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Investor Presentation | Q4 2025
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Safe Harbor Statement and Disclaimer Forward -Looking Statements This presentation contains forward-looking statements within the meaning of U.S. federal securities laws, which involve risks an d uncertainties. You should not place undue reliance on forward - looking statements because they are subject to numerous uncertainties and factors relating to our operations and business, all o f which are difficult to predict and many of which are beyond our control. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements include statements concerning our possible or assumed financial condition, results of operations, including descriptions of our business plans, strategy and expectations, capital and finan cing needs and liquidity and regulatory and competitive outlook. These forward-looking statements are generally identified by the use of forward -looking terminology, including the terms “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other variations or comparable terminology and expressions. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could diff er materially from those described in the forward-looking statements. We caution that the forward-looking information and statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Such forward -looking statements are based on various assumptions (some of which may be beyond our control) and are subject to risks and uncertainties, which change over time, and other factors which could cause actual results to differ mate rially from those currently anticipated. Such risks and uncertainties include, but are not limited to: uncertain market conditions and economic trends nationally, regionally and particularly in the Bay Ar ea (which we define as the counties of Alameda, Contra Costa, Marin, Monterey, Napa, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano, and Sonoma) and California; economic conditions aff ecting the venture capital and private equity industries, including any decline in overall portfolio company investment, merger and acquisition activity and other liquidity events affecting venture and private equity fund and their portfolio companies; risks related to the concentration of our business in California, and specifically within the Bay Area, including risks associated with any downtu rn in the real estate sector; incurrence of losses in connection with the repositioning of our available-for-sale securities portfolio utilizing the proceeds from our recently completed public offering; the effects of a prolonged government shutdown; the occurrence of significant natural disasters, including fires and earthquakes, and acts of war or terrorism ; our ability to conduct our business could be disrupted by natural or man -made disasters, including the effects of pandemic viruses; changes in market interest rates that affect the pricing of our loans and deposits and our net i nterest income; risks related to our strategic focus on lending to small to medium-sized businesses; the sufficiency of the assumptions and estimates we make in establishing reserves for potential loan lo sses and the value of loan collateral and securities; our ability to attract and retain executive officers and key employees and their client and community relationships; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality and losses in our loan portfolio; the costs of, effects and results of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to; the results of regulatory examinations or reviews and the effect of and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to; our level of nonperforming assets and the costs associated with resolving problem loans; our ability t o maintain adequate liquidity and to raise necessary capital to fund our growth strategy and operations or to meet increased minimum regulatory capital levels; the effects of increased competition f rom a wide variety of local, regional, national and other providers of financial services; technological changes and developments; negative trends in our market capitalization and adverse changes in the price of our common stock; risks associated with unauthorized access, cyber-crime and other threats to data security; the effects of any strategic transactions we may make or evaluate, and t he costs associated with any potential or actual strategic transaction; our ability to comply with various governmental and regulatory requirements applicable to financial institutions, including super visory actions by federal and state banking agencies; the impact of recent and future legislative and regulatory changes, including changes in banking, accounting, securities and tax laws and regulations and their application by our regulators, and economic stimulus programs; governmental monetary and fiscal policies, including the policies of the Federal Reserve and policies related to tariffs; our ability to implement, maintain and improve effective internal controls; our use of the net proceeds from our recent public offering; and our success at managing any of the risks involved any of the foregoing items. