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3 Volatile Mid-Caps to Trade This Earnings SeasonIndependent Bank NASDAQ: INDB reported second-quarter 2026 net income of $81.8 million, or $1.70 per diluted share, as executives said stronger deposit momentum, C&I lending growth, margin expansion and share repurchases supported profitability despite pressure from commercial real estate payoffs.

Chief Executive Officer Jeff Tengel said business activity was slow early in the quarter but accelerated as the period progressed. He pointed to “solid deposit growth, strong C&I loan growth, continued improvement in the adjusted NIM, aggressive buyback activity, and excellent results in our wealth management business,” while noting that those gains were partly offset by a smaller average balance sheet and lower loan accretion income.

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Tengel also provided a personal update at the start of the call, saying he had completed treatment for non-Hodgkin’s lymphoma and had learned he is “cancer-free and in remission.”

Deposit Growth and Margin Expansion Independent Bank’s deposit franchise produced more than $300 million of non-time deposit growth in the quarter, which Tengel said represented 7% annualized growth. The company held its cost of deposits stable at 1.36%, despite what management described as heightened competition and expectations that the Federal Reserve will keep rates elevated for longer.

Chief Financial Officer Mark Ruggiero said period-end deposit balances grew at a 5.9% annualized rate, although average balances were down for much of the quarter. That created what he called a temporary drag on cash and average earning assets. He said balances rebounded late in the quarter, supported by new core deposit relationships.

Ruggiero said the core net interest margin increased four basis points in the second quarter. Reported loan yields declined eight basis points, but core loan yields rose three basis points when excluding volatile purchase accounting accretion and other non-core items. Securities yields increased five basis points in the quarter, and Ruggiero said additional maturities and amortization in the second half should support further improvement.

During the question-and-answer session, Ruggiero said the company had introduced a 4% short-term money market special halfway through the second quarter, contributing to some upward pressure in money market rates. He said the spot cost of deposits was 1.38% in June and that management expects some additional pressure in the second half, potentially toward 1.40%, while still maintaining its fourth-quarter margin guidance.

C&I Growth Offsets CRE Paydowns Loan growth was mixed during the quarter. Tengel said C&I and home equity lending were robust, while commercial real estate and construction loans declined by $176 million due to elevated payoffs. Excluding a $37 million decline tied to the dealer floor plan business that Independent Bank has largely exited, C&I loans rose $116 million, or 10% annualized. Tengel said that growth was broad-based across market segments.

Management emphasized that the company remains active in commercial real estate lending despite the paydowns. Tengel said Independent Bank funded $203 million in new relationship-based CRE loans during the quarter, up 11% from the first quarter, and added $300 million of new CRE commitments. The company’s CRE concentration stood at 278 at June 30.

The approved commercial loan pipeline totaled $510 million at quarter-end, up from $313 million at March 31. Tengel said the stronger pipeline, continued origination activity and expected normalization of payoff activity position the company to return to positive commercial loan growth.

In response to analyst questions, Tengel said two relationships accounted for $120 million of second-quarter CRE paydowns, including refinancings away from Independent Bank. One refinancing, he said, occurred on “terms and conditions that we were very uncomfortable with.” He said management expects paydowns to return closer to historical levels in the second half and sees potential for flat to modestly higher CRE balances over that period.

Ruggiero said the commercial pipeline was roughly split between CRE and C&I, with C&I representing a somewhat larger share than before. He said new commercial loan originations moved into the mid-6% range, with C&I loans in the mid- to high-6% range and CRE loans generally in the low-6% range.

Capital Returns Remain a Priority Ruggiero said second-quarter results reflected the bank’s ability to drive core profitability and return capital to shareholders in a competitive environment. During the quarter, Independent Bank completed its prior buyback authorization and announced a new $200 million share repurchase plan in May.

The company repurchased $75 million of stock in the second quarter. Its common equity Tier 1 ratio was 12.8% at June 30, and its tangible capital ratio was 9.7%.

Ruggiero said the buyback plan will remain the primary means of returning excess capital to shareholders. In response to an analyst question, he said returning 100% of quarterly earnings is “the minimum,” adding that the company is committed to executing repurchases aggressively while considering growth trends and funding efficiency.

Asset Quality and Office Exposure Management said asset quality remained consistent with historical performance. Tengel said net charge-offs were two basis points in the second quarter and have averaged nine basis points over the past five quarters. The loan loss provision represented 14 basis points of average loans in the quarter and has averaged 13 basis points over the past five quarters, excluding the day-one impact of the Enterprise acquisition.

Ruggiero said total non-performing assets increased modestly to $103.8 million, or 56 basis points of total assets. He said commercial non-performing asset movement was “fairly benign,” with one office non-performer resolved and another added. Residential non-performers increased by a net $4.7 million, but Ruggiero said there is generally sufficient home equity in workout cases and that charge-offs remain extremely low in that portfolio.

Net charge-offs were $911,000 in the quarter, or two basis points annualized. Year-to-date charge-offs were six basis points annualized. The provision was $6.3 million, and the allowance for loan losses rose to 1.06% of loans, primarily due to modest specific reserves on a couple of commercial loans.

On office-related credit issues, Tengel said the company is still in what he has previously described as a long “seventh inning,” but said he is encouraged by the work underway to reduce criticized and classified office loans over the next several quarters. Ruggiero said a $22 million large syndicated non-performing loan has begun making interest payments and could potentially return to performing status by year-end.

Guidance Reaffirmed for Profitability Targets Independent Bank reaffirmed its fourth-quarter 2026 profitability targets of a 1.4% return on average assets and a 15% return on average tangible capital. Ruggiero also reaffirmed the company’s fourth-quarter margin outlook of 3.90% to 3.95%, though he said it is likely to be at the low end of that range. The range includes an assumed 10-basis-point impact from purchase accounting accretion.

The company lowered its full-year outlook for CRE and construction loans to flat to a low-single-digit percentage decrease, citing second-quarter paydown activity. It expects C&I growth to land at the high end of its mid-single-digit guidance range, with minimal remaining headwinds from the exited floor plan business. Consumer loans are now expected to increase in the low-single-digit percentage range for the full year.

Fee income totaled $42.4 million in the second quarter, up more than 5% from the prior quarter. Ruggiero said wealth management led the increase, with assets under administration of $9.5 billion at June 30, along with higher tax preparation fees, deposit and treasury management fees, and increased swap volume.

Expenses were flat versus the first quarter after excluding merger-related costs and non-recurring core system conversion expenses, according to management. Ruggiero said Independent Bank expects core expenses excluding systems conversion costs to be in the $553 million to $557 million range for the year, with one-time system conversion expenses totaling $5 million to $6 million. Tengel said the conversion from HORIZON to IBS, both part of the FIS ecosystem, is scheduled for October and is intended to improve client service, efficiency, product rollout and growth capacity.

About Independent Bank (NASDAQ:INDB)Independent Bank Group, Inc NASDAQ: INDB is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company's primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2026 second quarter net income of $81.8 million, or $1.70 per diluted share, as compared to 2026 first quarter net income of $79.9 million, or $1.63 per diluted share. Excluding merger-related costs associated with the Company’s third quarter 2025 acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank, and their related tax effects, operating net income was $82.1 million, or $1.68 per diluted share for the first quarter of 2026(1). No merger-related costs were incurred during the second quarter of 2026.

CEO STATEMENT

“Our second quarter results reflect strong execution on many of our strategic priorities. Our low cost, core deposit funding source improved, commercial and industrial loan balances increased nicely, our fee income businesses continued to grow, and we prudently returned excess capital to our shareholders.” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “Our commitment to the communities we serve continues to pave the way for long-term growth and success for all our constituents.”

FINANCIAL HIGHLIGHTS

The Company generated a return on average assets and a return on average common equity of 1.34% and 9.24%, respectively, for the second quarter of 2026, as compared to 1.31% and 9.02%, respectively, for the prior quarter. On an operating basis, the Company generated a return on average assets and a return on average common equity of 1.35% and 9.27%, respectively, for the first quarter of 2026(1). There were no operating adjustments for the second quarter of 2026. The Company repurchased approximately 964,000 shares for $75.0 million during the second quarter of 2026. The Company’s net interest margin of 3.85% decreased 5 basis points compared to the prior quarter, while the adjusted margin increased 4 basis points to 3.76%(1). Deposit balances of $20.4 billion at June 30, 2026 increased $294.6 million, or 1.5%, compared to the prior quarter. Loan balances of $18.4 billion at June 30, 2026 decreased $31.2 million, or 0.2%, compared to the prior quarter. Wealth management assets under administration increased to $9.5 billion at June 30, 2026, compared to $9.2 billion at March 31, 2026. The Company’s second quarter results included $2.1 million in one-time costs associated with its upcoming core conversion. Tangible book value per share of $48.34 at June 30, 2026 grew by $0.48 from the prior quarter(1). BALANCE SHEET

Total assets of $25.0 billion at June 30, 2026 increased $190.3 million, or 0.8%, compared to the prior quarter, driven primarily by increased cash balances from strong late quarter deposit growth.

Total loans of $18.4 billion at June 30, 2026 decreased $31.2 million, or 0.2%, compared to the prior quarter:

The commercial and industrial portfolio grew $79.4 million, or 1.7% (6.8% annualized), inclusive of $36.8 million in runoff attributable to the Company’s strategic exit from the dealer finance business. Commercial real estate and construction decreased $176.4 million, or 1.8%, due to elevated payoffs and amortization of balances. The total consumer real estate portfolio increased $63.2 million, or 1.5% (6.1% annualized), fueled by solid demand in both the residential and home equity portfolios. Residential balances increased $28.1 million, or 1.0% (4.0% annualized) while home equity balances increased by $35.1 million, or 2.7% (10.8% annualized). Total deposits increased by $294.6 million, or 1.5%, to $20.4 billion at June 30, 2026, as compared to the prior quarter, while average balances were consistent at $19.9 billion:

Growth in period end deposits was fueled primarily by inflows in municipal and business accounts. Overall core deposits comprised 84.1% of total deposits at June 30, 2026, as compared to 83.8% at March 31, 2026. Total noninterest bearing demand deposits were 28.0% of total deposits at both June 30, 2026 and March 31, 2026. The total cost of deposits for the second quarter remained flat compared to the prior quarter at 1.36%. Total period end borrowings decreased by $74.8 million, or 9.6%, during the second quarter of 2026, reflecting approximately $100 million in net paydowns on Federal Home Loan Bank borrowings, partially offset by $25.0 million advanced on a working capital line of credit.

