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Independent Bank Corp (NASDAQ: INDB) lifts Q2 EPS to $1.70 on higher income

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Independent Bank Corp. reported Q2 2026 net income of $81.8 million, or $1.70 per diluted share, up from $79.9 million ($1.63) in Q1 2026 and $51.1 million ($1.20) in Q2 2025. Return on average assets was 1.34%, and return on average common equity was 9.24%, with return on average tangible common equity of 14.05%.

Net interest income was $210.9 million. The reported net interest margin was 3.85%, while the adjusted margin excluding purchase accounting accretion and other non-core items rose to 3.76%. Deposits increased 1.5% sequentially to $20.4 billion, loans were $18.4 billion, and wealth management assets under administration reached $9.5 billion.

Asset quality metrics included nonperforming loans of $103.6 million, or 0.56% of total loans, and net charge-offs of $0.9 million, or 0.02% of average loans annualized. The allowance for credit losses on loans was $195.9 million, or 1.06% of total loans. The company repurchased approximately 964,000 shares for $75.0 million, and tangible book value per share increased to $48.34.

Positive

  • Quarterly net income rose 60.15% year over year to $81.8 million, with diluted EPS increasing to $1.70 and operating return on average tangible common equity reaching 14.05%.
  • Net interest income grew 43.01% year over year to $210.9 million, while adjusted net interest margin improved to 3.76% despite funding costs holding at 1.52%.
  • Total deposits increased to $20.4 billion, up 1.47% sequentially and 28.30% year over year, with core deposits comprising 84.1% of total deposits and noninterest-bearing demand deposits representing 28.0%.

Negative

  • Nonperforming loans increased to $103.6 million, or 0.56% of total loans, versus 0.39% a year earlier, and allowance coverage of nonperforming loans declined to 189.02% from 257.53%.

Filing Explained

The completed buyback reduced reported shares, while $151 million remains authorized but is not a committed future purchase.

This Form 8-K, a filing used to report specified material events, furnishes Independent Bank Corp.’s completed second-quarter results and earnings presentation on July 16, 2026; the disclosed share-repurchase plan still has unused capacity.

The filing states that the Item 2.02 earnings materials and Item 7.01 presentation are furnished and are not deemed filed under Section 18, while common shares were reported at 47,618,626 on June 30, 2026 versus 48,572,237 on March 31, 2026.

As of June 30, 2026, $151 million remained under the $200 million repurchase authorization; that figure is authorization capacity, not a stated obligation to spend it.

The presentation updated 2026 core operating-expense guidance to $553–$557 million and identified $5–$6 million of expected one-time, non-capitalizable core-system-upgrade costs; these are forward-looking amounts rather than costs already incurred.

The named milestone for management’s discussion of the results and guidance is the earnings call scheduled for July 17, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net Income Q2 2026 $81.838 million Quarter ended June 30, 2026 net income, up 2.40% vs Q1 2026 and 60.15% vs Q2 2025
Diluted EPS Q2 2026 $1.70 per share Quarter ended June 30, 2026 diluted earnings per share, up from $1.63 in Q1 2026 and $1.20 in Q2 2025
Net Interest Income Q2 2026 $210.927 million Net interest income for the quarter ended June 30, 2026, up 43.01% year over year
Net Interest Margin Q2 2026 3.85% Reported net interest margin (FTE) for the quarter ended June 30, 2026, 5 bps lower than Q1 2026
Adjusted Net Interest Margin Q2 2026 3.76% Adjusted margin excluding purchase accounting accretion and other items for Q2 2026, up from 3.72% in Q1 2026
Total Deposits $20.392 billion Total deposits at June 30, 2026, up 1.47% from March 31, 2026 and 28.30% from June 30, 2025
Nonperforming Loans Ratio 0.56% of total loans Nonperforming loans as a percentage of total loans at June 30, 2026, compared with 0.52% at March 31, 2026 and 0.39% at June 30, 2025
Common Equity Tier 1 Capital Ratio 12.80% Estimated CET1 capital ratio at June 30, 2026
net interest margin financial
"The Company’s net interest margin of 3.85% decreased 5 basis points compared to the prior quarter"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
tangible book value per share financial
"Tangible book value per share of $48.34 at June 30, 2026 grew by $0.48"
Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.
allowance for credit losses financial
"The allowance for credit losses on total loans increased to $195.9 million at June 30, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
nonperforming loans financial
"Nonperforming loans increased to $103.6 million at June 30, 2026"
Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.
criticized and classified commercial loans financial
"Total criticized and classified commercial loans of $545.6 million, or 3.9% of total commercial loans"
Net income $81.8 million Up 2.40% vs Q1 2026 and 60.15% vs Q2 2025
Diluted EPS $1.70 Up from $1.63 in Q1 2026 and $1.20 in Q2 2025
Net interest income $210.9 million Down 0.72% vs Q1 2026; up 43.01% vs Q2 2025
Return on average assets 1.34% Compared with 1.31% in Q1 2026 and 1.04% in Q2 2025
Return on average tangible common equity 14.05% Compared with 13.67% in Q1 2026 and 9.89% in Q2 2025
Net interest margin (FTE) 3.85% Down from 3.90% in Q1 2026 and up from 3.37% in Q2 2025
Guidance

For 2026, the company outlines expectations including mid-single digit Commercial and Industrial loan growth, low- to mid-single digit core deposit growth, core operating expenses of $553–$557 million plus $5–$6 million of one-time core system upgrade costs, stable asset quality metrics, and core margin expansion targeting a Q4 net interest margin range of 3.90%–3.95%, assuming 0.10% from purchase loan accretion.

