EX-99.1 2 bwb-20250502xex99d1.htm EX-99.1
Exhibit 99.1

| 2 Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy, and tax regulations; fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates; business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, including future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within the Company’s loan portfolio or large loans to certain borrowers (including commercial real estate (CRE) loans); the overall health of the local and national real estate market; our ability to successfully manage credit risk; our ability to maintain an adequate level of allowance for credit losses on loans; new or revised accounting standards as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, Securities and Exchange Commission (the SEC) or Public Company Accounting Oversight Board; the concentration of large loans to certain borrowers; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; talent and labor shortages and employee turnover; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry, including from nonbank competitors such as credit unions, “fintech” companies and digital asset service providers; the effectiveness of our risk management framework; the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes; risks related to climate change and the negative impact it may have on our customers and their businesses; the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics, acts of war or terrorism or other adverse external events, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine; potential impairment to the goodwill the Company recorded in connection with acquisitions; risks associated with our integration of First Minnetonka City Bank (“FMCB”), including the possibility that the merger may be more difficult or expensive to integrate than anticipated and the effect of the merger on the Company’s customer and employee relationships and operating results; changes to U.S. or state tax laws, regulations and government policies concerning the Company’s general business, including changes in interpretation or prioritization of such rules and regulations; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Certain of the information contained in this presentation is derived from information provided by industry sources. Although the Company believe that such information is accurate and that the sources from which it has been obtained are reliable, the Company cannot guarantee the accuracy of, and have not independently verified, such information. Use of Non-GAAP financial measures In addition to the results presented in accordance with U.S. General Accepted Accounting Principles (“GAAP”), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures to the comparable GAAP measures are provided in this presentation.

| 3 The Finest Entrepreneurial Bank Company Overview Branch-Light Model in Attractive Twin Cities Market Name: Bridgewater Bancshares, Inc. Headquarters: St. Louis Park, MN Ticker: NASDAQ: BWB; BWBBP Assets: $5.1 Billion Loans: $4.0 Billion Deposits: $4.2 Billion Shareholders’ Equity: $469.0 Million Serving a Commercial-Focused Client Base Track Record of Profitability, Growth and Efficiency • CRE lending • Acquisition financing • Construction lending • Affordable housing financing • Long-term multifamily financing • Leases • Commercial & business lending • Business / treasury management • SBA lending • 1-4 family rentals • Personal banking CRE, 31% Multifamily, 38% C&D, 4% Leases, 1% C&I, 13% 1-4 Family, 12% Consumer, 1% $4.0B Business and Personal Banking Commercial Banking Loan Balances • Founded in 2005 by a group of banking industry veterans and local business leaders • Continuous profitability since the third month of operations • Proven ability to generate strong organic growth in the Twin Cities • Expertise in commercial real estate with a focus in multifamily lending • Highly efficient operations with a branch-light model • Organizational focus on risk management with a long track record of superb asset quality Data as of March 31, 2025 BWB Future BWB Denovo Branch Site Twin Cities

| 4 Strategic Leadership Team (SLT) with Broad Skill Sets and Industry Expertise Jerry Baack Chairman and Chief Executive Officer • Former regulator and responsible for all aspects of BWB formation • Lead founder of BWB in 2005 • 30+ years of banking experience Jeff Shellberg EVP and Chief Credit Officer • Board member and oversees strong credit and underwriting culture • BWB founding member in 2005 • 35+ years of regulatory and banking experience Nick Place Chief Banking Officer • Oversees all aspects of client growth and relationship management, including lending, treasury management and deposits • Joined BWB in 2007 • 15+ years of banking experience Mary Jayne Crocker EVP and Chief Strategy Officer • Shapes long-term strategic plans and ensuring alignment with company objectives • Joined BWB in 2005 • 30+ years of financial services experience Joe Chybowski President and Chief Financial Officer • Strategic insights across all aspects of the organization, including finance, capital and liquidity management • Joined BWB in 2013 • 15+ years of banking and capital markets experience Lisa Salazar Chief Operating Officer • Oversees operations, technology and product initiatives to drive efficiencies and enhance the overall client experience • Joined BWB in 2018 • 30+ years of banking experience Approximately 20% of BWB’s common shares were owned by Board and SLT members as of March 31, 2025, demonstrating strong alignment with shareholders

| 5 A Culture-Driven Growth Story Truly Unconventional Culture Highly Efficient Business Model Robust Balance Sheet Growth Proactive Risk Management • Entrepreneurial spirit unlike the culture of a typical bank • Modern headquarters with an open layout promoting team member and client collaboration • Commitment to providing clients with quick answers, responsive support and simple solutions • Continued focus on environmental, social and governance (ESG) initiatives • Long track record of generating robust organic loan growth • Market share gains through emphasis on local commercial real estate and small business clients • M&A-related market disruption has created client and talent acquisition opportunities to support loan and deposit growth • Opportunistic acquirer following successful bank acquisition in 2024 • Branch-light model with a commercial real estate focus • Efficient operating philosophy, including networking, banking tools and in-house expertise • Relatively low levels of expenses as a percent of total assets • Efficiency ratio consistently better than peer banks • Invest in scaling the risk management function to address emerging risks and support longer term growth outlook • Superb asset quality track record with consistently low levels of NCOs and NPAs • Conservative and decisive credit culture, including measured risk selection, consistent underwriting, active credit oversight and deep industry experience 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation. 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ) Consistent Tangible Book Value1 Growth and Outperformance Tangible Book Value Per Share1 growth resumed in 1Q25 following a bank acquisition in 4Q24 207% 83% 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 1Q25 BWB Peer Bank Average2

| Our Core Values 6 Unconventional. Our clients notice a difference. Responsive. Under promise, over deliver. Dedicated. Don’t stop until you get it done. Growth. If you aren’t moving forward, where are you going? Accurate. It’s more than just an expectation.

