Independent Bank Corp. Reports Fourth Quarter Net Income of $50.0 Million

Results marked by net interest income growth and stable asset quality

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2024 fourth quarter net income of $50.0 million, or $1.18 per diluted share, as compared to 2024 third quarter net income of $42.9 million, or $1.01 per diluted share. Financial results for the fourth quarter of 2024 also reflected pre-tax merger-related costs of $1.9 million associated with the Company’s pending acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank, announced on December 9, 2024. Excluding these merger-related costs and the related tax effects, operating net income was $51.4 million, or $1.21 per diluted share. No merger-related costs were incurred during the third quarter of 2024. The increase in net income was largely attributable to growth in net interest income, a decrease in loan loss provision, and a reduced tax rate compared to the prior quarter, as detailed below. Full year 2024 net income was $192.1 million, or $4.52 per diluted share, as compared to prior year net income of $239.5 million, or $5.42 per diluted share. In addition, full year operating net income was $193.4 million, or $4.55 on a diluted earnings per share basis, which excluded the aforementioned merger-related costs associated with the pending Enterprise acquisition. There were no non-core adjustments included in the Company’s full year 2023 results. Please refer to “Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)” below for a reconciliation of net income to operating net income.

The Company generated a return on average assets and a return on average common equity of 1.02% and 6.64%, respectively, for the fourth quarter of 2024, as compared to 0.88% and 5.75%, respectively, for the prior quarter, or 1.05% and 6.82%, respectively, on an operating basis for the fourth quarter of 2024. For the full year 2024, the Company generated a return on average assets and return on average common equity of 0.99% and 6.53%, respectively, as compared to 1.24% and 8.31%, respectively, for the prior year. On an operating basis, the Company generated a return on average assets and a return on average common equity of 1.00% and 6.57%, respectively, for the full year 2024.

“Our employees continue to provide outstanding service to our clients, resulting in sustained improvement over many core elements of the bank,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “Fourth quarter results were driven by a focus on our fundamentals, and we believe that we are well positioned to achieve profitability improvement through both net interest margin expansion and the pending acquisition of Enterprise.”

BALANCE SHEET

Total assets of $19.4 billion at December 31, 2024 remained essentially flat when compared to the prior quarter and increased $26.2 million, or 0.14%, when compared to December 31, 2023 levels, with the change compared to the year ago period reflecting a healthy remix of assets from securities into loans.

At December 31, 2024, the Company reclassified its portfolio of loans secured by owner-occupied commercial real estate to the commercial and industrial loan category to reflect the variation in the management and underlying risk profile of such loans compared with investor-owned commercial real estate loans. Prior periods were reclassified to conform to the current presentation. Total loans at December 31, 2024 of $14.5 billion increased by $147.6 million, or 1.0% (4.1% annualized), compared to the prior quarter level. Loan growth for the fourth quarter was fueled primarily by increases in the commercial and industrial and construction categories, while commercial real estate balances decreased from the prior quarter, reflecting the Company’s cautious posture on commercial real estate originations. Small business lending also remains a focal point, with growth of 4.4% (17.3% annualized) during the fourth quarter. On the consumer side, the total loan portfolio grew $31.3 million, or 0.9% (3.4% annualized) from the prior quarter, reflecting solid growth in both the residential real estate and home equity products.

Average deposits for the fourth quarter increased by $109.0 million, or 0.7% (2.8% annualized), as compared to the prior quarter average balances, while period end balances of $15.3 billion at December 31, 2024 decreased by $135.0 million, or 0.9%, from September 30, 2024, as growth in consumer balances were offset by seasonal reductions in business checking and municipal deposits. Overall core deposits remained at 81.7% of total deposits at December 31, 2024, consistent with overall core deposits as a percentage of total deposits at September 30, 2024. Total noninterest bearing demand deposits represented 28.7% of total deposits at December 31, 2024, compared to 29.3% at September 30, 2024. The total cost of deposits for the fourth quarter of 1.65% decreased 9 basis points compared to the prior quarter.

Total period end borrowings increased by $38.0 million, or 5.7%, during the fourth quarter of 2024, while average borrowings decreased $21.2 million, or 3.1% for the quarter. The Company’s overall cost of funding decreased by 9 basis point to 1.77% during the fourth quarter, fueled by lower deposit costs, and to a lesser extent, reduced average wholesale borrowing costs.

The securities portfolio balances decreased $54.2 million, or 2.0%, at December 31, 2024 compared to September 30, 2024, as new purchases of $81.6 million were offset by maturities, calls, paydowns and unrealized losses of $15.5 million in the available for sale portfolio. Total securities represented 14.0% and 14.2% of total assets at December 31, 2024 and September 30, 2024, respectively.

