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style="visibility:hidden;">&#8203;</span></p><a id="_675d2970_6027_4feb_9fb3_c7fe6a8118ff"></a></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:14pt;font-weight:bold;">UNITED STATES<br />SECURITIES AND EXCHANGE COMMISSION</b><span style="white-space:pre-wrap;">  <br /></span><b style="font-size:12pt;font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:18pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORM </b><ix:nonNumeric contextRef="Duration_3_1_2021_To_3_1_2021_5b-ItifQ_EOJW3tYmlepaA" name="dei:DocumentType" id="Narr_nsCjNZYTeEqO9KzUMa5Paw"><b style="font-weight:bold;">8-K</b></ix:nonNumeric><span style="font-size:10pt;"><br /></span><b 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growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><span style="font-family:'inherit';visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'inherit';font-size:9pt;">Emerging growth company </span><ix:nonNumeric contextRef="Duration_3_1_2021_To_3_1_2021_5b-ItifQ_EOJW3tYmlepaA" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_Kw7LxiKAMEaSyQuSW_GTbA"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9746;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><span style="color:#211d1e;font-family:'inherit';visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="color:#211d1e;font-family:'inherit';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. </span><ix:nonNumeric contextRef="Duration_3_1_2021_To_3_1_2021_5b-ItifQ_EOJW3tYmlepaA" format="ixt-sec:boolballotbox" name="dei:EntityExTransitionPeriod" id="Narr_9LUUOnvaiUyK05jn5hQbaw"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p><div style="padding-bottom:1.0px;border-bottom:3.0pt solid #000000;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.43;padding-bottom:1pt;border-bottom:1.0pt solid #000000;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></div><p style="display:none;line-height:0pt;margin:0pt 0pt 5pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="_267696be_6b2e_4a1b_b46d_e7ac717b917a"></a></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:10pt;font-weight:bold;">Item 1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b><b style="font-weight:bold;">&#160;&#160;</b><b style="font-size:10pt;font-weight:bold;">Entry into a Material Definitive Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On March 1, 2021, Bridgewater Bancshares, Inc. (the &#8220;Company&#8221;) entered into a Loan and Security Agreement (the &#8220;Agreement&#8221;) and related revolving note (the &#8220;Revolving Note&#8221;) with ServisFirst Bank (the &#8220;Lender&#8221;). The Agreement provides for the Lender to make available to the Company a revolving line of credit in a maximum principal amount of up to $25.0 million (the &#8220;Line of Credit&#8221;).&#160;The Line of Credit matures on February 28, 2023 (the &#8220;Maturity Date&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Agreement provides for a variable interest rate equal to the greater of the Wall Street Journal Prime Rate in effect or a floor rate of 3.85% and no prepayment penalty.&#160;The Company is also required to pay a non-use fee of 0.20% per annum on the unused portion of the principal amount of the Line of Credit (provided, however, that the non-use fee will be waived if the Company has an outstanding balance of at least $12.5 million under the Line of Credit for more than six consecutive calendar months of the loan term).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Under the terms of the Agreement, the Company is required to pay quarterly payments of interest on the unpaid principal balance of the Line of Credit.&#160;Principal payments may be made at any time prior to the Maturity Date, on which date all unpaid principal of and accrued interest on the Line of Credit are due and payable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The obligations of the Company under the Agreement are secured by a first priority security interest in all of the capital stock of the Company&#8217;s subsidiary bank, Bridgewater Bank (the &#8220;Bank&#8221;), pursuant to a Pledge Agreement, dated as of March 1, 2021, between the Company and the Lender (the &#8220;Pledge Agreement&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Agreement, the Revolving Note, and Pledge Agreement contain customary representations, warranties, and covenants for a revolving line of credit, including certain financial covenants and capital ratio requirements.&#160;The financial covenants in the Agreement include covenants requiring that (a) the Bank maintain (i) a return on assets ratio of at least 0.60%, (ii) a Tier 1 leverage capital ratio of at least 8.5%, and (iii) a non-performing assets to capital and loan and lease loss reserves ratio of less than 25.0%, and (b) the Company maintain an interest reserve, held in cash at the Bank, of at least $2.5 million at all times during the term of the Line of Credit.&#160;The Agreement, the Revolving Note, and the Pledge Agreement also provide for certain events of default, including, among other things, payment defaults, breaches of representations and warranties and bankruptcy or insolvency proceedings, the occurrence of which, after any applicable cure period, would permit Lender, among other things, to accelerate payment of all amounts outstanding under the Agreement and the Revolving Note, as applicable, and to exercise its remedies with respect to the shares of capital stock of the Bank subject to the Pledge Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The foregoing descriptions of the Agreement, the Revolving Note, and the Pledge Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Agreement, the Revolving Note, and the Pledge Agreement, which are filed as Exhibits 10.1, 10.2, and 10.3, respectively, to this Current Report on Form 8-K and incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Item 2.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b><b style="font-weight:bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The information set forth under Item 1.01 is incorporated by reference in this Item 2.03 in its entirety.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">(d)<b style="font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b><i style="font-style:italic;">Exhibits</i></p><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:72pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Exhibit 10.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><a style="-sec-extract:exhibit;" href="bwb-20210301xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Loan and Security Agreement, dated as of March 1, 2021, by and between Bridgewater Bancshares, Inc.,&#160;as Borrower, and ServisFirst Bank, as Lender.</span></a></p></td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:72pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Exhibit 10.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><a style="-sec-extract:exhibit;" href="bwb-20210301xex10d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Revolving Note, dated as of March 1, 2021, made by Bridgewater Bancshares, Inc.,&#160;as Borrower, to and in favor of ServisFirst Bank, as Lender.