2021 Annual Report

Strategic Objectives for 2022

consistently growing tangible book value per share

All in all, our robust balance sheet growth, continued efficiency and superb asset quality drove record profitability, 18% growth in tan- gible book value per share and strong share- holder returns in 2021. We are in a great po- sition to carry this momentum into 2022 and beyond. To do so, we are working diligently to execute several strategic objectives in 2022, including the following: Our ability to consistently generate strong loan growth has been a differentiator for Bridgewater over the years and it can con- tinue to be in the years ahead. We expect market disruption to continue to provide opportunities in the near-term and our brand strength to only intensify, resulting in our belief that we can generate mid- to high-teens loan growth in 2022. Over the next few years, we believe the Twin Cities market can support the organic growth of our balance sheet to $5 billion in assets. In the meantime, we will continue to be op- portunistic acquirers as we prepare for lon- ger term growth. Given our growth trajectory, we are focused on looking beyond our current position to make proactive investments in the business before we need them. This is evident on the technology front with investments in dig- ital adoption and automation, expanding cloud technology adoption and leverag- ing our partnerships to monitor emerging technology trends in banking. In addition, we partnered with nCino to launch an in- dustry-leading commercial loan origina- tion system which digitizes the end-to-end lending process. This has been a multi-year effort that launched in early 2022. Our investments to scale the business go beyond technology. They include oppor- tunistically investing in talent to ensure we have the right people in the right roles Continue Balance Sheet Growth Trajectory Invest in Business Scalability to Support Growth

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19% cagr

$10.98

$9.31

$8.33

$7.22

$5.40

2017

2018 2019 2020 2021

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

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when we need them. We were thrilled to hire a new Chief Risk Officer in 2021 to help enhance our enterprise risk manage- ment program. Investing in our enterprise risk management structure today will bring substantial benefits as we continue to grow the business. As Bridgewater continues to grow, we ex- pect to maintain one of the lowest efficien- cy ratios in the industry. We are confident in our ability to grow revenue in 2022 as we expect loan growth and the potential for higher rates to support our spread-based revenue generation outlook, more than off- setting PPP revenue that supported our revenue in 2021. We also look to enhance the diversification of our revenue base by evaluating potential noninterest income opportunities and how they could com- plement the current Bridgewater business Maintain A Highly Efficient Business Model

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