2021Annual Report

Sharing Success!

From Our President As I look back on this past year, I couldn’t be prouder of the drive of South Shore Bank’s employees and clients in working together to support the work that makes out community thrive. Performance Highlights

Giving Back to the Community

2021 was an incredibly strong year for the bank with earnings finishing at $19.1 million, resulting in a return on assets of 0.96%, a new record for the Bank. Additional records were set including deposit balances which grew 12% to $1.78 billion, funding loans of $1.3 billion. At year end, the Bank had its highest total assets yet reaching $2.06 billion.

As a mutual bank., we believe that the most enduring success is success that is shared. That’s why we worked with more than 200 organizations either through employee volunteering, monetary contributions, or sponsorships. Many of our colleagues serve on boards and committees throughout the region not only as a way of giving back, but also as a way of moving our region forward.

While this was a year of reemergence for many as we made our way through the pandemic, South Shore Bank maintained its presence as we always had −seeking way to connect with our colleagues, our clients, and the community.

This year we awarded the South Shore Bank Diamond award to Leo Keka. The Diamond Award was developed to honor clients who show leadership and charitable giving within the community, and I was proud to bestow the first of these awards to Leo Keka, owner of Alba Restaurant in Quincy.

Strong and Growing Team We welcomed fifty new employees to the Bank and close to 10% of our employees were promoted to new roles. We continue to seek talent from many areas and as you’ll read in the coming pages, we embarked on a new banking credit analyst apprentice program in a partnership between the Commonwealth of Massachusetts Executive Office of Labor and Workforce Development and the Massachusetts Bankers Association. This program, which I helped shape, will help draw new talent to our Bank as well as the industry. Meeting Clients Where They Are Our digital evolution continues as we onboard clients through technology – more than 400 accounts were opened online in 2021. Digital services that allow clients to bank 24x7 coupled with inperson banking across the region allows us to meet clients in the ways that meet their needs – digitally or through mobile experiences, in-person, or virtually. What’s at the heart of this is our ability to form strong relationships with our clients no matter which method they choose. .

My Gratitude This past year was one of tremendous change, from how we communicate, to how we conduct business, even how we can spend time with friends and loved ones and I am grateful to the steadfastness of our employees and Board Members who continue to support the work that we do. As we move forward, our commitment is to continue with the investments and progress we’ve made in developing technology and talent that will connect our clients with the services and tools that they need to further their financial growth. I thank you for you for your trust and confidence.

Jim Dunphy President & CEO South Shore Bank

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Making a Community Impact Pamela J. O’Leary leads South Shore Health’s Board of Directors Bank executive shares health system’s commitment to community Pamela J. O’Leary, Executive Vice President & Chief Operating Officer of South Shore Bank, was named Chair of the Board of South Shore Health, a not-for-profit, charitable health system which serves the South Shore region of Massachusetts. Before being elected chair, she was vice chair of the board and served on a variety of subcommittees for the past six years. South Shore Health’s Board of Directors is the organization’s governing body. The board, which includes business leaders, community leaders and clinicians, is responsible for oversight of the entire health system. “Pam is highly regarded in our community as someone who brings rigorous discipline, strategic mindset, commitment to our employees and an open mind to a passion for improving the health of every member of our community,” said Allen L. Smith, MD, MS, President & CEO, South Shore Health. “I am looking forward to working alongside her as we continue to evolve to better serve the current and future needs of our patients.” O’Leary is a lifelong resident of Weymouth and was born at South Shore Hospital, part of South Shore Health. “South Shore Health and I share a very important value, and that is our commit- ment to community,” O’Leary said. “As the largest independent healthcare organization in Southeastern Massachusetts, we will evolve to embrace innovation and the changing healthcare landscape to ensure our long-term success while we continually evaluate our community’s health and wellness needs.” In her role as EVP & COO at South Shore Bank, O’Leary leads that organi- zation’s strategic initiatives by shaping digital transformation, process quality, relationship building, and client experience with a focus on the future of banking. O’Leary has also held other senior leadership roles focused on driving technology and oper- ational excellence throughout organizations. The South Shore community has benefited from O’Leary’s talents and expertise through her active participation on other boards and committees including South Shore Peer Recovery; Norwell Visiting Nurse Association and Hospice; South Shore Chamber of Commerce; and the Massachusetts Bankers Association’s Technology Committee. “I have a passion for contributing to this thriving region, mentoring and sharing success with others,” O’Leary said. She also serves nationally with Fiserv, Inc. an American multinational Fortune 500 company on one of its Strategic Planning Councils and is a proud Advisor to Wellspring Multi-Service Center located on the South Shore

