2020 Annual Report

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

Note 26: Subsequent Events

Payoff of Note Payable

On February 25, 2021, the Company paid off its $11.0 million bank stock loan.

New Revolving Line of Credit

On March 1, 2021, the Company entered into a Loan and Security Agreement and revolving note with ServisFirst Bank, pursuant to which ServisFirst Bank has made a $25.0 million revolving line of credit available to the Company which is secured by 100% of the stock of the Bank. The maturity of the line of credit is February 28, 2023. As of March 5, 2021, there was no outstanding balance under the line of credit, and the entire amount of the line of credit remained available to the Company.

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