		$	61,444		$	60,038		$	192,604		$	171,746
Investment Securities		7,587			6,904			6,923			9,720			10,371			21,414			28,968
Other		2,326			1,606			1,316			2,145			3,224			5,248			7,825
Total Interest Income		76,645			72,656			69,965			73,309			73,633			219,266			208,539
Interest Expense
Deposits		30,943			29,711			28,793			32,203			34,615			89,447			99,215
Federal Funds Purchased		—			19			238			5			—			257			16
Notes Payable		—			—			—			—			106			—			624
FHLB Advances		2,995			2,494			2,438			3,524			2,933			7,927			7,941
Subordinated Debentures		2,049			1,866			1,849			1,890			1,888			5,764			3,992
Total Interest Expense		35,987			34,090			33,318			37,622			39,542			103,395			111,788
Net Interest Income		40,658			38,566			36,647			35,687			34,091			115,871			96,751
Provision for Credit Losses		2,750			550			1,200			1,450			1,100			4,500			4,600
Net Interest Income After Provision for Credit Losses		37,908			38,016			35,447			34,237			32,991			111,371			92,151
Noninterest Income
Customer Service Fees		537			520			527			521			501			1,584			1,492
Net Gain on Sales of Securities		—			—			7,251			80			59			7,251			534
Letter of Credit Fees		643			304			185			668			383			1,132			1,161
Debit Card Interchange Fees		222			230			201			178			173			653			462
Swap Fees		112			263			240			651			—			615			980
Bank-Owned Life Insurance		530			451			447			455			440			1,428			1,206
Investment Advisory Fees		304			260			213			227			208			778			746
FHLB Prepayment Income		—			—			—			—			—			—			301
Other Income		225			296			500			368			297			1,020			885
Total Noninterest Income		2,573			2,324			9,564			3,148			2,061			14,461			7,767
Noninterest Expense
Salaries and Employee Benefits		14,353			13,916			13,492			12,434			12,229			41,761			34,963
Occupancy and Equipment		1,286			1,360			1,375			1,171			1,266			4,021			3,774
FDIC Insurance Assessment		555			595			780			770			775			1,930			1,975
Data Processing		623			692			611			638			637			1,926			1,881
Professional and Consulting Fees		1,127			1,267			1,196			1,404			1,261			3,590			3,365
Derivative Collateral Fees		284			206			168			237			309			658			1,132
Information Technology and Telecommunications		1,183			1,258			1,067			976			973			3,508			2,915
Marketing and Advertising		354			604			776			718			658			1,734			1,420
Intangible Asset Amortization		226			227			226			231			230			679			690
FHLB Prepayment Penalty		—			—			982			—			—			982			—
Other Expense		1,350			1,769			1,497			1,659			1,618			4,616			4,918
Total Noninterest Expense		21,341			21,894			22,170			20,238			19,956			65,405			57,033
Income Before Income Taxes		19,140			18,446			22,841			17,147			15,096			60,427			42,885
Provision for Income Taxes		4,112			4,439			5,435			3,813			3,495			13,986			10,131
Net Income		15,028			14,007			17,406			13,334			11,601			46,441			32,754
Preferred Stock Dividends		(1,013	)		(1,014	)		(1,013	)		(1,014	)		(1,013	)		(3,040	)		(3,040	)
Net Income Available to Common Shareholders	$	14,015		$	12,993		$	16,393		$	12,320		$	10,588		$	43,401		$	29,714
Earnings Per Share