“I have a passionfor contributing to this thriving region, mentoringand sharing successwithothers,”

Nationally Recognized Program New Banking Credit Analyst Apprenticeship Program Celebrated During National Apprenticeship Week The Executive Office of Labor and Workforce Development, Massachusetts Bankers Association, and South Shore Bank celebrated the launch of a new apprenticeship program for credit analysts on Thursday, November 18, at South Shore Bank’s headquarters in South Weymouth, as part of National Apprenticeship Week (November 15-21). This new program is part of the growing opportunities in apprenticeship within expansion industries, which include health care, technology, biotechnology/life sciences, banking/finance, and advanced manufacturing. A partnership between the Commonwealth of Massachusetts Executive Office of Labor and Workforce Development and the Massachusetts Bankers Association led to a first-of-its-kind nationally recognized apprenticeship program for credit analysts, which was officially registered by the Massachusetts Division of Apprentice Standards. The program kicked-off on October 22, 2021, with a diverse group of 16 apprentices, eight males and eight females, from banks across the Commonwealth, including BankGloucester, BayCoast Bank, Centerville Bank, South Shore Bank, Reading Cooperative Bank, Rockland Trust, The Cooperative Bank of Cape Cod, Unibank, and Westfield Bank. According to Jane Bowman, Chief Marketing Officer for South Shore Bank, the institution became involved in the program because of the belief that banking is a career that leads to innumerable opportunities. Helping to create a pipeline of talent for the financial services industry while promoting workers from within underserved communities is good for the industry.

“I am thrilled that the Credit Analyst Apprenticeship has launched,” said James Dunphy, CEO South Shore Bank. “This program is something I supported and got behind from its inception. In fact, three members of the first cohort are employed at South Shore Bank. I look forward to seeing programs like this grow for the benefit of our industry and our communities.” “As someone who spent 30 years in the financial and banking service industry prior to my life in public service, I am truly excited by the potential of this new apprenticeship program,” said Labor and Workforce Secretary Rosalin Acosta. “Banks across the Commonwealth need credit analysts, and this apprenticeship presents a sound career pathway in commercial llending for those interested in learning new skills and earning a living at the same time.”

Kathleen Murphy, president and CEO, Massachusetts Bankers Association ; Rosalin Acosta Labor and Workforce Secretary; James Dunphy, CEO South Shore Bank

Testimonial Making Life Accesible Founded in 1998 by Julian Gordon, Amramp has grown as the leading provider of modular wheelchair ramps, stairlifts, vertical platform lifts, and other accessibility solutions. What started more than 40 years ago as a producer of architectural metal items used by contractors and architects, producing stairs, rails, fire doors, and security products for doors and windows has turned into an organization that changes people’s lives. Every wheelchair ramp, stairlift, railings, or other product they install will change someone’s life by helping to increase accessibility for those facing life- changing mobility challenges to allow them access to the places they love. Justin Gordon, Chief Executive Officer of Amramp and Gordon Industries, runs the organization, based in Randolph, MA, supporting franchisor efforts in 60+ locations around the USA and Canada, and manufacturing their core ramp product at a brand-new state-of-the-art factory made possible with the support of a loan from South Shore Bank. Justin chose South Shore Bank because he knows about excellent customer service “we strive to provide for our franchise partners— they are genuine partners in Amramp’s efforts to make life better, and we drop everything to treat them in kind.”

