Independent Bank (INDB) KBW Winter Financial Services Conference Presentation summary

Company profile and market position

• Operates primarily in Massachusetts and New England with $24.9B in assets, $20.1B in deposits, and $18.5B in loans as of December 31, 2025.

• Maintains a top 10 deposit market share in all counties of operation, ranking first in Plymouth, MA, and holding significant positions in other key counties.

• Wealth management assets under administration reached $9.2B, with a 13% CAGR in recent years.

Financial performance and profitability

• Q4 2025 operating EPS was $1.70, up 9.7% from the prior quarter, with operating ROAA at 1.34% and ROATCE at 14.30%.

• Net interest margin improved to 3.77% reported and 3.64% adjusted, reflecting margin expansion.

• Tangible book value per share grew by $1.04, or 2.2%, in Q4 2025.

• Consistent profitability with a focus on fee income from scalable wealth management.

Balance sheet and asset quality

• Commercial and industrial loans grew 1.77% quarter-over-quarter, while total loans increased by 0.28%.

• Asset quality remains stable, with nonperforming loans at $89.5M and allowance for credit losses at 1.03% of total loans.

• CRE and construction portfolio totals $9.7B, with office exposure at 11.4% and a diversified sector mix.