Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-30

Bridgewater Bancshares Inc (BWB)

CEO Jerry Baack was paid $1,349,932 in fiscal year 2025, ↑ up 20.4% from fiscal year 2024, the 19th percentile of its disclosed peer group (SEC filing 0001104659-26-028272 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,349,932 ↑
Jerry Baack total, FY2025
19th
CEO pay percentile vs peers
13.6:1
CEO-to-median pay ratio
96.93%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Jerry Baack (Chairman of the Board and Chief Executive Officer), FY2025 total compensation $1,349,932 (base salary $650,000) [exec_comp, SEC accession 0001104659-26-028272, filed 2026-03-16]

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BWB's next annual pay disclosure, estimated March 22, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jerry Baack$650,000$0$218,372$0$433,000$0$48,560$1,349,932
Chairman of the Board and Chief Executive Officer
Joseph Chybowski450,0000141,5900284,000046,706922,296
President and Chief Financial Officer
Nick Place385,000099,7120174,000039,997698,709
Chief Banking Officer
Mary Jayne Crocker343,333125,000122,64200043,846634,821
Former Executive Vice President and Chief Strategy Officer
Lisa Salazar355,000076,7820134,000037,922603,704
Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Jerry Baack$1,349,932$1,120,926$1,266,346↑ +229,006
Joseph Chybowski922,296714,644721,695↑ +207,652
Nick Place698,709582,123649,735↑ +116,586
Mary Jayne Crocker634,821667,750751,708↓ −32,929
Lisa Salazar603,704———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$1,349,932 Jerry Baack total, FY2025

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Data as of September 30, 2026 · Source: 0001104659-26-028272 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against BWB
6 companies name BWB as a compensation peer

