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2023 ReportBridgewater Bancshares, Inc. O r o n o St. Louis Park M i n n e a p o l i s G r e e n w o o d B l o o m i n g t o n Uptown Minneapolis Annual Report 2017 Founded By, Funded By and Focused on Entrepreneurs…. Contents Letter From Jerry Baack Financial Highlights 3 4-5 Bridgewater Bank, a subsidiary of Bridgewater Bancshares, Inc., is a full service bank committed to serving the diverse, individual needs of real estate and small business entrepreneurs. The Bank was formed on October 31, 2005 and officially opened for business on November 2, 2005 in Bloomington, Minnesota. Bridgewater Bank’s knowledgeable team has earned the reputation as the premier real estate lender in the Twin Cities by providing responsive service and simple solutions to an extraordinary network of clients. Unconventional | Responsive | Dedicated | Growing | Accurate Dear Clients and Shareholders, It is a pleasure to provide the 2017 annual report for Bridgewater Bancshares, Inc., and its bank subsidiary, Bridgewater Bank. We are pleased once again to share a continuing story of growth, high efficiency and financial prosperity. We appreciate having solid partnerships with clients, shareholders and vendors. This active network provides the foundation for our business to prosper. We sincerely appreciate your participation in our success and are grateful for the opportunity to serve you. We look forward to building on the momentum that shareholders, team members and clients have helped the Bank establish. Financial results have surpassed expectations and year over year results showed considerable increases. The Bank posted financial returns in 2017 with higher earnings than any of the previous twelve years. Our assets grew to $1.6 billion and our deposits and loans have grown at a pace that measures well into the double digits. Since the remodels of our recently acquired branches, we have witnessed an influx of new clients looking to establish a relationship with a locally owned bank that can provide simple options and responsive support. We expect the Bank will continue to operate with efficiencies that few banks in the nation can emulate. With our commitment to invest wisely, manage our margins and develop a talented team, we believe Bridgewater Bank has the right formula to continue driving future growth. The Bank achieved several exciting milestones in 2017: 1. Crossed $1.5 billion in assets 2. Ranked as the 8th largest bank headquartered in the State of Minnesota by asset size 3. Closed a private placement of $25 million of subordinated debt 4. Rewarded as a “Best Bank to Work For” by American Banker 5. Announced plans for a new branch in downtown St. Paul Since inception, the Bank has seen exceptional success. We intend for this trend to continue. Recognized as the premier real estate lender in the Twin Cities, we plan to increase our market niche among seasoned real estate entrepreneurs as we pursue other asset classes in our market. We recognize there is an opportunity to expand our brand and look at new avenues for diversification. We remain committed to maximizing shareholder value, and we intend to achieve this by delivering the same exceptional service without sacrificing earnings. As always, I remain appreciative of the efforts of the Bridgewater Bank team: the staff, directors and shareholders. Together, we will continue to drive growth and increase your share value. It is a pleasure to be building your Bank. Jerry Baack Chairman of the Board 3 Financial Highlights Pre-Tax Net Income $28,000,000 $24,000,000 $20,000,000 $16,000,000 $12,000,000 $8,000,000 $4,000,000 $0 2013 2014 2015 2016 2017 Pre-Tax Net Income Total Loans $1,600,000,000 $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 Total Deposits $1,600,000,000 $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 2013 2014 2015 2016 2017 Total Loans 2013 2014 2015 2016 2017 Total Deposits Financial Performance and Growth For the year-ended December 31, 2017, Bridgewater Bancshares, Inc. earned pre-tax net income of $27.0 million, up 27% over 2016. The Company achieved another year of record financial performance while sustaining growth across all facets of the organization. Total consolidated assets reached $1.6 billion as of December 31, 2017, which reflected $356.2 million in asset growth during 2017. This 28% growth in assets was driven by our largest earning asset, our loan portfolio, which reached $1.3 billion with $341.4 million or 35% in growth year-over-year. While real estate lending continues to be our niche and the primary source of loan growth in 2017, we continue to diversify our loan portfolio within different types of real estate, as well as a broadening our exposure in other asset classes such as commercial and industrial. 