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's filings with the SEC, including the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q under the heading “Risk Factors” therein and available at the SEC’s Internet site www.se c.gov. The foregoing factors should not be considered exhaustive. New risks and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence or how they w ill affect us. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially fro m those expressed in, or implied by, forward-looking information. Therefore, we caution you not to place undue reliance on our forward -looking information and statements. We disclaim any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law. 2
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Safe Harbor Statement and Disclaimer (continued) Industry Information Within this presentation, we reference certain industry and sector information and statistics. We have obtained this information and statistics from various independent, third-party sources. Nothing in the data used or derived from third-party sources should be construed as advice. Some data and other information are also based on our good faith estimates, which are derived from our review of internal surveys and independent sources. We believe that these external sources and estimates are reliable but have not independently verified them. Statements as to our market position are based on market data currently available to us. Although we are not aware of any misstatements regarding the demographic, economic, employment, industry and trade association data presented herein, these estimates involve inherent risks and uncertainties and are based on assumptions that are subject to change. Finally, forward-looking information obtained from these third-party sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements in this presentation. Non-GAAP Financial Measures This presentation includes financial information prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). This presentation also includes non-GAAP financial information, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. Management has presented these non-GAAP financial measures because we believe that these measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP. Management believes that adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity, adjusted efficiency ratio and taxable equivalent net interest income are reasonable measures to understand the Company’s core operating performance and are important to many investors who are interested in understanding our profitability prospects from our core operations. However, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those we use for the non- GAAP financial measures we disclose but may calculate them differently. You should understand how we and other companies each calculate their non-GAAP financial measures when making comparisons. For a description of the non-GAAP financial information included herein and reconciliations to the most directly comparable GAAP measure, see the appendix to this presentation. 3
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Diversified Commercial Bank Positioned for Growth 4 Financial data as of the three months ended December 31, 2025 Overview Founded in 2003 with roots in dynamic Bay Area and a national expansion strategy Disciplined underwriting approach with a proven track record of solid asset quality through various economic cycles Effi cient footprint with one full-service branch and two loan production offices Historically strong loan and deposit growth Recent Highlights Completed IPO in August 2025 and repositioned AFS investment portfolio Immediate improvement in profitability and strengthened capital position Diluted earnings per share $0.65 Q4 2025 Income Highlights Book value per share $25.66 Net interest margin 4.13% Efficiency Ratio 51.72% 1.12% Return on average assets