Stockholders’ equity at December 31, 2024 increased $16.0 million, or 0.5%, compared to September 30, 2024, driven by strong earnings retention, partially offset by unrealized losses on the available for sale investment securities portfolio and interest rate derivative valuations included in other comprehensive income. The Company’s ratio of common equity to assets of 15.45% at December 31, 2024 represented an increase of 11 basis points from September 30, 2024 and an increase of 49 basis points from December 31, 2023. The Company’s book value per share increased by $0.35, or 0.5%, to $70.43 at December 31, 2024 as compared to the prior quarter. The Company’s tangible book value per share at December 31, 2024 rose by $0.39, or 0.8%, from the prior quarter to $46.96, and has grown by 6.4% from the year ago period. The Company’s ratio of tangible common equity to tangible assets of 10.86% at December 31, 2024 represented an increase of 11 basis points from the prior quarter and an increase of 55 basis points from the year ago period. Please refer to Appendix A for a detailed reconciliation of Non-GAAP balance sheet metrics.

NET INTEREST INCOME

Net interest income for the fourth quarter of 2024 increased to $144.7 million as compared to $141.7 million for the prior quarter. The net interest margin of 3.33% increased 4 basis points when compared to the prior quarter, and the core margin of 3.31% increased two basis points, driven primarily by decreased funding costs. See Appendix C for additional details regarding the net interest margin and Non-GAAP reconciliation of core margin.

NONINTEREST INCOME

Noninterest income of $32.2 million for the fourth quarter of 2024 represented a decrease of $1.4 million, or 4.0%, as compared to the prior quarter. Significant changes in noninterest income for the fourth quarter of 2024 compared to the prior quarter included the following:

Deposit account fees increased by $337,000, or 5.0%, due primarily to increased overdraft and cash management activity.

Overall investment and advisory income decreased by $250,000, or 2.3%, compared to the prior quarter as slightly higher management fee income was offset by lower retail investment revenue and insurance commissions. Reflecting overall market declines in December, total assets under administration decreased by $125.9 million, or 1.8%, during the quarter to $7.0 billion at December 31, 2024.

Loan level derivative income decreased by $686,000, or 61.0%, reflecting volatility of customer demand.

Other noninterest income decreased by $1.1 million, or 16.4%, driven by decreased unrealized gains on equity securities of $603,000 and decreased FHLB dividend income of $214,000.

NONINTEREST EXPENSE

Noninterest expense of $106.4 million for the fourth quarter of 2024 represented an increase of $6.0 million, or 6.0%, as compared to the prior quarter. Significant changes in noninterest expense for the fourth quarter of 2024 compared to the prior quarter included the following:

Salaries and employee benefits decreased by $899,000, or 1.5%, as compared to the prior quarter, fueled primarily by outsized interest rate-driven valuation fluctuations on the Company’s split-dollar bank-owned life insurance policies, which resulted in a $1.7 million decrease as compared to the prior quarter. This decrease was partially offset by increased base salary costs for the fourth quarter.

Occupancy and equipment expenses increased by $665,000, or 5.2%, compared to the prior quarter, driven primarily by lease termination costs of approximately $550,000 related to the exit of an inactive branch location associated with a previous acquisition.

During the fourth quarter of 2024, the Company recognized $1.9 million of merger and acquisition expenses related to the pending acquisition of Enterprise. No such costs were incurred during the prior quarter.

Other noninterest expense increased by $4.3 million, or 19.2%, attributable largely to an increase in debit card expenses as the prior quarter reflected a one-time credit of $1.1 million, as well as increases in consultant fees of $841,000, unrealized losses on equity securities of $764,000, and card issuance costs of $490,000.

The Company’s tax rate for the fourth quarter of 2024 decreased to 20.49%, as compared to 22.35% for the prior quarter, due to the purchase of additional certificated tax credits during the fourth quarter, as well as the release of $1.2 million in uncertain tax positions.

ASSET QUALITY

The fourth quarter provision for credit losses decreased to $7.5 million as compared to $19.5 million for the third quarter of 2024, as the prior quarter reflected a large specific reserve charge on one commercial real estate office loan. Nonperforming loans decreased slightly to $101.5 million at December 31, 2024, as compared to $104.2 million at September 30, 2024, representing 0.70% and 0.73% of total loans, respectively. Net charge-offs decreased to $1.2 million for the fourth quarter of 2024, as compared to $6.7 million for the prior quarter, representing 0.03% and 0.18%, respectively, of average loans annualized. Delinquencies as a percentage of total loans increased 27 basis points from the prior quarter to 0.60% at December 31, 2024, driven by the migration of one commercial real estate loan.

The allowance for credit losses on total loans increased to $170.0 million at December 31, 2024 compared to $163.7 million at September 30, 2024, and represented 1.17% and 1.14% of total loans, at December 31, 2024 and September 30, 2024, respectively.

