2023 Annual Report_DRAFT V1

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2023 ANNUAL REPORT

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EDUCATION

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IMPROVEMENTS

YOUR PARTNER THROUGH IT ALL

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OUR MISSION

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ENRICHING LIVES.

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Our mission is simply stated, but there’s so much meaning behind it. We work each day to enrich the lives of those we serve – from supporting the financial health of our customers to helping to sustain the vibrancy and vitality of our communities to creating meaningful opportunities for our employees.

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OUR VALUES

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As we carry out our mission, Cape Cod 5’s values are ingrained in every aspect of our business and guide us in each interaction we have with our customers, employees and communities.

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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.

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For many of us in the banking industry, 2023 presented some of the most difficult challenges ever faced, with the steepest interest rate hike in history by the Federal Reserve, a banking crisis impacting overleveraged regional banks, and inflationary pressure negatively affecting every individual, family and business in our community. At Cape Cod 5, we navigated these challenges in the same way that we 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.

average. This affirmed for us that, during a time when individuals and businesses were uncertain about the banking industry, they felt confident turning to Cape Cod 5, and we have been pleased to offer our clients with the added peace of mind of having options for 100% FDIC insurance, the gold standard for deposit coverage. Steve Johannessen, Chief Financial Officer, has helped lead our efforts throughout the year, and provides additional details about our financial strength with a full review of the numbers later in the report.

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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,

We consider it a privilege to be an active and responsible corporate citizen, working closely with many partners across our region to help build economic, environmental and social strength for our neighbors and community members. As part of this, we have been actively involved in helping to find solutions for some of the largest issues on the Cape, Islands and in Southeastern MA: the housing crisis, wastewater and transportation infrastructure, climate change and coastal resiliency. In addition to 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.

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YOUR PARTNER ALONG EVERY STEP OF YOUR FINANCIAL JOURNEY

CONTINUED TO ENHANCE OUR PHYSICAL FACILITIES

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We relocated our Pinehills Banking Center with more space to comfortably serve clients and community members while continuing to update and modernize our existing facilities.

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The team at Cape Cod 5 is proud to partner with individuals and families to help achieve their personal financial goals. From developing new habits to support your financial wellness to building your savings, and from financing a first or forever home 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 our many digital banking tools, you’ll receive the encouragement and care that you can expect from our true community banking approach. Wherever you are on your unique financial journey, Cape Cod 5 is here to help.

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A TEAM FOR ALL YOUR FINANCIAL NEEDS

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Our Relationship Teams are based in each community that we serve to effectively surround our clients with all of the tools, advice, products and services to meet their financial objectives.

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“Our Investment Services Officer has provided has provided excellent financial advice for us since 2018. He has guided us every step of the way to ensure our investments are diversified and well positioned for maximum growth while keeping our risks tolerances low and realistic. Their investment knowledge, prompt responses to questions and concerns, and advice have been invaluable to us.”

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ROBERT AND LINDA CLINGE CAPE COD 5 CLIENTS

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4th 20th #1

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Highest Deposit Growth in MA

Mortgage Market Share

Year

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Deposit growth outpaced the national average in 2023

Maintained #1 mortgage market share within the Bank’s footprint

DIGITAL UPGRADES

Provided additional convenience through access to all Cape Cod 5 wealth management accounts within online and mobile banking and improved our client onboarding experience to help clients get the most out of their accounts.

Entered our 20th year serving Wealth Management clients with $1.9 billion in assets managed

“Cape Cod 5 has been a proud member of our community since 1855, and we are committed to being a trusted partner to meet the financial needs of all individuals and families, wherever they are on their life journey. Our team of caring and expert professionals are leaders in their fields. If we can assist you, reach out to us.”

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BERT TALERMAN PRESIDENT, CAPE COD 5

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INTRODUCED MERCHANT SERVICES

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In 2023, we introduced merchant services to help power small businesses with online and point-of-sale payment solutions, backed by a local team they can trust.