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Our Business Model 5 Local Bay Area Focus Growing National Presence Comprehensive suite of banking and financing solutions for technology sector entrepreneurs and their investors Venture-backed companies generate higher volumes of deposits relative to borrowing needs High-touch, relationship- based approach Venture Lending & Fund Finance Specialty Finance Provides creative financing solutions to emerging growth and established companies across the U.S. Lending focus includes asset- based lending, AR financing, and M&A sponsor finance High-touch, relationship- based approach Corporate Banking Commercial Real Estate Construction Lending Traditional core commercial banking Provides high touch service that enables our local clients to meet their financing needs and manage their cash Focus on commercial customers throughout the Bay Area Provides a range of financing options at competitive rates and terms for seasoned, stabilized asset, or potential “value-add” opportunities Focus on commercial, multi-family and mixed-use investment properties throughout the Bay Area Provides land acquisition loans, pre- development loans and construction loans on residential, commercial and mixed-use properties Primary focus is residential properties in desirable Bay Area neighborhoods
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Bay Area Core, Expanding National Reach 6 1Bay Area defined as the counties of Alameda, Contra Costa, Marin, Monterey, Napa, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano, and Sonoma AVBH Headquarters Primary Lending Area Banking Relationships Avidbank serves clients in 39 states with team members located in key innovation hubs nationwide 26% of loan balances are outside of California, driven by targeted growth in Venture and Specialty Finance San Jose Redwood City San Francisco San Francisco Bay Area 1 Branch and HQ LPO LPO
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Q4 2025 Balance Sheet 7 At December 31, 2025: Loans increased $190 million, or 38% annualized, from September 30, 2025 and $284 million, or 15%, from December 31, 2024. Average deposits increased $92 million, or 18% annualized, from the third quarter of 2025 and $242 million, or 13%, from the fourth quarter of 2024. Average noninterest bearing demand deposits increased $44 million compared to the third quarter of 2025 and $104 million compared to the fourth quarter of 2024. Period end noninterest bearing deposits increased $143 million, or 34%, year-over-year. Period-end deposits increased $137 million, or 27% annualized, from September 30, 2025. $ in thousands Q4 2025 Q3 2025 Q4 2024 Q4 2025 Q3 2025 Q4 2024 Balance Sheet: Balance Sheet and Capital Ratios: Cash and Cash Equivalents 154,569$ 177,319$ 82,701$ Tier 1 Leverage Ratio 11.2% 11.1% 10.4% Investment Securities 218,160 173,588 296,556 Common Equity Tier 1 Ratio 11.1% 11.7% 10.6% Net Loans 2,126,178 1,937,560 1,846,263 Tier 1 Risk-Based Capital Ratio 11.1% 11.7% 10.6% Other Assets 70,736 73,987 78,968 Total Risk-Based Capital Ratio 12.6% 13.5% 12.3% Total Assets 2,569,643$ 2,362,454$ 2,304,488$ Common Equity Ratio 10.9% 11.6% 8.1% Noninterest Bearing Deposits 556,972$ 471,770$ 414,327$ Asset Quality Data: Interest Bearing Deposits 1,629,101 1,577,388 1,477,028 Total ACL / Loans + Unfunded Commitments 1.15% 1.19% 1.12% Total Deposits 2,186,073 2,049,158 1,891,355 Nonperforming Assets to Total Assets 0.95% 0.12% 0.06% Subordinated Debt, Net 22,000 22,000 22,000 Net Charge-Offs to Average Loans 0.30% (0.01%) 0.93% Short-Term Borrowings 60,000 - 185,000 Other Liabilities 20,591 18,183 19,771 Total Liabilities 2,288,664 2,089,341 2,118,126 Total Shareholders' Equity 280,979 273,113 186,362 Total Liabilities and Shareholders' Equity 2,569,643$ 2,362,454$ 2,304,488$ Results as of and for
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Q4 2025 Income and Profitability 8 1Adjusted measures. See GAAP to non-GAAP reconciliation in Appendix for detail Net income totaled $6.9 million and diluted EPS of $0.65 for the fourth quarter of 2025. In the fourth quarter of 2025, net interest margin expanded to 4.13% from 3.90% in the prior quarter and 3.49% in the fourth quarter of 2024. Book value per share was $25.66 at December 31, 2025, an increase of $0.66 from September 30, 2025, and an increase of $2.09 from December 31, 2024. $ in thousands, except per share amounts Q4 2025 Q3 2025 Q4 2024 2025 2024 Select Operating Data: Net Interest Income 25,013$ 22,650$ 19,199$ 87,305$ 75,222$ Provision for Credit Losses 2,838 1,355 779 5,118 4,096 Total Noninterest Income 1,767 (60,852) 1,840 (56,376) 6,010 Total Noninterest Expense 13,851 13,479 11,052 52,781 47,333 Income Before Income Taxes 10,091 (53,036) 9,208 (26,970) 29,803 Income Tax Expense 3,142 (15,301) 2,751 (7,417) 8,788 Net Income / (Loss) 6,949$ (37,735)$ 6,457$ (19,553)$ 21,015$ Net Income - adjusted1 6,949$ 6,707$ 6,457$ 24,889$ 21,015$ Per Share Data: Diluted Earnings / (Loss) Per Share 0.65$ (4.12)$ 0.84$ (2.25)$ 2.76$ Diluted Earnings Per Share - adjusted1 0.65 0.72 0.84 2.80 2.76 Book Value Per Share 25.66 25.00 23.57 25.66 23.57 Performance Ratios: Return on Average Assets - adjusted1 1.12% 1.13% 1.14% 1.06% 0.93% Return on Average Equity - adjusted1 9.90% 11.23% 13.65% 10.95% 11.98% Net Interest Margin 4.13% 3.90% 3.49% 3.80% 3.44% Efficiency Ratio - adjusted1 51.7% 55.7% 52.5% 56.6% 58.3% Results as of and for