| An Award-Winning Workplace Culture “In today’s environment, it is more important than ever to be able to recruit, retain and develop top talent. At Bridgewater, we have demonstrated an ability to do this through our unconventional culture and employee experience, extensive team member referral network, and a seasoned internship program to further enhance our talent pipelines.” Jerry Baack Chairman and CEO Top Workplaces Star Tribune 2016. 2017. 2018. 2020. 2021. 2022. 2023. 2024. Best Banks to Work For American Banker 2017. 2018. 2020. 2022. 2023. Corporate Headquarters Progressive Pay and Benefits Health and Wellness Committee Diversity, Equity and Inclusion Committee Volunteer Paid Time Off Modern, open design with an entrepreneurial spirit tailor-made for team building and collaboration Minimum wage of $20 per hour and discretionary bonuses for all team members regardless of level Providing team member opportunities to support physical fitness, nutrition and mental health Inclusive culture that encourages, supports and celebrates diversity of team members and communities in which we serve Team members receive up to 16 hours of PTO per year for volunteer activities supporting the Community Reinvestment Act 7

| A Responsive Service Model Our clients can expect… • Responsive support and simple solutions • A local bank of choice in a market where many local banks have been acquired by out-of-state buyers • Flexibility, market expertise and strong network connections The “Proven Process” for Our Clients • BEST Business Bank • BEST Small Business Banking • BEST Commercial Mortgage Lender An Award-Winning Client Experience • BEST Business Bank • BEST Consumer Bank • BEST Community Bank 8

| A Commitment to Our Communities Our communities can expect… Bridgewater’s commitment to investing, lending and volunteering in ways that serve low-to-moderate income segments in the Twin Cities “Outstanding” Rating for Community Reinvestment Act Performance FDIC, 2023 $327K Total Contributions in 2024 1,654 Volunteer Hours in 2024 Empowering Women in Entrepreneurship In 2021, we established the BridgewatHER Network, a women’s networking cohort which brings together successful women in business and female entrepreneurs throughout the Twin Cities to network and share insights • Approximately 400 female entrepreneurs and business leaders • Events hosted at the BWB Corporate Center throughout the year • Led by BWB’s Chief Strategy Officer, Mary Jayne Crocker Mary Jayne Crocker EVP and Chief Strategy Officer 9

| Environmental, Social and Governance (ESG) We are committed to establishing and advancing impactful initiatives that support our corporate responsibility as one of the largest locally-led banks in the Twin Cities, while regularly sharing our progress with our stakeholders Our ESG Commitment Our ESG Priorities Team Members, Clients and Communities Diversity, Equity and Inclusion Leverage our unconventional corporate culture to leave a positive lasting impact on our team members, clients and communities Ensure strong corporate governance oversight, including an effective risk management framework to support a growing organization Create a diverse, equitable and inclusive work environment and community Contribute to a healthier natural environment in the communities in which we live and work Corporate Governance Environmental ESG Oversight • Board-level Nominating and ESG Committee oversees Bridgewater's strategy and practices related to ESG • Management-level ESG Committee focuses on developing, implementing and growing a formal ESG program For more about Bridgewater’s commitment, priorities and initiatives related to ESG, please visit our ESG webpage at www.BWBMN.com/about-Bridgewater/esg 10

| 11 Attractive Twin Cities Market Built for Business #3 Fortune 500 companies per capita (17)1 Large Corporate Presence #1 State with highest average credit score (742)2 Credit Worthy Population #5 Best state for economic opportunity3 Economic Opportunity #6 Top state for business4 Top State for Business #4 Best state to move to5 State to Move to Top 20 Most populated MSA in the U.S.6 Populated MSA 2.02% 1.31% Twin Cities Midwest Weighted Average $96,855 $75,430 Twin Cities Midwest Weighted Average Strong Market Demographics 2025 Median Household Income ($)6 2025 – 2030 Proj. Population Growth (%)6 1 Source: Minnesota Department of Employment and Economic Development (ranking among 30 largest metro areas) 2 Source: Experian – Average FICO Score by State, 2024 3 Source: U.S. News & World Report, 2024 4 Source: CNBC, 2024 5 Consumer Affairs, 2024 6 Source: S&P Capital IQ

| 12 Deposit Market Share Momentum in the Twin Cities Continues Total Deposits – Minneapolis/St. Paul MSA1 2012 2024 Continuing to Gain Market Share • Top-heavy deposit market (top 2 market share = 62%) • Top 2 have combined to steadily lose market share over the past decade-plus (2012: 77% / 2024: 62%) • Very fragmented market after the top 2, with no other traditional bank having market share over 3% • BWB’s YoY in-market deposit growth exceeded MSA growth for the 12th consecutive year • BWB has a local banking advantage with only 4 of the top 10 banks headquartered in MN 1 Source: S&P Capital IQ (data as of June 30th of each year) 2 Pro forma including the June 30, 2024 branches and deposits of FMCB, which was acquired on December 13, 2024 Rank Bank HQ Branches Deposits ($M) Market Share 1 Wells Fargo & Co. CA 100 $ 79,407 49.80% 2 U.S. Bancorp MN 100 $ 43,088 27.02% 3 Ameriprise Financial Inc. MN 1 $ 5,107 3.20% 4 TCF Financial Corp. MN 102 $ 4,992 3.13% 5 Bank of Montreal CAN 34 $ 2,760 1.73% 6 Bremer Financial Corp. MN 30 $ 2,205 1.38% 7 Associated Banc-Corp WI 28 $ 1,395 0.87% 8 Klein Financial Inc. MN 18 $ 1,129 0.71% 9 Anchor Bancorp Inc. MN 15 $ 1,126 0.71% 10 Central Bancshares Inc. MN 16 $ 732 0.46% 17 Bridgewater Bancshares, Inc. M N 2 $ 398 0.25% Top 10 $ 141,941 89.01% MSA Total $ 159,467 Rank Bank HQ Branches Deposits ($M) Market Share 1 U.S. Bancorp MN 80 $ 111,326 44.82% 2 Wells Fargo & Co. CA 85 $ 41,922 16.88% 3 Ameriprise Financial Inc. MN 2 $ 21,468 8.64% 4 Huntington Bancshares Inc. OH 58 $ 6,604 2.66% 5 Bank of Montreal CAN 30 $ 6,097 2.45% 6 Bank of America Corp. NC 20 $ 5,957 2.40% 7 Bremer Financial Corp. MN 19 $ 5,452 2.20% 8 State Bancshares, Inc. ND 7 $ 4,161 1.68% 9 Bridgewater Bancshares, Inc.2 M N 9 $ 4,034 1.62% 10 Old National Bancorp IN 29 $ 3,540 1.43% Top 10 $ 210,562 84.77% MSA Total $ 248,384

