Noninterest expense of $99.9 million for the first quarter of 2024 represented a decrease of $860,000, or 0.9%, as compared to the prior quarter. Significant changes in noninterest expense for the first quarter compared to the prior quarter included the following: • FDIC assessment decreased $1.0 million, or 24.4%, from the prior quarter, driven primarily by the FDIC special assessment recognized by the Company. The first quarter provision for credit losses was $5.0 million as compared to $5.5 million for t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or Table of Contents (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (781) 878-6100 Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.01 par value per share INDB NASDAQ Title of each Class Trading Symbol Nam ...

For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 transition period from to Commission File Number: 1-9047 Independent Bank Corp. (Exact name of registrant as specified ...

10 Net Interest Margin Analysis Quarter Cumulative INDEDEKIDENT Quarter Cumulative 12 Month Margin Outlook* | --- | --- | --- | |---------------------|-------|-----------------------------------------------------------------------------------------------| | Loans | • | Overall loan balances expected to increase modestly in 2023 Q4 | | Deposits | • | Deposit balances expected to remain flat or decrease slightly due to seasonality | | Borrowings | • | Balances expected to fluctuate based on loan, deposit and ...

Financial Data and Key Metrics Changes - In Q3 2023, the company reported a GAAP net income of $60.8 million and diluted EPS of $1.38, indicating solid business activity despite a challenging environment [5][84] - Tangible book value per share increased by $0.72 or 1.7% in Q3, up almost 8% from the prior year [63] - The cost of deposits rose to 1.07% for the third quarter, reflecting a cumulative 20% deposit beta [64][84] Business Line Data and Key Metrics Changes - Total loans increased by 0.6% or 2.4% annualized to $14.2 billion, primarily driven by adjustable-rate residential loans, while total commercial loans saw a slight decline [86] - Fee income increased due to strong deposit and ATM activity, with wealth management income rising from insurance and retail commissions [10] Market Data and Key Metrics Changes - Total deposits decreased by $189 million or 1.2% to $15.1 billion, with approximately $240 million of the decline attributed to seasonal municipal deposits [85] - The company noted a stable funding profile and maintained a strong capital position, with a tangible capital ratio of 9.5% [7] Company Strategy and Development Direction - The company aims to leverage its community banking model in newer markets and invest in technology and data analytics to enhance customer insights [61] - A $100 million share repurchase program was announced to create long-term value, reflecting a strategic shift towards capital management in the current environment [4][109] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current rising rate environment and emphasized a focus on organic growth without relying on M&A [79][80] - The company anticipates low single-digit loan growth in Q4, primarily funded from securities, and expects margin stabilization in the 335 to 340 range [11][90] Other Important Information - The company resolved a non-performing loan in the office commercial real estate portfolio with a $5 million charge-off, and total criticized and classified balances are closely monitored [66][88] - Total expenses increased by $2.2 million or 2.3% compared to the prior quarter, influenced by various operational costs [89] Q&A Session Summary Question: What gives confidence that deposit costs won't remain under pressure? - Management acknowledged that while deposit costs are expected to increase, asset repricing benefits will mitigate these costs [93] Question: Is the buyback program a strategic shift? - Management clarified that the buyback is opportunistic, taking advantage of current stock levels while remaining well-capitalized for future acquisitions [109] Question: How is the company managing office commercial real estate exposure? - Management indicated that they are closely monitoring office exposures, with no non-performers in the top 20 office loans, and expressed confidence in the credit quality [88][106] Question: What is the outlook for the owner-occupied book? - Management reported no significant concerns in the owner-occupied book compared to the non-owner-occupied segment [121]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Independent Bank Corp.'s unaudited consolidated financial statements, encompassing balance sheets, income, comprehensive income, equity, and cash flows, along with detailed notes [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) This section provides a summary of the company's financial position, highlighting changes in assets, liabilities, and equity Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $19,400,931 | $19,294,174 | +0.6% | | Net Loans | $13,999,264 | $13,776,256 | +1.6% | | Total Securities | $3,023,072 | $3,129,281 | -3.4% | | **Total Deposits** | $15,248,051 | $15,879,007 | -4.0% | | **Total Borrowings** | $901,269 | $113,377 | +694.9% | | **Total Stockholders' Equity** | $2,854,914 | $2,886,701 | -1.1% | - Total assets increased slightly to **$19.4 billion**, driven by loan growth, while deposits decreased by **$631 million**. A significant increase in borrowings to **$901.3 million** was observed, up from **$113.4 million** at year-end 2022[15](index=15&type=chunk)[16](index=16&type=chunk) [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) This section details the company's financial performance, including net interest income, credit loss provisions, and net income Income Statement Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $152,546 | $144,861 | $311,544 | $282,293 | | Provision for (release of) credit losses | $5,000 | $— | $12,250 | $(2,000) | | **Net Income** | **$62,644** | **$61,776** | **$123,891** | **$114,873** | | **Diluted EPS** | **$1.42** | **$1.32** | **$2.78** | **$2.44** | - Net income for Q2 2023 was **$62.6 million**, a slight increase from **$61.8 million** in Q2 2022. The growth was driven by higher net interest income, which was partially offset by a **$5.0 million** provision for credit losses, compared to zero provision in the prior-year quarter[19](index=19&type=chunk) [Consolidated Statements of Comprehensive Income](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the company's comprehensive income, reflecting net income and other comprehensive income or loss components - Total comprehensive income was **$45.7 million** for Q2 2023, compared to **$30.5 million** in Q2 2022. The change was influenced by net income of **$62.6 million** and other comprehensive loss of **$17.0 million**, which included an **$11.5 million** net decrease in the fair value of securities available for sale[22](index=22&type=chunk) [Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) This section outlines changes in stockholders' equity, including impacts from net income, share repurchases, and dividends - Total stockholders' equity decreased from **$2.89 billion** at December 31, 2022, to **$2.85 billion** at June 30, 2023. The decrease was primarily due to share repurchases of **$121.1 million** and dividends of **$48.6 million**, partially offset by net income of **$123.9 million** and other comprehensive income of **$10.1 million**[27](index=27&type=chunk) - The company repurchased **1,617,033 shares** for **$121.1 million** during the six months ended June 30, 2023[27](index=27&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes the company's cash inflows and outflows from operating, investing, and financing activities Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Category | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $142,230 | $172,438 | | Net cash used in investing activities | $(174,635) | $(494,196) | | Net cash used in financing activities | $(12,264) | $(442,659) | | **Net decrease in cash and cash equivalents** | **$(44,669)** | **$(764,417)** | - For the first six months of 2023, cash and cash equivalents decreased by **$44.7 million**. Key financing activities included a net decrease in deposits of **$631.0 million** and net advances from FHLB borrowings of **$787.9 million**, alongside **$120.0 million** in share repurchases[31](index=31&type=chunk)[33](index=33&type=chunk) [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed disclosures supporting the main financial statements, covering accounting policies, financial instruments, and other required information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides an overview of the company's financial condition and results of operations, analyzing balance sheet components, funding, income, expenses, capital, and risk management [Executive Level Overview](index=54&type=section&id=Executive%20Level%20Overview) This section provides a high-level summary of the company's financial performance and key strategic drivers for the quarter - Net income for Q2 2023 was **$62.6 million**, or **$1.42 per diluted share**, compared to **$61.8 million**, or **$1.32 per diluted share**, in Q2 2022, representing increases of **1.4%** and **7.6%**, respectively[193](index=193&type=chunk) - Key performance drivers for the quarter included disciplined loan growth, stabilizing deposit balances, solid fee income growth, strong asset quality, and robust capital levels[195](index=195&type=chunk) - Tangible book value per share, a non-GAAP measure, grew by **$0.57** during the quarter to **$41.88**[195](index=195&type=chunk)[210](index=210&type=chunk) [Financial Position](index=62&type=section&id=Financial%20Position) This section analyzes the company's balance sheet, focusing on loans, deposits, asset quality, and capital adequacy - Total loans increased by **$211.2 million (1.5%)** to **$14.1 billion** at June 30, 2023, compared to year-end 2022, primarily driven by growth in residential real estate loans retained on the balance sheet[223](index=223&type=chunk) - Total deposits decreased by **$631.0 million (4.0%)** to **$15.2 billion** from year-end 2022, reflecting industry-wide dislocations and a competitive rate environment. Core deposits represented **82.6%** of total deposits[264](index=264&type=chunk)[265](index=265&type=chunk) - Nonperforming assets decreased to **$45.8 million (0.24% of total assets)** at June 30, 2023, from **$54.9 million (0.28% of total assets)** at year-end 2022[242](index=242&type=chunk) - The Company and the Bank exceeded all minimum regulatory capital requirements as of June 30, 2023, with a consolidated Total risk-based capital ratio of **15.76%**[271](index=271&type=chunk)[273](index=273&type=chunk) [Results of Operations](index=78&type=section&id=Results%20of%20Operations) This section details the company's financial performance, including net interest income, credit provisions, noninterest income, and expenses Key Performance Ratios | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Return on average assets | 1.29% | 1.24% | | Return on average equity | 8.78% | 8.49% | | Net interest margin (FTE) | 3.54% | 3.27% | - Net interest income (FTE) for Q2 2023 increased **5.4%** YoY to **$153.7 million**, primarily due to asset repricing in the rising rate environment, which was partially offset by higher funding costs[286](index=286&type=chunk) - A provision for credit losses of **$5.0 million** was recorded in Q2 2023, driven by reserve allocations for a large commercial and industrial credit that was subsequently charged off, and a large commercial real estate credit that moved to non-performing status[305](index=305&type=chunk) - Noninterest