CONFERENCE CALL INFORMATION

Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss fourth quarter earnings at 10:00 a.m. Eastern Time on Friday, January 17, 2025. Internet access to the call is available on the Company’s website at https://INDB.RocklandTrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 6760633 and will be available through January 24, 2025. Additionally, a webcast replay will be available on the Company’s website until January 17, 2026.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts and Worcester County as well as commercial banking and investment management offices in Massachusetts and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. The Bank also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

This press release 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 terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

adverse economic conditions in the regional and local economies within the New England region and the Company’s market area;
events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits, significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets;
the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel;
the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, whether caused by geopolitical concerns, including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas and the possible expansion of such conflicts, political and policy uncertainties associated with the new U.S. presidential administration, changes in U.S. and international trade policies, or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service revenues;
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company's business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events;
adverse changes or volatility in the local real estate market;
changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans;
failure to consummate or a delay in consummating the acquisition of Enterprise, including as a result of any failure to obtain the necessary regulatory approvals, to obtain Enterprise shareholder approval or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all;
risks related to the company’s pending acquisition of Enterprise and acquisitions generally, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; unforeseen integration issues or impairment of goodwill and/or other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated;
the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, including as a result of intensified regulatory scrutiny in the aftermath of regional bank failures and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy;
changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws;
increased competition in the Company’s market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures;
a deterioration in the conditions of the securities markets;
a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget;
inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence;
electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector;
adverse changes in consumer spending and savings habits;
the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy;
changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business and the associated costs of such changes;
the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions;
changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters;
operational risks related to the Company and its customers’ reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party service providers which could lead to interruptions or disruptions of the Company’s operating systems, including systems that are customer facing, and adversely impact the Company’s business; and
any unexpected material adverse changes in the Company’s operations or earnings.

The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

This press release and the appendices attached to it contain 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 average assets, operating return on average common equity, operating return on average tangible common equity, core net interest margin (“core margin”), tangible book value per share and the tangible common equity ratio.

Operating net income, operating EPS, operating return on average assets and operating return on average common equity, exclude items that management believes are unrelated to the Company's core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin.

Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Category: Earnings Releases

INDEPENDENT BANK CORP. FINANCIAL SUMMARY

CONSOLIDATED BALANCE SHEETS

(Unaudited, dollars in thousands)

% Change

December 31 2024

September 30 2024

December 31 2023

Dec 2024 vs.

Sept 2024

Dec 2023

Assets

Cash and due from banks

187,849

198,987

178,861

(5.60

5.03

Interest-earning deposits with banks

32,041

225,465

45,469

(85.79

(29.53

Securities

Trading

4,245

4,410

4,987

(3.74

(14.88

Equities

21,204

21,639

22,510

(2.01

(5.80

Available for sale

1,250,944

1,247,211

1,334,256

0.30

(6.24

Held to maturity

1,434,956

1,492,315

1,569,107

(3.84

(8.55

Total securities

2,711,349

2,765,575

2,930,860

(1.96

(7.49

Loans held for sale

7,271

16,259

6,368

(55.28

14.18

Loans

Commercial and industrial

3,047,671

2,946,552

2,925,823

3.43

4.16

Commercial real estate

6,756,708

6,793,329

6,695,671

(0.54

0.91

Commercial construction

782,078

742,042

849,586

5.40

(7.95

Small business

281,781

270,018

251,956

4.36

11.84

Total commercial

10,868,238

10,751,941

10,723,036

1.08

1.35

Residential real estate

2,460,600

2,441,859

2,424,754

0.77

1.48

Home equity - first position

490,115

498,193

518,706

(1.62

(5.51

Home equity - subordinate positions

650,053

632,242

578,920

2.82

12.29

Total consumer real estate

3,600,768

3,572,294

3,522,380

0.80

2.23

Other consumer

39,372

36,572

32,654

7.66

20.57

Total loans

14,508,378

14,360,807

14,278,070

1.03

1.61

Less: allowance for credit losses

(169,984

)

(163,696

)

(142,222

)

3.84

19.52

Net loans

14,338,394

14,197,111

14,135,848

1.00

1.43

Federal Home Loan Bank stock

31,573

29,926

43,557

5.50

(27.51

Bank premises and equipment, net

193,320

192,197

193,049

0.58

0.14

Goodwill

985,072

—

Other intangible assets

12,284

13,701

18,190

(10.34

(32.47

Cash surrender value of life insurance policies

303,965

302,132

297,387

0.61

2.21

Other assets

570,447

481,692

512,712

18.43

11.26

Total assets

19,373,565

19,408,117

19,347,373

(0.18

0.14

Liabilities and Stockholders’ Equity

Deposits

Noninterest-bearing demand deposits

4,390,703

4,519,492

4,567,083

(2.85

(3.86

Savings and interest checking

5,207,548

5,188,303

5,298,913

0.37

(1.72

Money market

2,960,381

2,969,809

2,818,072

(0.32

5.05

Time certificates of deposit

2,747,346

2,763,419

2,181,479

(0.58

25.94

Total deposits

15,305,978

15,441,023

14,865,547

(0.87

2.96

Borrowings

Federal Home Loan Bank borrowings

638,514

600,521

1,105,541

6.33

(42.24

Junior subordinated debentures, net

62,860

62,859

62,858

—

Subordinated debentures, net

—

49,980

(100.00

Total borrowings

701,374

663,380

1,218,379

5.73

(42.43

Total deposits and borrowings

16,007,352

16,104,403

16,083,926

(0.60

(0.48

Other liabilities

373,093

326,566

368,196

14.25

1.33

Total liabilities

16,380,445

16,430,969

16,452,122

(0.31

(0.44

Stockholders’ equity

Common stock

423

427

—

(0.94

Additional paid in capital

1,909,980

1,907,012

1,932,163

0.16

(1.15

Retained earnings

1,172,724

1,146,915

1,077,488

2.25

8.84

Accumulated other comprehensive loss, net of tax

(90,007

)

