2023 Annual Report_DRAFT V1

ART A BUSINESS EDUCATION FOREVER NGS INVESTMENTS HOME IMPROVEMENTS BACK LONG TERM SHORT TERM LEGACY HOME START A BUSINESS EDUCATION CY FUND SAVINGS INVESTMENTS HOME AINY DAY GIVE BACK LONG TERM SHORT REMENT FIRST HOME START A BUSINESS MERGENCY FUND SAVINGS INVESTMENTS -LIST RAINY DAY GIVE BACK LONG TERM EGE RETIREMENT FIRST HOME START A BUILD AN EMERGENCY FUND SAVINGS MILY BUCKET-LIST RAINY DAY GIVE BACK DING COLLEGE RETIREMENT FIRST HOME ER HOME BUILD AN EMERGENCY FUND EMENTS FAMILY BUCKET-LIST RAINY DAY CY BUILDING COLLEGE RETIREMENT FIRST FOREVER HOME BUILD AN EMERGENCY PROVEMENTS FAMILY BUCKET-LIST RAINY 202 3 A N N UA L R E P O R T LEGACY BUILDING COLLEGE RETIREMENT YO U R PA R T N E R ON FOREVER HOME TBUILD AN EMERGENCY H R O U G H IT A LL IMPROVEMENTS FAMILY BUCKET-LIST

COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME START OUR MISSION A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS ENRICHING LIVES. HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY Our mission is simply stated, BUILDING FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD but there’s so much meaning 202 3COLLEGE AT A GLRETIREMENT ANCE it. We work each day AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILYbehind BUCKET-LIST RAINY to enrich the lives of those DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT we serve – fromFIRST supporting HOME the financial INVESTMENTS health of our START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS 169 566 25 customers to helping to YEARS SERVING HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM EMPLOYEES LOCATIONS sustain the vibrancy and LEGACY OUR COMMUNITIES vitality of our communities BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD to creating meaningful AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILYopportunities BUCKET-LIST RAINY for our #1 LONG TERM SHORT #1 TERM LEGACY BUILDING COLLEGE RETIREMENT employees.

DAY GIVE BACK FIRST HOME DEPOSIT MARKET SHARE IN PURCHASE MORTGAGE MARKET BARNSTABLE COUNTY SHARE INFOREVER ALL TOWNS SERVEDHOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS START A BUSINESS EDUCATION OUR VALUES HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY As we carry out our mission, BUILDING COLLEGE$1.9 RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD Cape Cod 5’s values are Billion $1.8 Million $5.5 Billion in every aspect of WEALTHSAVINGS ASSETS COMMUNITY AN EMERGENCY FUND INVESTMENTS HOME IMPROVEMENTS FAMILYingrained BUCKET-LIST RAINY ASSETS SERVED GIVING our business and guide us in DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT HOME each interactionFIRST we have with our customers, employees START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS and communities.

HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY • Integrity BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD • Respect Collaboration AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY• BUCKET-LIST RAINY • Inclusivity DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME • Care START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY

MESSAGE FROM THE CEO MATTHEW S. BURKE CHAIRMAN & CEO, CAPE COD 5

and know-how. We put in place additional foundational infrastructure to protect the Bank and our clients, always keeping cybersecurity and data protection top of mind. In addition, we provided continuous guidance and awareness around scams and fraud targeting those in our region and across the nation.

HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD average. This affirmed for us that, during a AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY time when individuals and businesses were We consider it a privilege to be an active uncertainSHORT about the banking industry, they DAY GIVE BACK LONG TERM TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME and responsible corporate citizen, working felt confident turning to Cape Cod 5, and For many of us in the banking industry, 2023 closely with many partners across our region we have been pleased to offer our clients some of the most difficult STARTpresented A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS to help build economic, environmental and with the added peace of mind of having challenges ever faced, with the steepest social strength for our neighbors and options for 100% FDIC insurance, the gold interest rate hike in history by the FederalFAMILY HOME IMPROVEMENTS BUCKET-LIST RAINY DAY GIVEmembers.

