SIGNATURES 68 2 PART 1 – FINANCIAL INFORMATION Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets (dollars in thousands, except share data) Table of Contents | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|-------|------------------------------|--------|--------------------------| | INTEREST INCOME | | | Three \nMarch 31, 2023 | Months | Ended \nMarch 31, 2022 | | Loans, Including Fees | | $ | 44,955 | $ | 31,744 | | ...

Bridgewater Bancshares, Inc. (NASDAQ:BWB) Q1 2023 Earnings Conference Call March 27, 2023 9:00 AM ET Company Participants Justin Horstman - Director, Investor Relations Jerry Baack - Chairman, President and Chief Executive Officer Joe Chybowski - Chief Financial Officer Nick Place - Chief Lending Officer Jeff Shellberg - Director, Secretary, Executive Vice President and Chief Credit Officer Conference Call Participants Brendan Nosal - Piper Sandler Jeff Rulis - D.A. Davidson Ben Gerlinger - Hovde Group Oper ...

Loan Portfolio and Asset Composition - Commercial loans represented 12.2% of the total gross loan portfolio at December 31, 2022[22] - The company's advances from the FHLB were collateralized by $1.20 billion of real estate and commercial loans as of December 31, 2022[35] - Total assets as of December 31, 2022, were $4.35 billion, with total gross loans at $3.57 billion, total deposits at $3.42 billion, and total shareholders' equity at $394.1 million[51] - Over 80% of the company's real estate loan balances as of December 31, 2022, were secured by properties located in the Twin Cities market[78] - The multifamily loan portfolio has experienced no net charge-offs over the past five years and only $62,000 of net charge-offs since inception[84] - The company's multifamily lending expertise has historically represented a large portion of the loan portfolio, with lower historical loss rates compared to other loan types[84] - The 10 largest borrowing relationships accounted for approximately 19.4% of the total gross loan portfolio as of December 31, 2022[203] - 72.3% of the company's loan portfolio by dollar amount has been originated in the past three years, indicating a relatively new portfolio that may not yet reflect future delinquency and default levels[205] - The company's total loans secured by multifamily and CRE non-owner occupied properties plus total construction and land development loans represent more than 514.9% of its total risk-based capital, indicating a concentration in CRE lending[214] - The company may need to increase its provision for loan losses if delinquencies and defaults rise, which could materially impact its business, financial condition, and growth prospects[205] Deposit and Funding Sources - The company had approximately $776.2 million of brokered deposits, representing 22.7% of total deposits, $97.0 million of FHLB advances, and $287.0 million of federal funds purchased as of December 31, 2022[35] - The 10 largest depositor relationships accounted for approximately 15.0% of total deposits as of December 31, 2022, presenting a liquidity risk if these relationships change[82] - The company plans to increase core deposits over time to support loan growth and build market share, supplemented by non-core funding sources when necessary[97] - A decline in available funding could adversely impact the company's ability to implement its strategic plan, including originating loans and investing in securities, or to fulfill obligations such as repaying borrowings or meeting deposit withdrawal demands[208] Market and Economic Conditions - The Twin Cities MSA had an unemployment rate of 2.6% as of December 31, 2022, lower than the national average of 3.5%[43] - Wells Fargo and US Bank controlled 62.3% of the deposit market share in the Twin Cities MSA as of June 30, 2022, while the company had a deposit market share of approximately 1.4%[44] - The company's market ranked second in median household income in the Midwest and eighth in the nation as of December 31, 2022[43] - The Twin Cities Metropolitan Statistical Area (MSA) had total deposits of $232.4 billion as of June 30, 2022, ranking as the 16th largest MSA in the U.S. by total deposits[54] - The United States experienced an annual increase in the consumer price index of approximately 6.5% as of the end of 2022[200] Risk Management and Regulatory Compliance - Nonperforming assets adversely affect net interest income and increase loan administration costs, potentially impacting net income and returns on assets and equity[23] - The company's enterprise risk management committee meets quarterly to assess and manage overall enterprise risk, with reports provided to the board on a quarterly basis[88] - The company is subject to Basel III Rule requirements, including a Common Equity Tier 1 Capital ratio of 4.5% of risk-weighted assets and a Tier 1 Capital ratio of 6% of risk-weighted assets[112] - As of December 31, 2022, the company was well-capitalized and in compliance with the Basel III Rule requirements and capital conservation buffer[134] - The company may elect the Community Bank Leverage Ratio (CBLR) framework, which requires a CBLR greater than 9% for institutions with less than $10 billion in total consolidated assets[135] - The company must maintain a Common Equity Tier 1 Capital of