The Company’s total securities portfolio of $3.3 billion decreased by $59.3 million, or 1.8% (7.0% annualized), from the prior quarter:

New purchases of $69.7 million in the available for sale portfolio were offset by maturities, calls, and paydowns in the combined available for sale and held to maturity portfolios during the quarter. Unrealized losses of $11.1 million recorded in the available for sale portfolio also contributed to the second quarter decrease. Total securities represented 13.3% and 13.6% of total assets at June 30, 2026 and March 31, 2026, respectively. Stockholders’ equity at June 30, 2026 decreased $29.7 million, or 0.8%, compared to March 31, 2026, as strong earnings were offset by the impact of share repurchases, dividends, and unrealized losses on available for sale securities recognized in other comprehensive income during the quarter:

The Company repurchased approximately 964,000 shares for $75.0 million during the second quarter of 2026 at an average price of $77.79 per share. As of June 30, 2026, the Company had approximately $151 million of remaining repurchase authorization under its previously announced $200 million stock buyback plan adopted as of April 30, 2026. The Company’s ratio of common equity to assets of 14.06% at June 30, 2026 represented a decrease of 23 basis points from March 31, 2026. The Company’s ratio of tangible common equity to tangible assets of 9.69% at June 30, 2026 represented a decrease of 17 basis points from the prior quarter and a decrease of 123 basis points from the year ago period(1). The Company’s book value per share increased by $0.84, or 1.2%, to $73.76 at June 30, 2026 as compared to the prior quarter. The Company’s tangible book value per share at June 30, 2026 grew by $0.48, or 1.0%, from the prior quarter to $48.34, and decreased by 0.9% from the year ago period(1). NET INTEREST INCOME

Net interest income of $210.9 million for the second quarter of 2026 decreased $1.5 million, or 0.7%, when compared to the prior quarter:

The net interest margin of 3.85% decreased 5 basis points compared to the prior quarter, as the benefit of asset repricing was offset by a 9 basis point decrease in purchase accounting accretion. Excluding purchase accounting accretion and other non-core items, the adjusted margin of 3.76%(1) increased 4 basis points. Total loan yields decreased 8 basis points to 5.69% from 5.77%, driven primarily by the impact of lower purchase accounting accretion compared to the prior quarter, partially offset by loan repricing benefit. Excluding purchase accounting accretion and other non-core items, the adjusted loan yield(1) increased 3 basis points during the quarter. Securities yields increased 5 basis points to 3.13% compared to the prior quarter, reflecting the impact of higher yielding new purchases throughout the first half of 2026. The Company’s overall cost of funding remained flat at 1.52% for the second quarter of 2026. NONINTEREST INCOME

Noninterest income of $42.4 million for the second quarter of 2026 represented an increase of $2.1 million, or 5.3%, as compared to the prior quarter. Significant changes in noninterest income for the second quarter of 2026 compared to the prior quarter included the following:

Interchange and ATM fees increased by $668,000, or 13.3%, driven by seasonally higher transaction volumes. Overall investment and advisory income increased $796,000, or 5.6%, driven by seasonal tax preparation fees and higher asset-based fee revenue compared to the prior quarter, partially offset by lower insurance commissions. Total assets under administration increased by $298.0 million, or 3.2%, to $9.5 billion as of June 30, 2026 compared to March 31, 2026. Loan level derivative income rose by $407,000, or 44.7%. NONINTEREST EXPENSE

Noninterest expense of $140.3 million for the second quarter of 2026 represented a decrease of $2.6 million, or 1.9%, as compared to the prior quarter. Significant changes in noninterest expense for the second quarter of 2026 compared to the prior quarter included the following:

The Company incurred no merger and acquisition expenses in the second quarter of 2026, compared to $3.0 million in the first quarter of 2026, all of which were related to the Company’s acquisition of Enterprise. Salaries and employee benefits decreased by $1.6 million, or 2.0%, driven primarily by decreased incentive compensation and lower payroll taxes, partially offset by increases in base salaries and retirement contributions. Occupancy and equipment expenses decreased by $1.1 million, or 6.6%, driven primarily by lower snow removal and utilities costs during the quarter, partially offset by increases in general maintenance and repair costs. Other noninterest expense increased by $3.5 million, or 12.3%, driven primarily by a $1.0 million increase in one-time costs associated with the Company’s upcoming core conversion, along with increases in annual director equity compensation of $878,000, legal fees of $807,000, and recruitment costs of $326,000. TAX RATE

The Company’s quarterly effective tax rate remained relatively consistent at 23.37% for the second quarter of 2026.

ASSET QUALITY

During the second quarter, the Company’s key asset quality activity and metrics were as follows:

Nonperforming loans increased to $103.6 million at June 30, 2026, as compared to $96.6 million at March 31, 2026, representing 0.56% and 0.52% of total loans, respectively. Delinquencies as a percentage of total loans increased 2 basis points from the prior quarter to 0.43% at June 30, 2026. Net charge-offs decreased to $0.9 million, as compared to $4.8 million for the prior quarter, representing 0.02% and 0.11%, respectively, of average loans annualized. The second quarter provision for credit losses increased to $6.3 million, as compared to $5.5 million for the prior quarter. Total criticized and classified commercial loans of $545.6 million, or 3.9% of total commercial loans, decreased $29.9 million, or 5.2%, as compared to the prior quarter. The allowance for credit losses on total loans increased to $195.9 million at June 30, 2026, compared to $190.6 million at March 31, 2026, and represented 1.06% and 1.03% of total loans at June 30, 2026 and March 31, 2026, respectively. CONFERENCE CALL INFORMATION

Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss second quarter earnings at 10:00 a.m. Eastern Time on Friday, July 17, 2026.

Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/641707448. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting Second Quarter 2026 Earnings Call. The webcast replay will be available until July 17, 2027.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. (Nasdaq Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire, as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

adverse economic conditions in the regional and local economies within the New England region and the Company’s market area; events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits and significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets; the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel; political and policy uncertainties, changes in U.S. and international trade policies, such as tariffs or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service revenues; the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, including international conflicts and hostilities, such as the ongoing conflict involving Israel, the U.S. and Iran; unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events; adverse changes or volatility in the local real estate market, including limitations on rent growth, increases in operating expenses, reductions in property cash flows, reductions in collateral values, and decreased investor demand, which may be exacerbated by legislative or regulatory actions such as rent control or tenant protection laws; changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans; risks related to the Company’s acquisition activities, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; impairment of goodwill and/or other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy; changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws; increased competition in the Company’s market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures; a deterioration in the conditions of the securities markets; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget; inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence (“AI”); electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector; adverse changes in consumer spending and savings habits; the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or the introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy; changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business and the associated costs of such changes; the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions; changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; operational risks related to the Company and its customers’ reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party service providers which could lead to interruptions or disruptions of the Company’s operating systems, including systems that are customer facing, and adversely impact the Company’s business; risks related to the development and use of AI by the Company, its third-party vendors, clients and counterparties; and any unexpected material adverse changes in the Company’s operations or earnings. The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

This press release and the appendices attached to it contain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, adjusted net interest margin (“adjusted margin”) and the associated adjusted loan yield (which is calculated by dividing annualized interest income on loans, plus or minus non-core or other adjustments, by average loans), tangible book value per share and the tangible common equity ratio.

Operating net income, operating EPS, operating return on average assets, and operating return on average common equity exclude items that management believes are unrelated to the Company’s core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its adjusted margin and adjusted loan yield to determine any items that may impact these metrics that may be one-time in nature or not reflective of the core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at an adjusted margin and adjusted loan yield provides additional insight into the operating environment and how management decisions impact the net interest margin.

Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, adjusted margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Category: Earnings Releases

INDEPENDENT BANK CORP. FINANCIAL SUMMARY

CONSOLIDATED BALANCE SHEETS

(Unaudited, dollars in thousands)

% Change

% Change

June 30
2026

March 31
2026

June 30
2025

Jun 2026 vs.

Jun 2026 vs.

Mar 2026

Jun 2025

Assets

Cash and due from banks

$

251,971

$

223,291

$

219,414

12.84

%

14.84

%

Interest-earning deposits with banks

749,255

505,687

681,820

48.17

%

9.89

%

Securities

Trading

4,835

5,525

4,801

(12.49

)%

0.71

%

Equities

21,602

21,518

21,258

0.39

%

1.62

%

Available for sale

2,075,972

2,088,365

1,286,318

(0.59

)%

61.39

%

Held to maturity

1,210,310

1,256,566

1,382,903

(3.68

)%

(12.48

)%

Total securities

3,312,719

3,371,974

2,695,280

(1.76

)%

22.91

%

Loans held for sale

21,982

16,758

16,792

31.17

%

30.91

%

Loans

Commercial and industrial

4,730,827

4,651,453

3,426,938

1.71

%

38.05

%

Commercial real estate

7,944,099

8,181,340

6,614,523

(2.90

)%

20.10

%

Commercial construction

1,464,449

1,403,613

798,808

4.33

%

83.33

%

Total commercial

14,139,375

14,236,406

10,840,269

(0.68

)%

30.43

%

Residential real estate

2,870,277

2,842,144

2,489,166

0.99

%

15.31

%

Home equity

1,342,797

1,307,746

1,168,097

2.68

%

14.96

%

Total consumer real estate

4,213,074

4,149,890

3,657,263

1.52

%

15.20

%

Other consumer

41,878

39,182

36,296

6.88

%

15.38

%

Total loans

18,394,327

18,425,478

14,533,828

(0.17

)%

26.56

%

Less: allowance for credit losses

(195,899

)

(190,560

)

(144,773

)

2.80

%

35.31

%

Net loans

18,198,428

18,234,918

14,389,055

(0.20

)%

26.47

%

Federal Home Loan Bank stock

13,631

17,752

21,052

(23.21

)%

(35.25

)%

Bank premises and equipment, net

217,877

217,695

188,883

0.08

%

15.35

%

Goodwill

1,090,610

1,090,610

985,072

—

%

10.71

%

Other intangible assets

119,896

126,687

9,742

(5.36

)%

1,130.71

%

Cash surrender value of life insurance policies

381,230

380,423

305,077

0.21

%

24.96

%

Other assets

616,295

597,785

536,747

3.10

%

14.82

%

Total assets

$

24,973,894

$

24,783,580

$

20,048,934

0.77

%

24.56

%

Liabilities and Stockholders’ Equity

Deposits

Noninterest-bearing demand deposits

$

5,709,647

$

5,633,079

$

4,525,907

1.36

%

26.15

%

Savings and interest checking

6,503,521

6,310,870

5,279,280

3.05

%

23.19

%

Money market

4,929,495

4,898,267

3,368,354

0.64

%

46.35

%

Time certificates of deposit

3,249,455

3,255,294

2,720,199

(0.18

)%

19.46

%

Total deposits

20,392,118

20,097,510

15,893,740

1.47

%

28.30

%

Borrowings

Federal Home Loan Bank and other borrowings

216,719

316,734

400,500

(31.58

)%

(45.89

)%

Line of credit, net

124,984

99,969

—

25.02

%

100.00

%

Junior subordinated debentures, net

62,864

62,863

62,861

—

%

—

%

Subordinated debentures, net

296,898

296,690

296,067

0.07

%

0.28

%

Total borrowings

701,465

776,256

759,428

(9.63

)%

(7.63

)%

Total deposits and borrowings

21,093,583

20,873,766

16,653,168

1.05

%

26.66

%

Other liabilities

367,948

367,773

320,910

0.05

%

14.66

%

Total liabilities

21,461,531

21,241,539

16,974,078

1.04

%

26.44

%

Stockholders’ equity

Common stock

473

483

424

(2.07

)%

11.56

%

Additional paid in capital

2,201,250

2,272,910

1,914,556

(3.15

)%

14.97

%

Retained earnings

1,369,306

1,317,946

1,217,959

3.90

%

12.43

%

Accumulated other comprehensive loss, net of tax

(58,666

)

(49,298

)

(58,083

)

19.00

%

1.00

%

Total stockholders' equity

3,512,363

3,542,041

3,074,856

(0.84

)%

14.23

%

Total liabilities and stockholders’ equity

$

24,973,894

$

24,783,580

$

20,048,934

0.77

%

24.56

%

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, dollars in thousands, except per share data)

Three Months Ended

% Change

% Change

June 30
2026

March 31
2026

June 30
2025

Jun 2026 vs.