| 13 History of Robust Organic Asset Growth $1,184 $4,821 $76 $245 $929 $1,260 $1,617 $1,974 $2,269 $2,927 $3,478 $4,346 $4,612 $5,066 $5,137 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 Organic Acquired Assets Proven ability to consistently generate robust asset growth primarily in the Twin Cities market Asset growth has primarily been organic, with the exception of small bank acquisitions in 2016 and 2024 Dollars in millions Ongoing evaluation of potential M&A opportunities to complement organic growth strategy Completed the acquisition of First Minnetonka City Bank in December 2024

| 14 Robust Loan Growth Trends Continue $3,752 $117 $3,784 $3,800 $3,686 $3,869 $4,020 1Q24 2Q24 3Q24 4Q24 1Q25 Dollars in millions 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000 $2,819 $3,569 $3,724 $3,869 $4,020 2021 2022 2023 2024 1Q25 After moderating through much of 2024 due to the higher interest rate environment, organic loan growth returned in 4Q24 • 1Q25 loan balances increased 15.9% annualized • Near-term loan growth dependent on a variety of factors, including: • Market and economic conditions – economic uncertainty related to tariffs and the interest rate environment • Loan demand – recent strength in loan demand and pipelines to support near-term growth, but economic uncertainty could impact demand going forward • Loan payoffs and paydowns – pace of loan payoffs will continue to impact loan growth • Core deposit1 growth – recent core deposit momentum provides additional liquidity for more offensive-minded loan growth Strong track record of robust loan growth • Strong brand presence and relationships in the market allow us to get in front of high-quality clients and deals • Operating in a competitive “sweet spot” in the Twin Cities – financing larger deals than community banks, but under the radar of the larger banks • M&A-related market disruption resulted in client and banker acquisition opportunities • Expansion of talented lending and treasury management teams Gross Loans Acquired Gross Loans

| 15 Strong Diversification Within Key Portfolios Class A 28% Class B 10% Class C 34% Affordable Housing 28% Size YoY Growth Go-to-Market Strategy Competitors Growth Outlook Key Stats Portfolio Diversification Multifamily CRE Nonowner Occupied Construction & Development C&I Bank of choice in the Twin Cities market due to proven expertise and differentiated service model Knowledgeable lenders with efficient closing processes and ample capacity Responsive support, simple solutions and the local touch entrepreneurs are looking for Efficient underwriting process and deep knowledge in construction loan management JPMorgan Chase, agency lenders, local banks and credit unions Local banks and life insurance companies Local and regional banks Local and regional banks Continued appetite given expertise and market opportunities Continued appetite given expertise and market opportunities Increased focus on expanding C&I through targeted verticals Return to growth following increased deal activity in late 2024 $3.4M Avg. Loan Size 68% Weighted Avg. LTV 99% Loans with Pass Rating $2.2M Avg. Loan Size 52% Weighted Avg. LTV 98% Loans with Pass Rating $499K Avg. Loan Size 0.02% 5-Year NCOs 98% Loans with Pass Rating $817K Avg. Loan Size 56% Weighted Avg. LTV 0.00% 5-Year NCOs Property Type Industrial 27% Office 19% Retail 16% Mini Storage Facility 11% Senior Housing 9% Medical Office 9% Other 9% Property Type RE, Rental and Leasing 42% Constr. 16% Manufact. 9% Prof. Services 8% Finance & Ins. 7% Trade 4% Accom. & Food Service 1% Other 13% Industry Residential 20% Multifamily 8% CRE Other 26% Land 46% Property Type 1 Includes formally subsidized properties (21%) and market rate properties with affordable set-asides (7%) Data as of March 31, 2025 $1,535M 38% of portfolio $1,055M 26% of portfolio $529M 13% of $168M portfolio 4% of portfolio 10% 2% 37% 9% 1

| 16 Well-Diversified Loan Portfolio With Multifamily and CRE Expertise CRE NOO 26% Multifamily 38% C&D 4% C&I 13% CRE OO 5% 1-4 Family 12% Leases 1% Consumer & Other 1% CRE NOO 27% Multifamily 21% C&D 15% C&I 13% CRE OO 6% 1-4 Family 18% Consumer & Other 0% $0.8B Evolution of Loan Mix by Type 2015 1Q25 Intentional mix shift toward Multifamily has aligned with the build-out of talent and expertise in the segment, and continued strong performance CRE Concentrations Have Trended Lower Multifamily / Bank Risk-Based Capital CRE (ex. Multifamily) / Bank Risk-Based Capital $4.0B 354% 333% 318% 304% 313% 266% 264% 258% 232% 213% 209% 180% 164% 185% 177% 204% 190% 219% 257% 250% 249% 261% 534% 497% 503% 480% 517% 456% 483% 515% 482% 462% 470% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25

| 17 CRE Concentration Driven by a Proven, Lower Risk Multifamily Portfolio Class A 28% Class B 10% Class C 34% Affordable Housing 28% (0.20)% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% Multi-family CRE 1-4 Family C&I C&D Consumer (ex. cards & auto) Total Loans Last 5 Years Last 10 Years Last 15 Years Last 20 Years Last 25 Years 1Q25 261% of Bank RBC Multifamily Traditional CRE3 209% of Bank RBC 470% of Bank RBC Multifamily Makes Up Over Half of CRE Concentration Multifamily Lending Approach Multifamily Portfolio Characteristics Drive Track Record of Strong Asset Quality WA LTV Avg. Loan Size Avg. Debt/Unit NCOs (since 2005) 68% $3.4M $83K $62K 1 Includes formally subsidized properties (21%) and market rate properties with affordable set-asides (7%) 2 FDIC (data through 4Q24) 3 Includes nonowner-occupied CRE, construction and land development, and 1-4 family construction • Bank of choice in the Twin Cities with expertise and differentiated service model • Greater tenant diversification compared to other asset classes • Positive market trends with reduced vacancy rates, strong absorption, and slower construction = favorable outlook for occupancy and rent growth • Market catalysts include relative affordability, steady population growth, low unemployment, strong wages, and shortage of single-family housing Low Historical Losses vs. Other Asset Classes Average Historical Net Charge-Off Rates (all FDIC-insured banks)2 Portfolio Balance 12 Mo. Maturities (fixed) $1.5B $245M Increased Focus on Affordable Housing Product Type Well-Diversified by Size 5-19 Units 10% 20-49 Units 25% 50-99 Units 30% 100+ Units 35% Size 1 Properties Primarily Located In-Market Minnesota 89% National 11% Location

