Independent Bank : First Quarter 2026 Earnings Call Presentation

Published: 2026-04-20 10:06:10 ET INDB

Published on 04/20/2026 at 10:06 am EDT

Parent of Rockland Trust

Company Overview

Strong, Resilient Franchise; Well Positioned for Growth

Safe & Sound

Strong balance sheet

Prudent interest rate and liquidity risk management

Significant capital buffer

Diversified, low-cost deposit base

Experienced commercial lender with conservative credit culture

Proven operator and acquiror

Customer Centric

Full suite of retail banking, commercial banking, and wealth product offerings

Relationship-oriented commercial lending with strong local market knowledge and presence

Exceptional third party customer service recognition in both commercial and retail

Strong brand awareness and reputation

Attractive Market

Top performing MA-based bank with scale and

density

Supported by strong economic growth and vitality in key markets served

Depth of market offers opportunities for continued growth

The Enterprise acquisition added density to existing markets and expands the Rockland franchise into Northern MA and Southern NH

High Performing

Consistent, strong profitability

Focused on maintaining good margins

Fee income contribution from scalable wealth franchise

Efficient cost structure focused on operating leverage

History of organic capital generation

Key Metrics

Highlights

Q1 2026 Financial Highlights

($ in millions, except per share)

Q1'26

Q4'25

Q1'25

Operating(1)

Net

$ 79.9

$ 82.1

$ 75.3

$ 84.4

$ 44.4

$ 45.3

Income

Diluted

$ 1.63

$ 1.68

$ 1.52

$ 1.70

$ 1.04

$ 1.06

EPS

ROAA

1.31%

1.35%

1.20%

1.34%

0.93%

0.94%

ROACE

9.02%

9.27%

8.38%

9.38%

5.94%

6.05%

ROATCE(1)

13.67%

14.05%

12.77%

14.30%

8.85%

9.01%

Net Interest

3.90%

3.72%

3.77%

3.64%

3.42%

3.37%

Margin

Operating EPS of $1.68 for the quarter(1)

Adjusted net interest margin expansion of 8 bps to 3.72%(1); reported margin up 13 bps to 3.90%

Loans decreased $78.3 million, or 0.4%; with core commercial and industrial growth offset by runoff in commercial and residential real estate

Deposits decreased $29.3 million, or 0.1%; driven primarily by seasonality in business operating balances

Stable provision for loan loss of $5.5 million

Capital management:

Approximately 802,000 shares repurchased for $63.3 million

Quarterly dividend of $0.64 reflects an 8.5% increase over prior quarter

Tangible book value per share growth of $0.31(1), or 0.7%

(1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures. 3

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

0.94%

1.23%

1.09%

1.35%

1.34%

2.00%

Operating ROAA(1)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

$1.06

$1.25

$1.68

$1.70

$1.55

$2.00

Operating EPS(1)

Momentum in Earnings Growth & Profitability Enhancement

(1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures. 4

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

5.00%

9.01%

10.00%

10.35%

14.05%

Operating ROATCE(1)

14.30%

13.22%

15.00%

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

1.53%

1.85%

1.78%

1.70%

Operating Pre-Provision Net Revenue ROAA(1)

2.00%

Deposit Balances

March 30

2026

December 31

2025

$ Increase (Decrease)

% Increase (Decrease)

$ 5,633

$ 5,601

$ 32

0.6%

6,311

6,483

(172)

(2.7)%

4,898

4,775

123

2.6%

3,255

3,268

(13)

(0.4)%

$ 20,097

$ 20,127

$ (30)

(0.1)%

(Dollars in millions)

Money market

$ in billions

Time certificates of deposit Total deposits

Cost of deposits

Deposits

Q2 2025 Q3 2025 Q4 2025 Q1 2026

0.00%

$0.0

$5.0

1.00%

1.36%

1.46%

1.58%

1.54%

$10.0

2.00%

$15.0

$15.6

3.00%

$20.0

Average Balances and Cost of Deposits

$20.2 $20.3

(Dollars in millions)

Loan Balances

March 31

2026

$ 4,651

8,181

1,404

14,236

2,842

1,308

4,150

$ 18,426

Commercial and industrial Commercial real estate Commercial construction Total commercial Residential real estate Home equity

Total consumer real estate

$78

Total other consumer Total loans

$ 4,612 $ 39 0.85%

8,275 (94) (1.14)%

1,399 5 0.36%

14,286 (50) (0.35)%

2,873 (31) (1.08)%

1,298 10 0.77%

4,171 (21) (0.50)%

47 (7) (14.89)%

$ 18,504 $(78) (0.42)%

Linked Quarter Change in Commercial Loans

$78

$14,286

$14,236

$(33) $(39) $(56)

