2020 Annual Report

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Shareholders’ Equity (amounts in thousands, except share data)

Accumulated

Additional

Other

Shares Common Stock Paid-In Retained Comprehensive Voting Non-voting Voting Non-voting Capital Earnings Income (Loss) Total

BALANCE, December 31, 2017 . . . . . . . . 20,834,001 3,845,860 $ 208 $

38 $ 66,324 $ 69,508 $

1,084 $137,162

—

— —

—

799

—

—

799

Stock-based Compensation . . . Comprehensive Income (Loss). . . . . . . . . . . . . . . . . .

—

— —

—

— 26,920

(2,846) 24,074

Issuance of Common Stock, Net of Issuance Costs. . . . . . 5,379,513

—

54

— 58,803

—

— 58,857

Conversion of Non-voting Stock to Voting Stock . . . . . 3,845,860 (3,845,860) 38

(38)

—

— —

— —

—

37,900

—

1

—

105

106

Stock Options Exercised . . . . . Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings . . . . . .

— —

—

—

(194)

194

—

—

BALANCE, December 31, 2018 . . . . . . . . 30,097,274

— 301 — — — —

— 126,031 96,234

(1,568) 220,998

Stock-based Compensation . . . Comprehensive Income . . . . . Stock Options Exercised . . . . .

— —

— — —

752

—

—

752

— 31,403

6,342 37,745

74,850

—

1

257

—

—

258

Stock Repurchases . . . . . . . . . (1,331,512)

— (13)

— (14,946)

—

— (14,959)

Issuance of Restricted Stock Awards. . . . . . . . . . . . . . . . .

132,960

—

1

—

(1)

—

—

—

BALANCE, December 31, 2019 . . . . . . . . 28,973,572

— 290 — — — —

— 112,093 127,637

4,774 244,794

Stock-based Compensation . . . Comprehensive Income . . . . . Stock Options Exercised . . . . .

29,050

— 1,668

—

— 1,668

— —

— 27,194

1,805 28,999

—

74,400

—

1

316

—

—

317

Stock Repurchases . . . . . . . . . (940,781)

— (10)

— (10,324)

—

— (10,334)

Issuance of Restricted Stock Awards. . . . . . . . . . . . . . . . . Forfeiture of Restricted Stock Awards. . . . . . . . . . . . . . . . . Restricted Shares Withheld for Taxes . . . . . . . . . . . . . . .

18,641

—

—

—

—

—

—

—

(8,200)

—

—

—

—

—

—

—

(3,189)

—

—

—

(39)

—

—

(39)

BALANCE, December 31, 2020 . . . . . . . . 28,143,493

— $ 281 $

— $103,714 $154,831 $

6,579 $265,405

See accompanying notes to consolidated financial statements.

93