| 18 Expertise in the Affordable Housing Space 81-unit affordable housing property in Bloomington, MN 62-unit affordable housing property in Columbia Heights, MN • Leveraging affordable housing expertise to support communities and clients in the Twin Cities and across the country • $597M affordable housing portfolio as of March 31, 2025 (13% year-over-year growth) • 76% of the portfolio located in MN, 24% out-of-state • Long-time experts in the space with increased investment over the past two years • High barrier to entry due to complex nature of the transactions • Strong source of core deposit growth • Strong market demand in the Twin Cities, driven by shortage of single-family housing • Government subsidy program helps to offset risk by supporting tenant rent payments and increasing occupancy Expertise in the High-Quality Affordable Housing Space Multifamily 71% Construction 2% Land 2% Non-RE 25% $597M Affordable Housing Mix (as of 3/31/25) 1 1 Includes formally subsidized properties (21%) and market rate properties with affordable set-asides (7%) Data as of March 31, 2025

| 19 Managing Office-Related Risk 1 Excludes medical office of $96 million Data as of March 31, 2025 Percent of Total Loans Average Loan Size 5.0% $2.3M Weighted Average LTV 58% CRE NOO Office by Geography • Majority of CRE NOO office exposure in the Twin Cities suburbs • Only 4 loans totaling $28M located in Minnesota CBDs, with one moved to nonaccrual in 1Q25 • Only 4 loans totaling $22M outside of Minnesota (non-CBD), consisting of projects for existing local clients Well-Managed CRE NOO Office Exposure1 Twin Cities Suburban 55% Minneapolis-St. Paul (CBD) 14% Minneapolis-St. Paul (non-CBD) 20% Out-of-State (non-CBD) 11% $201M

| 20 Strong Core Deposit Momentum Continues Dollars in millions A track record of strong deposit growth… • Strong and growing brand taking market share in the Twin Cities • New client and banker acquisition opportunities due to M&A disruption • Supplemented core deposits with wholesale funding to support future loan growth • 1Q25 deposit growth of $76M, or 7.5% annualized • 1Q25 core deposit growth of $64M, or 8.3% annualized • Core deposit growth coming from new and existing clients • Core deposit growth not always linear due to nature of the deposit base • Loan-to-deposit ratio of 96.6%, within target range of 95% to 105% …with recent core deposit momentum 30% 26% 20% 20% 19% 18% 13% 19% 21% 20% 29% 30% 25% 10% 31% 33% 8% 8% 8% 8% 13% 23% 28% 20% 20% $2,946 $3,417 $3,710 $4,087 $4,162 2021 2022 2023 2024 1Q25 Noninterest-Bearing Transaction Interest-Bearing Transaction Savings and Money Market Time Brokered 18% 18% 19% 20% 19% 21% 20% 22% 21% 20% 26% 25% 26% 31% 33% 9% 10% 9% 26% 27% 24% 8% 8% 20% 20% $3,807 $3,808 $3,747 $4,087 $4,162 1Q24 2Q24 3Q24 4Q24 1Q25

| 21 A Spread-Based Revenue Model $28,567 $25,872 $25,421 $25,314 $24,631 $24,996 $25,599 $26,967 $30,208 $1,943 $1,415 $1,726 $1,409 $1,550 $1,763 $1,522 $2,533 $2,079 $30,510 $27,287 $27,147 $26,723 $26,181 $26,759 $27,121 $29,500 $32,287 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Revenue Growth Continues Dollars in thousands Data as of March 31, 2025 • Spread-based revenue model with net interest income making up 94% of total revenue in 1Q25 • Strong track record of revenue growth with a 9% revenue CAGR since 2019 • Largest components of noninterest income include customer service fees and letter of credit fees • 1Q25 noninterest income included $325K of investment advisory fees, which were added through the FCMB acquisition • Material increases to noninterest income most likely to come through M&A Spread Based Revenue Model…With Increasing Fee Income Net Interest Income Noninterest Income

| 22 NIM Expansion and Net Interest Income Growth $24,023 $24,229 $24,631 $26,129 $28,524 $608 $767 $968 $747 $719 $91 $965 $24,631 $24,996 $25,599 $26,967 $30,208 2.24% 2.24% 2.24% 2.32% 2.51% 2.18% 2.17% 2.16% 2.24% 2.37% 1Q24 2Q24 3Q24 4Q24 1Q25 Net Interest Margin1 Core Net Interest Income Loan Fees Net Interest Income and Margin Trends 2.32% 0.14% 0.01% 0.00% (0.04)% 0.02% 2.51% (0.01)% 0.07% NIM (4Q24) Loan Fees Purchase Accounting Accretion Deposits Borrow-ings Loans Cash and Invest-ments Other NIM (1Q25) Net Interest Margin Roll-forward 1Q25 Net Interest Income / Net Interest Margin Commentary 1 Amounts calculated on a tax-equivalent basis using statutory federal tax rate of 21% 2 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Dollars in thousands Net Interest Income • Net interest income growth of 12% from 4Q24, driven by NIM expansion and average earning asset growth • Included $965K of purchase accounting accretion income • Reduced loan fees as loan payoffs declined from recent highs Net Interest Margin • NIM expansion of 19 bps in 1Q25 driven by lower deposit costs and higher purchase accounting accretion • 1Q25 NIM of 2.51% included 8 bps related to purchase accounting accretion Core NIM2 up 13 bps Core Net Interest Margin1,2 Purchase Accounting Accretion (PAA)

