2021 Annual Report

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets (dollars in thousands, except share data)

December 31,

December 31,

2021

2020

ASSETS Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Bank-Owned Certificates of Deposit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Securities Available for Sale, at Fair Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loans, Net of Allowance for Loan Losses of $40,020 at December 31, 2021 and $34,841 at December 31, 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal Home Loan Bank (FHLB) Stock, at Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . Premises and Equipment, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Intangible Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ LIABILITIES Deposits: Noninterest Bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Interest Bearing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notes Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FHLB Advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subordinated Debentures, Net of Issuance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued Interest Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SHAREHOLDERS' EQUITY Preferred Stock- $0.01 par value; Authorized 10,000,000 Preferred Stock - Issued and Outstanding 27,600 Series A shares ($2,500 liquidation preference) at December 31, 2021 and -0- at December 31, 2020 . . Common Stock- $0.01 par value; Authorized 75,000,000 Common Stock - Issued and Outstanding 28,206,566 at December 31, 2021 and 28,143,493 at December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Paid-In Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated Other Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Shareholders' Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Shareholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ LIABILITIES AND EQUITY

143,473

$

160,675

1,876

2,860

439,362

390,629

2,769,917

2,282,436

5,242 49,395 9,186 2,626

5,027 50,987 9,172 2,626

479

670

56,103

22,263

3,477,659 $

2,927,345

875,084 $

671,903 1,829,733 2,501,636

2,071,153 2,946,237

—

11,000 57,500 73,739 1,615 16,450

42,500 92,239 1,409 16,002

3,098,387

2,661,940

66,514

—

282

281

104,123 199,347

103,714 154,831

9,006

6,579

379,272

265,405 2,927,345

3,477,659 $

See accompanying notes to consolidated financial statements.

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