Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ___________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-9047 Independent Bank Corp. (Exact name of registrant as specified in ...

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 Data and Key Metrics Changes - For Q1 2025, GAAP net income was $44.4 million, with diluted earnings per share at $1.04, resulting in a 0.93% return on assets and a 5.94% return on average common equity [23] - Adjusted operating net income was $45.3 million or $1.06 diluted EPS, representing a 0.94% return on assets and a 6.05% return on average common equity [23] - Tangible book value per share increased by $0.85 during the quarter, reflecting solid earnings retention [24] Business Line Data and Key Metrics Changes - C&I and small business loans increased by 2.1% and 2.6% respectively in Q1 2025, while CRE and construction loan balances decreased by 1.2% [10] - Total loans remained relatively flat, with a 2% annualized increase in C&I balances, while total CRE and construction decreased by 1.2% [30] - Wealth Management business grew AUA by nearly 1% to $7 billion, with organic growth totaling $41 million in the quarter [15][16] Market Data and Key Metrics Changes - Non-time deposits increased by 2.8% year-over-year and 3.2% from the fourth quarter, with the cost of deposits at 1.56% [15] - The overall mix of deposits remained stable, with non-interest-bearing DDA comprising 28.1% of total deposits at quarter end [29] Company Strategy and Development Direction - The company is focused on reducing commercial real estate concentration and shifting towards C&I lending, with plans to continue reducing transactional CRE business [10][12] - The pending acquisition of Enterprise is expected to close in Q3 2025, with a strong belief in the strategic and financial merits of the deal [13] - The company aims to capitalize on its historical strengths, including a skilled management team and strong brand recognition, to navigate a volatile economic environment [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty due to tariffs and federal government actions has caused clients to pause significant expansion initiatives [9] - Despite challenges, management expressed confidence in the ability to navigate the current environment, supported by a strong deposit franchise and capital base [20] - The company anticipates low single-digit percentage increases in loans and deposits for the full year, with a focus on asset quality and resolution of non-performing assets [46] Other Important Information - The company raised $300 million in subordinated debt to strengthen capital ahead of the Enterprise acquisition [39] - The net interest margin improved by 9 basis points to 3.42%, with expectations for continued margin expansion [42] - The tax rate for the quarter was approximately 22.3%, reflecting an increase from the prior quarter [44] Q&A Session Summary Question: How many of the top five NPLs came from East Boston? - Two out of the five NPLs are from East Boston, with the largest one also from there [55] Question: Can you recap the $38.5 million loan that came onto non-accruals this quarter? - This loan matured in the fourth quarter and reached 90 days past due in the first quarter, leading to its non-performing status [57] Question: What gives confidence in resolving the large NPLs given the challenging economic climate? - Confidence stems from being far along in the resolution process for several loans, with due diligence completed [60][66] Question: What is the current loan pipeline status? - The loan pipeline is robust, with a significant increase in C&I business reflecting a strategic shift [75] Question: How does the company plan to deploy elevated cash balances from the sub-debt raise? - The priority will be to support loan growth, with some cash allocated for the acquisition and to pay down wholesale borrowings [162]

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]

Core Viewpoint - Independent Bank Corp (INDB) has announced a dividend increase of 3.5% to 59 cents per share, reflecting its commitment to returning value to shareholders while maintaining a strong financial position [1][2]. Dividend Information - The upcoming dividend will be paid on April 7, 2025, to shareholders of record as of March 31, 2025 [1]. - INDB has increased its dividend payout six times in the past five years, with the last increase being 3.6% to 57 cents per share in March 2024 [2]. - The current payout ratio stands at 50% of earnings, indicating a balance between returning capital to shareholders and retaining earnings for growth [2]. - Based on a closing price of $63.07, INDB's dividend yield is 3.62%, with a five-year annualized dividend growth rate of 5.66% [2]. Share Repurchase Activities - INDB's board authorized a share repurchase plan for 2025, allowing the buyback of up to 1.1 million shares, approximately 5% of its outstanding common stock, effective from January 1, 2025, to December 31, 2025 [3]. - A previous share repurchase plan authorized in December 2023 also allowed for the buyback of 1.1 million shares, but no shares were repurchased in 2024 [4]. Financial Position - As of December 31, 2024, INDB reported total cash and cash equivalents of $119 million, total loans of $3.9 billion, and other borrowings of $45 million, indicating a strong liquidity position [4]. - The common equity Tier-1 capital ratio is 11.74%, and the total capital ratio is 12.99%, both well above regulatory requirements, supporting the company's ability to sustain dividend payments [5]. Price Performance - Over the past six months, INDB shares have increased by 9.1%, outperforming the industry growth of 2% [6]. - Currently, INDB holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [8].

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].