| 23 Loan Portfolio Repricing 19% 20% 24% 14% 15% 8% $113 $120 $142 $85 $89 $51 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years 22% 15% 16% 14% 14% 19% $614 $405 $435 $370 $388 $507 Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5+ Years Fixed, 68% Variable, 17% Adjustable, 15% Loan Portfolio Mix Fixed-Rate Portfolio ($2.7B) Variable-Rate Portfolio ($700M) Adjustable-Rate Portfolio ($600M) Years to Maturity • Large fixed-rate portfolio provides support to total loan yields in a rates-down environment • $614M of fixed-rate loans maturing over the next year, with a weighted average yield of 5.61% Variable-Rate Loan Floors • Small variable-rate portfolio limits immediate repricing pressure in a rates-down environment • 75% of variable-rate portfolio have rate floors, with 90% of the floors above 5% • 97% of variable-rate loans are currently tied to SOFR or Prime Adjustable-Rate Repricing/Maturity Schedule • Adjustable-rate loans likely to reprice higher, even in a rates-down environment • $113M of adjustable-rate loans repricing or maturing over the next year, with a weighted average yield of 4.27% Dollars in millions WA Yield 5.61% 4.95% 5.28% 5.06% 5.77% 4.23% WA Yield 4.27% 3.85% 5.24% 4.54% 5.99% 4.58% 2% 8% 28% 49% 13% $10 $43 $145 $260 $70 Below 4% 4%-5% 5%-6% 6%-7% Above 7% 46% of new loan originations in 1Q25 were variable-rate

| 24 A Highly Efficient Business Model 42.0% 41.5% 53.0% 57.9% 55.5% 56.9% 56.2% 60.8% 61.6% 60.1% 2021 2022 2023 2024 1Q25 YTD BWB An Efficiency Ratio1 Consistently Below Peers 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation. 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ) What Makes BWB So Efficient? An Efficient Operating Culture With a CRE-Focused, Branch-Light Model ~2x as many assets per FTE employee compared to the peer bank median2 9 Branches (peer bank median2 : 36) ~4x as many assets per branch compared to the peer bank median2 The higher cost of funds associated with a branch-light model is more than offset by lower overall operating expenses Total Expenses to Average Earning Assets (1Q25) 1.48% 2.71% 2.89% 2.38% 4.37% 5.09% BWB Peer Bank Average Peer Bank Median2 2 Interest Expense / Avg. Earning Assets Noninterest Expense / Avg. Earning Assets

| 25 Modernizing Technology Tools to Support Growth and Efficiency Client-Facing • Commercial online banking upgrade completed in 2023 • Collaborative technology tools integrated into BWB Corporate Center • Cybersecurity threat detection and response Scalable core to support growth outlook Core Banking Platform IT Strategy: improve client interactions, streamline processes, automate activities, and embrace digital transformation IT Decision-Making: driven by unconventional culture, enhancing the client experience and improving organizational efficiencies IT Current State Loan and Deposit Infrastructure nCino • Enhanced commercial loan origination system that digitizes the end-to-end lending process Salesforce • Enhanced customer relationship management for lending and deposit opportunities Workflow Automation and Analysis ServiceNow • Scalable workflow automation platform to enhance internal efficiencies Snowflake • Real-time data analytics and visualization to support decision-making 2025 IT Focus Areas First Minnetonka City Bank Integration • Executing on a smooth and successful system conversion with minimal client impact • Both banks run on Fiserv core • Expected to occur in 3Q25 Retail/Small Business Online Banking Upgrade • Launching an enhanced online banking experience in mid-2025 for retail and small business clients Microsoft 365 Adoption • Enhance organizational efficiencies through tools, including AI, that support productivity, document control, and collaboration

| 26 Scaling Enterprise Risk Management Across a Growing Organization Manage and mitigate dynamic risks while enhancing shareholder value, being responsive to clients, and delivering simple solutions in unconventional ways BWB Risk Management Philosophy Enterprise Risk Management Attributes in Place Today at BWB • Proactively addressing top and emerging risks across all risk categories • Continuing to scale a risk framework aligned with growth • Leveraging technology to enhance processes and controls while driving responsiveness • Reinforcing operational and financial resilience through all three lines of defense • Making investments to bolster organizational resiliency and third-party risk management • Proactively making incremental enhancements to ESG and DEI programs as well as committing to recruitment and retention strategies Making Investments to Proactively Identify and Mitigate Emerging Risks Credit Concentration Risk Information and Cybersecurity Risk Enterprise Risk and Compliance Financial Risk • Strong credit underwriting and administration program • Proactive credit risk oversight, analytics and portfolio monitoring as well as building upon the bank’s stress testing capabilities • Expertise and specialization in key portfolios, including multifamily • Investing in enhanced infrastructure and security protocols • Proactively leveraging technology to meet the evolving digital needs of clients while maintaining safety and security • Effective risk culture and awareness model with ongoing training initiatives and tabletop simulations • Focus on recruitment and retention of highly skilled risk professionals across the bank, including the addition of an Information Security Officer • Proactively monitoring internal and external trends to quantify changes in risk profile • Maintaining compliance with evolving regulatory expectations and broadening suite of products and services • Monitoring and managing balance sheet growth with an eye toward economic and interest rate volatility • Actively monitoring, maintaining and strategically deploying liquidity while developing long-term strategies for capital preservation • Broadening the bank’s liquidity risk management tools through expanded digital offerings and enhancements to the client experience

| A Strong Credit Culture 5-Year Peak Annual Net Charge-off Ratio vs. Peers 5-Year Peak Quarterly Nonperforming Assets2 / Assets vs. Peers 0.03% BWB Peer Bank Median1 0.14% 0.20% BWB Peer Bank Median1 0.68% 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ) 2 Nonaccrual loans, loans 90 days past due and foreclosed assets Data as of March 31, 2025 Asset Quality Consistently Outperforms Peers Consistent Underwriting Standards Active Credit Oversight Experienced Banking and Credit Teams • Growth continues to primarily be in-market with nearly 80% of real estate loan balances in the Twin Cities market • No significant changes in portfolio composition – continued focus on multifamily expertise • No individual credit authority for lending staff • Enhanced credit concentration monitoring • Proactively addressing repricing risk to identify potential cash flow strain well ahead of maturity • Seasoned credit team supporting loan growth and credit risk review • Solid lender and credit analyst expertise across segments, geographies and relationships 27

