Group 1 - The article discusses the Q1 earnings report of Independent Bank Corp. (NASDAQ: INDB), which is the holding company of Rockland [1] - The coverage highlights the performance of regional banks during the current market selloff, indicating that some firms are thriving despite the downturn [1] - The commentary suggests that there are opportunities for investment and hedging strategies during market corrections, emphasizing a blended trading and income approach [1]

Q1 2025 Earnings Presentation April 17, 2025 Exhibit 99.2 Company Overview Strong, Resilient Franchise; Well Positioned for Growth Safe & Sound Customer Centric Attractive Market High Performing 2 • Strong balance sheet • Prudent interest rate and liquidity risk management • Significant capital buffer • Diversified, low-cost deposit base • Experienced commercial lender with conservative credit culture • Proven operator and acquiror • Full suite of retail banking, commercial banking, and wealth product offer ...

Financial Performance - First quarter net income for 2025 was $44.4 million, or $1.04 per diluted share, down from $50.0 million, or $1.18 per diluted share in the previous quarter[1] - Return on average assets and return on average common equity for Q1 2025 were 0.93% and 5.94%, respectively, compared to 1.02% and 6.64% in the prior quarter[2] - Net income for the quarter was $44,424 thousand, down 11.21% from $50,033 thousand in the prior quarter[27] - Diluted earnings per share on an operating basis (Non-GAAP) decreased to $1.06, down 12.40% from $1.21 in the previous quarter[28] - Total revenue for the three months ended March 31, 2025, was $178,044 thousand, a 6.36% increase from $167,382 thousand in the same period last year[38] Asset and Deposit Growth - Deposit balances increased by $370.0 million, or 2.4% (9.8% annualized), to $15.7 billion at March 31, 2025[2] - Total assets grew by $514.6 million, or 2.7% (10.8% annualized), to $19.9 billion at March 31, 2025[4] - Total deposits rose to $15,676,017 thousand, marking a 2.42% increase from December 2024 and a 4.21% increase from March 2024[25] - Average assets increased to $19,460,957 thousand as of March 31, 2025, compared to $19,278,891 thousand a year earlier, marking a growth of 0.94%[38] Credit Quality and Loss Provisions - Net charge-offs rose to $40.9 million, or 1.14% of average loans annualized, compared to $1.2 million, or 0.03%, in the prior quarter[11] - The provision for credit losses increased to $15.0 million in Q1 2025, up from $7.5 million in the previous quarter[11] - Total nonperforming assets decreased to $89,493 thousand, down from $101,529 thousand in the previous quarter[30] - Nonperforming loans as a percentage of gross loans improved to 0.62%, compared to 0.70% in the previous quarter[30] Interest Income and Margins - Net interest margin increased by 9 basis points to 3.42% in Q1 2025, while core margin rose by 6 basis points to 3.37%[2] - Total interest income decreased by 2.03% to $211,920 thousand compared to the previous quarter[27] - Net interest income after provision for credit losses decreased by 4.85% to $130,505 thousand from the previous quarter[27] - The interest rate spread improved to 2.68% for the three months ended March 31, 2025, compared to 2.52% for the previous quarter[35] Capital and Equity - The tangible book value per share grew by $0.85, or 1.8%, to $47.81 at March 31, 2025[2] - Total stockholders' equity rose to $3,033,392 thousand, marking a 1.35% increase compared to the previous quarter[26] - The tangible common equity to tangible assets ratio was 10.78% as of March 31, 2025, compared to 10.86% on December 31, 2024[32] - Tangible common equity increased to $2,037,379 thousand as of March 31, 2025, up from $1,882,510 thousand a year earlier, representing a growth of 8.25%[37] Operational Efficiency - The efficiency ratio (GAAP) improved slightly to 59.47% from 60.18% in the previous quarter[29] - The efficiency ratio improved to 59.47% for the three months ended March 31, 2025, compared to 59.68% in the same period last year[39] Risks and Challenges - The company faces risks related to geopolitical concerns, economic volatility, and regulatory changes that could impact operations[17] - The company’s ability to adapt to technological changes and cyber threats is critical for maintaining operational integrity[23] - The company emphasizes the importance of understanding risk factors outlined in its Annual Report and Quarterly Reports[18]

Group 1 - The stock of Independent Bank Corp. (INDB) is experiencing significant attention due to high implied volatility in the options market, particularly the May 16, 2025 $65 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in the stock's price, potentially due to an upcoming event [2] - Independent Bank currently holds a Zacks Rank 4 (Sell) in the Banks - Northeast industry, with no analysts increasing earnings estimates for the current quarter, leading to a slight decrease in the Zacks Consensus Estimate from $1.19 to $1.18 per share [3] Group 2 - The high implied volatility surrounding Independent Bank may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4]