BACK LONG community As part of this, we TERM SHORT TERM LEGACY standard for deposit coverage. Steve Reserve, a banking crisis impacting have been actively involved in helping to Johannessen, Chief Financial Officer, has overleveraged regional banks, and RETIREMENT BUILDING COLLEGE FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD find solutions for some of the largest issues helped lead our efforts throughout the year, inflationary pressure negatively affecting on the Cape, Islands and in Southeastern and provides additional details about our every individual, family and business in our SAVINGS AN EMERGENCY FUND INVESTMENTS HOME FAMILY BUCKET-LIST RAINY MA:IMPROVEMENTS the housing crisis, wastewater and financial strength with a full review of the community. At Cape Cod 5, we navigated transportation infrastructure, climate numbers later in the report. these challenges in the same way that we TERM DAY GIVE BACK LONG SHORT TERM LEGACY BUILDING COLLEGE change and coastal resiliency.

In addition to RETIREMENT FIRST HOME have since our inceptionin 1855: by focusing on fortifying our ironclad balance sheet, evolving to continue meeting the financial needs of our clients, supporting the vitality and strength of the communities we serve, empowering the growth and development of our team members, and remaining anticipatory and adaptive to an everchanging environment around us.

In a year when many of our peer banks struggled, Cape Cod 5’s financial strength ensured our ability to carry out our mission for the benefit of our clients, communities and employees. With all colleagues working together as One Bank, we generated $26.2 million in net income, providing for a return on average assets of 0.48%, and just has it always has, every penny of those earnings remains in our capital, allowing Cape Cod 5 to continue to grow and further the positive impact on our clients and communities. We experienced the 6th highest deposit growth about in Massachusetts, which was 4.6 percentage points above the national

2023 also brought opportunities for us to ensure that Cape Cod 5 will carry out our mission of enriching lives across the communities we serve for many years to come. In September, we announced a strategic partnership with Fidelity Bank, a community bank headquartered in Leominster, MA. With this partnership, Fidelity Bank will become our sister bank under our existing parent company, Mutual Bancorp. This growth and partnership will allow us to share common back-office operational resources while maintaining our unique brand identities and tailored product and services, while expanding our offerings in each of our respective communities.

As a community bank committed to mutuality and always guided by our mission and values, we continued to expand to effectively meet our clients wherever they were: both digitally through upgrades to our online and mobile tools,

lending our voice and advocating for change, offering products and services that can help offset these challenges, and encouraging our team members’ active community involvement, in 2023, Cape Cod 5 gave back over $1.8 million through the Bank and our Foundation to community organizations providing critical services and making a positive local impact.

Cape Cod 5 has been proud to be recognized as a top employer with a leading workplace culture nationally and locally for the past six years. As a management team, our priority is to support our colleagues with best-in-class benefits that recognize their many life obligations, training and educational programs to meaningfully grow in their careers, and opportunities for personal and community leadership development so they can make a fulfilling impact on those around them. In 2023, we introduced our Relationship Banker Trainee program, which is designed for high school

graduates who are exploring career options, while also enabling their continued education – among many other industryleading programs and benefits offered to our employees.

You’ll see highlights of our 2023 accomplishments throughout the pages of this annual report. Our team worked together diligently to achieve them all, and I want to commend my colleagues for their passion and dedication. They are what makes the difference at Cape Cod 5.

Thank you to our clients and communities for turning to Cape Cod 5 as your partner through it all. As always, we are here to help and if we can be of assistance, please reach out.

COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD AN YOUR PARTNER ALONG INVESTMENTS EVERY STEP OF CONTINUED TO ENHANCE EMERGENCY FUND SAVINGS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY OUR PHYSICAL FACILITIES We relocated our Pinehills Banking Center START GIVE YOUR BACK FINANCIAL LONG TERMJOURNEY SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME with more space to comfortably serve The team at Cape Cod 5 is proud to partner with individuals and families to help clients and community members while A BUSINESS EDUCATION FOREVER SAVINGS INVESTMENTS achieve their personal financial goals. From developing new habits HOME to support yourBUILD AN EMERGENCY FUND continuing to update and modernize our financial wellness to building your savings, and from financing a first or forever home existing facilities.

HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY to planning your legacy, we have the expertise, tools and resources to empower you.

Whether you choose to work with us in person, over the phone, or virtually through START A BUSINESS EDUCATION FOREVER HOME BUILD BUILDING COLLEGE RETIREMENT FIRST HOME our many digital banking tools, you’ll receive the encouragement and care that you can expect from our true community approach. Wherever you are on your AN EMERGENCY FUND banking SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY unique financial journey, Cape Cod 5 is here to help.

DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME A TEAM FOR ALL YOUR “Our Investment Services Officer FINANCIAL NEEDS START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS has provided has provided excellent Our Relationship Teams are based financial advice for us since 2018. in each community that weLONG serve HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK TERM SHORT TERM LEGACY He has guided us every step of the to effectively surround our clients way to ensure our investments are with all of the tools, advice, products BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD diversified and well positioned for and services to meet their financial maximum growth while keeping our AN EMERGENCY FUND SAVINGS INVESTMENTS HOME objectives.

IMPROVEMENTS FAMILY BUCKET-LIST RAINY risks tolerances low and realistic.

Their investment knowledge, prompt DAY GIVE BACK LONG TERM SHORT responses to questionsTERM and concerns,LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME and advice have been invaluable to us.”

START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS ROBERT AND LINDA CLINGE HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY CAPE COD 5 CLIENTS BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD “Cape Cod 5 has been a proud member 4th 20th AN EMERGENCY FUND #1 SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY of our community since 1855, and we are Highest Deposit Mortgage Year committed to being a trusted partner to DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME Growth in MA Market Share meet the financial needs of all individuals Entered our 20th year and families, wherever they are on their serving Wealth Management Deposit growth outpaced Maintained #1 mortgage START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS clients with $1.9 billion in life journey.

Our team ofINVESTMENTS caring and expert the national average in 2023 market share within the assets managed professionals are leaders in their fields.

Bank’s footprint HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM If we can assist you, reach out to us.” LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD BERT TALERMAN DIGITAL UPGRADES PRESIDENT, CAPE COD 5 Provided additional convenience through access to AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY all Cape Cod 5 wealth management accounts within online and mobile banking and improved our client DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME onboarding experience to help clients get the most their accounts.

START out AofBUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD

HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FO AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY “Haribeat. Con eost explitis aspelibus, simin con rerspit antotatis seque nobisRETIR DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE accae sedi blant et et ipis et eos eaque rehent quosa veniae doluptatibus START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SA ea quiam harum est, veles archilliae nonsequisBACK inum que velleseque dolupta HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE LONG TERM cus vollore” BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FO NAME - TBD COMPANY - TBD AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIR START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SA INTRODUCED RAINY DAY GIVE BACK LONG TERM S HOME IMPROVEMENTS FAMILY BUCKET-LIST MERCHANT SERVICES In 2023, weHOME introduced merchant BUILDING COLLEGE RETIREMENT FIRST START A BUSINESS EDUCATION FO services to help power small businesses with online and point-of-sale payment AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY solutions, backed by a local team they can trust.

DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE RETIR YOUR PARTNERSTART FOR ALL OF YOUR A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SA BUSINESS NEEDS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM “Working with Cape Cod 5 has BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FO At Cape Cod 5, your business is our business.

OFFERED ADDED SECURITY been a wonderful experience.

We work closely with business owners AND PEACE OF MIND HOME IMPROVEMENTS FAMILY This was my first time buying AN FUND SAVINGS INVESTMENTS and operators to find and tailor the right EMERGENCY property as a business owner for Continued to proivde businesses with options solutions to help you achieve your goals. Our my new company headquarters. for 100%TERM FDIC on deposits over $250,000 DAY GIVECapeBACK LONG TERM SHORT LEGACY BUILDING COLLEGE RETIR experienced team of dedicated professionals Cod 5 walked me through through our partnership with IntraFi. understand each aspect of running a business, the process, and anytime I had START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGENCY FUND SA whether you are just getting started, ready to a question, I got an immediate response, even off hours. They FAMILY BUCKET-LIST RAINY DAY GIVE BACK LONG TERM expand or planning for your ownHOME succession. IMPROVEMENTS simplified the process, explained In addition to offering a full suite of business every step of the way and we banking, treasury management, lending and BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCATION FO closed within 2 months! The wealth management offerings, Cape Cod whole team helped me navigate AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS FAMILY 5 recently introduced merchant services, the construction process and with competitive options to help power your made it a breeze.”

