Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1] Company Overview: Independent Bank Corp. (INDB) - INDB currently holds a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, INDB shares increased by 2.45%, outperforming the Zacks Banks - Northeast industry, which rose by 0.39% [5] - In the last month, INDB's price change was 5.3%, compared to the industry's 2.37% [5] - Over the past quarter, INDB shares rose by 16.09%, and over the last year, they increased by 16.57%, while the S&P 500 only moved 2.61% and 15.23%, respectively [6] Trading Volume - INDB's average 20-day trading volume is 285,290 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the last two months, one earnings estimate for INDB increased, while none decreased, raising the consensus estimate from $7.30 to $7.33 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions [9] Conclusion - Given the positive performance metrics and earnings outlook, INDB is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [11]

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Core Viewpoint - The article discusses the recent Q4 earnings report of Independent Bank Corp. (INDB), highlighting its performance and the broader context of regional banks [1]. Group 1: Company Overview - Independent Bank Corp. is the holding company for Rockland, indicating its role in the regional banking sector [1]. Group 2: Earnings Performance - The article resumes coverage of regional bank Q4 earnings, specifically focusing on Independent Bank Corp.'s recently reported earnings [1].

Core Viewpoint - The article discusses the recent Q4 earnings report of Independent Bank Corp. (INDB), highlighting its performance and the broader context of regional banks [1]. Group 1: Company Overview - Independent Bank Corp. is the holding company for Rockland, indicating its role in the regional banking sector [1]. Group 2: Earnings Performance - The article resumes coverage of regional bank Q4 earnings, specifically focusing on Independent Bank Corp.'s financial results [1].

Core Insights - The bank successfully integrated the Enterprise acquisition in 2025, retaining nearly 100% of client-facing personnel and experiencing negligible customer loss, with strong loan production and pipeline maintained throughout the integration period [1][4][7] Financial Performance - For Q4 2025, the bank reported GAAP net income of $75.3 million and diluted EPS of $1.52, with an adjusted operating net income of $84.4 million or $1.70 diluted EPS, reflecting a 1.20% return on assets and 8.38% return on average common equity [3][6] - Net interest income increased by $9.1 million to $212.5 million, with a reported net interest margin (NIM) rising to 3.77% [12] Loan and Deposit Growth - The bank achieved approximately 9% organic growth in commercial and industrial (C&I) loans, which now represent 25% of total loans, while commercial real estate (CRE) balances decreased by 3.6% [8][9] - Average core deposits grew by 3.6% annualized, despite a 0.8% decline in period-end deposit balances attributed to seasonal factors [11] Expense Management and Capital Strategy - The bank's operating expenses for Q4 were $142 million, up 3.7% from the previous quarter, influenced by one-time items [16] - The bank repurchased approximately 548,000 shares for $37.5 million, with plans for continued prudent buybacks and a tangible book value increase to $47.55 at year-end [19] 2026 Outlook - Management set targets for 2026, including a 1.4% return on average assets and a 15% return on average tangible capital, with expectations for mid-single-digit growth in C&I loans and low single-digit growth in combined CRE and construction [18][23] - The bank anticipates NIM to reach 3.85%–3.90% by Q4 2026, assuming two Federal Reserve rate cuts [23]

Financial Data and Key Metrics Changes - In the fourth quarter of 2025, GAAP net income was $75.3 million, with diluted earnings per share at $1.52, resulting in a 1.20% return on assets and an 8.38% return on average common equity [12] - Adjusted operating net income for the quarter was $84.4 million, or $1.70 diluted EPS, representing a 1.34% return on assets and a 9.38% return on average common equity [12] - Operating EPS increased by 60% and operating ROAA rose by 40 basis points compared to the first quarter of 2025 [2] Business Line Data and Key Metrics Changes - C&I loans increased 9% organically in 2025, now representing 25% of total loans, up from 22% at year-end 2024 [6] - Total commercial loans closed were $789 million in the fourth quarter, up from $754 million in the previous quarter [6] - Non-time deposits grew organically by 4.2% in 2025, with DDAs representing 28% of overall deposits [7] Market Data and Key Metrics Changes - The cost of total deposits was 1.46% in the fourth quarter, reflecting the value of the deposit franchise [7] - Legacy Rockland Trust branches generated record new business relationships, totaling 6,921, with 97% of branches achieving positive net new growth in business relationships [8] Company Strategy and Development Direction - The company aims to focus on organic growth, expense management, and capital optimization moving into 2026 [10] - Plans include hiring more commercial lenders and aligning incentive structures to emphasize both loan and deposit growth [9] - The company is not currently focused on M&A, prioritizing organic growth and successful integration of the enterprise acquisition [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning across markets, driven by product strength and employee dedication [10] - The overall asset quality remains stable, with no significant loss exposures currently in workout status [22] - Management anticipates continued margin expansion from cash flow repricing dynamics in both loan and securities portfolios [22] Other Important Information - The company returned $164 million of capital to shareholders in 2025, including the repurchase of 913,000 shares for $61 million [8] - The fourth quarter results benefited from a lower tax rate due to one-time adjustments associated with the corporate tax return [14] Q&A Session Summary Question: Can you walk through the dynamics with the criticized classified loans? - Management noted that the increase in non-performing assets was primarily due to one specific loan that is now in the first quarter 2026 maturity bucket, which is expected to be resolved early in 2026 [27][29] Question: What is the outlook on deposit betas with potential rate cuts? - Management indicated that they expect to maintain a 20% beta on non-CD deposits and 80% on CDs, reflecting their deposit franchise structure [30][31] Question: What is the outlook on M&A? - Management stated that they are not focused on M&A at the moment, prioritizing organic growth and successful integration of the enterprise acquisition [32] Question: What are the plans for hiring additional commercial loan officers? - Management mentioned that they are in a good position with new hires from the previous year and expect inherent C&I growth from these new team members [57] Question: Can you provide guidance on capital targets? - Management indicated long-term capital targets for CET1 in the high 11%-12% range, suggesting a focus on returning capital to shareholders through buybacks [39]