“Everyone w e interac ted with w a s not only professional but friendly, demonstrating th ey genuinely c a r e a b o u t us. He continued “I appreciate working with South Shore Bank because everyone we interacted with was not only professional but friendly, demonstrating they genuinely care about us. You cannot buy or fake that kind of clientcentric culture; you build that by treating everyone well. Because most humans make decisions based on feelings when all else is equal, South Shore Bank is ahead of the game by promoting a positive customer experience.” It’s the people at the Bank that are the differentiator for Justin. In speaking about Stephen DiPrete, Chief Commercial Officer, “he is as intelligent as humble, and he lets his actions speak for him. Along with his texts or calls just to check-in. When we were considering a multi-million-dollar loan with South Shore Bank, the team Steve brought to us demonstrated that same client-centric mentality"

South Shore Bank Honors Leo Keka with Diamond Award Celebrating Success! South Shore Bank presented its inaugural Diamond Award to Leo Keka, owner of Alba restaurant in Quincy. Leo was honored for his generosity and commitment to helping people impacted during the pandemic. South Shore Bank created this award to honor clients who demonstrate leadership and charitable giving within the community. “Leo’s selfless actions helping others while he struggled to keep his own business alive was amazing to see,” said South Shore Bank CEO James Dunphy. “We are proud to have Leo as a client because he exemplifies our own ‘Sharing Success’ philosophy. He is the perfect first recipient of our Diamond Award.” Ask Alba Restaurant owner, Leo Keka, what matters to him and one word comes to his mind – “community”. That is what he believes is the reason for the sustainability of his long- standing restaurant in Quincy Center – an important anchor business in that neighborhood and Alba on 53 in Hanover, a distinguished Mediterranean steakhouse. It is also a key reason that he trusts South Shore Bank for his business and personal banking relationships. “I know my customers and that is why we’re still around - and that’s what I need from my bank. When I first met Jim (Dunphy), I knew he was genuine in wanting my business and would keep his word. They have my back, and as a business owner that’s important for everything I do,” says Leo. For Leo, South Shore Bank’s actions during the pandemic were yet another example of the bank’s outstanding service. “I have been a client for over five years, and when the shutdown occurred in March, South Shore Bank called me right away and asked, ‘What can we do to help you survive?’” Leo remembers. “I was so thankful.”

“I know m y customers a n d that is why we’re still around - a n d that’s what I n e e d from m y bank. South Shore Bank assisted Leo in getting a Paycheck Protection Program (PPP) loan through the Small Business Administration. “It was incredible to see how on top of it the bank was. They didn’t just help me, they helped over a thousand businesses obtain loans. They were there for people during a terrible time. When you are making money, it’s easy for people to be there for you. When you’re losing money and someone is there for you, it shows true dedication and integrity,” says Leo. Dedication and integrity are qualities that Leo embodies. When Alba’s loyal customers showed their support by buying over $30,000 worth of gift cards before the holidays, Leo gave all the gift card money to his employees. “People needed some happy news,” says Leo. “I wanted to thank my staff for successfully battling through a devastating year.”

Giving back is important to Leo, who is truly living his dream. Thirty years ago, Leo came to America from Albania under challenging circumstances. Living under a violent dictatorship, at age 22 Leo fled the oppression in Albania. Under fire, he swam across a lake to Yugoslavia. He was then held for months in a refugee camp until a charity flew him to freedom and citizenship in the United States. Needing a job, Leo looked to the restaurant business, as he had always loved food and wine. He spent seven years working at Anthony’s Pier 4, and then four years at Grill 23. The full extent of his dream came true in 2001 when he opened Alba. His goal was to create a place on the South Shore that had the same high-end food, atmosphere, and wine as Boston restaurants, and he has delivered. “People work very hard,” says Leo, “and when they treat themselves to something special by going to a nice restaurant, it’s up to us to make sure they’re enjoying themselves.” Leo is thrilled that his restaurants are open and operating. “South Shore Bank’s assistance with obtaining the PPP loan during the shutdown helped us stay in business. I have been with several local, national and international banks, and South Shore Bank is the best I’ve ever worked with."

"As my businesses grow, I have South Shore Bank’s full support. I get attentive service from all levels; from the moment I walk in the door. They care about my success, and they care about the South Shore’s success. It is truly a community bank.” Leo Keka, owner, Alba restaurant

Living our Brand

We believe the most valuable and enduring success is success that is shared with those around us. Together, we work to help our people, clients and communities build shared success South Shore Bank announced the hiring of Jane Bowman as its Chief Marketing Officer. Jane brings extensive marketing experience and an impactful record of leading dynamic marketing and advertising campaigns that strengthen brands, generate new revenues and inspire consumer confidence.

