Slide 1: 2025 Fourth Quarter Earnings Presentation
2025 Fourth Quarter Earnings Presentation January 22, 2026
Slide 2: Forward-looking statements
Forward–looking statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statem
Slide 3: Use of non-GAAP financial measures
Use of non-GAAP financial measures This Presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limi
Slide 4: 2025 Full Year Summary
2025 Full Year Summary Key highlights $ in millions 2025 2024 Change Reported Adjusted1 Revenue $560.0 $455.6 +$104.4 / +23% Diluted earnings per common share $ 2.45 $ 3.99 PPNR $181.8 $158.7 +$23.1 / +15% Pre-Tax Pre-Provision Net $ 181.8 $ 268.9 Revenue (PPNR) ($mm) Net interest margin 3.81% 3.81%
Slide 5: 4Q 2025 Results
4Q 2025 Results • Net income of $57.0 million or $61.5 million (adjusted) Key highlights • 3 bps net interest margin (“NIM”) expansion to 3.98% Reported Adjusted1 Earnings • Strong returns on a reported & adjusted basis – • ROATCE of 14.4% or 15.9% (adjusted) Diluted earnings per common share $ 1.07
Slide 6: 4Q 2025 Earnings
4Q 2025 Earnings Quarter ended $ Change from $ in thousands, except per share data 4Q25 3Q25 4Q24 3Q25 4Q24 Total Revenue 178,599 173,875 130,378 4,724 48,221 Provision for credit losses 1,232 34,417 7,084 (33,185) (5,852) Noninterest Expense 107,548 109,856 73,174 (2,308) 34,374 Pre-tax income 69,8
Slide 7: Driving shareholder value
Driving shareholder value Earnings per Share Book Value per Share Earnings per share Adjusted earnings per share1 1 BVPS TBVPS $3.99 $3.40 $38 $2.92 $3.01 $34 $2.64 $2.57 $2.48 $2.45 $31 $30 $28 $30 $27 $28 $25 $25 $26 $22 $23 $22 $20 $17 $19 $14 $14 $15 $12 $12 2022 2023 2024 2025 3Q16 2016 2017 20
Slide 8: Net Interest Margin
Net Interest Margin Highlights FTE NII / NIM Trend ($ millions) • Net interest income spurred higher by increased loan balances and first full-quarter impact of 3Q sub-debt & TruPS payoff $148.1 $150.6 • Lower rate environment drove interest income down on loans and cash, partially offset by cost of
Slide 9: Noninterest Income & Expense
Noninterest Income & Expense Highlights Noninterest Income ($ millions) Noninterest income: $26.6 $27.3 $28.8 $27.7 $22.0 $24.2 • QoQ Noninterest income benefited from – ~$1.1 million BOLI death benefit gain in Q4 ~$515k reduction in Other asset write-offs 4Q24 3Q25 4Q25 ~$400k increase in Swap fee
Slide 10: Loans HFI
Loans HFI Loans HFI / Total Yield ($ billions) Portfolio Mix $12.30 $12.38 1 C&I 35% Other $9.60 $9.77 $9.87 5% $12.4 2 CRE Billion 1-4 family 15% 6.75% 23% 6.51% 6.64% 6.41% 6.44% 1-4 family C&D HELOC 10% 6% Multifamily 6% 4Q 24 1Q 25 2Q25 3Q25 4Q25 Loans HFI Total Loan HFI Yield • Ending Loans HFI
Slide 11: Diversified loan portfolio
Diversified loan portfolio C&I1 Exposure by Industry CRE2 exposure by type ($ millions) Other Industry C&I CRE-OO Total % of Total Assisted Living 9% Office Facility 18% Real estate rental and leasing 311 350 661 15% 6% Healthcare Facility Manufacturing 241 244 485 11% 2% Self Storage Retail trade 9
Slide 12: Office exposure
Office exposure • Office loans as of 4Q25 – Credit detail by class • Represent ~4% of total Loans HFI population Avg. • 99% of portfolio is pass rated and current Outstanding Balance Wtd. Avg. Wtd. Avg Class ($mm) ($mm) LTV Occupancy • 19% of portfolio matures by year-end 2026 Class A > $2 million $
Slide 13: Valuable deposit base
Valuable deposit base Deposits by customer segment ($billions) Highlights Consumer Commercial Public Total • Deposit growth during the period driven by an $13.8 $14.0 increase in core customer deposit balances $11.3 $11.2 $11.4 $1.8 $1.7 • Partially offsetting were declines in non-core $1.6 $1.6 $1.