Basic	$	0.50		$	0.47		$	0.59		$	0.45		$	0.38		$	1.56		$	1.08
Diluted		0.49			0.45			0.58			0.43			0.38			1.52			1.06

Bridgewater Bancshares, Inc. and Subsidiaries Analysis of Average Balances, Yields and Rates (dollars in thousands, except per share data) (Unaudited)
	For the Three Months Ended
	September 30, 2026							June 30, 2026							September 30, 2025
	Average		Interest			Yield/		Average		Interest			Yield/		Average		Interest			Yield/
(dollars in thousands)	Balance		& Fees			Rate		Balance		& Fees			Rate		Balance		& Fees			Rate
Interest Earning Assets:
Cash Investments	$	213,850	$	1,887		3.50	%	$	140,738	$	1,167		3.33	%	$	256,174	$	2,732		4.23	%
Investment Securities:
Taxable Investment Securities		446,156		5,046		4.49			460,567		5,233		4.56			730,643		9,448		5.13
Tax-Exempt Investment Securities^(1)		199,173		3,217		6.41			144,241		2,115		5.88			81,962		1,168		5.66
Total Investment Securities		645,329		8,263		5.08			604,808		7,348		4.87			812,605		10,616		5.18
Loans ^(1)(2)		4,471,437		67,130		5.96			4,380,477		64,537		5.91			4,132,987		60,317		5.79
Federal Home Loan Bank Stock		19,924		439		8.75			18,692		438		9.39			21,373		492		9.12
Total Interest Earning Assets		5,350,540		77,719		5.76	%		5,144,715		73,490		5.73	%		5,223,139		74,157		5.63	%
Noninterest Earning Assets		170,949							172,500							149,304
Total Assets	$	5,521,489						$	5,317,215						$	5,372,443
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits	$	970,042	$	7,995		3.27	%	$	931,588	$	7,504		3.23	%	$	843,905	$	8,037		3.78	%
Savings and Money Market Deposits		1,445,197		11,836		3.25			1,436,829		11,650		3.25			1,473,465		13,465		3.63
Time Deposits		291,668		2,726		3.71			230,949		2,089		3.63			342,926		3,703		4.28
Brokered Deposits		844,983		8,386		3.94			843,456		8,468		4.03			856,516		9,410		4.36
Total Interest Bearing Deposits		3,551,890		30,943		3.46			3,442,822		29,711		3.46			3,516,812		34,615		3.90
Federal Funds Purchased		—		—		—			1,901		19		3.90			—		—		—
Notes Payable		—		—		—			—		—		—			5,679		106		7.40
FHLB Advances		368,038		2,995		3.23			340,341		2,494		2.94			404,500		2,933		2.88
Subordinated Debentures		108,918		2,049		7.46			108,835		1,866		6.87			108,639		1,888		6.89
Total Interest Bearing Liabilities		4,028,846		35,987		3.54	%		3,893,899		34,090		3.51	%		4,035,630		39,542		3.89	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		864,046							808,295							793,760
Other Noninterest Bearing Liabilities		76,805							62,446							57,184
Total Noninterest Bearing Liabilities		940,851							870,741							850,944
Shareholders' Equity		551,792							552,575							485,869
Total Liabilities and Shareholders' Equity	$	5,521,489						$	5,317,215						$	5,372,443
Net Interest Income / Interest Rate Spread				41,732		2.22	%				39,400		2.22	%				34,615		1.74	%
Net Interest Margin ^(3)						3.09	%						3.07	%						2.63	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(1,074	)						(834	)						(524	)
Net Interest Income			$	40,658						$	38,566						$	34,091

__________________________________
(1)	Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.
