Bridgewater Bancshares, Inc. (BWB) Earnings Call Transcript & Summary

Welcome to the 2020 Annual Meeting of Shareholders for Bridgewater Bancshares, Inc. We will now turn the meeting over to Mary Jayne Crocker, Bridgewater's Executive Vice President and Chief Operating Officer.

Good afternoon, everyone. Welcome to the 2020 Annual Meeting of the shareholders of Bridgewater Bancshares Inc. Before we move to the business at hand, I want to take a moment to recognize our team. In this unprecedented time, it has become very clear that our people are passionate, flexible and committed to assisting our clients, shareholders and communities in ways beyond measure. We have witnessed initiatives, creativity and resilience among our incredibly talented team. The COVID-19 pandemic has evolved rapidly and created a significant amount of disruption for our clients and their businesses. Bridgewater's team has been working around the clock to support both current [Technical Difficulty] with the health of our clients and employees in mind. But Bridgewater Bank remains fully operational and available to serve our clients' needs. These may be uncertain times, but our promise of providing responsive support and dedication to you remains the same. Moving on, there are a few housekeeping items I will address related to today's virtual meeting. If you have not yet voted and wish to vote or if you wish to revoke a previously submitted proxy, you may do so by clicking the Vote Here button on your screen. To vote your shares, you will need the control number provided on your proxy card. Logging in with your control number will also allow you to submit questions. We have reserved time at the end of the meeting to address any questions related to today's agenda. If you would like to submit a question, please type it into the box at the bottom of your screen now or at any time during the meeting. We encourage you to submit any questions promptly to ensure your question is received prior to the completion of the business on the agenda. For any business questions about the company, please contact our Investor Relations department at [email protected]. Shareholders who have already voted by Internet, phone or email, need not vote again online at this meeting. Your voting instructions will be carried out at this meeting by Ben Klocke and Nick Place as your appointed proxies. I will now turn the meeting over to Jerry Baack, Bridgewater's Chairman, President and CEO. Jerry?

Thank you, Mary Jayne. Good afternoon, and welcome to Bridgewater's 2020 Annual Shareholder Meeting. On behalf of our directors, officers and employees, thank you for joining our meeting. At this time, I call the meeting to order. Bridgewater Bancshares strategic leadership team and the directors of the company are all in attendance at the meeting today. Also in attendance is Todd Sprang, a representative of the company's independent auditing firm, CliftonLarsonAllen. As Mary Jayne already stated, we are proud of the members of our team and our Board of Directors, and we are grateful for their dedicated service. I have always touted that our people are our strength, and it is times like these that our focus on being locally responsive, dedicated and providing extraordinary services has been more critical. Thank you all. Jeff Shellberg, Secretary of the company, will act as Secretary of this meeting. Mr. Shellberg has received an affidavit from Broadridge Financial Solutions which states that mailing of the notice of the meeting and related proxy materials commenced on March 18, 2020. And the notice was mailed to all shareholders of record as of the close of business March 3, 2020. The record date for the notice of the meeting and affidavit of mailing of the notice will be inserted in the company's minute book. Mr. Shellberg has advised us that a quorum is present at the meeting. So I declare this a properly constituted meeting, duly organized and ready for business. Ben Klocke and Joe Chybowski have been appointed to act as inspectors of the election. Ben and Joe have been duly sworn in and their oaths will be filed with the records of the meeting. That completes the necessary formalities. The first item of business today is the election of directors of the company. As a proxy statement for this meeting indicated, 3 Class 2 directors: David Juran, Thomas Trutna and Todd Urness have all been nominated to serve as directors of the company. The term of the Class 2 directors will expire in 2023. The Board of Directors recommends a vote for these directors. The only other item to be voted upon at this meeting is the ratification of the appointment of CliftonLarsonAllen as the company's independent registered public accounting firm for the year ending 12/31/2020. This proposal was described in detail in the proxy statement for this meeting. The Board of Directors recommends a vote for the ratification of the appointment of CliftonLarsonAllen as the company's independent registered public accounting firm for the year ending December 31, 2020. We will now take shareholder questions related to today's agenda. If you haven't done so already, please submit any questions you may have now. If you'd like to submit a question, please type it in the box at the bottom of your screen. We're going to wait a few moments for questions. We have not received any questions regarding the business before this meeting. So the question-and-answer session is now closed. If you have not already done so, we remind you to submit your vote on each matter by clicking the Vote Here button on your screen. Voting is about to be closed. [Voting]

I now declare the polls are closed on all matters. That concludes the voting on the proposals to be considered at this meeting. I will ask the Inspectors of the election to present their report as to the final results of the voting on these matters and included in the minutes of the meeting. And now the results. First, each of the nominees for Director has been elected as a Director of the company; second, the ratification of the appointment of CliftonLarsonAllen is hereby approved. The Inspectors of the election are hereby directed to submit a Certificate of Inspectors of election to be filed with the Secretary for insertion in the company's minute book together with the minutes of this meeting. That completes the items on today's agenda. I declare that this meeting is adjourned. Thank you very much, ladies and gentlemen, for attending the Bridgewater Bancshares' 2020 Virtual Annual Meeting.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.