4 Bridgewater Bancshares, Inc. $1,700,000,000 $1,500,000,000 $1,300,000,000 $1,100,000,000 $900,000,000 $700,000,000 $500,000,000 $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 Total Assets Total Loans Originated ($ Volume) Total Classified Assets Total Assets 2013 2014 2015 2016 2017 Total Loans Originated ($ Volume) 2013 2014 2015 2016 2017 Total Classified Assets 2013 2014 2015 2016 2017 As the economy continues to improve, the Bank has worked diligently and continues to experience a reduction in its nonperforming assets. At December 31, 2017, total nonperforming assets represented only 4% of total capital, an indication of strong asset quality. On the liability side of the balance sheet, deposits were $1.3 billion, increasing $315.8 million or 31% as of December 31, 2017 compared to December 31, 2016. The extraordinary growth is a testament to our strategic branch network and enhancement of our deposit product platform. With such earnings momentum and solid capital levels, we are well positioned to continue strong growth and earnings in 2018. 5 Bridgewater Bancshares, Inc. Client Profiles Our clients say it best... Contents 2nd Swing ALL, Inc. Minnesota Multi Housing Association Pizza Lucé Real Estate Equities Core Values 7 8 9 10 11 12-13 Unconventional | Responsive | Dedicated | Growing | Accurate Earnings are up 28% “Bridgewater has been with us since the very start. Their team has taken the time to get to know our business and needs, and that is something that our small business requires – a true partner.” 2nd Swing 2nd Swing Golf is a Minneapolis-based specialty retailer of both new and used golf equipment and accessories. A small, family-owned business, 2nd Swing was founded in 2006 and in addition to 2ndswing.com, the company has two retail locations in the Minneapolis area, one in Scottsdale, Arizona, and a new store set to open soon in the Philadelphia market. Owners Simon Kallal and Russ Higgins first met playing golf together at the University of Minnesota, and have since grown their business to 115 employees. With more than 50,000 golf clubs to choose from in store and online, the latest in fitting technology, and a dedicated staff that is committed to making the game more fun, 2nd Swing has all the resources that any golfer needs. Since its inception, 2nd Swing has received numerous fitting awards from the likes of PING, TaylorMade, Mizuno, Cobra and many others. 2nd Swing has won the prestigious Golf Digest Top-100 Fitter award each year from 2013-17. 7 Client Profiles “Customer satisfaction is our core principal and number one goal. Bridgewater Bank allows us to be flexible, ensuring we provide the very best experience to our customers.” ALL, Inc. ALL, Inc. is one of the largest distributors of appliances and cabinets for apartment management companies, single-family and multi-family developers, remodelers, and walk-in retail consumers in the Midwest. They celebrated their 70th anniversary in 2017 with over $2 million of available inventory to service multi-family housing needs. Their 28,000-square-foot showroom is the largest and most extensive collection of kitchen appliances and cabinets in the Midwest. ALL, Inc. has built a reputation that includes a high level of service. They are committed to customer satisfaction and strive to surpass expectations. With over 1,000 appliances and over a dozen live kitchens on display, ALL, Inc. is a regional destination for home kitchen products. 8 Bridgewater Bancshares, Inc. Assets Grew by 28% “Making the switch to Bridgewater Bank was one of the best decisions we’ve made. They have streamlined our procedures and have provided technical expertise. Their excellent customer service makes it feel like they are partners in our success.” Minnesota Multi Housing Association The Minnesota Multi Housing Association (MHA) was founded in 1967 to promote the highest standards in the development, management and maintenance of rental and owner-occupied multi housing. While members include the state’s largest apartment management companies, developers, common interest communities, and providers of related products and services, the majority of their members own or manage fewer than 20 units each. All members of the MHA commit themselves to the ethical principles and standards of the MHA’s. 9 Client Profiles “The