Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Q1 2026 Earnings Presentation
22 slides from Independent Bank's earnings presentation, Apr 16, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 16, 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: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Key Metrics Highlights ($ in millions, except per share) • Operating EPS of $1.68 for the quarter(1) Q1’26 Q4’25 Q1’25 • Adjusted net interest margin expansion of 8 bps to Q1’26 Q4’25 Q1’25 Operating(1) Operating(1) Operating(1) 3.72%(1); reported margin up 13 bps to 3.9
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% 1.85% 1.78% $1.70 $1.68 1.70% $1.55 1.53% 1.53% $1.25 $1.06 $— —% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Operating ROAA(1) Operati
Slide 5: Deposit Balances
Deposit Balances (Dollars in millions) March 30 December 31 $ Increase % Increase 2026 2025 (Decrease) (Decrease) Deposit Product Type Noninterest-bearing demand deposits $ 5,633 $ 5,601 $ 32 0.6% Savings and interest checking 6,311 6,483 (172) (2.7)% Money market 4,898 4,775 123 2.6% Time certifica
Slide 6: Loan Balances
Loan Balances (Dollars in millions) March 31 December 31 $ Increase % Increase 2026 2025 (Decrease) (Decrease) Loan Category Commercial and industrial $ 4,651 $ 4,612 $ 39 0.85% Commercial real estate 8,181 8,275 (94) (1.14)% Commercial construction 1,404 1,399 5 0.36% Total commercial 14,236 14,286
Slide 7: Q1 2026 Commercial Loan Commitments/Pipeline
Q1 2026 Commercial Loan Commitments/Pipeline % Loan Commitments Q1 2026 New Commercial Loan Commitments ($ in millions) 23% $300 $200 45% $100 32% $— CRE C&I Institutional CRE Middle Market C&I Regional Banking Institutional CRE Middle Market C&I Regional Banking Approved Commercial Loan Pipeline ($
Slide 8: Asset Quality
Asset Quality Nonperforming Loans Commercial ($ in millions) Criticized & Classified Loans $120 ($ in millions) 0.75% $96.6 $575.5 $86.6 $83.6 $600.0 $518.9 6.00% $460.2 $472.9 $450.0 4.50% $56.2 0.50% $60 $300.0 4.25% 3.00% 3.65% 4.04% 0.52% 3.31% 0.47% $150.0 1.50% 0.45% 0.39% $— —% 0.25% $0 Q2 20
Slide 9: Loan Portfolios
Loan Portfolios CRE & Construction Portfolio C&I Portfolio $9.6 billion $4.7 billion Other - 4.7% All Other - 23.9% Healthcare - 1.4% Retail Trade - 16.3% Multi-Family - 29.9% Educational Services - 4.1% Retail - 16.7% Real Estate/Rental and Leasing - 9.5% Lodging - 8.2% Accommodation Construction -
Slide 10: Focal Point | CRE Office (inclusive of construction)
Focal Point | CRE Office (inclusive of construction) CRE & Construction Maturity Schedule Portfolio Other CRE & $9.6 billion ($ in millions) Matured 2026 Q2 2026 Q3 2026 Q4 2027 2028 2029+ Total Construction - 89.1% Pass Rating $0.2 $33.2 $12.7 $29.3 $157.2 $81.9 $543.4 $857.9 Criticized — — 19.9 54
Slide 11: Net Interest Margin Dynamics
Net Interest Margin Dynamics Net Interest Margin Total Loan Portfolio Rate Characteristics 3.90% 4.00% 3.77% 3.80% 3.62% 3.60% 3.42% Fixed Rate 35% 3.37% 3.72% 3.64% 39% 3.40% 3.54% Floating Rate 3.20% 3.37% 3.37% 3.00% Variable Rate Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Reported NIM Adjusted NIM(
Slide 12: Noninterest Income/Expense
Noninterest Income/Expense Noninterest Income Noninterest Expense ($ in thousands) ($ in thousands) Q1 2026 Q4 2025 Q1 2026 Q4 2025 Deposit account fees $ 9,249 $ 9,100 Salaries and employee benefits $ 80,737 $ 81,580 Occupancy and equipment Interchange and ATM fees 5,018 5,381 17,306 15,604 expense
Slide 13: Focal Point | Investment Management and Advisory
Focal Point | Investment Management and Advisory ($ in thousands) Q1 2026 Q4 2025 % Change Assets under administration $ 9,172,082 $ 9,217,333 (0.5)% Asset based revenue 12,451 12,071 3.1% Other revenue: Retail commission revenue 831 1,386 Insurance commission revenue 485 127 Other advisory revenue
Slide 14: Securities Portfolio
Securities Portfolio Available for Sale (AFS) Held to Maturity (HTM) Book Unrealized Book Unrealized Portfolio Composition at March 31, 2026 Fair Value Gain/(Loss) Fair Value Value Value Gain/(Loss) ($ in millions) U.S. government agency securities $ 229 $ 219 $ (10) $— $— $— U.S. treasury securitie
Slide 15: 2026 Guidance
2026 Guidance Guidance Metric 2026 Expectations Direction • Commercial and Industrial: Mid-single digit percentage increase Updated • Commercial real estate and Construction: Flat to low-single digit percentage Loan Growth increase • Consumer: flat to low-single digit percentage increase • Core depo
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 March 31 December 31 March 31 (Unaudited, dollars in thousands, except per share data) 2026 2025 2025 Tangible common equity Stockholders’ equity (GAAP) $ 3,542,041 $ 3,565,728 $ 3,033,392 (a) Less: Goodwill and other intangibles 1,217,297 1,224,186 996,013
Slide 20: Non-GAAP Reconciliation of Earnings Metrics
Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended March 31 December 31 September 30 June 30 March 31 2026 2025 2025 2025 2025 Net interest income (GAAP) $ 212,459 $ 212,486 $ 203,344 $ 147,496 $ 145,505 Noninterest income (GAAP) $ 40,262 $ 41,445 $ 40,3
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 March 31 December 31 September 30 June 30 March 31 2026 2025 2025 2025 2025 Pre-provision net revenue (2) $ 109,803 $ 99,561 $ 82,906 $ 73,006 $ 72,166 Pre-provision net revenue on an operating
Slide 22: Non-GAAP Reconciliation of Adjusted Margin
Non-GAAP Reconciliation of Adjusted Margin Three Months Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Margin Margin Margin Margin Margin Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact (Unaudi