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			bwb_Current_Folio_8K_SubDebt
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			<font style="display:inline;font-weight:bold;font-size:14pt;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font><font style="display:inline;"> &nbsp; &nbsp;<br></font><font style="display:inline;font-weight:bold;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display:inline;font-weight:bold;font-size:18pt;">FORM 8-K<br></font><font style="display:inline;"></font><font style="display:inline;font-weight:bold;font-size:12pt;">CURRENT REPORT</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-size:12pt;">PURSUANT TO SECTION 13 OR 15(d) OF<br>THE SECURITIES EXCHANGE ACT OF 1934</font>
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			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-size:12pt;">June 19, 2020</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-weight:bold;font-size:9pt;">Date of Report</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-weight:bold;font-size:9pt;">(Date of earliest event reported)</font>
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		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 20pt;">
			<font style="display:inline;font-weight:bold;font-size:20pt;">BRIDGEWATER BANCSHARES, INC.</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">(Exact name of registrant as specified in its charter)</font>
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		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">Minnesota</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">(State or other jurisdiction of&nbsp;</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">incorporation)</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">001-38412</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">(Commission File Number)</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">26-0113412</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">(I.R.S. Employer</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">Identification No.)</font></p>
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						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">3800 American Boulevard West, Suite 100</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">Bloomington, Minnesota</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">(Address of principal executive offices)</font></p>
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				<td valign="top" style="width:25.00%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">55431</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">(Zip Code)</font></p>
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		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 3pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">Registrant&#x2019;s telephone number, including area code: </font><font style="display:inline;font-weight:bold;font-size:9pt;">(952)&nbsp;893-6868</font>
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		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-weight:bold;font-size:9pt;">Not Applicable<br></font><font style="display:inline;font-size:9pt;">(Former name or former address, if changed since last report.)</font>
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		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">Check the appropriate box below if the&nbsp;Form 8-K&nbsp;filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
		</p>
		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
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		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
		</p>
		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
		</p>
		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;vertical-align:baseline;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">Securities registered pursuant to Section 12(b) of the Act:</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0pt 6.75pt;text-indent: -6.75pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">Title&#x202F;of&#x202F;each&#x202F;class:</font><font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">&#x202F;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">Trading Symbol</font><font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;font-size:9pt;">Name&#x202F;of&#x202F;each&#x202F;exchange&#x202F;on&#x202F;which&#x202F;registered:</font><font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0pt 6.75pt;text-indent: -6.75pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">Common Stock, $0.01 Par Value&nbsp;</font></p>
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					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;BWB</font></p>
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					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">The Nasdaq Stock Market LLC&nbsp;</font></p>
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		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:inherit;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-family:inherit;font-size:9pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font><font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-family:inherit;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-family:inherit;font-size:9pt;">Emerging growth company </font><font style="display:inline;font-size:9pt;">&#x2612;</font>
		</p>
		<p style="margin:0pt;line-height:10pt;color:#211D1E;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-family:inherit;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-family:inherit;color:#211D1E;font-size:9pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display:inline;font-size:9pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:120%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 5pt;border-bottom:3pt double #000000 ;border-top:1pt none #D9D9D9 ;line-height:120%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			&nbsp;