Core Viewpoint - Analysts project Independent Bank Corp. (INDB) will report quarterly earnings of $1.18 per share, a 5.4% increase year over year, with revenues expected to reach $178.89 million, up 6.9% from the same quarter last year [1]. Earnings Estimates - Over the last 30 days, there has been a downward revision of 0.3% in the consensus EPS estimate for the quarter, indicating a collective reconsideration by covering analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Projections - The 'Efficiency Ratio' is expected to reach 59.7%, consistent with the same quarter last year [5]. - The 'Net Interest Margin (FTE)' is projected at 3.4%, up from 3.2% in the same quarter last year [5]. - 'Average Balance - Total Interest-Earning Assets' is estimated at $17.39 billion, compared to $17.24 billion in the same quarter last year [6]. - 'Total Non-Interest Income' is expected to be $32.07 million, up from $29.94 million in the same quarter last year [6]. Income Projections - 'Net Interest Income' is predicted to be $146.47 million, compared to $137.44 million a year ago [7]. - 'Interchange and ATM Fees' are expected to reach $4.87 million, up from $4.45 million year-over-year [7]. - 'Deposit Account Fees' are projected at $6.75 million, compared to $6.23 million last year [7]. - 'Other Noninterest Income' is estimated at $6.50 million, up from $6.26 million in the previous year [8]. - 'Investment Management' is expected to reach $10.59 million, compared to $9.94 million in the same quarter last year [8]. Market Performance - Shares of Independent Bank Corp. have shown a return of -15.8% over the past month, compared to a -3.6% change in the Zacks S&P 500 composite [8].

Company Overview - Independent Bank Corp. (INDB) is expected to report earnings for the quarter ended March 2025, with a consensus estimate of $1.18 per share, reflecting a year-over-year increase of +5.4% [3] - Revenues are anticipated to be $178.89 million, which is a 6.9% increase from the previous year [3] Earnings Expectations - The earnings report is scheduled for release on April 17, 2025, and could influence stock movement depending on whether the actual results exceed or fall short of expectations [2] - The consensus EPS estimate has been revised down by 0.26% over the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for Independent Bank Corp. is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1.41% [10][11] - However, the company holds a Zacks Rank of 4, which complicates the prediction of an earnings beat [11] Historical Performance - In the last reported quarter, Independent Bank Corp. had an earnings surprise of +4.31%, with actual earnings of $1.21 per share compared to an expected $1.16 [12] - Over the past four quarters, the company has surpassed consensus EPS estimates three times [13] Industry Context - Citizens Financial Group (CFG), a peer in the Zacks Banks - Northeast industry, is expected to report earnings of $0.75 per share, representing a year-over-year increase of +15.4% [17] - CFG's revenues are projected to be $1.94 billion, down 0.9% from the previous year [17] - CFG's consensus EPS estimate has been revised down by 2.4% in the last 30 days, resulting in an Earnings ESP of -0.27% [18]

Independent Bank Corp’s (INDB) board of directors announced a  dividend of 59 cents per share. This reflected a 3.5% hike from the previous payout. The dividend will be paid out on April 7, 2025, to shareholders of record as of March 31.The company has increased its dividend payout six times in the past five years. It last increased the dividend by 3.6% to 57 cents per share in March 2024. Currently, INDB’s payout ratio is 50% of earnings. This indicates that it retains ample earnings for reinvestment and g ...