at least 2.5% to pay unrestricted dividends, factoring in the capital conservation buffer[150][161] - The FDIC increased the minimum reserve ratio from 1.15% to 1.35% of estimated insured deposits, and the company's FDIC insurance assessment will increase beginning in 2023[146] - The company is subject to the Basel III Rule, which requires higher quality capital and introduces Common Equity Tier 1 Capital, with minimum ratios of 7% for Common Equity Tier 1 Capital, 8.5% for Tier 1 Capital, and 10.5% for Total Capital[160][161] - The company must maintain a surplus of at least 20% of its capital to pay dividends, and once the surplus reaches 50%, dividends can be paid out of net profits without reducing capital below regulatory requirements[148] - The company is subject to the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) under Basel III, requiring adequate high-quality liquid assets and stable funding sources[147] - The company must comply with the Federal Reserve's capital requirements to be well-capitalized, which includes maintaining specific capital ratios and being well-managed[166] - The company is prohibited from acquiring more than 5% of a class of voting shares of any non-bank company, with exceptions for certain banking-related businesses[167] - The company is subject to prompt corrective action by federal regulators if it becomes undercapitalized, which may include restrictions on asset growth, activities, and capital distributions[164] - The Bank's deposit accounts are insured by the FDIC's Deposit Insurance Fund (DIF) up to $250,000 per insured depositor category[172] - The total base assessment rates for FDIC insurance premiums range from 1.5 basis points to 30 basis points[174] - The Bank exceeded its capital requirements under applicable guidelines as of December 31, 2022[177] - The new accounting standard CECL became applicable on January 1, 2023, requiring financial institutions to estimate lifetime expected credit losses on loans[199] - The company is subject to heightened risk management practices due to its concentration in CRE lending, as required by regulatory guidance[214] Growth and Strategic Initiatives - The company's assets have grown at a compounded annual growth rate of 32.8% since 2005, surpassing $4.0 billion in total assets in 2022[42] - The company completed a small bank acquisition in 2016, adding approximately $76.1 million in assets and $66.7 million in seasoned core deposits[42] - The company may consider opportunistic acquisitions to complement its existing business and bolster its balance sheet without compromising its risk profile or culture[98] - The company's growth strategy is dependent on attracting and retaining key personnel and managing costs effectively[189] Workforce and Corporate Culture - As of December 31, 2022, women and people of color comprised 52% and 18% of the company's total workforce, respectively, and 54% and 11% of manager roles, respectively[100] - The company had 246 full-time equivalent employees as of December 31, 2022, an increase of 12% from December 31, 2021[118] - The company established a $20 per hour minimum wage in 2021, becoming one of the few local Minnesota companies to do so[119] - The company launched an ESG webpage in March 2022 to communicate its ESG priorities and actions[104] Operational and Geographic Concentration Risks - The Bank's operations are geographically concentrated in the Twin Cities MSA, making it vulnerable to local economic downturns[195] - The Bank is subject to environmental liabilities that could result in substantial remediation costs and reduced property values[194] - The Bank's loan portfolio is significantly exposed to real estate loans, making it sensitive to changes in real estate values and liquidity[192] Financial Holding Company and Regulatory Framework - The company has elected to operate as a financial holding company, allowing it to engage in a wider range of nonbanking activities, including securities and insurance underwriting, merchant banking, and other financial activities[138] - The Federal Reserve reduced all reserve tranches to zero percent in March 2020, allowing the company to loan or invest funds previously held as reserves[153]

Bridgewater Bancshares, Inc. (NASDAQ:BWB) Q4 2022 Results Conference Call January 26, 2023 9:00 AM ET Company Participants Justin Horstman - Director of Investor Relations Jerry Baack - Chairman, President and Chief Executive Officer Joe Chybowski - Chief Financial Officer Jeff Shellberg - Chief Credit Officer Nick Place - Chief Lending Officer Conference Call Participants Brendan Nosal - Piper Sandler Jeff Rulis - D.A. Davidson Ben Gerlinger - Hovde Group Operator Good morning, and welcome to the Bridgewat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |--------------------------------------------------------------------------------------|-----------------------------------------------------| | For the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------------------------------------|-------------------------------------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |--------------------------------------------------------------------------------------|-----------------------------------------------|--------------- ...

