Regulation FD Presentation (Form 8-K)

As we enter 2026, let's recognize the significant progress Patriot Bank, N.A. ("Patriot") made in 2025. Patriot raised nearly $100 million in equity, hired a talented new executive team, and launched a strategic restructuring.

Patriot now has the resources, team, and plan to build one of America's top performing banks.

Today, the opportunity facing Patriot is compelling. The demise of First Republic Bank, Signature Bank, and Silicon Valley Bank left a critical void in the regional banking marketplace for entrepreneurs and family offices. At the same time, large wirehouse banks are unable or unwilling to meet the bespoke needs of many high-net-worth clients and businesses who serve them. Patriot seeks to fill this void and serve one of the most attractive client bases in America. We will initially focus on New York, Greenwich, Beverly Hills, Palm Beach, and Dallas.

Patriot's mission is to become America's pre-eminent regional bank serving the unmet needs of high-net-worth clients and the businesses that serve them. We have a clear plan, a team with a proven track record, and a straightforward strategy for success:

1. Restructure

Patriot launched the wholesale restructuring of its business immediately upon the closing of its March 2025 recapitalization, and we expect to complete the restructuring during the first half of 2026. In 2025, we made significant progress executing against our strategic plan by replacing senior management, enhancing the board, recalibrating our banking businesses, building a strong enterprise risk program, and strengthening our balance sheet.

Today, Patriot is well positioned to pursue its mission of banking America's high-net-worth clients and the businesses who serve them. Accordingly, Patriot is opening a client-facing office in Beverly Hills, CA in Q1 2026 to complement its historical markets in Fairfield County, CT and New York. Management is also evaluating opportunities to establish similar client offices and coverage capabilities in Florida and Texas so the team can better serve its mobile client base where they work and live.

Early returns have been encouraging. Following the relaunch of our core lending programs, we have executed over $200 million in term sheets and closed over $100 million in loans. Our new originations of deposits and loans from our high-net-worth clients have generated attractive net interest margins. This early success has been accelerated by Patriot's new Founders Club, a relationship-based program which ensures our most significant clients receive our best rates, priority underwriting, and concierge service.

While bank turn-arounds are never without ups and downs, to date I have been encouraged by the team's ability to identify and mitigate legacy risks before they manifest into losses. Patriot's new management continues to resolve special assets it inherited and, while we have made significant progress, we are eager to resolve those that remain in 2026. During 2025, we increased Patriot's reserve for loan losses relative to loan balances, sold off certain higher-risk loan portfolios, restructured many unfavorable contracts, improved our asset-liability management, increased capital and liquidity, and revamped our corporate governance and controls.

Patriot has now implemented improvements in its processes, procedures and platform and is focused on ensuring our business operates in accordance with the new policies to deliver its value proposition safely and soundly.

2. Execute

Patriot is focused on building a scalable business designed to produce compelling financial returns over time. Our goal is to generate revenue (net of interest expense) that exceeds 4.5% of assets with a marginal efficiency ratio below 50%, while sustaining robust capital, liquidity, and risk-management practices that support a safe and sound franchise across economic cycles. As our restructuring initiatives take hold and legacy issues are resolved, we believe the earnings potential of the platform will become increasingly evident in our reported results during 2026.

Patriot currently has three primary sources of revenue: (i) interest income from originated loans, (ii) interest income from purchased assets, and (iii) non-interest income.

Patriot's revenue is offset principally by (i) deposit costs and (ii) non-interest expenses.

Patriot returned to profitability in the latter part of 2025, and targets achieving profitability on a consolidated basis - inclusive of costs associated with its publicly traded holding company Patriot National Bancorp, Inc. (Ticker: PNBK) - in 2026. As the remaining legacy assets pay off or are diluted by Patriot's new asset growth, we seek to deliver a positive return on average assets in 2026. A possible outcome of achieving sustained profitability is that it may enable Patriot to reverse its valuation allowance against, and recapture, its deferred tax asset.

3. Scale

By 2027, Patriot expects to begin to scale its business. Our internal growth targets are based on our ability to scale our bank organically. By scaling the platform through organic growth, we target delivering returns on common equity exceeding 15%.