Jun 2026 vs.

Mar 2026

Jun 2025

Interest income

Interest on federal funds sold and short-term investments

$

2,633

$

3,657

$

4,393

(28.00

)%

(40.06

)%

Interest and dividends on securities

26,200

25,374

15,881

3.26

%

64.98

%

Interest and fees on loans

260,249

260,982

197,778

(0.28

)%

31.59

%

Interest on loans held for sale

210

252

140

(16.67

)%

50.00

%

Total interest income

289,292

290,265

218,192

(0.34

)%

32.59

%

Interest expense

Interest on deposits

67,641

66,935

59,843

1.05

%

13.03

%

Interest on borrowings

10,724

10,871

10,853

(1.35

)%

(1.19

)%

Total interest expense

78,365

77,806

70,696

0.72

%

10.85

%

Net interest income

210,927

212,459

147,496

(0.72

)%

43.01

%

Provision for credit losses

6,250

5,500

7,200

13.64

%

(13.19

)%

Net interest income after provision for credit losses

204,677

206,959

140,296

(1.10

)%

45.89

%

Noninterest income

Deposit account fees

9,393

9,249

7,141

1.56

%

31.54

%

Interchange and ATM fees

5,686

5,018

4,997

13.31

%

13.79

%

Investment management and advisory

14,961

14,165

11,380

5.62

%

31.47

%

Mortgage banking income

1,174

1,270

1,072

(7.56

)%

9.51

%

Increase in cash surrender value of life insurance policies

2,636

2,712

2,038

(2.80

)%

29.34

%

Gain on life insurance benefits

672

346

1,650

94.22

%

(59.27

)%

Loan level derivative income

1,317

910

66

44.73

%

1,895.45

%

Other noninterest income

6,552

6,592

5,964

(0.61

)%

9.86

%

Total noninterest income

42,391

40,262

34,308

5.29

%

23.56

%

Noninterest expenses

Salaries and employee benefits

79,088

80,737

62,856

(2.04

)%

25.82

%

Occupancy and equipment expenses

16,170

17,306

13,158

(6.56

)%

22.89

%

Data processing and facilities management

3,208

3,259

2,783

(1.56

)%

15.27

%

FDIC assessment

3,158

3,328

2,373

(5.11

)%

33.08

%

Amortization of intangible assets

6,791

6,890

1,197

(1.44

)%

467.34

%

Merger and acquisition expense

—

3,024

2,239

(100.00

)%

(100.00

)%

Other noninterest expenses

31,857

28,374

24,192

12.28

%

31.68

%

Total noninterest expenses

140,272

142,918

108,798

(1.85

)%

28.93

%

Income before income taxes

106,796

104,303

65,806

2.39

%

62.29

%

Provision for income taxes

24,958

24,384

14,705

2.35

%

69.72

%

Net Income

$

81,838

$

79,919

$

51,101

2.40

%

60.15

%

Weighted average common shares (basic)

48,054,411

48,970,060

42,623,978

Common share equivalents

22,344

29,685

17,153

Weighted average common shares (diluted)

48,076,755

48,999,745

42,641,131

Basic earnings per share

$

1.70

$

1.63

$

1.20

4.29

%

41.67

%

Diluted earnings per share

$

1.70

$

1.63

$

1.20

4.29

%

41.67

%

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

Net income

$

81,838

$

79,919

$

51,101

Noninterest expense components

Add - merger and acquisition expenses

—

3,024

2,239

Noncore increases to income before taxes

—

3,024

2,239

Net taxes associated with noncore items (1)

—

(830

)

(544

)

Add - adjustment for tax effect of previously incurred merger and acquisition expenses

—

—

657

Total tax impact

—

(830

)

113

Noncore increases to net income

—

2,194

2,352

Operating net income (Non-GAAP)

$

81,838

$

82,113

$

53,453

(0.33

)%

53.10

%

Diluted earnings per share, on an operating basis (Non-GAAP)

$

1.70

$

1.68

$

1.25

1.19

%

36.00

%

(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.

Performance ratios

Net interest margin (FTE)

3.85

%

3.90

%

3.37

%

Return on average assets (calculated by dividing annualized net income by average assets) (GAAP)

1.34

%

1.31

%

1.04

%

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)

1.34

%

1.35

%

1.09

%

Return on average common equity (calculated by dividing annualized net income by average common equity) (GAAP)

9.24

%

9.02

%

6.68

%

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)

9.24

%

9.27

%

6.99

%

Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)

14.05

%

13.67

%

9.89

%

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)

14.05

%

14.05

%

10.35

%

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)

16.73

%

15.93

%

18.87

%

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)

16.73

%

15.93

%

18.87

%

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

55.37

%

56.55

%

59.84

%

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

55.37

%

55.36

%

58.61

%

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, dollars in thousands, except per share data)

Six Months Ended

% Change

June 30
2026

June 30
2025

Jun 2026 vs.

Jun 2025

Interest income

Interest on federal funds sold and short-term investments

$

6,290

$

5,831

7.87

%

Interest and dividends on securities

51,574

31,178

65.42

%

Interest and fees on loans

521,231

392,871

32.67

%

Interest on loans held for sale

462

232

99.14

%

Total interest income

579,557

430,112

34.75

%

Interest expense

Interest on deposits

134,576

119,279

12.82

%

Interest on borrowings

21,595

17,832

21.10

%

Total interest expense

156,171

137,111

13.90

%

Net interest income

423,386

293,001

44.50

%

Provision for credit losses

11,750

22,200

(47.07

)%

Net interest income after provision for credit losses

411,636

270,801

52.01

%

Noninterest income

Deposit account fees

18,642

14,194

31.34

%

Interchange and ATM fees

10,704

9,619

11.28

%

Investment management and advisory

29,126

22,600

28.88

%

Mortgage banking income

2,444

1,813

34.80

%

Increase in cash surrender value of life insurance policies

5,348

4,103

30.34

%

Gain on life insurance benefits

1,018

1,650

(38.30

)%

Loan level derivative income

2,227

1,108

100.99

%

Other noninterest income

13,143

11,760

11.76

%

Total noninterest income

82,652

66,847

23.64

%

Noninterest expenses

Salaries and employee benefits

159,825

124,787

28.08

%

Occupancy and equipment expenses

33,476

27,017

23.91

%

Data processing and facilities management

6,467

5,425

19.21

%

FDIC assessment

6,486

5,361

20.98

%

Amortization of intangible assets

13,681

2,541

438.41

%

Merger and acquisition expense

3,024

3,394

(10.90

)%

Other noninterest expenses

60,230

46,151

30.51

%

Total noninterest expenses

283,189

214,676

31.91

%

Income before income taxes

211,099

122,972

71.66

%

Provision for income taxes

49,342

27,447

79.77

%

Net Income

$

161,757

$

95,525

69.33

%

Weighted average common shares (basic)

48,509,706

42,587,330

Common share equivalents

26,014

19,753

Weighted average common shares (diluted)

48,535,720

42,607,083

Basic earnings per share

$

3.33

$

2.24

48.66

%

Diluted earnings per share

$

3.33

$

2.24

48.66

%

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

Net Income

$

161,757

$

95,525

Noninterest expense components

Add - merger and acquisition expenses

3,024

3,394

Noncore increases to income before taxes

3,024

3,394

Net taxes associated with noncore items (1)

(830

)

(593

)

Add - adjustment for tax effect of previously incurred merger and acquisition expenses

—

381

Total tax impact

(830

)

(212

)

Noncore increases to net income

2,194

3,182

Operating net income (Non-GAAP)

$

163,951

$

98,707

66.10

%

Diluted earnings per share, on an operating basis (Non-GAAP)

$

3.38

$

2.32

45.69

%

(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.

Performance ratios

Net interest margin (FTE)

3.88

%

3.40

%

Return on average assets (GAAP) (calculated by dividing net income by average assets)

1.32

%

0.98

%

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing operating net income by average assets)

1.34

%

1.02

%

Return on average common equity (GAAP) (calculated by dividing net income by average common equity)

9.13

%

6.32

%

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing operating net income by average common equity)

9.26

%

6.53

%

Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)

13.86

%

9.38

%

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing operating net income by average tangible common equity)

14.05

%

9.69

%

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)

16.33

%

18.58

%

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)

16.33

%

18.58

%

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

55.96

%

59.66

%

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

55.36

%

58.71

%

ASSET QUALITY

(Unaudited, dollars in thousands)

Nonperforming Assets At

June 30
2026

March 31
2026

June 30
2025

Nonperforming loans

Commercial & industrial loans

$

9,204

$

8,453

$

13,717

Commercial real estate loans

64,544

64,851

28,717

Commercial construction loans

2,925

698

—

Residential real estate loans

20,305

15,593

10,013

Home equity

6,648

7,011

3,765

Other consumer

16

37

5

Total nonperforming loans

103,642

96,643

56,217

Other real estate owned

206

2,100

2,100

Total nonperforming assets

$

103,848

$

98,743

$

58,317

Nonperforming loans/gross loans

0.56

%

0.52

%

0.39

%

Nonperforming assets/total assets

0.42

%

0.40

%

0.29

%

Allowance for credit losses/nonperforming loans

189.02

%

197.18

%

257.53

%

Allowance for credit losses/total loans

1.06

%

1.03

%

1.00

%

Delinquent loans/total loans

0.43

%

0.41

%

0.20

%

Nonperforming Assets Reconciliation for the Three Months Ended

June 30
2026

March 31
2026

June 30
2025

Nonperforming assets beginning balance

$

98,743

$

85,657

$

89,493

New to nonperforming

28,377

24,714

13,411

Loans charged-off

(1,865

)

(5,776

)

(6,966

)

Loans paid-off

(18,701

)

(5,272

)

(35,977

)

Loans transferred to other real estate owned

—

—

(2,100

)

Loans restored to performing status

(831

)

(608

)

(1,659

)

New to other real estate owned

206

—

2,100

Sale of other real estate owned

(2,100

)

—

—

Other

19

28

15

Nonperforming assets ending balance

$

103,848

$

98,743

$

58,317

Net Charge-Offs (Recoveries)

Three Months Ended

Six Months Ended

June 30
2026

March 31
2026

June 30
2025

June 30
2026

June 30
2025

Net charge-offs (recoveries)

Commercial and industrial loans

$

464

$

311

$

2,793

$

775

$

2,945

Commercial real estate loans

58

4,034

3,347

4,092

43,343

Home equity

(43

)

(12

)

(49

)

(55

)

29

Other consumer

432

484

428

916

1,094

Total net charge-offs

$

911

$

4,817

$

6,519

$

5,728

$

47,411

Net charge-offs to average loans (annualized)

0.02

%

0.11

%

0.18

%

0.06

%

0.66

%

BALANCE SHEET AND CAPITAL RATIOS

June 30
2026

March 31
2026

June 30
2025

Gross loans/total deposits

90.20

%

91.68

%

91.44

%

Common equity tier 1 capital ratio (1)

12.80

%

12.89

%

14.70

%

Tier 1 leverage capital ratio (1)

10.20

%

10.23

%

11.44

%

Common equity to assets ratio GAAP

14.06

%

14.29

%

15.34

%

Tangible common equity to tangible assets ratio (2)

9.69

%

9.86

%

10.92

%

Book value per share GAAP

$

73.76

$

72.92

$

72.13

Tangible book value per share (2)

$

48.34

$

47.86

$

48.80

(1) Estimated number for June 30, 2026.

