Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Investor Presentation (June 2025)
27 slides from Independent Bank's investor presentation, Jun 3, 2025
Slide 1: June 2025 Investor Presentation
Exhibit 99.1 June 2025 Jeff Tengel Chief Executive Officer Mark Ruggiero Chief Financial Officer & EVP/Consumer Lending Kathryn O'Malley EVP/Chief Credit Officer Gerry Cronin Director of Investor Relations
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 March 31, 2025 $19.9 B TOTAL ASSETS $14.5 B LOANS $15.7 B DEPOSITS $7.1 B WEALTH MANAGEMENT $2.6 B MARKET CAP* *as of May 30, 2025
Slide 3: Our Corporate Promises
3 Our Corporate Promises: We remain committed to our colleagues, customers, community and shareholders. This connects our purpose to everything we do. It transforms what banking means from a mere transaction to the chance to make a positive difference in the lives of others. This motivates our colle
Slide 4: Strong, Resilient Franchise; Well Positioned for Growth
4 Safe & Sound Customer Centric • Full suite of retail banking, commercial banking, and wealth product offerings • Relationship-oriented commercial lending with strong local market knowledge and presence • Exceptional third party customer service recognition in both commercial and retail • Strong br
Slide 5: Overview of Enterprise Bancorp Acquisition
5 Overview of Enterprise Bancorp Acquisition Source: S&P Capital IQ Pro; Preliminary financial data as of the quarter ended 9/30/2024; Market data as of 12/6/2024 Note: Estimated financial impact is presented for illustrative purposes only. Includes purchase accounting marks and transaction related
Slide 6: Expanding Company Footprint
6 Expanding Company Footprint Source: S&P Capital IQ Pro Note: Deposit/Market Share data as of 6/30/2024 (1) Includes one electronic branch INDB EBTC Pro Forma Counties Branches Deposits ($bn) Market Share (%) Rank Branches Deposits ($bn) Market Share (%) Rank Branches Deposits ($bn) Market Share (%
Slide 7: Q1 2025 Financial Highlights
7 ($ in millions, except per share) Q1’25 Q1’25 Operating(1) Q4’24 Q4’24 Operating Q1’24 Net Income $44.4 $45.3 $50.0 $51.4 $47.8 Diluted EPS $1.04 $1.06 $1.18 $1.21 $1.12 ROAA 0.93% 0.94% 1.02% 1.05% 1.00% ROACE 5.94% 6.05% 6.64% 6.82% 6.63% ROATCE(3) 8.85% 9.01% 9.96% 10.23% 10.15% Net Interest Ma
Slide 8: Loan Balances
8 ($ in millions) Period Ended $ Increase (Decrease) % Increase (Decrease)Loan Category March 31, 2025 Dec 31, 2024 Commercial and industrial $ 3,110 $ 3,048 $ 62 2.0% Commercial real estate 6,652 6,756 (104) (1.5)% Commercial construction 796 782 14 1.8% Small business 289 282 7 2.5% Total commerci
Slide 9: CRE & Construction, C&I and Consumer Portfolios
9 95% CRE & Construction Portfolio $7.4 billion Multi-Family - 27.1% Residential - Related - 14.0% Office - 13.6% Mixed-Use Office - 1.8% Industrial/ Warehouse - 10.6% Lodging - 10.8% Retail - 17.5% Healthcare - 1.7% Other - 2.9% C&I Portfolio $3.1 billion Retail Trade - 21.2% Real Estate/Rental and
Slide 10: Office Portfolio Top Borrowers
10 Top 20 Borrowers All Others Total Portfolio ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan Class A $287.6 $28.8 Class A $161.0 $6.2 Class A $448.6 $12.5 Class B/C 193.1 21.5 Class B/C 265.0 1.9 Class B/C 458.1 3.1 Medical 26.5 26.5 Medical 79.7 3.6 Me
Slide 11: Multifamily Portfolio
11 Multifamily Portfolio Period Ended ($ in millions) March 31, 2025 Dec 31, 2024 Total Balances $ 2,020.5 $ 2,016.2 Total Average Loan Size 2.8 2.8 Average Loan Size - Top 20 25.7 25.8 Average Loan Size - All Others 2.2 2.1 Asset Quality Criticized $ 2.5 0.1% $ 0.5 —% Classified (perf) 0.9 —% 0.9 —
Slide 12: Nonperforming Loans
12 Nonperforming Loans ($ in millions) $57.5 $104.2 $101.5 $89.5 0.40% 0.73% 0.70% 0.62% NPLs ($Mil) NPL as % of Total Loans Q2 2024 Q3 2024 Q4 2024 Q1 2025 0.25% 0.50% 0.75% $0 $60 $120 Top 5 Nonperforming Loans Rollforward - Q1 2025 ($ in millions) Loan Category 12/31/2024 Balance 12/31/2024 Speci
Slide 13: Charge-off and Provisioning Trends