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Proven Organic Growth 9 Total Assets ($M) Total Loans ($M) Total Deposits ($M) Loan / Deposit Ratio (%)
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Net Interest Margin Expansion 10 Net Interest Income ($) and Net Interest Margin (%) Historical Loan Yields (%) Historical Deposit Cost (%) Net Interest Income Sensitivity Deposit beta since Q2 2024: 59% Repositioning the investment portfolio, decreasing deposit costs, and growth in DDA have contributed to expanding margin Deposit beta since rate decreases started in 2024: 72% Loan beta since rate decreases started in 2024: 51% 52% of loans floating at December 31, 2025
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Improvement in Capital Ratios 11 Common Equity Ratio (%) Tier 1 Leverage Ratio (%) Tier 1 Risk Based Capital Ratio (%) Total Risk Based Capital Ratio (%)
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Diversified Lending Platform 12 1Loan portfolio by type does not reflect the divisional breakdowns; divisions may include loans across multiple product types Average Non-Owner Occupied Office Loan Size: $2.5M Total Loans at December 31, 2025: $2.1B Diversified C&I lending verticals driving balanced, disciplined growth 16% loan CAGR since 2017, demonstrating history of consistent organic growth Commercial lending focus – C&I plus owner-occupied CRE account for 57% of total loans Diversified CRE book spans office, hotel, retail, industrial and more – no single-sector risk Targeted construction lending focused on residential builds in affluent Bay Area markets with experienced local developers Loan Portfolio Interest Rate Comparison 1 Loan Portfolio by Type 21% of floating rate loans are at floor rates Office 147,708$ 7% Retail 86,309 4% Hotel/Motel 78,566 4% Industrial 68,408 3% Warehouse 16,611 1% Other 26,505 1% Total 424,107$ 20% Non-Owner Occupied CRE at 12/31/2025 $s in 000s; % of total loans
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Disciplined Credit Culture and Minimal History of Losses 13 Proven ability to manage credit through cycles with minimal loss history, even following tumultuous periods for the sector Low net-charge-offs, averaging just 6 bps annually since 2017 Structured credit process combines efficient execution with strong controls, including: – Multi-level credit approval framework – Regular divisional portfolio reviews – Special Asset Committee meetings twice a month to review any watch, criticized, and classified loans Independent third-party reviews conducted annually on over 90% of loan balances Nonperforming assets represent 0.95% of total assets as of December 31, 2025, including two well-collateralized construction loans totaling $19.4 million ACL / Loans + Unfunded Commitments (%) and NCOs / Avg Loans (%) NPAs / Assets (%)
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Deposits by Design 14 Dollars in millions Multi -pronged deposit strategy links lending verticals with standalone initiatives Treasury Management team bolstered in 2023, helping to drive strong core deposit growth Venture Lending & Fund Finance drives funding with deposit generation well in excess of loan balances Corporate Banking and Specialty Finance are self -funding, supporting loan growth and broader balance sheet strength CRE and Construction are asset -focused with limited deposit generation Deposit Engines Fund Loan Growth
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$688 $808 $995 $1,275 $2,001 $1,975 $2,036 $2,098 $2,268 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Non-IB Deposits IB Deposits Time Deposits Subordinated Debt Other Borrowings Data as of Dec. 31, 2025 Amount Used Dollars in millions Capacity ($) (%) Available Federal Funds Line of Credit $206 $60 29% $146 FHLB $530 – – $530 Unpledged Securities $209 $9 4% $200 FRB Discount Window $854 – – $854 Available Contingent Capacity $1,799 $69 3.8% $1,730 Funding 15 Period-end deposit growth of $295 million, or 16%, in 2025 Noninterest bearing deposit growth of $143 million, or 34%, in 2025 and accounts for 25% of total deposits compared to 22% at December 31, 2024. $60 million in short-term borrowings at December 31, 2025, down from $360 million at December 31, 2023 Expanded use of reciprocal deposit networks in response to the events of 2023 reduced uninsured deposits from 85% at December 31, 2022, to 42% at December 31, 2025 Subordinated debt callable as of 4Q 2024, creating future flexibility Borrowing Capacity Dollars in millions / % of total funding Funding Composition 71% 1% 1% 24% 3%
