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Exhibit 99.1 Bridgewater Bancshares , Inc. Announces Record Second Quarter 2021 Net Income of $ 11.0 Million , $ 0.38 Diluted Earnings Per Common Share Bridgewater Bancshares , Inc. ( Nasdaq : BWB ) ( the Company ) , the parent company of Bridgewater Bank ( the Bank ) , today announced net income of $ 11.0 million for the second quarter of 2021 , a 3.0 % increase over net income of $ 10.7 million for the first quarter of 2021 , and a 44.7 % increase over net income of $ 7.6 million for the second quarter of 2020 . Net income per diluted common share for the second quarter of 2021 was $ 0.38 , a 2.4 % increase compared to $ 0.37 per diluted common share for the first quarter of 2021 , and a 44.9 % increase , compared to $ 0.26 per diluted common share for the same period in 2020 . " Bridgewater reported another quarter of record net income driven by robust organic loan growth , superb asset quality and a highly efficient business model , " said Chairman , Chief Executive Officer , and President , Jerry Baack . " Our unique ability to generate profitable loan growth in the current market has been the result of client acquisition opportunities from M & A - related market disruption , the expansion of our lending teams through opportunistic hires , and our strong brand and service model in the Twin Cities . This loan growth , along with a stabilizing core net interest margin , has led to continued revenue growth , all while maintaining consistently low levels of net charge - offs and nonperforming assets . With our proven growth engine and an efficiency ratio among the lowest in the industry , we believe we are well - positioned to continue gaining market share in the attractive Twin Cities market . " Second Quarter 2021 Financial Results ROA 1.43 % PPNR ROA ( 1 ) 2.07 % ROE 15.40 % ( 1 ) Represents a non - GAAP financial measure . See " Non - GAAP Financial Measures " for further details . Second Quarter 2021 Highlights Diluted earnings per share 0.38 Nonperforming assets to total assets 0.02 % Adjusted efficiency ratio ( 1 ) 41.5 % • Diluted earnings per common share were $ 0.38 for the second quarter of 2021 , compared to $ 0.37 per common share for the first quarter of 2021 . • • • Annualized return on average assets ( ROA ) and annualized return on average common equity ( ROE ) for the second quarter of 2021 were 1.43 % and 15.40 % , compared to ROA and ROE of 1.47 % and 15.87 % , respectively , for the first quarter of 2021 . Pre - provision net revenue ( PPNR ) , a non - GAAP financial measure , was $ 15.9 million for the second quarter of 2021 , an increase of 1.6 % , compared to $ 15.6 million from the first quarter of 2021. PPNR ROA , a non - GAAP financial measure , was 2.07 % for the second quarter of 2021 , compared to 2.15 % for the first quarter of 2021 . Gross loans increased $ 168.1 million in the second quarter of 2021 , or 27.8 % annualized , compared to the first quarter of 2021. Gross loans , excluding Paycheck Protection Program ( PPP ) loans , increased $ 232.2 million in the second quarter of 2021 , or 41.2 % annualized , compared to the first quarter of 2021 . • Deposits increased $ 82.3 million in the second quarter of 2021 , or 12.5 % annualized , compared to the first quarter of 2021 . • • • • Net interest margin was 3.52 % for the second quarter of 2021 , compared to 3.60 % in the first quarter of 2021 . The adjusted efficiency ratio , a non - GAAP financial measure which excludes the impact of certain non - routine income and expenses from noninterest expense , was 41.5 % for the second quarter of 2021 , compared to 40.7 % for the first quarter of 2021 . A loan loss provision of $ 1.6 million was recorded in the second quarter of 2021 to support strong organic loan growth . The allowance for loan losses to total loans was 1.45 % at June 30 , 2021 , compared to 1.48 % at March 31 , 2021. The allowance for loan losses to total loans , excluding PPP loans , was 1.50 % at June 30 , 2021 , compared to 1.59 % at March 31 , 2021 . Annualized net loan charge - offs ( recoveries ) as a percentage of average loans were 0.00 % for the second quarter of 2021 , compared to ( 0.01 ) % for the first quarter of 2021 . • Tangible book value per share , a non - GAAP financial measure , increased 4.3 % , or $ 0.42 , to $ 10.22 at June 30 , 2021 , compared to $ 9.80 at March 31 , 2021 . • The Company purchased $ 25.0 million of bank owned life insurance policies on certain officers . Page 1 of 17