| 28 Credit Risk Management and Oversight Driving Strong Asset Quality $722 $639 $919 $301 $10,290 0.02% 0.01% 0.02% 0.01% 0.20% 2021 2022 2023 2024 1Q25 $40,020 $47,996 $50,494 $52,277 $53,766 1.42% 1.34% 1.36% 1.35% 1.34% 2021 2022 2023 2024 1Q25 Nonperforming Assets2 NPAs remain low despite one CBD office loan moving to nonaccrual in 1Q25 Allowance for Credit Losses Well-reserved compared to peer median ACL/Loans of 1.17%1 $(29) $(276) $202 $1,231 $11 0.00% (0.01)% 0.01% 0.03% 0.00% 2021 2022 2023 2024 1Q25 Net Charge-Offs Low net charge-off history Net Charge-Offs % of Average Loans $22,641 $28,049 $35,858 $21,791 $31,587 5.45% 5.52% 6.46% 3.80% 5.38% 2021 2022 2023 2024 1Q25 Substandard Loans Substandard loans remain at relatively low levels Substandard Loans % of Total Bank Capital ACL % of Gross Loans 1 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of March 31, 2025 (Source: S&P Capital IQ) 2 Nonaccrual loans plus loans 90 days past due and still accruing and foreclosed assets Dollars in thousands NPAs % of Assets

| 29 High Quality Securities Portfolio 38% 34% 31% 32% 33% 21% 22% 17% 16% 15% 21% 23% 21% 17% 17% 16% 20% 22% 23% 21% 15% $633 13% 12% $601 $665 $768 $765 1Q24 2Q24 3Q24 4Q24 1Q25 Mortgage-Backed Securities Municipal Bonds U.S. Treasuries Corporate Securities Securities Available for Sale Portfolio (dollars in millions) AAA 43% AA 30% A 2% BBB 10% BB 1% NR 14% Rating Mix Derivatives Portfolio Offsetting AOCI Impact (dollars in thousands) $(44,370) $(37,806) $27,201 $19,389 $(15,716) $(11,359) 1Q24 1Q25 MTM Securities MTM Derivatives Net Impact on AOCI1 • No held-to-maturity securities • Securities portfolio average duration of 6.2 years • Average securities portfolio yield of 4.79% • AOCI / Total Risk-Based Capital of 1.9% vs. peer bank median of 6.7%2 1 Includes the tax-effected impact of $6,338 in 1Q24 and $4,581 in 1Q25 2 Includes publicly-traded banks on major exchanges with total assets between $3 billion and $10 billion as of December 31, 2024 (Source: S&P Capital IQ) Other

| 12.1% 11.3% 14.5% 13.2% 11.9% 35.5% 36.1% 34.2% 32.2% 34.0% $2,249 $2,222 $2,290 $2,296 $2,357 1Q24 2Q24 3Q24 4Q24 1Q25 30 Ample Liquidity and Borrowing Capacity 1 Excludes $291M of pledged securities at March 31, 2025 Dollars in millions Off-Balance Sheet Liquidity as a % of Assets On-Balance Sheet Liquidity as a % of Assets Liquidity Position with 2.0x Coverage of Uninsured Deposits Significantly Enhanced Liquidity Position Since 2022 Funding Source 3/31/2025 12/31/2022 Change Cash and Cash Equivalents $ 135 $ 4 8 $ 87 Unpledged Securities1 474 549 (75) FHLB Capacity 538 391 147 FRB Discount Window 990 158 832 Unsecured Lines of Credit 200 208 (8) Secured Line of Credit 20 26 (6) Total $ 2,357 $ 1,380 $ 977 Available Balance

| 31 Stable Capital Position 1 Represents a Non-GAAP financial measure. See Appendix for Non-GAAP reconciliation Capital Priorities 1 3 2 Organic Growth Share Repurchases M&A 4 Dividends Drive profitability by supporting a proven organic loan growth engine Opportunistically return capital to shareholders by buying back stock based on valuation, capital levels, and other uses of capital Review and evaluate M&A opportunities that complement BWB’s business model Have not historically paid a common stock dividend given loan growth opportunities 8.60% 7.87% 7.57% 7.48% 7.23% 7.39% 7.61% 7.73% 7.72% 7.90% 8.17% 7.36% 7.48% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 9.13% 8.50% 8.47% 8.40% 8.48% 8.72% 9.07% 9.16% 9.21% 9.41% 9.79% 9.08% 9.03% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Common Equity Tier 1 Capital Ratio Tangible Common Equity Ratio1 Recent Capital Actions • Repurchased 45,005 shares of common stock in 1Q25 at an aggregate purchase price of $0.6 million • $14.7M remaining under current share repurchase authorization as of March 31, 2025 • Completed the acquisition of FMCB on December 13, 2024

| 32 Near-Term Expectations • Mid-to-high single digit loan growth for full-year 2025 • Focus on profitable growth while aligning loan growth with core deposit growth over time • Target loan-to-deposit ratio between 95% and 105% Balance Sheet Growth • Slower pace of net interest margin expansion in 2Q25, with potential future rate cuts providing additional margin benefit • Continued net interest income growth due to NIM expansion and loan growth • Dependent on pace of additional rate cuts and shape of the yield curve Net Interest Margin • High-teen noninterest expense growth for full-year 2025 (excluding merger-related expenses) • Continued investments in people and technology initiatives • Alignment of provision expense with loan growth and overall asset quality Expenses • Maintain stable capital levels in the current environment given the stronger growth outlook • Ongoing evaluation of potential share repurchases based on valuation, capital levels, and other uses of capital Capital Levels

| 33 2025 Strategic Priorities Return to More Normalized Levels of Profitable Growth Continue to Gain Loan and Deposit Market Share Leverage Technology to Support Business Growth Execute on M&A Integration and Readiness Initiatives • Well positioned given efforts to optimize the balance sheet in 2024, including strong core deposit growth and reduced loan-to-deposit ratio • Leverage increased loan demand due to the more favorable interest rate environment • Continue to align loan growth with core deposit growth over time • Maintain strong credit quality through consistent underwriting standards and active credit oversight • Utilize the expanded branch footprint, including two branches acquired from FMCB and anticipated opening of a de novo branch in Lake Elmo, MN • Focus on expanding targeted verticals, including affordable housing, women business leaders, and cannabis • Leverage affordable housing expertise to grow client base across the Twin Cities and nationally • Leverage marketplace disruption in the Twin Cities to attract new clients and top talent • Implement upgraded retail and small business online banking solution • Optimize recent technology investments, including the nCino commercial loan origination system and new CRM platform, as well as new AI tools to create efficiencies and enhance the client experience • Successfully complete systems integration of FMCB • Evaluate additional M&A opportunities that support BWB’s business model and growth outlook • Leverage recent M&A experience to optimize readiness and execution of future M&A opportunities Year-to-Date Progress • Loan growth of 15.9% annualized • Core deposit growth1 of 8.3% annualized • Affordable housing balances up $90M • C&I growth of 25.4% annualized • Preparing for upgraded retail and small business online banking rollout later in 2025 • Preparing for FMCB systems integration in 3Q25 1 Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than $250,000