(2)	Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(3)	Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Bridgewater Bancshares, Inc. and Subsidiaries Analysis of Average Balances, Yields and Rates (dollars in thousands, except per share data) (Unaudited)
	For the Nine Months Ended
	September 30, 2026							September 30, 2025
	Average		Interest			Yield/		Average		Interest			Yield/
(dollars in thousands)	Balance		& Fees			Rate		Balance		& Fees			Rate
Interest Earning Assets:
Cash Investments	$	151,118	$	3,825		3.38	%	$	210,525	$	6,469		4.11	%
Investment Securities:
Taxable Investment Securities		470,739		15,809		4.49			744,605		27,364		4.91
Tax-Exempt Investment Securities^(1)		154,624		7,096		6.14			49,987		2,030		5.43
Total Investment Securities		625,363		22,905		4.90			794,592		29,394		4.95
Loans ^(1)(2)		4,396,754		193,769		5.89			4,034,656		172,418		5.71
Federal Home Loan Bank Stock		19,320		1,423		9.85			20,601		1,356		8.80
Total Interest Earning Assets		5,192,555		221,922		5.71	%		5,060,374		209,637		5.54	%
Noninterest Earning Assets		168,954							145,373
Total Assets	$	5,361,509						$	5,205,747
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits	$	930,394	$	22,435		3.22	%	$	837,504	$	23,995		3.83	%
Savings and Money Market Deposits		1,431,164		34,909		3.26			1,383,876		38,092		3.68
Time Deposits		258,491		7,148		3.70			333,199		10,280		4.13
Brokered Deposits		831,167		24,955		4.01			841,750		26,848		4.26
Total Interest Bearing Deposits		3,451,216		89,447		3.47			3,396,329		99,215		3.91
Federal Funds Purchased		8,706		257		3.94			456		16		4.64
Notes Payable		—		—		—			11,030		624		7.57
FHLB Advances		348,399		7,927		3.04			388,026		7,941		2.74
Subordinated Debentures		108,829		5,764		7.08			90,853		3,992		5.87
Total Interest Bearing Liabilities		3,917,150		103,395		3.53	%		3,886,694		111,788		3.85	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		835,741							779,897
Other Noninterest Bearing Liabilities		65,455							64,878
Total Noninterest Bearing Liabilities		901,196							844,775
Shareholders' Equity		543,163							474,278
Total Liabilities and Shareholders' Equity	$	5,361,509						$	5,205,747
Net Interest Income / Interest Rate Spread				118,527		2.19	%				97,849		1.69	%
Net Interest Margin ^(3)						3.05	%						2.59	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(2,656	)						(1,098	)
Net Interest Income			$	115,871						$	96,751

__________________________________
(1)	Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.
(2)	Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(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.

Bridgewater Bancshares, Inc. and Subsidiaries Asset Quality Summary (unaudited)
	As of and for the Three Months Ended																				As of and for the Nine Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,				September 30,				September 30,
(dollars in thousands)	2026				2026				2026				2025				2025				2026				2025
Allowance for Credit Losses
Balance at Beginning of Period	$	57,418			$	57,277			$	56,443			$	56,390			$	55,765			$	56,443			$	52,277
Provision for Credit Losses		2,750				550				1,350				1,250				900				4,650				4,400
Charge-offs		(2,442	)			(738	)			(658	)			(1,259	)			(276	)			(3,838	)			(294	)
Recoveries		93				329				142				62				1				564				7
