Freedom Financial : FDVA Presentation November 2023

Presentation to Investors - Third Quarter 2023

November 1, 2023

Joseph J. Thomas - President & CEO

Disclosure

This presentation contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates, and expectations include fluctuation in market rates of interest and loan and deposit pricing; adverse changes in the overall national economy, as well as adverse economic conditions in our specific market areas; maintenance and development of well-established and valued client relationships and referral source relationships; and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our quarterly and annual reports filed with the Federal Financial Institutions Examination Council. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this presentation, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

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Agenda

Company Overview

Management and Model

Results for Q3 2023

Investment Summary

Our Company

Franchise Footprint

Company Highlights

Maryland

DC

Virginia

Loudoun County Location Coming Soon

2001

Bank Established in

Vienna, VA

$1,058,973,000

Total Assets as of

Sept 30, 2023

0.56%

ROAA

YTD

Sept 30, 2023

12.32%

Non-Interest Income/Total

Revenue, YTD

Sept 30, 2023

94

Total Employees

13.26%

CET1 Capital Ratio

Quarter Ended

Sept 30, 2023

74.76%

Efficiency Ratio

YTD

Sept 30, 2023

2.82%

Net Interest Margin

YTD

Sept 30, 2023

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Profitability Trends

Return on Average Assets (%)			Return on Average Equity (%)
			1.27%							13.60%	13.55%
			1.16%
		1.12%						10.83%
												7.48%
	0.55%				0.56%
								4.39%
0.04%						0.34%
2018Y	2019Y	2020Y	2021Y	2022Y	2023YTD		2018Y	2019Y	2020Y	2021Y	2022Y	2023YTD

	Net Income ($M)									Efficiency Ratio (%)
													91.1%
															84.5%
						$10.7	$10.6							69.6%			74.8%
				$7.4												61.4%	61.1%
										$4.3
		$2.7
$0.2
	2018Y		2019Y		2020Y		2021Y		2022Y		2023YTD		2018Y	2019Y	2020Y	2021Y	2022Y	2023YTD

Highlights

• Results of a three-year effort to implement a new strategic plan are currently on full display
• Historically delivered improving performance and sustained growth in pre-tax,pre-provision profitability
• Cyclical changes in the economy have more recently impacted NIM and fee-based revenues.

Note: All references to financial data prior to holding company formation are bank level

Note: 2023YTD financial data as of September 30, 2023

Source: S&P Capital IQ Pro

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Investment Highlights

Leading tech-enabled digital platform and streamlined branch structure to position the franchise for growth and profitability.

• Highly experienced leadership with Joe Thomas as CEO since 2018; C-suite has extensive experience in the market from roles with previous banks in Northern Virginia and Maryland

Strategy to focus on entrepreneurs and small businesses with market president and dedicated industry verticals is driving high levels of Commercial and Industrial lending and non-interest demand deposits.

• History of strong, disciplined balance sheet growth and exceptional asset quality versus peers - 23.0% asset growth CAGR since 2018 restructuring
• Commercial & community banking businesses are supplemented by a diversified business model with meaningful revenue contributions from Treasury Services, SBA and Mortgage Banking operations
• Operates in highly attractive Washington D.C. area and Northern Virginia markets, with favorable demographics, growth profiles and opportunity for community banks to compete
• Top quartile performance with full-year 2022 ROAA of 1.16% and ROAE of 13.55%; 2023 results reflect strong deposit growth, surplus liquidity and excess capital.
• Significant institutional support with Patriot Financial Partners serving as lead investor and holding a seat on the Board of Directors

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Management and Model

Board of Directors

H. Jason Gold - Chairman - Mr. Gold has served as a director of the Bank since May 2003. Mr. Gold has served as a bankruptcy trustee for more than 25 years and has more than 30 years experience in complex restructuring and insolvency matters in various industries. He also serves as a bankruptcy examiner and federal and state-appointed receiver. Mr. Gold served as a partner with Nelson Mullins Riley & Scarborough LLP's Washington D.C. office, where he focused his practice on bankruptcy, financial restructuring, and liquidations. He also served as partner with the Firm of Wiley Rein LLP, McLean, Virginia from 2002 until 2014.

