Presentation to Investors

First Quarter 2024

May 6, 2024

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.

2

Agenda

Company Overview

Results for Q1 2024

Management, Model & Market

Investment Summary

Company Overview

Our Company

Franchise Footprint

Maryland

DC

Virginia

Company Highlights (as of 3/31/2024)

$1.1B

$765M

Total Assets

Total Loans

$894M

12.92%

Total Deposits

CET1 Ratio

0.43%

6.05%

ROAA

ROAE

15.21%

2.54%

Non-Interest

NIM

Income/Total Revenue

Note: Market data as of 2/2/2024

* Pre-tax,pre-provision adjusted for the fourth quarter provision and the expenses related to the large non-accrual loan relationship

5

Vision and Values

VISION

  • Provide compelling ideas, relevant financial products, and exceptional service to our clients in the way they wish to be served.
  • Focus on building lead relationships with businesses, real estate owners, and professionals with branch offices across Northern Virginia/DC MSA.
  • Concentrate on industry verticals to deliver unique, sector-specific solutions and have market executives to engage local businesses and communities.
  • Use innovative technology, network of sales offices and a team of experienced bankers to make banking functional and convenient for businesses and consumers.
  • Serve as a leader in economic inclusion in the Great DC region via our efforts with the Freedom Bank Foundation and the NOVA Freedom Loan Fund.

VALUES

  • Freedom Bank's innovative approach to banking starts with IDEAS based upon a keen understanding of client needs and market opportunities.
    • Innovate - Exhaust all options and take smart risks
    • Discipline - Take action with unwavering integrity
    • Experience - Deliver exceptional customer outcomes
    • Attitude - Build relationships through teamwork and respect
    • Service - Participate in our communities and industries
  • Our IDEAS help define the value we bring to lead client relationships and in the capabilities that we develop on our team or through partnering with best-in-class product providers.

6

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.

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.

7

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.

Marc A Tohir - Executive Vice President & Head of Commercial Banking - Mr. Tohir was most recently Senior Vice President and Group Manager at PNC Bank managing the Northern Virginia area. In that role he managed the Northern Virginia team of commercial relationship managers serving clients and prospects with revenue between 5 to 100 million. Prior to that, he was Vice President and Relationship Manager at Truist (SunTrust) Bank where he focused on business development, relationship management, sales and risk management. Mr. Tohir received his Bachelor of Arts in Social and Behavioral Sciences with an emphasis on Economics from Johns Hopkins 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.

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.

8

Record of Organic Growth

Total Assets ($M)

$1,085 $1,093

$991

$877

$767

$479 $500

2018Y

2019Y

2020Y

2021Y

2022Y

2023Y

2024Q1

Total Deposits ($M)

$921 $894

$849

$702

$548

$401 $395

2018Y

2019Y

2020Y

2021Y

2022Y

2023Y

2024Q1

Gross Loans ($M)

$776 $765

$705

$595 $616

$398 $405

2018Y

2019Y

2020Y

2021Y

2022Y

2023Y

2024Q1

Tangible Book Value Per Share

$12.84(1)

(1)

$13.13(1)

$13.08

$2.51

$2.41

$2.44

$11.45

$10.64

$10.62

$10.09

$10.43

$8.47

$8.86

2018Y

2019Y

2020Y

2021Y

2022Y

2023Y

2024Q1

(1) Excludes negative AOCI Impact

9

History of Strong Profitability

Return on Average Assets (%)

1.27%

Return on Average Tangible Common Equity (%)

13.6% 13.5%

1.12%

0.55%

1.16%

0.63%*

0.43%

0.22%

10.8%

4.4%

8.48%*

6.0%

3.0%

0.04%

0.3%

2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Q12018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Q1

Net Interest Margin (%)

Non-Interest Income / Total Revenue (%)

3.52%

3.44%

3.53%

3.63%

43.7%

3.09%

2.77%

2.53%

24.6%

25.4%

17.0%

15.2%

15.2%

12.5%

2018Y

2019Y

2020Y

2021Y

2022Y

2023Y

2024Q1

2018Y

2019Y

2020Y

2021Y

2022Y

2023Y

2024Q1

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Disclaimer

Freedom Bank of Virginia published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 00:06:10 UTC.