T o b e part of a n organization that lives its brand promise of Sharing Success in giving b a c k to our community is truly a marketer’s d r e a m role.” As Chief Marketing Officer, Jane leads the Marketing, Advertising and Communications teams and the rebranding of South Shore Bank. The new brand, Sharing Success, is inspired by the bank’s performance providing critical Paycheck Protection Program (PPP) loans and giving back PPP proceeds to create the South Shore Bank Community Fund, which helped people struggling with rent and mortgage payments due to the pandemic. Bowman will sit on the bank’s marketing committee and will report directly to Chief Operating Officer, Pam O’Leary. “Jane is a welcome addition to lead our marketing and communications teams,” said COO, Pam O’Leary. “We look forward to Jane bringing her wealth of knowledge and experience to help our bank best market our services and tell the story of our commitment to the communities in which we do business.” “I’m thrilled to join South Shore Bank at such a pivotal time in its growth,” said Bowman. “To be part of an organization that lives its brand promise of Sharing Success in giving back to our community is truly a marketer’s dream role.”

Jane Bowman, CMO

Carolyn Normand joined South Shore Bank as its new Chief Credit Officer. Carolyn brings more than 15 years of hands-on experience in credit administration and risk management with a proven record as a collaborator, innovator, and skilled banking leader. Carolyn will work across all areas to help grow and expand the bank’s lending portfolio with an expert eye on the appropriate risk appetite. She will report directly to Chief Commercial Banking Officer Stephen DiPrete and be active across the spectrum at the region’s leading community bank. Carolyn is joining us at the perfect time to lead our credit department into the future,” said South Shore Bank CEO James Dunphy. “Carolyn is an elite industry professional with all the skills critical to properly building a credit department, such as relationship building, training, and mentoring. We look forward to her enhancing our current team and building a strong future at South Shore Bank.” Carolyn Normand is poised and prepared to build a team that enhances South Shore Bank and the clients it serves. “My goal is to build and mentor the best credit team on the South Shore while providing our personal and commercial banking clients with sound credit strategies, allowing them to manage their credit and finances with reduced risk and a strengthened position for growth.”

Our Brand Pillars We nurture valuable connections When we take care of each other, we can better take care of our clients. By working together to create an environment of respect and trust, we are building relationships that benefit all of us. Our employees are valued members of a team and we give them the support and encouragement they need to grow. We serve as a knowledgeable resource We are a strong presence in the communities in which we operate and we serve as a trusted and essential partner. As a team, we are committed to being the best we can be – continuously learning and growing together. We act as a positive catalyst When you join us, you’re joining others that believe in our community and are committed to helping it thrive. We embed our values into everything we do and together we challenge the status quo – always looking for better ways to be a better team for each other and for our communities.

Carolyn Normand, Chief Credit Officer

Corporate Officers As of April 1,2021 Frank A. Marinelli Chairman of the Board of Trustees Chairman of the Board of Directors South Shore Bank Michael J. Sh e e h a n Vice Chairman of the Board of Trustees Vice Chairman of the Board of Directors South Shore Bank

David S. MacCoy Retired Owner South Weymouth Car Wash Frank A.Marinelli Attorney Marinelli Law Office

Laura Bicknell Carbone Vice President Alvin Hollis & Company, Inc. Stanley Blackmur Owner/Publisher Black Rock Advertising/South Shore Magazine

William J. McNulty, Jr., Esq. Attorney at Law

T in a M. Cahill Executive Director Recovered Soul

J a m e s M. Dunphy Chief Executive Officer/President South Shore Bank

David P.O’Brien Retired President/CEO Braintree Cooperative Bank

Danyl O.Collings CEO Four Core Valuations LLC

J. Leonard Bicknell Clerk of the Corporation

M a ris a A.O’Dwyer Construction Administrator F.X. Messina Enterprises

J ohn Connolly V.P. Success! Real Estate

Daniel W. Brennan Chief FinancialOfficer South Shore Bank Trustees of South Shore Bancorp, MHC Suzanne Andrade Franchise Owner Dunkin Donuts Daniel M. Andrea, CPA Partner Kahn, Litwin, Renza & Co., LTD J. Leonard Bicknell Retired President Alvin Hollis & Company, Inc . J a m e s E. Bristol, Jr. Consultant Bates Brothers Granite Company J a m e s M. Dunphy Chief Executive Officer/President South Shore Bank J a m e s N. Hajjar Controller/CFO Alden Shoe Company Preston H. Hoffman Retired Owner/President A.E. Barnes Insurance Agency

