First thing I would do would be to open the bleed nipples on the calipers. If fluid jets out, then the calipers were pressurised and holding the pads on.
Brake fluid absorbs water and when it is stood for a long time that water separates out and expands, putting the caliper under pressure.
If that is the problem, you will need to do a full caliper clean with new seals before riding her, and probably a master cylinder clean & rebuild as well.
If that doesn't free it up, then a few whacks with a rubber mallet works wonders to jolt free pads that are sticking.
Not likely to be wheel bearings as even rusted up bearings will roll.
I helped restore a Ducati that had spent 4 months in 2 foot deep water and the bearings still moved, even though they were mostly rust.
Even after it was rebuilt, whenever I got close to that bike I could still smell the rancid flood water.
