Over the past year, Climate First Bancorp has accomplished numerous groundbreaking achievements. From exiting de novo, to being recognized as the fastest-growing new Bank in the United States since 2009, the company has surpassed many milestones across various departments. Hear from Ken LaRoe— Founder, CEO and Chairman Climate First Bancorp— as he reflects on these successes in the 2024 letter to our stakeholders.

To my fellow stakeholders,

I could not be more pleased to share the ongoing success of Climate First Bancorp. Our Company has only continued to soar.As I often say, Climate First Bancorp is truly what you may call "N of one." This term, which I first learned in my favorite college statistics class, refers to the total observations in a sample size, and in our case, we are one of one. We are singular. The only one. In the world. We are the only FDIC-insured digital community bank founded to combat the climate crisis. And most of all, we are thriving.

When uncertainty is the only certainty of the universe, we are proving that a business’s best friends are integrity, resiliency, efficiency, and a mission to do good for people and the planet.

The Company achieved several significant milestones last year, most notably exiting regulatory de novo status on June 1, 2024. Following this achievement, we made remarkable progress towards expanding access to sustainable banking nationwide. Our consumer solar loan program grew to 41 states, and our deposit customer base now spans all 50 states and Puerto Rico. This achievement has earned the Bank recognition as the fastest growing new bank in the United States since 2009, along with numerous other honors. In addition to these accolades, the Company reported strong financial performance, highlighted by a substantial increase in net income. As of March 2025, the Bank exceeded $1 billion in assets.

Our success is a testament to the dedication and hard work of our incredible team. Together, we have built a business that is strong, resilient, innovative, and singularly focused on mission and impact. Looking forward to 2025, we remain committed to our mission and are excited about the opportunities that lie ahead. Our focus on efficiency, customer service, and innovation will only continue to drive our growth and impact.

Building a Resilient Business

Developing resilience has been particularly integral to creating a thriving and vibrant Company. For us, resilience includes not only our proactive response to climate change but also our capacity to navigate market fluctuations, political shifts, and other challenges. It involves anticipating and managing business risks, prioritizing the welfare of customers and employees, consistently striving for excellence, 2and staying focused on long-term financial stability. I invite you to read on to learn more about our progress in these areas.

Team Growth

In 2024, we enhanced our team with strategic promotions and experienced new hires. Most recently, the Board unanimously promoted Lex Ford to President and CEO of the Bank. As CEO, Lex will lead the Bank's growth plan, drive efficiency, and drive the Bank's nationwide expansion. Lex and I began working together a decade ago, and I often tell people that he's been both my sounding board and security blanket ever since. I could not be more thrilled and confident about Lex's new role. Given his promotion, I've transitioned to CEO of Climate First Bancorp overseeing both Climate First Bank and our mission-driven fintech, OneEthos. From this position, I'll be able to direct my complete focus to the important union of these two companies and therefore the success of the Company as a whole.

Last year, we had the honor of welcoming Dr. Myron Rolle to the Bank’s Board of Directors. Dr. Rolle is a distinguished Harvard/Massachusetts General Hospital trained Neurosurgeon and the current Pediatric Neurosurgery Fellow at Johns Hopkins All Children's Hospital. He is a Rhodes Scholar, bestselling author, and creator of the groundbreaking Rolle Scoring System. His exceptional contributions to neurosurgery have been recognized by the Congress of Neurological Surgeons. He is also a former AllAmerican Florida State University football player and NFL player for the Tennessee Titans and Pittsburgh Steelers. Dr. Rolle's extensive background in health advocacy and social impact will significantly advance the Bank's mission of changing finance to finance change. Additionally, Chris Cucciwas promoted to EVP, Chief Strategy Officer at the Bank. Chris will focus on leading strategic valuesaligned initiatives both at the Bank and OneEthos.

We also welcomed two new executives to the Bank. Ryan Jaskiewicz has assumed the role of President of Structured Finance, focusing on Factoring and Asset-Based Lending (ABL). These innovative financial tools aim to accelerate investments in renewable energy and other businesses across the nation.Finally, Chris Castro has rejoined Climate First Bank both as a Bank director and as our new EVP, Chief Sustainability Officer. Prior to his return, Chris served as a presidential appointee for the Biden-Harris Administration at the U.S. Department of Energy, most recently as Senior Advisor for the Office of Energy Efficiency & Renewable Energy (EERE). With a wealth of experience in sustainability, clean energy, and climate action, Chris is uniquely positioned to help us elevate and accelerate our efforts to combat the climate crisis.