| 34 APPENDIX

| 35 Reconciliation of Non-GAAP Financial Measures Dollars in thousands March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Adjusted Diluted Earnings Per Common Share Net Income Available to Common Shareholders $ 6,818 $ 7,101 $ 7,662 $ 7,190 $ 8,620 Add: Merger-related Expenses - - 224 488 565 Less: Tax Impact - - (53) (107) (135) Net Income Available to Common Shareholders, Excluding Impact of Merger-related Expenses $ 6,818 $ 7,101 $ 7,833 $ 7,571 $ 9,050 Diluted Weighted Average Shares Outstanding 28,089,805 27,748,184 27,904,910 28,055,532 28,036,506 Adjusted Diluted Earnings Per Common Share $ 0.24 $ 0.26 $ 0.28 $ 0.27 $ 0.32 Return on Average Tangible Common Equity Net Income Available to Common Shareholders $ 6,818 $ 7,101 $ 7,662 $ 7,190 $ 8,620 Average Shareholders' Equity $ 428,248 $ 435,585 $ 443,077 $ 455,949 $ 465,408 Less: Average Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Average Common Equity 361,734 369,071 376,563 389,435 398,894 Less: Effects of Average Intangible Assets (2,811) (2,802) (2,794) (4,412) (19,738) Average Tangible Common Equity $ 358,923 $ 366,269 $ 373,769 $ 385,023 $ 379,156 Return on Average Tangible Common Equity 7.64% 7.80% 8.16% 7.43% 9.22% Adjusted Return on Average Tangible Common Equity Net Income Available to Common Shareholders, Excluding Impact of Merger-related Expenses $ 6,818 $ 7,101 $ 7,833 $ 7,571 $ 9,050 Average Tangible Common Equity $ 358,923 $ 366,269 $ 373,769 $ 385,023 $ 379,156 Adjusted Return on Average Tangible Common Equity 7.64% 7.80% 8.34% 7.82% 9.68% As of and for the quarter ended, March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Pre-Provision Net Revenue: Noninterest Income $ 1,550 $ 1,763 $ 1,522 $ 2,533 $ 2,079 Less: (Gain) Loss on Sales of Securities (93) (320) 2 8 - (1) Total Operating Noninterest Income 1,457 1,443 1,550 2,533 2,078 Plus: Net Interest Income 24,631 24,996 25,599 26,967 30,208 Net Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286 Noninterest Expense 15,189 15,539 15,760 $ 16,812 $ 18,136 Total Operating Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136 Pre-provision Net Revenue $ 10,899 $ 10,900 $ 11,389 $ 12,688 $ 14,150 Plus: Non-Operating Revenue Adjustments 9 3 320 (28) - 1 Less: Provision (Recovery of) for Credit Losses 750 600 - 2,175 1,500 Less: Provision for Income Taxes 2,411 2,505 2,686 2,309 3,018 Net Income $ 7,831 $ 8,115 $ 8,675 $ 8,204 $ 9,633 Average Assets $ 4,592,838 $ 4,646,517 $ 4,709,804 $ 4,788,036 $ 5,071,446 Pre-Provision Net Renveue Return on Average Assets 0.95% 0.94% 0.96% 1.05% 1.13% Adjusted Pre-Provision Net Revenue: Net Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286 Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136 Less: Merger-related Expenses - - (224) (488) (565) Adjusted Total Operating Noninterest Expense $ 15,189 $ 15,539 $ 15,536 $ 16,324 $ 17,571 Adjusted Pre-Provision Net Revenue $ 10,899 $ 10,900 $ 11,613 $ 13,176 $ 14,715 Adjusted Pre-Provision Net Revenue Return on Average Assets 0.95% 0.94% 0.98% 1.09% 1.18% As of and for the quarter ended,