Each company listed discloses BWB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BWB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Jerry BaackCEO$1,349,932
Joseph ChybowskiPresident$922,296
Lisa SalazarCOO$603,704
Mary Jayne CrockerExecutive$634,821
Nick PlaceChief Banking Officer$698,709
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
David JuranLead Independent Director$79,370
David VolkIndependent Director$86,990
Douglas ParishIndependent Director$99,668
James JohnsonIndependent Director$79,370
Lisa BrezonikIndependent Director$79,370
Mohammed LawalIndependent Director$79,370
Thomas TrutnaIndependent Director$79,668
Todd UrnessIndependent Director$79,370
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Lisa BrezonikDirector2026-03-31A1,146$0$0CommonForm 4 ↗
James JohnsonDirector2026-03-31A1,14600CommonForm 4 ↗
Todd UrnessDirector2026-03-31A1,14600CommonForm 4 ↗
David JuranDirector2026-03-31A1,14600CommonForm 4 ↗
Mary Jayne CrockerDirector2026-03-31A28000CommonForm 4 ↗
Thomas TrutnaDirector2026-03-31A57300CommonForm 4 ↗
Mohammed LawalDirector2026-03-31A1,14600CommonForm 4 ↗
David VolkDirector2026-03-31A1,14600CommonForm 4 ↗
Douglas ParishDirector2026-03-31A57300CommonForm 4 ↗
Mary Jayne CrockerDirector2026-04-16D6,75000Derivative, Class A CommonForm 4 ↗
Mary Jayne CrockerDirector2026-04-16A6,7501387,210CommonForm 4 ↗
Jeffrey ShellbergDirector2026-04-29D2,5121946,479CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-01D62191,147CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-06D9,25218170,711CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-07D8,17418150,813CommonForm 4 ↗
Lisa SalazarCHIEF OPERATING OFFICER2026-05-08D4,1621977,211CommonForm 4 ↗
Mary Jayne CrockerDirector2026-05-11A205204,100CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-21D20,00019371,084CommonForm 4 ↗
Mary Jayne CrockerDirector2026-05-21D6,52519120,714CommonForm 4 ↗
Joseph ChybowskiPRESIDENT & CFO2026-06-05D7,00019132,716CommonForm 4 ↗
Joseph ChybowskiPRESIDENT & CFO2026-06-05A7,000752,290CommonForm 4 ↗
Joseph ChybowskiPRESIDENT & CFO2026-06-05D7,00000Derivative, Class A CommonForm 4 ↗
Nick PlaceCHIEF BANKING OFFICER2026-06-05D4,6881990,361CommonForm 4 ↗
Nick PlaceCHIEF BANKING OFFICER2026-06-08D12,50000Derivative, Class A CommonForm 4 ↗
Nick PlaceCHIEF BANKING OFFICER2026-06-08A12,500793,375CommonForm 4 ↗
Dividend-equivalent accruals2026-06-10—1,931——1 insider, 1 accrual row
Lisa SalazarCHIEF OPERATING OFFICER2026-06-10A1,9311324,987CommonForm 4 ↗
Mohammed LawalDirector2026-06-30A95900CommonForm 4 ↗
David VolkDirector2026-06-30A95900CommonForm 4 ↗
Mary Jayne CrockerDirector2026-06-30A47900CommonForm 4 ↗
Todd UrnessDirector2026-06-30A95900CommonForm 4 ↗
James JohnsonDirector2026-06-30A95900CommonForm 4 ↗
Lisa BrezonikDirector2026-06-30A95900CommonForm 4 ↗
Thomas TrutnaDirector2026-06-30A47900CommonForm 4 ↗
David JuranDirector2026-06-30A95900CommonForm 4 ↗
Douglas ParishDirector2026-06-30A47900CommonForm 4 ↗
Jerry BaackDirector2026-07-27D15,90021330,785CommonForm 4 ↗
Jerry BaackDirector2026-07-29D11,33421236,979CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-30A317232CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-30D1121233CommonForm 4 ↗
Dividend-equivalent accruals2026-07-30—1,631——2 insiders, 2 accrual rows
Jessica Anne StejskalChief Experience Officer2026-07-30A1,600711,952CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-31D39,95800Derivative, Class A CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-31D14,57520298,496CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-31A39,9587298,486CommonForm 4 ↗
Mary Jayne CrockerDirector2026-08-04D11,00021231,486CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-05D160,000213,366,736CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-06D40,00021850,284CommonForm 4 ↗
Jerry BaackDirector2026-08-13D10,00022220,282CommonForm 4 ↗
Jerry BaackDirector2026-08-14D15,00022333,219CommonForm 4 ↗
Jerry BaackDirector2026-08-17D10,00022224,813CommonForm 4 ↗
David JuranDirector2026-08-21D15,00022323,886CommonForm 4 ↗
David JuranDirector2026-08-24D25,00022543,430CommonForm 4 ↗
David JuranDirector2026-08-25D9402220,246CommonForm 4 ↗
David JuranDirector2026-08-28D5182211,139CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31D6,25000Derivative, Class A CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31D17,20621362,530CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31A16,10018281,750CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31D16,10000Derivative, Class A CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31A6,2501380,750CommonForm 4 ↗
David JuranDirector2026-09-02D6232213,395CommonForm 4 ↗
Douglas ParishDirector2026-09-09D4,0002185,536CommonForm 4 ↗
Jessica Anne StejskalChief Experience Officer2026-09-15D400218,501CommonForm 4 ↗
Mohammed LawalDirector2026-09-30A96900CommonForm 4 ↗
James JohnsonDirector2026-09-30A96900CommonForm 4 ↗
Lisa BrezonikDirector2026-09-30A96900CommonForm 4 ↗
Todd UrnessDirector2026-09-30A96900CommonForm 4 ↗
David JuranDirector2026-09-30A96900CommonForm 4 ↗
David VolkDirector2026-09-30A96900CommonForm 4 ↗
Thomas TrutnaDirector2026-09-30A48400CommonForm 4 ↗
Mary Jayne CrockerDirector2026-09-30A48400CommonForm 4 ↗
Douglas ParishDirector2026-09-30A48400CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 73 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Lisa BrezonikDirector2026-03-31A1,146$0$0CommonForm 4 ↗
James JohnsonDirector2026-03-31A1,14600CommonForm 4 ↗
Todd UrnessDirector2026-03-31A1,14600CommonForm 4 ↗
David JuranDirector2026-03-31A1,14600CommonForm 4 ↗
Mary Jayne CrockerDirector2026-03-31A28000CommonForm 4 ↗
Thomas TrutnaDirector2026-03-31A57300CommonForm 4 ↗
Mohammed LawalDirector2026-03-31A1,14600CommonForm 4 ↗