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;color:#000000;font-size:11pt;">Entry into a Material Definitive Agreement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">On June 19, 2020, Bridgewater Bancshares, Inc. (the &#x201C;Company&#x201D;) entered into a Subordinated Note Purchase Agreement (the &#x201C;Purchase Agreement&#x201D;) with certain institutional accredited investors and qualified institutional buyers (the &#x201C;Purchasers&#x201D;) pursuant to which the Company sold and issued $50.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated notes due 2030 (the &#x201C;Notes&#x201D;). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Company intends to use the net proceeds it received from the sale of the Notes for general corporate purposes, including supporting its regulatory capital ratios and investing in the Company&#x2019;s subsidiary, Bridgewater Bank. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">The Notes have a stated maturity of July 1, 2030, are redeemable, in whole or in part, on or after July 1, 2025, and at any time upon the occurrences of certain events. The Notes will bear interest at a fixed rate of 5.25% per year, from June 19, 2020 to&nbsp;July 1, 2025. From July 1, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month term secured overnight financing rate (&#x201C;SOFR&#x201D;), plus 513 basis points.&nbsp;&nbsp;As provided in the Notes, the interest rate on the Notes during the applicable floating rate period may be determined based on a rate other than three-month term SOFR. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">The Notes were offered and sold by the Company in a private placement transaction in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the &#x201C;Securities Act&#x201D;), pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder. On June 19, 2020, in connection with the sale and issuance of the Notes, the Company entered into a Registration Rights Agreement (the &#x201C;Registration Rights Agreement&#x201D;) with the Purchasers. Under the terms of the Registration Rights Agreement, the Company has agreed to take certain actions to provide for the exchange of the Notes for subordinated notes that are registered under the Securities Act and have substantially the same terms as the Notes (the &#x201C;Exchange Offer&#x201D;). Under certain circumstances, if the Company fails to meet its obligations under the Registration Rights Agreement, it would be required to pay additional interest to the holders of the Notes.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">The Notes were issued under an Indenture, dated June 19, 2020 (the &#x201C;Indenture&#x201D;), by and between the Company and U.S. Bank National Association, as trustee (the &#x201C;Trustee&#x201D;). The Notes are not subject to any sinking fund and are not convertible into or exchangeable, other than pursuant to the Exchange Offer, for any other securities or assets of the Company or any of its subsidiaries. The Notes are not subject to redemption at the option of the holder. Prior to July 1, 2025, the Company may redeem the Notes, in whole but not in part, only under certain limited circumstances set forth in the Indenture. On or after July 1, 2025, the Company may redeem the Notes, in whole or in part, at its option, on any interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the Notes being redeemed, together with any accrued and unpaid interest on the Notes being redeemed to but excluding the date of redemption. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Principal and interest on the Notes are subject to acceleration only in limited circumstances in the case of certain bankruptcy and insolvency-related events with respect to the Company. The Notes are unsecured, subordinated obligations of the Company, are not obligations of, and are not guaranteed by, any subsidiary of the Company, and rank junior in right of payment to the Company&#x2019;s current and future senior indebtedness.&nbsp;&nbsp;The Notes are intended to qualify as Tier 2 capital of the Company for regulatory capital purposes.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">The forms of the Purchase Agreement, Registration Rights Agreement, the Indenture and the Note are attached as Exhibits 10.1, 10.2, 4.1 and 4.2, respectively, to this Current Report on Form 8-K (the &#x201C;Report&#x201D;) and are incorporated herein by reference. The foregoing descriptions of the Purchase Agreement, the </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">

			<font style="display:inline;">2</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt 0pt 12pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;color:#000000;font-size:11pt;">Registration Rights Agreement, the Indenture and the Notes are summaries and are qualified in their entirety by reference to the full text of such documents.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">Item 2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;color:#333333;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#333333;font-size:11pt;">On </font><font style="display:inline;font-size:11pt;">June 19, 2020, Bridgewater Bancshares, Inc. (the &#x201C;Company&#x201D;) issued a press release announcing the completion of the offering of the Notes, a copy of which is attached as Exhibit 99.1 to this Report and is incorporated herein by reference.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The information furnished pursuant to Item 7.01 of this Report, and the related exhibit, shall not be deemed &#x201C;filed&#x201D; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;background-color: #FFFFFF;text-align:justify;text-justify:inter-ideograph;color:#212529;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;color:#212529;font-size:11pt;background-color: #FFFFFF;">Cautionary Note Regarding Forward-Looking Statements</font>
		</p>
		<p style="margin:0pt 0pt 12pt;background-color: #FFFFFF;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#212529;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#212529;font-size:11pt;background-color: #FFFFFF;">This Report includes &#x201C;forward-looking statements&#x201D; within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including but not limited to statements about the anticipated use of net proceeds from the offering, the Exchange Offer and other matters. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company&#x2019;s control. The Company cautions you that the forward-looking statements presented in this Report are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this Report.&nbsp;&nbsp;Forward-looking statements generally can be identified by the use of forward-looking terminology such as &#x201C;may,&#x201D; &#x201C;plan,&#x201D; &#x201C;seek,&#x201D; &#x201C;will,&#x201D; &#x201C;expect,&#x201D; &#x201C;intend,&#x201D; &#x201C;estimate,&#x201D; &#x201C;anticipate,&#x201D; &#x201C;believe&#x201D; or &#x201C;continue&#x201D; or the negative thereof or variations thereon or similar terminology. Factors that may cause actual results to differ materially from those made or suggested by the forward-looking statements contained in this Report include those identified in the Company&#x2019;s most recent annual report on Form 10&#8209;K and subsequent filings with the Securities and Exchange Commission.&nbsp;&nbsp;Any forward-looking statements presented herein are made only as of the date of this Report, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.</font>
