2020 Annual Report

Bridgewater Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (dollars in thousands, except share data)

The following table presents the estimated future amortization of the core deposit intangible and favorable lease asset for the next five years and thereafter. The projections of amortization expense are based on existing asset balances as of December 31, 2020.

Core Deposit Favorable Intangible Lease

2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

157 $

34 34 34 34 34

157

65

— — —

121 291

379 $

Note 8: Deposits

The following table presents the composition of deposits at December 31, 2020 and 2019:

December 31,

2020 2019 Transaction Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,038,193 $ 712,136 Savings and Money Market Deposits . . . . . . . . . . . . . . . . . . . . . . . . 657,617 516,785 Time Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353,543 360,027 Brokered Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 452,283 234,362 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,501,636 $ 1,823,310

Brokered deposits contain brokered money market accounts of $159,665 and $2,443 as of December 31, 2020 and 2019, respectively.

The following table presents the scheduled maturities of brokered and customer time deposits at December 31, 2020:

2020 Less than 1 Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 338,261 1 to 2 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,455 2 to 3 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,018 3 to 4 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,964 4 to 5 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,463 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 646,161 The aggregate amount of time deposits greater than $250 was approximately $96,102 and $118,318 at December 31, 2020 and 2019, respectively. Note 9: Notes Payable During 2016, the Company entered into a note payable with an unaffiliated financial institution that was secured by 100% of the stock of the Bank. The proceeds of the note were partially used to payoff existing notes payable. The note required interest payments monthly and principal payments of $500 quarterly. Interest was accrued at a variable rate equal to 1-month LIBOR plus 2.40% and matured in February 2021. The interest rate at December 31, 2020 and 2019, was 2.55% and 4.09%, respectively. The note contained several financial and reporting covenants. As of

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