Bridgewater Bancshares, Inc. · NASDAQ:BWB
Bridgewater Bancshares — Q3 2026 Earnings Presentation
35 slides from Bridgewater Bancshares's earnings presentation, Nov 3, 2026
Slide 1: Investor Presentation Third Quarter 2026
INVESTOR PRESENTATION THIRD QUARTER 2026 - . a AL. > BRIDGEWATER BANCSHARES, INC.
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer 2 Forward-Looking Statements This presentation contains “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be
Slide 3: Company Overview
The Finest Entrepreneurial Bank 3 Company Overview Branch-Light Model in Attractive Twin Cities Market Name: Bridgewater Bancshares, Inc. Headquarters: St. Louis Park, MN Ticker: NASDAQ: BWB; BWBBP Assets: $5.6 Billion Loans: $4.5 Billion Deposits: $4.5 Billion Shareholders’ Equity: $541.4 Million S
Slide 4: Strategic Leadership Team with Broad Skill Sets and Industry Experience
Strategic Leadership Team (SLT) with Broad Skill Sets and Industry Experience 4 Jerry Baack Chairman and Chief Executive Officer • Former regulator and responsible for all aspects of BWB formation • Lead founder of BWB in 2005 • 35+ years of banking experience Laura Espeseth Chief Administrative Off
Slide 5: A Disciplined Strategy Built for Growth
A Disciplined Strategy Built for Growth 5 Truly Unconventional Culture Highly Efficient Business Model • A Top Workplace in Minnesota for 10+ years • Focus on professional development and employee retention • Entrepreneurial mindset built for speed and accountability, not bureaucracy • Accessible, h
Slide 6: Our Core Values
Our Core Values 6 Unconventional. Our clients notice a difference. Responsive. Under promise, over deliver. Dedicated. Don’t stop until you get it done. Growth. If you aren’t moving forward, where are you going? Accurate. It’s more than just an expectation.
Slide 7: Culture as a Strategic Advantage
Culture as a Strategic Advantage 7 32% Employee Experience Clear Accountability Professional Development Employee-Led Committees Compensation and Benefits Intentional investment in the employee experience, supporting long-term engagement and retention Disciplined operating rhythms and clear accounta
Slide 8: A Responsive Service Model
A Responsive Service Model 8 Our clients can expect… • Responsive support and simple solutions • A local bank of choice in a market where many local banks have been acquired by out-of-state buyers • Flexibility, market expertise and strong network connections The “Proven Process” for Our Clients • B
Slide 9: Bridgewater's Pillars of Community Impact
Bridgewater’s Pillars of Community Impact Building Places Fueling Business Investing in People • Affordable housing and community development initiatives • Partnerships that strengthen neighborhoods and housing stability • Supporting entrepreneurs and small businesses that drive local economic vital
Slide 10: Attractive and Growing Twin Cities Market
Attractive and Growing Twin Cities Market 10 18 Fortune 500 companies1 Large Corporate Presence #1 State with highest average credit score (742)2 Credit Worthy Population #3 Best overall state3 Overall State #5 Top state for business4 Top State for Business #4 Best rental market for recent college g
Slide 11: Bank-of-Choice For Twin Cities Clients Looking to Bank Local
Bank-of-Choice For Twin Cities Clients Looking to Bank Local 11 1 Source: FDIC and S&P Capital IQ; includes banks with deposits in the Minneapolis-St. Paul MSA (data as of June 30 of each year) 2 Total assets as of September 30, 2026; excludes Ameriprise Financial 3 Source: FDIC and S&P Capital IQ L
Slide 12: History of Strong Organic Asset Growth
History of Strong Organic Asset Growth 12 $1,184 $4,821 $76 $245 $929 $1,260 $1,617 $1,974 $2,269 $2,927 $3,478 $4,346 $4,612 $5,066 $5,407 $5,615 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q26 Organic Acquired Assets Proven ability to consistently generate strong organic asset growth p
Slide 13: Emphasis on Generating Profitable Loan Growth
Emphasis on Generating Profitable Loan Growth 13 Dollars in millions 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 $3,569 $3,724 $3,869 $4,310 $4,507 2022 2023 2024 2025 3Q26 Long Track Record of Strong Loan Growth • Strong bra
Slide 14: Strong Diversification Within Key Portfolios
Strong Diversification Within Key Portfolios 14 1 Includes formally subsidized properties (25%) and market rate properties with affordable set-asides (5%) Data as of September 30, 2026 Class A 23% Class B 11% Class C 36% Affordable Housing 30% Size YoY Growth Go-to-Market Strategy Competitors Growth
Slide 15: Well-Diversified Loan Portfolio with Multifamily and CRE Expertise
Well-Diversified Loan Portfolio with Multifamily and CRE Expertise 1 15 Includes nonowner-occupied CRE, construction and land development, and 1-4 family construction 354% 333% 318% 304% 313% 266% 264% 258% 232% 213% 224% 215% 180% 164% 185% 177% 204% 190% 219% 257% 250% 249% 249% 239% 534% 497% 503
Slide 16: CRE Concentration Driven by a Proven, Lower Risk Multifamily Portfolio
CRE Concentration Driven by a Proven, Lower Risk Multifamily Portfolio 16 1 Source: Michel Commercial Real Estate; Twin Cities Multifamily Market Q2-2026 Review 2 Source: FDIC (data through 2Q26) 3 Includes nonowner-occupied CRE, construction and land development, and 1-4 family construction 4 Inclu
Slide 17: Unique Expertise in Affordable Housing