David VolkDirector2026-03-31A1,14600CommonForm 4 ↗
Douglas ParishDirector2026-03-31A57300CommonForm 4 ↗
Mary Jayne CrockerDirector2026-04-16D6,75000Derivative, Class A CommonForm 4 ↗
Mary Jayne CrockerDirector2026-04-16A6,7501387,210CommonForm 4 ↗
Jeffrey ShellbergDirector2026-04-29D2,5121946,479CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-01D62191,147CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-06D9,25218170,711CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-07D8,17418150,813CommonForm 4 ↗
Lisa SalazarCHIEF OPERATING OFFICER2026-05-08D4,1621977,211CommonForm 4 ↗
Mary Jayne CrockerDirector2026-05-11A205204,100CommonForm 4 ↗
Jeffrey ShellbergDirector2026-05-21D20,00019371,084CommonForm 4 ↗
Mary Jayne CrockerDirector2026-05-21D6,52519120,714CommonForm 4 ↗
Joseph ChybowskiPRESIDENT & CFO2026-06-05D7,00019132,716CommonForm 4 ↗
Joseph ChybowskiPRESIDENT & CFO2026-06-05A7,000752,290CommonForm 4 ↗
Joseph ChybowskiPRESIDENT & CFO2026-06-05D7,00000Derivative, Class A CommonForm 4 ↗
Nick PlaceCHIEF BANKING OFFICER2026-06-05D4,6881990,361CommonForm 4 ↗
Nick PlaceCHIEF BANKING OFFICER2026-06-08D12,50000Derivative, Class A CommonForm 4 ↗
Nick PlaceCHIEF BANKING OFFICER2026-06-08A12,500793,375CommonForm 4 ↗
Lisa SalazarCHIEF OPERATING OFFICER2026-06-10D1,93100Derivative, Class A CommonForm 4 ↗
Lisa SalazarCHIEF OPERATING OFFICER2026-06-10A1,9311324,987CommonForm 4 ↗
Mohammed LawalDirector2026-06-30A95900CommonForm 4 ↗
David VolkDirector2026-06-30A95900CommonForm 4 ↗
Mary Jayne CrockerDirector2026-06-30A47900CommonForm 4 ↗
Todd UrnessDirector2026-06-30A95900CommonForm 4 ↗
James JohnsonDirector2026-06-30A95900CommonForm 4 ↗
Lisa BrezonikDirector2026-06-30A95900CommonForm 4 ↗
Thomas TrutnaDirector2026-06-30A47900CommonForm 4 ↗
David JuranDirector2026-06-30A95900CommonForm 4 ↗
Douglas ParishDirector2026-06-30A47900CommonForm 4 ↗
Jerry BaackDirector2026-07-27D15,90021330,785CommonForm 4 ↗
Jerry BaackDirector2026-07-29D11,33421236,979CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-30A317232CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-30D1121233CommonForm 4 ↗
Jessica Anne StejskalChief Experience Officer2026-07-30D1,60000Derivative, Class A CommonForm 4 ↗
Jessica Anne StejskalChief Experience Officer2026-07-30A1,600711,952CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-30D3100Derivative, Class A CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-31D39,95800Derivative, Class A CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-31D14,57520298,496CommonForm 4 ↗
Mary Jayne CrockerDirector2026-07-31A39,9587298,486CommonForm 4 ↗
Mary Jayne CrockerDirector2026-08-04D11,00021231,486CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-05D160,000213,366,736CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-06D40,00021850,284CommonForm 4 ↗
Jerry BaackDirector2026-08-13D10,00022220,282CommonForm 4 ↗
Jerry BaackDirector2026-08-14D15,00022333,219CommonForm 4 ↗
Jerry BaackDirector2026-08-17D10,00022224,813CommonForm 4 ↗
David JuranDirector2026-08-21D15,00022323,886CommonForm 4 ↗
David JuranDirector2026-08-24D25,00022543,430CommonForm 4 ↗
David JuranDirector2026-08-25D9402220,246CommonForm 4 ↗
David JuranDirector2026-08-28D5182211,139CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31D6,25000Derivative, Class A CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31D17,20621362,530CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31A16,10018281,750CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31D16,10000Derivative, Class A CommonForm 4 ↗
Jeffrey ShellbergDirector2026-08-31A6,2501380,750CommonForm 4 ↗
David JuranDirector2026-09-02D6232213,395CommonForm 4 ↗
Douglas ParishDirector2026-09-09D4,0002185,536CommonForm 4 ↗
Jessica Anne StejskalChief Experience Officer2026-09-15D400218,501CommonForm 4 ↗
Mohammed LawalDirector2026-09-30A96900CommonForm 4 ↗
James JohnsonDirector2026-09-30A96900CommonForm 4 ↗
Lisa BrezonikDirector2026-09-30A96900CommonForm 4 ↗
Todd UrnessDirector2026-09-30A96900CommonForm 4 ↗
David JuranDirector2026-09-30A96900CommonForm 4 ↗
David VolkDirector2026-09-30A96900CommonForm 4 ↗
Thomas TrutnaDirector2026-09-30A48400CommonForm 4 ↗
Mary Jayne CrockerDirector2026-09-30A48400CommonForm 4 ↗
Douglas ParishDirector2026-09-30A48400CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Joseph ChybowskiRSU2025-02-03——10,275—$141,590
Nick PlaceRSU2025-02-03——7,236—99,712
Mary Jayne CrockerRSU2025-02-03——8,900—122,642
Lisa SalazarRSU2025-02-03——5,572—76,782
Jerry BaackRSU2025-02-03——15,847—218,372
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Joseph Chybowski$141,590$0$00.0%
Nick Place99,712000.0%
Mary Jayne Crocker122,642000.0%
Lisa Salazar76,782000.0%
Jerry Baack218,372000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Nick PlaceOption12,50017.5—
Jerry BaackOption25,00017.5—
Joseph ChybowskiRSU12,500—300,000
Joseph ChybowskiRSU6,041—105,899
Nick PlaceRSU7,236—126,847
Jerry BaackRSU15,847—277,798
Joseph ChybowskiRSU10,275—180,121
Mary Jayne CrockerRSU7,204—126,286
Nick PlaceRSU5,174—90,700
Mary Jayne CrockerRSU12,500—300,000
Jerry BaackRSU15,847—277,798
Nick PlaceRSU7,236—126,847
Nick PlaceRSU5,850—102,551
Nick PlaceRSU5,174—90,700
Jerry BaackRSU11,279—197,721
Jerry BaackRSU12,864—225,506
Joseph ChybowskiRSU6,927—121,430
Mary Jayne CrockerRSU8,900—156,017
Lisa SalazarRSU5,572—97,677
Jerry BaackRSU12,864—225,506
Jerry BaackRSU11,279—197,721
Jerry BaackRSU37,500—890,000
Lisa SalazarRSU12,500—300,000
Mary Jayne CrockerOption5,00017.5—
Nick PlaceRSU24,319—580,000
Joseph ChybowskiOption12,50017.5—
Mary Jayne CrockerRSU6,266—109,843
Lisa SalazarRSU4,486—78,640
Lisa SalazarOption6,25017.5—
Lisa SalazarRSU3,856—67,596
Nick PlaceRSU5,850—102,551
05