(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited, dollars in thousands)

Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

Interest

Interest

Interest

Average

Earned/

Yield/

Average

Earned/

Yield/

Average

Earned/

Yield/

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Interest-earning assets

Interest-earning deposits with banks, federal funds sold, and short term investments

$

304,850

$

2,633

3.46

%

$

415,532

$

3,657

3.57

%

$

406,108

$

4,393

4.34

%

Securities

Securities - trading

5,549

—

—

%

5,108

—

—

%

4,796

—

—

%

Securities - taxable investments

3,344,236

26,098

3.13

%

3,325,253

25,260

3.08

%

2,737,166

15,879

2.33

%

Securities - nontaxable investments (1)

10,334

129

5.01

%

11,634

144

5.02

%

195

2

4.11

%

Total securities

$

3,360,119

$

26,227

3.13

%

$

3,341,995

$

25,404

3.08

%

$

2,742,157

$

15,881

2.32

%

Loans held for sale

15,109

210

5.57

%

19,495

252

5.24

%

9,839

140

5.71

%

Loans

Commercial and industrial (1)

4,684,134

72,323

6.19

%

4,605,582

70,426

6.20

%

3,363,944

51,287

6.12

%

Commercial real estate (1)

8,096,126

111,044

5.50

%

8,240,241

112,466

5.54

%

6,672,633

87,096

5.24

%

Commercial construction (1)

1,455,154

24,051

6.63

%

1,404,278

23,926

6.91

%

809,839

13,766

6.82

%

Total commercial

14,235,414

207,418

5.84

%

14,250,101

206,818

5.89

%

10,846,415

152,149

5.63

%

Residential real estate

2,849,629

33,774

4.75

%

2,856,572

35,503

5.04

%

2,471,810

28,079

4.56

%

Home equity

1,327,930

19,847

5.99

%

1,300,202

19,429

6.06

%

1,160,123

18,144

6.27

%

Total consumer real estate

4,177,559

53,621

5.15

%

4,156,774

54,932

5.36

%

3,631,933

46,223

5.10

%

Other consumer

42,086

667

6.36

%

43,789

664

6.15

%

35,850

582

6.51

%

Total loans

$

18,455,059

$

261,706

5.69

%

$

18,450,664

$

262,414

5.77

%

$

14,514,198

$

198,954

5.50

%

Total interest-earning assets

$

22,135,137

$

290,776

5.27

%

$

22,227,686

$

291,727

5.32

%

$

17,672,302

$

219,368

4.98

%

Cash and due from banks

226,735

228,015

196,147

Federal Home Loan Bank stock

16,942

20,474

22,900

Other assets

2,196,868

2,226,216

1,852,397

Total assets

$

24,575,682

$

24,702,391

$

19,743,746

Interest-bearing liabilities

Deposits

Savings and interest checking accounts

$

6,318,590

$

16,121

1.02

%

$

6,333,509

$

15,883

1.02

%

$

5,214,871

$

16,553

1.27

%

Money market

4,830,122

25,328

2.10

%

4,862,134

24,672

2.06

%

3,295,080

19,090

2.32

%

Time deposits

3,231,355

26,192

3.25

%

3,269,232

26,380

3.27

%

2,705,299

24,200

3.59

%

Total interest-bearing deposits

$

14,380,067

$

67,641

1.89

%

$

14,464,875

$

66,935

1.88

%

$

11,215,250

$

59,843

2.14

%

Borrowings

Federal Home Loan Bank and other borrowings

296,624

2,780

3.76

%

380,062

3,596

3.84

%

432,392

4,233

3.93

%

Line of Credit

104,096

1,423

5.48

%

54,404

755

5.63

%

—

—

—

%

Junior subordinated debentures

62,863

876

5.59

%

62,863

874

5.64

%

62,861

976

6.23

%

Subordinated debentures

296,778

5,645

7.63

%

296,573

5,646

7.72

%

296,373

5,644

7.64

%

Total borrowings

$

760,361

$

10,724

5.66

%

$

793,902

$

10,871

5.55

%

$

791,626

$

10,853

5.50

%

Total interest-bearing liabilities

$

15,140,428

$

78,365

2.08

%

$

15,258,777

$

77,806

2.07

%

$

12,006,876

$

70,696

2.36

%

Noninterest-bearing demand deposits

5,552,302

5,498,339

4,372,122

Other liabilities

332,250

353,886

297,698

Total liabilities

$

21,024,980

$

21,111,002

$

16,676,696

Stockholders’ equity

3,550,702

3,591,389

3,067,050

Total liabilities and stockholders’ equity

$

24,575,682

$

24,702,391

$

19,743,746

Net interest income

$

212,411

$

213,921

$

148,672

Interest rate spread (2)

3.19

%

3.25

%

2.62

%

Net interest margin (3)

3.85

%

3.90

%

3.37

%

Supplemental Information

Total deposits, including demand deposits

$

19,932,369

$

67,641

$

19,963,214

$

66,935

$

15,587,372

$

59,843

Cost of total deposits

1.36

%

1.36

%

1.54

%

Total funding liabilities, including demand deposits

$

20,692,730

$

78,365

$

20,757,116

$

77,806

$

16,378,998

$

70,696

Cost of total funding liabilities

1.52

%

1.52

%

1.73

%

Six Months Ended

June 30, 2026

June 30, 2025

Interest

Interest

Average

Earned/

Yield/

Average

Earned/

Yield/

Balance

Paid

Rate

Balance

Paid

Rate

Interest-earning assets

Interest earning deposits with banks, federal funds sold, and short term investments

$

359,885

$

6,290

3.52

%

$

274,490

$

5,831

4.28

%

Securities

Securities - trading

5,330

—

—

%

4,655

—

—

%

Securities - taxable investments

3,334,797

51,358

3.11

%

2,742,075

31,175

2.29

%

Securities - nontaxable investments (1)

10,981

273

5.01

%

195

3

3.10

%

Total securities

$

3,351,108

$

51,631

3.11

%

$

2,746,925

$

31,178

2.29

%

Loans held for sale

17,290

462

5.39

%

8,127

232

5.76

%

Loans

Commercial and industrial (1)

4,645,075

142,749

6.20

%

3,307,764

102,181

6.23

%

Commercial real estate (1)

8,167,785

223,510

5.52

%

6,738,253

173,182

5.18

%

Commercial construction (1)

1,429,856

47,977

6.77

%

797,643

26,933

6.81

%

Total commercial

14,242,716

414,236

5.87

%

10,843,660

302,296

5.62

%

Residential real estate

2,853,081

69,277

4.90

%

2,468,158

55,795

4.56

%

Home equity

1,314,142

39,276

6.03

%

1,150,212

35,918

6.30

%

Total consumer real estate

4,167,223

108,553

5.25

%

3,618,370

91,713

5.11

%

Other consumer

42,934

1,331

6.25

%

37,227

1,175

6.36

%

Total loans

$

18,452,873

$

524,120

5.73

%

$

14,499,257

$

395,184

5.50

%

Total interest-earning assets

$

22,181,156

$

582,503

5.30

%

$

17,528,799

$

432,425

4.97

%

Cash and due from banks

227,372

196,838

Federal Home Loan Bank stock

18,698

25,260

Other assets

2,211,460

1,852,236

Total assets

$

24,638,686

$

19,603,133

Interest-bearing liabilities

Deposits

Savings and interest checking accounts

$

6,326,007

$

32,004

1.02

%

$

5,218,591

$

32,715

1.26

%

Money market

4,846,040

50,000

2.08

%

3,237,300

36,800

2.29

%

Time deposits

3,250,189

52,572

3.26

%

2,714,586

49,764

3.70

%

Total interest-bearing deposits

$

14,422,236

$

134,576

1.88

%

$

11,170,477

$

119,279

2.15

%

Borrowings

Federal Home Loan Bank and other borrowings

338,112

6,376

3.80

%

489,733

9,799

4.03

%

Line of Credit

79,388

2,178

5.53

%

—

—

—

%

Junior subordinated debentures

62,863

1,750

5.61

%

62,861

1,950

6.26

%

Subordinated debentures

296,676

11,291

7.67

%

160,477

6,083

7.64

%

Total borrowings

$

777,039

$

21,595

5.60

%

$

713,071

$

17,832

5.04

%

Total interest-bearing liabilities

$

15,199,275

$

156,171

2.07

%

$

11,883,548

$

137,111

2.33

%

Noninterest-bearing demand deposits

5,525,470

4,358,950

Other liabilities

343,008

310,641

Total liabilities

$

21,067,753

$

16,553,139

Stockholders’ equity

3,570,933

3,049,994

Total liabilities and stockholders’ equity

$

24,638,686

$

19,603,133

Net interest income

$

426,332

$

295,314

Interest rate spread (2)

3.23

%

2.64

%

Net interest margin (3)

3.88

%

3.40

%

Supplemental Information

Total deposits, including demand deposits

$

19,947,706

$

134,576

$

15,529,427

$

119,279

Cost of total deposits

1.36

%

1.55

%

Total funding liabilities, including demand deposits

$

20,724,745

$

156,171

$

16,242,498

$

137,111

Cost of total funding liabilities

1.52

%

1.70

%

APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)

The following table summarizes the calculation of the Company’s tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:

June 30
2026

March 31
2026

June 30
2025

Tangible common equity

(Dollars in thousands, except per share data)

Stockholders’ equity (GAAP)

$

3,512,363

$

3,542,041

$

3,074,856

(a)

Less: Goodwill and other intangibles

1,210,506

1,217,297

994,814

Tangible common equity (Non-GAAP)

$

2,301,857

$

2,324,744

$

2,080,042

(b)

Tangible assets

Assets (GAAP)

$

24,973,894

$

24,783,580

$

20,048,934

(c)

Less: Goodwill and other intangibles

1,210,506

1,217,297

994,814

Tangible assets (Non-GAAP)

$

23,763,388

$

23,566,283

$

19,054,120

(d)

Common Shares

47,618,626

48,572,237

42,627,286

(e)

Common equity to assets ratio (GAAP)

14.06

%

14.29

%

15.34

%

(a/c)

Tangible common equity to tangible assets ratio (Non-GAAP)

9.69

%

9.86

%

10.92

%

(b/d)

Book value per share (GAAP)

$

73.76

$

72.92

$

72.13

(a/e)

Tangible book value per share (Non-GAAP)

$

48.34

$

47.86

$

48.80

(b/e)

APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics

The following table summarizes the impact of noncore items on the Company’s calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated, and the average assets used to calculate return on average assets and operating return on average assets:

(Unaudited, dollars in thousands)

Three Months Ended

Six Months Ended

June 30
2026

March 31
2026

June 30
2025

June 30
2026

June 30
2025

Net interest income (GAAP)

$

210,927

$

212,459

$

147,496

$

423,386

$

293,001

Noninterest income (GAAP)

$

42,391

$

40,262

$

34,308

$

82,652

$

66,847

Total revenue (GAAP)

$

253,318

$

252,721

$

181,804

$

506,038

$

359,848

Noninterest expense (GAAP)

$

140,272

$

142,918

$

108,798

$

283,189

$

214,676

Less:

Merger and acquisition expense

—

3,024

2,239

3,024

3,394

Noninterest expense on an operating basis (Non-GAAP)

$

140,272

$

139,894

$

106,559

$

280,165

$

211,282

Average assets

$

24,575,682

$

24,702,391

$

19,743,746

$

24,638,686

$

19,603,133

Average common equity (GAAP)

$

3,550,702

$

3,591,389

$

3,067,050

$

3,570,933

$

3,049,994

Less: Average goodwill and other intangibles

1,214,434

1,221,201

995,380

1,217,799

996,067

Average tangible common equity (Non-GAAP)

$

2,336,268

$

2,370,188

$

2,071,670

$

2,353,134

$

2,053,927

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)

Net income (GAAP)

$

81,838

$

79,919

$

51,101

$

161,757

$

95,525

Noninterest expense components

Add - merger and acquisition expenses

—

3,024

2,239

3,024

3,394

Noncore increases to income before taxes

—

3,024

2,239

3,024

3,394

Net taxes associated with noncore items (1)

—

(830

)

(544

)

(830

)

(593

)

Add - adjustment for tax effect of previously incurred merger and acquisition expenses

—

—

657

—

381

Total tax impact

—

(830

)

113

(830

)

(212

)

Noncore increases to net income

—

2,194

2,352

2,194

3,182

Operating net income (Non-GAAP)

$

81,838

$

82,113

$

53,453

$

163,951

$

98,707

(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.