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FAQ

What were Independent Bank Corp (INDB)'s Q2 2026 earnings?
Independent Bank Corp reported Q2 2026 net income of $81.8 million, or $1.70 per diluted share. This compares with $79.9 million ($1.63) in Q1 2026 and $51.1 million ($1.20) in Q2 2025, reflecting significantly higher profitability year over year.

How did Independent Bank Corp (INDB)'s net interest margin perform in Q2 2026?
Reported net interest margin was 3.85% in Q2 2026, down 5 basis points from Q1 2026. Excluding purchase accounting accretion and other non-core items, the adjusted margin increased 4 basis points to 3.76%, showing underlying margin expansion despite stable funding costs of 1.52%.

What were INDB's loan and deposit balances as of June 30, 2026?
As of June 30, 2026, total loans were $18.394 billion, down 0.17% sequentially, while total deposits were $20.392 billion, up 1.47% from March 31, 2026. Noninterest-bearing demand deposits were $5.710 billion, representing 28.0% of total deposits.

How strong was Independent Bank Corp (INDB)'s asset quality in Q2 2026?
Nonperforming loans totaled $103.6 million, or 0.56% of total loans, versus 0.52% in Q1 2026. Net charge-offs were low at $0.9 million, or 0.02% of average loans annualized. The allowance for credit losses on loans was $195.9 million, or 1.06% of total loans.

Did Independent Bank Corp (INDB) repurchase shares during Q2 2026?
Yes. Independent Bank Corp repurchased approximately 964,000 shares for $75.0 million in Q2 2026 at an average price of $77.79 per share. As of June 30, 2026, about $151 million remained under its $200 million stock buyback authorization adopted April 30, 2026.

What capital and tangible book metrics did INDB report for Q2 2026?
At June 30, 2026, the estimated common equity tier 1 capital ratio was 12.80%. The tangible common equity to tangible assets ratio was 9.69%. Book value per share was $73.76, and tangible book value per share was $48.34, up $0.48 sequentially.
7/16/20260000776901false00007769012026-07-162026-07-160000776901dei:MailingAddressMember2026-07-162026-07-16


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15 (d) of
The Securities and Exchange Act of 1934

DATE OF REPORT:
July 16, 2026
(Date of Earliest Event Reported)

Massachusetts
(State or Other Jurisdiction of Incorporation)
1-904704-2870273
(Commission File Number)(I.R.S. Employer identification No.)
INDEPENDENT BANK CORP.
Office Address:2036 Washington Street,Hanover,Massachusetts02339
Mailing Address:288 Union Street,Rockland,Massachusetts02370
(Address of principal executive offices, including zip code)

NOT APPLICABLE
(Former Address of Principal Executive Offices)

(781)-878-6100
(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading SymbolName of each exchange on which registered
Common Stock, $.01 par value per shareINDBNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17CFR 230.405)) or Rule 12b-2 of the Exchange Act (17CFR 240.12b-2).
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐



ITEM 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 16, 2026 Independent Bank Corp. (the "Company") announced by press release its earnings for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02 (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section.

ITEM 7.01REGULATION FD DISCLOSURE
The Company is furnishing presentation materials to be discussed during its earnings conference call which are included as Exhibit 99.2 to this report pursuant to Item 7.01.

The information in this Item 7.01 (including Exhibit 99.2) shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.

ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS

d. The following exhibits are included with this Report:
Exhibit Index
Exhibit #Exhibit Description
99.1
Q2 2026 Earnings Press Release dated July 16, 2026
99.2
Q2 2026 Earnings Presentation
101The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
104Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101)







SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned and hereunto duly authorized.
INDEPENDENT BANK CORP.
Date:July 16, 2026By:/s/Mark J. Ruggiero
MARK J. RUGGIERO
CHIEF FINANCIAL OFFICER



























Exhibit 99.1

indblogoa55.jpg

Shareholder Relations                 NEWS RELEASE
288 Union Street
Rockland, Ma. 02370

INDEPENDENT BANK CORP. REPORTS SECOND QUARTER NET INCOME OF $81.8 MILLION


Rockland, Massachusetts (July 16, 2026) - 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.
1




•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.

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•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
3



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.

(1)Represents a non-GAAP measure. See Appendices A through C for reconciliation of the corresponding GAAP measures.
4





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
5



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
6



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.

