Bridgewater Bancshares, Inc._2023 Annual Report

The following consolidated selected financial data is derived from the Company’s audited consolidated financial statements as of and for the five years ended December 31, 2023. This information should be read in connection with our audited consolidated financial statements and related notes appearing elsewhere in this report.

As of and for the year ended December 31,

(dollars in thousands, except per share data)

2023

2022

2021

2020

2019

Income Statement NetInterestIncome............................................ $ Provision for (Recovery of) Credit Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . NoninterestIncome............................................ NoninterestExpense ........................................... NetIncome.................................................. Net Income Available to Common Shareholders . . . . . . . . . . . . . . . . . . . . . . . . Per Common Share Data BasicEarningsPerShare........................................ $ DilutedEarningsPerShare....................................... BookValuePerShare .......................................... Tangible Book Value Per Share (1) .................................. Basic Weighted Average Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . Diluted Weighted Average Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . SharesOutstandingatPeriodEnd .................................. Selected Performance Ratios ReturnonAverageAssets(ROA) .................................. Pre-Provision Net Revenue Return on Average Assets (PPNR ROA) (2) ........ Return on Average Shareholders' Equity (ROE). . . . . . . . . . . . . . . . . . . . . . . . . Return on Average Tangible Common Equity (1) ........................ Average Shareholders' Equity to Average Assets . . . . . . . . . . . . . . . . . . . . . . . . Net Interest Margin (3) .......................................... Core Net Interest Margin (1)(3) ..................................... YieldonInterestEarningAssets................................... YieldonTotalLoans,Gross...................................... CostofInterestBearingLiabilities.................................. CostofTotalDeposits.......................................... CostofFunds................................................ Efficiency Ratio (1) ............................................. NoninterestExpensetoAverageAssets .............................. Balance Sheet TotalAssets................................................. $ 4,611,990 TotalLoans,Gross ............................................ 3,724,282 Deposits.................................................... 3,709,948 TotalShareholders'Equity....................................... 425,515 LoantoDepositRatio .......................................... Core Deposits to Total Deposits (5) .................................. 68.7 UninsuredDepositstoTotalDeposits................................ 24.3 105,174 6,493 59,320 39,960 35,906 1.29 1.27 12.94 12.84 27,857,420 28,315,587 27,748,965 1.15 9.73 10.53 9.14 2.42 2.34 5.08 5.21 3.61 2.73 2.92 53.0 1.32

$

129,698 7,700 6,332 56,620 53,392 49,338

$

109,509 5,150 5,309 48,095 45,687 44,516

$

87,964 12,750 5,839 45,387 27,194 27,194

$

74,132 2,700 3,826 36,932 31,403 31,403

(175)

$

1.78 1.72 11.80 11.69

$

1.59 1.54 11.09 10.98

$

0.95 0.93 9.43 9.31

$

1.07 1.05 8.45 8.33

27,758,336 28,668,177 27,751,950

28,027,454 28,968,286 28,206,566

28,582,064 29,170,220 28,143,493

29,358,644 29,996,776 28,973,572

0.89 %

1.38 %

1.43 %

1.04 %

1.49 %

2.06 13.90 15.69 9.93 3.45 3.27 4.35 4.60 1.34 0.75 0.99 41.5 1.46

2.10 14.45 15.45 9.91 3.54 3.28 4.16 4.60 0.93 0.51 0.68 42.0 1.51

2.09 10.51 10.65 9.88 3.46 3.25 4.51 4.90 1.53 0.93 1.15 49.0 1.73

2.07 13.50 13.72 11.00 3.59 3.37 5.01 5.31 2.03 1.42 1.58 47.4 1.75

$ 4,345,662 3,569,446 3,416,543

$ 3,477,659 2,819,472 2,946,237

$ 2,927,345 2,326,428 2,501,636

$ 2,268,830 1,912,038 1,823,310

394,064

379,272

265,405

244,794

100.4 %

104.5 %

95.7 %

93.0 %

104.9 %

74.6 38.5

85.4 41.2

78.1 43.3

80.7 38.6

Capital Ratios (Consolidated) Tier1LeverageRatio .......................................... Common Equity Tier 1 Risk-based Capital Ratio . . . . . . . . . . . . . . . . . . . . . . . . Tier1Risk-basedCapitalRatio.................................... TotalRisk-basedCapitalRatio .................................... Tangible Common Equity to Tangible Assets (1) ........................ Growth Ratios PercentageChangeinTotalAssets ................................. PercentageChangeinTotalLoans,Gross............................. PercentageChangeinTotalDeposits................................ Percentage Change in Shareholders' Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . PercentageChangeinNetIncome.................................. Percentage Change in Diluted Earnings Per Share . . . . . . . . . . . . . . . . . . . . . . . Percentage Change in Tangible Book Value Per Share (1) ..................

9.57 %

9.55 %

10.82 %

9.28 %

10.69 %

9.16 10.79 13.97 7.73

8.40 10.03 13.15 7.48

9.36 11.43 15.55 8.91

10.35 10.35 14.58 8.96

11.39 11.39 12.98 10.65

6.1 %

25.0 %

18.8 %

29.0 %

15.0 %

4.3 8.6 8.0

26.6 16.0 3.9 16.9 12.0 6.5

21.2 17.8 42.9 68.0 64.8 17.9

21.7 37.2 8.4

14.8 16.8 10.8 16.7 14.5 15.3

(25.2) (26.3)

(13.4) (10.9) 11.8

9.8

50