John T. Rohrback - Vice Chairman - Mr. Rohrback has served as a director of the Bank since August 2004 and served as Chief Executive Officer from 2004 to 2011. He was hired in 2001 as Executive Vice President and Senior Lending Officer. Mr. Rohrback was President and Chief Executive Officer, as well as a director of Heritage Bank from 1996 until 1999. Prior to this, Mr. Rohrback was Executive Vice President, as well as a director of Hallmark Bank and Trust until its acquisition by F & M National Corporation in 1996.

Cynthia Carter Atwater - Ms. Atwater has served as a director of the Bank since 2003 and is the Corporate Secretary. Ms. Atwater is a Principal of Digital Benefit Advisors, Reston, Virginia and was formerly President and Chief Executive Officer of CCA Consulting, Inc., Reston, Virginia. Ms. Atwater served on the Advisory Board of the Bank as both Chairman and Vice Chairman until 2003.

Joseph M. English III - Mr. English III has over thirty years of experience as a Certified Public Accountant, registered investment advisor, and personal financial specialist. Joe began his accounting career in 1988 and became a partner at Burdette Smith and Bish LLC in 1998. Mr. English's focus is on financial reporting, audits, reviews, compilations, tax planning, and compliance for individuals and businesses. He earned a Bachelor of Science in Accounting from Wheeling Jesuit University in Wheeling, West Virginia.

David J. Honold - Mr. Honold has over 25 years of experience in the financial services sector. Prior to joining Patriot, he served as a Senior Portfolio Manager at Turner Investments. Mr. Honold's primary responsibilities included managing the firm's financial-services focused hedge fund as well as research and security selection for banks, asset managers, insurers, brokers, REITs and financial technology companies for the firm's diversified equity portfolios. Prior to joining Turner, Mr. Honold held the position of Senior Research Analyst at Keefe, Bruyette & Woods. Mr. Honold began his career at the Federal Reserve Bank of New York as an Analyst in the Bank Supervision Group.

Brandon C. Park - Mr. Park has served as a director of the Bank since April 2018. He founded Superlative Technologies, Inc. (SuprTEK) in 1996 and manages corporate direction and strategy, guiding the growth of the organization from startup to the current projected annual revenue of $40+ million for 2018. SuprTEK has been recognized by industry, Congress, and Government Customers for excellence through innovative solutions. Mr. Park earned his Bachelor of Science degree in Finance from Virginia Polytechnic Institute and State University, and currently serves as SuprTEK's CEO.

Lauren Friend McKelvey - Ms. McKelvey has served as a director of the Bank since 2018. Ms. McKelvey is Partner at Reitler Kailas & Rosenblatt LLP. Previously she served as General Counsel & Chief Compliance Officer of StreetShares, Inc. Prior to joining StreetShares in 2019, Ms. McKelvey practiced law as a shareholder at the prominent Northern Virginia law firm, Odin Feldman & Pittleman, PC, where she represented banks, financial fiduciaries, technology companies, and other clients. Ms. McKelvey holds a B.A. from Sweet Briar College, a M.A. from Georgetown University, and a J.D. from the George Mason University Antonin Scalia Law School.

Maury Peiperl - Mr. Peiperl was the past Dean of the George Mason University School of Business. Prior to joining George Mason University, he was Director (Dean) of Cranfield School of Management, one of the UK's leading business schools. Previously, he was Professor of Leadership at IMD in Switzerland, and a professor at the London Business School, where he co-founded the pioneering EMBA-Global. He holds several academic degrees including a BS in Engineering from Princeton University, a Masters of Business Administration, Master of Arts and a PhD from Harvard University.

Joseph J. Thomas - President and CEO - Mr. Thomas was appointed in August 2018. He was previously President and CEO of Bay Bancorp (NASDAQ: BYBK), a community bank with $700 million in total assets based in Columbia, Maryland, before its successful sale to Old Line Bancshares. He was formerly Managing Director of Hovde Private Equity Advisors and had a distinguished 20+ year banking career with Wachovia Corporation, most recently as Managing Director and Head of Financial Institutions Investment Banking. Mr. Thomas holds a BA from the University of Virginia and an MBA from Fuqua School of Business at Duke University.

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Executive Management

Joseph J. Thomas - President and CEO - Mr. Thomas was appointed in August 2018. He was previously President and CEO of Bay Bancorp (NASDAQ: BYBK), a community bank with $700 million in total assets based in Columbia, Maryland, before its successful sale to Old Line Bancshares. He was formerly Managing Director of Hovde Private Equity Advisors and had a distinguished 20+ year banking career with Wachovia Corporation, most recently as Managing Director and Head of Financial Institutions Investment Banking. Mr. Thomas holds a BA from the University of Virginia and an MBA from Fuqua School of Business at Duke University.