Ratios

Return on average assets (GAAP) (calculated by dividing annualized net income by average assets)

1.34

%

1.31

%

1.04

%

1.32

%

0.98

%

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)

1.34

%

1.35

%

1.09

%

1.34

%

1.02

%

Return on average common equity (GAAP) (calculated by dividing annualized net income by average common equity)

9.24

%

9.02

%

6.68

%

9.13

%

6.32

%

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)

9.24

%

9.27

%

6.99

%

9.26

%

6.53

%

Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)

14.05

%

13.67

%

9.89

%

13.86

%

9.38

%

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)

14.05

%

14.05

%

10.35

%

14.05

%

9.69

%

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by total revenue)

16.73

%

15.93

%

18.87

%

16.33

%

18.58

%

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by total revenue)

16.73

%

15.93

%

18.87

%

16.33

%

18.58

%

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

55.37

%

56.55

%

59.84

%

55.96

%

59.66

%

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

55.37

%

55.36

%

58.61

%

55.36

%

58.71

%

APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Adjusted Margin

(Unaudited, dollars in thousands)

Three Months Ended

June 30, 2026

March 31, 2026

Volume

Interest

Margin Impact

Volume

Interest

Margin Impact

Reported total interest earning assets

$

22,135,137

$

212,411

3.85

%

$

22,227,686

$

213,921

3.90

%

Acquisition fair value marks:

Loan accretion

(4,439

)

(0.08

)%

(9,186

)

(0.17

)%

Nonaccrual interest, net

143

—

%

(54

)

—

%

Other adjustments

(1,453

)

(497

)

(0.01

)%

(1,626

)

(667

)

(0.01

)%

Adjusted margin (Non-GAAP)

$

22,133,684

$

207,618

3.76

%

$

22,226,060

$

204,014

3.72

%

More News From Independent Bank Corp.

Independent Bank Corp. (NASDAQ:INDB) will release its second quarter earnings report after the closing bell on Thursday, July 16.

Analysts expect the Rockland, Massachusetts-based company to report quarterly earnings of $1.78 per share, up from $1.25 per share in the year-ago period. The consensus estimate for Independent Bank’s quarterly revenue is $258.95 million. It reported $181.8 million last year, according to Benzinga Pro.

On June 18, Independent Bank announced a 64 cents per share dividend.

Shares of Independent Bank fell 0.3% to close at $83.45 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company </em></a> in the recent period.

Considering buying INDB stock? Here’s what analysts think:

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The market expects Independent Bank Corp. (INDB - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 16. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis holding company for Rockland Trust is expected to post quarterly earnings of $1.77 per share in its upcoming report, which represents a year-over-year change of +41.6%.

Revenues are expected to be $257.73 million, up 41.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.88% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Independent Bank Corp.?For Independent Bank Corp., the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.94%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Independent Bank Corp. will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Independent Bank Corp. would post earnings of $1.7 per share when it actually produced earnings of $1.68, delivering a surprise of -1.18%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Independent Bank Corp. appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Based in Hanover, Independent Bank Corp. (INDB - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 10.91%. Currently paying a dividend of $0.64 per share, the company has a dividend yield of 3.16%. In comparison, the Banks - Northeast industry's yield is 2.23%, while the S&P 500's yield is 1.43%.

Looking at dividend growth, the company's current annualized dividend of $2.56 is up 8.5% from last year. Over the last 5 years, Independent Bank Corp. has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.67%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Independent Bank Corp.'s current payout ratio is 41%, meaning it paid out 41% of its trailing 12-month EPS as dividend.

INDB is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $7.33 per share, representing a year-over-year earnings growth rate of 29.96%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, INDB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

-

ROCKLAND, Mass.--(BUSINESS WIRE)--The Board of Directors of Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced a $0.64 per share dividend. The dividend will be payable on July 9, 2026, to stockholders of record as of the close of business on June 29, 2026.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

Category: Dividends Releases

More News From Independent Bank Corp.

Back to Newsroom

Key Takeaways Independent Bank raised its dividend to 64 cents per share, marking six increases in five years.Micron Technology, Elbit Systems and Applied Materials also announced recent dividend hikes.Dividend-paying stocks gain appeal as inflation, rates and geopolitical tensions drive volatility. The U.S. economy is navigating a period of heightened volatility, as economic and geopolitical uncertainties intensify. February’s nonfarm payrolls report delivered a surprise, showing a loss of 92,000 jobs instead of the expected growth. Unemployment edged up to 4.4% from 4.3% in January. Although wage growth slightly beat expectations, other labor indicators, such as the participation rate and workweek hours, softened.

Inflation remains sticky, with the Consumer Price Index relatively stable at around 2.4% annually. But the upward trend in the Producer Price Index (0.7% monthly and 3.4% annually), alongside rising oil prices, suggests that inflation is intensifying once again. As a result, the Federal Reserve has kept interest rates at 3.50-3.75%, with little indication of near-term cuts until inflation cools significantly.  A sluggish labor market and high borrowing costs are weighing on investors' sentiment.

Geopolitical tensions are also adding to economic pressure. The conflict involving Iran and the closure of the Strait of Hormuz have pushed oil prices above $100 per barrel. This raises concerns about further inflation and supply chain risk. Though some companies continue to perform well, the overall sentiment remains fragile.

Amid such market conditions, investors who wish to diversify their portfolios can pick dividend-paying stocks. Some of the prominent names are: Independent Bank (INDB - Free Report) , Micron Technology, Inc. (MU - Free Report) , Elbit Systems (ESLT - Free Report) , Applied Materials (AMAT - Free Report) and Wheaton Precious Metals (WPM - Free Report) . Companies that pay out dividends consistently indicate a healthy business model. Stocks that have raised dividends recently exhibit a sound financial structure and can counter market upheavals. Moreover, stocks that tend to reward investors with a high dividend payout outperform non-dividend-paying entities in a highly volatile market.

Independent Bank

Independent Bank is a community-oriented commercial bank, providing products and services to individuals and small-to-medium sized businesses in the United States. This Rockland, MA-based company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

On March 19, INDB declared that its shareholders would receive a dividend of 64 cents a share on April 9, 2026. INDB has a dividend yield of 3.2%.

Over the past five years, INDB has increased its dividend six times, and its payout ratio presently sits at 42% of earnings. Check Independent Bank’s dividend history here.

Micron Technology

Micron Technology is headquartered in Boise, ID. This Zacks Rank #3 (Hold) company has established itself as one of the leading worldwide providers of semiconductor memory solutions.

On March 18, MU declared that its shareholders would receive a dividend of 15 cents a share on April 15, 2026. MU has a dividend yield of 0.1%.

In the past five years, MU has increased its dividend three times. Its payout ratio is currently 2% of earnings. Check Micron Technology’s dividend history here.

Elbit Systems

Elbit Systems is a worldwide leader in Night Vision Goggles Head-Up Displays (NVG-HUD). This Haifa, Israel-based company currently carries a Zacks Rank #2.

On March 16, ESLT announced that its shareholders would receive a dividend of 83 cents a share on April 27, 2026. ESLT has a dividend yield of 0.2%.

Over the past five years, ESLT has increased its dividend six times. Its payout ratio now sits at 18% of earnings. Check Elbit Systems' dividend history here.

Applied Materials

Applied Materials is one of the world’s largest suppliers of equipment for the fabrication of semiconductor, flat panel liquid crystal displays, and solar photovoltaic cells and modules. The Zacks Rank #1 (Strong Buy) company operates from Santa Clara, CA.

On March 12, AMAT declared that its shareholders would receive a dividend of 53 cents a share on June 11, 2026. AMAT has a dividend yield of 0.5%.

Over the past five years, AMAT has increased its dividend six times, and its payout ratio presently sits at 20% of earnings. Check Applied Materials' dividend history here.

Wheaton Precious Metals

Wheaton Precious Metals is headquartered in Vancouver, Canada. This Zacks Rank #3 company is one of the largest precious metal streaming companies in the world that generates its revenues from the sale of precious metals and cobalt.

On March 12, WPM declared that its shareholders would receive a dividend of 20 cents a share on April 10, 2026. WPM has a dividend yield of 0.6%.

In the past five years, WPM has increased its dividend six times. Its payout ratio is currently 22% of earnings. Check Wheaton Precious Metals’ dividend history here.

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ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, announced the following details for its first quarter 2026 earnings release and conference call:

Earnings Release: Thursday, April 16, 2026, after the market close

Conference Call (held via Webcast): Friday, April 17, 2026, at 10:00 AM Eastern Time

How to Join Webcast: Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/279877279. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting First Quarter 2026 Earnings Call. The webcast replay will be available until April 17, 2027.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

Category: All Releases

More News From Independent Bank Corp.

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Analysts on Wall Street project that Independent Bank Corp. (INDB - Free Report) will announce quarterly earnings of $1.70 per share in its forthcoming report, representing an increase of 60.4% year over year. Revenues are projected to reach $253.92 million, increasing 42.6% from the same quarter last year.

The current level reflects a downward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

With that in mind, let's delve into the average projections of some Independent Bank Corp. metrics that are commonly tracked and projected by analysts on Wall Street.

The collective assessment of analysts points to an estimated 'Efficiency Ratio' of 55.0%. The estimate is in contrast to the year-ago figure of 59.5%.

Analysts forecast 'Net interest margin (FTE)' to reach 3.8%. Compared to the present estimate, the company reported 3.4% in the same quarter last year.

The combined assessment of analysts suggests that 'Average Balance - Total interest-earning assets' will likely reach $22.58 billion. The estimate compares to the year-ago value of $17.38 billion.

The average prediction of analysts places 'Total Non-Interest Income' at $41.00 million. The estimate is in contrast to the year-ago figure of $32.54 million.

