Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Q4 2025 Earnings Presentation
22 slides from Independent Bank's earnings presentation, Jan 23, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation January 23, 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: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Key Metrics Highlights ($ in millions, except per share) • Operating EPS of $1.70 represents a 9.7% Q4’25 Q3’25 Q4’24 increase over prior quarter of $1.55(1) Q4’25 Q3’25 Q4’24 Operating(1) Operating(1) Operating(1) • Adjusted net interest margin increased 10 Net $ 75.3 $
Slide 4: Momentum in Earnings Growth & Profitability Enhancement
Momentum in Earnings Growth & Profitability Enhancement Operating EPS(1) Operating Pre-Provision Net Revenue ROAA(1) $2.00 2.00% $1.70 1.78% 1.70% $1.55 1.53% 1.53% 1.48% $1.21 $1.25 $1.06 $— —% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating ROAA(1) Operati
Slide 5: Deposit Balances
Deposit Balances (Dollars in millions) December 31 September 30 $ Increase % Increase 2025 2025 (Decrease) (Decrease) Deposit Product Type Noninterest-bearing demand deposits $ 5,601 $ 5,636 $ (35) (0.6)% Savings and interest checking(2) 6,483 6,493 (10) (0.2)% Money market(2) 4,775 4,747 28 0.6% Ti
Slide 6: Loan Balances
Loan Balances (Dollars in millions) December 31 September 30 $ Increase % Increase 2025 2025 (Decrease) (Decrease) Loan Category Commercial and industrial $ 4,612 $ 4,532 $ 80 1.77% Commercial real estate 8,275 8,241 34 0.41% Commercial construction 1,399 1,440 (41) (2.85)% Total commercial 14,286 1
Slide 7: Asset Quality
Asset Quality Nonperforming Loans Commercial ($ in millions) Criticized & Classified Loans $89.5 $100 ($ in millions) 0.75% $86.6 $83.6 $600.0 $518.9 6.00% $486.3 $460.2 $472.9 $417.7 $56.2 $450.0 4.50% 0.62% 0.50% $50 $300.0 4.47% 4.25% 3.00% 3.85% 3.65% 3.31% 0.47% $150.0 1.50% 0.45% 0.39% $— —% 0
Slide 8: Loan Portfolios
Loan Portfolios CRE & Construction Portfolio C&I Portfolio $9.7 billion $4.6 billion Other - 4.4% All Other - 24.9% Retail Trade - 17.1% Healthcare - 1.4% Multi-Family - 29.8% Educational Services - 4.1% Real Estate/Rental Retail - 16.6% and Leasing - 9.4% Lodging - 8.2% Accommodation Industrial/ an
Slide 9: Focal Point | CRE Office (inclusive of construction)
Focal Point | CRE Office (inclusive of construction) CRE & Construction Maturity Schedule Portfolio Other CRE & $9.7 billion ($ in millions) Matured 2026 Q1 2026 Q2 2026 Q3 2026 Q4 2027 2028 2029+ Total Construction - 88.6% Pass Rating $0.9 $44.1 $18.7 $12.2 $19.6 $181.0 $66.1 $590.0 $932.6 Criticiz
Slide 10: Net Interest Margin Analysis
Net Interest Margin Analysis Net Interest Margin Total Loan Portfolio Rate Characteristics 4.00% 3.77% 3.80% 3.62% 3.42% Fixed Rate 3.60% 3.33% 3.37% 39% 36% 3.64% 3.40% 3.54% Floating Rate 3.20% 3.37% 3.37% 3.31% 3.00% Variable Rate Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Reported NIM Adjusted NIM(
Slide 11: Noninterest Income/Expense
Noninterest Income/Expense Noninterest Income Noninterest Expense ($ in thousands) ($ in thousands) Q4 2025 Q3 2025 Q4 2025 Q3 2025 Deposit account fees $ 9,100 $ 8,847 Salaries and employee benefits $ 81,580 $ 81,132 Interchange and ATM fees 5,381 5,989 Occupancy and equipment expenses 15,604 14,97
Slide 12: 2025 Expense Trends and 2026 Guidance
2025 Expense Trends and 2026 Guidance Adjusted (Dollars in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2025 RTC run rate (estimated) $ 104,723 $ 106,559 $ 107,598 $ 108,827 $ 108,827 Q4 vs. Q3 outsized expenses — — — 5,100 — Enterprise run rate (estimated) — — 30,000 30,000 30,000 Enterprise cost
Slide 13: Focal Point | Investment Management and Advisory
Focal Point | Investment Management and Advisory ($ in thousands) Q4 2025 Q3 2025 % Change Assets under administration $ 9,217,333 $ 9,220,205 (0.03)% Asset based revenue 12,071 12,043 0.2% Other revenue: Retail commission revenue 1,386 1,257 Insurance commission revenue 127 39 Other advisory revenu
Slide 14: Securities Portfolio
Securities Portfolio Available for Sale (AFS) Held to Maturity (HTM) Book Unrealized Book Unrealized Portfolio Composition at December 31, 2025 Fair Value Gain/(Loss) Fair Value Value Value Gain/(Loss) ($ in millions) U.S. government agency securities $ 229 $ 219 $ (10) $— $— $— U.S. treasury securi
Slide 15: 2026 Guidance
2026 Guidance Metric 2026 Expectations • Commercial and Industrial: Mid-single digit percentage increase Loan Growth • Commercial real estate and Construction: Low-single digit percentage increase • Consumer: flat to low-single digit percentage increase • Core deposits: low to mid-single digit perce
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 December 31 September 30 December 31 (Unaudited, dollars in thousands, except per share data) 2025 2025 2024 Tangible common equity Stockholders’ equity (GAAP) $ 3,565,728 $ 3,546,887 $ 2,993,120 (a) Less: Goodwill and other intangibles 1,224,186 1,231,242
Slide 20: Non-GAAP Reconciliation of Earnings Metrics
Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended December 31 September 30 June 30 March 31 December 31 2025 2025 2025 2025 2024 Net interest income (GAAP) $ 212,486 $ 203,344 $ 147,496 $ 145,505 $ 144,661 Noninterest income (GAAP) $ 41,445 $ 40,398 $ 3
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 December 31 September 30 June 30 March 31 December 31 2025 2025 2025 2025 2024 Pre-provision net revenue (3) $ 99,561 $ 82,906 $ 73,006 $ 72,166 $ 70,430 Pre-provision net revenue on an operatin
Slide 22: Non-GAAP Reconciliation of Adjusted Margin
Non-GAAP Reconciliation of Adjusted Margin Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Margin Margin Margin Margin Margin Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact (Una