Bridgewater Bancshares (BWB) investor relations material

Business profile and strategy

• Twin Cities-focused, branch-light commercial bank; 3Q26 assets $5.6B, loans $4.5B, deposits $4.5B and shareholders’ equity $541.4M.

• Strategy centers on profitable organic growth, CRE and multifamily lending, affordable housing expansion, local market share gains and selective M&A.

• Assets reached $5.6B in 3Q26, with an 18% historical CAGR; growth has been primarily organic, with First Minnetonka City Bank acquired in Dec. 2024.

Growth and portfolio

• Loans grew 7% YoY to $4.5B in 3Q26; balances rose 7.2% annualized in the quarter, with near-term growth tied to core deposits, competition, demand and paydowns.

• 3Q26 loan mix included multifamily 37%, CRE nonowner-occupied 27%, C&I 14%, 1-4 family 10% and construction and development 6%.

• Affordable housing balances were $734M, up 20% YoY; 62% of the portfolio was in Minnesota and 38% out of state.

• Deposits rose $127M in 3Q26, or 11.6% annualized; core deposits increased $165M, or 19.6% annualized, with YTD growth of 6.4%.

Earnings and operating efficiency

• 3Q26 net interest income was $40.7M; NIM increased 2 bps to 3.09%, while core NIM was 2.98%, up 4 bps QoQ.

• Net interest income grew 22% annualized QoQ, supported by earning-asset growth and NIM expansion; variable-rate loans were 26% of the portfolio versus 15% in 3Q24.

• Net interest income represented 94% of 3Q26 revenue; recent fee growth included swap fees and investment advisory fees.

• The 3Q26 YTD efficiency ratio was 53.5%; operating expenses were 1.69% of average earning assets, versus peer median of 2.66%.