According to the collective judgment of analysts, 'Net Interest Income' should come in at $212.47 million. The estimate is in contrast to the year-ago figure of $145.51 million.

Based on the collective assessment of analysts, 'Interchange and ATM fees' should arrive at $5.22 million. The estimate is in contrast to the year-ago figure of $4.62 million.

Analysts predict that the 'Deposit account fees' will reach $9.22 million. Compared to the current estimate, the company reported $7.05 million in the same quarter of the previous year.

Analysts' assessment points toward 'Other noninterest income' reaching $7.36 million. The estimate compares to the year-ago value of $5.80 million.

The consensus estimate for 'Investment management and advisory' stands at $14.00 million. Compared to the current estimate, the company reported $11.22 million in the same quarter of the previous year.

View all Key Company Metrics for Independent Bank Corp. here>>>

Shares of Independent Bank Corp. have experienced a change of +6.5% in the past month compared to the +0.6% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), INDB is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2026 first quarter net income of $79.9 million, or $1.63 per diluted share, as compared to 2025 fourth quarter net income of $75.3 million, or $1.52 per diluted share. Excluding merger-related costs associated with the Company’s third quarter 2025 acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank, and their related tax effects, operating net income was $82.1 million, or $1.68 per diluted share for the first quarter of 2026, compared to operating net income of $84.4 million, or $1.70 per diluted share for the fourth quarter of 2025(1).

CEO STATEMENT

“Our first quarter results represent another step forward in driving improved profitability while remaining disciplined in our strategies during these uncertain times,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “We are prioritizing our long-term relationship banking model while prudently investing in our future and returning capital to our shareholders.”

FINANCIAL HIGHLIGHTS

The Company generated a return on average assets and a return on average common equity of 1.31% and 9.02%, respectively, for the first quarter of 2026, as compared to 1.20% and 8.38%, respectively, for the prior quarter. On an operating basis, the Company generated a return on average assets and a return on average common equity of 1.35% and 9.27%, respectively, for the first quarter of 2026, as compared to 1.34% and 9.38%, respectively, for the prior quarter(1). The Company’s net interest margin of 3.90% increased 13 basis points compared to the prior quarter, while the adjusted margin increased 8 basis points to 3.72%(1). Deposit balances of $20.1 billion at March 31, 2026 decreased $29.3 million, or 0.1%, compared to the prior quarter. Loan balances of $18.4 billion at March 31, 2026 decreased $78.3 million, or 0.4%, compared to the prior quarter. The Company repurchased approximately 802,000 shares for $63.3 million during the first quarter of 2026. Tangible book value per share of $47.86 at March 31, 2026 grew by $0.31 from the prior quarter(1). The Company increased its quarterly dividend by 8.5% in the first quarter of 2026, from $0.59 to $0.64 per share. BALANCE SHEET

Total assets of $24.8 billion at March 31, 2026 decreased $129.3 million, or 0.5%, compared to the prior quarter, driven primarily by decreased loan and cash balances.

Total loans of $18.4 billion at March 31, 2026 decreased $78.3 million, or 0.4%, compared to the prior quarter:

The commercial and industrial portfolio grew $39.7 million, or 0.9% (3.5% annualized), despite runoff of $38.7 million attributable to the Company’s strategic exit from the dealer finance business. Commercial real estate and construction decreased $89.6 million, or 0.9%, due to elevated payoffs and amortization of balances, including a reduction of $55.9 million in the Company’s office portfolio. The total consumer portfolio decreased $28.3 million, or 0.7%, primarily attributable to a decline in the residential real estate portfolio of $31.3 million, or 1.1%, reflecting lower seasonal volume compared to the prior quarter. This decrease was partially offset by a modest increase in the home equity portfolio of $10.1 million, or 0.8% (3.2% annualized). Total deposits decreased by $29.3 million, or 0.1%, to $20.1 billion at March 31, 2026, as compared to the prior quarter:

Average deposits decreased $309.9 million, or 1.5%, compared to the prior quarter, driven primarily by seasonality in business operating balances. Overall core deposits comprised 83.8% of total deposits at March 31, 2026, as compared to 83.7% at December 31, 2025. Total noninterest bearing demand deposits were 28.0% and 27.8% of total deposits at March 31, 2026 and December 31, 2025, respectively. The total cost of deposits for the first quarter of 1.36% reflected a decrease of 10 basis points compared to the prior quarter. Total period end borrowings decreased by $49.6 million, or 6.0%, during the first quarter of 2026, reflecting approximately $100 million in net paydowns on Federal Home Loan Bank borrowings, partially offset by $50 million advanced on a working capital line of credit.

The Company’s total securities portfolio of $3.4 billion increased by $62.4 million, or 1.9% (7.6% annualized), from the prior quarter:

New purchases of $168.4 million in the available for sale portfolio were partially offset by maturities, calls, and paydowns in the combined available for sale and held to maturity portfolios during the quarter. Total securities represented 13.6% and 13.3% of total assets at March 31, 2026 and December 31, 2025, respectively. Stockholders’ equity at March 31, 2026 decreased $23.7 million, or 0.7%, compared to December 31, 2025, as strong earnings were offset by the impact of share repurchases, dividends, and unrealized losses on available for sale securities recognized in other comprehensive income during the quarter:

During the first quarter of 2026, the Company executed on its previously announced $150 million stock repurchase plan, buying back approximately 802,000 shares of common stock for $63.3 million at an average price per share of $78.85. The Company’s ratio of common equity to assets of 14.29% at March 31, 2026 represented a decrease of 2 basis points from December 31, 2025. The Company’s ratio of tangible common equity to tangible assets of 9.86% at March 31, 2026 represented a decrease of 2 basis points from the prior quarter and a decrease of 92 basis points from the year ago period(1). The Company’s book value per share increased by $0.51, or 0.7%, to $72.92 at March 31, 2026 as compared to the prior quarter. The Company’s tangible book value per share at March 31, 2026 grew by $0.31, or 0.7%, from the prior quarter to $47.86, and grew by 0.1% from the year ago period(1). NET INTEREST INCOME

Net interest income of $212.5 million for the first quarter of 2026 was flat compared to the prior quarter:

The net interest margin of 3.90% increased 13 basis points when compared to the prior quarter, benefitting from fixed rate asset repricing, lower deposit costs, and 17 basis points of purchase accounting accretion in the first quarter of 2026 as compared to 11 basis points in the prior quarter. Excluding purchase accounting accretion and other non-core items, the adjusted margin of 3.72%(1) increased 8 basis points. Total loan yields increased 3 basis points to 5.77% from 5.74%, driven primarily by fixed rate loan repricing and purchase accounting accretion, partially offset by the full quarter impact of Federal Reserve rate cuts made during the fourth quarter of 2025. Similarly, securities yields increased 12 basis points to 3.08% for the current quarter as compared to the prior quarter. The Company’s overall cost of funding decreased 8 basis points to 1.52% for the first quarter of 2026 as compared to 1.60% for the prior quarter, driven by a 10 basis point reduction in total cost of deposits. NONINTEREST INCOME

Noninterest income of $40.3 million for the first quarter of 2026 represented a decrease of $1.2 million, or 2.9%, as compared to the prior quarter. Significant changes in noninterest income for the first quarter of 2026 compared to the prior quarter included the following:

Interchange and ATM fees decreased by $363,000, or 6.7%, driven by seasonally lower transaction volumes. Overall investment and advisory income increased $372,000, or 2.7%, driven primarily by higher asset based fee revenue and insurance commissions compared to the prior quarter. Total assets under administration remained consistent at $9.2 billion as of March 31, 2026. Loan level derivative income decreased by $322,000, or 26.1%, reflecting volatility in customer demand. Other noninterest income decreased by $1.1 million, or 13.8%, driven primarily by a decrease in investment income on equity securities. NONINTEREST EXPENSE

Noninterest expense of $142.9 million for the first quarter of 2026 represented a decrease of $11.5 million, or 7.4%, as compared to the prior quarter. Significant changes in noninterest expense for the first quarter of 2026 compared to the prior quarter included the following:

The Company incurred merger and acquisition expenses of $3.0 million in the first quarter of 2026, compared to $12.3 million in the fourth quarter of 2025, all of which were related to the Company’s acquisition of Enterprise. The majority of the 2026 first quarter merger expenses related to final severance payments, and vendor and systems contract terminations. Salaries and employee benefits decreased by $843,000, or 1.0%, driven primarily by decreased incentive compensation, retirement benefits, and lower base salaries, partially offset by higher payroll taxes and medical plan insurance. Occupancy and equipment expenses increased by $1.7 million, or 10.9%, driven primarily by a $1.9 million increase in snow removal costs for the first quarter of 2026. FDIC assessment decreased $731,000, or 18.0%, due to quarterly timing differences. Other noninterest expense decreased by $2.4 million, or 7.8%, driven primarily by decreases in consultant fees of $790,000, legal fees of $755,000, and net valuation decreases on equity securities of $384,000. TAX RATE

The Company’s quarterly effective tax rate increased to 23.38% for the first quarter of 2026 from 20.54% for the prior quarter, due to one-time discrete adjustments combined with revised estimates based on full year results in the prior quarter.

ASSET QUALITY

During the first quarter, the Company’s key asset quality activity and metrics were as follows:

Nonperforming loans increased to $96.6 million at March 31, 2026, as compared to $83.6 million at December 31, 2025, representing 0.52% and 0.45% of total loans, respectively. Delinquencies as a percentage of total loans increased 9 basis points from the prior quarter to 0.41% at March 31, 2026. Net charge-offs decreased slightly to $4.8 million, as compared to $5.3 million for the prior quarter, representing 0.11% and 0.12%, respectively, of average loans annualized. The largest individual charge-off in the quarter was $4.2 million related to a commercial real estate loan that was partially reserved for in the prior quarter. The first quarter provision for credit losses increased to $5.5 million, as compared to $4.8 million for the prior quarter. Total criticized and classified commercial loans of $575.5 million, or 4.0% of total commercial loans, increased $102.7 million, or 21.7%, as compared to the prior quarter. The allowance for credit losses on total loans increased to $190.6 million at March 31, 2026, compared to $189.9 million at December 31, 2025 and represented 1.03% of total loans at both March 31, 2026 and December 31, 2025. CONFERENCE CALL INFORMATION

Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Friday, April 17, 2026.

Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/279877279. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting First Quarter 2026 Earnings Call. The webcast replay will be available until April 17, 2027.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. (Nasdaq Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire, as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

adverse economic conditions in the regional and local economies within the New England region and the Company’s market area; events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits and significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets; the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel; political and policy uncertainties, changes in U.S. and international trade policies, such as tariffs or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service revenues; the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, including international conflicts and hostilities, such as the ongoing conflict involving Israel, the U.S. and Iran; unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events; adverse changes or volatility in the local real estate market; changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans; risks related to the Company’s acquisition activities, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; impairment of goodwill and/or other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy; changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws; increased competition in the Company’s market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures; a deterioration in the conditions of the securities markets; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget; inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence (“AI”); electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector; adverse changes in consumer spending and savings habits; the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or the introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy; changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business and the associated costs of such changes; the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions; changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; operational risks related to the Company and its customers’ reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party service providers which could lead to interruptions or disruptions of the Company’s operating systems, including systems that are customer facing, and adversely impact the Company’s business; risks related to the development and use of AI by the Company, its third-party vendors, clients and counterparties; and any unexpected material adverse changes in the Company’s operations or earnings. The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

This press release and the appendices attached to it contain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, adjusted net interest margin (“adjusted margin”), tangible book value per share and the tangible common equity ratio.

