Bridgewater Bancshares, Inc._2023 Annual Report

WHO WE ARE

Bridgewater Bancshares, Inc. is a St. Louis Park, Minnesota-based financial holding company. Bridgewater’s banking subsidiary, Bridgewater Bank, is a premier, full-service Twin Cities bank dedicated to serving the diverse needs of commercial real estate investors, entrepreneurs, business clients and successful individuals.

2023 AT A GLANCE

Headquarters St. Louis Park, MN

Assets $4.6 billion

Deposit Growth 8.6%

Efficiency Ratio 53.0% 1

Tangible Book Value Per Share Growth 9.8% 1

Ticker Symbol BWB (Nasdaq)

Branches 7

Loan Growth 4.3%

NPAs/Assets 0.02%

Represents a non-GAAP financial measure. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” in the accompanying 2023 Form 10-K for further details. 1

Star Tribune Top Workplaces | American Banker Best Banks to Work For | Twin Cities Business Best Business Bank + Best Community Bank | Finance & Commerce Reader Rankings Best Business Bank + Best Small Business Banking + Best Commercial Mortgage Lender | Piper Sandler Sm-All Stars Class of 2023 | S&P Global Market Intelligence 14th Best-Performing Community Bank | FDIC ‘Outstanding’ CRA Rating 2023 AWARDS & RECOGNITIONS

CONTENTS

CORE VALUES

3 Letter to Shareholders

Unconventional Our clients notice a difference.

6 Shareholder Information

Responsive Under promise. Over deliver.

7 Environmental, Social and Governance

Dedicated Don’t stop until you get it done.

8 Financial Summary

Accurate It’s more than just an expectation. Growth If you aren’t moving forward, where are you going?

2023 Form 10-K

Board of Directors & Strategic Leadership Team

Bridgewater Bancshares Inc.