株探米国株
日本語 英語
エドガーで原本を確認する
10/16/20250000776901false00007769012025-10-162025-10-160000776901dei:MailingAddressMember2025-10-162025-10-16


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:
October 16, 2025
(Date of Earliest Event Reported)

Massachusetts
(State or Other Jurisdiction of Incorporation)
1-9047 04-2870273
(Commission File Number) (I.R.S. Employer identification No.)
INDEPENDENT BANK CORP.
Office Address: 2036 Washington Street, Hanover, Massachusetts 02339
Mailing Address: 288 Union Street, Rockland, Massachusetts 02370
(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 Class Trading Symbol Name of each exchange on which registered
Common Stock, $.01 par value per share INDB NASDAQ 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 On October 16, 2025, Independent Bank Corp.
Act. ☐



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(the "Company") announced by press release its earnings for the quarter ended September 30, 2025. 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 7.01 REGULATION 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
99.2
101 The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
104 Cover 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: October 16, 2025 By: /s/Mark J. Ruggiero
MARK J. RUGGIERO
CHIEF FINANCIAL OFFICER





















EX-99.1 2 exhibit991-indb09x30x2025e.htm EX-99.1 - Q3 2025 EARNINGS PRESS RELEASE Document


Exhibit 99.1

indblogoa55.jpg

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

INDEPENDENT BANK CORP. REPORTS THIRD QUARTER NET INCOME OF $34.3 MILLION


Rockland, Massachusetts (October 16, 2025) - Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2025 third quarter net income of $34.3 million, or $0.69 per diluted share, as compared to 2025 second quarter net income of $51.1 million, or $1.20 per diluted share. The decrease in net income was primarily driven by higher merger-related costs and the current period provision for credit losses associated with the Company’s recently completed acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank. Specifically, these financial results include pre-tax merger-related costs of $23.9 million and $2.2 million for the third quarter of 2025 and second quarter of 2025, respectively. In addition, the current period provision for credit losses included $34.5 million that was attributable to the closing of the Enterprise acquisition. Excluding merger-related costs and the provision for credit losses associated with the acquisition, and their related tax effects, operating net income was $77.4 million, or $1.55 per diluted share for the third quarter of 2025 compared to operating net income of $53.5 million, or $1.25 per diluted share for the second quarter of 2025(1).


CEO STATEMENT

“Our third quarter results were exactly what we are looking for as we continue to position the bank for sustainable improved financial performance. The combination of the Enterprise acquisition and solid business activity drove significant net interest margin improvement, improved fee income results, and a meaningful drop in our efficiency ratio. We achieved these results while remaining laser focused on improving asset quality metrics,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “I can’t thank my colleagues enough for the amazing effort in completing a successful acquisition, including the conversion of Enterprise’s core systems. The team is eager to take advantage of the potential opportunities that lie before us.”

ENTERPRISE BANCORP, INC.

Effective July 1, 2025, the Company completed its acquisition of Enterprise, which resulted in the addition of twenty-seven branch locations in northern Massachusetts and southern New Hampshire. The transaction included the acquisition of $3.9 billion in loans and the assumption of $4.4 billion in deposits, each at fair value. Total merger consideration was $503.1 million and consisted of $477.2 million of equity (7,478,906 shares) in Independent common stock plus $25.9 million in cash, including cash paid for stock option cancellations and fractional shares.
1

The following table provides the purchase price allocation of net assets acquired for this transaction:
Net Assets Acquired at Fair Value
(Dollars in thousands)
Assets
Cash $ 123,638 
Investments 590,267 
Loans (including loans held for sale) 3,913,112 
Allowance for credit losses on purchased credit deteriorated (“PCD”) loans (9,020)
Bank premises and equipment 35,706 
Goodwill 98,302 
Core deposit and other intangibles 137,503 
Other assets 164,908 
Total assets acquired $ 5,054,416 
Liabilities
Deposits $ 4,362,710 
Borrowings 62,472 
Subordinated debt 59,974 
Other liabilities 66,116 
Total liabilities assumed $ 4,551,272 
     Purchase price $ 503,144 

Please refer to Appendix A for details on acquired loans and deposits along with organic changes for the periods presented.

FINANCIAL HIGHLIGHTS

•The Company generated a return on average assets and a return on average common equity of 0.55% and 3.82%, respectively, for the third quarter of 2025, as compared to 1.04% and 6.68%, 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 1.23% and 8.63%, respectively, for the third quarter of 2025, as compared to 1.09% and 6.99%, respectively, for the prior quarter(1).

•The Company’s net interest margin of 3.62% increased 25 basis points compared to the prior quarter.

•Deposit balances of $20.3 billion at September 30, 2025 increased $4.4 billion, or 27.7%, from the second quarter of 2025, reflecting both the addition of Enterprise deposits and strong business deposit growth, partially offset by reductions in municipal balances.

•Loan balances of $18.5 billion at September 30, 2025 increased $3.9 billion, or 27.0%, from the second quarter of 2025, largely reflecting the addition of the Enterprise loan portfolio, with strong growth in commercial and industrial loans offset by reductions in commercial real estate and construction.

•Wealth management assets under administration increased to $9.2 billion at September 30, 2025, inclusive of the acquired Enterprise portfolio.

•The Company repurchased approximately 365,000 shares for $23.4 million during the third quarter.

BALANCE SHEET
    
Total assets of $25.0 billion at September 30, 2025 increased $4.9 billion, or 24.7% compared to the prior quarter, inclusive of the acquisition of Enterprise.

2

Total loans of $18.5 billion at September 30, 2025 increased $3.9 billion, or 27.0% compared to the prior quarter, inclusive of the acquired Enterprise loan portfolio, while net organic loan growth was relatively flat for the quarter:

•On the commercial side, strong organic growth within the commercial and industrial portfolio of $148.7 million, or 3.3% (13.1% annualized), was offset by decreases in the combined commercial real estate and construction categories.

•On an organic basis, the total consumer loan portfolio grew by $17.8, or 0.4% (1.7% annualized), from the prior quarter. The home equity portfolio increased by $20.9 million, or 1.7% (6.6% annualized), while increased residential mortgage volume included a higher percentage sold in the secondary market.

Total deposits increased by $4.4 billion, or 27.7%, to $20.3 billion at September 30, 2025, as compared to the prior quarter, reflecting both the addition of Enterprise deposits and modest net organic growth during the quarter:

•Net organic growth was impacted by a decrease of approximately $84.0 million, or 1.9%, in former Enterprise balances, which included the repayment of $50.0 million of brokered certificates of deposit. On a combined basis, demand deposits increased $69.2 million, or 1.2% (4.9% annualized), while interest-bearing savings and checking accounts increased $65.8 million, or 0.9% (3.7% annualized). These increases were partially offset by decreases in money market and time deposits.

•Overall core deposits comprised 83.1% of total deposits at September 30, 2025, as compared to 82.8% at June 30, 2025.

•Total noninterest bearing demand deposits remained relatively consistent at 27.8% of total deposits at September 30, 2025, as compared to 28.5% at June 30, 2025.

•The total cost of deposits for the third quarter of 1.58% increased 4 basis points compared to the prior quarter, driven primarily by the slightly higher overall costs of the acquired Enterprise deposit base.

Total period end borrowings increased by $15.9 million, or 2.1%, during the third quarter of 2025, largely reflecting the modest net impact of borrowings assumed from Enterprise:

•At the July 15, 2025 call date, the Company redeemed in full $60.0 million in subordinated notes assumed as part of the Enterprise merger. In addition, the Company also paid in full approximately $50.0 million of assumed FHLB borrowings during the quarter.

The Company’s securities portfolio increased by $629.7 million, or 23.4%, to $3.3 billion, at September 30, 2025, primarily attributable to the acquisition of the Enterprise available for sale securities portfolio:

•New purchases of $204.6 million in the available for sale portfolio were partially offset by sales, maturities, calls, and paydowns in the combined available for sale and held to maturity portfolios during the quarter.

•Total securities represented 13.3% and 13.4% of total assets at September 30, 2025 and June 30, 2025, respectively.

Stockholders’ equity at September 30, 2025 increased $472.0 million, or 15.4%, compared to June 30, 2025, due primarily to the stock issuance associated with the Enterprise acquisition along with strong earnings retention, partially offset by the impact of share repurchases made during the quarter:

•During the third quarter of 2025, the Company executed on its previously announced $150 million stock repurchase plan, buying back approximately 365,000 shares of common stock for $23.4 million at an average price per share of $64.07.

3

•The Company’s ratio of common equity to assets of 14.19% at September 30, 2025 represented a decrease of 115 basis points from June 30, 2025.