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Securities Portfolio 16 Repositioned investment portfolio with proceeds from IPO Sold $275 million in available-for-sale securities with an average yield of 1.82% for a loss of $62.4 million; purchased $205 million in available-for-sale securities with an average purchase yield of 4.57% At December 31, 2025, the portfolio totaled $218 million with a book yield of 4.60%, a duration of 3.5 years and average life of 4.8 years 100% of securities portfolio is classified as available for sale Total Securities at December 31, 2025: $218M Investment Portfolio / Total Assets (%) & Portfolio Yield (%) Net Unrealized Loss on AFS Securities ($M)Portfolio Composition Portfolio book yield at December 31, 2025: 4.60%
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Appendix
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Experienced Management Team 18 Mark D. Mordell – Chairman of the Board, President and Chief Executive Offi cer Joined the board of directors of the Bank in January of 2006, appointed Chairman in February of 2007, named CEO of Avidbank H oldings and the Bank in March 2012 Brings over 30 years of financial services, real estate and diverse business experience to the Company In 1991 founded California Bavarian Corporation and its successor company, CBC Properties, LLC, which was a full service real estate investment and management organization based in Palo Alto Mr. Mordell holds various roles including Advisory Board Member to MMM Management, Inc., the strategic advisor to a family offi ce based in San Francisco, Advisory Board Member of the Donovan & Bank Foundation, which assists Special Forces Operators transition into a life of peace, contentment and balance, and is involved in various community organizations including Stanford University, Peninsula Bridge, Sacred Heart Preparatory School and the Town of Portola Valley Mr. Mordell received a B.A. in Economics from Stanford University Gina Thoma -Peterson – Executive Vice President and Chief Operating Offi cer Joined the Bank as EVP and COO of Avidbank Holdings and the Bank in September 2019 Previously spent eight years at MUFG Union Bank holding senior positions in global financial services enterprise and operatio nal risk management, and comprehensive capital and analysis review (CCAR) Spent 12 years at PricewaterhouseCoopers (PwC) in San Francisco, with deep expertise in regulatory compliance, enterprise ris k, financial reporting and operational resilience. Led advisory and audit services for the largest PwC portfolio of global, regional and community fina ncial institutions in the Western U.S. Spent six years in bank supervision and regulatory compliance as an Associate National Bank Examiner for the Office of the Co mptroller of the Currency, following four years in operational roles with community and regional banks in California and Washington Ms. Thoma-Peterson received her B.A. in Business Administration from the University of Washington Patrick Oakes – Executive Vice President and Chief Financial Offi cer Joined the Bank as EVP and CFO of Avidbank Holdings and the Bank in March 2022 Came to the Company from Atlantic Capital Bancshares, Inc. (Nasdaq: ACBI, which subsequently merged into SouthState Bank, N.A .) where he served as EVP, CFO and Secretary from 2015 to 2022 Previous roles include EVP and CFO of Square 1 Bank, EVP and CFO of Encore Bancshares, Inc, and Senior Vice President and Tre asurer of Sterling Bank Mr. Oakes was named the Atlanta Business Chronicle’s 2021 CFO of the Year among small public company CFOs Mr. Oakes is a Chartered Financial Analyst, and holds a Bachelor of Science in Electrical Engineering Technology degree from Texas A&M University and an MBA, International Finance from Richmond American University London
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Experienced Management Team 19 Lisa Foussianes – Executive Vice President and Chief Credit Offi cer Joined the Bank in October of 2023 as SVP in Credit and promoted to EVP and Chief Credit Officer in January 2026 Previously she worked in venture lending, primarily as MD at Signature Bank and SVP at Square 1 Bank, spanning originations, portfolio management and credit Prior to her career in venture lending, she spent well over a decade in commercial real estate finance, including originations, workouts, CMBS and credit Tami Laura Benedict – Executive Vice President and Chief of Staff Joined the Bank in 2006 as an online banking specialist, was promoted to Assistant VP and Operations Manager of the Bank in 2 008, then to VP in 2012, where she took on the additional responsibility as the Deputy BSA (Bank Secrecy Act) Officer In June 2016, Ms. Benedict was promoted to Senior Vice President where she managed the day -to-day operations for Loan Services, Asset-Based Lending Operations, IT, the Branch, Deposit Operations, and Cash Management divisions of the Bank In August 2024, she was appointed Executive Vice President and Chief of Staff of the Bank Victor DeMarco – Executive Vice President and Chief Legal Offi cer Joined in 2020 as the SVP and General Counsel of Avidbank Holdings and the