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YOUR PARTNER FOR ALL OF YOUR BUSINESS NEEDS

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At Cape Cod 5, your business is our business. We work closely with business owners and operators to find and tailor the right solutions to help you achieve your goals. Our experienced team of dedicated professionals understand each aspect of running a business, whether you are just getting started, ready to expand or planning for your own succession. In addition to offering a full suite of business banking, treasury management, lending and wealth management offerings, Cape Cod 5 recently introduced merchant services, with competitive options to help power your business, all backed by the local team that 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.

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OFFERED ADDED SECURITY AND PEACE OF MIND

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Continued to proivde businesses with options for 100% FDIC on deposits over $250,000 through our partnership with IntraFi.

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“Working with Cape Cod 5 has been a wonderful experience. This was my first time buying property as a business owner for my new company headquarters. Cape Cod 5 walked me through the process, and anytime I had a question, I got an immediate response, even off hours. They simplified the process, explained every step of the way and we closed within 2 months! The whole team helped me navigate the construction process and made it a breeze.”

DAWN EGAN AMERICAN ELECTRIC CONSTRUCTION

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A PARTNERSHIP TO MAKE RUNNING 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.

RETIREMENT EDUCATION

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2023 EMPLOYEE & WORKPLACE AWARDS & DESIGNATIONS

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Expanded training and leadership development offerings to empower our colleagues to grow professionally and personally.

51

Summer Interns

Best in class benefits

93.5%

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In 2023, our cohort of 51 summer interns received important training for their future while contributing meaningfully across the Bank.

Employee Retention Rate

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We expanded our benefits offerings to protect employees and their families with full identity and credit monitoring.

We prioritize culture and employee well-being which contributes to a low employee turnover rate and high employee satisfaction.

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Introduced our first class of Relationship Banker Trainees, a program designed to provide high school graduates with career development opportunities while assisting in their continuing education.

“We offer so much as an employer –good jobs, opportunities for growth and advancement, excellent pay and benefits, and lots of perks. But by far, I think it is our culture that is welcoming, inclusive, collaborative and respectful. It shows in the sense of engagement and loyalty to the organization employees demonstrate as well as in our excellent reputation in the community and among customers.”

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CAPE COD 5 EMPLOYEE

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Summer intern volunteer day of service with Barnstable Land Trust.

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YOUR PARTNER IN SUPPORTING HEALTHY, VIBRANT COMMUNITIES

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Community engagement is a part of who we are at Cape Cod 5. Working together with our 550+ team members, we’re committed to partnering with others in our region to help build strong, resilient and vibrant communities for individuals, families and businesses to thrive. Our efforts are focused in five areas where we can make the largest impact based on our strengths and abilities, and we’re sharing a few highlights here.

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5 FOCUS AREAS OF NEED

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Accessible Housing

Economic Sustainability

$1.8 million COMMUNITY GIVING

“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

Community Health, Human Need and Veterans’ Needs Education & Enrichment Environmental Stewardship

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$30,000 GIVEN IN EMPLOYEE-VOTED GRANTS

3,869 EMPLOYEE VOLUNTEER HOURS IN 2023

171 BOARDS & COMMITTEES SERVED

YOUR PARTNER IN PROGRESS FOR SOCIETY AND THE ENVIRONMENT

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

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.

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.

HQ5 GARAGE SOLAR PANELS

We completed implementation of a solar array above the parking garage. Between these panels and those on the roof of our headquarters, we project that 75% of all energy used at HQ5 will be solar.

ENVIRONMENTALLY SENSITIVE BUILDING PRACTICES

Completed migration to an environmentallysensitive investment portfolio to sustain the Foundation

Launched public transportation program for employees

100% of employees participated in data privacy and information security training

We utilize green materials and design throughout our building and renovation process while also employing renewable energy sources.

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.

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)

LOANS AT DECEMBER 31 (IN THOUSANDS)

DEPOSITS AT DECEMBER 31 (IN THOUSANDS)

Consolidated Balance Sheets*

At December 31, 2023 2022

Thousands)

Loans:

Allowance

Other

Deposits

Other

• 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.

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.

