Bridgewater Bancshares, Inc._2023 Annual Report

Table of Contents

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PART I Item1.Business...................................................................................... 4 Item1A.RiskFactors ................................................................................. 21 Item1B.UnresolvedStaffComments..................................................................... 45 Item1C.Cybersecurity................................................................................ 45 Item2.Properties..................................................................................... 46 Item3.LegalProceedings.............................................................................. 46 Item4.MineSafetyDisclosures......................................................................... 46 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. . . . 46 Item6.[Reserved].................................................................................... 49 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. . . . . . . . . . . . . . . . . . . . . . 49 Item 7A. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Item8.FinancialStatementsandSupplementaryData........................................................ 80 Reports of Independent Registered Public Accounting Firm (CliftonLarsonAllen LLP, Auditor Firm ID: 655) . . . . . . 80 Reports of Independent Registered Public Accounting Firm (RSM US LLP, Auditor Firm ID: 49). . . . . . . . . . . . . . . . 81 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. . . . . . . . . . . . . . . . . . . . . . 138 Item9A.ControlsandProcedures........................................................................ 138 Item9B.OtherInformation............................................................................. 139 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 PART III Item10.Directors,ExecutiveOfficersandCorporateGovernance............................................... 139 Item11.ExecutiveCompensation........................................................................ 139 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. . . . . . . . . . . . 140 Item 13. Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 Item14.PrincipalAccountantFeesandServices............................................................ 140 PART IV Item15.ExhibitsandFinancialStatementSchedules......................................................... 141 Item16:Form10-KSummary .......................................................................... 144 Signatures .......................................................................................... 145

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