Incentive-plan design — the Compensation Discussion & Analysis

The goal of our executive compensation program is to generate long-term value for our shareholders by attracting, motivating and retaining outstanding executives who have the background, leadership skills and entrepreneurial drive to execute our strategic goals.

CEO STI target (% of salary)75%
CEO LTI target (% of salary)—
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2820,244,780641,268113,35696.93%Passed
20252025-04-2218,289,4651,249,822113,46793.6%Passed
20242024-04-2317,215,792669,876178,82495.3%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2896.93%a
20252025-04-2293.6%b
20242024-04-2395.3%c

a. Approved under the standard stated in the filing — “How are abstentions and broker non-votes treated? With respect to the election of directors and the say-on-pay proposal, abstentions will not affect the outcome of the election or the proposals.”.

b. Approved under the standard stated in the filing — “With respect to the election of directors and the say-on-pay proposal, abstentions will not affect the outcome of the election or the proposals. Broker non-votes, which occur when brokers are prohibited from exercising voting authority for beneficial owners who have not provided voting instructions or otherwise do not vote on the proposal, will be disregarded and have no effect on the election or the say-on-pay proposal.”.

c. Approved under the standard stated in the filing — “As a result, abstentions and broker non-votes, if any, will not affect the outcome of the election.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)13.6 : 1
CEO total compensation$1,349,932
Median employee compensation$99,039
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Douglas ParishIndependent · Audit (Chair)$60,000$39,668—$0$0$99,668
David VolkIndependent · Compensation · Nominating and ESG60,00019,990—07,00086,990
Thomas TrutnaIndependent · Audit · Nominating and ESG40,00039,668—0079,668
David JuranIndependent · Lead Independent Director · Compensation (Chair)079,370—0079,370
James JohnsonIndependent · Audit · Nominating and ESG079,370—0079,370
Mohammed LawalIndependent · Nominating and ESG079,370—0079,370
Lisa BrezonikIndependent · Nominating and ESG (Chair)079,370—0079,370
Todd UrnessIndependent · Compensation079,370—0079,370
Jeffrey ShellbergEmployee director00——00
Jerry BaackEmployee director · Board Chair00——00
Mary Jayne CrockerNot independent · Newly elected00—000
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000
Stock ownership guideline$160,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$160,000
Equity awards (grant-date value)$496,176
All other compensation$7,000
Total cost of the board$663,176

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Bridgewater Bancshares Inc names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Bridgewater Bancshares Inc.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nicolet Bankshares, Inc.2025Michael Daniels$850,000$12,391,200$0$1,593,750$14,944,068
2Byline Bancorp, Inc.2025Roberto Herencia937,2221,992,46301,567,4834,537,621
3ConnectOne Bancorp, Inc.2025Frank Sorrentino III992,0001,674,00101,272,2404,399,936
4Old Second Bancorp, Inc.2025James Eccher914,2171,075,0660852,3003,108,135
5Civista Bancshares, Inc.2025Dennis Shaffer573,657166,2460258,1462,894,036
6Lakeland Financial Corporation2025David Findlay739,6541,304,5820393,1282,473,892
7First Mid Bancshares, Inc.2025Joseph Dively543,400514,27201,019,3642,109,337
8Great Southern Bancorp, Inc.2025Joseph Turner518,072093,756872,9701,815,277
9Bank First Corporation2025Michael Molepske805,838463,7870463,7631,800,787
10Five Star Bancorp2025James Beckwith698,988439,9630605,3651,780,757
11Mercantile Bank Corporation2025Raymond Reitsma734,600471,2830462,7981,769,983
12QCR Holdings, Inc.2025Todd Gipple430,760490,3890558,1461,713,726
13Farmers National Banc Corp.2025Kevin Helmick686,850331,9130536,2501,644,243
14Alerus Financial Corporation2025Katie Lorenson625,000437,5000484,6881,630,180
15MidWestOne Financial Group, Inc.2024Charles Reeves646,875400,0030534,0391,611,393
16Midland States Bancorp, Inc.2025Jeffrey Ludwig749,800562,3220194,9561,532,241
17West Bancorporation, Inc.2025David Nelson608,000303,4930477,2451,456,493
18Bridgewater Bancshares Inc2025Jerry Baack650,000218,3720433,0001,349,932
19Southern First Bancshares, Inc.2025R. Arthur Seaver, Jr.515,000204,608001,146,832
20Farmers & Merchants Bancorp, Inc.2025Lars Eller519,841109,1480283,573969,335
21Southern Missouri Bancorp, Inc.2026Greg Steffens468,00038,07037,7760756,303
22First Business Financial Services, Inc.2025James Hartlieb315,000110,9850147,195620,487