Consolidated Income Statements*

Years Ended December 31, 2023 2022 (In Thousands) Interest income $216,001 $158,695 Interest expense (93,389) (12,462)

(2,222) (1,000)

27,816

Operating expenses (125,967) (120,687)

Income before provision for income taxes 30,392 54,362

Provision for income taxes (4,168) (13,321)

Net Income $26,224 $41,041

NET INCOME AT DECEMBER 31 (IN THOUSANDS)

CAPITAL AT DECEMBER 31 (IN THOUSANDS)

* The Cape Cod Five Cents Savings Bank unaudited financial statements

Performance Ratios*

Years Ended December 31, 2023 2022

WEALTH MANAGEMENT SERVICES ASSETS AT DECEMBER 31 (IN THOUSANDS)

CAPE

COD 5 BOARD OF DIRECTORS

Matthew S. Burke, Chairman

Karen L. Gardner, Vice Chair

Jane M. Coderre

John C. Dawley

Darren J. Donovan

Paul E. Grover

John J. Judge

James A. Peterson

Melissa D. Philbrick

Paul Rumul

SENIOR LEADERSHIP TEAM

EXECUTIVE MANAGEMENT

Matthew S. Burke, Chairman and Chief Executive Officer

Robert A. Talerman, President

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

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

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

Emilie L. Bajorek, Senior Vice President of Communications

Paul R. Bernier, Senior Vice President, Chief Auditor

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

Tammy A. Saben

Robert A. Talerman

Denise M. Toomey

Daniel A. Wolf

CORPORATORS OF MUTUAL BANCORP (PARENT COMPANY OF CAPE COD 5)

Shawn J. Almeida

Barbara Stone Amidon

Paul B. Bergquist

Karen L. Bissonnette

Jitka Borowick

Patricia M. Bridier

David A. Brown

Matthew S. Burke

Lyle B. Butts

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

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

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

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

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

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

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

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

Eleanor P. Williams, Senior Vice President, General Counsel

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

Douglas M. Cabral

Howard C. Cahoon, Jr.

F.Timothy Carroll

Carl F. Cavossa, Jr.

Robert C. Chamberlain

Olive M. Chase

Jay H. Coburn

Jane M. Coderre

Lynn Comandich

Geoghan Coogan

Paul Covell

Robert J. Crane, Jr.

John C. Dawley

Shawn DeLude

Benjamin W. deRuyter

Penelope Dey

David H. Doherty

William A. Doherty, Jr.

Darren J. Donovan

Stephen L. Doyle

Michael A. Dunning

Sheila O’Brien Egan

Thomas A. Eldredge

Thomas M. Evans

Diane Falla

John P. Farrell

Steven R. Fedele

Melinda S. Gallant

Karen L. Gardner

Margaret A. Geist

Paul E Grover

Lisa C. Guyon

Wendy Harman

Frank J. Harrison

G. Howard Hayes

Joseph C. Jasie

Christopher J. Joyce

John J. Judge

Peter Karlson

Chester N. Lay

Eileen Leary

James F. Leighton

Jo-Ann M. LeMoine

Geoffrey F. Lenk

Richard J. Leonard

William G Litchfield

Nancy S. Lowery

J. Bruce MacGregor

Robert A. Maffei

George W. Malloy

Linda Ann Markham

Brian C. McGrath

Christopher J. Megan

Bruce D. Miller

Carey M. Murphy

Susan L. Nickerson

Virginia Nickerson

Mark J. Novota

David I. Oppenheim

Paulo Vitor P. Paraguay

Katherine Fulham Parcels

James A. Peterson

Laura Lorusso Peterson

Wayne D. Petty

Melissa D. Philbrick

Diana C. Pisciotta

Frederic B. Presbrey

Melanie M. Rabeni

Kurt E. Raber

Francie Randolph

John C. Ricotta

John A. Roberts, III

David T. Robinson

Mark H. Robinson

Paul Rumul

Tammy A. Saben

Brett A. Sanidas

Dorothy A. Savarese

Judy Walden Scarafile

Lisa F. Sherman

Carol W. Sim

John P. Simison

Andrew L. Singer

Patti Smith

Robert C. Smith

Sidney H. Snow

Lawrence O. Spaulding, Jr.

Robert A. Talerman

Harry S. Terkanian

Todd G. Thayer

Denise M. Toomey

James F. Trainor

Christopher J. Ward

Richard Waystack

John L. Whelan

Seth Wilkinson

Daniel A. Wolf

Benjamin E. Zehnder

George Zografos