Q4 2025

C&I ex. Dealer Finance

CRE ex. Office

Dealer Finance

Office

Q1 2026

$224

$443

$278

$313

Q1 2026 Commercial Loan Commitments/Pipeline

45%

23%

% Loan Commitments

Approved Commercial Loan Pipeline

($ in millions)

$400

$327

$200

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

32%

Institutional CRE Regional Banking

Middle Market C&I

Q1 2026 New Commercial Loan Commitments

($ in millions)

$300

$200

$100

CRE

C&I

Institutional CRE

Middle Market C&I

Regional Banking

Asset Quality

Delinquent Loans/Total Loans

Q2 2025

Q3 2025

NPLs ($Mil)

Q4 2025

Q1 2026

NPL as % of Total Loans

Allowance for Credit Loss &

Delinquency Trends

1.00%

1.03%

1.00%

0.49%

0.50%

0.32%

0.41%

0.20%

0.00%

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Allowance for Credit Losses/Total Loans

3.31%

$56.2

Q2 2025 Q3 2025 Q4 2025 Q1 2026

Criticized & Classified Loans

Criticized & Classified Loans as a % of Total Commercial Loans

$83.6

$96.6

$86.6

$600.0

$450.0

$300.0

$150.0

Commercial Criticized & Classified Loans

($ in millions)

$575.5

$460.2

$518.9

$472.9

4.25%

3.65%

0.25%

4.04%

6.00%

4.50%

3.00%

1.50%

0.52%

0.47%

0.45%

0.39%

Nonperforming Loans ($ in millions)

0.75%

$120

0.50%

$60

Consumer Portfolio

$4.2 billion

Other consumer - 0.9%

Home equity - 31.2%

Residential real estate - 67.9%

$8.0

$7.3

300%

$4.0

Loan Portfolios

295%

$12.0 350%

$9.7 $9.7 $9.6

CRE/Capital *

CRE

($Bil)

Mixed-Use Office - 1.8%

Residential -Related - 16.2%

Office - 11.0%

Industrial/ Warehouse - 10.1%

CRE & Construction Portfolio

$9.6 billion

Healthcare - 1.4% Other - 4.7%

Multi-Family - 29.9%

Retail - 16.7%

Lodging - 8.2%

*Rockland Trust Bank only. Ratio for Q1 2026 is an estimated number

**Reflects capital contribution of $75 million in Q3 2025 related to parent company subordinated debt proceeds

290%

274%

283%

$0.0

250%

Q2 2025 Q3 2025** Q4 2025 Q1 2026

C&I Portfolio

$4.7 billion

All Other - 23.9%

Retail Trade - 16.3%

Educational Services - 4.1%

Real Estate/Rental and Leasing - 9.5%

Accommodation and Food Services -8.4%

Construction - 10.0%

Manufacturing - 9.4%

Health Care and Social Assistance -9.2%

Wholesale Trade - 9.2%

Focal Point | CRE Office (inclusive of construction)

Maturity Schedule

($ in millions)

Matured

2026 Q2

2026 Q3

2026 Q4

2027

2028

2029+

Total

Pass Rating

$0.2

$33.2

$12.7

$29.3

$157.2

$81.9

$543.4

$857.9

Criticized

19.9

54.2

33.6

3.1

13.7

124.5

Classified

13.7

17.7

31.2

62.6

Total

$13.9

$33.2

$32.6

$101.2

$190.8

$85.0

$588.3

$1,045.0

% of Total

1.3%

3.2%

3.1%

9.7%

18.3%

8.1%

56.3%

100%

Top 20 Borrowers

($ in millions)

Total Avg Loan

Class A

$299.4 $25.0

Class B/C

150.4 21.5

Medical

26.3 26.3

$476.1 $23.8

Criticized $67.1

Classified (perf) -

Nonperforming 39.9

Top 20 loans are actively managed

All Others

($ in millions)

Total Avg Loan

Class A

$158.0 $4.9

Class B/C

321.6 1.5

Medical

89.3 2.3

$568.9 $2.0

Criticized $57.4

Classified (perf) 8.7

Nonperforming 13.9

Majority is Rockland Trust Company originated, conservative underwriting

Total Portfolio

($ in millions)