BUILDING COLLEGE RETIR A PARTNERSHIP TO MAKE RUNNING business, all backed by the local DAY team that GIVE BACK LONG TERM SHORT TERM LEGACY you trust. We’re proud to serve as the financial partner for thousands of local businesses, and hope to have the opportunity to assist yours.

DAWN EGAN AMERICAN ELECTRIC CONSTRUCTION

YOUR BUSINESS EASIER

We’ve partnered with BizChecks Payroll, a preferred local payroll services provider, to offer customers best-in-class payroll solutions.

OUR EMPLOYEES’ PARTNER FOR A MEANINGFUL, FULFILLING CAREER Cape Cod 5’s team of knowledgeable professionals carry out our mission and serve our customers and communities each day with care and dedication. We have built a culture of curiosity, learning, and inclusivity so that team members are challenged and empowered to bring their best selves to everything that they do. To support their efforts, individuality, and continued growth, Cape Cod 5 offers best-in-class benefits and ample opportunities for education and development. We’re proud to share that the Bank has been recognized nationally and locally as a top workplace for the past six years.

COLLEGE RETIREMENT FIRST HOME START A BUSINESS EDUCAT EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEMENTS 2023 EMPLOYEE & WORKPLACE AWARDS &GIVE DESIGNATIONS BACK LONG TERM SHORT TERM LEGACY BUILDING COLLEGE 93.5 % A BUSINESS EDUCATION51 FOREVER HOME BUILD AN EMERGENC Summer Interns Best in class benefits Employee HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY DAY GIVE In 2023, our cohort of 51 Retention Rate BACK We expanded our benefits summer interns received offerings to protect We prioritize culture and BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS E important training for their employees and their families employee well-being which future while contributing with full identity and contributes to a low employee meaningfully across the Bank.

AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEM credit monitoring. turnover rate and high satisfaction.

DAY GIVE BACK LONG TERM SHORT TERM LEGACYemployee BUILDING CO START A BUSINESS EDUCATION FOREVER“WeHOME AN EMERGEN offer so muchBUILD as an employer – good jobs, opportunities for growth and HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY GIVE BACK advancement, excellentDAY pay and benefits, and lots of perks. But by far, I think it is our culture that is welcoming, BUILDING COLLEGE RETIREMENT FIRST HOME START Ainclusive, BUSINESS E collaborative and respectful. It shows in the sense of engagement and loyalty to AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEM the organization employees demonstrate as well as in our excellent reputation in the DAY GIVE BACK LONG TERM SHORT TERM LEGACY BUILDING CO community and among customers.”

START A BUSINESS EDUCATION FOREVER HOME BUILD AN EMERGE Expanded training and leadership development Introduced our first class of Relationship CAPE COD 5 EMPLOYEE offerings to empower our colleagues to grow Banker Trainees, a program designed to professionally and personally. provide high school graduates IMPROVEMENTS with career HOME FAMILY BUCKET-LIST RAINY DAY GIVE BACK development opportunities while assisting in their continuing education.

BUILDING COLLEGE RETIREMENT FIRST HOME START A BUSINESS ED - In memory of our dear colleague, Nadine McGhie-Sinclair AN EMERGENCY FUND SAVINGS INVESTMENTS HOME IMPROVEM Summer intern volunteer day of service with Barnstable Land Trust.