13 Charge-off and Provisioning Trends ($ in millions) $0.3 $6.7 $1.2 $40.9 $4.3 $19.5 $7.5 $15.0 0.01% 0.18% 0.03% 1.14% Net Charge-offs Provision for Credit Losses Annualized Charge-off Rate Q2 2024 Q3 2024 Q4 2024 Q1 2025 $0.0 $20.0 $40.0 0.00% 0.80% 1.60% Allowance for Credit Loss & Delinquency T
Slide 14: Deposit Balances
14 ($ in millions) Period Ended $ Increase (Decrease % Increase (Decrease)Deposit Product Type March 31, 2025 Dec 31, 2024 Noninterest-bearing demand deposits $ 4,410 $ 4,391 $ 19 0.4% Savings and interest checking 5,280 5,208 72 1.4% Money market 3,277 2,960 317 10.7% Time certificates of deposit 2
Slide 15: Tangible Book Value and Strong Capital Position
15 Tangible Book Value* $41.12 $44.13 $46.96 $47.81 10.26% 10.31% 10.86% 10.78% TBV Per Share Tangible Equity/Tangible Assets % 2022 2023 2024 Q1 2025 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 0% 2% 4% 6% 8% 10% 12% 14% * See Appendix A for reconciliation of Non-GAAP measure • Strong internal capital gener
Slide 16: Securities Portfolio
16 Available for Sale (AFS) Held to Maturity (HTM) Portfolio Composition at March 31, 2025 Book Value Fair Value Unrealized Gain/(Loss) Book Value Fair Value Unrealized Gain/(Loss) ($ in millions) U.S. government agency securities $ 230 $ 214 $ (16) $ — $ — $ — U.S. treasury securities 578 550 (28)
Slide 17: Net Interest Margin Analysis
17 ($ in m ill io ns ) Time Deposit of Maturities (and weighted average rate) $1,540 $911 $143 $115 Q2 2025 Q3 2025 Q4 2025 2026+ $— $500 $1,000 $1,500 $2,000 Net Interest Margin 3.25% 3.29% 3.33% 3.42% 3.24% 3.29% 3.31% 3.37% Reported NIM Core NIM* Q2 2024 Q3 2024 Q4 2024 Q1 2025 3.00% 3.20% 3.40%
Slide 18: Net Interest Margin Analysis (cont.)
18 Net Interest Margin Analysis (cont.) Net Interest Margin Guidance Sub-Debt ($ in thousands) 2025 Q1 Reported Adjustments* 2025 Q1 Core (Non-GAAP)* Proceeds Estimated @ 4.00% Interest Expense @ 7.25% INDB Impact Pre- acquisition Reaffirm Prior Margin Guidance Excluding Sub- Debt Interest earning a
Slide 19: AUA & Revenue: Investment Management and Advisory
19 A U A ($ B il) R evenue ($ M il) AUA & Revenue $5.7 $5.8 $6.5 $7.0 $7.1 $36.8 $40.2 $42.7 $42.7 $11.2 Assets Under Administration Revenues 2021 2022 2023 2024 Q1 2025 $0.0 $4.0 $8.0 0.0 25.0 50.0 75.0 Investment Management (2021-2024) | AUA CAGR +7% | Revenue CAGR +7% ($ in thousands) Q1 2025 Q4
Slide 20: Near-Term Priorities
20 • 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 21: INDB Investment Merits
21 • 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 22: Forward-Looking Statements
22 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 23: Non-GAAP Financial Information
23 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 24: Additional Information and Where to Find It
24 ADDITIONAL INFORMATION AND WHERE TO FIND IT This communication is being made with respect to the proposed transaction involving Independent and Enterprise. In connection with the proposed transaction, on January 27, 2025, Independent filed with the SEC a Registration Statement on Form S-4 (the “R
Slide 25: Appendix A: Non-GAAP Reconciliation of Balance Sheet Metrics
25 (Dollars in thousands) March 31, December 31, 2025 2024 2023 2022 Tangible common equity Stockholders' equity (GAAP) $3,033,392 $2,993,120 $2,895,251 $2,886,701 (a) Less: Goodwill and other intangibles 996,013 997,356 1,003,262 1,010,140 Tangible common equity $2,037,379 $1,995,764 $1,891,989 $1,
Slide 26: Appendix B: Non-GAAP Reconciliation of Earnings Metrics
26 Appendix B: Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended March 31 2025 December 31 2024 March 31 2024 Net interest income (GAAP) $145,505 $144,661 $137,439 Noninterest income (GAAP) $32,539 $32,191 $29,943 Noninterest expense (GAAP) $105,878 $10
Slide 27: Appendix C: Non-GAAP Reconciliation of Core Margin
27 Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact (Unaudited, dollars in thousands) Reported total interest earning assets $17,383,702 $146,64