Independent Bank (INDB) RBC Capital Markets Global Financial Institutions Conference Presentation summary

Company overview and market position

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

• Maintains a strong, diversified, low-cost deposit base and significant capital buffer.

• Holds top 10 deposit market share in all counties of operation, with leading positions in Plymouth and Nantucket.

• Completed the Enterprise acquisition, expanding presence into Northern MA and Southern NH.

• Focuses on relationship-driven banking and community engagement.

Financial performance and profitability

• Q4 2025 operating EPS rose 9.7% to $1.70 from $1.55 in Q3 2025; net income reached $84.4M.

• Adjusted net interest margin increased to 3.64%, with reported margin at 3.77%.

• Operating ROAA improved to 1.34% and operating ROATCE to 14.30% in Q4 2025.

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

• Consistent profitability supported by scalable wealth management and fee income.

Balance sheet and asset quality

• Loan portfolio totaled $18.5B at year-end 2025, with modest growth driven by commercial and industrial lending.

• CRE and construction portfolio stands at $9.7B, with diversified exposure across sectors.

• Asset quality remains stable; nonperforming loans at $89.5M and criticized/classified loans at $472.9M.

• Allowance for credit losses at 1.03% of total loans; delinquency rates remain low.

• Office CRE portfolio is actively managed, primarily Massachusetts-based, with conservative underwriting.