Operating net income, operating EPS, operating return on average assets, and operating return on average common equity exclude items that management believes are unrelated to the Company’s core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its adjusted margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at an adjusted margin provides additional insight into the operating environment and how management decisions impact the net interest margin.

Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, adjusted margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Category: Earnings Releases

INDEPENDENT BANK CORP. FINANCIAL SUMMARY

CONSOLIDATED BALANCE SHEETS

(Unaudited, dollars in thousands)

% Change

% Change

March 31
2026

December 31
2025

March 31
2025

Mar 2026 vs.

Mar 2026 vs.

Dec 2025

Mar 2025

Assets

Cash and due from banks

$

223,291

$

229,770

$

214,616

(2.82

)%

4.04

%

Interest-earning deposits with banks

505,687

542,132

502,228

(6.72

)%

0.69

%

Securities

Trading

5,525

4,720

4,816

17.06

%

14.72

%

Equities

21,518

21,581

21,250

(0.29

)%

1.26

%

Available for sale

2,088,365

2,004,247

1,283,767

4.20

%

62.67

%

Held to maturity

1,256,566

1,279,027

1,409,959

(1.76

)%

(10.88

)%

Total securities

3,371,974

3,309,575

2,719,792

1.89

%

23.98

%

Loans held for sale

16,758

35,909

8,524

(53.33

)%

96.60

%

Loans

Commercial and industrial

4,651,453

4,611,789

3,315,081

0.86

%

40.31

%

Commercial real estate

8,181,340

8,275,408

6,735,974

(1.14

)%

21.46

%

Commercial construction

1,403,613

1,399,193

796,162

0.32

%

76.30

%

Total commercial

14,236,406

14,286,390

10,847,217

(0.35

)%

31.24

%

Residential real estate

2,842,144

2,873,443

2,465,731

(1.09

)%

15.27

%

Home equity

1,307,746

1,297,662

1,143,966

0.78

%

14.32

%

Total consumer real estate

4,149,890

4,171,105

3,609,697

(0.51

)%

14.97

%

Other consumer

39,182

46,282

35,055

(15.34

)%

11.77

%

Total loans

18,425,478

18,503,777

14,491,969

(0.42

)%

27.14

%

Less: allowance for credit losses

(190,560

)

(189,877

)

(144,092

)

0.36

%

32.25

%

Net loans

18,234,918

18,313,900

14,347,877

(0.43

)%

27.09

%

Federal Home Loan Bank stock

17,752

21,835

25,804

(18.70

)%

(31.20

)%

Bank premises and equipment, net

217,695

218,190

190,007

(0.23

)%

14.57

%

Goodwill

1,090,610

1,090,610

985,072

—

%

10.71

%

Other intangible assets

126,687

133,576

10,941

(5.16

)%

1,057.91

%

Cash surrender value of life insurance policies

380,423

378,576

306,077

0.49

%

24.29

%

Other assets

597,785

638,823

577,271

(6.42

)%

3.55

%

Total assets

$

24,783,580

$

24,912,896

$

19,888,209

(0.52

)%

24.61

%

Liabilities and Stockholders’ Equity

Deposits

Noninterest-bearing demand deposits

$

5,633,079

$

5,600,955

$

4,409,878

0.57

%

27.74

%

Savings and interest checking

6,310,870

6,482,970

5,279,549

(2.65

)%

19.53

%

Money market

4,898,267

4,774,645

3,277,078

2.59

%

49.47

%

Time certificates of deposit

3,255,294

3,268,220

2,709,512

(0.40

)%

20.14

%

Total deposits

20,097,510

20,126,790

15,676,017

(0.15

)%

28.21

%

Borrowings

Federal Home Loan Bank and other borrowings

316,734

416,549

500,506

(23.96

)%

(36.72

)%

Line of credit, net

99,969

49,953

—

100.13

%

100.00

%

Junior subordinated debentures, net

62,863

62,862

62,861

—

%

—

%

Subordinated debentures, net

296,690

296,483

296,507

0.07

%

0.06

%

Total borrowings

776,256

825,847

859,874

(6.00

)%

(9.72

)%

Total deposits and borrowings

20,873,766

20,952,637

16,535,891

(0.38

)%

26.23

%

Other liabilities

367,773

394,531

318,926

(6.78

)%

15.32

%

Total liabilities

21,241,539

21,347,168

16,854,817

(0.49

)%

26.03

%

Stockholders’ equity

Common stock

483

490

424

(1.43

)%

13.92

%

Additional paid in capital

2,272,910

2,335,879

1,911,162

(2.70

)%

18.93

%

Retained earnings

1,317,946

1,269,113

1,192,008

3.85

%

10.57

%

Accumulated other comprehensive loss, net of tax

(49,298

)

(39,754

)

(70,202

)

24.01

%

(29.78

)%

Total stockholders' equity

3,542,041

3,565,728

3,033,392

(0.66

)%

16.77

%

Total liabilities and stockholders’ equity

$

24,783,580

$

24,912,896

$

19,888,209

(0.52

)%

24.61

%

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, dollars in thousands, except per share data)

Three Months Ended

% Change

% Change

March 31
2026

December 31
2025

March 31
2025

Mar 2026 vs.

Mar 2026 vs.

Dec 2025

Mar 2025

Interest income

Interest on federal funds sold and short-term investments

$

3,657

$

6,690

$

1,438

(45.34

)%

154.31

%

Interest and dividends on securities

25,374

24,924

15,297

1.81

%

65.88

%

Interest and fees on loans

260,982

265,582

195,093

(1.73

)%

33.77

%

Interest on loans held for sale

252

339

92

(25.66

)%

173.91

%

Total interest income

290,265

297,535

211,920

(2.44

)%

36.97

%

Interest expense

Interest on deposits

66,935

74,378

59,436

(10.01

)%

12.62

%

Interest on borrowings

10,871

10,671

6,979

1.87

%

55.77

%

Total interest expense

77,806

85,049

66,415

(8.52

)%

17.15

%

Net interest income

212,459

212,486

145,505

(0.01

)%

46.01

%

Provision for credit losses

5,500

4,750

15,000

15.79

%

(63.33

)%

Net interest income after provision for credit losses

206,959

207,736

130,505

(0.37

)%

58.58

%

Noninterest income

Deposit account fees

9,249

9,100

7,053

1.64

%

31.14

%

Interchange and ATM fees

5,018

5,381

4,622

(6.75

)%

8.57

%

Investment management and advisory

14,165

13,793

11,220

2.70

%

26.25

%

Mortgage banking income

1,270

1,274

741

(0.31

)%

71.39

%

Increase in cash surrender value of life insurance policies

2,712

2,702

2,065

0.37

%

31.33

%

Gain on life insurance benefits

346

315

—

9.84

%

100.00

%

Loan level derivative income

910

1,232

1,042

(26.14

)%

(12.67

)%

Other noninterest income

6,592

7,648

5,796

(13.81

)%

13.73

%

Total noninterest income

40,262

41,445

32,539

(2.85

)%

23.73

%

Noninterest expenses

Salaries and employee benefits

80,737

81,580

61,931

(1.03

)%

30.37

%

Occupancy and equipment expenses

17,306

15,604

13,859

10.91

%

24.87

%

Data processing and facilities management

3,259

2,967

2,642

9.84

%

23.35

%

FDIC assessment

3,328

4,059

2,988

(18.01

)%

11.38

%

Amortization of intangible assets

6,890

7,054

1,344

(2.32

)%

412.65

%

Merger and acquisition expense

3,024

12,348

1,155

(75.51

)%

161.82

%

Other noninterest expenses

28,374

30,758

21,959

(7.75

)%

29.21

%

Total noninterest expenses

142,918

154,370

105,878

(7.42

)%

34.98

%

Income before income taxes

104,303

94,811

57,166

10.01

%

82.46

%

Provision for income taxes

24,384

19,476

12,742

25.20

%

91.37

%

Net Income

$

79,919

$

75,335

$

44,424

6.08

%

79.90

%

Weighted average common shares (basic)

48,970,060

49,452,717

42,550,274

Common share equivalents

29,685

23,623

22,353

Weighted average common shares (diluted)

48,999,745

49,476,340

42,572,627

Basic earnings per share

$

1.63

$

1.52

$

1.04

7.24

%

56.73

%

Diluted earnings per share

$

1.63

$

1.52

$

1.04

7.24

%

56.73

%

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

Net income

$

79,919

$

75,335

$

44,424

Noninterest expense components

Add - merger and acquisition expenses

3,024

12,348

1,155

Noncore increases to income before taxes

3,024

12,348

1,155

Net taxes associated with noncore items (1)

(830

)

(3,326

)

(325

)

Noncore increases to net income

2,194

9,022

830

Operating net income (Non-GAAP)

$

82,113

$

84,357

$

45,254

(2.66

)%

81.45

%

Diluted earnings per share, on an operating basis (Non-GAAP)

$

1.68

$

1.70

$

1.06

(1.18

)%

58.49

%

(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.

Performance ratios

Net interest margin (FTE)

3.90

%

3.77

%

3.42

%

Return on average assets (calculated by dividing annualized net income by average assets) (GAAP)

1.31

%

1.20

%

0.93

%

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)

1.35

%

1.34

%

0.94

%

Return on average common equity (calculated by dividing annualized net income by average common equity) (GAAP)

9.02

%

8.38

%

5.94

%

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)

9.27

%

9.38

%

6.05

%

Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)

13.67

%

12.77

%

8.85

%

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)

14.05

%

14.30

%

9.01

%

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)

15.93

%

16.32

%

18.28

%

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)

15.93

%

16.32

%

18.28

%

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

56.55

%

60.79

%

59.47

%

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

55.36

%

55.93

%

58.82

%

ASSET QUALITY

(Unaudited, dollars in thousands)

Nonperforming Assets At

March 31
2026

December 31
2025

March 31
2025

Nonperforming loans

Commercial & industrial loans

$

8,453 $

9,160

$

9,839

Commercial real estate loans

64,851 50,515

65,840

Commercial construction loans

698

3,693

—

Residential real estate loans

15,593

15,043

10,966

Home equity

7,011

5,102

2,840

Other consumer

37

44

8

Total nonperforming loans

96,643

83,557

89,493

Other real estate owned

2,100

2,100

—

Total nonperforming assets

$

98,743

$

85,657

$

89,493

Nonperforming loans/gross loans

0.52

%

0.45

%

0.62

%

Nonperforming assets/total assets

0.40

%

0.34

%

0.45

%

Allowance for credit losses/nonperforming loans

197.18

%

227.24

%

161.01

%

Allowance for credit losses/total loans

1.03

%

1.03

%

0.99

%

Delinquent loans/total loans

0.41

%

0.32

%

0.47

%

Nonperforming Assets Reconciliation for the Three Months Ended

March 31
2026

December 31
2025

March 31
2025

Nonperforming assets beginning balance

$

85,657

$

88,697

$

101,529

New to nonperforming

24,714

29,374

41,777

Loans charged-off

(5,776

)

(5,768

)

(41,400

)

Loans paid-off

(5,272

)

(20,098

)

(10,932

)

Loans restored to performing status

(608

)

(4,350

)

(1,356

)

Other

28

(2,198

)

(125

)

Nonperforming assets ending balance

$

98,743

$

85,657

$

89,493

Net Charge-Offs (Recoveries)

Three Months Ended

March 31
2026

December 31
2025

March 31
2025

Net charge-offs (recoveries)

Commercial and industrial loans

$

311

$

4,555

$

152

Commercial real estate loans

4,034

28

39,996

Home equity

(12

)

(15

)

78

Other consumer

484

781

666

Total net charge-offs

$

4,817

$

5,349

$

40,892

Net charge-offs to average loans (annualized)

0.11

%

0.12

%

1.14

%

BALANCE SHEET AND CAPITAL RATIOS

March 31
2026

December 31
2025

March 31
2025

Gross loans/total deposits

91.68

%

91.94

%

92.45

%

Common equity tier 1 capital ratio (1)

12.87

%

12.86

%

14.52

%

Tier 1 leverage capital ratio (1)

10.23

%

10.15

%

11.43

%

Common equity to assets ratio GAAP

14.29

%

14.31

%

15.25

%

Tangible common equity to tangible assets ratio (2)

9.86

%

9.88

%

10.78

%

Book value per share GAAP

$

72.92

$

72.41

$

71.19

Tangible book value per share (2)

$

47.86

$

47.55

$

47.81

(1) Estimated number for March 31, 2026.