level of service we receive from Bridgewater Bank is second to none. Working directly with a person instead of a 1-800 number reaffirms that they are the right fit for us.” Pizza Lucé Pizza Lucé, a Minneapolis based pizzeria, has been a neighborhood go-to since it was founded in 1993. What once began as a humble pizza slice counter, has grown into one of Minnesota’s most recognizable pizza brands. Now with seven restaurants spanning the Twin Cities, as well as one in Duluth, they plan to open a ninth location in Eden Prairie in the summer of 2018. Their award-winning and innovative hand-tossed pizzas range from varieties like the Fire Breathing Dragon to the fan-favorite Baked Potato pizza. With gluten-free and vegan options, there’s sure to be something for everyone. In 2011, Pizza Lucé was named Restaurant of the Year by the Minnesota Restaurant Association. 10 Bridgewater Bancshares, Inc. Loans Grew by 35% “Bridgewater Bank is unique in their ability to understand transactions from the business owner’s perspective. Their high level of service, professionalism and ease of doing business has us looking forward to this partnership for many years to come.” Real Estate Equities Real Estate Equities (REE) is one of the leading property management companies in the Twin Cities. Their mission is to provide housing, strengthen a sense of community and enhance the lives of their renters and team members. As they work within the financial constraints imposed by a competitive housing industry, their unparalleled enthusiasm, deep expertise and great team allow them to focus on satisfying residents’ evolving needs. Since its founding in 1972, REE has managed apartment communities throughout the Twin Cities and Minnesota, as well as in Wisconsin, Ohio, Missouri, South Dakota and Indiana. They manage over 3,800 units across 42 different properties. They pride themselves on supporting the community through various school supply, food, clothing and toy drives. 11 Core Values unconventional Our Clients Notice a Difference. Responsive Under Promise, Over Deliver. dedicated Don’t Stop Until You Get It Done. growth If You Aren’t Moving Forward, Where Are You Going? accurate It’s More than Just an Expectation. 12 Our People are our strength Bridgewater Bancshares, Inc. unconventional Our Clients Notice a Difference. Responsive Under Promise, Over Deliver. dedicated Don’t Stop Until You Get It Done. growth If You Aren’t Moving Forward, Where Are You Going? accurate It’s More than Just an Expectation. Darci Parent Client Specialist| Team member since 2013 Known for her beaming smile and positive aura, Darci is the face of the Bank. She engages in warm conversation with each client that walks through our doors. Her product knowledge paired with a knack for connecting with others (while sharing a little humor along the way) provides a truly unconventional experience, a given here at BWB. They say a positive attitude is contagious, and we think Darci’s attitude is one worth catching. Beth Shipman Vice President of Compliance | Team member since 2016 Some organizations spend time checking and others spend time doing. Beth simply gets it – at Bridgewater Bank we are all doers. While her position may dictate that she ensures standards are met, she makes sure to be a partner and not a roadblock. Beth’s clients are internal, but her expertise and decisiveness positively impact how we do business with all Bank clients. Ben Klocke General Counsel | Team member since 2017 Despite joining Bridgewater with limited banking experience, Ben didn’t let that stop him from becoming a dependable resource to the entire BWB team. With a can-do spirit and years of legal practice experience, he developed the knowledge to help guide the Bank through several large strategic initiatives, including the private placement of $25 million in subordinated notes in 2017. With this kind of speedy ramp in, it’s evident Ben doesn’t let the clock (or should we say Klocke) dictate the amount of effort he is willing to put forward. Greg Johnson Account Executive| Team member since 2016 After the 2016 acquisition of First National Bank of the Lakes, Greg found himself entirely immersed by new surroundings. But where some may see adversity, Greg only saw opportunity. Greg quickly adapted to new clientele, new team members and a collection of new processes, all without losing focus on taking care of BWB clients. It is this approach that has made him a client favorite not only before the acquisition, but every day since. Laura Espeseth Vice President, Funds Management| Team