Contacts:

Jeffrey Tengel
President and Chief Executive Officer
(781) 982-6144
                
Mark J. Ruggiero
7



Chief Financial Officer and
Executive Vice President of Consumer Lending
(781) 982-6281

Investor Relations:
Gerry Cronin
Director of Investor Relations
(774) 363-9872
Gerard.Cronin@rocklandtrust.com


Category: Earnings Releases
8




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 2026Jun 2025
Assets
Cash and due from banks$251,971 $223,291 $219,414 12.84 %14.84 %
Interest-earning deposits with banks749,255 505,687 681,820 48.17 %9.89 %
Securities
Trading4,835 5,525 4,801 (12.49)%0.71 %
Equities21,602 21,518 21,258 0.39 %1.62 %
Available for sale2,075,972 2,088,365 1,286,318 (0.59)%61.39 %
Held to maturity1,210,310 1,256,566 1,382,903 (3.68)%(12.48)%
Total securities3,312,719 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 construction1,464,449 1,403,613 798,808 4.33 %83.33 %
Total commercial14,139,375 14,236,406 10,840,269 (0.68)%30.43 %
Residential real estate2,870,277 2,842,144 2,489,166 0.99 %15.31 %
Home equity1,342,797 1,307,746 1,168,097 2.68 %14.96 %
Total consumer real estate4,213,074 4,149,890 3,657,263 1.52 %15.20 %
Other consumer41,878 39,182 36,296 6.88 %15.38 %
Total loans18,394,327 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 loans18,198,428 18,234,918 14,389,055 (0.20)%26.47 %
Federal Home Loan Bank stock13,631 17,752 21,052 (23.21)%(35.25)%
Bank premises and equipment, net217,877 217,695 188,883 0.08 %15.35 %
Goodwill 1,090,610 1,090,610 985,072 — %10.71 %
Other intangible assets119,896 126,687 9,742 (5.36)%1,130.71 %
Cash surrender value of life insurance policies381,230 380,423 305,077 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 checking6,503,521 6,310,870 5,279,280 3.05 %23.19 %
Money market4,929,495 4,898,267 3,368,354 0.64 %46.35 %
Time certificates of deposit3,249,455 3,255,294 2,720,199 (0.18)%19.46 %
Total deposits20,392,118 20,097,510 15,893,740 1.47 %28.30 %
Borrowings
Federal Home Loan Bank and other borrowings216,719 316,734 400,500 (31.58)%(45.89)%
Line of credit, net124,984 99,969 — 25.02 %100.00%
Junior subordinated debentures, net62,864 62,863 62,861 — %— %
Subordinated debentures, net296,898 296,690 296,067 0.07 %0.28 %
Total borrowings701,465 776,256 759,428 (9.63)%(7.63)%
Total deposits and borrowings21,093,583 20,873,766 16,653,168 1.05 %26.66 %
Other liabilities367,948 367,773 320,910 0.05 %14.66 %
Total liabilities21,461,531 21,241,539 16,974,078 1.04 %26.44 %
Stockholders’ equity
Common stock473 483 424 (2.07)%11.56 %
Additional paid in capital2,201,250 2,272,910 1,914,556 (3.15)%14.97 %
9



Retained earnings1,369,306 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' equity3,512,363 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 2026Jun 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 securities26,200 25,374 15,881 3.26 %64.98 %
Interest and fees on loans260,249 260,982 197,778 (0.28)%31.59 %
Interest on loans held for sale210 252 140 (16.67)%50.00 %
Total interest income289,292 290,265 218,192 (0.34)%32.59 %
Interest expense
Interest on deposits67,641 66,935 59,843 1.05 %13.03 %
Interest on borrowings10,724 10,871 10,853 (1.35)%(1.19)%
Total interest expense78,365 77,806 70,696 0.72 %10.85 %
Net interest income210,927 212,459 147,496 (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 losses204,677 206,959 140,296 (1.10)%45.89 %
Noninterest income
Deposit account fees9,393 9,249 7,141 1.56 %31.54 %
Interchange and ATM fees5,686 5,018 4,997 13.31 %13.79 %
Investment management and advisory14,961 14,165 11,380 5.62 %31.47 %
Mortgage banking income1,174 1,270 1,072 (7.56)%9.51 %
Increase in cash surrender value of life insurance policies2,636 2,712 2,038 (2.80)%29.34 %
Gain on life insurance benefits672 346 1,650 94.22 %(59.27)%
Loan level derivative income1,317 910 66 44.73 %1,895.45 %
Other noninterest income6,552 6,592 5,964 (0.61)%9.86 %
Total noninterest income42,391 40,262 34,308 5.29 %23.56 %
Noninterest expenses
Salaries and employee benefits79,088 80,737 62,856 (2.04)%25.82 %
Occupancy and equipment expenses16,170 17,306 13,158 (6.56)%22.89 %
Data processing and facilities management3,208 3,259 2,783 (1.56)%15.27 %
FDIC assessment3,158 3,328 2,373 (5.11)%33.08 %
Amortization of intangible assets6,791 6,890 1,197 (1.44)%467.34 %
Merger and acquisition expense— 3,024 2,239 (100.00)%(100.00)%
Other noninterest expenses31,857 28,374 24,192 12.28 %31.68 %
Total noninterest expenses140,272 142,918 108,798 (1.85)%28.93 %
Income before income taxes106,796 104,303 65,806 2.39 %62.29 %
Provision for income taxes24,958 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 equivalents22,344 29,685 17,153 
10



