Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Q2 2026 Earnings Presentation
22 slides from Independent Bank's earnings presentation, Jul 17, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation July 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: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Key Metrics Highlights ($ in millions, except per share) • Operating EPS of $1.70 for the quarter(1) Q2’26 Q1’26 Q2’25 • Adjusted net interest margin expansion of 4 Q2’26 Q1’26 Q2’25 Operating(1) Operating(1) Operating(1) bps to 3.76%(1) Net $ 81.8 $ 81.8 $ 79.9 $ 82.1 $
Slide 4: Earnings Growth & Profitability Enhancement
Earnings Growth & Profitability Enhancement Operating EPS(1) Operating Pre-Provision Net Revenue ROAA(1) $2.00 2.00% 1.85% 1.85% 1.78% $1.70 $1.68 $1.70 1.70% $1.55 1.53% $1.25 $— —% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating ROAA(1) Operating ROATCE (1
Slide 5: Deposit Balances
Deposit Balances Deposit Composition (Dollars in millions) June 30 March 31 $ Increase % Increase Time 2026 2026 (Decrease) (Decrease) Deposits - DDA -28% 16% Deposit Product Type Noninterest-bearing $ 5,710 $ 5,633 $ 77 1.4% demand deposits Savings and interest 6,504 6,311 193 3.1% checking Money m
Slide 6: Loan Balances
Loan Balances (Dollars in millions) June 30 March 31 $ Increase % Increase 2026 2026 (Decrease) (Decrease) Loan Category Commercial and industrial $ 4,731 $ 4,651 $ 80 1.7% Commercial real estate 7,944 8,181 (237) (2.9)% Commercial construction 1,464 1,404 60 4.3% Total commercial 14,139 14,236 (97)
Slide 7: Q2 2026 New Commercial Loan Commitments/Pipeline
Q2 2026 New Commercial Loan Commitments/Pipeline % Loan Commitments Q2 2026 New Commercial Loan Commitments ($ in millions) $300 31% $200 56% $100 13% $— CRE C&I Institutional CRE Middle Market C&I Institutional CRE Middle Market C&I Regional Banking Regional Banking Approved Commercial Loan Pipelin
Slide 8: Asset Quality
Asset Quality Nonperforming Loans Commercial ($ in millions) Criticized & Classified Loans $120 ($ in millions) 0.75% $103.6 $96.6 $575.5 $86.6 $600.0 $518.9 $545.6 $83.6 $472.9 6.00% $450.0 4.50% 0.50% $60 $300.0 3.00% 0.56% 3.65% 4.04% 3.86% 0.52% 3.31% 0.47% $150.0 1.50% 0.45% $— —% 0.25% $0 Q3 2
Slide 9: Loan Portfolios
Loan Portfolios CRE & Construction Portfolio C&I Portfolio $9.4 billion $4.7 billion Healthcare - 0.9% Other - 4.5% All Other - 26.0% Retail Trade - 15.6% Multi-Family - 30.5% Retail - 16.8% Educational Services - 4.0% 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 Other CRE & $9.4 billion ($ in millions) Matured 2026 Q3 2026 Q4 2027 2028 2029+ Total Construction - 89.1% Pass Rating $6.4 $22.5 $29.3 $164.6 $81.5 $555.0 $859.3 Criticized — 19.9 26.8 33.4 3.1 32.4
Slide 11: Net Interest Margin Dynamics
Net Interest Margin Dynamics Net Interest Margin Total Loan Portfolio Rate Characteristics 3.90% 3.85% 4.00% 3.77% 3.80% 3.62% 3.60% Fixed Rate 34% 3.37% 3.72% 3.76% 3.64% 40% 3.40% 3.54% Floating Rate 3.20% 3.37% 3.00% Variable Rate Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Reported NIM Adjusted NIM
Slide 12: Noninterest Income/Expense
Noninterest Income/Expense Noninterest Income Noninterest Expense ($ in thousands) ($ in thousands) Q2 2026 Q1 2026 Q2 2026 Q1 2026 Deposit account fees $ 9,393 $ 9,249 Salaries and employee benefits $ 79,088 $ 80,737 Interchange and ATM fees 5,686 5,018 Occupancy and equipment expenses 16,170 17,30
Slide 13: Focal Point | Investment Management and Advisory
Focal Point | Investment Management and Advisory ($ in thousands) Q2 2026 Q1 2026 % Change Assets under administration $ 9,470,096 $ 9,172,082 3.2% Asset based revenue 12,852 12,451 3.2% Other revenue: Retail commission revenue 1,296 831 Insurance commission revenue 73 485 Other advisory revenue 740
Slide 14: Securities Portfolio
Securities Portfolio Available for Sale (AFS) Held to Maturity (HTM) Book Unrealized Book Unrealized Portfolio Composition at June 30, 2026 Fair Value Gain/(Loss) Fair Value Value Value Gain/(Loss) ($ in millions) U.S. government agency securities $ 228 $ 219 $ (9) $— $— $— U.S. treasury securities
Slide 15: 2026 Guidance
2026 Guidance Guidance Metric 2026 Expectations Direction • Commercial and Industrial: Mid-single digit percentage increase • Commercial real estate and Construction: Flat to low-single digit percentage Loan Growth Updated decrease • Consumer: low-single digit percentage increase • Core deposits: lo
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 June 30 March 31 June 30 (Unaudited, dollars in thousands, except per share data) 2026 2026 2025 Tangible common equity Stockholders’ equity (GAAP) $ 3,512,363 $ 3,542,041 $ 3,074,856 (a) Less: Goodwill and other intangibles 1,210,506 1,217,297 994,814 Tang
Slide 20: Non-GAAP Reconciliation of Earnings Metrics
Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended June 30 March 31 December 31 September 30 June 30 2026 2026 2025 2025 2025 Net interest income (GAAP) $ 210,927 $ 212,459 $ 212,486 $ 203,344 $ 147,496 Noninterest income (GAAP) $ 42,391 $ 40,262 $ 41,44
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 June 30 March 31 December 31 September 30 June 30 2026 2026 2025 2025 2025 Pre-provision net revenue (2) $ 113,046 $ 109,803 $ 99,561 $ 82,906 $ 73,006 Pre-provision net revenue on an operating
Slide 22: Non-GAAP Reconciliation of Adjusted Margin
Non-GAAP Reconciliation of Adjusted Margin Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Margin Margin Margin Margin Margin Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact (Unaudit