(77,202

)

(114,827

)

16.59

(21.62

Total stockholders' equity

2,993,120

2,977,148

2,895,251

0.54

3.38

Total liabilities and stockholders’ equity

19,373,565

19,408,117

19,347,373

(0.18

0.14

SUMMARY OF RECLASSIFICATION OF OWNER-OCCUPIED LOANS

September 30 2024

December 31 2023

Commercial and industrial previously reported

1,577,861

1,579,986

Reclassification of certain owner-occupied loans

1,368,691

1,345,837

Commercial and industrial after reclassification

2,946,552

2,925,823

Commercial real estate previously reported

8,162,020

8,041,508

Reclassification of certain owner-occupied loans

(1,368,691

)

(1,345,837

)

Commercial real estate after reclassification

6,793,329

6,695,671

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, dollars in thousands, except per share data)

Three Months Ended

% Change

December 31 2024

September 30 2024

December 31 2023

Dec 2024 vs.

Sept 2024

Dec 2023

Interest income

Interest on federal funds sold and short-term investments

3,154

1,635

304

92.91

937.50

Interest and dividends on securities

14,807

14,065

14,631

5.28

1.20

Interest and fees on loans

198,177

200,597

192,178

(1.21

3.12

Interest on loans held for sale

182

227

(19.82

219.30

Total interest income

216,320

216,524

207,170

(0.09

4.42

Interest expense

Interest on deposits

64,188

66,985

49,456

(4.18

29.79

Interest on borrowings

7,471

7,836

12,618

(4.66

(40.79

Total interest expense

71,659

74,821

62,074

(4.23

15.44

Net interest income

144,661

141,703

145,096

2.09

(0.30

Provision for credit losses

7,500

19,500

5,500

(61.54

36.36

Net interest income after provision for credit losses

137,161

122,203

139,596

12.24

(1.74

Noninterest income

Deposit account fees

7,116

6,779

6,126

4.97

16.16

Interchange and ATM fees

4,880

4,970

4,638

(1.81

5.22

Investment management and advisory

10,783

11,033

9,818

(2.27

9.83

Mortgage banking income

1,055

972

609

8.54

73.23

Increase in cash surrender value of life insurance policies

2,152

2,006

2,091

7.28

2.92

Gain on life insurance benefits

194

—

180

100.00

7.78

Loan level derivative income

439

1,125

802

(60.98

(45.26

Other noninterest income

5,572

6,664

7,803

(16.39

(28.59

Total noninterest income

32,191

33,549

32,067

(4.05

0.39

Noninterest expenses

Salaries and employee benefits

59,209

60,108

56,388

(1.50

5.00

Occupancy and equipment expenses

13,399

12,734

13,054

5.22

2.64

Data processing and facilities management

2,559

2,510

2,423

1.95

5.61

FDIC assessment

2,588

2,628

3,942

(1.52

(34.35

Merger and acquisition expense

1,902

—

100.00

Other noninterest expenses

26,765

22,463

24,940

19.15

7.32

Total noninterest expenses

106,422

100,443

100,747

5.95

5.63

Income before income taxes

62,930

55,309

70,916

13.78

(11.26

Provision for income taxes

12,897

12,362

16,113

4.33

(19.96

Net Income

50,033

42,947

54,803

16.50

(8.70

Weighted average common shares (basic)

42,494,409

42,481,441

43,474,734

Common share equivalents

20,432

11,622

9,474

Weighted average common shares (diluted)

42,514,841

42,493,063

43,484,208

Basic earnings per share

1.18

1.01

1.26

16.83

(6.35

Diluted earnings per share

1.18

1.01

1.26

16.83

(6.35

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

Net income

50,033

42,947

54,803

Noninterest expense components

Add - merger and acquisition expenses

1,902

—

Noncore increases to income before taxes

1,902

—

Net tax benefit associated with noncore items (1)

(535

)

—

Noncore increases to net income

1,367

—

Operating net income (Non-GAAP)

51,400

42,947

54,803

19.68

(6.21

Diluted earnings per share, on an operating basis (Non-GAAP)

1.21

1.01

1.26

19.80

(3.97

(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.

Performance ratios

Net interest margin (FTE)

3.33

3.29

3.38

Return on average assets (calculated by dividing net income by average assets) (GAAP)

1.02

0.88

1.13

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)

1.05

0.88

1.13

Return on average common equity (calculated by dividing net income by average common equity) (GAAP)

6.64

5.75

7.51

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)

6.82

5.75

7.51

Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)

9.96

8.67

11.50

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)

10.23

8.67

11.50

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)

18.20

19.14

18.10

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)

18.20

19.14

18.10

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

60.18

57.31

56.87

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

59.10

57.31

56.87

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, dollars in thousands, except per share data)

Years Ended

% Change

December 31 2024

December 31 2023

Dec 2024 vs.