Bank and was promoted to EVP and Chief Legal Offic er in September 2024 Founding member of Square 1 Bank, where he held several leadership positions and helped grow the Bank from inception through its IPO and merger with Pacific Western Bank Between February 2019 and September 2020, he practiced law with Smith Anderson representing many of the top venture banks in the country Mr. DeMarco received his B.S. in business from North Carolina State University, his MBA from the University of North Carolina at Chapel Hill, and his J.D. from North Carolina Central University Arthur Wasson – Executive Vice President and Chief Revenue Offi cer Joined the Bank as EVP, Treasury Management Services of the Bank in August 2023 and was promoted to Chief Revenue Officer in January 2026 Previously served as the managing group director and was a founding member of the venture banking team at Signature Bank from 2019 to 2023 Spent seven years at Square 1 Bank, subsequently acquired by Pacific Western Bank, most recently as EVP and Head of the Equit y Funds Group and Global Treasury Management He began his banking career first at Merrill Lynch and later at Morgan Stanley in their private banking divisions Mr. Wasson received his B.S. in Accountancy from Villanova University and a J.D. from Albany Law School
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Core Bay Area Banking Divisions 20 Note: Financial data as of December 31, 2025 Source: S&P Capital IQ Pro Bay Area Lending: Anchored in Three Long -Standing Divisions Corporate Banking Division Provides traditional commercial and owner-occupied lending 20% of total loans Commercial Real Estate Division Provides financing for multifamily and non-owner-occupied real estate 28% of total loans Construction & Land Division Financing high quality residential property construction 11% of total loans San Jose – Sunnyvale – Santa Clara MSA $156.7 Median HHI ($000s) $78.8 Median HHI ($000s) Nationwide 8.8% Proj. HHI Growth (’25 – ’30) 9.8% Proj. HHI Growth (’25 – ’30) vs. Nationwide vs. Corporate Banking Division Focused on small to mid-sized commercial clients across diverse industries Clients typically demonstrate strong financial profiles, including profitability, low leverage, and high liquidity Commercial Real Estate Division Provides term financing for commercial, multi-family, and mixed-use properties All commercial real estate loans are collateralized by investment properties in California Construction Lending Division Primarily serves experienced local developers Finances all stages of residential projects, from land acquisition through construction Lean Branch Footprint in the Attractive Bay Area Bay Area Lending Divisions
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Venture Business Banking Overview 21 1Warrant positions are held at the holding company Launched in 2019, Avidbank’s venture platform serves VC-backed tech companies and their investors nationwide Platform is highly self-funded, with client deposits meaningfully exceeding loan balances Deposit diversification is increasing as Avidbank expands into the fund finance business $852 million total deposits as of December 31, 2025; 72% tied to lending relationships Borrowers are required to bank with Avidbank which provides full visibility into cashflows and tighter credit control Clients are backed by institutional capital, with experienced sponsors providing support and stability National reach with a strong client base in the Bay Area and other key innovation hubs Positioned to capitalize on market disruption from 2023 through opportunistic talent and client acquisition Balanced mix of early, expansion and late-stage companies Avidbank receives equity warrants in connection with extending loan commitments to certain of its customers. As of December 31, 2025, Avidbank has a total of 141 warrant positions in 95 clients 1. Venture Lending Division Venture Lending Provides financing to VC-backed technology companies and their investors nationwide Fund Finance Provides capital call lines of credit to private equity and venture capital firms nationally 18% of total loans Venture Loans and Deposits Driving Core Deposit Growth Through Deep, Relationship -Based Lending in the Innovation Economy $274 $796 Venture Lending Loans Deposits Deposits/ Loans 2.9x
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Differentiated Self-Funding Specialty Finance Platform 22 Note: Financial data as of December 31, 2025 Two Teams Provide Unique Credit Solutions While Generating Quality Deposits Target Clients Private equity-backed companies Entrepreneurs using the search fund model Institutional sponsors and family offices Inventory-heavy or asset-intensive businesses Companies seeking flexible working capital Seasonal or growth stage businesses Industries Served Software Healthcare Industrial services Staffing Manufacturers Behavioral health Media Retail Education Manufacturers Wholesalers Distributors Consumer Packaged goods companies Business service providers Sponsor Finance Lending Provides funding for lower-middle market acquisitions 14% of total loans Asset-Based Lending Secured by receivables and inventory 8% of total loans
