Bridgewater Bancshares, Inc._2023 Annual Report

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

rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer, and the quality of any underlying assets or credit enhancements, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for a recovery in fair value. No declines were deemed to be other than temporary as of December 31, 2022. The following table presents a summary of amortized cost and estimated fair value of debt securities by the lesser of expected call date or contractual maturity as of December 31, 2023. Call date is used when a call of the debt security is expected, determined by the Company when the security has a market value above its amortized cost. Contractual maturities will differ from expected maturities for mortgage-backed, SBA securities and asset-backed securities because borrowers may have the right to call or prepay obligations without penalties.

(dollars in thousands)

Amortized Cost Fair Value

December 31, 2023 Due in One Year or Less ................................... $ Due After One Year Through Five Years . . . . . . . . . . . . . . . . . . . . . . DueAfterFiveYearsThrough10Years....................... DueAfter10Years........................................ Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mortgage-Backed Securities ................................ SBA Securities ........................................... Asset-BackedSecurities.................................... 86,986 Totals.................................................. $ 648,616 $604,104 17,260 $ 17,183 47,485 186,291 42,574 293,610 249,455 18,497 87,054 45,922 165,766 34,258 263,129 235,315 18,674

The following table presents a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for the years ended December 31, 2023, 2022, and 2021:

Year Ended December 31,

(dollars in thousands) 2021 Proceeds From Sales of Securities . . . . . . . . . . . . . . . . . . . . . . . $ 28,756 $ 64,439 $ 11,877 Gross Gains on Sales ................................. 247 612 1,200 GrossLossesonSales................................. (280) (530) (450) 2023 2022

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