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Bridgewater Bancshares Inc89%RSU 100not disclosedPearl Meyer
Alerus Financial Corporation141%PSU 60 · RSU 40NoFW Cook
Bank First Corporation74.6%RSU 100not disclosedPearl Meyer
Byline Bancorp, Inc.not disclosedPSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pearl Meyer
Civista Bancshares, Inc.not disclosedRSU 100Yes — Relative TSR vs. Peer Group (3 year average)Blanchard Consulting Group
ConnectOne Bancorp, Inc.135%PSU 55 · RSU 45NoMeridian Compensation Partners, LLC
Farmers & Merchants Bancorp, Inc.not disclosedStock Awards 100not disclosednot disclosed
Farmers National Banc Corp.150%PSU 50 · RSU 25 · Cash LTI 25NoAon
First Business Financial Services, Inc.134%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)McLagan
First Mid Bancshares, Inc.not disclosednot disclosednot disclosedBlanchard Consulting
Five Star Bancorpnot disclosedPSU 50 · RSU 50NoPearl Meyer Partners, LLC
Great Southern Bancorp, Inc.not disclosedOption 100not disclosedPearl Meyer & Partners, LLC
Lakeland Financial Corporation106%PSU 60 · RSU 40NoPearl Meyer & Partners
Mercantile Bank Corporation105.6%PSU 65 · RSU 35NoAON
Midland States Bancorp, Inc.40%RSU 100not disclosedPearl Meyer & Partners, LLC
MidWestOne Financial Group, Inc.127.0%PSU 60 · RSU 40not disclosedFrederic W. Cook & Co., Inc.
Nicolet Bankshares, Inc.not disclosednot disclosedNoPearl Meyer & Partners, LLC
Old Second Bancorp, Inc.118.4%RSU 50 · PSU 50NoAON/McLagan
QCR Holdings, Inc.not disclosedRSU 100not disclosedFrederic W. Cook & Co., Inc.
Southern First Bancshares, Inc.not disclosedRSU 100not disclosedMcLagan (Aon Company)
Southern Missouri Bancorp, Inc.not disclosednot disclosednot disclosedBlanchard Consulting Group
West Bancorporation, Inc.78%RSU 50 · PSU 50NoMcLagan