member since 2017 A career track in finance is perfectly befit for someone with attention to detail. With a keen ability to understand and analyze numbers, Laura is an excellent asset to the Finance team. Her public accounting background has contributed new knowledge, introduced new efficiencies and recommended additional talent that could be added to the already strong team. Now that’s an accurate representation of Laura. Our People are our strength 13 Bridgewater Bancshares, Inc. Products & Services Responsive support. Simple solutions. Contents Personal Banking & Business Banking Loan Portfolio & Deposit Portfolio Lending 15 16 17 Bridgewater Bancshares, Inc. Unconventional | Responsive | Dedicated | Growing | Accurate Deposits up 31% Client Services • Competitive Checking & Savings • Popmoney Payments Service Deposit Products • Certificates of Deposit/IRAs • Personal Debit & Credit Cards • Personal Online Banking • Personal Mobile Banking • Online Bill Pay Service • Wiring Services • Notary Services • Foreign Currency Exchange Personal Banking Bridgewater Bank’s knowledgeable Deposit Services Team provides personalized, professional and responsive service. A full suite of deposit products is offered specifically designed to meet the unique needs of our entrepreneurial client base. Dealing directly with our Account Executives, clients avoid automated answering services and long teller lines. Responsive support and simple solutions! Business Services • Analyzed Checking Accounts • Online Wire Transfer Services • Business Debit & Credit Cards • Business Online Bill Pay • Business Online Banking • Check Positive Pay • Business Mobile Banking • ACH Blocking • Remote Deposit Services • Merchant Card Services • ACH Services Business Banking Bridgewater Bank’s dedicated Business Services Team offers responsive support and simple solutions for the many business clients that call Bridgewater Bank home. The experienced team enjoys developing relationships and supporting many of the enhanced products that businesses need to operate efficiently in today’s marketplace. Simply put, our goal is to simplify banking, allowing our clients to focus on their business. 15 Bridgewater Bancshares, Inc. Products & Services Deposit Portfolio 7% 9% 36% 21% 27% Personal Savings Personal Checking Business Savings Business Checking Certificates of Deposit Loan Portfolio Owner Occupied Commercial Real Estate 15% 5% Non Farm/Non Residential Construction and Development Commercial and Industrial Multi Family 1-4 Family 24% 30% 16% 10% 16 Bridgewater Bancshares, Inc. Total Equity Capital Up 19% Lending Construction & Development • Property Rehabilitation • New Construction • Lot Financing • Land Development Multi-Family Lending • Apartment Financing • Tax Credit Bridge Loans Commercial & Industrial • Receivables and Inventory Financing Residential Real Estate • Equipment Acquisition • Owner Occupied Homes • Vacation Homes • Residential Rental Homes • Lease Financing • SBA Financing • Home Equity Lines of Credit Consumer Loans • Construction/Bridge Loans • Executive Lines of Credit • Stock/Bond Secured Loans Commercial Real Estate • Auto Financing • Office Buildings • Retail Strip Centers • Industrial Properties • Mixed-Use Buildings • Recreational Vehicles • Overdraft Lines of Credit Agriculture • Agricultural Real Estate Lending As the premier real estate lender in the Twin Cities, Bridgewater Bank’s loan products were assembled to meet the distinctive needs of the real estate and small business entrepreneurs. Our Lenders are experts in the markets we serve. Together we realize that flexibility and quick responses are integral to ensuring our clients’ success. 17 Bridgewater Bancshares, Inc. Financial Summary Entrepreneurial with an Owner’s Perspective. Contents Consolidated Statement of Income Consolidated Balance Sheet Stockholders’ Equity Directors 19 20 21 22-23 Bridgewater Bancshares, Inc. Unconventional | Responsive | Dedicated | Growing | Accurate Bridgewater Bancshares, Inc. Consolidated Statements of Income (Unaudited) INTEREST INCOME Loans, Including Fees Investment Securities Other Total Interest Income INTEREST EXPENSE Deposits Notes Payable Federal Home Loan Bank Advances Subordinated Debt Federal Funds Purchased Total Interest Expense NET INTEREST INCOME PROVISION FOR LOAN LOSSES NET INTEREST INCOME, AFTER PROVISION FOR LOAN LOSSES NONINTEREST INCOME Customer Service Fees Net Gain (Loss) on Sales of Available for Sale Securities Net Gain (Loss) on Sales of Foreclosed Assets Other Income Total Noninterest Income