D AN EMERGENCY FUND SAVINGS INVESTMENTS Y GIVE BACK LONG TERM SHORT TERM LEGACY A BUSINESS EDUCATION FOREVER HOME BUILD E IMPROVEMENTS FAMILY BUCKET-LIST RAINY YOUR PARTNER IN SUPPORTING BUILDING COLLEGE RETIREMENT FIRST HOME HEALTHY, VIBRANT COMMUNITIES D AN EMERGENCY FUND SAVINGS INVESTMENTS Community engagement is a part of who AY GIVE BACK LONG SHORT TERM LEGACY we are at Cape Cod 5. Working TERM together with our 550+ team members, we’re committed A BUSINESS EDUCATION FOREVER HOME BUILD to partnering with others in our region to help build strong, resilient and vibrant ME IMPROVEMENTS FAMILY BUCKET-LIST RAINY communities for individuals, families and businesses toCOLLEGE thrive. Our efforts are focused BUILDING RETIREMENT FIRST HOME in five areas where we can make the largest impact based on our strengths and abilities, D AN EMERGENCY FUND SAVINGS INVESTMENTS and we’re sharing a few highlights here.

AY GIVE BACK LONG TERM SHORT TERM LEGACY A BUSINESS EDUCATION FOREVER HOME BUILD 5 FOCUS AREAS OF NEED E IMPROVEMENTS FAMILY BUCKET-LIST RAINY BUILDING COLLEGE RETIREMENT FIRST HOME Community Health, D AN EMERGENCY FUNDEconomic SAVINGS INVESTMENTS Accessible Human Need and Housing Sustainability Needs Y GIVE BACK LONG TERM SHORT TERMVeterans’ LEGACY Education & Environmental Enrichment Stewardship A BUSINESS EDUCATION FOREVER HOME BUILD E IMPROVEMENTS FAMILY BUCKET-LIST RAINY BUILDING COLLEGE RETIREMENT FIRST HOME

$1.8 million COMMUNITY GIVING

$30,000 GIVEN IN EMPLOYEE-VOTED GRANTS

3,869 EMPLOYEE VOLUNTEER HOURS IN 2023

171

BOARDS & COMMITTEES SERVED

“Cape Cod 5’s deep commitment to our beloved Cape community makes a difference for so many. On behalf of my colleagues, volunteers and clients I thank you for your support. This gift will assist families who struggle simply to access adequate groceries. It is a privilege to partner with you.”

EDYE NESMITH, CAPE COD COUNCIL OF CHURCHES

DIVERSITY & INCLUSION STATEMENT

OUR DIFFERENCES MAKE US STRONGER. As part of our mission of enriching lives, Cape Cod 5 recognizes that each financial journey is as unique as the individual making it. Our goal is to help empower everyone along the way. Cape Cod 5 is committed to inclusivity and we celebrate diversity of all kinds — age, race, ethnicity, gender, sexual orientation, religion, veteran status, education, occupation, financial know-how, neurodiversity and physical abilities, lived experiences and backgrounds. We encourage our employees to bring their authentic selves to everything they do and we will continue to work to foster a respectful environment.

YOUR PARTNER IN PROGRESS FOR SOCIETY AND THE ENVIRONMENT

We uphold these principles in our relationships with business and community partners, as well. We’re proud to learn from one another, our customers and our community members, and hope that you’ll join us in listening to understand and create a more equitable and inclusive world.

Always doing what is right is how we operate at Cape Cod 5. We evaluate every action through our lens of Corporate Responsibility & Sustainability, and we aim to be a good corporate citizen with a goal of acting as a model for other businesses and always trying to make the world a better place. We evaluate our efforts through our ability to positively impact the following areas: our people; environmental sustainability; economic vitality; access and inclusion; and innovative & responsible business practices.

ME START A BUSINESS EDUCATION FOREVER HOMEHQ5BUILD GARAGE AN PANELS STMENTS HOME IMPROVEMENTS FAMILY BUCKET-LISTSOLAR RAINY DAY We completed implementation of a solar array above the parking garage. Between RM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME START these panels and those on the roof of our headquarters, we project that 75% of R HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS all energy used at HQ5 will be solar.

