2021 Annual Report

financial summary Dollars in thousands financial summary

operating results Net interest income Noninterest income

2019

2020

2021

109,509 5,309 114,818 5,150 48,095 61,573

$

$

87,964 5,839 93,803 12,750 45,387 35,666 8,472 27,194 - 27,194

$

74,132 3,826 77,958 2,700 36,932 38,326 6,923 31,403 - 31,403

Total revenue Provision for credit losses Noninterest expense Income before income taxes

15,886 45,687 (1,171) 44,516

Income tax expense Net income attributable to Bridgewater Bancshares, Inc.

Net income available to common shareholders Preferred stock dividends

$

$

$

2019

2020

2021

year-end Balance Sheet Highlights

3,477,659 2,819,472 439,362 2,946,237 379,272

Total assets Loans

$

$

$

2,927,345 2,326,428 390,629 2,501,636 265,405

2,268,830 1,912,038 289,877 1,823,310 244,794

Securities available for sale Deposits Shareholders’ equity

Per Common Share Information

2019

2020

2021

1.54 11.09 10.98

Diluted earnings per share Book value per share Tangible book value per share

$

$

1.05 8.45 8.33

0.93 9.43 9.31

$

1

Financial Ratios

2019

2020

2021

%

1.43 2.10

Return on average assets Pre-provision net revenue (PPNR) return on average assets Return on average tangible common equity Efficiency ratio Adjusted efficiency ratio Net charge-offs as a percentage of average loans Nonperforming assets as a percentage of total assets Tangible common equity to tangible assets 1 1 1 1

%

1.49 2.07 13.72 47.4 43.3 0.01 0.02 10.65

1.04 2.09 10.65 49.0 40.5 0.02 0.03 8.96

%

1

15.45 42.0 41.0 0.00 0.02 8.91

Represents a non-GAAP financial measure. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” in the accompanying 2021 Form 10-K for further details. 1

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