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Bridgewater Bancshares Inc in fiscal 2025?
As disclosed, Jerry Baack (Chairman of the Board and Chief Executive Officer) was the highest-paid executive at Bridgewater Bancshares Inc in fiscal 2025, with total compensation of $1,349,932.
How does Bridgewater Bancshares Inc's chief executive pay compare to its disclosed peer group?
As disclosed, Jerry Baack's total compensation ranked at the 19th percentile of Bridgewater Bancshares Inc's disclosed peer group.
What is Bridgewater Bancshares Inc's CEO-to-median employee pay ratio?
As disclosed, Bridgewater Bancshares Inc's CEO-to-median employee pay ratio was 13.6:1.
How did shareholders vote on Bridgewater Bancshares Inc's executive compensation?
As disclosed, 96.93% of shareholders supported Bridgewater Bancshares Inc's executive compensation in the latest say-on-pay vote.
How much does Bridgewater Bancshares Inc spend in total on board compensation for fiscal 2025?
As disclosed, Bridgewater Bancshares Inc reported total board compensation of $663,176 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jerry BaackDEF 14A2026-03-160001104659-26-028272Section “Summary Compensation Table” · page 38. As printed: 1,349,932. Filing ↗machine: t135 · r6 · c22 · span 897478–897487
2Section 01, Joseph ChybowskiDEF 14A2026-03-160001104659-26-028272Section “Summary Compensation Table” · page 38. As printed: 922,296. Filing ↗machine: t135 · r9 · c22 · span 915525–915532
3Section 01, Nick PlaceDEF 14A2026-03-160001104659-26-028272Section “Summary Compensation Table” · page 38. As printed: 698,709. Filing ↗machine: t135 · r15 · c22 · span 952050–952057
4Section 01, Mary Jayne CrockerDEF 14A2026-03-160001104659-26-028272Section “Summary Compensation Table” · page 38. As printed: 634,821. Filing ↗machine: t135 · r12 · c22 · span 934011–934018
5Section 01, Lisa SalazarDEF 14A2026-03-160001104659-26-028272Section “Summary Compensation Table” · page 38. As printed: 603,704. Filing ↗machine: t135 · r18 · c22 · span 970684–970691
6Section 03, Joseph Chybowski RSUDEF 14A2026-03-160001104659-26-028272Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t144 · r9 · c15 · span 1068141–1068147
7Section 03, Nick Place RSUDEF 14A2026-03-160001104659-26-028272Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t144 · r13 · c15 · span 1089409–1089414
8Section 03, Mary Jayne Crocker RSUDEF 14A2026-03-160001104659-26-028272Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t144 · r11 · c15 · span 1078443–1078448
9Section 03, Lisa Salazar RSUDEF 14A2026-03-160001104659-26-028272Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t144 · r15 · c15 · span 1099707–1099712
10Section 03, Jerry Baack RSUDEF 14A2026-03-160001104659-26-028272Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t144 · r7 · c15 · span 1057214–1057220
11Section 07, pay ratioDEF 14A2026-03-160001104659-26-028272Section “CEO Pay Ratio”. As printed: 13.6 : 1. Filing ↗
12Section 08, Douglas ParishDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 99,668. Filing ↗machine: t84 · r8 · c12 · span 542558–542738
13Section 08, David VolkDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 86,990. Filing ↗machine: t84 · r12 · c12 · span 557985–558165
14Section 08, Thomas TrutnaDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 79,668. Filing ↗machine: t84 · r10 · c12 · span 550262–550442
15Section 08, David JuranDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 79,370. Filing ↗machine: t84 · r6 · c6 · span 533183–533363
16Section 08, James JohnsonDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 79,370. Filing ↗machine: t84 · r5 · c6 · span 529378–529558
17Section 08, Mohammed LawalDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 79,370. Filing ↗machine: t84 · r7 · c6 · span 536993–537173
18Section 08, Lisa BrezonikDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 79,370. Filing ↗machine: t84 · r4 · c6 · span 525547–525727
19Section 08, Todd UrnessDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 79,370. Filing ↗machine: t84 · r11 · c6 · span 552341–552521
20Section 08, Jeffrey ShellbergDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 0. Filing ↗machine: t84 · r9 · c12 · span 546605–546606
21Section 08, Jerry BaackDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, Mary Jayne CrockerDEF 14A2026-03-160001104659-26-028272Section “Director Compensation”. As printed: 0. Filing ↗
23Section 02, Lisa Brezonik 2026-03-31Form 42026-03-310001796490-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, James Johnson 2026-03-31Form 42026-03-310001733285-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Todd Urness 2026-03-31Form 42026-03-310001733123-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, David Juran 2026-03-31Form 42026-03-310001733121-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Mary Jayne Crocker 2026-03-31Form 42026-03-310001732716-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Thomas Trutna 2026-03-31Form 42026-03-310001733117-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Mohammed Lawal 2026-03-31Form 42026-03-310001828123-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, David Volk 2026-03-31Form 42026-03-310001733127-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Douglas Parish 2026-03-31Form 42026-03-310001745268-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Mary Jayne Crocker 2026-04-16Form 42026-04-170001732716-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Mary Jayne Crocker 2026-04-16Form 42026-04-170001732716-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Jeffrey Shellberg 2026-04-29Form 42026-05-010001732717-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Jeffrey Shellberg 2026-05-01Form 42026-05-050001732717-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Jeffrey Shellberg 2026-05-06Form 42026-05-080001732717-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Jeffrey Shellberg 2026-05-07Form 42026-05-080001732717-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Lisa Salazar 2026-05-08Form 42026-05-110001756428-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Mary Jayne Crocker 2026-05-11Form 42026-05-120001732716-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Jeffrey Shellberg 2026-05-21Form 42026-05-220001732717-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Mary Jayne Crocker 2026-05-21Form 42026-05-220001732716-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Joseph Chybowski 2026-06-05Form 42026-06-050001732715-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Joseph Chybowski 2026-06-05Form 42026-06-050001732715-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Joseph Chybowski 2026-06-05Form 42026-06-050001732715-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Nick Place 2026-06-05Form 42026-06-080001732712-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Nick Place 2026-06-08Form 