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 %

11



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 securities51,574 31,178 65.42 %
Interest and fees on loans521,231 392,871 32.67 %
Interest on loans held for sale462 232 99.14 %
Total interest income579,557 430,112 34.75 %
Interest expense
Interest on deposits134,576 119,279 12.82 %
Interest on borrowings21,595 17,832 21.10 %
Total interest expense156,171 137,111 13.90 %
Net interest income423,386 293,001 44.50 %
Provision for credit losses11,750 22,200 (47.07)%
Net interest income after provision for credit losses411,636 270,801 52.01 %
Noninterest income
Deposit account fees18,642 14,194 31.34 %
Interchange and ATM fees10,704 9,619 11.28 %
Investment management and advisory29,126 22,600 28.88 %
Mortgage banking income2,444 1,813 34.80 %
Increase in cash surrender value of life insurance policies5,348 4,103 30.34 %
Gain on life insurance benefits1,018 1,650 (38.30)%
Loan level derivative income2,227 1,108 100.99 %
Other noninterest income13,143 11,760 11.76 %
Total noninterest income82,652 66,847 23.64 %
Noninterest expenses
Salaries and employee benefits159,825 124,787 28.08 %
Occupancy and equipment expenses33,476 27,017 23.91 %
Data processing and facilities management6,467 5,425 19.21 %
FDIC assessment6,486 5,361 20.98 %
Amortization of intangible assets13,681 2,541 438.41 %
Merger and acquisition expense3,024 3,394 (10.90)%
Other noninterest expenses60,230 46,151 30.51 %
Total noninterest expenses283,189 214,676 31.91 %
Income before income taxes211,099 122,972 71.66 %
Provision for income taxes49,342 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 equivalents26,014 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 taxes3,024 3,394 
12



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 income2,194 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 %




13



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 loans64,544 64,851 28,717 
Commercial construction loans2,925 698 — 
Residential real estate loans20,305 15,593 10,013 
Home equity6,648 7,011 3,765 
Other consumer16 37 5 
Total nonperforming loans 103,642 96,643 56,217 
Other real estate owned206 2,100 2,100 
Total nonperforming assets$103,848 $98,743 $58,317 
Nonperforming loans/gross loans0.56 %0.52 %0.39 %
Nonperforming assets/total assets0.42 %0.40 %0.29 %
Allowance for credit losses/nonperforming loans189.02 %197.18 %257.53 %
Allowance for credit losses/total loans1.06 %1.03 %1.00 %
Delinquent loans/total loans0.43 %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 nonperforming28,377 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 owned206 — 2,100 
Sale of other real estate owned(2,100)— — 
Other19 28 15 
Nonperforming assets ending balance$103,848 $98,743 $58,317 


14




Net Charge-Offs (Recoveries)
Three Months EndedSix 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 loans58 4,034 3,347 4,092 43,343 
Home equity(43)(12)(49)(55)29 
Other consumer432 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 deposits90.20 %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.




    
















15








INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited, dollars in thousands)Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
InterestInterestInterest
Average Earned/Yield/Average Earned/Yield/Average Earned/Yield/
BalancePaid (1)RateBalancePaid (1)RateBalancePaid (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 investments3,344,236 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 sale15,109 210 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 commercial14,235,414 207,418 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 equity1,327,930 19,847 5.99 %1,300,202 19,429 6.06 %1,160,123 18,144 6.27 %
Total consumer real estate4,177,559 53,621 5.15 %4,156,774 54,932 5.36 %3,631,933 46,223 5.10 %
Other consumer42,086 667 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 banks226,735 228,015 196,147 
Federal Home Loan Bank stock16,942 20,474 22,900 
Other assets2,196,868 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 deposits3,231,355 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 borrowings296,624 2,780 3.76 %380,062 3,596 3.84 %432,392 4,233 3.93 %
Line of Credit104,096 1,423 5.48 %54,404 755 5.63 %— — — %
Junior subordinated debentures62,863 876 5.59 %62,863 874 5.64 %62,861 976 6.23 %
Subordinated debentures296,778 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 %
16



Noninterest-bearing demand deposits5,552,302 5,498,339 4,372,122 
Other liabilities332,250 353,886 297,698 
Total liabilities$21,024,980 $21,111,002 $16,676,696 
Stockholders’ equity3,550,702 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 deposits1.36 %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 liabilities1.52 %1.52 %1.73 %
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.5 million for both the three months ended June 30, 2026 and March 31, 2026, and $1.2 million for the three months ended June 30, 2025, 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.