Slide 14: Asset Quality Metrics
Asset Quality Metrics Highlights Allowance for Credit Losses & Coverage Ratio ($ millions) $185 $186 • Modest provision expense in the quarter supported by low charge-offs and minimal change in modelled $152 $151 $149 reserves 1.58% • Nonperforming assets up 8 bps in the quarter due to – 1.54% 1.51%
Slide 15: Allowance Modeling & Reserve Allocation
Allowance Modeling & Reserve Allocation • 4Q economic conditions supported the use of the Key forecast inputs1 base case modelling scenario 1Q26 2Q26 3Q26 4Q26 • Forecast inputs were mixed quarter to quarter – National Unemployment Rate 4.4 4.6 4.7 4.8 • Slight improvements in the CRE Price and Nati
Slide 16: Capital & Liquidity
Capital & Liquidity Capital Position On-balance sheet liquidity ($mm) 4Q24 3Q25 4Q25 On-balance sheet liquidity Shareholder’s Equity/Assets 11.9% 12.2% 12.0% On-balance sheet liquidity / tangible assets1 $1,890 TCE/TA1 10.2% 10.1% 9.84% $1,805 $1,713 $1,644 Common Equity Tier 12 12.8% 11.7% 11.4% $1
Slide 17: Mortgage results
Mortgage results Highlights Interest rate lock commitment volume ($mm) Purchase Refinance • Mortgage segment pre-tax net contribution of $2.4 million $457 • Segment net interest income up $858 thousand due to $382 $55 $386 widening spread on fixed rate portfolio vs funding rate $344 $316 $53 $107 •
Slide 18: Appendix
FB} pee Bank Appendix
Slide 19: Adjusted net income and diluted earnings per share
GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share 18
Slide 20: Adjusted net income and diluted earnings per share
GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share 19
Slide 21: Adjusted pre-tax pre-provision net revenue
GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue 20
Slide 22: Adjusted tangible net income
GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income 21
Slide 23: Adjusted pre-tax pre-provision net revenue
GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue 22
Slide 24: Adjusted tangible net income
GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income 23
Slide 25: Adjusted Common Equity Tier and Total Risk-Based capital ratios
GAAP reconciliations and use of non-GAAP financial measures Adjusted Common Equity Tier 1 and Total Risk-Based capital ratios 24
Slide 26: Adjusted efficiency ratio (tax-equivalent basis)
GAAP reconciliations and use of non-GAAP financial measures Adjusted efficiency ratio (tax-equivalent basis) 25
Slide 27: Banking segment adjusted efficiency ratio (tax-equivalent)
GAAP reconciliations and use of non-GAAP financial measures Banking segment adjusted efficiency ratio (tax-equivalent) 26
Slide 28: Mortgage segment adjusted efficiency ratio (tax-equivalent)
GAAP reconciliations and use of non-GAAP financial measures Mortgage segment adjusted efficiency ratio (tax-equivalent) 27
Slide 29: Adjusted efficiency ratio (tax-equivalent basis)
GAAP reconciliations and use of non-GAAP financial measures Adjusted efficiency ratio (tax-equivalent basis) 28
Slide 30: Tangible assets, common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures 29
Slide 31: Tangible assets, common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures 30
Slide 32: Adjusted return on average tangible common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures 31
Slide 33: Adjusted return on average assets, common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets, common equity and related measures 32
Slide 34: Adjusted return on average tangible common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures 33
Slide 35: Adjusted return on average assets and equity
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets and equity 34