Innovation & Efficiency

One of the unique characteristics of Climate First is our commitment to innovation, and what I like to call our “maniacal pursuit of efficiency”. As a small organization with an audacious goal of being THE bank for values-focused stakeholders, technology is critical to our success. At the end of 2024, the Bank’s assets per full-time employee were approximately $11.5 million, nearly $4 million higher per employee than our peers, reflecting our ability to utilize technology to maximize productivity and maintain a lean, effective workforce. We’ve embraced advanced technologies to enhance customer experience and streamline operations. Our mission-driven fintech subsidiary, OneEthos, has been instrumental in boosting operational efficiencies, streamlining loan origination processes, and enhancing customer service. While we continue to work towards incorporating further efficiency into our business, we learned that technology is an ally in driving growth and efficiency

Growing Lines of Business

‍In 2024, Climate First Bank made significant strides in expanding our range of mission-aligned products by introducing new business lines including structured finance, cannabis banking in Florida, and nationwide expansion of solar, Small Business Administration (SBA) and conventional lending. These additions reflect our unwavering commitment to providing our customers with mission-aligned alternatives for their banking needs, offering valuable expertise in these specialty areas, and capturing a greater share of wallet.

Our new Structured Finance department aims to provide innovative financial solutions for businesses, helping them manage cash flow and leverage their assets for growth. Additionally, we launched our cannabis banking services in Florida, addressing the unique needs of this emerging industry and ensuring compliance with state regulations. Our nationwide solar services have also expanded, allowing us to support both consumer and commercial solar projects across the country.

Furthermore, at the end of 2024, OneEthos began beta testing the Impact Banking App with our employees. This innovative tool empowers users to align their savings and spending with their values, see how their deposits support Climate First Bank’s environmental and social impact, and discover new businesses that share their values. If you're eager to align your savings and spending with your values, I invite you to contact Climate First Bank today to gain access to the Impact Banking App!

2024 Business Highlights

Our 2024 performance was marked by responsible growth, leading to increased revenue and profitability for both Climate First Bank and OneEthos. These accomplishments underscore our commitment to sustainable growth and operational excellence.

Deposits

Last year, our Digital Branch and OneEthos’ proprietary deposit origination platform together drove substantial deposit growth for the Bank. OneEthos’ platform allows customers to open deposit accounts online efficiently while safeguarding against fraud. By leveraging innovative technology and maintaining a strong focus on customer Climate First Bank Deposit Customer Heat Map4 service, we have attracted and retained a growing number of depositors across the nation, further strengthening our financial position and our commitment to combat the climate crisis.

Loans

Alongside our deposit growth, in 2024 we achieved remarkable loan growth. In December alone, we closed $98 million in loans, and over the entire year, we closed $525 million. This growth spanned various mission-aligned business lines, including Employee Stock Ownership Plan (ESOP) finance, Small Business Administration (SBA) lending, Residential Mortgage lending, and Solar lending. Through the growth of these mission-aligned business lines, we have continued to reduce our concentration in Commercial Real Estate and grow our Commercial and Industrial loan portfolio.

Financial Performance

The Bank’s innovative digital banking solutions and mission-aligned business segments have supported and fueled the significant growth of our loan and deposit portfolios. This responsible growth has increased profitability at Climate First Bank and OneEthos. Moreover, we raised an additional $21 million in capital to strengthen our financial position further and support our expansion efforts.

Mission-Aligned Banking

The Bank's unprecedented growth and financial performance has further reinforced my belief that our financial prosperity is intrinsically tied to our commitment to environmental sustainability and social equity. Our deposit and loan portfolios stand as a testament to this commitment and its ability to generate economic value. As Mission Aligned Loans Originated Since Inception ($)5 part of our commitments, we track our mission-aligned loans so that our customers can see the impact of their deposits at work. In 2024, the Bank originated over $200 million in loans to mission-driven projects and companies, accounting for about 40% of our total loans originated in 2024.

OneEthos Accomplishments

In 2024, OneEthos, our mission-driven fintech company, partnered with Montgomery County Green Bank (MCGB) to create a subsidized solar lending program focused on expanding access to low to moderate-income (LMI) communities in Maryland. Residents in an Equity Emphasis Area qualify for a 0% interest rate for the first 10 years of their solar loan, while all other residents can access a discounted rate of 4.99% versus our standard 7.99%.