Unique Expertise in Affordable Housing Dollars in millions 17 Data as of September 30, 2026 Anatomy of an Affordable Housing Transaction Predevelopment Stage • Land acquisition (takedown) • Predevelopment financing • Entitlements and approvals Construction Stage • Construction financing • Equity inv
Slide 18: Focus on Core Deposit Growth
Focus on Core Deposit Growth 18 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 Dollars in millions Long track record of strong deposit growth… • Strong and growing brand taking market share in the Twin Cities • New client and ba
Slide 19: A Spread-Based Revenue Model
A Spread-Based Revenue Model 19 Revenue Growth Continues Dollars in thousands • Strong track record of revenue growth driven by steady net interest income growth • Spread-based revenue model with net interest income making up 94% of total revenue in 3Q26 • Recent increase in noninterest income drive
Slide 20: NIM Expansion and Net Interest Income Growth
NIM Expansion and Net Interest Income Growth 20 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 3Q26 Net Interest Income / Net Interest Margin Commentary Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA) Net Interest Income • Net interest i
Slide 21: Loan Portfolio Positioned to Reprice Higher
Loan Portfolio Positioned to Reprice Higher 21 Dollars in millions Data as of September 30, 2026 Fixed, 63% Variable, 26% Adjustable, 11% Loan Portfolio Mix Increasing Variable-Rate Mix Fixed Variable Adjustable 67% 65% 65% 64% 63% 19% 22% 23% 25% 26% 14% 13% 12% 11% 11% 3Q25 4Q25 1Q26 2Q26 3Q26 21%
Slide 22: A Highly Efficient Business Model
A Highly Efficient Business Model 22 BWB An Efficiency Ratio1 Consistently Below Peers 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 September 30, 202
Slide 23: Modernizing Technology Tools to Support Growth and Efficiency
Modernizing Technology Tools to Support Growth and Efficiency 23 Client-Facing • Unified digital experience for consumer and small business clients • Updated user experience for commercial online banking • Predictive intelligence with data-driven engagement • Improved client service with consistent,
Slide 24: Scaling Enterprise Risk Management Across a Growing Organization
Scaling Enterprise Risk Management Across a Growing Organization 24 Manage and mitigate dynamic risks while enhancing shareholder value, being responsive to clients and delivering simple solutions in unconventional ways BWB Risk Management Philosophy Enterprise Risk Management Attributes in Place To
Slide 25: A Strong Credit Culture
A Strong Credit Culture 25 5-Year Peak Annual Net Charge-off Ratio vs. Peers 5-Year Peak Quarterly Nonperforming Assets2 / Assets vs. Peers 0.10% BWB Peer Bank Median1 0.21% 0.41% BWB Peer Bank Median1 0.76% 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and
Slide 26: Credit Risk Management and Oversight Driving Strong Asset Quality
$(276) $202 $1,231 $1,484 $3,274 (0.01)% 0.01% 0.03% 0.04% 0.10% 2022 2023 2024 2025 YTD 3Q26 $639 $919 $301 $22,034 $20,937 0.01% 0.02% 0.01% 0.41% 0.37% 2022 2023 2024 2025 3Q26 Credit Risk Management and Oversight Driving Strong Asset Quality 26 $47,996 $50,494 $52,277 $56,443 $57,819 1.34% 1.36%
Slide 27: High Quality Securities Portfolio
High Quality Securities Portfolio 27 Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) MTM Securities MTM Derivatives Net Impact on AOCI1 1 Includes the tax-effected impact of $2,244 in 3Q25 and $9,220 in 3Q26 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Co
Slide 28: Ample Liquidity and Borrowing Capacity
Ample Liquidity and Borrowing Capacity 28 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 12.5% 11.5% 12.4% 12.1% 12.8% 32.1% 35.0% 36.1% 38.7% 34
Slide 29: Strong Capital Position to Support Growth
Strong Capital Position to Support Growth 1 29 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Capital Priorities 1 Organic Growth 4 Dividends Drive profitability by supporting a proven organic loan growth engine Have not historically paid a common stock dividend gi
Slide 30: Near-Term Expectations
Near-Term Expectations 30 Balance Sheet Growth Net Interest Margin Expenses Capital Levels • Mid-single digit loan growth, dependent on the pace of core deposit growth • Focus on profitable growth while aligning loan growth with core deposit growth over time • Target loan-to-deposit ratio between 95
Slide 31: 2026 Strategic Priorities
2026 Strategic Priorities 31 Optimize Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Expand Reach of the Affordable Housing Vertical Leverage Technology to Support Business Growth • Leverage elevated loan demand and pipelines to drive organic loan growth • Continue to ali
Slide 32: Q&A
QA BRIDGEWATER BANCSHARES, INC.
Slide 33: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 33 Dollars in thousands September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 60,317 $ 61,746 $ 62,102 $ 64,537 $ 67,130 Less: Loan Fees (966) (1,041) (1,257) (1
Slide 34: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 34 Dollars in thousands December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Efficiency Ratio: Noninterest Expense $ 56,620 $ 59,320 $ 63,300 $ 77,271 Less: Amortization Intangible Assets (191) (100) (78) (921) Adjusted Noninterest Exp
Slide 35: Reconciliation of Non-GAAP Financial Measures: Tangible Book Value Per Share
Reconciliation of Non-GAAP Financial Measures 35 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
Bridgewater Bancshares — Q3 2026 Earnings Presentation on 6ix