Dec 2023

Interest income

Interest on federal funds sold and short-term investments

$ 5,669

$ 5,186

9.31 %

Interest and dividends on securities

57,098

60,342

(5.38) %

Interest and fees on loans

789,274

730,008

8.12 %

Interest on loans held for sale

712

190

274.74 %

Total interest income

852,753

795,726

7.17 %

Interest expense

Interest on deposits

246,962

144,752

70.61 %

Interest on borrowings

44,062

44,453

(0.88) %

Total interest expense

291,024

189,205

53.81 %

Net interest income

561,729

606,521

(7.39) %

Provision for credit losses

36,250

23,250

55.91 %

Net interest income after provision for credit losses

525,479

583,271

(9.91) %

Noninterest income

Deposit account fees

26,455

23,486

12.64 %

Interchange and ATM fees

19,055

18,108

5.23 %

Investment management and advisory

42,744

40,191

6.35 %

Mortgage banking income

4,143

2,326

78.12 %

Increase in cash surrender value of life insurance policies

8,086

7,868

2.77 %

Gain on life insurance benefits

457

2,291

(80.05) %

Loan level derivative income

2,117

3,327

(36.37) %

Other noninterest income

24,957

27,012

(7.61) %

Total noninterest income

128,014

124,609

2.73 %

Noninterest expenses

Salaries and employee benefits

233,653

222,135

5.19 %

Occupancy and equipment expenses

52,072

50,582

2.95 %

Data processing and facilities management

9,957

9,884

0.74 %

FDIC assessment

10,892

11,953

(8.88) %

Merger and acquisition expense

1,902

—

100.00%

Other noninterest expenses

97,890

98,192

(0.31) %

Total noninterest expenses

406,366

392,746

3.47 %

Income before income taxes

247,127

315,134

(21.58) %

Provision for income taxes

55,046

75,632

(27.22) %

Net Income

$ 192,081

$ 239,502

(19.80) %

Weighted average common shares (basic)

42,499,492

44,181,540

Common share equivalents

12,309

12,007

Weighted average common shares (diluted)

42,511,801

44,193,547

Basic earnings per share

$ 4.52

$ 5.42

(16.61) %

Diluted earnings per share

$ 4.52

$ 5.42

(16.61) %

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

Net Income

$ 192,081

$ 239,502

Noninterest expense components

Add - merger and acquisition expenses

1,902

—

Noncore increases to income before taxes

1,902

—

Net tax benefit associated with noncore items (1)

(535)

—

Noncore increases to net income

1,367

—

Operating net income (Non-GAAP)

$ 193,448

$ 239,502

(19.23) %

Diluted earnings per share, on an operating basis (Non-GAAP)

$ 4.55

$ 5.42

(16.05) %

Performance ratios

Net interest margin (FTE)

3.28 %

3.54 %

Return on average assets (GAAP) (calculated by dividing net income by average assets)

0.99 %

1.24 %

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)

1.00 %

1.24 %

Return on average common equity (GAAP) (calculated by dividing net income by average common equity)

6.53 %

8.31 %

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)

6.57 %

8.31 %

Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)

9.89 %

12.78 %

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)

9.96 %

12.78 %

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)

18.56 %

17.04 %

18.56 %

17.04 %

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

58.92 %

53.72 %

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

58.64 %

53.72 %

nm = not meaningful

ASSET QUALITY

(Unaudited, dollars in thousands)

Nonperforming Assets At

December 31 2024

September 30 2024

December 31 2023

Nonperforming loans

Commercial & industrial loans

14,152

12,271

26,805

Commercial real estate loans

74,343

77,707

16,335

Small business loans

302

501

398

Residential real estate loans

10,243

9,744

7,634

Home equity

2,479

3,992

3,171

Other consumer

Total nonperforming loans

101,529

104,248

54,383

Other real estate owned

—

110

Total nonperforming assets

101,529

104,358

54,493

Nonperforming loans/gross loans

0.70

0.73

0.38

Nonperforming assets/total assets

0.52

0.54

0.28

Allowance for credit losses/nonperforming loans

167.42

157.03

261.52

Allowance for credit losses/total loans

1.17

1.14

1.00

Delinquent loans/total loans

0.60

0.33

0.44

Nonperforming Assets Reconciliation for the Three Months Ended

December 31 2024

September 30 2024

December 31 2023

Nonperforming assets beginning balance

104,358

57,561

39,281

New to nonperforming

5,065

57,197

31,823

Loans charged-off

(1,652

)

(7,006

)

(4,182

)

Loans paid-off

(4,975

)

(2,306

)

(10,905

)

Loans restored to performing status

(1,234

)

(1,058

)

(1,534

)

Sale of other real estate owned

(110

)

—

Other

(30

)

Nonperforming assets ending balance

101,529

104,358

54,493

Net Charge-Offs (Recoveries)

Three Months Ended

Years Ended

December 31 2024

September 30 2024

December 31 2023

December 31 2024

December 31 2023

Net charge-offs (recoveries)