</span></a></p></td></tr></table></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.41%;border:0;margin:30pt 10.29% 30pt 10.29%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:72pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Exhibit 10.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><a style="-sec-extract:exhibit;" href="bwb-20210301xex10d3.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Pledge Agreement, dated as of March 1, 2021, by and between Bridgewater Bancshares, Inc.,&#160;as Borrower, and ServisFirst Bank, as Lender.</span></a></p></td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:72pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Exhibit 104</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Cover Page Interactive Data File (embedded within the inline XBRL document)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="_1680bf58_36ea_4a2f_84c9_211aeb04e916"></a></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.41%;border:0;margin:30pt 10.29% 30pt 10.29%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt 3pt 0pt 3pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt 3pt 0pt 3pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bridgewater Bancshares, Inc.</p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: March 5, 2021</p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">By:      </span><i style="font-style:italic;">/s/ Jerry Baack</i></p></td></tr><tr><td style="vertical-align:bottom;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;border-top:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name: Jerry Baack</p></td></tr><tr><td style="vertical-align:bottom;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">Title:    Chairman, Chief Executive Officer and President</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:avoid;width:79.41%;border:0;"></div></body></html>
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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": "21717901"}, "business-address": {"street1": "4450 EXCELSIOR BLVD.", "street2": "SUITE 100", "city": "ST. LOUIS PARK", "state": "MN", "zip": "55416", "phone": "(952) 893-6868"}, "mail-address": {"street1": "4450 EXCELSIOR BLVD.", "street2": "SUITE 100", "city": "ST. LOUIS PARK", "state": "MN", "zip": "55416"}}
​
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
​
March 1, 2021
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.)
​
4450 Excelsior Boulevard, Suite 100
St. Louis Park
,
Minnesota
(Address of principal executive offices)
55416
(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 March 1, 2021, Bridgewater Bancshares, Inc. (the "Company") entered into a Loan and Security Agreement (the "Agreement") and related revolving note (the "Revolving Note") with ServisFirst Bank (the "Lender"). The Agreement provides for the Lender to make available to the Company a revolving line of credit in a maximum principal amount of up to $25.0 million (the "Line of Credit"). The Line of Credit matures on February 28, 2023 (the "Maturity Date").
The Agreement provides for a variable interest rate equal to the greater of the Wall Street Journal Prime Rate in effect or a floor rate of 3.85% and no prepayment penalty. The Company is also required to pay a non-use fee of 0.20% per annum on the unused portion of the principal amount of the Line of Credit (provided, however, that the non-use fee will be waived if the Company has an outstanding balance of at least $12.5 million under the Line of Credit for more than six consecutive calendar months of the loan term).
Under the terms of the Agreement, the Company is required to pay quarterly payments of interest on the unpaid principal balance of the Line of Credit. Principal payments may be made at any time prior to the Maturity Date, on which date all unpaid principal of and accrued interest on the Line of Credit are due and payable.
​
The obligations of the Company under the Agreement are secured by a first priority security interest in all of the capital stock of the Company's subsidiary bank, Bridgewater Bank (the "Bank"), pursuant to a Pledge Agreement, dated as of March 1, 2021, between the Company and the Lender (the "Pledge Agreement").
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The Agreement, the Revolving Note, and Pledge Agreement contain customary representations, warranties, and covenants for a revolving line of credit, including certain financial covenants and capital ratio requirements. The financial covenants in the Agreement include covenants requiring that (a) the Bank maintain (i) a return on assets ratio of at least 0.60%, (ii) a Tier 1 leverage capital ratio of at least 8.5%, and (iii) a non-performing assets to capital and loan and lease loss reserves ratio of less than 25.0%, and (b) the Company maintain an interest reserve, held in cash at the Bank, of at least $2.5 million at all times during the term of the Line of Credit. The Agreement, the Revolving Note, and the Pledge Agreement also provide for certain events of default, including, among other things, payment defaults, breaches of representations and warranties and bankruptcy or insolvency proceedings, the occurrence of which, after any applicable cure period, would permit Lender, among other things, to accelerate payment of all amounts outstanding under the Agreement and the Revolving Note, as applicable, and to exercise its remedies with respect to the shares of capital stock of the Bank subject to the Pledge Agreement.
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The foregoing descriptions of the Agreement, the Revolving Note, and the Pledge Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Agreement, the Revolving Note, and the Pledge Agreement, which are filed as Exhibits 10.1, 10.2, and 10.3, respectively, to this Current Report on Form 8-K and incorporated herein by reference.
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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 is incorporated by reference in this Item 2.03 in its entirety.
Item 9.01           Financial Statements and Exhibits.
(d)
Exhibits
Exhibit 10.1
Loan and Security Agreement, dated as of March 1, 2021, by and between Bridgewater Bancshares, Inc., as Borrower, and ServisFirst Bank, as Lender.
Exhibit 10.2
Revolving Note, dated as of March 1, 2021, made by Bridgewater Bancshares, Inc., as Borrower, to and in favor of ServisFirst Bank, as Lender.
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Exhibit 10.3
Pledge Agreement, dated as of March 1, 2021, by and between Bridgewater Bancshares, Inc., as Borrower, and ServisFirst Bank, as Lender.
Exhibit 104
Cover Page Interactive Data File (embedded within the inline XBRL document)
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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.
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Bridgewater Bancshares, Inc.
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Date: March 5, 2021
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By:
/s/ Jerry Baack
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Name: Jerry Baack
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Title:    Chairman, Chief Executive Officer and President
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