Independent Bank Corp（Rockland Trust）Q3 2026 净利 8,970 万美元、EPS 1.90 美元创纪录，但不良贷款与逾期率抬升

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities and Exchange Act of 1934
DATE OF REPORT:
October 15, 2026
(Date of Earliest Event Reported)
Massachusetts
(State or Other Jurisdiction of Incorporation)
1-9047
04-2870273
(Commission File Number)
(I.R.S. Employer identification No.)
INDEPENDENT BANK CORP.
Office Address:
2036 Washington Street,
Hanover,
Massachusetts
02339
Mailing Address:
288 Union Street,
Rockland,
Massachusetts
02370
(Address of principal executive offices, including zip code)
NOT APPLICABLE
(Former Address of Principal Executive Offices)
(
781
)-
878-6100
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading Symbol
Name of each exchange on which registered
Common Stock, $.01 par value per share
INDB
NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17CFR 230.405)) or Rule 12b-2 of the Exchange Act (17CFR 240.12b-2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.
☐
ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 15, 2026 Independent Bank Corp. (the "Company") announced by press release its earnings for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02 (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section.
ITEM 7.01
REGULATION FD DISCLOSURE
The Company is furnishing presentation materials to be discussed during its earnings conference call which are included as Exhibit 99.2 to this report pursuant to Item 7.01.
The information in this Item 7.01 (including Exhibit 99.2) shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
d. The following exhibits are included with this Report:
Exhibit Index
Exhibit #
Exhibit Description
99.1
Q3 2026 Earnings Press Release dated October 15, 2026
99.2
Q3 2026 Earnings Presentation
101
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
104
Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101)
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned and hereunto duly authorized.
INDEPENDENT BANK CORP.
Date:
October 15, 2026
By:
/s/Mark J. Ruggiero
MARK J. RUGGIERO
CHIEF FINANCIAL OFFICER

----- exhibit991-indb09x30x2026e.htm -----
EX-99.1
2
exhibit991-indb09x30x2026e.htm
EX-99.1 - Q3 2026 EARNINGS PRESS RELEASE
Document
Exhibit 99.1
Shareholder Relations
NEWS RELEASE
288 Union Street
Rockland, Ma. 02370
INDEPENDENT BANK CORP. REPORTS THIRD QUARTER NET INCOME OF $89.7 MILLION
Record Quarterly Earnings and EPS
Rockland, Massachusetts (October 15, 2026) - Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2026 third quarter net income of $89.7 million, or $1.90 per diluted share, as compared to 2026 second quarter net income of $81.8 million, or $1.70 per diluted share.
CEO STATEMENT
“In an operating environment with many moving pieces, our disciplined approach and core fundamentals drove a 12% increase in our diluted earnings per share versus the prior quarter results,” said Jeffrey Tengel, Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “I want to thank my colleagues for their steadfast commitment to servicing our customers day in and day out. Our focus on strong community banking drove a 1.42% return on average assets and a 15.43% return on average tangible common equity, as loan and average deposit growth improved, we maintained our net interest margin while growing overall net interest income, credit quality remained stable, expenses were well managed, and we prudently returned excess capital to shareholders.”
FINANCIAL HIGHLIGHTS
•
The Company generated a return on average assets and a return on average common equity of 1.42% and 10.13%, respectively, for the third quarter of 2026, as compared to 1.34% and 9.24%, respectively, for the prior quarter.
•
The Company repurchased approximately 679,000 shares for $57.4 million during the third quarter of 2026.
•
Net interest income increased $9.7 million as compared to the prior quarter.
•
The Company’s net interest margin of 3.89% increased 4 basis points compared to the prior quarter, while the adjusted margin remained consistent with the prior quarter at 3.76%
(1)
.
•
Deposit balances increased $135.3 million, or 0.7%, to $20.5 billion at September 30, 2026, compared to the prior quarter, with core deposits increasing $232.4 million, or 1.4%, compared to the prior quarter.
•
Loan balances of $18.6 billion at September 30, 2026 increased $158.2 million, or 0.9%, compared to the prior quarter.
1
•
Wealth management assets under administration of $9.5 billion at September 30, 2026 increased modestly as compared to June 30, 2026.