42026-06-080001732712-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Nick Place 2026-06-08Form 42026-06-080001732712-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Lisa Salazar 2026-06-10Form 42026-06-110001756428-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Lisa Salazar 2026-06-10Form 42026-06-110001756428-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Mohammed Lawal 2026-06-30Form 42026-07-010001828123-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, David Volk 2026-06-30Form 42026-07-010001733127-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Mary Jayne Crocker 2026-06-30Form 42026-07-010001732716-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Todd Urness 2026-06-30Form 42026-07-010001733123-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, James Johnson 2026-06-30Form 42026-07-010001733285-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Lisa Brezonik 2026-06-30Form 42026-07-010001796490-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Thomas Trutna 2026-06-30Form 42026-07-010001733117-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, David Juran 2026-06-30Form 42026-07-010001733121-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Douglas Parish 2026-06-30Form 42026-07-010001745268-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Jerry Baack 2026-07-27Form 42026-07-290001733126-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Jerry Baack 2026-07-29Form 42026-07-290001733126-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Mary Jayne Crocker 2026-07-30Form 42026-08-030001732716-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Mary Jayne Crocker 2026-07-30Form 42026-08-030001732716-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Jessica Anne Stejskal 2026-07-30Form 42026-08-030002080505-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Jessica Anne Stejskal 2026-07-30Form 42026-08-030002080505-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Mary Jayne Crocker 2026-07-30Form 42026-08-030001732716-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Mary Jayne Crocker 2026-07-31Form 42026-08-030001732716-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Mary Jayne Crocker 2026-07-31Form 42026-08-030001732716-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Mary Jayne Crocker 2026-07-31Form 42026-08-030001732716-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Mary Jayne Crocker 2026-08-04Form 42026-08-050001732716-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Jeffrey Shellberg 2026-08-05Form 42026-08-050001732717-26-000021Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Jeffrey Shellberg 2026-08-06Form 42026-08-100001732717-26-000023Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Jerry Baack 2026-08-13Form 42026-08-140001733126-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Jerry Baack 2026-08-14Form 42026-08-140001733126-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Jerry Baack 2026-08-17Form 42026-08-180001733126-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, David Juran 2026-08-21Form 42026-08-250001733121-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, David Juran 2026-08-24Form 42026-08-250001733121-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, David Juran 2026-08-25Form 42026-08-270001733121-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, David Juran 2026-08-28Form 42026-09-010001733121-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Jeffrey Shellberg 2026-08-31Form 42026-09-010001732717-26-000025Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Jeffrey Shellberg 2026-08-31Form 42026-09-010001732717-26-000025Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Jeffrey Shellberg 2026-08-31Form 42026-09-010001732717-26-000025Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Jeffrey Shellberg 2026-08-31Form 42026-09-010001732717-26-000025Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Jeffrey Shellberg 2026-08-31Form 42026-09-010001732717-26-000025Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, David Juran 2026-09-02Form 42026-09-030001733121-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Douglas Parish 2026-09-09Form 42026-09-100001745268-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Jessica Anne Stejskal 2026-09-15Form 42026-09-160002080505-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Mohammed Lawal 2026-09-30Form 42026-09-300001828123-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, James Johnson 2026-09-30Form 42026-09-300001733285-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Lisa Brezonik 2026-09-30Form 42026-09-300001796490-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Todd Urness 2026-09-30Form 42026-09-300001733123-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, David Juran 2026-09-30Form 42026-09-300001733121-26-000020Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, David Volk 2026-09-30Form 42026-09-300001733127-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, Thomas Trutna 2026-09-30Form 42026-09-300001733117-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, Mary Jayne Crocker 2026-09-30Form 42026-09-300001732716-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Douglas Parish 2026-09-30Form 42026-09-300001745268-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
96Section 06, 2026 voteForm 8-K2026-05-010001104659-26-053492Item 5.07 · say-on-pay result. As reported: 96.93% (votes for as printed: 20,244,780). Filing ↗
97Section 06, 2025 voteForm 8-K2025-04-250001558370-25-005559Item 5.07 · say-on-pay result. As reported: 93.6% (votes for as printed: 18,289,465). Filing ↗
98Section 06, 2024 voteForm 8-K2024-04-260001558370-24-005914Item 5.07 · say-on-pay result. As reported: 95.3% (votes for as printed: 17,215,792). Filing ↗
99Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
100Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
101Section 09b board cost (computed)Computed——Cash 160,000 + equity 496,176 + all other 7,000 = 663,176, summed across the director compensation table rows.machine: formula: Σ = 663,176
102Nicolet Bankshares, Inc., Section 10b CEO totalDEF 14A2026-03-240001174850-26-000086CEO total compensation as printed in Nicolet Bankshares, Inc.'s own proxy. As printed: 14,944,068. Filing ↗machine: t24 · r3 · c21 · span 428027–428037
103Byline Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-200001193125-26-162758CEO total compensation as printed in Byline Bancorp, Inc.'s own proxy. As printed: 4,537,621. Filing ↗machine: span 1703328–1703337
104ConnectOne Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-090001437749-26-011892CEO total compensation as printed in ConnectOne Bancorp, Inc.'s own proxy. As printed: 4,399,936. Filing ↗
105Old Second Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-060001104659-26-039829CEO total compensation as printed in Old Second Bancorp, Inc.'s own proxy. As printed: 3,108,135. Filing ↗machine: r8 · c16 · span 753236–753245