[PART I](index=6&type=section&id=PART%20I) [Business](index=6&type=section&id=Item%201.%20Business) Bridgewater Bancshares, Inc. is a Minnesota-based financial holding company focused on commercial real estate lending, with assets of **$3.48 billion** as of December 31, 2021 Financial Highlights as of December 31, 2021 | Metric | Amount (Billions) | |------------------------|-------------------| | Total Assets | $3.48 | | Total Gross Loans | $2.82 | | Total Deposits | $2.95 | | Total Shareholders' Equity | $0.379 | - The company has grown significantly since its inception in 2005, driven primarily by organic growth in commercial real estate lending, with assets surpassing **$3.0 billion** in 2021[17](index=17&type=chunk) - Operating in the competitive Twin Cities MSA, the company ranked ninth in deposit market share with approximately **1.2%** as of June 30, 2021[23](index=23&type=chunk)[25](index=25&type=chunk) - The company's lending activities are concentrated in commercial real estate, with a particular expertise in multifamily financing, which has historically represented **20-30%** of the loan portfolio[28](index=28&type=chunk) - The Bank is deemed to have a concentration in Commercial Real Estate (CRE) lending, with CRE and development loans representing **483.4%** of its total capital as of December 31, 2021, requiring heightened risk management practices[131](index=131&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant credit, liquidity, operational, and market risks, primarily from commercial real estate loan concentration and non-core funding - A significant portion of the loan portfolio consists of commercial real estate loans, representing **71.3%** of the total gross loan portfolio and **483.4%** of the Bank's total risk-based capital at year-end 2021, exposing the company to risks in real estate values[145](index=145&type=chunk) - The company has a high concentration of large loans, with the **10 largest borrowing relationships** accounting for approximately **19.2%** of the total gross loan portfolio as of December 31, 2021[169](index=169&type=chunk) - There is a high concentration of large depositors, with the **10 largest depositor relationships** accounting for approximately **17.1%** of total deposits, posing a liquidity risk if these clients withdraw their funds[189](index=189&type=chunk) - The company depends on non-core funding sources, including **$369.3 million** in brokered deposits, which represented **12.5%** of total deposits as of December 31, 2021[184](index=184&type=chunk)[185](index=185&type=chunk) - The ongoing COVID-19 pandemic poses a material risk, potentially impacting clients' ability to fulfill financial obligations, increasing delinquencies, and negatively affecting regional economic conditions[330](index=330&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk) [Unresolved Staff Comments](index=87&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[335](index=335&type=chunk) [Properties](index=87&type=section&id=Item%202.%20Properties) The company's corporate headquarters is located in St. Louis Park, Minnesota, operating seven full-service branch offices within the Twin Cities MSA, with three owned and four leased - The company operates a total of **seven full-service branch offices** in the Twin Cities MSA[336](index=336&type=chunk) - Of the seven branch locations, **three are owned** by the company and **four are operated under lease agreements**[337](index=337&type=chunk) [Legal Proceedings](index=89&type=section&id=Item%203.%20Legal%20Proceedings) The company is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to its business - Neither the Company nor its subsidiaries are party to any material pending legal proceedings outside of ordinary routine litigation[339](index=339&type=chunk) [Mine Safety Disclosures](index=89&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[340](index=340&type=chunk) [PART II](index=89&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=89&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq, with a **$40.0 million** stock repurchase program active, and future common stock dividends are not anticipated - The company's common stock and depository shares are traded on the Nasdaq Stock Market under the symbols **\"BWB\"** and **\"BWBBP\"**, respectively[342](index=342&type=chunk) - A stock repurchase program authorized up to **$40.0 million** is effective through October 27, 2022, with approximately **$12.4 million** remaining available for repurchases as of the end of Q4 2021[347](index=347&type=chunk)[345](index=345&type=chunk) - The company does not anticipate paying dividends on its common stock in the foreseeable future, intending to retain earnings to support operations and growth[351](index=351&type=chunk) [Selected Financial Data](index=93&type=section&id=Item%206.%20Selected%20Financial%20Data) This section has been intentionally omitted as permitted by recent SEC rule amendments designed to modernize and simplify financial disclosure requirements - The information previously required by this item has been intentionally omitted as permitted by SEC rule amendments[356](index=356&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=93&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, net income rose **68.0%** to **$45.7 million**, driven by increased net interest income and reduced loan loss provisions, with total assets growing **18.8%** to **$3.48 billion** Year-over-Year Performance Comparison (2021 vs. 2020) | Metric | 2021 | 2020 | % Change | |-----------------------------|-------------------|-------------------|----------| | Net Income | $45.7 million | $27.2 million | +68.0% | | Diluted EPS | $1.54 | $0.93 | +64.8% | | Net Interest Income | $109.5 million | $88.0 million | +24.5% | | Provision for Loan Losses | $5.2 million | $12.8 million | -59.4% | | Total Assets (Year-End) | $3.48 billion | $2.93 billion | +18.8% | | Total Gross Loans (Year-End)| $2.82 billion | $2.33 billion | +21.2% | - Net interest margin expanded to **3.54%** in 2021 from **3.46%** in 2020, benefiting from lower deposit costs and accelerated recognition of PPP loan fees[395](index=395&type=chunk) - Asset quality remained strong, with nonperforming assets at **$0.722 million** or **0.02%** of total assets, at year-end 2021[464](index=464&type=chunk) - Total deposits grew by **17.8%** to **$2.95 billion**, with a significant **30.2%** increase in noninterest-bearing