Net Charge-offs		(2,349	)			(409	)			(516	)			(1,197	)			(275	)			(3,274	)			(287	)
Balance at End of Period	$	57,819			$	57,418			$	57,277			$	56,443			$	56,390			$	57,819			$	56,390
Allowance for Credit Losses to Total Loans		1.28		%		1.30		%		1.31		%		1.31		%		1.34		%		1.28		%		1.34		%

	As of and for the Three Months Ended											As of and for the Nine Months Ended
	September 30,		June 30,		March 31,			December 31,		September 30,		September 30,			September 30,
(dollars in thousands)	2026		2026		2026			2025		2025		2026			2025
Provision for Credit Losses on Loans and Leases	$	2,750	$	550	$	1,350		$	1,250	$	900	$	4,650		$	4,400
Provision for (Recovery of) Credit Losses for Off-Balance Sheet Credit Exposures		—		—		(150	)		200		200		(150	)		200
Provision for Credit Losses	$	2,750	$	550	$	1,200		$	1,450	$	1,100	$	4,500		$	4,600

	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2026			2026			2026			2025			2025
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	1,381		$	871		$	494		$	968		$	2,906
Loans 30-89 Days Past Due to Total Loans		0.03	%		0.02	%		0.01	%		0.02	%		0.07	%
Nonperforming Loans	$	20,937		$	21,648		$	11,715		$	22,034		$	9,991
Nonperforming Loans to Total Loans		0.46	%		0.49	%		0.27	%		0.51	%		0.24	%
Nonaccrual Loans to Total Loans		0.46			0.49			0.27			0.51			0.24
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.46			0.49			0.27			0.51			0.24
Nonperforming Assets ^(1)	$	20,937		$	21,648		$	11,715		$	22,034		$	9,991
Nonperforming Assets to Total Assets ^(1)		0.37	%		0.40	%		0.22	%		0.41	%		0.19	%
Net Loan Charge-Offs (Annualized) to Average Loans		0.21			0.04			0.05			0.11			0.03
Watchlist/Special Mention Risk Rating Loans	$	23,607		$	38,469		$	47,681		$	47,823		$	40,642
Substandard Risk Rating Loans		42,909			43,888			43,074			52,956			58,074

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

Bridgewater Bancshares, Inc. and Subsidiaries Non-GAAP Financial Measures (unaudited)
	For the Three Months Ended																				For the Nine Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,				September 30,				September 30,
(dollars in thousands)	2026				2026				2026				2025				2025				2026				2025
Pre-Provision Net Revenue
Noninterest Income	$	2,573			$	2,324			$	9,564			$	3,148			$	2,061			$	14,461			$	7,767
Less: Gain on Sales of Securities		—				—				(7,251	)			(80	)			(59	)			(7,251	)			(534	)
Less: FHLB Advance Prepayment Income		—				—				—				—				—				—				(301	)
Total Operating Noninterest Income		2,573				2,324				2,313				3,068				2,002				7,210				6,932
Plus: Net Interest Income		40,658				38,566				36,647				35,687				34,091				115,871				96,751
Net Operating Revenue	$	43,231			$	40,890			$	38,960			$	38,755			$	36,093			$	123,081			$	103,683
Noninterest Expense	$	21,341			$	21,894			$	22,170			$	20,238			$	19,956			$	65,405			$	57,033
Total Operating Noninterest Expense	$	21,341			$	21,894			$	22,170			$	20,238			$	19,956			$	65,405			$	57,033
Pre-Provision Net Revenue	$	21,890			$	18,996			$	16,790			$	18,517			$	16,137			$	57,676			$	46,650
Plus:
Non-Operating Revenue Adjustments		—				—				7,251				80				59				7,251				835
Less:
Provision for Credit Losses		2,750				550				1,200				1,450				1,100				4,500				4,600
Provision for Income Taxes		4,112				4,439				5,435				3,813				3,495				13,986				10,131