Financial Data and Key Metrics Changes - Fourth quarter GAAP net income was $75.3 million, with diluted earnings per share of $1.52, resulting in a 1.20% return on assets and an 8.38% return on average common equity [12] - Adjusted operating net income for the quarter was $84.4 million, or $1.70 diluted EPS, representing a 1.34% return on assets and a 9.38% return on average common equity [12] - Operating EPS increased by 60% and operating ROAA rose by 40 basis points from the first quarter to the fourth quarter of 2025 [2] Business Line Data and Key Metrics Changes - C&I loans increased 9% organically in 2025, now representing 25% of total loans compared to 22% at year-end 2024 [6] - Total commercial loans closed were $789 million in the fourth quarter, up from $754 million in the previous quarter [6] - Non-time deposits grew organically by 4.2% in 2025, with DDAs representing 28% of overall deposits [7] Market Data and Key Metrics Changes - The cost of total deposits was 1.46% in the fourth quarter, reflecting the value of the deposit franchise [7] - Legacy Rockland Trust branches generated record new business relationships, totaling 6,921, with 100% of branches achieving positive net new consumer growth [8] Company Strategy and Development Direction - The company aims to focus on organic growth, expense management, and capital optimization moving into 2026 [10] - Plans to hire more commercial lenders and align incentive structures to emphasize both loan and deposit growth [9] - The company is not currently focused on M&A, prioritizing organic growth and successful integration of the Enterprise acquisition [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning across markets, driven by product strength and employee dedication [10] - The company expects to build on strong performance in the upcoming quarters, with a focus on prudent expense and capital management [10] - Management noted that credit metrics have stabilized, allowing for a more open approach to resuming normal commercial real estate growth [9] Other Important Information - The company returned $164 million of capital to shareholders in 2025, including the repurchase of 913,000 shares for $61 million [8] - The fourth quarter results benefited from a lower tax rate due to one-time adjustments associated with the 2024 corporate tax return [14] Q&A Session Summary Question: Can you walk through the dynamics of the criticized classified loans? - Management noted that the increase in non-performing assets was primarily due to one specific loan that is now in the first quarter 2026 maturity bucket, with expectations for resolution early in 2026 [27][29] Question: What is the outlook on deposit betas with potential rate cuts? - Management indicated confidence in maintaining a 20% beta on non-CD deposits and 80% on CDs, supported by their deposit franchise structure [30][31] Question: What is the long-term capital target for the company? - Long-term capital targets are set at CET1 in the high 11%-12% range, suggesting tangible capital in the 8.75%-9% range [39] Question: What is the outlook for M&A activity? - Management stated that they are not focused on M&A at the moment, prioritizing organic growth and successful integration of the Enterprise acquisition [32] Question: How do you view the current credit cycle? - Management believes they are close to the peak of the credit cycle, with no significant loss exposures currently in workout status [43][44] Question: What are the plans for hiring additional commercial loan officers? - Management expressed confidence in the new hires from the previous year and their ability to drive activity and volumes in the commercial lending space [57]