CKET-LIST RAINY DAY GIVE BACK LONG TERM SHORT TERM LEGACY RST HOME START A BUSINESS EDUCATION FOREVER HOME BUILD ENVIRONMENTALLY NVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY SENSITIVE BUILDING PRACTICES RT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME We utilize green materials Completed migration Launched public 100% of employeesSAVINGS INVESTMENTS EVER HOME BUILD AN EMERGENCY FUND and design throughout our to an environmentallytransportation program participated in data sensitive investment portfolio to sustain the Foundation

for employees

privacy and information security training

building and renovation process while also employing renewable energy sources.

NVESTMENTS HOME IMPROVEMENTS FAMILY BUCKET-LIST RAINY RT TERM LEGACY BUILDING COLLEGE RETIREMENT FIRST HOME REVER HOME BUILD AN EMERGENCY FUND SAVINGS INVESTMENTS

MESSAGE FROM THE CFO

•

STEPHEN H. JOHANNESSEN, CFO, CAPE COD 5

•

An unprecedented shift in rate environment made 2023 an incredibly challenging year for our industry. Cape Cod 5’s forward-looking approach to risk management positioned the Bank to take very early measures during the interest rate turn, driving sound financial results for the year. During this period of uncertainty, team members from every area across the organization turned their focus to one objective: assisting individuals and businesses in feeling confident in the return on and security of their deposits.

Because of these efforts, our deposit base grew by more than $114.0 million, the 6th largest deposit growth total in Massachusetts. Other key results for the Bank and our business lines are highlighted below.

•

•

In closing, the continued financial strength of the organization, coupled with the efficiencies and opportunities presented by the partnership with Fidelity Bank under our mutual holding company, ensure that Cape Cod 5 is well-positioned for future growth and stability.

•

Achieved net income of $26.2 million, providing for a return on average assets of 0.48%, surpassing our projected budget for the year despite the headwinds presented by the external environment.

Grew total assets to $5.5 billion, a 5.2% increase from 2022, making Cape Cod 5 the 10th largest mutual bank in the country.

TOTAL ASSETS AT DECEMBER 31 (IN THOUSANDS)

Consolidated Balance Sheets*

• • • •

Maintained strong credit quality with total non-performing assets remaining near record lows at just 0.21% of total assets.

Strengthened capital, increasing the Bank’s total risk-based capital ratio 0.3% year over year to 16.5%, placing Cape Cod 5 in the top quartile amongst all U.S banks.

Increased FDIC deposit market share across the Bank’s footprint by 1.1% to 25.8%, giving the Cape Cod 5 #1 market share position by a wide margin.

Originated the second highest number of residential purchase mortgages in Massachusetts.

Increased the commercial loan portfolio to more than $900.0 million, with strong growth in the number of businesses served by the Bank.

Increased Wealth Management Services assets by 9.5% to $2.0 billion.

Supported the community we serve with total giving between the Bank and its foundation exceeding $1.8 million.

Consolidated Income Statements*

At December 31, 2023 2022

Years Ended December 31, 2023 2022

(In Thousands) ASSETS Cash and cash equivalents

$119,984

$37,472

Investment securities

483,223

520,650

Loans: LOANS AT DECEMBER 31 (IN THOUSANDS)

Residential real estate

3,754,973

3,558,858

Commercial real estate

793,741

775,815

Commercial and industrial

111,400

112,922

Consumer

50,488

50,066

Gross loans

4,710,602

4,497,661

(23,892)

(22,227)

4,686,710

4,475,434

Allowance for credit losses Net loans Other assets

254,173

237,083

Total assets

$5,544,090

$5,270,639

NET INCOME AT DECEMBER 31 (IN THOUSANDS)

Interest income

(In Thousands) $216,001 $158,695

Interest expense

(93,389)

(12,462)

122,612

146,233

(2,222)

(1,000)

124,834

147,233

Net interest income Credit for loan losses Net interest income after provision for credit losses Non-interest income Operating expenses Income before provision for income taxes Provision for income taxes Net Income

31,525

27,816

(125,967)

(120,687)

30,392

54,362

(4,168)

(13,321)

$26,224

$41,041

CAPITAL AT DECEMBER 31 (IN THOUSANDS)

Performance Ratios* LIABILITIES AND RETAINED EARNINGS DEPOSITS AT DECEMBER 31 (IN THOUSANDS)