(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited, dollars in thousands)

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

Interest

Interest

Interest

Average

Earned/

Yield/

Average

Earned/

Yield/

Average

Earned/

Yield/

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Interest-earning assets

Interest-earning deposits with banks, federal funds sold, and short term investments

$

415,532

$

3,657

3.57

%

$

673,878

$

6,690

3.94

%

$

141,410

$

1,438

4.12

%

Securities

Securities - trading

5,108

—

—

%

4,644

—

—

%

4,513

—

—

%

Securities - taxable investments

3,325,253

25,260

3.08

%

3,323,714

24,790

2.96

%

2,747,039

15,296

2.26

%

Securities - nontaxable investments (1)

11,634

144

5.02

%

14,047

169

4.77

%

195

1

2.08

%

Total securities

$

3,341,995

$

25,404

3.08

%

$

3,342,405

$

24,959

2.96

%

$

2,751,747

$

15,297

2.25

%

Loans held for sale

19,495

252

5.24

%

24,680

339

5.45

%

6,396

92

5.83

%

Loans

Commercial and industrial (1)

4,605,582

70,426

6.20

%

4,556,277

70,467

6.14

%

3,250,960

50,895

6.35

%

Commercial real estate (1)

8,240,241

112,466

5.54

%

8,263,339

115,746

5.56

%

6,804,605

86,086

5.13

%

Commercial construction (1)

1,404,278

23,926

6.91

%

1,397,668

24,618

6.99

%

785,312

13,167

6.80

%

Total commercial

14,250,101

206,818

5.89

%

14,217,284

210,831

5.88

%

10,840,877

150,147

5.62

%

Residential real estate

2,856,572

35,503

5.04

%

2,895,216

34,847

4.78

%

2,464,464

27,716

4.56

%

Home equity

1,300,202

19,429

6.06

%

1,288,744

20,498

6.31

%

1,140,190

17,774

6.32

%

Total consumer real estate

4,156,774

54,932

5.36

%

4,183,960

55,345

5.25

%

3,604,654

45,490

5.12

%

Other consumer

43,789

664

6.15

%

41,897

741

7.02

%

38,618

593

6.23

%

Total loans

$

18,450,664

$

262,414

5.77

%

$

18,443,141

$

266,917

5.74

%

$

14,484,149

$

196,230

5.49

%

Total interest-earning assets

$

22,227,686

$

291,727

5.32

%

$

22,484,104

$

298,905

5.27

%

$

17,383,702

$

213,057

4.97

%

Cash and due from banks

228,015

228,939

197,536

Federal Home Loan Bank stock

20,474

21,835

27,646

Other assets

2,226,216

2,230,165

1,852,073

Total assets

$

24,702,391

$

24,965,043

$

19,460,957

Interest-bearing liabilities

Deposits

Savings and interest checking accounts (4)

$

6,333,509

$

15,883

1.02

%

$

6,355,726

$

18,078

1.13

%

$

5,222,353

$

16,162

1.26

%

Money market (4)

4,862,134

24,672

2.06

%

4,829,717

26,989

2.22

%

3,178,879

17,710

2.26

%

Time deposits

3,269,232

26,380

3.27

%

3,336,280

29,311

3.49

%

2,723,975

25,564

3.81

%

Total interest-bearing deposits

$

14,464,875

$

66,935

1.88

%

$

14,521,723

$

74,378

2.03

%

$

11,125,207

$

59,436

2.17

%

Borrowings

Federal Home Loan Bank and other borrowings

380,062

3,596

3.84

%

416,368

3,973

3.79

%

547,713

5,566

4.12

%

Line of Credit

54,404

755

5.63

%

7,559

116

6.09

%

—

—

—

%

Junior subordinated debentures

62,863

874

5.64

%

62,862

936

5.91

%

62,860

974

6.28

%

Subordinated debentures

296,573

5,646

7.72

%

296,372

5,646

7.56

%

23,070

439

7.72

%

Total borrowings

$

793,902

$

10,871

5.55

%

$

783,161

$

10,671

5.41

%

$

633,643

$

6,979

4.47

%

Total interest-bearing liabilities

$

15,258,777

$

77,806

2.07

%

$

15,304,884

$

85,049

2.20

%

$

11,758,850

$

66,415

2.29

%

Noninterest-bearing demand deposits

5,498,339

5,751,348

4,345,631

Other liabilities

353,886

340,775

323,728

Total liabilities

$

21,111,002

$

21,397,007

$

16,428,209

Stockholders’ equity

3,591,389

3,568,036

3,032,748

Total liabilities and stockholders’ equity

$

24,702,391

$

24,965,043

$

19,460,957

Net interest income

$

213,921

$

213,856

$

146,642

Interest rate spread (2)

3.25

%

3.07

%

2.68

%

Net interest margin (3)

3.90

%

3.77

%

3.42

%

Supplemental Information

Total deposits, including demand deposits

$

19,963,214

$

66,935

$

20,273,071

$

74,378

$

15,470,838

$

59,436

Cost of total deposits

1.36

%

1.46

%

1.56

%

Total funding liabilities, including demand deposits

$

20,757,116

$

77,806

$

21,056,232

$

85,049

$

16,104,481

$

66,415

Cost of total funding liabilities

1.52

%

1.60

%

1.67

%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.5 million, $1.4 million, and $1.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, determined by applying the Company’s marginal tax rates in effect during each respective quarter.

(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

(4) Interest paid amounts within the savings and interest checking and money market categories for the three months ended December 31, 2025 vary from amounts previously reported in the Company’s fourth quarter 2025 earnings release. These reported amounts reflect a reclassification of approximately $3.0 million in interest paid from the money market category to the savings and interest checking category. The corresponding yields presented above have also been revised to reflect this reclassification.

APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)

The following table summarizes the calculation of the Company’s tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:

March 31
2026

December 31
2025

March 31
2025

Tangible common equity

(Dollars in thousands, except per share data)

Stockholders’ equity (GAAP)

$

3,542,041

$

3,565,728

$

3,033,392

(a)

Less: Goodwill and other intangibles

1,217,297

1,224,186

996,013

Tangible common equity (Non-GAAP)

$

2,324,744

$

2,341,542

$

2,037,379

(b)

Tangible assets

Assets (GAAP)

$

24,783,580

$

24,912,896

$

19,888,209

(c)

Less: Goodwill and other intangibles

1,217,297

1,224,186

996,013

Tangible assets (Non-GAAP)

$

23,566,283

$

23,688,710

$

18,892,196

(d)

Common Shares

48,572,237

49,243,813

42,610,271

(e)

Common equity to assets ratio (GAAP)

14.29

%

14.31

%

15.25

%

(a/c)

Tangible common equity to tangible assets ratio (Non-GAAP)

9.86

%

9.88

%

10.78

%

(b/d)

Book value per share (GAAP)

$

72.92

$

72.41

$

71.19

(a/e)

Tangible book value per share (Non-GAAP)

$

47.86

$

47.55

$

47.81

(b/e)

APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics

The following table summarizes the impact of noncore items on the Company’s calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated, and the average assets used to calculate return on average assets and operating return on average assets:

(Unaudited, dollars in thousands)

Three Months Ended

March 31
2026

December 31
2025

March 31
2025

Net interest income (GAAP)

$

212,459

$

212,486

$

145,505

Noninterest income (GAAP)

$

40,262

$

41,445

$

32,539

Total revenue (GAAP)

$

252,721

$

253,931

$

178,044

Noninterest expense (GAAP)

$

142,918

$

154,370

$

105,878

Less:

Merger and acquisition expense

3,024

12,348

1,155

Noninterest expense on an operating basis (Non-GAAP)

$

139,894

$

142,022

$

104,723

Average assets

$

24,702,391

$

24,965,043

$

19,460,957

Average common equity (GAAP)

$

3,591,389

$

3,568,036

$

3,032,748

Less: Average goodwill and other intangibles

1,221,201

1,227,889

996,762

Average tangible common equity (Non-GAAP)

$

2,370,188

$

2,340,147

$

2,035,986

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)

Net income (GAAP)

$

79,919

$

75,335

$

44,424

Noninterest expense components

Add - merger and acquisition expenses

3,024

12,348

1,155

Noncore increases to income before taxes

3,024

12,348

1,155

Net taxes associated with noncore items (1)

(830

)

(3,326

)

(325

)

Noncore increases to net income

2,194

9,022

830

Operating net income (Non-GAAP)

$

82,113

$

84,357

$

45,254

(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.

Ratios

Return on average assets (GAAP) (calculated by dividing annualized net income by average assets)

1.31

%

1.20

%

0.93

%

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)

1.35

%

1.34

%

0.94

%

Return on average common equity (GAAP) (calculated by dividing annualized net income by average common equity)

9.02

%

8.38

%

5.94

%

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)

9.27

%

9.38

%

6.05

%

Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)

13.67

%

12.77

%

8.85

%

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)

14.05

%

14.30

%

9.01

%

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by total revenue)

15.93

%

16.32

%

18.28

%

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by total revenue)

15.93

%

16.32

%

18.28

%

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

56.55

%

60.79

%

59.47

%

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

55.36

%

55.93

%

58.82

%

APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Adjusted Margin

(Unaudited, dollars in thousands)

Three Months Ended

March 31, 2026

December 31, 2025

Volume

Interest

Margin Impact

Volume

Interest

Margin Impact

Reported total interest earning assets

$

22,227,686

$

213,921

3.90

%

$

22,484,104

$

213,856

3.77

%

Acquisition fair value marks:

Loan accretion

(9,186

)

(0.17

)%

(6,275

)

(0.11

)%

Nonaccrual interest, net

(54

)

—

%

(1,117

)

(0.02

)%

Other adjustments

(1,626

)

(667

)

(0.01

)%

(1,842

)

(407

)

—

%

Adjusted margin (Non-GAAP)

$

22,226,060

$

204,014

3.72

%

$

22,482,262

$

206,057

3.64

%

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