•The Company’s ratio of tangible common equity to tangible assets of 9.77% at September 30, 2025 represented a decrease of 115 basis points from the prior quarter and decrease of 98 basis points from the year ago period(1).

•The Company’s book value per share decreased by $0.89, or 1.2%, to $71.24 at September 30, 2025 as compared to the prior quarter.

•The Company’s tangible book value per share at September 30, 2025 declined by $2.17, or 4.4%, from the prior quarter to $46.63, and grew by 0.1% from the year ago period(1).


NET INTEREST INCOME
        
Net interest income for the third quarter of 2025 increased $55.8 million, or 37.9%, to $203.3 million, as compared to $147.5 million for the prior quarter, due primarily to the Enterprise acquisition.

•The net interest margin of 3.62% increased 25 basis points when compared to the prior quarter, including an 8 basis point lift from acquired loan purchase accounting accretion. The remaining increase was driven by the acquisition of a slightly higher adjusted margin from Enterprise, continued benefit from long term asset repricing, and a 5 basis point lift from discount accretion on the acquired securities.

•Total loan yields increased 21 basis points to 5.71% from 5.50%, driven primarily by a higher core yield from Enterprise, acquired loan purchase accounting, and the long-term asset repricing benefit. Securities yields increased 52 basis points to 2.84% for the current quarter as compared to the prior quarter, attributable primarily to purchase discount accretion and the repricing benefit.

•The Company’s overall cost of funding decreased slightly to 1.72% for the third quarter of 2025 as compared to 1.73% for the prior quarter despite a slightly higher cost of deposits.

NONINTEREST INCOME

Noninterest income of $40.4 million for the third quarter of 2025 represented an increase of $6.1 million, or 17.8%, as compared to the prior quarter. Significant changes in noninterest income for the third quarter of 2025 compared to the prior quarter included the following:

•Deposit account fees increased by $1.7 million, or 23.9%, driven by overdraft fees and increased volume attributable to the Enterprise acquisition.

•Interchange and ATM fees increased by $992,000, or 19.9%, primarily attributable to increased volume from the Enterprise acquisition.

•Overall investment and advisory income increased by $2.3 million, or 20.0%, primarily attributable to higher asset-based revenue resulting from the acquired Enterprise wealth management business, partially offset by a decrease in seasonal tax preparation fees compared to the prior quarter. Benefitting from $1.5 billion of Enterprise assets under administration at closing, total assets under administration increased 25.3% during the quarter to $9.2 billion at September 30, 2025.

•Mortgage banking income grew $372,000, or 34.7%, due to higher origination volume and an increased percentage of closings sold versus retained.

4

•The increase in cash surrender value of life insurance policies rose by $591,000, or 29.0%, during the third quarter due to policies obtained in connection with the Enterprise acquisition.
•The Company received proceeds on life insurance policies resulting in a gain of $1.7 million for the second quarter of 2025. No such gains were recognized during the third quarter of 2025.

•Loan level derivative income rose by $1.2 million for the third quarter, compared to the prior quarter, reflecting increased customer demand.

•Other noninterest income increased by $649,000, or 10.9%, driven primarily by increases in credit card fee income and foreign currency exchange fees.


NONINTEREST EXPENSE

Noninterest expense of $160.8 million for the third quarter of 2025 represented an increase of $52.0 million, or 47.8%, as compared to the prior quarter. Significant changes in noninterest expense for the third quarter of 2025 compared to the prior quarter included the following:

•Salaries and employee benefits increased by $18.3 million, or 29.1%, primarily due to the increased workforce base following the Enterprise acquisition.

•Occupancy and equipment expenses increased by $1.8 million, or 13.8%, primarily attributable to the expanded branch network, real estate, and other fixed assets resulting from the Enterprise acquisition.

•FDIC assessment increased $707,000, or 29.8%, driven by an increased assessment base resulting from the Enterprise acquisition.

•Amortization of intangible assets rose by $6.2 million, driven primarily by increased amortization attributable to the core deposit, customer list, and other intangible assets established as part of the Enterprise acquisition.

•The Company incurred merger and acquisition expenses of $23.9 million in the third quarter of 2025 and $2.2 million in the second quarter of 2025, all of which were related to the Company’s acquisition of Enterprise. The majority of the merger expenses related to change in control and severance contracts, vendor and systems contract terminations, as well as legal and professional fees.
•Other noninterest expense increased by $3.5 million, or 14.3%, driven primarily by increases in software and subscriptions of $1.7 million and consultant fees of $713,000.

The Company’s tax rate was 22.81% for the third quarter of 2025 compared to 22.35% for the prior quarter.

ASSET QUALITY

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

•Nonperforming loans, inclusive of approximately $24.5 million from the Enterprise acquired portfolio, increased to $86.6 million at September 30, 2025, as compared to $56.2 million at June 30, 2025, representing 0.47% and 0.39% of total loans, respectively.

•Delinquencies as a percentage of total loans increased 29 basis points from the prior quarter to 0.49% at September 30, 2025, primarily driven by the acquired Enterprise loan portfolio.

5

•Net charge-offs decreased to $1.8 million, as compared to $6.5 million for the prior quarter, representing 0.04% and 0.18%, respectively, of average loans annualized.

•The third quarter provision for credit losses increased to $38.5 million, as compared to $7.2 million for the prior quarter. The third quarter amount included $34.5 million related to non-purchased credit deteriorated loans acquired from Enterprise.

•The allowance for credit losses on total loans increased to $190.5 million at September 30, 2025 compared to $144.8 million at June 30, 2025, and represented 1.03% and 1.00% of total loans at September 30, 2025 and June 30, 2025, respectively.

(1)Represents a non-GAAP measure. See Appendices B through D for reconciliation of the corresponding GAAP measures.

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 third quarter earnings at 10:00 a.m. Eastern Time on Friday, October 17, 2025. Internet access to the call is available on the Company’s website at https://INDB.RocklandTrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 5617042 and will be available through October 24, 2025. Additionally, a webcast replay will be available on the Company’s website until October 17, 2026.

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

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, the prolongment of the U.S. government shutdown, 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;
6

•the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, whether caused by geopolitical concerns, including the Russia/Ukraine conflict, the conflicts in Israel, Iran and surrounding areas and uncertainties surrounding the trajectories of such conflicts;
•unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events;
•adverse changes or volatility in the local real estate market;
•changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans;
•risks related to the Company’s acquisition of Enterprise and acquisitions generally, 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; unforeseen integration issues or 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;
•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; and
•any unexpected material adverse changes in the Company’s operations or earnings.
7


The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

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

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

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

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

Contacts:

Jeffrey Tengel
8

President and Chief Executive Officer
(781) 982-6144
                
Mark J. Ruggiero
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
9

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands) % Change % Change
September 30
2025		 June 30
2025		 September 30
2024		 Sept 2025 vs. Sept 2025 vs.
Jun 2025 Sept 2024
Assets
Cash and due from banks $ 203,388  $ 219,414  $ 198,987  (7.30) % 2.21  %
Interest-earning deposits with banks 707,408  681,820  225,465  3.75  % 213.76  %
Securities
Trading 4,611  4,801  4,410  (3.96) % 4.56  %
Equities 21,567  21,258  21,639  1.45  % (0.33) %
Available for sale 1,941,220  1,286,318  1,247,211  50.91  % 55.64  %
Held to maturity 1,357,617  1,382,903  1,492,315  (1.83) % (9.03) %
Total securities 3,325,015  2,695,280  2,765,575  23.36  % 20.23  %
Loans held for sale 17,052  16,792  16,259  1.55  % 4.88  %
Loans
Commercial and industrial 4,667,262  3,426,938  3,136,260  36.19  % 48.82  %
Commercial real estate 8,106,490  6,614,523  6,873,639  22.56  % 17.94  %
Commercial construction 1,439,876  798,808  742,042  80.25  % 94.04  %
Total commercial 14,213,628  10,840,269  10,751,941  31.12  % 32.20  %
Residential real estate 2,917,101  2,489,166  2,441,859  17.19  % 19.46  %
Home equity - first position 511,482  479,641  498,193  6.64  % 2.67  %
Home equity - subordinate positions 772,657  688,456  632,242  12.23  % 22.21  %
Total consumer real estate 4,201,240  3,657,263  3,572,294  14.87  % 17.61  %
Other consumer 37,575  36,296  36,572  3.52  % 2.74  %
Total loans 18,452,443  14,533,828  14,360,807  26.96  % 28.49  %
Less: allowance for credit losses (190,476) (144,773) (163,696) 31.57  % 16.36  %
Net loans 18,261,967  14,389,055  14,197,111  26.92  % 28.63  %
Federal Home Loan Bank stock 21,835  21,052  29,926  3.72  % (27.04) %
Bank premises and equipment, net 221,165  188,883  192,197  17.09  % 15.07  %
Goodwill 1,083,374  985,072  985,072  9.98  % 9.98  %
Other intangible assets 141,732  9,742  13,701  1,354.86  % 934.46  %
Cash surrender value of life insurance policies 376,163  305,077  302,132  23.30  % 24.50  %
Other assets 634,140  536,747  481,692  18.15  % 31.65  %
Total assets $ 24,993,239  $ 20,048,934  $ 19,408,117  24.66  % 28.78  %
Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing demand deposits $ 5,635,911  $ 4,525,907  $ 4,519,492  24.53  % 24.70  %
Savings and interest checking 7,111,570  5,279,280  5,188,303  34.71  % 37.07  %
Money market 4,128,400  3,368,354  2,969,809  22.56  % 39.01  %
Time certificates of deposit 3,419,988  2,720,199  2,763,419  25.73  % 23.76  %
Total deposits 20,295,869  15,893,740  15,441,023  27.70  % 31.44  %
Borrowings
Federal Home Loan Bank and other borrowings 416,240  400,500  600,521  3.93  % (30.69) %
Junior subordinated debentures, net 62,862  62,861  62,859  —  % —  %
Subordinated debentures, net 296,275  296,067  —  0.07  % 100.00%
Total borrowings 775,377  759,428  663,380  2.10  % 16.88  %
Total deposits and borrowings 21,071,246  16,653,168  16,104,403  26.53  % 30.84  %
Other liabilities 375,106  320,910  326,566  16.89  % 14.86  %
Total liabilities 21,446,352  16,974,078  16,430,969  26.35  % 30.52  %
Stockholders’ equity
Common stock 495  424  423  16.75  % 17.02  %
Additional paid in capital 2,371,111  1,914,556  1,907,012  23.85  % 24.34  %
Retained earnings 1,222,843  1,217,959  1,146,915  0.40  % 6.62  %
10