Financial Overview - As of December 31, 2024, Independent Bank Corp. had total assets of $19.4 billion, total deposits of $15.3 billion, and stockholders' equity of $3.0 billion[20]. - Net income for the year ended December 31, 2024, was $192.1 million, a decrease of 19.8% compared to $239.5 million in 2023[169]. - Diluted earnings per share for 2024 were $4.52, down 16.6% from $5.42 in 2023[169]. - Total assets increased slightly to $19,373,565 thousand in 2024 from $19,347,373 thousand in 2023, reflecting a growth of 0.1%[1]. - The ratio of dividends paid to earnings was 50.08% in 2024, up from 40.92% in 2023[153]. - Cash dividends declared increased from $2.20 per share in 2023 to $2.28 per share in 2024, marking a 3.6% increase[182]. - Noninterest income for 2024 was $128.014 million, an increase from $124.609 million in 2023, representing a growth of 3.4%[188]. - Noninterest expense (GAAP) increased to $406.366 million in 2024 from $392.746 million in 2023, reflecting a rise of 3.2%[188]. - The efficiency ratio (GAAP) for 2024 was 58.92%, compared to 53.72% in 2023, indicating a decline in operational efficiency[188]. - The tangible common equity ratio for 2024 was 10.86%, up from 10.31% in 2023, showing improved capital adequacy[189]. Loan Portfolio - The Bank's gross loan portfolio amounted to $14.5 billion, representing 74.9% of total assets[26]. - Commercial loans accounted for 75.1% of the gross average loan portfolio, generating 92.6% of total interest income for the year ended December 31, 2024[28]. - The consumer real estate loan portfolio was $3.5 billion, making up 24.7% of the gross average loan portfolio[28]. - The average loan size in the commercial and industrial portfolio was $558,000, with the largest individual loan outstanding at $46.6 million[36]. - The Company's loan portfolio increased by $230.3 million, or 1.6%, from December 31, 2023, with total commercial loans rising by $145.2 million, or 1.4%[209]. - The composition of the loan portfolio as of December 31, 2024, included commercial and industrial loans at $3,047,671,000 (21.0%), commercial real estate at $6,756,708,000 (46.5%), and residential real estate at $2,460,600,000 (17.0%)[210]. - The total loans as of December 31, 2024, amounted to $14,508,378,000, with an allowance for credit losses of $169,984,000[210]. - Nonperforming loans rose to 101,529 thousand in 2024, up from 54,383 thousand in 2023, indicating a significant increase of 86.7%[1]. - The allowance for credit losses as a percent of total loans was 1.17% in 2024, up from 1.00% in 2023[1]. Regulatory Compliance and Capital - The Company maintains all capital ratios above the required capital conservation buffer of 2.5%, with minimum ratios of 4.5% CET1, 6.0% Tier 1, and 8.0% Total capital[48]. - The Company is currently in compliance with regulatory capital requirements, categorized as "Well capitalized" with a Total Risk-Based Ratio exceeding 10%[49]. - The Company is classified as a large bank and is subject to direct supervision and examination by the Consumer Financial Protection Bureau (CFPB)[65]. - The total risk-based capital ratio improved to 16.04% in 2024 from 15.91% in 2023[1]. Community Engagement and Employee Relations - In 2024, Rockland Trust Charitable Foundation donated approximately $2.5 million to over 330 nonprofit organizations, contributing a total of over $4.3 million to more than 1,000 local organizations[79]. - Rockland Trust employees volunteered over 23,000 service hours in 2024[79]. - The company has been recognized as a top workplace for 16 consecutive years and has maintained a 100% score on the Human Rights Campaign's Corporate Equality Index since 2016[70]. - 84% of colleagues would recommend working at Rockland Trust according to a recent internal survey[72]. - The company offers a comprehensive benefits package, including medical, dental, vision insurance, and a 401(k) voluntary savings plan[73]. - Rockland Trust's leadership development program has seen 87% of managers complete training based on Gestalt-based leadership principles[76]. - The company has established five Employee Resource Groups to promote inclusion and engagement among colleagues[82]. Risks and Challenges - A significant portion of the Company's loans is secured by real estate, and a downturn in the real estate market could lead to increased defaults and credit losses, adversely affecting profitability[91]. - The Company faces risks related to legal and regulatory compliance, which could lead to increased costs and potential penalties[95]. - The Company may incur significant expenses related to the merger without realizing the expected benefits if the merger is not consummated[105]. - The Company’s emphasis on commercial loans may increase lending risks due to reliance on borrowers' cash flow for repayment[92]. - The Company faces liquidity risk, which could affect its ability to meet obligations, capitalize on growth opportunities, or pay dividends[130]. - Cybersecurity threats pose risks to the Company's operations and reputation, necessitating robust controls and continuous improvement in technology risk management[142]. - The Company faces strong competition in its market area, which may constrain its ability to grow and achieve profitability[138]. Technology and Innovation - Rapid technological changes in the financial services industry require the Company to adapt or risk losing customers to competitors with superior technology[125]. - The shift toward remote banking has increased customer reliance on technology-driven products and services, raising expectations for the Company[126]. - The Company may not be able to effectively implement new technology-driven products as quickly as larger competitors, which could adversely impact its business[126]. - The Company is subject to evolving privacy and data protection laws, which could increase compliance costs and expose it to regulatory actions or penalties[127]. Mergers and Acquisitions - The Company announced a definitive agreement to acquire Enterprise Bancorp, Inc., with a termination fee of $22,488,000 payable by Enterprise under certain circumstances if the merger is not completed[104]. - The Company signed a definitive merger agreement with Enterprise Bancorp, expected to close in the second half of 2025[168]. - The Company may face higher than anticipated fees, expenses, and charges associated with acquisition transactions, which could impact expected cost savings and synergies from mergers[107]. - Actual cost savings and revenue enhancements from acquisitions cannot be quantified in advance and depend on various future conditions[108].