| 36 Reconciliation of Non-GAAP Financial Measures Dollars in thousands December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 Efficiency Ratio: Noninterest Expense $ 48,095 $ 56,620 $ 59,320 $ 63,300 Less: Amortization Intangible Assets (191) (191) (100) (78) Adjusted Noninterest Expense $ 47,904 $ 56,429 $ 59,220 $ 63,222 Net Interest Income $ 109,509 $ 129,698 $ 105,174 $ 102,193 Noninterest Income 5,309 6,332 6,493 7,368 Less: (Gain) Loss on Sales of Securities (750) (82) 3 3 (385) Adjusted Operating Revenue $ 114,068 $ 135,948 $ 111,700 $ 109,176 Efficiency Ratio 42.0% 41.5% 53.0% 57.9% As of and for the year ended, March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Efficiency Ratio: Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136 Less: Amortization Intangible Assets (9) (8) (9) (52) (230) Adjusted Noninterest Expense $ 15,180 $ 15,531 $ 15,751 $ 16,760 $ 17,906 Net Interest Income $ 24,631 $ 24,996 $ 25,599 $ 26,967 $ 30,208 Noninterest Income 1,550 1,763 1,522 2,533 2,079 Less: (Gain) Loss on Sales of Securities (93) (320) 2 8 - (1) Adjusted Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286 Efficiency Ratio 58.2% 58.7% 58.0% 56.8% 55.5% Adjusted Efficiency Ratio: Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136 Less: Amortization Intangible Assets (9) (8) (9) (52) (230) Less: Merger-related Expenses - - (224) (488) (565) Adjusted Noninterest Expense $ 15,180 $ 15,531 $ 15,527 $ 16,272 $ 17,341 Net Interest Income $ 24,631 $ 24,996 $ 25,599 $ 26,967 $ 30,208 Noninterest Income 1,550 1,763 1,522 2,533 2,079 Less: (Gain) Loss on Sales of Securities (93) (320) 2 8 - (1) Adjusted Operating Revenue $ 26,088 $ 26,439 $ 27,149 $ 29,500 $ 32,286 Efficiency Ratio 58.2% 58.7% 57.2% 55.2% 53.7% Adjusted Noninterest Expense to Average Assets: Noninterest Expense $ 15,189 $ 15,539 $ 15,760 $ 16,812 $ 18,136 Less: Merger-related Expenses - - (224) (488) (565) Adjusted Noninterest Expense $ 15,189 $ 15,539 $ 15,536 $ 16,324 $ 17,571 Average Assets $ 4,592,838 $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446 Adjusted Noninterest Expense to Average Assets 1.33% 1.35% 1.31% 1.36% 1.41% As of and for the quarter ended, March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Adjusted Return on Average Assets Net Income $ 7,831 $ 8,115 $ 8,675 $ 8,204 $ 9,633 Add: Merger-related Expenses - - 224 488 565 Less: Tax Impact - - (53) (107) (135) Net Income, Excluding Impact of Merger- related Expenses $ 7,831 $ 8,115 $ 8,846 $ 8,585 $ 10,063 Average Assets $ 4,592,838 $ 4,646,517 $ 4,703,804 $ 4,788,036 $ 5,071,446 Adjusted Return on Average Assets 0.69% 0.70% 0.75% 0.71% 0.80% Tangible Common Equity / Tangible Assets Total Shareholders' Equity $ 433,611 $ 439,241 $ 452,200 $ 457,935 $ 468,975 Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514) Total Common Shareholders' Equity 367,097 372,727 385,686 391,421 402,461 Less: Intangible Assets (2,806) (2,797) (2,789) (19,832) (19,602) Tangible Common Equity $ 364,291 $ 369,930 $ 382,897 $ 371,589 $ 382,859 Total Assets $ 4,723,109 $ 4,687,035 $ 4,691,517 $ 5,066,242 $ 5,136,808 Less: Intangible Assets (2,806) (2,797) (2,789) (19,832) (19,602) Tangible Assets $ 4,720,303 $ 4,684,238 $ 4,688,728 $ 5,046,410 $ 5,117,206 Tangible Common Equity / Tangible Assets 7.72% 7.90% 8.17% 7.36% 7.48% Core Loan Yield Loan Interest Income (Tax-Equivalent Basis) $ 49,858 $ 51,592 $ 52,118 $ 52,078 $ 53,979 Less: Loan Fees (608) (767) (968) (747) (719) Loan Accretion - - - - (342) Core Loan Interest Income $ 49,250 $ 50,825 $ 51,150 $ 51,331 $ 52,918 Average Loans $ 3,729,355 $ 3,771,768 $ 3,721,654 $ 3,730,532 $ 3,899,258 Core Loan Yield 5.31% 5.42% 5.47% 5.47% 5.50% Core Net Interest Margin Net Interest Income (Tax-equivalent Basis) $ 24,992 $ 25,288 $ 25,905 $ 27,254 $ 30,464 Less: Loan Fees (608) (767) (968) (747) (719) Purchase Accounting Accretion: Loan Accretion - - - - (342) Bond Accretion - - - (91) (578) Bank-Owned CDs - - - - (7) Deposit CDs - - - - (38) Total Purchase Accounting Accretion - - - (91) (965) Core Net Interest Income (Tax-equivalent Basis) $ 24,384 $ 24,521 $ 24,937 $ 26,416 $ 28,780 Average Interest Earning Assets $ 4,492,756 $ 4,545,920 $ 4,595,521 $ 4,682,841 $ 4,928,283 Core Net Interest Margin 2.18% 2.17% 2.16% 2.24% 2.37% As of and for the quarter ended,

| 37 Reconciliation of Non-GAAP Financial Measures Tangible Book Value Per Share December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Book Value Per Common Share $ 4.69 $ 4.91 $ 5.23 $ 5.43 $ 5.56 $ 6.62 $ 6.85 $ 7.01 $ 7.34 $ 7.70 Less: Effects of Intangible Assets (0.16) (0.16) (0.16) (0.16) (0.16) (0.13) (0.12) (0.12) (0.12) (0.12) Tangible Book Value Per Common Share $ 4.53 $ 4.75 $ 5.07 $ 5.27 $ 5.40 $ 6.49 $ 6.73 $ 6.89 $ 7.22 $ 7.58 Total Common Shares 24,589,861 24,589,861 24,589,861 24,629,861 24,679,861 30,059,374 30,059,374 30,059,374 30,097,274 30,097,674 Tangible Book Value Per Share June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Book Value Per Common Share $ 7.90 $ 8.20 $ 8.45 $ 8.61 $ 8.92 $ 9.25 $ 9.43 $ 9.92 $ 10.33 $ 10.73 Less: Effects of Intangible Assets (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.12) (0.11) Tangible Book Value Per Common Share $ 7.78 $ 8.08 $ 8.33 $ 8.49 $ 8.80 $ 9.13 $ 9.31 $ 9.80 $ 10.21 $ 10.62 Total Common Shares 28,986,729 28,781,162 28,973,572 28,807,375 28,837,560 28,710,775 28,143,493 28,132,929 28,162,777 28,066,822 Tangible Book Value Per Share December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Book Value Per Common Share $ 11.09 $ 11.12 $ 11.14 $ 11.44 $ 11.80 $ 12.05 $ 12.25 $ 12.47 $ 12.94 $ 13.30 Less: Effects of Intangible Assets (0.11) (0.11) (0.11) (0.11) (0.11) (0.10) (0.10) (0.10) (0.10) (0.10) Tangible Book Value Per Common Share $ 10.98 $ 11.01 $ 11.03 $ 11.33 $ 11.69 $ 11.95 $ 12.15 $ 12.37 $ 12.84 $ 13.20 Total Common Shares 28,206,566 28,150,389 27,677,372 27,587,978 27,751,950 27,845,244 27,973,995 28,015,505 27,748,965 27,589,827 Tangible Book Value Per Share June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Book Value Per Common Share $ 13.63 $ 14.06 $ 14.21 $ 14.60 Less: Effects of Intangible Assets (0.10) (0.10) (0.72) (0.71) Tangible Book Value Per Common Share $ 13.53 $ 13.96 $ 13.49 $ 13.89 Total Common Shares 27,348,049 27,425,690 27,552,449 27,560,150 As of and for the quarter ended, As of and for the quarter ended, As of and for the quarter ended, As of and for the quarter ended,