17



Six Months Ended
June 30, 2026June 30, 2025
InterestInterest
AverageEarned/Yield/AverageEarned/Yield/
BalancePaidRateBalancePaidRate
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 investments3,334,797 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 sale17,290 462 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 commercial14,242,716 414,236 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 equity1,314,142 39,276 6.03 %1,150,212 35,918 6.30 %
Total consumer real estate4,167,223 108,553 5.25 %3,618,370 91,713 5.11 %
Other consumer42,934 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 banks227,372 196,838 
Federal Home Loan Bank stock18,698 25,260 
Other assets2,211,460 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 deposits3,250,189 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 borrowings338,112 6,376 3.80 %489,733 9,799 4.03 %
Line of Credit79,388 2,178 5.53 %— — — %
Junior subordinated debentures62,863 1,750 5.61 %62,861 1,950 6.26 %
Subordinated debentures296,676 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 deposits5,525,470 4,358,950 
Other liabilities343,008 310,641 
Total liabilities$21,067,753 $16,553,139 
Stockholders’ equity3,570,933 3,049,994 
Total liabilities and stockholders’ equity$24,638,686 $19,603,133 
18



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 deposits1.36 %1.55 %
Total funding liabilities, including demand deposits$20,724,745 $156,171 $16,242,498 $137,111 
Cost of total funding liabilities1.52 %1.70 %
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $2.9 million and $2.3 million for the six months ended June 30, 2026 and 2025, respectively.
(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.

Certain amounts in prior year financial statements have been reclassified to conform to the current year’s presentation.

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 intangibles1,210,506 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 intangibles1,210,506 1,217,297 994,814 
Tangible assets (Non-GAAP)$23,763,388 $23,566,283 $19,054,120 (d)
Common Shares47,618,626 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)

19



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 EndedSix 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 intangibles1,214,434 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 %
20



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 %
21



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


(Unaudited, dollars in thousands)Three Months Ended
June 30, 2026March 31, 2026
VolumeInterestMargin Impact Volume InterestMargin 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, net143 — %(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 %

22
Exhibit 99.2 Q2 2026 Earnings Presentation July 16, 2026

 

2 Safe & Sound 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 demographics 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 Strong, Resilient Franchise; Well Positioned for Growth 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 • 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 Company Overview

 

3 ($ in millions, except per share) Q2’26 Q2’26 Operating(1) Q1’26 Q1’26 Operating(1) Q2’25 Q2’25 Operating(1) Net Income $ 81.8 $ 81.8 $ 79.9 $ 82.1 $ 51.1 $ 53.5 Diluted EPS $ 1.70 $ 1.70 $ 1.63 $ 1.68 $ 1.20 $ 1.25 ROAA 1.34% 1.34% 1.31% 1.35% 1.04% 1.09% ROACE 9.24% 9.24% 9.02% 9.27% 6.68% 6.99% ROATCE(1) 14.05% 14.05% 13.67% 14.05% 9.89% 10.35% Net Interest Margin 3.85% 3.76% 3.90% 3.72% 3.37% 3.37% Q2 2026 Financial Highlights Key Metrics Highlights • Operating EPS of $1.70 for the quarter(1) • Adjusted net interest margin expansion of 4 bps to 3.76%(1) • Loans decreased $31.2 million, or 0.2%; with commercial and industrial and consumer growth offset by runoff in commercial real estate • Minimal net charge-offs; stable provision for loan loss • Deposits increased $294.6 million, or 1.5% • Wealth AUA increased to $9.5 billion • Fee income increased 5.3% • Approximately 964,000 shares repurchased for $75 million • Tangible book value per share growth of $0.48(1), or 1.0% (1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures.

 

4 Earnings Growth & Profitability Enhancement (1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures. Operating Pre-Provision Net Revenue ROAA 1.53% 1.70% 1.78% 1.85% 1.85% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 —% 2.00% Operating ROAA 1.09% 1.23% 1.34% 1.35% 1.34% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 —% 2.00% Operating ROATCE 10.35% 13.22% 14.30% 14.05% 14.05% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 —% 5.00% 10.00% 15.00% Operating EPS $1.25 $1.55 $1.70 $1.68 $1.70 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $2.00 (1) (1) (1) (1)

 

5 Deposit Balances (Dollars in millions) June 30 2026 March 31 2026 $ Increase (Decrease) % Increase (Decrease) Deposit Product Type Noninterest-bearing demand deposits $ 5,710 $ 5,633 $ 77 1.4% Savings and interest checking 6,504 6,311 193 3.1% Money market 4,929 4,898 31 0.6% Time certificates of deposit 3,249 3,255 (6) (0.2)% Total deposits $ 20,392 $ 20,097 $ 295 1.5% $ in b ill io ns Average Balances and Cost of Deposits $20.2 $20.3 $20.0 $19.9 1.58% 1.46% 1.36% 1.36% Deposits Cost of deposits Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0.0 $5.0 $10.0 $15.0 $20.0 0.00% 1.00% 2.00% 3.00% Deposit Composition DDA -28% Savings/Int. Checking - 32% Money Market - 24% Time Deposits - 16%

 