Paul M. Pecci Retired President South ShoreBank Daniel J. Quirk President Quirk Auto Dealerships Arthur H. Sh a rp President – Sharp Enterprises Past Chairman of the Board of Trustees Past Chairman of the Board of Directors South Shore Bank Michael J. Sh e e h a n Managing Partner Allied Sports Margaret K. Spa g on e President East Bridgewater Insurance Agency, Inc. Joseph C. Sullivan Consultant Amy B. Webb Owner/Manager Webb’s Pro Fitness Corporators of South Shore Bancorp, MHC (In addition to the Trustees)

Barry R. Crimmins, Esq. Law Offices of Barry Crimmins, P.C. S e a n Curry President Curry Ace Hardware, Inc. J e a n e a n J. Davis-Street, Ph.D. Dean, Ricciardi College of Business Bridgewater State University Daniel M. DeMarco Partner Campanelli Companies Paul Donahoe Attorney Bouley &; Donahoe LLP Ronen Drory CEO Prestige Car Wash & Gas Titanium Group LLC

T h om a s J. Gillen, Jr. Track & Field/Sprint Coach Oliver Ames High School Retired VP/Commercial Lender South Shore Bank J oseph P. Greene, CPA, Esq., M S T Partner Leonard, Mulherin & Greene, P.C. Richard F.Holbrook President Holbrook Associates, Inc. J une M. J anovsky President Janovsky Appraisal Service, Inc. Elena Kirkiles President Kirkiles & Associates Commercial Insurance Brokerage LLC Donald H. LaLiberte, CPA, CGMA, M SA Executive Director Audit Kevin P. Martin & Associates, P.C. David B. Lane, Esq. Lane, Lane, and KellyLLP George N.L a n g Manager 365 Newport AveLLC Daniel A.Lauria Owner Lauria Real Estate J oel A. Leonard, DMD Retired Dentist

David J. Ellis President Ellis Realty Advisors

Paul A. Leonard, CPA, Esq. Managing Partner/President Leonard, Mulherin & Greene, P.C.

JeffreyP. Foley, CPA Partner Citrin Cooperman & Company LLP

Robert T. Looney, Esq. Attorney

Denver Gibbs President/CEO Gibbs Software Solutions, Inc.

Daniel P. McGrath, CPA Fitzgerald, McGrath &Associates LLC

Richard T.Austin CEO Austin Insurance Agency, Inc.

Paul T. Modestino Principal Manager Standish & Standish Realty

Richard Beliveau Owner Volnay Capital, LLC

T h om a s O.Moriarty Principal Moriarty Troyer & Malloy, LLD

Edward Mulherin CPA & Attorney, Founder & CEO eCratchit

Arthur St e a rn s Sports/Anchor WFXT-TV Boston 25

Brian Murphy Trustee UnicornRealty

J oa n A. Struzziero, PhD Lecturer UMass Boston

Kathryn M. Murphy Attorney Murphy, Hesse, Toomey & Lehane LLP

Francis P.Sullivan Owner Skinner Overlook & Design Company

William Murphy, Jr. Trustee UnicornRealty

Charles G. Tufankjian President Tufankjian Toyota of Braintree

J a m e s V. Nigrelli, Jr. Manager Finish Master, Inc.