Net Income	$	15,028			$	14,007			$	17,406			$	13,334			$	11,601			$	46,441			$	32,754
Average Assets	$	5,521,489			$	5,317,215			$	5,242,761			$	5,438,555			$	5,372,443			$	5,361,509			$	5,205,747
Pre-Provision Net Revenue Return on Average Assets		1.57		%		1.43		%		1.30		%		1.35		%		1.19		%		1.44		%		1.20		%
Adjusted Pre-Provision Net Revenue
Net Operating Revenue	$	43,231			$	40,890			$	38,960			$	38,755			$	36,093			$	123,081			$	103,683
Noninterest Expense	$	21,341			$	21,894			$	22,170			$	20,238			$	19,956			$	65,405			$	57,033
Less: Merger-related Expenses		—				—				—				(346	)			(530	)			—				(1,635	)
Less: FHLB Prepayment Penalty		—				—				(982	)			—				—				(982	)			—
Adjusted Total Operating Noninterest Expense	$	21,341			$	21,894			$	21,188			$	19,892			$	19,426			$	64,423			$	55,398
Adjusted Pre-Provision Net Revenue	$	21,890			$	18,996			$	17,772			$	18,863			$	16,667			$	58,658			$	48,285
Adjusted Pre-Provision Net Revenue Return on Average Assets		1.57		%		1.43		%		1.37		%		1.38		%		1.23		%		1.46		%		1.24		%
Core Net Interest Margin
Net Interest Income (Tax-equivalent Basis)	$	41,732			$	39,400			$	37,395			$	36,447			$	34,614			$	118,527			$	97,848
Less:
Loan Fees		(1,367	)			(1,464	)			(1,257	)			(1,041	)			(966	)			(4,088	)			(2,704	)
Purchase Accounting Accretion:
Loan Accretion		(171	)			(171	)			(324	)			(546	)			(380	)			(666	)			(1,147	)
Bond Accretion		(18	)			(17	)			(22	)			(33	)			(89	)			(57	)			(819	)
Bank-Owned Certificates of Deposit Accretion		—				—				—				(16	)			(6	)			—				(17	)
Deposit Certificates of Deposit Accretion		—				—				—				—				(13	)			—				(88	)
Total Purchase Accounting Accretion		(189	)			(188	)			(346	)			(595	)			(488	)			(723	)			(2,071	)
Core Net Interest Income (Tax-equivalent Basis)	$	40,176			$	37,748			$	35,792			$	34,811			$	33,160			$	113,716			$	93,073
Average Interest Earning Assets	$	5,350,540			$	5,144,715			$	5,079,430			$	5,264,700			$	5,223,139			$	5,192,555			$	5,060,374
Core Net Interest Margin		2.98		%		2.94		%		2.86		%		2.62		%		2.52		%		2.93		%		2.46		%
Core Loan Yield
Loan Interest Income (Tax-equivalent Basis)	$	67,130			$	64,537			$	62,102			$	61,746			$	60,317			$	193,769			$	172,418
Less:
Loan Fees		(1,367	)			(1,464	)			(1,257	)			(1,041	)			(966	)			(4,088	)			(2,704	)
Loan Accretion		(171	)			(171	)			(324	)			(546	)			(380	)			(666	)			(1,147	)
Core Loan Interest Income	$	65,592			$	62,902			$	60,521			$	60,159			$	58,971			$	189,015			$	168,567
Average Loans	$	4,471,437			$	4,380,477			$	4,336,869			$	4,239,936			$	4,132,987			$	4,396,754			$	4,034,656
Core Loan Yield		5.82		%		5.76		%		5.66		%		5.63		%		5.66		%		5.75		%		5.59		%

Bridgewater Bancshares, Inc. and Subsidiaries Non-GAAP Financial Measures (unaudited)
	For the Three Months Ended																				For the Nine Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,				September 30,				September 30,
(dollars in thousands)	2026				2026				2026				2025				2025				2026				2025
Efficiency Ratio
Noninterest Expense	$	21,341			$	21,894			$	22,170			$	20,238			$	19,956			$	65,405			$	57,033
Less: Amortization of Intangible Assets		(226	)			(227	)			(226	)			(231	)			(230	)			(679	)			(690	)
Adjusted Noninterest Expense	$	21,115			$	21,667			$	21,944			$	20,007			$	19,726			$	64,726			$	56,343
Net Interest Income	$	40,658			$	38,566			$	36,647			$	35,687			$	34,091			$	115,871			$	96,751