Deposits

$4,148,575

$4,034,316

Wholesale borrowings

554,092

583,805

Brokered certificates

265,290

125,000

Other liabilities

63,328

41,418

5,031,285

4,784,539

512,805

486,100

Total liabilities Retained earnings Total liabilities and retained earnings

$5,544,090

$5,270,639

* The Cape Cod Five Cents Savings Bank unaudited financial statements

Years Ended December 31, 2023 2022 Return on average assets

0.48%

0.84%

Net interest margin Net charge-offs (recoveries) to average loans Efficiency ratio Non-interest income to average assets Non-interest expense to average assets

2.39%

3.17%

0.00%

0.01%

81.32%

69.71%

0.58%

0.57%

2.32%

2.47%

WEALTH MANAGEMENT SERVICES ASSETS AT DECEMBER 31 (IN THOUSANDS)

CAPE COD 5 BOARD OF DIRECTORS Matthew S. Burke, Chairman

Paul E. Grover

Tammy A. Saben

Karen L. Gardner, Vice Chair

John J. Judge

Robert A. Talerman

Jane M. Coderre

James A. Peterson

Denise M. Toomey

John C. Dawley

Melissa D. Philbrick

Daniel A. Wolf

Darren J. Donovan

Paul Rumul

Melinda S. Gallant

Wayne D. Petty

Barbara Stone Amidon

Karen L. Gardner

Melissa D. Philbrick

Paul B. Bergquist

Margaret A. Geist

Diana C. Pisciotta

Karen L. Bissonnette

Paul E. Grover

Frederic B. Presbrey

Jitka Borowick

Lisa C. Guyon

Melanie M. Rabeni

Patricia M. Bridier

Wendy Harman

Kurt E. Raber

David A. Brown

Frank J. Harrison

Francie Randolph

Matthew S. Burke

G. Howard Hayes

John C. Ricotta

Lyle B. Butts

Joseph C. Jasie

John A. Roberts, III

Douglas M. Cabral

Christopher J. Joyce

David T. Robinson

Howard C. Cahoon, Jr.

John J. Judge

Mark H. Robinson

F. Timothy Carroll

Peter Karlson

Paul Rumul

Carl F. Cavossa, Jr.

Chester N. Lay

Tammy A. Saben

Robert C. Chamberlain

Eileen Leary

Brett A. Sanidas

Olive M. Chase

James F. Leighton

Dorothy A. Savarese

Jay H. Coburn

Jo-Ann M. LeMoine

Judy Walden Scarafile

Jane M. Coderre

Geoffrey F. Lenk

Lisa F. Sherman

Lynn Comandich

Richard J. Leonard

Carol W. Sim

Geoghan Coogan

William G. Litchfield

John P. Simison

Paul Covell

Nancy S. Lowery

Andrew L. Singer

Robert J. Crane, Jr.

J. Bruce MacGregor

Patti Smith

John C. Dawley

Robert A. Maffei

Robert C. Smith

Shawn DeLude

George W. Malloy

Sidney H. Snow

Benjamin W. deRuyter

Linda Ann Markham

Lawrence O. Spaulding, Jr.

Penelope Dey

Brian C. McGrath

Robert A. Talerman

David H. Doherty

Christopher J. Megan

Harry S. Terkanian

William A. Doherty, Jr.

Bruce D. Miller

Todd G. Thayer

Darren J. Donovan

Carey M. Murphy

Denise M. Toomey

Stephen L. Doyle

Susan L. Nickerson

James F. Trainor

Michael A. Dunning

Virginia Nickerson

Christopher J. Ward

Sheila O’Brien Egan

Mark J. Novota

Richard Waystack

Thomas A. Eldredge

David I. Oppenheim

John L. Whelan

Thomas M. Evans

Paulo Vitor P. Paraguay

Seth Wilkinson

Eleanor P. Williams, Senior Vice President, General Counsel

Diane Falla

Katherine Fulham Parcels

Daniel A. Wolf

John P. Farrell

James A. Peterson

Benjamin E. Zehnder

Taryn M. Wilson, Senior Vice President, Chief Financial Crimes Officer

Steven R. Fedele

Laura Lorusso Peterson

George Zografos

EXECUTIVE MANAGEMENT Robert A. Talerman, President

Christopher E. Richards, First Executive Vice President, Chief Banking Services Officer