Additionally, the new management team also has deep experience executing mergers and acquisitions: our team members have successfully completed over a dozen successful M&A transactions. We believe there may be compelling opportunities to identify and execute attractive acquisitions over the next several years as regulatory, monetary, and fiscal policy align with changing economic conditions to create an opportunity to consolidate banks serving America's high-net-worth families. We hope to supplement our core return targets through accretive transactions as they emerge.

Patriot does not expect to require additional common equity in the near term to support its organic growth objectives. Patriot targets a Tier 1 leverage ratio over 9% and, as of September 30, 2025, reported a ratio over 11%. Assuming the reversal of Patriot's valuation allowance on its deferred tax assets and post-tax earnings of at least $25 million, we believe the bank's current equity base can support approximately $2 billion of assets over the next two years.

We believe Patriot, through its holding company, also maintains sufficient capacity to raise debt and preferred equity to pursue additional opportunities and drive further asset growth over time.

Patriot aspires to double its book value over the next 4-5 years while demonstrating compelling performance metrics. We believe this represents a unique opportunity for investors and justifies a premium valuation. This, in turn, can provide an attractive cost of capital that enables management to pursue additional accretive growth opportunities. Once achieved, this virtuous cycle has the potential to accelerate Patriot's growth and financial returns.

Several members of Patriot's leadership team previously worked with me at Banc of California during a period of significant transformation and growth. Over that time, my team was able to grow the platform from less than $2 billion to over $11 billion in assets in less than 5 years - driving net income from zero to over $115 million annually. This resulted in a return on common equity that Forbes Magazine ranked as #2 in the country amongst the Top 100 banks in America.

I believe the opportunity at Patriot - with the management team that we have built and the markets that we serve - is even more compelling. While every market and opportunity is unique, our experience at Banc of California informs Patriot's strategy and plan. Patriot's focus on building a highly scalable business will enable our bank to grow its assets and deposits with strong operating margins in America's most attractive markets.

Business Strategy

Patriot's operating model is designed to drive business growth by increasing client penetration in highly attractive markets. Patriot is focused on its mission of serving high-net-worth Americans and the businesses that serve them. To achieve our goals, Patriot has launched a new high-net-worth division (private banking without wealth management) to serve the needs of entrepreneurs, family offices, and families. Patriot is committed to serving these clients where they live and work. To do so, Patriot plans to concentrate its relationship coverage and maintain private client offices in Greenwich/Fairfield (CT), Beverly Hills/Los Angeles (CA), Miami/Palm Beach (FL), Dallas/Highland Park (TX), and Manhattan (NY).

We believe Patriot has developed a suite of attractive products and services to meet the needs of its high-net-worth clients through its Founders Club. Founders are our largest clients who maintain relationship-based deposit accounts with the bank. Founders have access to exclusive deposit and loan programs, enhanced pricing, and concierge banking services.

Each Founder client is partnered with a dedicated concierge banking officer who is responsible for serving their depository and treasury management needs digitally, in person, or over the phone. Our Founders also have access to our lending programs at preferential terms. Patriot's lending programs recognize our Founders through lowered borrowing costs, expedited turn times, and prioritized balance sheet capacity. Our Founders also benefit from preferred banking services for their non-profits, fiduciaries, and other key relationships.

Patriot expects its depository franchise, at scale, to serve three primary channels - high-net-worth depositors, institutional depositors, and retail depositors.

KPIs

Patriot has developed key performance indicators that it uses to evaluate the success of its business model. We intend to measure our performance by our ability to achieve the following core metrics over time:

* * * * * * *

Banking is about people. The people you hire, the people you partner with, and the people you serve. Patriot has attracted great, experienced people who have strong reputations and deep banking relationships they have earned over decades. Our clients are centers of influence and pillars of the communities that Patriot serves. We continue to strategically add incredible bankers to our team. Each addition grows our reach, our reputation, and our ability to serve America's high-net-worth families and the businesses who serve them.

I am proud of Patriot Bank's progress in 2025, and I look forward to realizing the fruits of our investments over the next several years. We thank each of our stakeholders - employees, investors, partners and clients - for joining us on this journey.

Sincerely,

Steven Sugarman

FORWARD-LOOKING STATEMENTS

Unless expressly stated otherwise, the business activities, operating initiatives, performance objectives, and other items discussed in this letter refer to Patriot Bank, N.A. and not to Patriot National Bancorp, Inc., the parent holding company of Patriot Bank, N.A.

This letter contains "