Commercial and industrial loans

5,883

5,804

23,419

Commercial real estate loans

—

2,783

—

7,855

Small business loans

317

160

267

595

392

Home equity

283

(15

)

Other consumer

604

596

694

2,052

1,796

Total net charge-offs

1,212

6,663

3,847

8,488

33,447

Net charge-offs to average loans (annualized)

0.03

0.18

0.11

0.06

0.24

BALANCE SHEET AND CAPITAL RATIOS

December 31 2024

September 30 2024

December 31 2023

Gross loans/total deposits

94.79

93.00

96.05

Common equity tier 1 capital ratio (1)

14.64

14.57

14.19

Tier 1 leverage capital ratio (1)

11.32

11.22

10.96

Common equity to assets ratio GAAP

15.45

15.34

14.96

Tangible common equity to tangible assets ratio (2)

10.86

10.75

10.31

Book value per share GAAP

70.43

70.08

67.53

Tangible book value per share (2)

46.96

46.57

44.13

(1) Estimated number for December 31, 2024.

(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited, dollars in thousands)

Three Months Ended

December 31, 2024

September 30, 2024

December 31, 2023

Interest

Average

Earned/

Yield/

Average

Earned/

Yield/

Average

Earned/

Yield/

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Interest-earning assets

Interest-earning deposits with banks, federal funds sold, and short term investments

270,603

3,154

4.64

129,827

1,635

5.01

42,391

304

2.85

Securities

Securities - trading

4,366

—

4,366

—

4,509

—

Securities - taxable investments

2,743,469

14,805

2.15

2,761,758

14,064

2.03

2,923,983

14,629

1.98

Securities - nontaxable investments (1)

195

4.08

194

2.05

186

4.27

Total securities

2,748,030

14,807

2.14

2,766,318

14,065

2.02

2,928,678

14,631

1.98

Loans held for sale

12,882

182

5.62

15,208

227

5.94

3,614

6.26

Loans

Commercial and industrial (1)

2,974,746

45,449

6.08

2,998,298

46,796

6.21

2,989,985

46,001

6.10

Commercial real estate (1)

6,745,244

88,630

5.23

6,757,534

89,773

5.29

6,567,004

83,320

5.03

Commercial construction

777,094

13,805

7.07

749,009

13,778

7.32

895,313

15,932

7.06

Small business

275,934

4,583

6.61

270,486

4,486

6.60

246,411

3,956

6.37

Total commercial

10,773,018

152,467

5.63

10,775,327

154,833

5.72

10,698,713

149,209

5.53

Residential real estate

2,446,478

27,325

4.44

2,443,488

26,917

4.38

2,380,706

24,712

4.12

Home equity

1,134,521

18,901

6.63

1,122,750

19,372

6.86

1,097,233

18,747

6.78

Total consumer real estate

3,580,999

46,226

5.14

3,566,238

46,289

5.16

3,477,939

43,459

4.96

Other consumer

37,960

663

6.95

35,331

665

7.49

32,141

667

8.23

Total loans

14,391,977

199,356

5.51

14,376,896

201,787

5.58

14,208,793

193,335

5.40

Total interest-earning assets

17,423,492

217,499

4.97

17,288,249

217,714

5.01

17,183,476

208,327

4.81

Cash and due from banks

181,566

182,151

178,100

Federal Home Loan Bank stock

29,944

30,513

37,054

Other assets

1,801,204

1,839,389

1,883,317

Total assets

19,436,206

19,340,302

19,281,947

Interest-bearing liabilities

Deposits

Savings and interest checking accounts

5,181,107

17,171

1.32

5,163,567

17,978

1.39

5,323,667

14,315

1.07

Money market

3,012,556

17,612

2.33

2,998,672

18,986

2.52

2,851,343

15,197

2.11

Time deposits

2,779,704

29,405

4.21

2,740,982

30,021

4.36

2,103,666

19,944

3.76

Total interest-bearing deposits

10,973,367

64,188

2.33

10,903,221

66,985

2.44

10,278,676

49,456

1.91

Borrowings

Federal Home Loan Bank borrowings

601,842

6,396

4.23

623,053

6,692

4.27

884,441

10,836

4.86

Junior subordinated debentures

62,860

1,075

6.80

62,859

1,144

7.24

62,857

1,164

7.35

Subordinated debentures

—

49,968

618

4.91

Total borrowings

664,702

7,471

4.47

685,912

7,836

4.54

997,266

12,618

5.02

Total interest-bearing liabilities

11,638,069

71,659

2.45

11,589,133

74,821

2.57

11,275,942

62,074

2.18

Noninterest-bearing demand deposits

4,481,669

4,442,858

4,704,888

Other liabilities

319,220

339,075

406,029

Total liabilities

16,438,958

16,371,066

16,386,859

Stockholders’ equity

2,997,248

2,969,236

2,895,088

Total liabilities and stockholders’ equity

19,436,206

19,340,302

19,281,947

Net interest income

145,840

142,893

146,253

Interest rate spread (2)

2.52

2.44

2.63

Net interest margin (3)

