Bridgewater Bancshares, Inc._2023 Annual Report

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Cash Flows (dollars in thousands)

December 31, 2023

December 31, 2022

December 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES NetIncome.............................................................. $ Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Amortization on Securities Available for Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net (Gain) Loss on Sales of Securities Available for Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . ProvisionforCreditLossesonLoans ......................................... CreditforOff-BalanceSheetExposures ....................................... DepreciationofPremisesandEquipment....................................... LossonDisposalofPremisesandEquipment.................................... AmortizationofOtherIntangibleAssets....................................... AmortizationofRight-ofuseAsset........................................... Amortization of Subordinated Debt Issuance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stock-basedCompensation ................................................ DeferredIncomeTaxes................................................... Changes in Operating Assets and Liabilities: AccruedInterestReceivableandOtherAssets.................................. Accrued Interest Payable and Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NetCashProvidedbyOperatingActivities ........................................ CASH FLOWS FROM INVESTING ACTIVITIES Decrease in Bank-Owned Certificates of Deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from Sales of Securities Available for Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from Maturities, Paydowns, Payups and Calls of Securities Available for Sale . . . . . . PurchasesofSecuritiesAvailableforSale...................................... NetIncreaseinLoans.................................................... Net(Increase)DecreaseinFHLBStock ....................................... PurchasesofPremisesandEquipment......................................... ProceedsfromSalesofForeclosedAssets...................................... PurchaseofBank-OwnedLifeInsurance....................................... NetCashUsedinInvestingActivities ............................................. CASH FLOWS FROM FINANCING ACTIVITIES NetIncreaseinDeposits..................................................... Net Increase (Decrease) in Federal Funds Purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PrincipalProceeds(Payments)onNotesPayable .................................... ProceedsfromFHLBAdvances................................................ PrincipalPaymentsonFHLBAdvances .......................................... Issuance of Preferred Stock, net of Issuance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PreferredStockDividendsPaid ................................................ Issuance of Subordinated Debt, net of Issuance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RedemptionofSubordinatedDebt .............................................. StockOptionsExercised..................................................... StockRepurchases......................................................... ForfeitureofRestrictedStockAwards............................................ Shares Repurchased for Tax Withholdings Upon Vesting of Restricted Stock-Based Awards . . . . . . Shares Repurchased for Tax Withholdings Upon Exercise of Stock Options. . . . . . . . . . . . . . . . . . NetCashProvidedbyFinancingActivities .................................. NET CHANGE IN CASH AND CASH EQUIVALENTS .............................. CashandCashEquivalentsBeginning............................................. CashandCashEquivalentsEnding ............................................... $ SUPPLEMENTAL CASH FLOW DISCLOSURE CashPaidforInterest....................................................... $ CashPaidforIncomeTaxes................................................... SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES NetInvestmentSecuritiesPurchasedbutNotSettled.................................. LoansTransferredtoForeclosedAssets...........................................

39,960

$

53,392

$

45,687

10 33

1,867

3,362

(82)

(750)

2,050 (2,225) 2,509

7,700

5,150

—

—

2,565

2,369

20

18

—

100 534 383

191 497 416

191

—

441

3,954

3,340 (1,401)

2,426 (4,522) (4,064) 3,946

676

(21,894) 3,905 30,015

(14,080) 30,576 84,999

54,236

1,181 28,756 32,747

695

984

64,439 38,226

11,877 44,235

(113,648) (157,874)

(268,259) (749,940) (14,364)

(109,898) (492,631)

2,509 (2,970)

(215) (777)

(1,633)

116

—

—

—

(7,407)

(25,000) (571,425)

(209,183)

(938,243)

293,405 (287,000) 679,500 (457,000) —

470,306 287,000 13,750 158,000 (103,500)

444,601

—

(11,000)

—

(15,000) 66,514 (1,171) 29,309 (11,250)

—

—

(4,054)

(4,054)

— —

—

(13,750)

963

577

724

(4,541)

(10,778)

(2,301)

—

(2)

—

(457) (129)

(620) (115)

(439)

—

220,687

796,814

499,987

41,519 87,043 128,562

(56,430) 143,473

(17,202) 160,675 143,473

$

87,043

$

114,347 10,388

$

32,159 20,565

$

19,135 19,376

—

2,438

— —

116

—

See accompanying notes to consolidated financial statements.

88