Total Avg Loan

Class A $457.4 $10.4

Class B/C 472.0 2.1

Medical 115.6 2.9

$1,045.0 $3.5

Criticized $124.5

Classified (perf) 8.7

Nonperforming 53.8

Primarily Massachusetts based

CRE & Construction

Portfolio

Other CRE &

$9.6 billion

Construction - 89.1%

Office ($1.045B) - 10.9%

-32bp -0bp -4bp -39bp -26bp

7/1/25 - Enterprise Acquisition

Net Interest Margin Dynamics

(1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures. 11

1.73%

5.58%

1.67%

2.00%

2.32%

2.25%

3.08%

2.96%

2.84%

4.00%

5.56%

Funding costs

1.72%

1.60%

1.52%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Security yields

Adjusted loan yields(1)

3.54%

26%

35%

39%

Fixed Rate

Floating Rate Variable Rate

Total Loan Portfolio Rate Characteristics

4.00%

3.80%

3.60%

3.40%

3.20%

3.00%

Net Interest Margin

3.77%

3.62%

3.90%

3.42%

3.37%

3.72%

5.60%

3.64%

3.37%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Reported NIM

Adjusted NIM(1)

8.00%

Trend in Asset Yields vs. Funding Costs

Avg. Fed Funds Impact

6.00%

5.44%

5.49%

Noninterest Income

($ in thousands)

Q1 2026

Q4 2025

Deposit account fees

$ 9,249

$ 9,100

Interchange and ATM fees

5,018

5,381

Investment management and advisory

14,165

13,793

Mortgage banking income

1,270

1,274

Increase in cash surrender value of life insurance policies

2,712

2,702

Gain on life insurance benefits

346

315

Loan level derivative income

910

1,232

Other noninterest income

6,592

7,648

Total noninterest income

$ 40,262

$ 41,445

Q1 2026

$ 80,737

17,306

3,259

3,328

6,890

3,024

28,374

$ 142,918

3,024

$ 139,894

($ in thousands)

Salaries and employee benefits

Occupancy and equipment expenses

Data processing and facilities management

FDIC assessment

Amortization of intangible assets Merger and acquisition expense Other noninterest expenses

Total noninterest expenses

Reconciliation of operating noninterest expense (Non-GAAP):

expense

(Non-GAAP)

Less: merger and acquisition Operating noninterest expense

Q4 2025

$ 81,580

15,604

2,967

4,059

7,054

12,348

30,758

$ 154,370

12,348

$ 142,022

Noninterest Expense

Noninterest Income/Expense

($ in thousands)

Q1 2026

Q4 2025

% Change

Assets under administration

$ 9,172,082

$ 9,217,333

(0.5)%

Asset based revenue

12,451

12,071

3.1%

Other revenue:

Retail commission revenue

831

1,386

Insurance commission revenue

485

127

Other advisory revenue

398

209

Total reported revenue

$ 14,165

$ 13,793

2.7%

Focal Point | Investment Management and Advisory

$ in millions

*Reflects approximately $1.5 billion in acquired balances from Enterprise

Q1 2026

Q4 2025

Q3 2025*

Q2 2025

$2,500

$5,000

$7,361

$7,500

$9,172

Assets Under Administration

$9,220 $9,217

$10,000

Securities Portfolio

Fair Value

Available for Sale (AFS) Held to Maturity (HTM)

Value

Portfolio Composition at March 31, 2026 Book

Unrealized Gain/(Loss)

Book Value

Unrealized Gain/(Loss)

($ in millions)

U.S. government agency securities

$ 229

$ 219

$ (10)

$ -

U.S. treasury securities

436

422

(14)

101

(4)

Agency mortgage-backed securities

945

920

(25)

686

649

(37)

Agency collateralized mortgage obligations

268

260

(8)

360

314

(46)

Municipal securities

229

230

Other

(5)

109

105

(4)

Total securities

$ 2,148

$ 2,088

$ (61)

$ 1,256

$ 1,166

$ (91)

Duration of portfolio

3.8 Years

3.4 Years

2026 Cash Flow

($ in millions)

($ in millions) $ Amount Yield

Rockland Trust

$ 549

1.75%

Former Enterprise

5.07%

Total $ 586 1.96%

Projected Cash Flows

$1,000

$800

$750

$586

$508

$500

$250

2026 (Q2-Q4)

2027

2028

Direction

Guidance

Metric

2026 Expectations

Loan Growth

Updated

Deposit Growth

No change

Commercial and Industrial: Mid-single digit percentage increase

2026 Guidance

Commercial real estate and Construction: Flat to low-single digit percentage increase

Consumer: flat to low-single digit percentage increase

Core deposits: low to mid-single digit percentage increase

Time deposits: flat to low-single digit percentage decrease

Net Interest Margin

Updated

Consistent margin expansion expected throughout 2026, with a fourth quarter target range of 3.90%-3.95%. This range assumes 0.10% from purchase loan accretion

