Bridgewater Bancshares, Inc._2024 Proxy Statement

AUDIT COMMITTEE REPORT The following is the report of the Audit Committee with respect to the Company’s audited financial statements for the year ended December 31, 2023. The information contained in this report shall not be deemed to be “soliciting material” or to otherwise be considered “filed” with the SEC, and such information shall not be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates this report by reference in such filing. The Audit Committee assists the Board in carrying out its oversight responsibilities for our financial reporting process, audit process and internal controls. The Audit Committee also reviews the audited financial statements and recommends to the Board that they be included in our Annual Report on Form 10 - K. The committee is currently comprised of Mr. Johnson, Mr. Parish and Mr. Trutna. All of the members have been determined to be “independent,” as defined by Nasdaq. The Audit Committee has reviewed and discussed our audited financial statements for 2023 with our management and RSM US LLP (“RSM”), our independent registered public accounting firm, with respect to the 2023 fiscal year. The committee has also discussed with RSM the matters required to be discussed by Auditing Standard No. 1301 (Communications with Audit Committees) and received and discussed the written disclosures and the letter from RSM required by Public Company Accounting Oversight Board Rule 3526 (Communication with Audit Committees Concerning Independence) and has discussed with RSM its independence. Based on these reviews and discussions with management and RSM, the Audit Committee has recommended to the Board that the audited financial statements be included in our Annual Report on Form 10 - K for filing with the SEC. This report is submitted on behalf of the current members of the Audit Committee:

James Johnson Douglas Parish Thomas Trutna

2024 Proxy Statement

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