6 Linked Quarter Change in Commercial Loans $14,236 $116 $(155) $(37) $(21) $14,139 Q1 2026 C&I ex. Dealer Finance CRE ex. Office C&I - Dealer Finance CRE - Office Q2 2026 Loan Balances (Dollars in millions) June 30 2026 March 31 2026 $ Increase (Decrease) % Increase (Decrease) Loan Category Commercial and industrial $ 4,731 $ 4,651 $ 80 1.7% Commercial real estate 7,944 8,181 (237) (2.9)% Commercial construction 1,464 1,404 60 4.3% Total commercial 14,139 14,236 (97) (0.7)% Residential real estate 2,870 2,842 28 1.0% Home equity 1,343 1,308 35 2.7% Total consumer real estate 4,213 4,150 63 1.5% Total other consumer 42 40 2 5.0% Total loans $ 18,394 $ 18,426 $(32) (0.2)% $116

 

7 Q2 2026 New Commercial Loan Commitments ($ in millions) Institutional CRE Middle Market C&I Regional Banking CRE C&I $— $100 $200 $300 Q2 2026 New Commercial Loan Commitments/Pipeline % Loan Commitments 31% 13% 56% Institutional CRE Middle Market C&I Regional Banking Approved Commercial Loan Pipeline ($ in millions) $327 $443 $278 $313 $510 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $200 $400

 

8 Nonperforming Loans ($ in millions) $86.6 $83.6 $96.6 $103.6 0.47% 0.45% 0.52% 0.56% NPLs ($Mil) NPL as % of Total Loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 0.25% 0.50% 0.75% $0 $60 $120 Commercial Criticized & Classified Loans ($ in millions) $518.9 $472.9 $575.5 $545.6 3.65% 3.31% 4.04% 3.86% Criticized & Classified Loans Criticized & Classified Loans as a % of Total Commercial Loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $150.0 $300.0 $450.0 $600.0 —% 1.50% 3.00% 4.50% 6.00% Asset Quality Allowance for Credit Loss & Delinquency Trends 1.03% 1.03% 1.03% 1.06% 0.49% 0.32% 0.41% 0.43% Allowance for Credit Losses/Total Loans Delinquent Loans/Total Loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 0.00% 0.50% 1.00%

 

9 95% CRE & Construction Portfolio $9.4 billion Multi-Family - 30.5% Residential - Related - 16.2% Office - 11.0%Mixed-Use Office - 1.9% Industrial/ Warehouse - 9.7% Lodging - 8.5% Retail - 16.8% Healthcare - 0.9% Other - 4.5% C&I Portfolio $4.7 billion Retail Trade - 15.6% Real Estate/Rental and Leasing - 9.2% Construction - 10.1% Health Care and Social Assistance - 8.9% Wholesale Trade - 9.8% Manufacturing - 8.2% Accommodation and Food Services - 8.2% Educational Services - 4.0% All Other - 26.0% Consumer Portfolio $4.3 billion Residential real estate - 67.5% Home equity - 31.6% Other consumer - 0.9% $9.7 $9.7 $9.6 $9.4 295% 290% 283% 278% CRE CRE/Capital * Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0.0 $4.0 $8.0 $12.0 250% 300% 350% ($Bil) *Rockland Trust Bank only. Ratio for Q2 2026 is an estimated number Loan Portfolios

 

10 Top 20 Borrowers All Others Total Portfolio ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan Class A $272.8 $24.8 Class A $157.2 $4.9 Class A $430.0 $10.0 Class B/C 177.1 22.1 Class B/C 301.7 1.4 Class B/C 478.8 2.2 Medical 26.2 26.1 Medical 88.5 2.3 Medical 114.7 2.9 $476.1 $23.8 $547.4 $2.0 $1,023.5 $3.4 Criticized $67.6 Criticized $48.0 Criticized $115.6 Classified (perf) — Classified (perf) 8.7 Classified (perf) 8.7 Nonperforming 39.7 Nonperforming 0.2 Nonperforming 39.9 Maturity Schedule ($ in millions) Matured 2026 Q3 2026 Q4 2027 2028 2029+ Total Pass Rating $6.4 $22.5 $29.3 $164.6 $81.5 $555.0 $859.3 Criticized — 19.9 26.8 33.4 3.1 32.4 115.6 Classified — — 17.4 — — 31.2 48.6 Total $6.4 $42.4 $73.5 $198.0 $84.6 $618.6 $1,023.5 % of Total 0.6% 4.1% 7.2% 19.3% 8.3% 60.4% 100% CRE & Construction Portfolio $9.4 billion Office ($1.024B) - 10.9% Other CRE & Construction - 89.1% Focal Point | CRE Office (inclusive of construction)

 

11 Trend in Asset Yields vs. Funding Costs 2.32% 2.84% 2.96% 3.08% 3.13% 5.49% 5.60% 5.58% 5.56% 5.59% 1.73% 1.72% 1.60% 1.52% 1.52% Security yields Adjusted loan yields(1) Funding costs Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 —% 2.00% 4.00% 6.00% 8.00% Net Interest Margin 3.37% 3.62% 3.77% 3.90% 3.85% 3.37% 3.54% 3.64% 3.72% 3.76% Reported NIM Adjusted NIM Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% Net Interest Margin Dynamics 7/1/25 - Enterprise Acquisition (1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures. Total Loan Portfolio Rate Characteristics 34% 26% 40% Fixed Rate Floating Rate Variable Rate -39bp-0bp -4bp Avg. Fed Funds Impact -26bp -1bp (1)

