Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Investor Presentation (December 2025)
26 slides from Independent Bank's investor presentation, Dec 15, 2025
Slide 1: Investor Presentation December 2025
Jeff Tengel Chief Executive Officer Mark Ruggiero Chief Financial Officer & EVP/Consumer Lending December 2025
Slide 2: Who We Are
2 Who We Are Independent Bank Corp. (Nasdaq: INDB) • Main Banking Subsidiary: Rockland Trust • Massachusetts based; New England focused Key Metrics as of September 30, 2025 $25.0 B TOTAL ASSETS $18.5 B LOANS $20.3 B DEPOSITS $9.2 B WEALTH MANAGEMENT $3.8 B MARKET CAP* *as of December 12, 2025
Slide 3: Our Corporate Promises
3 Our Corporate Promises: We remain committed to our colleagues, customers, community and shareholders. This connects our purpose to everything we do. It transforms what banking means from a mere transaction to the chance to make a positive difference in the lives of others. This motivates our colle
Slide 4: Strong, Resilient Franchise; Well Positioned for Growth
4 Safe & Sound Customer Centric • Full suite of retail banking, commercial banking, and wealth product offerings • Relationship-oriented commercial lending with strong local market knowledge and presence • Exceptional third party customer service recognition in both commercial and retail • Strong br
Slide 5: Q3 2025 Financial Highlights
5 ($ 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 $1.01 ROAA 0.55% 1.23% 1.04% 1.09% 0.88% ROACE 3.82% 8.63% 6.68% 6.99% 5.75% ROATCE(1) 5.84% 13.18% 9.89% 10.35% 8.67% Net Interest Ma
Slide 6: Overview of Enterprise Bancorp Acquisition
6 Overview of Enterprise Bancorp Acquisition Pro Forma Combined Company(2) • Acquisition closed July 1, 2025 • Successful system conversion completed in October • Outstanding retention rate of key Enterprise personnel • Acquired loans and deposits have remained relatively stable • Approximately 50%
Slide 7: Expanding Company Footprint
7 Expanding Company Footprint Source: S&P Capital IQ Pro Note: Deposit/Market Share data above is as of June 30th of each respective year. 2025 data is inclusive of Enterprise acquisition. (1) Includes one electronic branch 2025 2024 Counties Branches Deposits ($bn) Market Share (%) Rank Branches De
Slide 8: Deposit Balances
8 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% M
Slide 9: Loan Balances
9 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 $4,532 3,427 979 $126 2.87% Commercial real estate 8,241 6,615 1,742 (115) (1.38)% Commercial construction 1,
Slide 10: CRE & Construction, C&I and Consumer Portfolios
10 95% CRE & Construction Portfolio $9.7 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 $4.5 billion Retail Trade - 17.2% Real Estate/Rental and
Slide 11: Top Borrowers
11 Top 20 Borrowers All Others Total Portfolio ($ 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 M
Slide 12: Strong Capital Position
12 Tangible Book Value $41.12 $44.13 $46.96 $46.63 10.26% 10.31% 10.86% 9.77% TBV Per Share Tangible Equity/Tangible Assets % 2022 2023 2024 Q3 2025 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 0% 2% 4% 6% 8% 10% 12% 14% • Strong internal capital generation • History of healthy dividend increases (15 straight
Slide 13: Securities Portfolio
13 Available for Sale (AFS) Held to Maturity (HTM) Portfolio Composition at September 30, 2025 Book Value Fair Value Unrealized Gain/(Loss) Book Value Fair Value Unrealized Gain/(Loss) ($ in millions) U.S. government agency securities $ 229 $ 217 $ (12) $ — $ — $ — U.S. treasury securities 485 467 (
Slide 14: Net Interest Margin Analysis
14 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% 36% 25% 39% Fixed Rate Floating Rate Variable Rate Net Interest Margin Analysis Trend in Asset Yields vs. Funding Cost
Slide 15: Assets Under Administration
15 $ 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 Focal Point | Investment Management and Advisory $ in b ill io ns Assets Under Administration 9% CAGR $4.9 $5.7 $5.
Slide 16: Near-Term Priorities, Growth and Efficiency Initiatives
16 • Deepening of risk management infrastructure • Robust portfolio management activity in CRE office asset class • Stabilizing interest rate risk through volatile rate environment • Prioritizing liquidity and capital risk management • Focusing on deposit generation initiatives • Reducing CRE concen
Slide 17: INDB Investment Merits
17 • High quality franchise in attractive markets • Low risk balance sheet with strong core deposit funding base • Strong capital base, well-above regulatory mandated levels that enables maximum capital management flexibility • Earnings expected to notably improve as fixed assets reprice to prevaili
Slide 18: Forward-Looking Statements
18 This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking termino
Slide 19: Non-GAAP Financial Information
19 This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on a
Slide 20: Appendix
i INDEPENDENT Appendix BANK CORP.
Slide 21: Asset Quality
21 Nonperforming Loans ($ 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 $120 Commercial Criticized & Classified Loans ($ in millions) $502.9 $486.3 $417.7 $460.2 $518.9 4.68% 4.47% 3.85% 4.25
Slide 22: Noninterest Income and Noninterest Expense
22 Noninterest Income Noninterest Expense ($ 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
Slide 23: Selected Purchase Accounting Adjustments
23 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 In
Slide 24: Non-GAAP Reconciliation of Capital Metrics
24 (Dollars in thousands) September 30, December 31, 2025 2024 2023 2022 Tangible common equity Stockholders' equity (GAAP) $3,546,887 $2,993,120 $2,895,251 $2,886,701 (a) Less: Goodwill and other intangibles 1,225,106 997,356 1,003,262 1,010,140 Tangible common equity $2,321,781 $1,995,764 $1,891,9
Slide 25: Reconciliation of Non-GAAP Earnings Metrics
25 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 $1
Slide 26: Net Interest Margin Reconciliation
26 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
Independent Bank — Investor Presentation (December 2025) on 6ix