Financial Data and Key Metrics Changes - The fourth quarter GAAP net income was $50 million, with diluted EPS at $1.18, resulting in a 1.02% return on assets and a 6.64% return on average common equity [23] - Adjusted operating net income for the quarter was $51.4 million, representing a 1.05% return on assets and a 6.82% return on average common equity [23] - Tangible book value per share increased by $0.39 during the quarter, reflecting solid earnings retention [24] Business Line Data and Key Metrics Changes - C&I loan production was approximately $785 million, up 28% in 2024, representing 50% of total commercial loan production [9] - Business banking loans originated amounted to $81 million, an 8% increase from 2023 [10] - Wealth management business grew assets under administration (AUA) by 7.6% in 2024 to $7 billion [15] Market Data and Key Metrics Changes - Average deposits grew at an approximate 3% annualized rate, with average balances increasing by $109 million or 0.7% for the quarter [6][25] - The overall mix of deposits remained stable, with noninterest-bearing DDA comprising 28.7% of total deposits at year-end [25] Company Strategy and Development Direction - The company is focused on reducing commercial real estate concentration, with a 2% decrease in CRE concentration to $305 million from the third quarter [8] - Plans to upgrade the core FIS processing platform to improve technology infrastructure and efficiency, with a conversion planned for May 2026 [13] - The acquisition of Enterprise Bank Corp is expected to add density to existing markets and expand the franchise into Northern Massachusetts and Southern New Hampshire [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding loan demand, attributing expected growth to new hires rather than robust economic activity [46] - The company anticipates low to mid-single-digit percentage increases in loan and deposit growth for the full year 2025 [40] - Management remains optimistic about navigating an uncertain interest rate environment and expects provision levels to decrease from 2024 results [41] Other Important Information - The cost of deposits was reported at 1.65%, highlighting the value of the deposit franchise [14] - Noninterest income decreased in the fourth quarter due to reduced loan-level derivative swap income and unrealized gains on equity securities [37] - Total expenses increased during the quarter, influenced by nonrecurring items including merger and acquisition expenses [38] Q&A Session Summary Question: Loan growth outlook for 2025 - Management indicated that the expected growth is more due to new hires rather than a significant improvement in economic activity [46] Question: Margin outlook and reference rates - The fourth quarter experienced mid-6s rates, with potential new volumes coming in around 7% [48] Question: Details on past due loans - The largest past due loan is a $30 million syndicated loan, with additional loans in negotiations for short sales [49][51] Question: Credit quality inflection point - Management agreed that credit quality may improve but noted that each loan is unique [58] Question: Reclassifying owner-occupied CRE to C&I - Management believes this reclassification better reflects the risk and purpose of the loans [60][62] Question: Wealth business client flows - There were about $20 million in net outflows for the quarter, with new originations slowing down [64] Question: Spot margin - The December spot margin was reported at 3.33% on a core basis [68] Question: Update on the core conversion - The upgrade is significant, providing greater product capability and efficiency [87][89]

Core Insights - Independent Bank Corp. reported revenue of $176.85 million for Q4 2024, a slight year-over-year decline of 0.2% [1] - The earnings per share (EPS) for the same period was $1.21, down from $1.26 a year ago, but exceeded the consensus estimate of $1.16 by 4.31% [1] - The revenue surpassed the Zacks Consensus Estimate of $175.82 million by 0.59% [1] Financial Performance Metrics - Efficiency Ratio was reported at 60.2%, higher than the estimated 58% by analysts [4] - Net interest margin (FTE) matched the analyst estimate at 3.3% [4] - Average balance of total interest-earning assets was $17.42 billion, slightly above the $17.37 billion estimate [4] - Total Non-Interest Income was $32.19 million, below the average estimate of $33.16 million [4] - Net Interest Income was reported at $144.66 million, exceeding the estimate of $142.43 million [4] - Loan level derivative income was $0.44 million, lower than the estimated $0.90 million [4] - Interchange and ATM fees were $4.88 million, slightly below the estimate of $4.94 million [4] - Deposit account fees were $7.12 million, surpassing the estimate of $6.55 million [4] - Other noninterest income was $5.57 million, below the estimate of $6.67 million [4] - Mortgage banking income was $1.06 million, exceeding the estimate of $0.83 million [4] - Investment management income was $10.78 million, slightly below the estimate of $11.07 million [4] Stock Performance - Shares of Independent Bank Corp. returned -1.4% over the past month, compared to the Zacks S&P 500 composite's -1.6% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]