 

12 Noninterest Income Noninterest Expense ($ in thousands) ($ in thousands) Q2 2026 Q1 2026 Q2 2026 Q1 2026 Deposit account fees $ 9,393 $ 9,249 Salaries and employee benefits $ 79,088 $ 80,737 Interchange and ATM fees 5,686 5,018 Occupancy and equipment expenses 16,170 17,306 Investment management and advisory 14,961 14,165 Data processing and facilities management 3,208 3,259 Mortgage banking income 1,174 1,270 FDIC assessment 3,158 3,328 Increase in cash surrender value of life insurance policies 2,636 2,712 Amortization of intangible assets 6,791 6,890 Gain on life insurance benefits 672 346 Merger and acquisition expense — 3,024 Loan level derivative income 1,317 910 Other noninterest expenses 29,713 27,242 Other noninterest income 6,552 6,592 Other - core conversion 2,144 1,132 Total noninterest income $ 42,391 $ 40,262 Total noninterest expenses $ 140,272 $ 142,918 Reconciliation of operating noninterest expense (Non-GAAP): Less: merger and acquisition expense — 3,024 Operating noninterest expense (Non- GAAP) $ 140,272 $ 139,894 Less: core conversion 2,144 1,132 Operating noninterest expense, excluding core conversion (Non-GAAP) $ 138,128 $ 138,762 Noninterest Income/Expense

 

13 $ in m ill io ns Assets Under Administration $9,220 $9,217 $9,172 $9,470 Q3 2025* Q4 2025 Q1 2026 Q2 2026 $— $2,500 $5,000 $7,500 $10,000 ($ in thousands) Q2 2026 Q1 2026 % Change Assets under administration $ 9,470,096 $ 9,172,082 3.2% Asset based revenue 12,852 12,451 3.2% Other revenue: Retail commission revenue 1,296 831 Insurance commission revenue 73 485 Other advisory revenue 740 398 Total reported revenue $ 14,961 $ 14,165 5.6% Focal Point | Investment Management and Advisory

 

14 Available for Sale (AFS) Held to Maturity (HTM) Portfolio Composition at June 30, 2026 Book Value Fair Value Unrealized Gain/(Loss) Book Value Fair Value Unrealized Gain/(Loss) ($ in millions) U.S. government agency securities $ 228 $ 219 $ (9) $ — $ — $ — U.S. treasury securities 391 379 (12) 101 98 (3) Agency mortgage-backed securities 996 962 (34) 654 615 (39) Agency collateralized mortgage obligations 261 252 (9) 349 303 (46) Municipal securities 230 229 (1) — — — Other 41 35 (6) 106 101 (5) Total securities $ 2,147 $ 2,076 $ (71) $ 1,210 $ 1,117 $ (93) Duration of portfolio 3.9 Years 3.4 Years ($ in m ill io ns ) Projected Cash Flows $447 $503 $800 2026 (Q3-Q4) 2027 2028 $0 $250 $500 $750 $1,000 Securities Portfolio Yield : 1.88%

 

15 Metric Guidance Direction 2026 Expectations Loan Growth Updated • Commercial and Industrial: Mid-single digit percentage increase • Commercial real estate and Construction: Flat to low-single digit percentage decrease • Consumer: low-single digit percentage increase Deposit Growth No change • Core deposits: low to mid-single digit percentage increase • Time deposits: flat to low-single digit percentage decrease Net Interest Margin No change • Consistent core 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 • Stable asset quality metrics Non-interest Income No change • Low-single digit percentage increase expected vs. 2025 2nd half annualized results Non-interest Expense Updated • Core operating expenses in the $553 - $557 million range • $5 - $6 million of one-time, non-capitalizable costs related to core system upgrade Tax Rate No change • 23.50% - 24.00% 2026 Guidance

 

16 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, 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 earnings presentation, you should carefully consider the Risk Factors. Forward Looking Statements

 

17 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, operating noninterest expense, excluding core conversion costs, adjusted net interest margin (“adjusted NIM” or “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, tangible common equity ratio and return on average tangible common equity. 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 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 and adjusted loan yield provides additional insight into the operating environment and how management decisions impact the net interest margin and adjusted loan yield. 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, operating noninterest expense, excluding core conversion costs, 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. Non-GAAP Financial Measures

 

18 Appendix

 

19 Non-GAAP Reconciliation of Capital Metrics (Unaudited, dollars in thousands, except per share data) June 30 2026 March 31 2026 June 30 2025 Tangible common equity 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) Common Shares 47,618,626 48,572,237 42,627,286 (c) Book value per share (GAAP) $ 73.76 $ 72.92 $ 72.13 (a/c) Tangible book value per share (Non-GAAP) $ 48.34 $ 47.86 $ 48.80 (b/c)

 