Claire Watts Vice President Braintree Rug Company

J e a n M. Patriquin Broker/Associate Molisse Realty Group

Robert D.West Retired Superintendent Weymouth Public Schools

Ronald K. Perry Principal Avison Young

P a m e la D.Whelton Consultant Past President, South Shore Hospital

Dr. U. P ra k a s h Rau Physician Harbor Medical Associates George H. Raymond Owner Herbert W. Raymond & Son Realtors Eric Remsen President Remsen Insurance Agency, Inc. Da n Richardi Owner Richardi’s Original Submarine Steven Richmond Treasurer RichmondHardware Frederick J. Sh e e h a n Jr. Licensed Agent New York Life J ohn J. St a g n on e Sales Associate/Realtor Better Living Real Estate

D. Gregory Wilson President Independent Electrical Distribution Advisory Group LLC Stephen C. Zeboski Broker/Owner/Builder/Developer Keller Williams Realty Honorary Trustee Ronald A. Downing South Shore Bank Executive Officers J a m e s M. Dunphy Chief Executive Officer/President P a m e la J. O’Leary Chief Operating Officer Daniel W.Brennan Chief FinancialOfficer Stephen DiPrete Chief Commercial Banking Officer

T h om a s J. Gillen, Jr. Track & Field/Sprint Coach Oliver Ames High School Retired VP/Commercial Lender South Shore Bank J oseph P. Greene, CPA, Esq., M S T Partner Leonard, Mulherin & Greene, P.C. Richard F.Holbrook President Holbrook Associates, Inc. J une M. J anovsky President Janovsky Appraisal Service, Inc. Elena Kirkiles President Kirkiles & Associates Commercial Insurance Brokerage LLC Donald H. LaLiberte, CPA, CGMA, M SA Executive Director Audit Kevin P. Martin & Associates, P.C. David B. Lane, Esq. Lane, Lane, and KellyLLP George N.L a n g Manager 365 Newport AveLLC Daniel A.Lauria Owner Lauria Real Estate J oel A. Leonard, DMD Retired Dentist Paul A. Leonard, CPA, Esq. Managing Partner/President Leonard, Mulherin & Greene, P.C. Robert T. Looney, Esq. Attorney Daniel P. McGrath, CPA Fitzgerald, McGrath &Associates LLC Paul T. Modestino Principal Manager Standish & Standish Realty T h om a s O.Moriarty Principal Moriarty Troyer & Malloy, LLD

Edward Mulherin CPA & Attorney, Founder & CEO eCratchit

Arthur St e a rn s Sports/Anchor WFXT-TV Boston 25

Brian Murphy Trustee UnicornRealty

J oa n A. Struzziero, PhD Lecturer UMass Boston

Kathryn M. Murphy Attorney Murphy, Hesse, Toomey & Lehane LLP

Francis P.Sullivan Owner Skinner Overlook & Design Company

William Murphy, Jr. Trustee UnicornRealty

Charles G. Tufankjian President Tufankjian Toyota of Braintree

J a m e s V. Nigrelli, Jr. Manager Finish Master, Inc.

Claire Watts Vice President Braintree Rug Company

J e a n M. Patriquin Broker/Associate Molisse Realty Group

Robert D.West Retired Superintendent Weymouth Public Schools

Ronald K. Perry Principal Avison Young

P a m e la D.Whelton Consultant Past President, South Shore Hospital

Dr. U. P ra k a s h Rau Physician Harbor Medical Associates George H. Raymond Owner Herbert W. Raymond & Son Realtors Eric Remsen President Remsen Insurance Agency, Inc. Da n Richardi Owner Richardi’s Original Submarine Steven Richmond Treasurer RichmondHardware Frederick J. Sh e e h a n Jr. Licensed Agent New York Life J ohn J. St a g n on e Sales Associate/Realtor Better Living Real Estate

D. Gregory Wilson President Independent Electrical Distribution Advisory Group LLC Stephen C. Zeboski Broker/Owner/Builder/Developer Keller Williams Realty Honorary Trustee Ronald A. Downing South Shore Bank Executive Officers J a m e s M. Dunphy Chief Executive Officer/President P a m e la J. O’Leary Chief Operating Officer Daniel W.Brennan Chief FinancialOfficer Stephen DiPrete Chief Commercial Banking Officer

South Shore Bank has a fresh and original perspective on the role a bank should play in our clients’ lives. We have a bias towards action, and we give clients the support they need to positively move forward and achieve their goals. We exist on the same level as our clients – we are approachable, and we work with them as fellow members of the community. We inspire clients with our positive outlook and the ways we improve their lives and the community in tangible ways. We invest in talent to help the Bank grow. This past year we promoted 25 employees and welcomed 50 new hires.

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