Assumes 5, 7, and 10 year treasury rates stay consistent with current levels

Neutral to any anticipated Federal Reserve action in 2026

Asset Quality No change

Non-interest Income No change

Stable asset quality metrics

Low-single digit percentage increase expected vs. 2025 2nd half annualized results

Non-interest Expense

No change

Core operating expenses in the $550 - $555 million range

$4 - $5 million of one-time, non-capitalizable costs related to core system upgrade

Tax Rate

No change

23.50% - 24.00%

Forward Looking Statements

This presentation 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," "outlook," "projected," "future," "positioned," "continued," "will," "would," "potential," "anticipated," "guidance," "target" 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 earnings presentation, you should carefully consider the Risk Factors.

Non-GAAP Financial Measures

This presentation contains 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 pre-provision net revenue return on average assets, operating return on average common equity, operating return on average tangible common equity, operating noninterest expense, adjusted net interest margin ("adjusted NIM" or "adjusted margin") and the associated adjusted loan yield, tangible book value per share, tangible common equity ratio and return on average tangible common equity.

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 low-yielding loans originated through government programs in response to the pandemic, or 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 pre-provision net revenue return on average assets, operating return on average common equity, operating return on average tangible common equity, operating noninterest expense, 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.

Appendix

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

March 31

2026

December 31

2025

March 31

2025

Tangible common equity

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)

Common Shares

48,572,237

49,243,813

42,610,271

(c)

Book value per share (GAAP)

$ 72.92

$ 72.41

$ 71.19

(a/c)

Tangible book value per share (Non-GAAP)

$ 47.86

$ 47.55

$ 47.81

(b/c)

Non-GAAP Reconciliation of Capital Metrics

(Unaudited, dollars in thousands) Three Months Ended

March 31

2026

December 31

2025

September 30

2025

June 30

2025

March 31

2025

Net interest income (GAAP) $ 212,459 $ 212,486 $ 203,344 $ 147,496 $ 145,505

Noninterest income (GAAP) $ 40,262 $ 41,445 $ 40,398 $ 34,308 $ 32,539

Total revenue (GAAP) $ 252,721 $ 253,931 $ 243,742 $ 181,804 $ 178,044

Noninterest expense (GAAP) $ 142,918 $ 154,370 $ 160,836 $ 108,798 $ 105,878

Less: Merger and acquisition expense 3,024 12,348 23,893 2,239 1,155 Noninterest expense on an operating basis (Non-GAAP) $ 139,894 $ 142,022 $ 136,943 $ 106,559 $ 104,723

Average assets $ 24,702,391 $ 24,965,043 $ 24,930,449 $ 19,743,746 $ 19,460,957

Average common equity (GAAP) $ 3,591,389 $ 3,568,036 $ 3,557,840 $ 3,067,050 $ 3,032,748

Less: Average goodwill and other intangibles 1,221,201 1,227,889 1,236,109 995,380 996,762

Average tangible common equity (Non-GAAP) $ 2,370,188 $ 2,340,147 $ 2,321,731 $ 2,071,670 $ 2,035,986

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

Net income (GAAP) $ 79,919 $ 75,335 $ 34,262 $ 51,101 $ 44,424

Provision for non-PCD acquired loans - - 34,519 - - Noninterest expense components

Add - merger and acquisition expenses 3,024 12,348 23,893 2,239 1,155

Noncore increases to income before taxes 3,024 12,348 58,412 2,239 1,155

Net taxes associated with noncore items (1) (830) (3,326) (15,320) (544) (325) Add - adjustment for tax effect of previously incurred merger and acquisition expenses - - - 657 - Total tax impact (830) (3,326) (15,320) 113 (325)

Noncore increases to net income 2,194 9,022 43,092 2,352 830

Operating net income (Non-GAAP) $ 82,113 $ 84,357 $ 77,354 $ 53,453 $ 45,254

Weighted average common shares (diluted) 48,999,745 49,476,340 49,957,007 42,641,131 42,572,627

Diluted earnings per share (GAAP) $ 1.63 $ 1.52 $ 0.69 $ 1.20 $ 1.04

Diluted earnings per share, on an operating basis (Non-GAAP) $ 1.68 $ 1.70 $ 1.55 $ 1.25 $ 1.06

Ratios

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

1.31%

1.20%

0.55%

1.04%

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%

1.23%

1.09%

0.94%

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

common equity)

9.02%

8.38%

3.82%

6.68%

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%

8.63%

6.99%

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%

5.85%

9.89%

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%

13.22%

10.35%

9.01%

(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.

Disclaimer

Independent Bank Corp. published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 20, 2026 at 14:05 UTC.