Accumulated other comprehensive loss, net of tax (47,562) (58,083) (77,202) (18.11) % (38.39) %
Total stockholders' equity 3,546,887  3,074,856  2,977,148  15.35  % 19.14  %
Total liabilities and stockholders’ equity $ 24,993,239  $ 20,048,934  $ 19,408,117  24.66  % 28.78  %
SUMMARY OF RECLASSIFICATION OF SMALL BUSINESS LOANS
June 30
2025		 September 30
2024
Commercial and industrial previously reported $ 3,215,480  $ 2,946,552 
Reclassification of loans previously reported as small business, excluding loans which are secured by non-owner occupied real estate 211,458  189,708 
Commercial and industrial after reclassification $ 3,426,938  $ 3,136,260 
Commercial real estate previously reported $ 6,525,438  $ 6,793,329 
Reclassification of loans previously reported as small business which are secured by non-owner occupied real estate 89,085  80,310 
Commercial real estate after reclassification $ 6,614,523  $ 6,873,639 



CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
Three Months Ended
% Change % Change
September 30
2025		 June 30
2025		 September 30
2024		 Sept 2025 vs. Sept 2025 vs.
Jun 2025 Sept 2024
Interest income
Interest on federal funds sold and short-term investments $ 7,245  $ 4,393  $ 1,635  64.92  % 343.12  %
Interest and dividends on securities 23,511  15,881  14,065  48.04  % 67.16  %
Interest and fees on loans 263,772  197,778  200,597  33.37  % 31.49  %
Interest on loans held for sale 225  140  227  60.71  % (0.88) %
Total interest income 294,753  218,192  216,524  35.09  % 36.13  %
Interest expense
Interest on deposits 80,739  59,843  66,985  34.92  % 20.53  %
Interest on borrowings 10,670  10,853  7,836  (1.69) % 36.17  %
Total interest expense 91,409  70,696  74,821  29.30  % 22.17  %
Net interest income 203,344  147,496  141,703  37.86  % 43.50  %
Provision for credit losses 38,519  7,200  19,500  434.99  % 97.53  %
Net interest income after provision for credit losses 164,825  140,296  122,203  17.48  % 34.88  %
Noninterest income
Deposit account fees 8,847  7,141  6,779  23.89  % 30.51  %
Interchange and ATM fees 5,989  4,997  4,970  19.85  % 20.50  %
Investment management and advisory 13,652  11,380  11,033  19.96  % 23.74  %
Mortgage banking income 1,444  1,072  972  34.70  % 48.56  %
Increase in cash surrender value of life insurance policies 2,629  2,038  2,006  29.00  % 31.06  %
Gain on life insurance benefits —  1,650  —  (100.00) % nm
Loan level derivative income 1,224  66  1,125  1,754.55  % 8.80  %
Other noninterest income 6,613  5,964  6,664  10.88  % (0.77) %
Total noninterest income 40,398  34,308  33,549  17.75  % 20.41  %
Noninterest expenses
Salaries and employee benefits 81,132  62,856  60,108  29.08  % 34.98  %
Occupancy and equipment expenses 14,975  13,158  12,734  13.81  % 17.60  %
Data processing and facilities management 2,788  2,783  2,510  0.18  % 11.08  %
FDIC assessment 3,080  2,373  2,628  29.79  % 17.20  %
Amortization of intangible assets 7,315  1,197  1,460  511.11  % 401.03  %
11

Merger and acquisition expense 23,893  2,239  —  967.13  % 100.00%
Other noninterest expenses 27,653  24,192  21,003  14.31  % 31.66  %
Total noninterest expenses 160,836  108,798  100,443  47.83  % 60.13  %
Income before income taxes 44,387  65,806  55,309  (32.55) % (19.75) %
Provision for income taxes 10,125  14,705  12,362  (31.15) % (18.10) %
Net Income $ 34,262  $ 51,101  $ 42,947  (32.95) % (20.22) %
Weighted average common shares (basic) 49,934,574  42,623,978  42,481,441 
Common share equivalents 22,433  17,153  11,622 
Weighted average common shares (diluted) 49,957,007  42,641,131  42,493,063 
Basic earnings per share $ 0.69  $ 1.20  $ 1.01  (42.50) % (31.68) %
Diluted earnings per share $ 0.69  $ 1.20  $ 1.01  (42.50) % (31.68) %
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net income $ 34,262  $ 51,101  $ 42,947 
Provision for non-PCD acquired loans 34,519  —  — 
Noninterest expense components
Add - merger and acquisition expenses 23,893  2,239  — 
Noncore increases to income before taxes 58,412  2,239  — 
Net taxes associated with noncore items (1) (15,320) (544) — 
Add - adjustment for tax effect of previously incurred merger and acquisition expenses —  657  — 
Total tax impact (15,320) 113  — 
Noncore increases to net income 43,092  2,352  — 
Operating net income (Non-GAAP) $ 77,354  $ 53,453  $ 42,947  44.71  % 80.12  %
Diluted earnings per share, on an operating basis (Non-GAAP) $ 1.55  $ 1.25  $ 1.01  24.00  % 53.47  %
(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) 3.62  % 3.37  % 3.29  %
Return on average assets (calculated by dividing net income by average assets) (GAAP) 0.55  % 1.04  % 0.88  %
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) 1.23  % 1.09  % 0.88  %
Return on average common equity (calculated by dividing net income by average common equity) (GAAP) 3.82  % 6.68  % 5.75  %
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) 8.63  % 6.99  % 5.75  %
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) 5.84  % 9.89  % 8.67  %
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity) 13.18  % 10.35  % 8.67  %
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income) 16.57  % 18.87  % 19.14  %
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) 16.57  % 18.87  % 19.14  %
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) 65.99  % 59.84  % 57.31  %
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) 56.18  % 58.61  % 57.31  %