Shaun E. Murphy - Senior Executive Vice President & Chief Operating Officer and Chief Risk Officer- Mr. Murphy has over 25 years of national and international experience in financial services leadership. He was most recently SEVP and Chief Credit & Risk Officer at City First Bank in Washington DC since 2015. Prior to that, he served as Chief Risk Officer of H Bancorp where he was responsible for all risk and compliance activities and served on the Board of Directors of Bay Bancorp and its bank subsidiary, Bay Bank.

Prior to H Bancorp, Mr. Murphy served as Managing Director of Hovde Private Equity Advisors, LLC.

Raj Mehra - Executive Vice President & Chief Financial Officer - For many years Mr. Mehra was CFO of Middleburg Financial Corp., the holding company for Middleburg Bank. Previously, he served as director of financial risk management at PricewaterhouseCoopers,and held positions at JP Morgan Chase and Credit Suisse. Mehra received his bachelor's degree from the Indian Institute of Technology, and holds two graduate degrees, including an MBA from the University of Massachusetts. He is a member of the American Bankers Association's Accounting Committee and the AICPA's Depository Institution Expert Panel.

Richard A. Hutchison - Executive Vice President & Chief Mortgage Officer - Mr. Hutchison was previously with Virginia Heritage Bank, which was successfully sold to Eagle Bank in October 2014, as a Senior Executive Officer and the Chief Mortgage Officer responsible for all mortgage loan production and first trust mortgage origination. Prior to Virginia Heritage Bank, Hutchison was a Senior Executive Officer with Community Bank of Northern Virginia, which was sold to Mercantile and PNC. Hutchison is a native of Western Fairfax County and has been in local community banking for 42 years.

Kevin Ferryman - Executive Vice President & Head of SBA Division - Mr. Ferryman joined the Bank in December 2020. He was previously Head of SBA Lending at Patriot Bank in Connecticut. Prior to this, Mr. Ferryman worked at Citizens Bank as SBA Director responsible for managing all aspects of their SBA lending. He has also held various roles at Capital One Bank and JPMorgan Chase Bank where he developed his leadership and credit skills, and continually surpassed individual and team production goals. Mr. Ferryman earned his BS in Banking and Finance from St. John's University and MBA in Banking and Finance from Hofstra University.

Victoria S. Loucks - Executive Vice President & Head of Deposit Products - Ms. Loucks began her career at First National Bank of Maryland, a predecessor to M&T Bank. In her 25-year banking career she has held numerous positions in commercial banking including relationship management, treasury management and training. Ms. Loucks has held producer and leadership positions at several local and national banks and most recently led the Not-for-Profit and GovCon treasury efforts for Capital One Bank. She holds a bachelor's degree in Finance from Virginia Tech and attended post graduate studies in International Finance at Johns Hopkins University.

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Market Management

Dave Dockendorff - Senior Vice President & Loudoun Market President - Mr. Dockendorff joins the Bank in April 2022. He was previously Team Leader, SVP at M&T Bank in their business banking division. Mr. Dockendorff was with M&T for over 17 years where he served in several positions within the retail and business banking divisions. He currently serves on the board of the Arlington Chamber of Commerce and the YMCA Loudoun County.

Darren Tully - Senior Vice President & Fairfax Market President - Mr. Tully joined the Bank in October 2015. He has almost 10 years of banking experience in the Northern Virginia market where he was born and raised. Prior to joining Freedom, he was a Commercial Relationship Manager with Virginia Heritage Bank and Cardinal Bank. A graduate of the University of Virginia class of 2008 and Leadership Arlington class of 2012, he has spent his entire career in financial analysis and underwriting and specializes in working with clients in the Government Contracting industry. He is also a 2017 graduate of The Virginia Bankers Association School of Bank Management at UVA.

Steve Witt - Senior Vice President & Prince William Market President - Mr. Witt joined the Bank in April 2013. He has over 17 years of banking experience in the Northern Virginia market. Prior to joining Freedom Bank in 2013 he served in various capacities with First Virginia Bank and Virginia Commerce Bank. A native of Virginia, Mr. Witt graduated from Longwood University and is also a graduate of Leadership Prince William, Class of 2010. He also is a graduate of the Virginia Bankers Association's Executive Leadership Institute.

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