		</p>
		<p style="margin:0pt;color:#333333;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#333333;font-size:11pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">

			<font style="display:inline;">3</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(d)</font><font style="display:inline;font-weight:bold;font-size:11pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">Exhibits</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;">
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
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					<p style="margin:0pt 0pt 12pt;border-bottom:1pt solid #000000 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">Exhibit No.</font></p>
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					<p style="margin:0pt 0pt 12pt;border-bottom:1pt solid #000000 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">Description</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">4.1</font></p>
				</td>
				<td valign="top" style="width:429.95pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="tmb-20200619xex4d1.htm"><font style="display:inline;font-size:11pt;">Indenture, dated June 19, 2020, by and between Bridgewater Bancshares, Inc. and U.S. Bank National Association, as trustee.</font></a></p>
				</td>
			</tr>
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				<td valign="top" style="width:56.05pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">4.2</font></p>
				</td>
				<td valign="top" style="width:429.95pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="tmb-20200619xex4d1.htm"><font style="display:inline;font-size:11pt;">Forms of 5.25% Fixed-to-Floating Rate Subordinated Note due July 1, 2030 (included as Exhibit A-1 and Exhibit A-2 to the Indenture filed as Exhibit 4.1 hereto).</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:56.05pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">10.1</font></p>
				</td>
				<td valign="top" style="width:429.95pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="tmb-20200619xex10d1.htm"><font style="display:inline;font-size:11pt;">Form of Subordinated Note Purchase Agreement, dated June 19, 2020, by and among Bridgewater Bancshares, Inc. and the Purchasers.</font></a></p>
				</td>
			</tr>
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				<td valign="top" style="width:56.05pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">10.2</font></p>
				</td>
				<td valign="top" style="width:429.95pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="tmb-20200619xex10d2.htm"><font style="display:inline;font-size:11pt;">Form of Registration Rights Agreement, dated June 19, 2020, by and among Bridgewater Bancshares, Inc. and the Purchasers.</font></a></p>
				</td>
			</tr>
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				<td valign="top" style="width:56.05pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">99.1</font></p>
				</td>
				<td valign="top" style="width:429.95pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="tmb-20200619xex99d1.htm"><font style="display:inline;font-size:11pt;">Press Release of Bridgewater Bancshares, Inc., dated June 19, 2020.</font></a></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">

			<font style="display:inline;">4</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">SIGNATURES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">Bridgewater Bancshares, Inc.</font></p>
				</td>
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						<font style="display:inline;color:#000000;">Date: June 19, 2020</font></p>
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						<font style="display:inline;color:#000000;">By:&nbsp; &nbsp;&nbsp;&nbsp; </font><font style="display:inline;font-style:italic;color:#000000;">/s/ Jerry Baack</font></p>
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						<font style="display:inline;color:#000000;">Name: Jerry Baack</font></p>
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						<font style="display:inline;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chairman, Chief Executive Officer and President</font></p>
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{"company-data": {"conformed-name": "Bridgewater Bancshares Inc", "cik": "0001341317", "assigned-sic": "6022", "irs-number": "000000000", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-38412", "film-number": "20976392"}, "business-address": {"street1": "3800 AMERICAN BOULEVARD WEST", "street2": "SUITE 100", "city": "BLOOMINGTON", "state": "MN", "zip": "55431", "phone": "(952) 893-6866"}, "mail-address": {"street1": "3800 AMERICAN BOULEVARD WEST", "street2": "SUITE 100", "city": "BLOOMINGTON", "state": "MN", "zip": "55431"}}
bwb_Current_Folio_8K_SubDebt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
June 19, 2020
Date of Report
(Date of earliest event reported)
BRIDGEWATER BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Minnesota
(State or other jurisdiction of
incorporation)
001-38412
(Commission File Number)
26-0113412
(I.R.S. Employer
Identification No.)
3800 American Boulevard West, Suite 100
Bloomington, Minnesota
(Address of principal executive offices)
55431
(Zip Code)
Registrant's telephone number, including area code:
(952) 893-6868
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading Symbol
Name of each exchange on which registered:
Common Stock, $0.01 Par Value
BWB
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01
Entry into a Material Definitive Agreement.
On June 19, 2020, Bridgewater Bancshares, Inc. (the "Company") entered into a Subordinated Note Purchase Agreement (the "Purchase Agreement") with certain institutional accredited investors and qualified institutional buyers (the "Purchasers") pursuant to which the Company sold and issued $50.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated notes due 2030 (the "Notes"). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Company intends to use the net proceeds it received from the sale of the Notes for general corporate purposes, including supporting its regulatory capital ratios and investing in the Company's subsidiary, Bridgewater Bank. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.