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Historical Balance Sheet 23 $ in thousands 2025 2024 2023 2022 2021 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Cash and Cash Equivalents 154,569$ 82,701$ 81,396$ 47,288$ 493,343$ 154,569$ 177,319$ 129,923$ 125,001$ 82,701$ Debt Securities Available-for-Sale 218,160 296,556 325,320 444,664 380,170 218,160 173,588 292,808 296,617 296,556 Loans, Net of Deferred Loan Fees 2,148,439 1,864,942 1,740,647 1,554,222 1,223,344 2,148,439 1,958,585 1,911,718 1,841,187 1,864,942 Allowance for Credit Losses on Loans (22,261) (18,679) (19,131) (16,481) (13,054) (22,261) (21,025) (19,624) (18,722) (18,679) Net Loans 2,126,178 1,846,263 1,721,516 1,537,741 1,210,290 2,126,178 1,937,560 1,892,094 1,822,465 1,846,263 Bank Owned Life Insurance 13,045 12,674 12,315 32,747 31,875 13,045 12,953 12,857 12,764 12,674 Premises and Equipment, Net 1,526 2,331 3,297 4,163 4,565 1,526 1,739 1,927 2,118 2,331 Other Assets 56,165 63,963 86,992 66,665 42,235 56,165 59,295 62,520 60,957 63,963 Total Assets 2,569,643$ 2,304,488$ 2,230,836$ 2,133,268$ 2,162,478$ 2,569,643$ 2,362,454$ 2,392,129$ 2,319,922$ 2,304,488$ Deposits 2,186,073$ 1,891,355$ 1,654,329$ 1,823,235$ 1,979,410$ 2,186,073$ 2,049,158$ 2,002,781$ 1,929,488$ 1,891,355$ Subordinated Debt, Net 22,000 22,000 21,906 21,805 21,703 22,000 22,000 22,000 22,000 22,000 Short-Term Borrowings 60,000 185,000 360,000 130,000 – 60,000 – 145,000 155,000 185,000 Other Liabilities 20,591 19,771 29,289 20,690 24,265 20,591 18,183 17,929 16,815 19,771 Total Liabilities 2,288,664$ 2,118,126$ 2,065,524$ 1,995,730$ 2,025,378$ 2,288,664$ 2,089,341$ 2,187,710$ 2,123,303$ 2,118,126$ Common Stock 169,990$ 106,997$ 104,499$ 102,359$ 72,799$ 169,990$ 169,342$ 107,608$ 106,839$ 106,997$ Retained Earnings 111,150 130,703 109,688 93,824 68,801 111,150 104,201 141,936 136,139 130,703 Accumulated Other Comprehensive Loss (161) (51,338) (48,875) (58,645) (4,500) (161) (430) (45,125) (46,359) (51,338) Total Shareholders' Equity 280,979$ 186,362$ 165,312$ 137,538$ 137,100$ 280,979$ 273,113$ 204,419$ 196,619$ 186,362$ Total Liabilities and Shareholders' Equity 2,569,643$ 2,304,488$ 2,230,836$ 2,133,268$ 2,162,478$ 2,569,643$ 2,362,454$ 2,392,129$ 2,319,922$ 2,304,488$ Quarter EndedFiscal Year Ended December 31,
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Historical Income Statement 24 $ in thousands except share data 2025 2024 2023 2022 2021 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Interest and Fees on Loans 132,825$ 130,878$ 112,494$ 71,813$ 50,823$ 34,093$ 33,880$ 32,967$ 31,885$ 32,308$ Interest on Debt Securities 6,883 7,162 8,658 9,877 3,606 2,274 1,157 1,703 1,749 1,770 Federal Home Loan Bank Dividends 735 752 690 367 272 185 184 181 185 185 Other Interest Income 5,307 3,649 3,140 1,342 456 1,775 2,033 793 706 681 Total Interest Income 145,750$ 142,441$ 124,982$ 83,399$ 55,157$ 38,327$ 37,254$ 35,644$ 34,525$ 34,944$ Interest on Deposits 53,159$ 54,146$ 36,414$ 7,513$ 2,618$ 12,887$ 13,776$ 13,669$ 12,827$ 14,015$ Interest on Borrowings 5,286 13,073 15,009 1,440 1,238 427 828 1,685 2,346 1,730 Total Interest Expense 58,445$ 67,219$ 51,423$ 8,953$ 3,856$ 13,314$ 14,604$ 15,354$ 15,173$ 15,745$ Net Interest Income 87,305$ 75,222$ 73,559$ 74,446$ 51,301$ 25,013$ 22,650$ 20,290$ 19,352$ 19,199$ Provision for Credit Losses 5,118 4,096 3,042 3,510 3,572 2,838 1,355 925 – 779 Net Int erest Income Aft er Provision for Credit Losses 82,187$ 71,126$ 70,517$ 70,936$ 47,729$ 22,175$ 19,365$ 19,365$ 19,352$ 18,420$ Service Charges and Fees 3,178$ 2,600$ 2,209$ 2,617$ 2,179$ 797$ 779$ 840$ 762$ 649$ Foreign Exchange Income 937 896 411 254 187 254 267 196 220 191 Bank-Owned Life Insurance Income 372 508 894 871 451 93 96 93 90 93 Warrant and Success Fee Income 648 65 23 281 477 375 – 273 – 65 (Loss) / Gain on Sale of Securities (62,391) – (6,214) (404) 735 – (62,391) – – – Other income 880 1,941 25 684 1,012 248 397 136 99 842 Total Noninterest Income (56,376)$ 6,010$ (2,652)$ 4,303$ 5,041$ 1,767$ (60,852)$ 1,538$ 1,171$ 1,840$ Salaries and Employee Benefits 37,415$ 32,499$ 30,572$ 29,102$ 25,256$ 9,574$ 9,766$ 8,978$ 9,097$ 7,389$ Occupancy and Equipment 3,208 4,019 3,954 3,652 4,078 730 723 759 996 919 Data Processing 2,936 2,412 2,041 1,737 1,647 770 792 759 615 613 Regulatory Assessments 1,930 2,083 1,663 1,816 1,226 521 445 420 544 541 Legal and Professional Fees 2,707 2,139 1,839 1,290 897 890 591 715 511 452 Other Expenses 4,585 4,181 3,824 3,193 2,512 1,366 1,162 978 1,079 1,138 Total Noninterest Expense 52,781$ 47,333$ 43,893$ 40,790$ 35,616$ 13,851$ 13,479$ 12,609$ 12,842$ 11,052$ (Loss)/Income Before (Benefit)/Provision for Income Taxes (26,970)$ 29,803$ 23,972$ 34,449$ 17,154$ 10,091$ (53,036)$ 8,294$ 7,681$ 9,208$ (Benefit)/Provision for Income Taxes (7,417) 8,788 7,171 9,426 4,890 3,142 (15,301) 2,497 2,245 2,751 Net (Loss)/Income (19,553)$ 21,015$ 16,801$ 25,023$ 12,264$ 6,949$ (37,735)$ 5,797$ 5,436$ 6,457$ Basic (Loss)/Earnings Per Common Share (2.25)$ 2.83$ 2.29$ 3.68$ 2.08$ 0.66$ (4.12)$ 0.77$ 0.73$ 0.87$ Diluted (Loss)/Earnings Per Common Share (2.25)$ 2.76$ 2.24$ 3.60$ 2.02$ 0.65$ (4.12)$ 0.75$ 0.71$ 0.84$ Quarter EndedFiscal Year Ended December 31,