NONINTEREST EXPENSE Salaries and Employee Benefits Occupancy Data Processing Other Total Noninterest Expense INCOME BEFORE INCOME TAXES PROVISION FOR INCOME TAXES NET INCOME *Dollars in thousands, except share amounts 2017 $60,024 5,981 341 66,346 9,719 656 880 749 169 12,173 54,173 4,175 49,998 660 (250) 356 1,770 2,536 14,051 2,192 592 8,661 25,496 27,038 10,149 $16,889 2016 $46,622 3,649 361 50,362 6,955 718 769 16 56 8,514 42,118 3,250 38,868 490 830 (30) 1,277 2,567 12,087 1,821 667 5,593 20,168 21,267 8,052 $13,215 19 Bridgewater Bancshares, Inc. Financial Summary Consolidated Balance Sheets (Unaudited) Assets Cash and Cash Equivalents Bank Owned Certificates of Deposit Securities Available for Sale at Fair Value Loans, Net of Allowance for Loan Losses of $16,502 in 2017 and $12,333 in 2016 Federal Home Loan Bank (FHLB) Stock, at Cost Premises and Equipment, Net Foreclosed Assets Accrued Interest Goodwill Other Intangible Assets Other Assets Total Assets LIABILITIES AND EQUITY Deposits: Noninterest-Bearing Interest-Bearing Total Deposits Federal Funds Purchased Notes Payable Federal Home Loan Bank Advances Subordinated Debtures, Net of Issuance Costs Accrued Interest Payable Other Liabilities Total Liabilities STOCKHOLDERS' EQUITY Common Stock, $0.01 Par Value Voting Common Stock - Authorized 75,000,000; Issued and Outstanding - 20,834,001 at 2017 and 20,744,001 at 2016 Nonvoting Common Stock - Authorized 10,000,000 Issued and Outstanding - 3,845,860 at 2017 and 2016 Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Shareholders' Equity TOTAL LIABILITIES AND EQUITY *Dollars in thousands, except share amounts 20 2017 $23,725 3,072 229,491 1,326,507 5,147 10,115 581 5,342 2,626 1,243 8,763 $1,616,612 $292,539 1,046,811 1,339,350 23,000 17,000 68,000 24,527 1,408 6,165 2016 $16,499 4,699 217,083 985,140 4,990 9,574 4,183 3,953 2,626 1,434 10,213 $1,260,394 $238,062 785,446 1,023,508 44,000 19,000 53,000 - 612 4,908 1,479,450 1,145,028 208 38 66,324 69,508 1,084 137,162 $1,616,612 207 38 65,777 52,619 (3,275) 115,366 $1,260,394 Bridgewater Bancshares, Inc. Assets Cash and Cash Equivalents Bank Owned Certificates of Deposit Securities Available for Sale at Fair Value Loans, Net of Allowance for Loan Losses of $16,502 in 2017 and $12,333 in 2016 Federal Home Loan Bank (FHLB) Stock, at Cost Premises and Equipment, Net Foreclosed Assets Accrued Interest Goodwill Other Intangible Assets Other Assets Total Assets LIABILITIES AND EQUITY Deposits: Noninterest-Bearing Interest-Bearing Total Deposits Federal Funds Purchased Notes Payable Federal Home Loan Bank Advances Subordinated Debtures, Net of Issuance Costs Accrued Interest Payable Other Liabilities Total Liabilities STOCKHOLDERS' EQUITY Common Stock, $0.01 Par Value Voting Common Stock - Authorized 75,000,000; Issued and Outstanding - 20,834,001 at 2017 and 20,744,001 at 2016 Nonvoting Common Stock - Authorized 10,000,000 Issued and Outstanding - 3,845,860 at 2017 and 2016 Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Shareholders' Equity TOTAL LIABILITIES AND EQUITY 2017 $23,725 3,072 229,491 1,326,507 5,147 10,115 581 5,342 2,626 1,243 8,763 $1,616,612 $292,539 1,046,811 1,339,350 23,000 17,000 68,000 24,527 1,408 6,165 208 38 66,324 69,508 1,084 137,162 $1,616,612 2016 $16,499 4,699 217,083 985,140 4,990 9,574 4,183 3,953 2,626 1,434 10,213 $1,260,394 $238,062 785,446 1,023,508 44,000 19,000 53,000 - 612 4,908 207 38 65,777 52,619 (3,275) 115,366 $1,260,394 1,479,450 1,145,028 Consolidated Stockholders’ Equity (Unaudited) BALANCE, DECEMBER 31, 2015 17,633,026 2,186,323 $176 $22 $39,648 $39,404 $928 $80,178 Shares Common Stock Voting Nonvoting Voting Nonvoting Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stock-based Compensation Comprehensive Income (Loss) - - Stock Options Exercised 100,000 - - - Issuance of Common Stock, Net of Issuance Costs Redemption and Cancellation of Common Stock 3,049,368 1,659,537 (38,393) - BALANCE, DECEMBER 31, 2016 20,744,001 3,845,860 Stock-based Compensation Comprehensive Income Stock Options Exercised - - 90,000 - - - - - 1 30 - 207 - - 1 - - - 16 - 38 - - - 368 - 179 BALANCE, DECEMBER 31, 2017 20,834,001 3,845,860 $208 $38 $66,324 *Dollars in thousands, except share amounts After Tax Return on Equity - 13.18% Earnings Per Share - $0.69 Diluted Earnings Per Share - $0.68 Tangible Book Value Per Share - $5.40 222 - 99 26,000 (192) - - 13,215 (4,203) - - - - - - 222 9,012 100 26,046 (192) 65,777 52,619 (3,275) 115,366 - 16,889 - $69,508 - 4,359 - $1,084 368 21,248 180 $137,162 21 Bridgewater Bancshares, Inc. Directors