Noninterest Income		2,573				2,324				9,564				3,148				2,061				14,461				7,767
Less: Gain on Sales of Securities		—				—				(7,251	)			(80	)			(59	)			(7,251	)			(534	)
Adjusted Operating Revenue	$	43,231			$	40,890			$	38,960			$	38,755			$	36,093			$	123,081			$	103,984
Efficiency Ratio		48.8		%		53.0		%		56.3		%		51.6		%		54.7		%		52.6		%		54.2		%
Adjusted Efficiency Ratio
Noninterest Expense	$	21,341			$	21,894			$	22,170			$	20,238			$	19,956			$	65,405			$	57,033
Less: Amortization of Intangible Assets		(226	)			(227	)			(226	)			(231	)			(230	)			(679	)			(690	)
Less: Merger-related Expenses		—				—				—				(346	)			(530	)			—				(1,635	)
Less: FHLB Advance Prepayment Penalty		—				—				(982	)			—				—				(982	)			—
Adjusted Noninterest Expense	$	21,115			$	21,667			$	20,962			$	19,661			$	19,196			$	63,744			$	54,708
Net Interest Income	$	40,658			$	38,566			$	36,647			$	35,687			$	34,091			$	115,871			$	96,751
Noninterest Income		2,573				2,324				9,564				3,148				2,061				14,461				7,767
Less: Gain on Sales of Securities		—				—				(7,251	)			(80	)			(59	)			(7,251	)			(534	)
Less: FHLB Advance Prepayment Income		—				—				—				—				—				—				(301	)
Adjusted Operating Revenue	$	43,231			$	40,890			$	38,960			$	38,755			$	36,093			$	123,081			$	103,683
Adjusted Efficiency Ratio		48.8		%		53.0		%		53.8		%		50.7		%		53.2		%		51.8		%		52.8		%
Adjusted Noninterest Expense to Average Assets (Annualized)
Noninterest Expense	$	21,341			$	21,894			$	22,170			$	20,238			$	19,956			$	65,405			$	57,033
Less: Merger-related Expenses		—				—				—				(346	)			(530	)			—				(1,635	)
Less: FHLB Advance Prepayment Penalty		—				—				(982	)			—				—				(982	)			—
Adjusted Noninterest Expense	$	21,341			$	21,894			$	21,188			$	19,892			$	19,426			$	64,423			$	55,398
Average Assets	$	5,521,489			$	5,317,215			$	5,242,761			$	5,438,555			$	5,372,443			$	5,361,509			$	5,205,747
Adjusted Noninterest Expense to Average Assets (Annualized)		1.53		%		1.65		%		1.64		%		1.45		%		1.43		%		1.61		%		1.42		%
Tangible Common Equity and Tangible Common Equity/Tangible Assets
Total Shareholders' Equity	$	541,392			$	547,909			$	528,424			$	517,095			$	497,463
Less: Preferred Stock		(66,514	)			(66,514	)			(66,514	)			(66,514	)			(66,514	)
Total Common Shareholders' Equity		474,878				481,395				461,910				450,581				430,949
Less: Intangible Assets		(18,233	)			(18,459	)			(18,685	)			(18,912	)			(19,142	)
Tangible Common Equity	$	456,645			$	462,936			$	443,225			$	431,669			$	411,807
Total Assets	$	5,615,482			$	5,389,726			$	5,335,396			$	5,407,002			$	5,359,994
Less: Intangible Assets		(18,233	)			(18,459	)			(18,685	)			(18,912	)			(19,142	)
Tangible Assets	$	5,597,249			$	5,371,267			$	5,316,711			$	5,388,090			$	5,340,852
Tangible Common Equity/Tangible Assets		8.16		%		8.62		%		8.34		%		8.01		%		7.71		%
Tangible Book Value Per Share
Book Value Per Common Share	$	16.98			$	17.27			$	16.60			$	16.23			$	15.62
Less: Effects of Intangible Assets		(0.65	)			(0.66	)			(0.67	)			(0.68	)			(0.69	)
Tangible Book Value Per Common Share	$	16.33			$	16.61			$	15.93			$	15.55			$	14.93
Return on Average Tangible Common Equity
Net Income Available to Common Shareholders	$	14,015			$	12,993			$	16,393			$	12,320			$	10,588			$	43,401			$	29,714