12

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
Nine Months Ended
% Change
September 30
2025		 September 30
2024		 Sept 2025 vs.
Sept 2024
Interest income
Interest on federal funds sold and short-term investments $ 13,076  $ 2,515  419.92  %
Interest and dividends on securities 54,689  42,291  29.32  %
Interest and fees on loans 656,643  591,097  11.09  %
Interest on loans held for sale 457  530  (13.77) %
Total interest income 724,865  636,433  13.89  %
Interest expense
Interest on deposits 200,018  182,774  9.43  %
Interest on borrowings 28,502  36,591  (22.11) %
Total interest expense 228,520  219,365  4.17  %
Net interest income 496,345  417,068  19.01  %
Provision for credit losses 60,719  28,750  111.20  %
Net interest income after provision for credit losses 435,626  388,318  12.18  %
Noninterest income
Deposit account fees 23,041  19,339  19.14  %
Interchange and ATM fees 15,608  14,175  10.11  %
Investment management and advisory 36,252  31,961  13.43  %
Mortgage banking income 3,257  3,088  5.47  %
Increase in cash surrender value of life insurance policies 6,732  5,934  13.45  %
Gain on life insurance benefits 1,650  263  527.38  %
Loan level derivative income 2,332  1,678  38.97  %
Other noninterest income 18,373  19,385  (5.22) %
Total noninterest income 107,245  95,822  11.92  %
Noninterest expenses
Salaries and employee benefits 205,919  174,444  18.04  %
Occupancy and equipment expenses 41,992  38,673  8.58  %
Data processing and facilities management 8,213  7,398  11.02  %
FDIC assessment 8,441  8,304  1.65  %
Amortization of intangible assets 9,856  4,488  119.61  %
Merger and acquisition expense 27,287  —  100.00%
Other noninterest expenses 73,804  66,637  10.76  %
Total noninterest expenses 375,512  299,944  25.19  %
Income before income taxes 167,359  184,196  (9.14) %
Provision for income taxes 37,572  42,149  (10.86) %
Net Income $ 129,787  $ 142,047  (8.63) %
Weighted average common shares (basic) 45,063,324  42,501,199 
Common share equivalents 20,646  9,602 
Weighted average common shares (diluted) 45,083,970  42,510,801 
Basic earnings per share $ 2.88  $ 3.34  (13.77) %
Diluted earnings per share $ 2.88  $ 3.34  (13.77) %
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net Income $ 129,787  $ 142,047 
Provision for non-PCD acquired loans 34,519  — 
Noninterest expense components
Add - merger and acquisition expenses 27,287  — 
Noncore increases to income before taxes 61,806  — 
13

Net taxes associated with noncore items (1) (15,913) — 
Add - adjustment for tax effect of previously incurred merger and acquisition expenses 381  — 
Total tax impact (15,532) — 
Noncore increases to net income 46,274  — 
Operating net income (Non-GAAP) $ 176,061  $ 142,047  23.95  %
Diluted earnings per share, on an operating basis (Non-GAAP) $ 3.91  $ 3.34  17.07  %
(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) 3.49  % 3.26  %
Return on average assets (GAAP) (calculated by dividing net income by average assets) 0.81  % 0.98  %
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) 1.10  % 0.98  %
Return on average common equity (GAAP) (calculated by dividing net income by average common equity) 5.39  % 6.49  %
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) 7.31  % 6.49  %
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) 8.09  % 9.86  %
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity) 10.97  % 9.86  %
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income) 17.77  % 18.68  %
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) 17.77  % 18.68  %
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) 62.21  % 58.48  %
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) 57.69  % 58.48  %

nm = not meaningful


14

ASSET QUALITY
(Unaudited, dollars in thousands) Nonperforming Assets At
September 30
2025		 June 30
2025		 September 30
2024
Nonperforming loans
Commercial & industrial loans $ 23,173  $ 13,717  $ 12,772 
Commercial real estate loans 29,216  28,717  77,707 
Commercial construction loans 15,516  —  — 
Residential real estate loans 14,406  10,013  9,744 
Home equity 4,244  3,765  3,992 
Other consumer 42  5  33 
Total nonperforming loans 86,597  56,217  104,248 
Other real estate owned 2,100  2,100  110 
Total nonperforming assets $ 88,697  $ 58,317  $ 104,358 
Nonperforming loans/gross loans 0.47  % 0.39  % 0.73  %
Nonperforming assets/total assets 0.35  % 0.29  % 0.54  %
Allowance for credit losses/nonperforming loans 219.96  % 257.53  % 157.03  %
Allowance for credit losses/total loans 1.03  % 1.00  % 1.14  %
Delinquent loans/total loans 0.49  % 0.20  % 0.33  %
Nonperforming Assets Reconciliation for the Three Months Ended
September 30
2025		 June 30
2025		 September 30
2024
Nonperforming assets beginning balance $ 58,317  $ 89,493  $ 57,561 
Enterprise nonperforming assets at July 1, 2025 24,487  —  — 
New to nonperforming 16,767  13,411  57,197 
Loans charged-off (2,670) (6,966) (7,006)
Loans paid-off (6,983) (35,977) (2,306)
Loans transferred to other real estate owned —  (2,100) — 
Loans restored to performing status (1,404) (1,659) (1,058)
New to other real estate owned —  2,100  — 
Other 183  15  (30)
Nonperforming assets ending balance $ 88,697  $ 58,317  $ 104,358 

15


Net Charge-Offs (Recoveries)
Three Months Ended Nine Months Ended
September 30
2025		 June 30
2025		 September 30
2024		 September 30
2025		 September 30
2024
Net charge-offs (recoveries)
Commercial and industrial loans $ 1,178  $ 2,793  $ 6,043  $ 4,123  $ 6,074 
Commercial real estate loans 21  3,347  —  43,364  — 
Home equity (12) (49) 24  17  (246)
Other consumer 649  428  596  1,743  1,448 
Total net charge-offs $ 1,836  $ 6,519  $ 6,663  $ 49,247  $ 7,276 
Net charge-offs to average loans (annualized) 0.04  % 0.18  % 0.18  % 0.42  % 0.07  %




BALANCE SHEET AND CAPITAL RATIOS
September 30
2025		 June 30
2025		 September 30
2024
Gross loans/total deposits 90.92  % 91.44  % 93.00  %
Common equity tier 1 capital ratio (1) 12.94  % 14.70  % 14.57  %
Tier 1 leverage capital ratio (1) 10.15  % 11.44  % 11.22  %
Common equity to assets ratio GAAP 14.19  % 15.34  % 15.34  %
Tangible common equity to tangible assets ratio (2) 9.77  % 10.92  % 10.75  %
Book value per share GAAP $ 71.24  $ 72.13  $ 70.08 
Tangible book value per share (2) $ 46.63  $ 48.80  $ 46.57 
(1) Estimated number for September 30, 2025.
(2) See Appendix B for detailed reconciliation from GAAP to Non-GAAP ratios.




    
















16



INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited, dollars in thousands) Three Months Ended
September 30, 2025 June 30, 2025 September 30, 2024
Interest Interest Interest
Average Earned/ Yield/ Average Earned/ Yield/ Average Earned/ Yield/
Balance Paid (1) Rate Balance Paid (1) Rate Balance Paid (1) Rate
Interest-earning assets
Interest-earning deposits with banks, federal funds sold, and short term investments $ 688,394  $ 7,245  4.18  % $ 406,108  $ 4,393  4.34  % $ 129,827  $ 1,635  5.01  %
Securities
Securities - trading 4,613  —  —  % 4,796  —  —  % 4,366  —  —  %
Securities - taxable investments 3,253,928  23,303  2.84  % 2,737,166  15,879  2.33  % 2,761,758  14,064  2.03  %
Securities - nontaxable investments (1) 34,803  263  3.00  % 195  2  4.11  % 194  1  2.05  %
Total securities $ 3,293,344  $ 23,566  2.84  % $ 2,742,157  $ 15,881  2.32  % $ 2,766,318  $ 14,065  2.02  %
Loans held for sale 15,632  225  5.71  % 9,839  140  5.71  % 15,208  227  5.94  %
Loans
Commercial and industrial (1) 4,596,789  73,347  6.33  % 3,363,944  51,287  6.12  % 3,187,701  50,157  6.26  %
Commercial real estate (1) 8,159,038  110,377  5.37  % 6,672,633  87,096  5.24  % 6,838,617  90,898  5.29  %
Commercial construction (1) 1,446,615  24,750  6.79  % 809,839  13,766  6.82  % 749,009  13,778  7.32  %
Total commercial 14,202,442  208,474  5.82  % 10,846,415  152,149  5.63  % 10,775,327  154,833  5.72  %
Residential real estate 2,913,749  34,813  4.74  % 2,471,810  28,079  4.56  % 2,443,488  26,917  4.38  %
Home equity 1,275,945  21,173  6.58  % 1,160,123  18,144  6.27  % 1,122,750  19,372  6.86  %
Total consumer real estate 4,189,694  55,986  5.30  % 3,631,933  46,223  5.10  % 3,566,238  46,289  5.16  %
Other consumer 40,726  644  6.27  % 35,850  582  6.51  % 35,331  665  7.49  %
Total loans $ 18,432,862  $ 265,104  5.71  % $ 14,514,198  $ 198,954  5.50  % $ 14,376,896  $ 201,787  5.58  %
Total interest-earning assets $ 22,430,232  $ 296,140  5.24  % $ 17,672,302  $ 219,368  4.98  % $ 17,288,249  $ 217,714  5.01  %
Cash and due from banks 214,626  196,147  182,151 
Federal Home Loan Bank stock 22,206  22,900  30,513 
Other assets 2,263,385  1,852,397  1,839,389 
Total assets $ 24,930,449  $ 19,743,746  $ 19,340,302 
Interest-bearing liabilities
Deposits
Savings and interest checking accounts $ 6,946,463  $ 18,927  1.08  % $ 5,214,871  $ 16,553  1.27  % $ 5,163,567  $ 17,978  1.39  %
Money market 4,136,911  30,019  2.88  % 3,295,080  19,090  2.32  % 2,998,672  18,986  2.52  %
Time deposits 3,466,139  31,793  3.64  % 2,705,299  24,200  3.59  % 2,740,982  30,021  4.36  %
Total interest-bearing deposits $ 14,549,513  $ 80,739  2.20  % $ 11,215,250  $ 59,843  2.14  % $ 10,903,221  $ 66,985  2.44  %
Borrowings
Federal Home Loan Bank and other borrowings 416,074  3,946  3.76  % 432,392  4,233  3.93  % 623,053  6,692  4.27  %
Junior subordinated debentures 62,861  981  6.19  % 62,861  976  6.23  % 62,859  1,144  7.24  %
Subordinated debentures 305,280  5,743  7.46  % 296,373  5,644  7.64  % —  —  —  %
Total borrowings $ 784,215  $ 10,670  5.40  % $ 791,626  $ 10,853  5.50  % $ 685,912  $ 7,836  4.54  %
Total interest-bearing liabilities $ 15,333,728  $ 91,409  2.37  % $ 12,006,876  $ 70,696  2.36  % $ 11,589,133  $ 74,821  2.57  %
Noninterest-bearing demand deposits 5,699,765  4,372,122  4,442,858 
Other liabilities 339,116  297,698  339,075 
Total liabilities $ 21,372,609  $ 16,676,696  $ 16,371,066 
Stockholders’ equity 3,557,840  3,067,050  2,969,236 
17