deposits, which comprised **29.7%** of total deposits at year-end 2021[477](index=477&type=chunk) - Shareholders' equity increased by **42.9%** to **$379.3 million**, primarily due to retained earnings and the net issuance of **$66.5 million** in preferred stock[491](index=491&type=chunk)[490](index=490&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=147&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed by its ALM Committee using **$235.0 million** in derivatives, with a **100 basis point** rate increase projected to raise net interest income by **0.55%** - The company's primary market risk is identified as interest rate risk, which is the risk of loss to net interest income due to changes in interest rates[526](index=526&type=chunk) - To mitigate interest rate risk, the company utilizes cash flow hedges, including interest rate swaps and caps, with a total notional amount of **$235.0 million** as of December 31, 2021[529](index=529&type=chunk) Net Interest Income Sensitivity Analysis (as of Dec 31, 2021) | Change in Interest Rates (bps) | Projected % Change in Net Interest Income | |--------------------------------|-------------------------------------------| | +400 | +5.75% | | +200 | +2.15% | | +100 | +0.55% | | -100 | -2.71% | [Financial Statements and Supplementary Data](index=150&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for Bridgewater Bancshares, Inc. for the three years ended December 31, 2021, receiving an unqualified opinion - The independent registered public accounting firm, CliftonLarsonAllen LLP, issued an unqualified audit opinion on the consolidated financial statements[538](index=538&type=chunk) - The Consolidated Balance Sheet as of December 31, 2021, reports total assets of **$3.478 billion** and total liabilities of **$3.098 billion**[546](index=546&type=chunk)[543](index=543&type=chunk) - The Consolidated Statement of Income for the year ended December 31, 2021, shows Net Interest Income of **$109.51 million** and Net Income of **$45.69 million**[551](index=551&type=chunk) - Note 5 details the loan portfolio composition, with Real Estate Mortgage loans comprising the largest segment at **$2.145 billion** as of December 31, 2021[666](index=666&type=chunk) - Note 20 confirms that as of December 31, 2021, both the Company and the Bank's capital ratios exceeded the minimum requirements to be considered well-capitalized under regulatory guidelines[758](index=758&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=221&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[809](index=809&type=chunk) [Controls and Procedures](index=221&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2021 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[810](index=810&type=chunk) - Management asserts that the company maintained effective internal control over financial reporting as of December 31, 2021, based on the COSO framework[815](index=815&type=chunk) - There were no changes in internal control over financial reporting during the fiscal year that materially affected, or are reasonably likely to materially affect, the company's internal controls[817](index=817&type=chunk) [Other Information](index=223&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[818](index=818&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=223&type=section&id=Item%209C%3A%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[819](index=819&type=chunk) [PART III](index=223&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=223&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting of Shareholders - Information is incorporated by reference from the definitive proxy statement to be filed within 120 days of the fiscal year end[821](index=821&type=chunk) [Executive Compensation](index=223&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive and director compensation is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting of Shareholders - Information is incorporated by reference from the definitive proxy statement to be filed within 120 days of the fiscal year end[822](index=822&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=224&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details equity compensation plans, showing **2,113,653** securities to be issued and **677,275** available for future issuance as of December 31, 2021 Equity Compensation Plan Information as of December 31, 2021 | Plan Category | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | |------------------------------------------------|---------------------------------------|---------------------------------|------------------------------------------| | Equity compensation plans approved by shareholders | 2,113,653 | $7.67 | 677,275 | [Certain Relationships and Related Transactions, and Director Independence](index=224&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting of Shareholders - Information is incorporated by reference from the definitive proxy statement to be filed within 120 days of the fiscal year end[827](index=827&type=chunk) [Principal Accounting Fees and Services](index=224&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information detailing fees paid to the principal accountant is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting of Shareholders - Information is incorporated by reference from the definitive proxy statement to be filed within 120 days of the fiscal year end[828](index=828&type=chunk) [PART IV](index=225&type=section&id=PART%20IV) [Exhibits and Financial Statement Schedules](index=225&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements from Item 8 and provides a comprehensive list of all exhibits filed with the Form 10-K - The consolidated financial statements from Item 8 are incorporated by reference[832](index=832&type=chunk) - A detailed list of exhibits filed with the report is provided, including articles of incorporation, bylaws, indentures, employment agreements, and various certifications[832](index=832&type=chunk)[833](index=833&type=chunk)[834](index=834&type=chunk) [Form 10-K Summary](index=229&type=section&id=Item%2016%3A%20Form%2010-K%20Summary) The company did not provide a summary for this item - None[837](index=837&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------|------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ________ Commission File Number 001-38412 BRIDGEWATER BANCSHARES, INC. (Exact name of registrant as specified in its charter) ...