Additionally, Tesla selected OneEthos as its preferred lending partner for its Solar Roof and Powerwall products. This partnership is a huge step forward in generational investment to expand access and implement clean, renewable energy across the United States. Tesla's nationwide network of vetted contractors will leverage OneEthos' technology to streamline and accelerate solar deployment. Through the partnership, OneEthos offers consumers the nation’s most ethical solar lending solution with 100% financing, no early payment penalties, and no dealer fees, saving them up to 40% on solar costs compared to other consumer solar lending options.

Finally, at the end of last year, OneEthos acquired innovative AI startup ToolCharm. ToolCharm develops AI Agents and API integrations using natural language. Following the acquisition, cofounders Mark Bruckert and Owen Burns joined the OneEthos team and are focused on leveraging the ToolCharm technology to enhance OneEthos' product capabilities, improve customer experience, and increase operational efficiencies, all while maintaining the highest standards of data privacy and regulatory compliance.

Customer Platforms

In 2024, the Bank had success across all customer platforms, boosting our total deposit portfolio by over 60% compared to the previous year. Our various branches and digital platforms drove this impressive growth, each contributing significantly to the Bank’s overall growth.

Our Digital Branch grew fastest, becoming our largest Branch in 2024. This growth welcomed 2,175 new account customers and over $180 million in deposits from customers across the nation. Carissa Dudley joined the Digital Banking team as VP, Assistant Director to support this rapid growth.

Our LEED Platinum certified Winter Park Branch continues to operate at the highest caliber of sustainability while generating the second largest share of the Bank’s deposit growth and total deposits. To facilitate the Branch's outstanding performance, the Winter Park team welcomed its new AVP, Assistant Branch Manager, Denisse Mallous.

Our St. Petersburg Branch generated over $77 million in new deposits in 2024. Additionally, as final touches to the building’s construction are being made, we are excited to share our second building retrofit is on track to achieve LEED status for its sustainable building design and features.

Mount Dora, our youngest Branch, demonstrated steady and solid growth in its second year of operation, increasing its total deposits by 40% from 2023. Despite being our smallest Branch, Mount Dora led all branches with the highest proportion of its deposit growth attributable to non-interest-bearing deposits, a key contributor to the Branch’s improved profitability.

Overall, our customer platforms have shown exceptional performance, and we are proud of the growth and success achieved across all branches and digital platforms. By continuing to innovate and expand our offerings, we are well positioned to meet the diverse needs of our customers and deliver exceptional value to our stakeholders.

Conclusion

As I reflect on the remarkable achievements of 2024 and look forward to the opportunities that 2025 holds, I am filled with immense pride and optimism. Looking ahead to 2025, we remain committed to our mission to make sustainable banking accessible nationwide. Our focus on efficiency, customer service, and innovation will continue to drive our growth and impact. We’ve set ambitious goals, including launching new products and services, expanding our market presence further, and increasing our digital banking capabilities.

Several key initiatives will power our strategic growth:

• Market Expansion: We will continue to expand our consumer solar loan program and mission aligned products to new states, ensuring that more customers can benefit from our sustainable banking solutions.

• Innovation & Efficiency: Our commitment to innovation and efficiency will be paramount. We will leverage advanced technologies, such as AI and our proprietary loan origination system, to enhance customer experience and streamline operations.

• Team Growth: We will continue strengthening our team by adding experienced members and leaders across the organization. This will enable us to support our growing lines of business and drive further success.

• New Business Lines: We’re excited to develop our new business lines, such as Structured Finance and cannabis banking, which provide innovative, sustainable, financial solutions and capture a greater share of the market. • Partnerships: Newly formed partnerships aim to enhance environmental and social impact and help us expand to reach new audiences. These collaborations are expected to support the decarbonization of various sectors and expand access to sustainable financing.

As we embark on this next chapter, I want to express my deepest gratitude to our stakeholders for their unwavering support and trust. Together, we will continue to build a resilient, innovative, and mission driven organization that meets and exceeds the expectations of our customers, employees, and shareholders. Together we will thrive.

Thank you for being a part of our journey. We look forward to achieving even greater success together in 2025 and beyond.

Sincerely,

Ken LaRoe,

Esq., LEED AP

Founder, CEO & Chairman Climate First Bancorp.