The Notes have a stated maturity of July 1, 2030, are redeemable, in whole or in part, on or after July 1, 2025, and at any time upon the occurrences of certain events. The Notes will bear interest at a fixed rate of 5.25% per year, from June 19, 2020 to July 1, 2025. From July 1, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month term secured overnight financing rate ("SOFR"), plus 513 basis points.  As provided in the Notes, the interest rate on the Notes during the applicable floating rate period may be determined based on a rate other than three-month term SOFR.
The Notes were offered and sold by the Company in a private placement transaction in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder. On June 19, 2020, in connection with the sale and issuance of the Notes, the Company entered into a Registration Rights Agreement (the "Registration Rights Agreement") with the Purchasers. Under the terms of the Registration Rights Agreement, the Company has agreed to take certain actions to provide for the exchange of the Notes for subordinated notes that are registered under the Securities Act and have substantially the same terms as the Notes (the "Exchange Offer"). Under certain circumstances, if the Company fails to meet its obligations under the Registration Rights Agreement, it would be required to pay additional interest to the holders of the Notes.
The Notes were issued under an Indenture, dated June 19, 2020 (the "Indenture"), by and between the Company and U.S. Bank National Association, as trustee (the "Trustee"). The Notes are not subject to any sinking fund and are not convertible into or exchangeable, other than pursuant to the Exchange Offer, for any other securities or assets of the Company or any of its subsidiaries. The Notes are not subject to redemption at the option of the holder. Prior to July 1, 2025, the Company may redeem the Notes, in whole but not in part, only under certain limited circumstances set forth in the Indenture. On or after July 1, 2025, the Company may redeem the Notes, in whole or in part, at its option, on any interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the Notes being redeemed, together with any accrued and unpaid interest on the Notes being redeemed to but excluding the date of redemption.
Principal and interest on the Notes are subject to acceleration only in limited circumstances in the case of certain bankruptcy and insolvency-related events with respect to the Company. The Notes are unsecured, subordinated obligations of the Company, are not obligations of, and are not guaranteed by, any subsidiary of the Company, and rank junior in right of payment to the Company's current and future senior indebtedness.  The Notes are intended to qualify as Tier 2 capital of the Company for regulatory capital purposes.
The forms of the Purchase Agreement, Registration Rights Agreement, the Indenture and the Note are attached as Exhibits 10.1, 10.2, 4.1 and 4.2, respectively, to this Current Report on Form 8-K (the "Report") and are incorporated herein by reference. The foregoing descriptions of the Purchase Agreement, the
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Registration Rights Agreement, the Indenture and the Notes are summaries and are qualified in their entirety by reference to the full text of such documents.
Item 2.03           Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 7.01           Regulation FD Disclosure
On
June 19, 2020, Bridgewater Bancshares, Inc. (the "Company") issued a press release announcing the completion of the offering of the Notes, a copy of which is attached as Exhibit 99.1 to this Report and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Report, and the related exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Cautionary Note Regarding Forward-Looking Statements
This Report includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including but not limited to statements about the anticipated use of net proceeds from the offering, the Exchange Offer and other matters. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. The Company cautions you that the forward-looking statements presented in this Report are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this Report.  Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Factors that may cause actual results to differ materially from those made or suggested by the forward-looking statements contained in this Report include those identified in the Company's most recent annual report on Form 10‑K and subsequent filings with the Securities and Exchange Commission.  Any forward-looking statements presented herein are made only as of the date of this Report, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
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Item 9.01           Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
4.1
Indenture, dated June 19, 2020, by and between Bridgewater Bancshares, Inc. and U.S. Bank National Association, as trustee.
4.2
Forms of 5.25% Fixed-to-Floating Rate Subordinated Note due July 1, 2030 (included as Exhibit A-1 and Exhibit A-2 to the Indenture filed as Exhibit 4.1 hereto).
10.1
Form of Subordinated Note Purchase Agreement, dated June 19, 2020, by and among Bridgewater Bancshares, Inc. and the Purchasers.
10.2
Form of Registration Rights Agreement, dated June 19, 2020, by and among Bridgewater Bancshares, Inc. and the Purchasers.
99.1
Press Release of Bridgewater Bancshares, Inc., dated June 19, 2020.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Bridgewater Bancshares, Inc.
Date: June 19, 2020
By:
/s/ Jerry Baack
Name: Jerry Baack
Title:    Chairman, Chief Executive Officer and President
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