income increased **10.25%** YoY to **$30.8 million**, driven by higher investment management fees and loan level derivative income[307](index=307&type=chunk) - Noninterest expense increased **5.51%** YoY to **$95.6 million**, mainly due to higher salaries and employee benefits[311](index=311&type=chunk) [Risk Management](index=87&type=section&id=Risk%20Management) This section outlines the company's approach to managing various risk types, including liquidity, interest rate, and operational risks - The Company manages nine major risk types: strategic, culture, credit, liquidity, interest rate, operational, reputation, compliance, and technology[321](index=321&type=chunk) - In response to recent banking industry turmoil, the Company operated under its Liquidity Contingency Plan, proactively increasing borrowing capacity. As of June 30, 2023, total available and unused liquidity capacity was over **$6.0 billion**[334](index=334&type=chunk)[332](index=332&type=chunk) - The Company's net interest income simulation shows a negative impact from both rising and falling rates as of June 30, 2023. A **100 basis point** instantaneous rate increase is projected to decrease net interest income by **1.3%** in the first year, a shift from the asset-sensitive position in the prior year[340](index=340&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=90&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section incorporates by reference the detailed discussion on market risk, particularly interest rate risk, from the 'Risk Management' section - The information required for this item is included in the "Risk Management" section of Item 2, Management's Discussion and Analysis[352](index=352&type=chunk) [Controls and Procedures](index=90&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated the company's disclosure controls and procedures, concluding they were effective with no material changes to internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by the report[353](index=353&type=chunk) - There were no changes in the Company's internal control over financial reporting during Q2 2023 that have materially affected, or are reasonably likely to materially affect, these controls[354](index=354&type=chunk) [PART II. OTHER INFORMATION](index=90&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, other information, and exhibits [Legal Proceedings](index=90&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in pending lawsuits, which management does not expect to materially affect financial position or results - In management's opinion, the final disposition of pending lawsuits from the ordinary course of business is not expected to have a material adverse effect on the Company's financial position or results of operations[355](index=355&type=chunk) [Risk Factors](index=90&type=section&id=Item%201A.%20Risk%20Factors) This section reiterates ongoing risks, particularly those related to recent financial services industry events, with no material changes from prior disclosures - There have been no material changes to the Risk Factors disclosed in the 2022 Form 10-K as updated by the Q1 2023 Form 10-Q[357](index=357&type=chunk) - The report highlights the ongoing risks related to recent events in the financial services industry, such as decreased confidence in banks, market volatility, potential FDIC special assessments, and adverse regulatory changes[358](index=358&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=90&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases during the quarter, primarily for tax withholding obligations related to equity compensation Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2023 | 47 | $62.86 | | May 2023 | 0 | $— | | June 2023 | 80 | $45.22 | | **Total** | **127** | **$51.75** | - All shares purchased during the quarter were surrendered in connection with equity compensation grants to satisfy tax withholding obligations and were not part of a publicly announced repurchase plan[360](index=360&type=chunk) [Other Information](index=91&type=section&id=Item%205.%20Other%20Information) This section reports that during the quarter ended June 30, 2023, no directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - During Q2 2023, no directors or executive officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement[364](index=364&type=chunk) [Exhibits](index=91&type=section&id=Item%206.%20Exhibits) This section provides an index of the exhibits filed with the Form 10-Q, including CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2) and interactive data files (Exhibits 101, 104) [Signatures](index=92&type=section&id=Signatures) This section contains the required signatures for the filing

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, 2023 (I.R.S. Employer Identification No.) Office Address: 2036 Washington Street, Hanover, MA 02339 Mailing Address: 288 Union Street, Rockland, MA 02370 (Address of principal executive offices, including zip code) (781) 878-6100 ...

Independent Bank Corp. (NASDAQ:INDB) Q1 2023 Earnings Conference Call April 21, 2023 10:00 AM ET Company Participants Jeff Tengel - Chief Executive Officer Mark Ruggiero - Chief Financial Officer and Head, Consumer Lending Conference Call Participants Mark Fitzgibbon - Piper Sandler Steve Moss - Raymond James Chris O’Connell - KBW Operator Good day and welcome to the INDB First Quarter 2023 Earnings Call. [Operator Instructions] Before proceeding, please note that during this call, we will be making forward ...

Exhibit 99.2 THOS MAS Q1 2023 Earnings Presentation April 21, 2023 Forward Looking Statements This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as "expect," "achieve," "plan," "believe," "future," "positioned," "continued," "will," "would," "potential," "antic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 its charter) | MA | | | 04-2870273 | | --- | --- | --- | ...