Jerry Baack President and Chief Executive Officer, Chairman of the Board As the principal founder of the Company and the Bank, Mr. Baack was responsible for all aspects of the Bank’s formation; including, the initial capital raise, business plan, board and management team structure and recruitment, charter and regulatory approval. He currently serves as Chairman of the Board, Chief Executive Officer and President of the Company, positions he has held since the Bank was founded in 2005. As the chief visionary and strategist, Mr. Baack plays a vital role in business development and is instrumental in defining strategic initiatives and ascertaining new opportunities for growth. Mr. Baack drives all decisions regarding mergers and acquisitions, capital management and diversification. Prior to establishing Bridgewater Bank in 2005, Mr. Baack held positions at Commerce Bank, First State Bank of Excelsior (nka Beacon Bank), Hampton Bank (nka Merchants Bank). He began his career as a bank examiner with the Federal Deposit Insurance Corporation in 1990, where he worked for over seven years. He has over 25 years of commercial banking and regulatory experience. As a result of the Bank’s continued success, Mr. Baack was awarded Banker of the Year by Northwestern Financial Review in 2017. Additionally, Mr. Baack was recognized as a nominee for the 2017 Entrepreneur of the Year award by Ernst & Young. Mr. Baack received his B.S. from Minnesota State University in 1989 and Graduate School of Banking at University of Colorado, Boulder in 2001. David Juran Director Mr. Juran, a member of the Bridgewater Bank Board since 2010, is the Executive Vice President of Dougherty & Company LLC, a full-service investment bank and brokerage firm founded in 1997. He has been with his company since 2002 and is also a member of the Board of Directors of Dougherty Financial Group LLC, President of Dougherty Funding LLC, President of Dougherty Equipment Finance LLC, Chief Executive Officer of Dougherty Real Estate Advisors LLC and President and Chief Operating Officer of Dougherty Mortgage LLC. Dougherty Mortgage LLC specializes in financing market rate, affordable and senior housing throughout the United States. Prior to joining Dougherty & Company, Mr. Juran served as Senior Vice President of a regional investment banking firm for over 14 years. Mr. Juran serves on the board of several non-profits, including Summit Academy and Minnesota Attainable Housing. He received his B.S. from the University of St. Thomas and is fully licensed under NASD Series 7 and 63. His particular expertise in programs supporting the creation of multifamily housing, assisted living and affordable housing coupled with his knowledge of lending through HUD, GNMA and Fannie Mac provides the Board with solid insights into these unique market areas. Todd B. Urness Director Mr. Urness is a founding director of the board. He is a shareholder at the law firm of Winthrop & Weinstine, P.A., an 135 lawyer general practice firm located in Minneapolis, Minnesota. Mr. Urness has practiced with Winthrop & Weinstine since 1985 and has been a shareholder with the firm since 1988. He has served on the Board of Directors of Winthrop & Weinstine as well as its senior management and compensation committees since 1993. In addition, he is the practice leader for the law firm’s real estate group. Mr. Urness serves on the Bank’s Audit Committee. He holds a B.A. from Gustavus Adolphus College and a J.D. from the University Of Minnesota School of Law. In addition, Mr. Urness is a Certified Public Accountant and a member of the Minnesota Bar. Mr. Urness’ involvement in real estate also expands to the development and ownership of several local real estate projects, primarily multifamily housing. Jeffrey D. Shellberg Executive Vice President and Chief Credit Officer, Director Mr. Shellberg is a founder of the Company and founding director of the board. He has worked in the regulatory and commercial banking industry for over 30 years. As Executive Vice President and Chief Credit Officer, Mr. Shellberg is responsible for all aspects of the Bank’s credit policies and risk management systems. Mr. Shellberg’s extensive experience in community banking includes strategic planning, policy formation, risk management, asset and liability management, as well as external/internal audit. Prior to joining Bridgewater Bank, Mr. Shellberg was Senior Vice President of Klein Bank and began his banking career at the FDIC in 1985, where he worked for 15 years. He is a frequent guest panelist at commercial