3.33

3.29

3.38

Supplemental Information

Total deposits, including demand deposits

15,455,036

64,188

15,346,079

66,985

14,983,564

49,456

Cost of total deposits

1.65

1.74

1.31

Total funding liabilities, including demand deposits

16,119,738

71,659

16,031,991

74,821

15,980,830

62,074

Cost of total funding liabilities

1.77

1.86

1.54

SUMMARY OF RECLASSIFICATION OF OWNER-OCCUPIED LOANS

September 30, 2024

December 31, 2023

Interest

Average

Earned/

Yield/

Average

Earned/

Yield/

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Commercial and industrial previously reported

1,585,801

28,834

7.23

1,600,886

28,990

7.18

Reclassification of certain owner-occupied loans

1,412,497

17,962

5.06

1,389,099

17,011

4.86

Commercial and industrial after reclassification

2,998,298

46,796

6.21

2,989,985

46,001

6.10

Commercial real estate previously reported

8,170,031

107,735

5.25

7,956,103

100,331

5.00

Reclassification of certain owner-occupied loans

(1,412,497

)

(17,962

)

5.06

(1,389,099

)

(17,011

)

4.86

Commercial real estate after reclassification

6,757,534

89,773

5.29

6,567,004

83,320

5.03

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.2 million for each of the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, determined by applying the Company’s marginal tax rates in effect during each respective quarter.

(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

Years Ended

December 31, 2024

December 31, 2023

Interest

Average

Earned/

Yield/

Average

Earned/

Yield/

Balance

Paid

Rate

Balance

Paid

Rate

Interest-earning assets

Interest earning deposits with banks, federal funds sold, and short term investments

125,066

5,669

4.53

118,806

5,186

4.37

Securities

Securities - trading

4,562

—

4,411

—

Securities - taxable investments

2,791,246

57,092

2.05

3,027,769

60,336

1.99

Securities - nontaxable investments (1)

192

3.65

190

3.68

Total securities

2,796,000

57,099

2.04

3,032,370

60,343

1.99

Loans held for sale

11,960

712

5.95

3,289

190

5.78

Loans

Commercial and industrial (1)

2,980,286

182,548

6.13

3,026,327

180,551

5.97

Commercial real estate (1)

6,731,055

350,539

5.21

6,460,088

311,787

4.83

Commercial construction

800,254

58,455

7.30

1,019,871

66,440

6.51

Small business

267,212

17,605

6.59

235,108

14,428

6.14

Total commercial

10,778,807

609,147

5.65

10,741,394

573,206

5.34

Residential real estate

2,434,114

106,797

4.39

2,217,971

88,210

3.98

Home equity

1,115,598

75,543

6.77

1,093,546

70,698

6.47

Total consumer real estate

3,549,712

182,340

5.14

3,311,517

158,908

4.80

Other consumer

33,761

2,530

7.49

31,202

2,418

7.75

Total loans

14,362,280

794,017

5.53

14,084,113

734,532

5.22

Total interest-earning assets

17,295,306

857,497

4.96

17,238,578

800,251

4.64

Cash and due from banks

179,955

180,553

Federal Home Loan Bank stock

37,155

33,734

Other assets

1,831,516

1,853,585

Total assets

19,343,932

19,306,450

Interest-bearing liabilities

Deposits

Savings and interest checking accounts

5,169,237

66,334

1.28

5,489,923

43,073

0.78

Money market

2,941,539

69,998

2.38

3,022,322

51,630

1.71

Time deposits

2,600,190

110,630

4.25

1,724,625

50,050

2.90

Total interest-bearing deposits

10,710,966

246,962

2.31

10,236,870

144,753

1.41

Borrowings

Federal Home Loan Bank borrowings

840,611

39,048

4.65

782,121

37,624

4.81

Junior subordinated debentures

62,859

4,506

7.17

62,857

4,359

6.93

Subordinated debentures

10,107

508

5.03

49,933

2,470

4.95

Total borrowings

913,577

44,062

4.82

894,911

44,453

4.97

Total interest-bearing liabilities

11,624,543

291,024

2.50

11,131,781

189,206

1.70

Noninterest-bearing demand deposits

4,431,303

4,918,787

Other liabilities

345,286

374,585

Total liabilities

16,401,132

16,425,153

Stockholders’ equity

2,942,800

2,881,297

Total liabilities and stockholders’ equity

19,343,932

19,306,450

Net interest income

566,473

611,045

Interest rate spread (2)

2.46

2.94

Net interest margin (3)

3.28

3.54

Supplemental Information

Total deposits, including demand deposits

15,142,269

246,962

15,155,657

144,753

Cost of total deposits

1.63

0.96

Total funding liabilities, including demand deposits

16,055,846

291,024

16,050,568

189,206

Cost of total funding liabilities

1.81

1.18

SUMMARY OF RECLASSIFICATION OF OWNER-OCCUPIED LOANS

December 31, 2023

Interest

Average

Earned/

Yield/

Balance

Paid (1)

Rate

Commercial and industrial previously reported

1,646,939

115,752

7.03

Reclassification of certain owner-occupied loans

1,379,388

64,799

4.70

Commercial and industrial after reclassification

3,026,327

180,551

5.97

Commercial real estate previously reported

7,839,476

376,586

4.80

Reclassification of certain owner-occupied loans

(1,379,388

)

(64,799

)

4.70

Commercial real estate after reclassification

6,460,088

311,787

4.83

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $4.7 million and $4.5 million for the years ended December 31, 2024 and 2023, respectively.

