2020 Annual Report

Bridgewater Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (dollars in thousands, except share data)

Note 25: Quarterly Condensed Financial Information (Unaudited)

The following tables present the unaudited quarterly condensed financial information for the years ended December 31, 2020 and 2019:

2020 Quarter Ended

March 31

June 30

September 30 December 31

(dollars in thousands) Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,468 $ 28,166 $ 28,493 $ 30,699 Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,366 6,824 6,814 5,858 Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,102 21,342 21,679 24,841 Provision for Loan Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100 3,000 3,750 3,900 Net Interest Income after Provision for Loan Losses . . . 18,002 18,342 17,929 20,941 Noninterest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,719 1,977 1,157 986 Noninterest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,746 10,711 9,672 15,258 Income Before Income Taxes . . . . . . . . . . . . . . . . . . . . . . 9,975 9,608 9,414 6,669 Provision for Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 2,532 2,010 2,240 1,690 Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,443 $ 7,598 $ 7,174 $ 4,979 Earnings per share Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.26 $ 0.26 $ 0.25 $ 0.18 Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.25 $ 0.26 $ 0.25 $ 0.17 (dollars in thousands) Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,267 $ 25,520 $ 26,572 $ 27,419 Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,136 7,382 7,637 7,491 Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,131 18,138 18,935 19,928 Provision for Loan Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 600 900 600 Net Interest Income after Provision for Loan Losses . . . 16,531 17,538 18,035 19,328 Noninterest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634 1,134 946 1,112 Noninterest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,885 9,474 9,084 10,489 Income Before Income Taxes . . . . . . . . . . . . . . . . . . . . . . 9,280 9,198 9,897 9,951 Provision for Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 2,262 1,189 2,092 1,380 Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,018 $ 8,009 $ 7,805 $ 8,571 Earnings per share Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.23 $ 0.27 $ 0.27 $ 0.30 Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.23 $ 0.26 $ 0.27 $ 0.29 2019 Quarter Ended March 31 June 30 September 30 December 31

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