real estate forums across the Twin Cities. Mr. Shellberg received his B.S. from Iowa State University and is an alumnus of the Graduate School of Banking at Colorado, Boulder. Thomas P. Trutna Director Mr. Trutna is a founding director of the board. He is the President and Founder of BIG INK, a visual communications company that creates branded solutions for Fortune 1000 companies, an organization he has run since 1999. Prior to founding BIG INK, Mr. Trutna held marketing and business management positions at General Mills and Periscope, a Twin cities advertising firm. Mr. Trutna serves as Past President of the Minnesota Chapter Entrepreneurs’ Organization and is a frequent guest lecturer for entrepreneurial classes and professional organizations across the Twin Cities. He also serves as Chair of the Bank’s Audit Committee. Mr. Trutna received his B.S. from Minnesota State University, Mankato. Mr. Trutna’ s reputation in the E.O. community provides unique networking opportunities for the Bank. As a lifelong resident of St. Paul his connections will be invaluable as the Bank pursues this new geographic market. James S. Johnson Director Mr. Johnson is a founding director of the board. He is a franchise owner of Flagship Marketing, Inc., a privately-held company that operates as Express Employment Professionals (Express) and Specialized Recruiting Group (SRG), which both deliver staffing support and human resource services through a network of franchise office owners. Since 1994, Mr. Johnson’s franchises in the Twin Cities have focused primarily in the office services, light industrial and professional staffing segments. Mr. Johnson sits on the board for the Minnesota Recruiting and Staffing Association where he is the immediate Past Chair. He has experience serving as director of other organizations, including Gillette Children’s Specialty Healthcare. He currently serves as a member of the Bank’s Audit Committee. Mr. Johnson received his B.A. and B.S. from Iowa State University. As a prominent business owner and long standing resident of Minnesota, Mr. Johnson has significant ties to other local business leaders. David J. Volk Director Mr. Volk is a principal at Castle Creek Capital, an alternative asset management firm focused on the community banking industry located in Rancho Santa Fe, California. He has been with Castle Creek Capital since 2005 and has led or supported investments in numerous recapitalization, distressed, and growth situations. Prior to joining the firm, he worked as an associate with TW Associates Capital, Inc. and Ernst & Young. Mr. Volk currently serves as a director of multiple banking institutions, including Bank of Southern California and New Mexico First Financial. Mr. Volk holds a B.S. from Santa Clara University and an M.S. from the University of Virginia. Mr. Volk joined the board in 2017 and has extensive financial institution experience in strategic planning, operational improvements, acquisitions, and capital financing. Unconventional | Responsive | Dedicated | Growing | Accurate Bank Officers Jerry Baack President and Chief Executive Officer Mary Jayne Crocker Executive Vice President and Chief Operating Officer Jeff Shellberg Executive Vice President and Chief Credit Officer Joe Chybowski Senior Vice President and Chief Financial Officer Nicholas Place Senior Vice President and Chief Lending Officer Rachael Petersen Senior Vice President, Internal Audit Dan Poppe Senior Vice President, Commercial Lending Andrew Bates Vice President, Commercial Lending Deb Beise Vice President, Branch Operations Adam Benjamin Vice President, Client Services Anna Berge Vice President, Technology Services Pat Cullen Vice President, Commercial Lending Craig Dose Vice President, Operations Adam Erickson Vice President, Commercial Lending Laura Espeseth Vice President, Funds Management John Haertzen Vice President, Credit Administration Julie Jensen Vice President, Loan Review Thomas Johnson Vice President, Construction Lending Ben Klocke General Counsel Tyler Manning Vice President, Commercial Lending Jordan Marriott Vice President, Commercial Lending Lynn Roth Vice President, Commercial Lending Beth Shipman Vice President, Compliance Marti Stone Vice President, Loan Administration Ross Wieser Vice President, Commercial Lending Bridgewater Bancshares, Inc. Corporate Office Bloomington 3800 American Blvd. West, Suite 100 Bloomington, MN 55431 Phone 952.893.6868 BridgewaterBankMN.com ©2018 Bridgewater Bank. All rights reserved. Member FDIC
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