Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Q3 2026 Earnings Presentation
22 slides from Independent Bank's earnings presentation, Oct 15, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation October 15, 2026 Exhibit 99.2
Slide 2: Company Overview
Company Overview Strong, Resilient Franchise; Well Positioned for Growth Safe & Sound Customer Centric • Strong balance sheet • Full suite of retail banking, commercial banking, • Prudent interest rate and liquidity risk and wealth product offerings management • Relationship-oriented commercial lend
Slide 3: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Key Metrics Highlights ($ in millions, except per share) • Operating EPS of $1.90, increase of $0.20, or 12%, from prior quarter(1) Q3’26 Q2’26 Q3’25 Q3’26 Q2’26 Q3’25 Operating(1) Operating(1) Operating(1) • Reported net interest margin of 3.89%, Net adjusted margin of
Slide 4: Earnings Growth & Profitability Enhancement
Earnings Growth & Profitability Enhancement Operating EPS(1) Operating Pre-Provision Net Revenue ROAA(1) $2.00 2.00% 1.95% $1.90 1.85% 1.85% 1.78% $1.70 $1.68 $1.70 1.70% $1.55 $1.50 1.50% $1.00 1.00% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating ROAA(1) O
Slide 5: Deposit Balances
Deposit Balances Deposit Composition (Dollars in millions) September 30 June 30 $ Increase % Increase 2026 2026 (Decrease) (Decrease) Time DDA -28% Deposits - 15% Deposit Product Type Noninterest-bearing $ 5,761 $ 5,710 $ 51 0.9% demand deposits Savings and interest 6,450 6,504 (54) (0.8)% checking
Slide 6: Loan Balances
Loan Balances (Dollars in millions) September 30 June 30 $ Increase % Increase 2026 2026 (Decrease) (Decrease) Loan Category Commercial and industrial $ 4,780 $ 4,731 $ 49 1.0% Commercial real estate 7,860 7,944 (84) (1.1)% Commercial construction 1,579 1,464 115 7.9% Total commercial 14,219 14,139
Slide 7: Q3 2026 New Commercial Loan Commitments/Pipeline
Q3 2026 New Commercial Loan Commitments/Pipeline Q3 2026 New Commercial Loan Commitments ($ in millions) $400 $300 $200 $100 $— CRE C&I Institutional CRE Middle Market C&I Regional Banking Approved Commercial Loan Pipeline ($ in millions) $600 $574 $510 $400 $443 $313 $278 $200 $— Q3 2025 Q4 2025 Q1
Slide 8: Asset Quality
Asset Quality Nonperforming Loans Commercial ($ in millions) Criticized & Classified Loans $160 ($ in millions) 0.75% $125.7 $575.5 $600.0 $545.6 $550.9 $472.9 6.00% $96.6 $103.6 $83.6 0.68% $450.0 4.50% 0.50% $80 $300.0 3.00% 0.56% 4.04% 3.86% 3.87% 0.52% 3.31% $150.0 1.50% 0.45% $— —% 0.25% $0 Q4
Slide 9: Loan Portfolios
Loan Portfolios CRE & Construction Portfolio C&I Portfolio $9.4 billion $4.8 billion Other - 4.6% All Other - 24.9% Healthcare - 0.7% Retail Trade - 15.9% Retail - 16.0% Multi-Family - 31.5% Educational Services - 3.9% Real Estate/Rental and Leasing - 9.2% Lodging - 8.5% Accommodation Construction -
Slide 10: Focal Point | CRE Office (inclusive of construction)
Focal Point | CRE Office (inclusive of construction) CRE & Construction Maturity Schedule Portfolio ($ in millions) Matured 2026 Q4 2027 2028 2029+ Total Other CRE & $9.4 billion Construction - 89.2% Pass Rating $6.5 $31.2 $148.6 $84.2 $559.5 $830.0 Criticized 14.3 32.7 31.4 — 30.7 109.1 Classified
Slide 11: Net Interest Margin Dynamics
Net Interest Margin Dynamics Net Interest Margin Total Loan Portfolio Rate Characteristics 3.90% 3.85% 3.89% 4.00% 3.77% 3.80% 3.62% 3.60% Fixed Rate 34% 3.72% 3.76% 3.76% 3.64% 40% 3.40% 3.54% Floating Rate 3.20% 3.00% Variable Rate Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Reported NIM Adjusted NIM
Slide 12: Noninterest Income/Expense
Noninterest Income/Expense Noninterest Income Noninterest Expense ($ in thousands) ($ in thousands) Q3 2026 Q2 2026 Q3 2026 Q2 2026 Deposit account fees $ 9,948 $ 9,393 Salaries and employee benefits $ 80,408 $ 79,088 Interchange and ATM fees 5,719 5,686 Occupancy and equipment expenses 15,831 16,17
Slide 13: Focal Point | Investment Management and Advisory
Focal Point | Investment Management and Advisory ($ in thousands) Q3 2026 Q2 2026 % Change Assets under administration $ 9,505,875 $ 9,470,096 0.4% Asset based revenue 13,094 12,852 1.9% Other revenue: Retail commission revenue 1,025 1,296 Insurance commission revenue 71 73 Other advisory revenue 30
Slide 14: Securities Portfolio
Securities Portfolio Available for Sale (AFS) Held to Maturity (HTM) Book Unrealized Book Unrealized Portfolio Composition at September 30, 2026 Fair Value Gain/(Loss) Fair Value Value Value Gain/(Loss) ($ in millions) U.S. government agency securities $ 198 $ 188 $ (10) $— $— $— U.S. treasury secur
Slide 15: Q4 2026 Guidance
Q4 2026 Guidance Metric Q4 2026 Expectations • Commercial real estate and Construction: low-single digit annualized percentage increase • Commercial and Industrial: mid-single digit annualized percentage increase Loan Growth • Home equity: high-single digit annualized percentage increase • Residenti
Slide 16: Forward Looking Statements
Forward Looking Statements This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS
Slide 18: Appendix
Appendix INDEPENDENT BANK CORP.
Slide 19: Non-GAAP Reconciliation of Capital Metrics
Non-GAAP Reconciliation of Capital Metrics September 30 June 30 September 30 (Unaudited, dollars in thousands, except per share data) 2026 2026 2025 Tangible common equity Stockholders’ equity (GAAP) $ 3,452,336 $ 3,512,363 $ 3,546,887 (a) Less: Goodwill and other intangibles 1,204,278 1,210,506 1,2
Slide 20: Non-GAAP Reconciliation of Earnings Metrics
Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended September 30 June 30 March 31 December 31 September 30 2026 2026 2026 2025 2025 Net interest income (GAAP) $ 220,661 $ 210,927 $ 212,459 $ 212,486 $ 203,344 Noninterest income (GAAP) $ 41,287 $ 42,391 $
Slide 21: Non-GAAP Reconciliation of Pre-Provision Net Revenue
Non-GAAP Reconciliation of Pre-Provision Net Revenue (Unaudited, dollars in thousands) Three Months Ended September 30 June 30 March 31 December 31 September 30 2026 2026 2026 2025 2025 Pre-provision net revenue (2) $ 123,528 $ 113,046 $ 109,803 $ 99,561 $ 82,906 Pre-provision net revenue on an oper
Slide 22: Non-GAAP Reconciliation of Adjusted Margin
Non-GAAP Reconciliation of Adjusted Margin Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Margin Margin Margin Margin Margin Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact (Un