Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Q3 2025 Earnings Presentation
21 slides from Independent Bank's earnings presentation, Oct 17, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation October 17, 2025 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: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Key Metrics Highlights ($ in millions, except per share) • Successful close of the Enterprise Q3’25 Q3’25 Q2’25 Q2’25 Q3’24 acquisition on July 1st Operating(1) Operating(1) • Net interest margin increased 25 bps to Net Income $34.3 $77.4 $51.1 $53.5 $42.9 3.62% Diluted
Slide 4: Overview of Enterprise Bancorp Acquisition
Overview of Enterprise Bancorp Acquisition Acquired Balances from Enterprise $5.1Bn $3.9Bn $4.4Bn $1.5Bn in Assets in Loans in Deposits of Wealth AUA • Acquisition closed July 1, 2025 • Successful system conversion completed in October • Outstanding retention rate of key Enterprise personnel • Acqui
Slide 5: Deposit Balances
Deposit Balances Enterprise Organic Organic September 30 June 30 Balances Growth/ Growth/ (Dollars in millions) 2025 2025 Acquired (Decline) (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% Mo
Slide 6: Loan Balances
Loan Balances Enterprise Organic Organic September 30 June 30 Balances Growth/ Growth/ (Dollars in millions) 2025 2025 Acquired (Decline) (Decline)% Loan Category Commercial and industrial $4,667 3,427 1,092 $149 3.29% Commercial real estate 8,106 6,615 1,630 (138) (1.67)% Commercial construction 1,
Slide 7: Asset Quality
Asset Quality Nonperforming Loans Commercial ($ in millions) Criticized & Classified Loans $120 ($ in millions) 0.75% $101.5 $89.5 $86.6 $600.0 $502.9 $518.9 6.00% $486.3 $460.2 0.70% $417.7 $450.0 4.50% 0.62% $56.2 4.68% 0.50% $60 $300.0 4.47% 4.25% 3.00% 3.85% 3.65% 0.47% $150.0 1.50% 0.39% $— —%
Slide 8: Asset Quality (continued)
Asset Quality (continued) Allowance for Credit Loss & Delinquency Trends 1.17% 0.99% 1.00% 1.03% 1.00% 0.60% 0.47% 0.49% 0.50% 0.20% 0.00% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Allowance for Credit Losses/Total Loans Delinquent Loans/Total Loans Allowance for Credit Losses (Dollars in millions) $34.5 $4.0
Slide 9: Loan Portfolios
Loan Portfolios CRE & Construction Portfolio C&I Portfolio $9.5 billion $4.7 billion Other - 3.9% All Other - 23.7% Retail Trade - 17.2% Healthcare - 1.4% Multi-Family - 27.9% Educational Services - 4.2% Retail - 16.6% Real Estate/Rental and Leasing - 10.9% Lodging - 8.3% Accommodation and Food Serv
Slide 10: Focal Point | CRE Office (inclusive of construction)
Focal Point | CRE Office (inclusive of construction) CRE & Construction Portfolio Maturity Schedule $9.5 billion Other CRE & ($ in millions) Matured 2025 Q4 2026 2027 2028+ Total Construction - 88.0% Pass Rating $0.2 $29.7 $75.8 $156.7 $690.8 $953.2 Criticized 2.3 42.9 46.3 11.0 13.1 115.6 Classifie
Slide 11: Net Interest Margin Analysis
Net Interest Margin Analysis Net Interest Margin Total Loan Portfolio Rate Characteristics 3.80% 3.62% 3.60% 3.42% Fixed Rate 3.37% 3.29% 3.33% 39% 36% 3.40% 3.54% 3.20% 3.37% 3.37% Floating Rate 3.29% 3.31% 3.00% Variable Rate Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Reported NIM Adjusted NIM(1) 25%
Slide 12: Noninterest Income/Expense
Noninterest Income/Expense Noninterest Income Noninterest Expense ($ 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 13,15
Slide 13: Focal Point | Investment Management and Advisory
Focal Point | Investment Management and Advisory ($ in thousands) Q3 2025 Q2 2025 % Change Assets under administration $9,220,205 $7,360,635 25.3% Asset based revenue 12,043 9,613 25.3% Other revenue: Retail commission revenue 1,257 921 Insurance commission revenue 39 128 Other advisory revenue 313
Slide 14: Securities Portfolio
Securities Portfolio Available for Sale (AFS) Held to Maturity (HTM) Book Unrealized Book Unrealized Portfolio Composition at September 30, 2025 Fair Value Gain/(Loss) Fair Value Value Value Gain/(Loss) ($ in millions) U.S. government agency securities $ 229 $ 217 $ (12) $— $— $— U.S. treasury secur
Slide 15: 2025 Q4 Guidance
2025 Q4 Guidance Loans • Low-single digit percentage increase expected Deposits • Low-single digit percentage increase expected • Margin expansion of 4-6 basis points expected; assumes similar loan Net Interest Margin accretion, which can be volatile Asset Quality • Provision driven by future credit
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 A - Reconciliation of Non-GAAP Earnings Metrics
Appendix A - Reconciliation of Non-GAAP Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended September 30 June 30 September 30 2025 2025 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 $
Slide 19: Appendix B - Non-GAAP Reconciliation of Adjusted Margin
Appendix B - Non-GAAP Reconciliation of Adjusted Margin Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Margin Margin Margin Margin Margin Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Interest Impact Volume Intere
Slide 20: Appendix C - Reconciliation of Non-GAAP Capital Metrics
Appendix C - Reconciliation of Non-GAAP Capital Metrics September 30 June 30 September 30 (Unaudited, dollars in thousands, except per share data) 2025 2025 2024 Tangible common equity Stockholders’ equity (GAAP) $ 3,546,887 $ 3,074,856 $ 2,977,148 (a) Less: Goodwill and other intangibles 1,225,106
Slide 21: Appendix D - Selected Purchase Accounting Adjustments
Appendix D - Selected Purchase Accounting Adjustments Selected Purchase Accounting Adjustments Estimate at Actual ($ in millions) Announcement Loans - Interest Rate Loans $150 $123 Mark Purchase Credit Deteriorated $17 $9 Loans - Credit ("PCD") Loans Mark Non-PCD Loans $52 $37 Intangible Core Deposi