Total liabilities and stockholders’ equity $ 24,930,449  $ 19,743,746  $ 19,340,302 
Net interest income $ 204,731  $ 148,672  $ 142,893 
Interest rate spread (2) 2.87  % 2.62  % 2.44  %
Net interest margin (3) 3.62  % 3.37  % 3.29  %
Supplemental Information
Total deposits, including demand deposits $ 20,249,278  $ 80,739  $ 15,587,372  $ 59,843  $ 15,346,079  $ 66,985 
Cost of total deposits 1.58  % 1.54  % 1.74  %
Total funding liabilities, including demand deposits $ 21,033,493  $ 91,409  $ 16,378,998  $ 70,696  $ 16,031,991  $ 74,821 
Cost of total funding liabilities 1.72  % 1.73  % 1.86  %
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.4 million for the three months ended September 30, 2025, and $1.2 million for each of the three months ended June 30, 2025 and September 30, 2024, respectively, determined by applying the Company’s marginal tax rates in effect during each respective quarter.
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
SUMMARY OF RECLASSIFICATION OF SMALL BUSINESS LOANS
June 30, 2025 September 30, 2024
Interest Interest
Average Earned/ Yield/ Average Earned/ Yield/
Balance Paid Rate Balance Paid Rate
Commercial and industrial previously reported $ 3,156,455  $ 47,583  6.05  % $ 2,998,298  $ 46,796  6.21  %
Reclassification of loans previously reported as small business, excluding loans which are secured by non-owner occupied real estate 207,489  3,704  7.16  % 189,403  3,361  7.06  %
Commercial and industrial after reclassification $ 3,363,944  $ 51,287  6.12  % $ 3,187,701  $ 50,157  6.26  %
Commercial real estate previously reported $ 6,585,559  $ 85,871  5.23  % $ 6,757,534  $ 89,773  5.29  %
Reclassification of loans previously reported as small business which are secured by non-owner occupied real estate 87,074  1,225  5.64  % 81,083  1,125  5.52  %
Commercial real estate after reclassification $ 6,672,633  $ 87,096  5.24  % $ 6,838,617  $ 90,898  5.29  %




18

Nine Months Ended
September 30, 2025 September 30, 2024
Interest Interest
Average Earned/ Yield/ Average Earned/ Yield/
Balance Paid Rate Balance Paid Rate
Interest-earning assets
Interest earning deposits with banks, federal funds sold, and short term investments $ 413,974  $ 13,076  4.22  % $ 76,199  $ 2,515  4.41  %
Securities
Securities - trading 4,641  —  —  % 4,627  —  —  %
Securities - taxable investments 2,914,567  54,478  2.50  % 2,807,287  42,287  2.01  %
Securities - nontaxable investments (1) 11,858  266  3.00  % 191  5  3.50  %
Total securities $ 2,931,066  $ 54,744  2.50  % $ 2,812,105  $ 42,292  2.01  %
Loans held for sale 10,656  457  5.73  % 11,651  530  6.08  %
Loans
Commercial and industrial (1) 3,742,161  175,528  6.27  % 3,166,270  146,867  6.20  %
Commercial real estate (1) 7,217,053  283,559  5.25  % 6,805,910  265,161  5.20  %
Commercial construction (1) 1,016,344  51,683  6.80  % 808,570  44,650  7.38  %
Total commercial 11,975,558  510,770  5.70  % 10,780,750  456,678  5.66  %
Residential real estate 2,618,320  90,608  4.63  % 2,429,963  79,472  4.37  %
Home equity 1,192,583  57,091  6.40  % 1,109,245  56,642  6.82  %
Total consumer real estate 3,810,903  147,699  5.18  % 3,539,208  136,114  5.14  %
Other consumer 38,406  1,819  6.33  % 32,350  1,867  7.71  %
Total loans $ 15,824,867  $ 660,288  5.58  % $ 14,352,308  $ 594,659  5.53  %
Total interest-earning assets $ 19,180,563  $ 728,565  5.08  % $ 17,252,263  $ 639,996  4.96  %
Cash and due from banks 202,833  179,414 
Federal Home Loan Bank stock 24,231  39,576 
Other assets 1,990,792  1,841,696 
Total assets $ 21,398,419  $ 19,312,949 
Interest-bearing liabilities
Deposits
Savings and interest checking accounts $ 5,800,879  $ 51,642  1.19  % $ 5,165,252  $ 49,163  1.27  %
Money market 3,540,466  66,819  2.52  % 2,917,693  52,386  2.40  %
Time deposits 2,967,856  81,557  3.67  % 2,539,915  81,225  4.27  %
Total interest-bearing deposits $ 12,309,201  $ 200,018  2.17  % $ 10,622,860  $ 182,774  2.30  %
Borrowings
Federal Home Loan Bank and other borrowings 464,910  13,745  3.95  % 920,781  32,652  4.74  %
Junior subordinated debentures 62,861  2,931  6.23  % 62,859  3,431  7.29  %
Subordinated debentures 209,275  11,826  7.56  % 13,501  508  5.03  %
Total borrowings $ 737,046  $ 28,502  5.17  % $ 997,141  $ 36,591  4.90  %
Total interest-bearing liabilities $ 13,046,247  $ 228,520  2.34  % $ 11,620,001  $ 219,365  2.52  %
Noninterest-bearing demand deposits 4,810,799  4,414,392 
Other liabilities 320,237  354,038 
Total liabilities $ 18,177,283  $ 16,388,431 
Stockholders’ equity 3,221,136  2,924,518 
Total liabilities and stockholders’ equity $ 21,398,419  $ 19,312,949 
19

Net interest income $ 500,045  $ 420,631 
Interest rate spread (2) 2.74  % 2.44  %
Net interest margin (3) 3.49  % 3.26  %
Supplemental Information
Total deposits, including demand deposits $ 17,120,000  $ 200,018  $ 15,037,252  $ 182,774 
Cost of total deposits 1.56  % 1.62  %
Total funding liabilities, including demand deposits $ 17,857,046  $ 228,520  $ 16,034,393  $ 219,365 
Cost of total funding liabilities 1.71  % 1.83  %
SUMMARY OF RECLASSIFICATION OF SMALL BUSINESS LOANS
September 30, 2024
Interest
Average Earned/ Yield/
Balance Paid Rate
Commercial and industrial previously reported $ 2,982,147  $ 137,099  6.14  %
Reclassification of loans previously reported as small business, excluding loans which are secured by non-owner occupied real estate 184,123  9,768  7.09  %
Commercial and industrial after reclassification $ 3,166,270  $ 146,867  6.20  %
Commercial real estate previously reported $ 6,725,750  $ 261,907  5.20  %
Reclassification of loans previously reported as small business which are secured by non-owner occupied real estate 80,160  3,254  5.42  %
Commercial real estate after reclassification $ 6,805,910  $ 265,161  5.20  %

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $3.7 million and $3.6 million for the nine months ended September 30, 2025 and 2024, 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.


