2021 Annual Report

Jerry Baack Chairman, Chief Executive Officer and President

Fellow shareholders, Bridgewater Bancshares, Inc. had another ex- cellent year in 2021 as we continued the strong and steady growth of our balance sheet while making key investments to scale the business for growth. This was a year where we showed what Bridgewater is truly capable of. Our deepening brand presence, growing talent base, and the merger-related market disrup- tion opportunities in the Twin Cities created substantial momentum that provides an ex- citing vision for the future at Bridgewater.

key differentiator for us. In 2021, we saw the immense impact they have on our business as branches reopened, face-to-face conver- sations with clients resumed, and team mem- bers returned to the office in our new corpo- rate center. In addition, we expanded our team by 20% during the year through referrals and talent acquisition from other institutions and by showcasing our unconventional corporate culture. I am so thankful for how our people continue to define our culture and entrepre- neurial spirit, which drives everything we do from our responsive client service model, to attracting and retaining top talent, to mo- tivating our team members to bring out the best versions of themselves every day.

A Look Back at 2021

Before diving into Bridgewater’s business performance for the year, I want to take a mo- ment to highlight our people, who remain a

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