106Civista Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-145510CEO total compensation as printed in Civista Bancshares, Inc.'s own proxy. As printed: 2,894,036. Filing ↗
107Lakeland Financial Corporation, Section 10b CEO totalDEF 14A2026-03-050000721994-26-000036CEO total compensation as printed in Lakeland Financial Corporation's own proxy. As printed: 2,473,892. Filing ↗machine: span 916200–916209
108First Mid Bancshares, Inc., Section 10b CEO totalDEF 14A2026-03-170001193125-26-109951CEO total compensation as printed in First Mid Bancshares, Inc.'s own proxy. As printed: 2,109,337. Filing ↗machine: r2 · c12 · span 869693–869703
109Great Southern Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-310002077096-26-000017CEO total compensation as printed in Great Southern Bancorp, Inc.'s own proxy. As printed: 1,815,277. Filing ↗machine: r7 · c33 · span 320537–320546
110Bank First Corporation, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048526CEO total compensation as printed in Bank First Corporation's own proxy. As printed: 1,800,787. Filing ↗machine: t29 · r1 · c43 · span 725655–725664
111Five Star Bancorp, Section 10b CEO totalDEF 14A2026-03-300001628280-26-022075CEO total compensation as printed in Five Star Bancorp's own proxy. As printed: 1,780,757. Filing ↗machine: span 236440–236449
112Mercantile Bank Corporation, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010964CEO total compensation as printed in Mercantile Bank Corporation's own proxy. As printed: 1,769,983. Filing ↗machine: t42 · r1 · c20 · span 302151–302160
113QCR Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-090001171843-26-002356CEO total compensation as printed in QCR Holdings, Inc.'s own proxy. As printed: 1,713,726. Filing ↗machine: span 516480–516489
114Farmers National Banc Corp., Section 10b CEO totalDEF 14A2026-03-160001437749-26-008310CEO total compensation as printed in Farmers National Banc Corp.'s own proxy. As printed: 1,644,243. Filing ↗machine: r2 · c28 · span 608756–608765
115Alerus Financial Corporation, Section 10b CEO totalDEF 14A2026-04-010001437749-26-010883CEO total compensation as printed in Alerus Financial Corporation's own proxy. As printed: 1,630,180. Filing ↗machine: span 526881–526890
116MidWestOne Financial Group, Inc., Section 10b CEO totalDEF 14A2025-03-110001412665-25-000046CEO total compensation as printed in MidWestOne Financial Group, Inc.'s own proxy. As printed: 1,611,393. Filing ↗machine: span 451813–451822
117Midland States Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-230001104659-26-033298CEO total compensation as printed in Midland States Bancorp, Inc.'s own proxy. As printed: 1,532,241. Filing ↗machine: r1 · c35 · span 487815–487824
118West Bancorporation, Inc., Section 10b CEO totalDEF 14A2026-03-030001166928-26-000016CEO total compensation as printed in West Bancorporation, Inc.'s own proxy. As printed: 1,456,493. Filing ↗machine: r2 · c48 · span 688762–688771
119Bridgewater Bancshares Inc (subject), Section 10b CEO totalDEF 14A2026-03-160001104659-26-028272CEO total compensation as printed in Bridgewater Bancshares Inc's own proxy. As printed: 1,349,932. Filing ↗machine: t135 · r6 · c22 · span 897478–897487
120Southern First Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-060001206774-26-000194CEO total compensation as printed in Southern First Bancshares, Inc.'s own proxy. As printed: 1,146,832. Filing ↗machine: t89 · r1 · c9 · span 443118–443127
121Farmers & Merchants Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-240001140361-26-010915CEO total compensation as printed in Farmers & Merchants Bancorp, Inc.'s own proxy. As printed: 969,335. Filing ↗machine: r2 · c21 · span 457783–457790
122Southern Missouri Bancorp, Inc., Section 10b CEO totalDEF 14A2026-09-210001104659-26-109259CEO total compensation as printed in Southern Missouri Bancorp, Inc.'s own proxy. As printed: 756,303. Filing ↗
123First Business Financial Services, Inc., Section 10b CEO totalDEF 14A2026-03-050001193125-26-092613CEO total compensation as printed in First Business Financial Services, Inc.'s own proxy. As printed: 620,487. Filing ↗machine: r14 · c16 · span 1114517–1114525
124Section 10a, MidWestOne Financial Group, Inc. reciprocityDEF 14A—0001412665-25-000046MidWestOne Financial Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
125Section 10a, Byline Bancorp, Inc. reciprocityDEF 14A—0001193125-26-162758Byline Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
126Section 10a, Southern First Bancshares, Inc. reciprocityDEF 14A—0001206774-25-000204Southern First Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
127Section 10a, Nicolet Bankshares, Inc. reciprocityDEF 14A—0001174850-26-000086Nicolet Bankshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
128Section 10a, Bank First Corporation reciprocityDEF 14A—0001104659-26-048526Bank First Corporation names Bridgewater Bancshares Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
129Section 10a, First Business Financial Services, Inc. reciprocityDEF 14A—0001193125-26-092613First Business Financial Services, Inc. names Bridgewater Bancshares Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
130Section 10a, Farmers National Banc Corp. reciprocityDEF 14A—0001437749-26-008310Farmers National Banc Corp.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
131Section 10a, First Mid Bancshares, Inc. reciprocityDEF 14A—0001193125-26-109951First Mid Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
132Section 10a, Mercantile Bank Corporation reciprocityDEF 14A—0001437749-26-010964Mercantile Bank Corporation's most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
133Section 10a, West Bancorporation, Inc. reciprocityDEF 14A—0001166928-26-000016West Bancorporation, Inc. names Bridgewater Bancshares Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
134Section 10a, Old Second Bancorp, Inc. reciprocityDEF 14A—0001104659-26-039829Old Second Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
135Section 10a, Civista Bancshares, Inc. reciprocityDEF 14A—0001193125-26-145510Civista Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
136Section 10a, Midland States Bancorp, Inc. reciprocityDEF 14A—0001104659-26-033298Midland States Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
137Section 10a, Lakeland Financial Corporation reciprocityDEF 14A—0000721994-26-000036Lakeland Financial Corporation's most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
138Section 10a, QCR Holdings, Inc. reciprocityDEF 14A—0001171843-26-002356QCR Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗
139Section 10a, Farmers & Merchants Bancorp, Inc. reciprocityDEF 14A—0001193125-25-044260Farmers & Merchants Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Bridgewater Bancshares Inc. Filing ↗

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