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GAAP to Non-GAAP Reconciliation 25 $ in thousands 2025 2024 2023 2022 2021 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Non-GAAP Adjusted Net Income Reconciliation Net (Loss) / Income - GAAP ($19,553) $21,015 $16,801 $25,023 $12,264 $6,949 ($37,735) $5,797 $5,436 $6,457 Loss on Sale of Securities 62,391 – 6,214 404 – – 62,391 – – – Tax Impact of Loss on Sale of Securities (17,949) – (1,731) (109) – (17,949) – – – Severance – – 324 – – – – – – – Tax Impact of Severance – – (91) – – – – – – – BOLI Surrender Tax Expense – – 478 – – – – – – – Net Income - Adjust ed (non-GAAP) $24,889 $21,015 $21,995 $25,318 $12,264 $6,949 $6,707 $5,797 $5,436 $6,457 Non-GAAP Adjusted Diluted Earnings Per Share Reconciliation Diluted (Loss) / Earnings Per Share - GAAP ($2.25) $2.76 $2.24 $3.60 $2.02 $0.65 ($4.12) $0.75 $0.75 $0.75 Loss on Sale of Securities, Net of Income Tax 5.05 – 0.60 0.04 – – 4.84 – – – Severance, Net of Income Tax – – 0.03 – – – – – – – BOLI Surrender Tax Expense – – 0.06 – – – – – – – Diluted Earnings Per Share - Adjusted (non-GAAP) $2.80 $2.76 $2.94 $3.64 $2.02 $0.65 $0.72 $0.75 $0.75 $0.75 Non-GAAP Adjusted Return on Average Assets Reconciliation Net (Loss) / Income - GAAP ($19,553) $21,015 $16,801 $25,023 $12,264 $6,949 ($37,735) $5,797 $5,436 $6,457 Average Total Assets 2,357,580 2,252,814 2,173,969 2,072,989 1,713,888 2,459,110 2,357,158 2,322,264 2,289,935 2,250,086 Return on Average Assets - GAAP (0.83%) 0.93% 0.77% 1.21% 0.72% 1.12% (6.35%) 1.00% 0.96% 1.14% Adjusted Net Income (non-GAAP) $24,889 $21,015 $21,995 $25,318 $12,264 $6,949 $6,707 $5,797 $5,436 $6,457 Average Total Assets 2,357,580 2,252,814 2,173,969 2,072,989 1,713,888 2,459,110 2,357,158 2,322,264 2,289,935 2,250,086 Ret urn on Average Asset s - Adjust ed (non-GAAP) 1.06% 0.93% 1.01% 1.22% 0.72% 1.12% 1.13% 1.00% 0.96% 1.14% Non-GAAP Adjusted Return on Average Equity Reconciliation Net (Loss) / Income - GAAP ($19,553) $21,015 $16,801 $25,023 $12,264 $6,949 ($37,735) $5,797 $5,436 $6,457 Average Total Equity 227,210 175,348 150,045 135,841 133,646 278,382 236,903 200,608 191,891 188,170 Return on Average Equity - GAAP (8.61%) 11.98% 11.20% 18.42% 9.18% 9.90% (63.19%) 11.59% 11.49% 13.65% Adjusted Net Income (non-GAAP) $24,889 $21,015 $21,995 $25,318 $12,264 $6,949 $6,707 $5,797 $5,436 $6,457 Average Total Equity 227,210 175,348 150,045 135,841 133,646 278,382 236,903 200,608 191,891 188,170 Return on Average Equity - Adjusted (non-GAAP) 10.95% 11.98% 14.66% 18.64% 9.18% 9.90% 11.23% 11.59% 11.49% 13.65% Fiscal Year Ended December 31, Quarter Ended
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GAAP to Non-GAAP Reconciliation 26 $ in thousands 2025 2024 2023 2022 2021 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Non-GAAP Adjusted Efficiency Ratio Reconciliation Noninterest Expense $52,781 $47,333 $43,893 $40,790 $35,616 $13,851 $13,479 $12,609 $12,842 $11,052 Net Interest Income 87,305 75,222 73,559 74,079 51,029 25,013 22,650 20,290 19,352 19,199 Noninterest Income (56,376) 6,010 (2,652) 4,670 5,313 1,767 (60,852) 1,538 1,171 1,840 Efficiency Ratio - GAAP 170.65% 58.27% 61.90% 51.80% 63.21% 51.72% (35.28%) 57.77% 62.57% 52.53% Noninterest Expense $52,781 $47,333 $43,893 $40,790 $35,616 $13,851 $13,479 $12,609 $12,842 $11,052 Net Interest Income 87,305 75,222 73,559 74,079 51,029 25,013 22,650 20,290 19,352 19,199 Noninterest Income (56,376) 6,010 (2,652) 4,670 5,313 1,767 (60,852) 1,538 1,171 1,840 Loss on Sale of Securities 62,391 – 6,214 404 – – 62,391 – – – Severance – – 324 – – – – – – – Noninterest Income - Adjusted 6,015 6,010 3,886 5,074 5,313 1,767 1,539 1,538 1,171 1,840 Efficiency Ratio - Adjusted (non-GAAP) 56.56% 58.30% 56.68% 51.53% 63.21% 51.72% 55.72% 57.77% 62.57% 52.53% Non-GAAP Taxable Equivalent Net Interest Income Reconciliation Net Interest Income - GAAP $87,305 $75,222 $73,559 $74,079 $51,029 $25,013 $22,650 $20,290 $19,352 $19,199 Taxable Equivalent Adjustment 32 25 72 173 – 8 8 8 8 7 Net Int erest Income - Taxable Equivalent (non-GAAP) $87,337 $75,247 $73,631 $74,252 $51,029 $25,021 $22,658 $20,298 $19,360 $19,206 Fiscal Year Ended December 31, Quarter Ended