Financial Data and Key Metrics Changes - The fourth quarter GAAP net income was $75.3 million, with diluted earnings per share at $1.52, resulting in a 1.20% return on assets and an 8.38% return on average common equity [12] - Adjusted operating net income for the quarter was $84.4 million, or $1.70 diluted EPS, representing a 1.34% return on assets and a 9.38% return on average common equity [12] - Operating EPS increased by 60% from Q1 2025 to Q4 2025, with operating ROAA rising by 40 basis points and operating ROTC improving by 529 basis points [2] Business Line Data and Key Metrics Changes - C&I loans increased 9% organically in 2025, now representing 25% of total loans compared to 22% at year-end 2024 [5] - Total commercial loans closed were $789 million in Q4, up from $754 million in the previous quarter, with funding on these commitments at $454 million [5] - The wealth management business maintained stable AUA at $9.2 billion in Q4, with revenues growing at a 4% annual rate [8] Market Data and Key Metrics Changes - The cost of total deposits was 1.46% in Q4, reflecting the value of the deposit franchise [7] - Average core deposits grew by 3.6% annualized in Q4, despite a 0.8% decline in total period-end deposit balances due to seasonal business deposit activity [15][16] - Legacy Rockland Trust branches generated record new business relationships, totaling 6,921, with 100% of branches achieving positive net new consumer growth [8] Company Strategy and Development Direction - The company aims to focus on organic growth, expense management, and capital optimization in 2026, with a commitment to returning excess capital to shareholders [10] - The strategy includes hiring commercial lenders and aligning incentive structures to emphasize both loan and deposit growth [9] - The company is not currently focused on M&A, prioritizing organic growth and successful integration of the enterprise acquisition [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning across markets, driven by product strength and employee dedication [10] - The outlook for 2026 includes targeting mid-single-digit percentage growth for C&I loans and low single-digit growth for combined CRE and construction [21] - Management noted that geopolitical noise and potential tariffs create some customer anxiety, but overall asset quality metrics are expected to remain stable [40] Other Important Information - The company returned $164 million of capital to shareholders in 2025, including the repurchase of 913,000 shares for $61 million [8] - The fourth quarter results benefited from a lower tax rate due to one-time adjustments associated with the 2024 corporate tax return [13] - Total non-performing assets remained stable at $85.7 million, or 0.45% of total loans [16] Q&A Session Summary Question: Can you walk through the dynamics of the criticized classified loans? - Management indicated that the increase in non-performing assets was primarily due to one specific loan that is now in the first quarter 2026 maturity bucket, with expectations for resolution early in 2026 [26][27] Question: What is the outlook on deposit betas with potential rate cuts? - Management believes they can maintain a 20% beta on non-CD deposits and 80% on CDs, leveraging their deposit franchise structure [28][29] Question: What is the outlook on M&A? - Management stated they are not focused on M&A at the moment, prioritizing organic growth and successful integration of the enterprise acquisition [30] Question: What are the long-term capital targets? - Long-term capital targets for CET1 are in the high 11%-12% range, suggesting tangible capital in the 8.75%-9% range [36] Question: What is the competitive landscape for C&I and CRE loans? - Management noted that while competition is present, they are still able to secure deals at desired pricing levels [48] Question: What are the plans for hiring additional commercial loan officers? - Management indicated they are in a good position with new hires from the previous year and expect inherent growth from these additions [55]

Q4 2025 Earnings Presentation January 23, 2026 Exhibit 99.2 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 lending with | | • | Significant capital buffer | strong local market knowledge and presence | | • | Diver ...

Core Insights - Independent Bank Corp. reported a revenue of $253.93 million for Q4 2025, marking a year-over-year increase of 43.6% and exceeding the Zacks Consensus Estimate of $247.67 million by 2.53% [1] - The company's EPS for the same quarter was $1.70, up from $1.21 a year ago, also surpassing the consensus estimate of $1.65 by 2.83% [1] Financial Performance Metrics - Efficiency Ratio was reported at 60.8%, higher than the estimated 56.2% by analysts [4] - Net interest margin (FTE) stood at 3.8%, exceeding the average estimate of 3.6% [4] - Total Non-Interest Income was $41.45 million, above the estimated $39.94 million [4] - Net Interest Income reached $212.49 million, compared to the average estimate of $207.65 million [4] - Average Balance of Total interest-earning assets was $22.48 billion, slightly below the estimate of $22.56 billion [4] Additional Income Metrics - Cash surrender value increase of life insurance policies was $2.7 million, slightly above the estimate of $2.63 million [4] - Loan level derivative income was $1.23 million, exceeding the estimate of $1.01 million [4] - Interchange and ATM fees were reported at $5.38 million, below the estimated $6 million [4] - Deposit account fees were $9.1 million, above the estimate of $8.72 million [4] - Other noninterest income was $7.65 million, compared to the average estimate of $6.84 million [4] - Mortgage banking income was $1.27 million, exceeding the estimate of $1.15 million [4] - Investment management and advisory income was $13.79 million, slightly above the estimate of $13.75 million [4] Stock Performance - Shares of Independent Bank Corp. have returned +4.9% over the past month, outperforming the Zacks S&P 500 composite's +0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]