Average Shareholders' Equity	$	551,792			$	552,575			$	524,825			$	509,655			$	485,869			$	543,163			$	474,278
Less: Average Preferred Stock		(66,514	)			(66,514	)			(66,514	)			(66,514	)			(66,514	)			(66,514	)			(66,514	)
Average Common Equity		485,278				486,061				458,311				443,141				419,355				476,649				407,764
Less: Effects of Average Intangible Assets		(18,361	)			(18,588	)			(18,816	)			(19,042	)			(19,274	)			(18,587	)			(19,504	)
Average Tangible Common Equity	$	466,917			$	467,473			$	439,495			$	424,099			$	400,081			$	458,062			$	388,260
Return on Average Tangible Common Equity		11.91		%		11.15		%		15.13		%		11.53		%		10.50		%		12.67		%		10.23		%

Bridgewater Bancshares, Inc. and Subsidiaries Non-GAAP Financial Measures (unaudited)
	For the Three Months Ended																		For the Nine Months Ended
	September 30,			June 30,			March 31,				December 31,				September 30,				September 30,				September 30,
(dollars in thousands)	2026			2026			2026				2025				2025				2026				2025
Adjusted Diluted Earnings Per Common Share
Net Income Available to Common Shareholders	$	14,015		$	12,993		$	16,393			$	12,320			$	10,588			$	43,401			$	29,714
Add: Merger-related Expenses		—			—			—				346				530				—				1,635
Add: FHLB Advance Prepayment Penalty		—			—			982				—				—				982				—
Less: FHLB Advance Prepayment Income		—			—			—				—				—				—				(301	)
Less: Gain on Sales of Securities		—			—			(7,251	)			(80	)			(59	)			(7,251	)			(534	)
Total Adjustments		—			—			(6,269	)			266				471				(6,269	)			800
Less: Tax Impact of Adjustments		—			—			1,492				(59	)			(110	)			1,448				(189	)
Adjusted Net Income Available to Common Shareholders	$	14,015		$	12,993		$	11,616			$	12,527			$	10,949			$	38,580			$	30,325
Diluted Weighted Average Shares Outstanding		28,796,376			28,589,332			28,490,176				28,354,756				28,190,406				28,644,219				28,089,409
Adjusted Diluted Earnings Per Common Share	$	0.49		$	0.45		$	0.41			$	0.44			$	0.39			$	1.35			$	1.08
Adjusted Return on Average Assets
Net Income	$	15,028		$	14,007		$	17,406			$	13,334			$	11,601			$	46,441			$	32,754
Add: Total Adjustments		—			—			(6,269	)			266				471				(6,269	)			800
Less: Tax Impact of Adjustments		—			—			1,492				(59	)			(110	)			1,448				(189	)
Adjusted Net Income	$	15,028		$	14,007		$	12,629			$	13,541			$	11,962			$	41,620			$	33,365
Average Assets	$	5,521,489		$	5,317,215		$	5,242,761			$	5,438,555			$	5,372,443			$	5,361,509			$	5,205,747
Adjusted Return on Average Assets		1.08	%		1.06	%		0.98		%		0.99		%		0.88		%		1.04		%		0.86		%
Adjusted Return on Average Shareholders' Equity
Adjusted Net Income	$	15,028		$	14,007		$	12,629			$	13,541			$	11,962			$	41,620			$	33,365
Average Shareholders' Equity	$	551,792		$	552,575		$	524,825			$	509,655			$	485,869			$	543,163			$	474,278
Adjusted Return on Average Shareholders' Equity		10.81	%		10.17	%		9.76		%		10.54		%		9.77		%		10.24		%		9.41		%
Adjusted Return on Average Tangible Common Equity
Adjusted Net Income Available to Common Shareholders	$	14,015		$	12,993		$	11,616			$	12,527			$	10,949			$	38,580			$	30,325
Average Tangible Common Equity	$	466,917		$	467,473		$	439,495			$	424,099			$	400,081			$	458,062			$	388,260
Adjusted Return on Average Tangible Common Equity		11.91	%		11.15	%		10.72		%		11.72		%		10.86		%		11.26		%		10.44		%