20

APPENDIX A: Organic Loan and Deposit Growth
(Unaudited, dollars in thousands)
Linked Quarter
September 30
2025		 June 30 2025 Enterprise Balances Acquired Organic Growth/(Decline) Organic Growth/(Decline)%
Loans
Commercial and industrial $ 4,667,262  $ 3,426,938  $ 1,091,649  $ 148,675  3.29  %
Commercial real estate 8,106,490  6,614,523  1,629,698  (137,731) (1.67) %
Commercial construction 1,439,876  798,808  664,281  (23,213) (1.59) %
Total commercial 14,213,628  10,840,269  3,385,628  (12,269) (0.09) %
Residential real estate 2,917,101  2,489,166  425,695  2,240  0.08  %
Home equity 1,284,139  1,168,097  95,096  20,946  1.66  %
Total consumer real estate 4,201,240  3,657,263  520,791  23,186  0.55  %
Total other consumer 37,575  36,296  6,693  (5,414) (12.59) %
Total loans $ 18,452,443  $ 14,533,828  $ 3,913,112  $ 5,503  0.03  %
Deposits
Noninterest-bearing demand deposits $ 5,635,911  $ 4,525,907  $ 1,040,758  $ 69,246  1.24  %
Savings and interest checking 7,111,570  5,279,280  1,766,463  65,827  0.93  %
Money market 4,128,400  3,368,354  815,532  (55,486) (1.33) %
Time certificates of deposit 3,419,988  2,720,199  739,957  (40,168) (1.16) %
Total deposits $ 20,295,869  $ 15,893,740  $ 4,362,710  $ 39,419  0.19  %



Year-to-date
September 30
2025		 December 31
2024		 Enterprise Balances Acquired Organic Growth/(Decline) Organic Growth/(Decline)%
Loans
Commercial and industrial $ 4,667,262  $ 3,246,455  $ 1,091,649  $ 329,158  7.59  %
Commercial real estate 8,106,490  6,839,705  1,629,698  (362,913) (4.28) %
Commercial construction 1,439,876  782,078  664,281  (6,483) (0.45) %
Total commercial 14,213,628  10,868,238  3,385,628  (40,238) (0.28) %
Residential real estate 2,917,101  2,460,600  425,695  30,806  1.07  %
Home equity 1,284,139  1,140,168  95,096  48,875  3.96  %
Total consumer real estate 4,201,240  3,600,768  520,791  79,681  1.93  %
Total other consumer 37,575  39,372  6,693  (8,490) (18.43) %
Total loans $ 18,452,443  $ 14,508,378  $ 3,913,112  $ 30,953  0.17  %
Deposits
Noninterest-bearing demand deposits $ 5,635,911  $ 4,390,703  $ 1,040,758  $ 204,450  3.76  %
Savings and interest checking 7,111,570  5,207,548  1,766,463  137,559  1.97  %
Money market 4,128,400  2,960,381  815,532  352,487  9.34  %
Time certificates of deposit 3,419,988  2,747,346  739,957  (67,315) (1.93) %
Total deposits $ 20,295,869  $ 15,305,978  $ 4,362,710  $ 627,181  3.19  %




21

APPENDIX B: 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:
September 30
2025		 June 30
2025		 September 30
2024
Tangible common equity (Dollars in thousands, except per share data)
Stockholders’ equity (GAAP) $ 3,546,887  $ 3,074,856  $ 2,977,148  (a)
Less: Goodwill and other intangibles 1,225,106  994,814  998,773 
Tangible common equity (Non-GAAP) $ 2,321,781  $ 2,080,042  $ 1,978,375  (b)
Tangible assets
Assets (GAAP) $ 24,993,239  $ 20,048,934  $ 19,408,116  (c)
Less: Goodwill and other intangibles 1,225,106  994,814  998,773 
Tangible assets (Non-GAAP) $ 23,768,133  $ 19,054,120  $ 18,409,343  (d)
Common Shares 49,787,305  42,627,286  42,480,765  (e)
Common equity to assets ratio (GAAP) 14.19  % 15.34  % 15.34  % (a/c)
Tangible common equity to tangible assets ratio (Non-GAAP) 9.77  % 10.92  % 10.75  % (b/d)
Book value per share (GAAP) $ 71.24  $ 72.13  $ 70.08  (a/e)
Tangible book value per share (Non-GAAP) $ 46.63  $ 48.80  $ 46.57  (b/e)

22

APPENDIX C: 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:
23

(Unaudited, dollars in thousands) Three Months Ended Nine Months Ended
September 30
2025		 June 30
2025		 September 30
2024		 September 30
2025		 September 30
2024
Net interest income (GAAP) $ 203,344  $ 147,496  $ 141,703  $ 496,345  $ 417,068 
Noninterest income (GAAP) $ 40,398  $ 34,308  $ 33,549  $ 107,245  $ 95,822 
Total revenue (GAAP) $ 243,742  $ 181,804  $ 175,252  $ 603,590  $ 512,890 
Noninterest expense (GAAP) $ 160,836  $ 108,798  $ 100,443  $ 375,512  $ 299,944 
Less:
Merger and acquisition expense 23,893  2,239  —  27,287  — 
Noninterest expense on an operating basis (Non-GAAP) $ 136,943  $ 106,559  $ 100,443  $ 348,225  $ 299,944 
Average assets $ 24,930,449  $ 19,743,746  $ 19,340,302  $ 21,398,419  $ 19,312,949 
Average common equity (GAAP) $ 3,557,840  $ 3,067,050  $ 2,969,236  $ 3,221,136  $ 2,924,518 
Less: Average goodwill and other intangibles 1,229,973  995,380  999,604  1,074,892  1,001,022 
Tangible average tangible common equity (Non-GAAP) $ 2,327,867  $ 2,071,670  $ 1,969,632  $ 2,146,244  $ 1,923,496 
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)
Net income (GAAP) $ 34,262  $ 51,101  $ 42,947  $ 129,787  $ 142,047 
Provision for non-PCD acquired loans 34,519  —  —  34,519  — 
Noninterest expense components
Add - merger and acquisition expenses 23,893  2,239  —  27,287  — 
Noncore increases to income before taxes 58,412  2,239  —  61,806  — 
Net taxes associated with noncore items (1) (15,320) (544) —  (15,913) — 
Add - adjustment for tax effect of previously incurred merger and acquisition expenses —  657  —  381  — 
Total tax impact (15,320) 113  —  (15,532) — 
Noncore increases to net income 43,092  2,352  —  46,274  — 
Operating net income (Non-GAAP) $ 77,354  $ 53,453  $ 42,947  $ 176,061  $ 142,047 
(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 net income by average assets) 0.55  % 1.04  % 0.88  % 0.81  % 0.98  %
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) 1.23  % 1.09  % 0.88  % 1.10  % 0.98  %
Return on average common equity (GAAP) (calculated by dividing net income by average common equity) 3.82  % 6.68  % 5.75  % 5.39  % 6.49  %
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) 8.63  % 6.99  % 5.75  % 7.31  % 6.49  %
Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity) 5.84  % 9.89  % 8.67  % 8.09  % 9.86  %
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized net operating net income by average tangible common equity) 13.18  % 10.35  % 8.67  % 10.97  % 9.86  %
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by total revenue) 16.57  % 18.87  % 19.14  % 17.77  % 18.68  %
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) 16.57  % 18.87  % 19.14  % 17.77  % 18.68  %
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) 65.99  % 59.84  % 57.31  % 62.21  % 58.48  %
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) 56.18  % 58.61  % 57.31  % 57.69  % 58.48  %
24

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


(Unaudited, dollars in thousands) Three Months Ended
September 30, 2025 June 30, 2025
Volume Interest Margin Impact  Volume  Interest Margin Impact
Reported total interest earning assets $ 22,430,232  $ 204,731  3.62  % $ 17,672,302  $ 148,672  3.37  %
Acquisition fair value marks:
Loan accretion (4,729) (0.08) % (235) —  %
Nonaccrual interest, net (84) —  % (5) —  %
Other adjustments (2,088) 129  —  % (2,291) 135  —  %
Adjusted margin (Non-GAAP) $ 22,428,144  $ 200,047  3.54  % $ 17,670,011  $ 148,567  3.37  %
25
EX-99.2 3 q32025erpresentation-fin.htm EX-99.2 - Q3 2025 EARNINGS PRESENTATION q32025erpresentation-fin
Exhibit 99.2 Q3 2025 Earnings Presentation October 17, 2025

 
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 economic growth and vitality in key markets served • Depth of market offers opportunities for continued growth • The Enterprise acquisition added density to existing markets and expands the Rockland franchise into Northern MA and Southern NH 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) Q3’25 Q3’25 Operating(1) Q2’25 Q2’25 Operating Q3’24 Net Income $34.3 $77.4 $51.1 $53.5 $42.9 Diluted EPS $0.69 $1.55 $1.20 $1.25 $1.01 ROAA 0.55% 1.23% 1.04% 1.09% 0.88% ROACE 3.82% 8.63% 6.68% 6.99% 5.75% ROATCE(1) 5.84% 13.18% 9.89% 10.35% 8.67% Net Interest Margin 3.62% 3.54% 3.37% 3.37% 3.29% Q3 2025 Financial Highlights Key Metrics Highlights • Successful close of the Enterprise acquisition on July 1st • Net interest margin increased 25 bps to 3.62% • Robust organic commercial & industrial loan growth • Relatively flat total loan and deposit balances; minimal Enterprise runoff • Wealth AUA increased to $9.2 billion • Enterprise cost saves on track; operating efficiency ratio decreased to 56.18% • Loan loss provision of $38.5 million includes $34.5 million attributable to acquired Enterprise loan portfolio • Approximately 365,000 shares repurchased for $23.4 million (1) (1) Represents a non-GAAP measure. See Appendices A through C for reconciliation to the corresponding GAAP measures.