Vanessa L. Greene, Executive Vice President, Chief Risk Officer

Laura E. Newstead, First Executive Vice President, Chief Human Resources Officer

Stephen H. Johannessen, Executive Vice President, Chief Financial Officer

Stephanie M. Dennehy, Executive Vice President, Chief Marketing Officer

Joel J. Brickman (retired) Executive Vice President, General Counsel

Emilie L. Bajorek, Senior Vice President of Communications

Michael S. Kiceluk, Senior Vice President, Chief Investment Officer

Christopher W. Raber, Senior Vice President, Chief Real Estate Officer

Paul R. Bernier, Senior Vice President, Chief Auditor

Christopher D. Langlais, Senior Vice President, Upper Cape and Martha’s Vineyard Regional Manager Commercial Loan Officer

Robert E. Reisner, Senior Vice President, Mid-Cape Regional Manager Commercial Loan Officer

James L. Botsford, Senior Vice President, Manager, Senior Financial Advisor Liam Cahill, Senior Vice President, Director of Residential Lending Operations Alison B. Czuchra, Senior Vice President, Chief Fiduciary Officer Kristen M. Foresta, Senior Vice President, Treasurer Kimberly J. Geary, Senior Vice President, Director of Residential Sales & Production Elizabeth S. Hammann, Senior Vice President, Chief Information Security Officer Timothy F. Kelleher, Senior Vice President, Chief Commercial Lending Officer

Jason R. Lilly, Senior Vice President, Chief Wealth Management Services Officer Christina L. Mallard, Vice President, Director of RCL Administration Kevin A. Mooney, Senior Vice President, Chief Technology Officer Stephen C. Peck, Senior Vice President, Southeastern Massachusetts Regional Manager Commercial Loan Officer Andrea L. Ponte, Senior Vice President, Chief Operational Services Officer

(PARENT COMPANY OF CAPE COD 5) Shawn J. Almeida

SENIOR LEADERSHIP TEAM Matthew S. Burke, Chairman and Chief Executive Officer

CORPORATORS OF MUTUAL BANCORP

Melanie J. Sabin, Senior Vice President, Nantucket Regional Manager Commercial Loan Officer Adrian M. Sullivan, Senior Vice President, Chief Digital Officer Scott D. Vandersall, Senior Vice President, Lower Cape Regional Manager Commercial Loan Officer Angelique K. Viamari, Senior Vice President of Governance

COLLEGE RETIREMENT FIRST HOME STA HOME BUILD AN EMERGENCY FUND SAVIN FAMILY BUCKET-LIST RAINY DAY GIVE B BUILDING COLLEGE RETIREMENT FIRST FOREVER HOME BUILD AN EMERGENC MPROVEMENTS FAMILY BUCKET-LIST RA TERM LEGACY BUILDING COLLEGE RETIR EDUCATION FOREVER HOME BUILD AN EM HOME IMPROVEMENTS FAMILY BUCKETSHORT TERM LEGACY BUILDING COLLE BUSINESS EDUCATION FOREVER HOME NVESTMENTS HOME IMPROVEMENTS FAM LONG TERM SHORT TERM LEGACY BUILD START A BUSINESS EDUCATION FOREVE SAVINGS INVESTMENTS HOME IMPROVE GIVE BACK LONG TERM SHORT TERM LEGAC HOME START A BUSINESS EDUCATION F CONTACT US FUND SAVINGS INVESTMENTS HOME IMP DAY GIVE BACK LONG TERM SHORT TERM L FIRST HOME START A BUSINESS EDUCATIO FUND SAVINGS INVESTMENTS HOME Banking Centers & ATMs

Trust & Asset Management Offices

Additional ATM Locations

Corporate Headquarters

Customer Service Center: 888-225-4636 customerservice@capecodfive.com

Location details & hours are available at capecodfive.com/locations.

Member FDIC NMLS#401717