20 Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended June 30 2026 March 31 2026 December 31 2025 September 30 2025 June 30 2025 Net interest income (GAAP) $ 210,927 $ 212,459 $ 212,486 $ 203,344 $ 147,496 Noninterest income (GAAP) $ 42,391 $ 40,262 $ 41,445 $ 40,398 $ 34,308 Total revenue (GAAP) $ 253,318 $ 252,721 $ 253,931 $ 243,742 $ 181,804 Noninterest expense (GAAP) $ 140,272 $ 142,918 $ 154,370 $ 160,836 $ 108,798 Less: Merger and acquisition expense — 3,024 12,348 23,893 2,239 Noninterest expense on an operating basis (Non-GAAP) $ 140,272 $ 139,894 $ 142,022 $ 136,943 $ 106,559 Average assets $ 24,575,682 $ 24,702,391 $ 24,965,043 $ 24,930,449 $ 19,743,746 Average common equity (GAAP) $ 3,550,702 $ 3,591,389 $ 3,568,036 $ 3,557,840 $ 3,067,050 Less: Average goodwill and other intangibles 1,214,434 1,221,201 1,227,889 1,236,109 995,380 Average tangible common equity (Non-GAAP) $ 2,336,268 $ 2,370,188 $ 2,340,147 $ 2,321,731 $ 2,071,670 Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP) Net income (GAAP) $ 81,838 $ 79,919 $ 75,335 $ 34,262 $ 51,101 Provision for non-PCD acquired loans — — — 34,519 — Noninterest expense components Add - merger and acquisition expenses — 3,024 12,348 23,893 2,239 Noncore increases to income before taxes — 3,024 12,348 58,412 2,239 Net taxes associated with noncore items (1) — (830) (3,326) (15,320) (544) Add - adjustment for tax effect of previously incurred merger and acquisition expenses — — — — 657 Total tax impact — (830) (3,326) (15,320) 113 Noncore increases to net income — 2,194 9,022 43,092 2,352 Operating net income (Non-GAAP) $ 81,838 $ 82,113 $ 84,357 $ 77,354 $ 53,453 Weighted average common shares (diluted) 48,076,755 48,999,745 49,476,340 49,957,007 42,641,131 Diluted earnings per share (GAAP) $ 1.70 $ 1.63 $ 1.52 $ 0.69 $ 1.20 Diluted earnings per share, on an operating basis (Non-GAAP) $ 1.70 $ 1.68 $ 1.70 $ 1.55 $ 1.25 (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% 1.20% 0.55% 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% 1.34% 1.23% 1.09% Return on average common equity (GAAP) (calculated by dividing annualized net income by average common equity) 9.24% 9.02% 8.38% 3.82% 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% 9.38% 8.63% 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% 12.77% 5.85% 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% 14.30% 13.22% 10.35%

 

21 (Unaudited, dollars in thousands) Three Months Ended June 30 2026 March 31 2026 December 31 2025 September 30 2025 June 30 2025 Pre-provision net revenue (2) $ 113,046 $ 109,803 $ 99,561 $ 82,906 $ 73,006 Pre-provision net revenue on an operating basis Pre-provision net revenue $ 113,046 $ 109,803 $ 99,561 $ 82,906 $ 73,006 Add: merger and acquisition expenses $ — $ 3,024 $ 12,348 $ 23,893 $ 2,239 Pre-provision net revenue on an operating basis (Non-GAAP) $ 113,046 $ 112,827 $ 111,909 $ 106,799 $ 75,245 Pre-provision net revenue return on average assets on an operating basis Pre-provision net revenue on an operating basis (Non-GAAP) $ 113,046 $ 112,827 $ 111,909 $ 106,799 $ 75,245 Average Assets $ 24,575,682 $ 24,702,391 $ 24,965,043 $ 24,930,449 $ 19,743,746 Pre-provision net revenue return on average assets on an operating basis (Non-GAAP) 1.85% 1.85% 1.78% 1.70% 1.53% Non-GAAP Reconciliation of Pre-Provision Net Revenue (2) Pre-provision net revenue is calculated as net interest income (GAAP) plus total non-interest income (GAAP) less total non-interest expense (GAAP).

 

22 Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact (Unaudited, dollars in thousands) Reported total interest earning assets $ 22,135,137 $ 212,411 3.85% $ 22,227,686 $ 213,921 3.90% $ 22,484,104 $ 213,856 3.77% $ 22,430,232 $ 204,731 3.62% $ 17,672,302 $ 148,672 3.37% Acquisition fair value marks: Loan accretion (4,439) (0.08)% (9,186) (0.17)% (6,275) (0.11)% (4,729) (0.08)% (235) —% Nonaccrual interest, net 143 —% (54) —% (1,117) (0.02)% (84) —% (5) —% Other adjustments (1,453) (497) (0.01)% (1,626) (667) (0.01)% (1,842) (407) —% (2,088) 129 —% (2,291) 135 —% Adjusted margin (Non- GAAP) $ 22,133,684 $ 207,618 3.76% $ 22,226,060 $ 204,014 3.72% $ 22,482,262 $ 206,057 3.64% $ 22,428,144 $ 200,047 3.54% $ 17,670,011 $ 148,567 3.37% Non-GAAP Reconciliation of Adjusted Margin

 

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