 
4 Overview of Enterprise Bancorp Acquisition Pro Forma Combined Company(2) • Acquisition closed July 1, 2025 • Successful system conversion completed in October • Outstanding retention rate of key Enterprise personnel • Acquired loans and deposits have remained relatively stable • Approximately 50% of cost saves realized to date • Tangible book value dilution of 7.0%* less than originally anticipated (9.8%) *Includes estimated Q4 merger-related expenses Acquired Balances from Enterprise $5.1Bn in Assets $3.9Bn in Loans $4.4Bn in Deposits $1.5Bn of Wealth AUA (2) Includes one electronic branch

 
5 Deposit Balances (Dollars in millions) September 30 2025 June 30 2025 Enterprise Balances Acquired Organic Growth/ (Decline) Organic Growth/ (Decline)% Deposit Product Type Noninterest-bearing demand deposits $5,636 $4,526 $1,041 $69 1.24% Savings and interest checking 7,112 5,279 1,766 $67 0.93% Money market 4,128 3,369 816 $(57) (1.33)% Time certificates of deposit 3,420 2,720 740 $(40) (1.16)% Total deposits $20,296 $15,894 $4,363 $39 0.19% $ in b ill io ns Average Balances and Cost of Deposits $15.5 $15.5 $15.6 $20.2 1.65% 1.56% 1.54% 1.58% Deposits Cost of deposits Q4 2024 Q1 2025 Q2 2025 Q3 2025 $0.0 $5.0 $10.0 $15.0 $20.0 0.00% 1.00% 2.00% 3.00%

 
6 Loan Balances (Dollars in millions) September 30 2025 June 30 2025 Enterprise Balances Acquired Organic Growth/ (Decline) Organic Growth/ (Decline)% Loan Category Commercial and industrial $4,667 3,427 1,092 $149 3.29% Commercial real estate 8,106 6,615 1,630 (138) (1.67)% Commercial construction 1,440 799 664 (23) (1.59)% Total commercial 14,213 10,841 3,386 (12) (0.09)% Residential real estate 2,917 2,489 426 2 0.08% Home equity 1,284 1,168 95 21 1.66% Total consumer real estate 4,201 3,657 521 23 0.55% Total other consumer 38 36 7 (5) (12.59)% Total loans $18,452 $14,534 $3,914 $6 0.03%

 
7 Nonperforming Loans ($ in millions) $101.5 $89.5 $56.2 $86.6 0.70% 0.62% 0.39% 0.47% NPLs ($Mil) NPL as % of Total Loans Q4 2024 Q1 2025 Q2 2025 Q3 2025 0.25% 0.50% 0.75% $0 $60 $120 Nonperforming Assets Rollforward - Q3 2025 (Dollars in thousands) Nonperforming assets at June 30, 2025 $58,317 EBTC nonperforming assets at July 1, 2025 24,487 New to nonperforming 16,767 Loans charged-off (2,670) Loans paid-off (6,983) Loans restored to performing status (1,404) Other 183 Nonperforming assets at September 30, 2025 $88,697 Commercial Criticized & Classified Loans ($ in millions) $502.9 $486.3 $417.7 $460.2 $518.9 4.68% 4.47% 3.85% 4.25% 3.65% Criticized & Classified Loans Criticized & Classified Loans as a % of Total Commercial Loans Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $— $150.0 $300.0 $450.0 $600.0 —% 1.50% 3.00% 4.50% 6.00% Asset Quality Minimal loss exposure at 9/30

 
8 Allowance for Credit Losses $144.8 $9.0 $34.5 $4.0 $(1.8) $190.5 Q2 2025 Day 1 ACL Gross-up on PCD Day 2 Provision on non-PCD Provision for credit losses Net Charge-offs Q3 2025 Allowance for Credit Loss & Delinquency Trends 1.17% 0.99% 1.00% 1.03% 0.60% 0.47% 0.20% 0.49% Allowance for Credit Losses/Total Loans Delinquent Loans/Total Loans Q4 2024 Q1 2025 Q2 2025 Q3 2025 0.00% 0.50% 1.00% Asset Quality (continued) (Dollars in millions)

 
9 95% CRE & Construction Portfolio $9.5 billion Multi-Family - 27.9% Residential - Related - 18.3% Office - 12.1% Mixed-Use Office - 1.9% Industrial/ Warehouse - 9.6% Lodging - 8.3% Retail - 16.6% Healthcare - 1.4% Other - 3.9% C&I Portfolio $4.7 billion Retail Trade - 17.2% Real Estate/Rental and Leasing - 10.9% Construction - 9.9% Health Care and Social Assistance - 9.2%Wholesale Trade - 8.2% Manufacturing - 8.8% Accommodation and Food Services - 7.9% Educational Services - 4.2% All Other - 23.7% Consumer Portfolio $4.2 billion Residential real estate - 68.8% Home equity - first position - 12.1% Home equity - subordinate positions - 18.2% Other consumer - 0.9% $7.5 $7.4 $7.3 $9.5 305% 281% 274% 295% CRE CRE/Capital * Q4 2024 Q1 2025** Q2 2025 Q3 2025** $0.0 $4.0 $8.0 $12.0 250% 300% 350% ($Bil) *Rockland Trust Bank only. Ratio for Q3 2025 is an estimated number **Reflects capital contribution of $150 million in Q1 and an additional $75 million in Q3 related to parent company subordinated debt proceeds 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 $280.3 $28.0 Class A $177.2 $5.4 Class A $457.5 $10.6 Class B/C 191.7 21.3 Class B/C 336.3 1.4 Class B/C 528.0 2.1 Medical 26.5 26.5 Medical 131.4 3.2 Medical 157.9 3.8 $498.5 $24.9 $644.9 $2.1 $1,143.4 $3.5 Criticized $61.6 Criticized $54.0 Criticized $115.6 Classified (perf) 43.6 Classified (perf) 8.8 Classified (perf) 52.4 Nonperforming 22.2 Nonperforming — Nonperforming 22.2 • Top 20 loans are actively managed • Majority is RTC originated, conservative underwriting • Primarily Massachusetts based • Approx. $249M came from acquisitions Maturity Schedule ($ in millions) Matured 2025 Q4 2026 2027 2028+ Total Pass Rating $0.2 $29.7 $75.8 $156.7 $690.8 $953.2 Criticized 2.3 42.9 46.3 11.0 13.1 115.6 Classified — — 43.6 — 31.0 74.6 Total $2.5 $72.6 $165.7 $167.7 $734.9 $1,143.4 % of Total 0.2% 6.3% 14.5% 14.7% 64.3% 100.0% CRE & Construction Portfolio $9.5 billion Office ($1.143B) - 12.0% Other CRE & Construction - 88.0% Focal Point | CRE Office (inclusive of construction)

 
11 Net Interest Margin 3.29% 3.33% 3.42% 3.37% 3.62% 3.29% 3.31% 3.37% 3.37% 3.54% Reported NIM Adjusted NIM(1) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 3.00% 3.20% 3.40% 3.60% 3.80% Total Loan Portfolio Rate Characteristics 36% 25% 39% Fixed Rate Floating Rate Variable Rate Net Interest Margin Analysis Trend in Asset Yields vs. Funding Costs 2.02% 2.14% 2.25% 2.32% 2.84% 5.57% 5.48% 5.44% 5.49% 5.60% 1.86% 1.77% 1.67% 1.73% 1.72% Security yields Adjusted loan yields(1) Funding costs Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% • September 18, 2024 - 50bp Fed rate cut • November 7, 2024 - 25bp Fed rate cut • December 18, 2024 - 25bp Fed rate cut • March 25, 2025 - $300 million sub debt raise • September 17, 2025 - 25bp Fed rate cut Key Events (1) Represents a non-GAAP measure. See Appendices A through C for reconciliation of the corresponding GAAP measures.