(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

Certain amounts in prior year financial statements have been reclassified to conform to the current year’s presentation.

APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics

(Unaudited, dollars in thousands, except per share data)

The following table summarizes the calculation of the Company’s tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:

December 31 2024

September 30 2024

December 31 2023

Tangible common equity

(Dollars in thousands, except per share data)

Stockholders’ equity (GAAP)

2,993,120

2,977,148

2,895,251

(a)

Less: Goodwill and other intangibles

997,356

998,773

1,003,262

Tangible common equity (Non-GAAP)

1,995,764

1,978,375

1,891,989

(b)

Tangible assets

Assets (GAAP)

19,373,565

19,408,117

19,347,373

(c)

Less: Goodwill and other intangibles

997,356

998,773

1,003,262

Tangible assets (Non-GAAP)

18,376,209

18,409,344

18,344,111

(d)

Common Shares

42,500,611

42,480,765

42,873,187

(e)

Common equity to assets ratio (GAAP)

15.45

15.34

14.96

(a/c)

Tangible common equity to tangible assets ratio (Non-GAAP)

10.86

10.75

10.31

(b/d)

Book value per share (GAAP)

70.43

70.08

67.53

(a/e)

Tangible book value per share (Non-GAAP)

46.96

46.57

44.13

(b/e)

APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics

The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated and the average assets used to calculate return on average assets and operating return on average assets:

(Unaudited, dollars in thousands)

Three Months Ended

Years Ended

December 31 2024

September 30 2024

December 31 2023

December 31 2024

December 31 2023

Net interest income (GAAP)

144,661

141,703

145,096

561,729

606,521

Noninterest income (GAAP)

32,191

33,549

32,067

128,014

124,609

Total revenue (GAAP)

176,852

175,252

177,163

689,743

731,130

Noninterest expense (GAAP)

106,422

100,443

100,747

406,366

392,746

Less:

Merger and acquisition expense

1,902

—

1,902

—

Noninterest expense on an operating basis (Non-GAAP)

104,520

100,443

100,747

404,464

392,746

Average assets

19,436,206

19,340,302

19,281,947

19,343,932

19,306,450

Average common equity (GAAP)

2,997,248

2,969,236

2,895,088

2,942,800

2,881,297

Less: Average goodwill and other intangibles

998,004

999,604

1,004,081

1,000,263

1,006,658

Tangible average tangible common equity (Non-GAAP)

1,999,244

1,969,632

1,891,007

1,942,537

1,874,639

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)

Net income (GAAP)

50,033

42,947

54,803

192,081

239,502

Noninterest expense components

Add - merger and acquisition expenses

1,902

—

1,902

—

Noncore increases to income before taxes

1,902

—

1,902

—

Net tax benefit associated with noncore items (1)

(535

)

—

(535

)

—

Noncore increases to net income

1,367

—

1,367

—

Operating net income (Non-GAAP)

51,400

42,947

54,803

193,448

239,502

Ratios

Return on average assets (GAAP) (calculated by dividing net income by average assets)

1.02

0.88

1.13

0.99

1.24

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)

1.05

0.88

1.13

1.00

1.24

Return on average common equity (GAAP) (calculated by dividing net income by average common equity)

6.64

5.75

7.51

6.53

8.31

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)

6.82

5.75

7.51

6.57

8.31

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

60.18

57.31

56.87

58.92

53.72

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

59.10

57.31

56.87

58.64

53.72

Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)

9.96

8.67

11.50

9.89

12.78

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized net operating net income by average tangible common equity)

10.23

8.67

11.50

9.96

12.78

APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin

(Unaudited, dollars in thousands)

Three Months Ended

December 31, 2024

September 30, 2024

Volume

Interest

Margin Impact

Volume

Interest

Margin Impact

Reported total interest earning assets

17,423,492

145,840

3.33

17,288,249

142,893

3.29

Acquisition fair value marks:

Loan accretion

(179

)

—

(171

)

—

Nonaccrual interest, net

(1,068

)

(0.02

(156

)

—

Other noncore adjustments

(3,083

)

(54

)

—

(3,523

)

(145

)

—

Core margin (Non-GAAP)

17,420,409

144,539

3.31

17,284,726

142,421

3.29

View source version on businesswire.com: https://www.businesswire.com/news/home/20250115771910/en/

Jeffrey Tengel President and Chief Executive Officer (781) 982-6144 Mark J. Ruggiero Chief Financial Officer and Executive Vice President of Consumer Lending (781) 982-6281 Investor Relations: Gerry Cronin Director of Investor Relations (774) 363-9872 Gerard.Cronin@rocklandtrust.com

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