 
12 Noninterest Income Noninterest Expense ($ in thousands) ($ in thousands) Q3 2025 Q2 2025 Q3 2025 Q2 2025 Deposit account fees $ 8,847 $ 7,141 Salaries and employee benefits $ 81,132 $ 62,856 Interchange and ATM fees 5,989 4,997 Occupancy and equipment expenses 14,975 13,158 Investment management and advisory 13,652 11,380 Data processing and facilities management 2,788 2,783 Mortgage banking income 1,444 1,072 FDIC assessment 3,080 2,373 Increase in cash surrender value of life insurance policies 2,629 2,038 Amortization of intangible assets 7,315 1,197 Gain on life insurance benefits — 1,650 Merger and acquisition expense 23,893 2,239 Loan level derivative income 1,224 66 Other noninterest expenses 27,653 24,192 Other noninterest income 6,613 5,964 Total noninterest expenses $ 160,836 $ 108,798 Total noninterest income $ 40,398 $ 34,308 Reconciliation of operating noninterest expense (Non-GAAP): Less: merger and acquisition expense 23,893 2,239 Operating noninterest expense (Non-GAAP) $ 136,943 $ 106,559 Noninterest Income/Expense

 
13 $ in m ill io ns Assets Under Administration $7,035 $7,099 $7,361 $1,499 $360 $9,220 Q4 2024 Q1 2025 Q2 2025 EBTC Day 1 Acquired Balances Q3 Organic Growth Q3 2025 $— $5,000 $10,000 ($ in thousands) Q3 2025 Q2 2025 % Change Assets under administration $9,220,205 $7,360,635 25.3% Asset based revenue 12,043 9,613 25.3% Other revenue: Retail commission revenue 1,257 921 Insurance commission revenue 39 128 Other advisory revenue 313 718 Total reported revenue $13,652 $11,380 20.0% Focal Point | Investment Management and Advisory

 
14 Available for Sale (AFS) Held to Maturity (HTM) Portfolio Composition at September 30, 2025 Book Value Fair Value Unrealized Gain/(Loss) Book Value Fair Value Unrealized Gain/(Loss) ($ in millions) U.S. government agency securities $ 229 $ 217 $ (12) $ — $ — $ — U.S. treasury securities 485 467 (18) 101 96 (5) Agency mortgage-backed securities 727 707 (20) 758 719 (39) Agency collateralized mortgage obligations 280 276 (4) 384 336 (48) Taxable municipal securities 217 219 2 — — — Other 60 55 (5) 115 110 (5) Total securities $ 1,998 $ 1,941 $ (57) $ 1,358 $ 1,261 $ (97) Duration of portfolio 3.9 Years 3.7 Years ($ in m ill io ns ) Projected Cash Flows $62 $704 $493 2025 (Q4) 2026 2027 $0 $250 $500 $750 Securities Portfolio

 
15 Loans • Low-single digit percentage increase expected Deposits • Low-single digit percentage increase expected Net Interest Margin • Margin expansion of 4-6 basis points expected; assumes similar loan accretion, which can be volatile Asset Quality • Provision driven by future credit trends Non-interest Income • Flat to low-single digit percentage increase expected Non-interest Expense • Core expenses, excluding M&A, to decrease from additional Enterprise cost saves of approximately $2 million • Estimated $3 to $5 million of one-time costs associated with 2026 core system upgrade 2025 Q4 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,” “targeted” 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, the prolongment of the U.S. government shutdown, 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, whether caused by geopolitical concerns, including the Russia/Ukraine conflict, the conflicts in Israel, Iran and surrounding areas and uncertainties surrounding the trajectories of such conflicts; • unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events; • adverse changes or volatility in the local real estate market; • changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans; • risks related to the Company’s acquisition of Enterprise and acquisitions generally, 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; unforeseen integration issues or 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; • 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; and • any unexpected material adverse changes in the Company’s operations or earnings. The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors. 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 return on average common equity, operating return on average tangible common equity, operating noninterest expense, adjusted net interest margin (“adjusted NIM” or “adjusted margin”) and the associated adjusted loan yield, tangible book value per share, tangible common equity ratio and return on average tangible common equity. Management reviews its adjusted margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as low-yielding loans originated through government programs in response to the pandemic, or significant purchase accounting adjustments, or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at an adjusted margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry. These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, operating noninterest expense, adjusted margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies. Non-GAAP Financial Measures

 
18 Appendix A - Reconciliation of Non-GAAP Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended September 30 2025 June 30 2025 September 30 2024 Net interest income (GAAP) $203,344 $147,496 $141,703 Noninterest income (GAAP) $40,398 $34,308 $33,549 Noninterest expense (GAAP) $160,836 $108,798 $100,443 Less: Merger and acquisition expense 23,893 2,239 — Noninterest expense on an operating basis (Non-GAAP) $136,943 $106,559 $100,443 Total revenue (GAAP) $243,742 $181,804 $175,252 Average assets $24,930,449 $19,743,746 $19,340,302 Average common equity (GAAP) $3,557,840 $3,067,050 $2,969,236 Less: Average goodwill and other intangibles 1,229,973 995,380 999,604 Tangible average tangible common equity (Non-GAAP) $2,327,867 $2,071,670 $1,969,632 Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP) Net income (GAAP) $34,262 $51,101 $42,947 Provision for non-PCD acquired loans 34,519 — — Noninterest expense components Add - merger and acquisition expenses 23,893 2,239 — Noncore increases to income before taxes 58,412 2,239 — Net taxes associated with noncore items (1) (15,320) (544) — Add - adjustment for tax effect of previously incurred merger and acquisition expenses — 657 — Total tax impact (15,320) 113 — Noncore increases to net income 43,092 2,352 — Operating net income (Non-GAAP) $77,354 $53,453 $42,947 Weighted average common shares (diluted) 49,957,007 42,641,131 42,493,063 Diluted earnings per share (GAAP) $0.69 $1.20 $1.01 Diluted earnings per share, on an operating basis (Non-GAAP) $1.55 $1.25 $1.01 (1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income. Ratios Return on average assets (GAAP) (calculated by dividing net income by average assets) 0.55% 1.04% 0.88% Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) 1.23% 1.09% 0.88% Return on average common equity (GAAP) (calculated by dividing net income by average common equity) 3.82% 6.68% 5.75% Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) 8.63% 6.99% 5.75% Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity) 5.84% 9.89% 8.67% Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized net operating net income by average tangible common equity) 13.18% 10.35% 8.67%

 
19 Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 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 $22,430,232 $204,731 3.62% $17,672,302 $148,672 3.37% $17,383,702 $146,642 3.42% $17,423,492 $145,840 3.33% $17,288,249 $142,893 3.29% Acquisition fair value marks: Loan accretion (4,729) (235) (410) (179) (171) CD amortization — — — — — (4,729) (0.08)% (235) —% (410) (0.01)% (179) —% (171) —% Nonaccrual interest, net (84) —% (5) —% (1,689) (0.04)% (1,068) (0.02)% (156) —% Other adjustments (2,088) 129 —% (2,291) 135 —% (2,670) (222) —% (3,083) (54) —% (3,523) (145) —% Adjusted margin (Non- GAAP) $22,428,144 $200,047 3.54% $17,670,011 $148,567 3.37% $17,381,032 $144,321 3.37% $17,420,409 $144,539 3.31% $17,284,726 $142,421 3.29% Appendix B - Non-GAAP Reconciliation of Adjusted Margin

 
20 Appendix C - Reconciliation of Non-GAAP Capital Metrics (Unaudited, dollars in thousands, except per share data) September 30 2025 June 30 2025 September 30 2024 Tangible common equity Stockholders’ equity (GAAP) $ 3,546,887 $ 3,074,856 $ 2,977,148 (a) Less: Goodwill and other intangibles 1,225,106 994,814 998,773 Tangible common equity (Non-GAAP) $ 2,321,781 $ 2,080,042 $ 1,978,375 (b) Common Shares 49,787,305 42,627,286 42,480,765 (c) Book value per share (GAAP) $ 71.24 $ 72.13 $ 70.08 (a/c) Tangible book value per share (Non-GAAP) $ 46.63 $ 48.80 $ 46.57 (b/c)

 
21 Appendix D - Selected Purchase Accounting Adjustments Pro Forma Combined Company(2) Selected Purchase Accounting Adjustments ($ in millions) Estimate at Announcement Actual Loans - Interest Rate Mark Loans $150 $123 Loans - Credit Mark Purchase Credit Deteriorated ("PCD") Loans $17 $9 Non-PCD Loans $52 $37 Intangible Assets Core Deposit Intangibles $132 $123