•
The Company’s third quarter results included $2.2 million in one-time expenses associated with its upcoming core conversion, as compared to $2.1 million of such costs in the prior quarter.
BALANCE SHEET
Total assets of $25.0 billion at September 30, 2026 increased $38.2 million, or 0.2%, compared to the prior quarter.
Total loans of $18.6 billion at September 30, 2026 increased $158.2 million, or 0.9%, compared to the prior quarter:
•
The commercial and industrial portfolio grew $49.0 million, or 1.0% (4.1% annualized), despite $11.5 million in runoff attributable to the Company’s strategic exit from the dealer finance business.
•
Commercial real estate and construction balances increased $30.8 million, or 0.3%, as robust construction fundings were partially offset by net paydowns of real estate balances.
•
The total consumer real estate portfolio increased $80.2 million, or 1.9% (7.6% annualized), fueled by strong home equity demand, with balances up $40.9 million, or 3.0% (12.1% annualized), while residential mortgage balances increased by $39.3 million, or 1.4% (5.4% annualized).
Total deposits increased by $135.3 million, or 0.7%, to $20.5 billion at September 30, 2026, as compared to the prior quarter, while average balances rose by $633.8 million, or 3.2%, for the third quarter:
•
Period end deposit growth was fueled primarily by inflows from business and consumer accounts, partially offset by seasonal municipal outflows.
•
Overall core deposits comprised 84.6% of total deposits at September 30, 2026, as compared to 84.1% at June 30, 2026.
•
Total noninterest bearing demand deposits were 28.1% and 28.0% of total deposits at September 30, 2026 and June 30, 2026, respectively.
•
The total cost of deposits rose by 6 basis points to 1.42% as compared to the prior quarter.
Total period end borrowings decreased by $74.3 million, or 10.6%, during the third quarter of 2026, primarily reflecting approximately $100 million in net paydowns on Federal Home Loan Bank borrowings and a $100 million repayment on a working capital line of credit, partially offset by a $125 million term loan advance.
The Company’s total securities portfolio increased by $192.8 million, or 5.8%, to $3.5 billion at September 30, 2026:
•
Available for sale purchases totaled $508.2 million during the third quarter and were partially offset by $272.4 million of maturities, calls, and paydowns across the available for sale and held to maturity portfolios during the quarter, as well as $78.4 million of unrealized losses recognized in the available for sale portfolio.
•
Total securities represented 14.0% and 13.3% of total assets at September 30, 2026 and June 30, 2026, respectively.
2
Stockholders’ equity at September 30, 2026 decreased $60.0 million, or 1.7%, compared to June 30, 2026, as strong earnings were offset by the impact of share repurchases, dividends, and unrealized losses on available for sale securities recognized in other comprehensive income during the quarter:
•
The Company repurchased approximately 679,000 shares for $57.4 million during the third quarter of 2026 at an average price of $84.60 per share. As of September 30, 2026, the Company had approximately $93 million of remaining repurchase authorization under its previously announced $200 million stock buyback plan adopted as of April 30, 2026.
•
The Company’s ratio of common equity to assets of 13.80% at September 30, 2026 represented a decrease of 26 basis points from June 30, 2026.
•
The Company’s ratio of tangible common equity to tangible assets of 9.44% at September 30, 2026 represented a decrease of 25 basis points from the prior quarter and a decrease of 31 basis points from the year ago period
(1)
.
•
The Company’s book value per share decreased by $0.22, or 0.3%, to $73.54 at September 30, 2026 as compared to the prior quarter, while increasing $2.30 from the year ago period.
•
The Company’s tangible book value per share at September 30, 2026 decreased by $0.45, or 0.9%, from the prior quarter to $47.89, and increased by 3.0% from the year ago period
(1)
.
NET INTEREST INCOME
Net interest income of $220.7 million for the third quarter of 2026 increased $9.7 million, or 4.6%, when compared to the prior quarter:
•
Average interest-earning assets increased by $514.0 million, as increased deposits were primarily deployed into securities and interest-earning cash.
•
The net interest margin of 3.89% increased 4 basis points compared to the prior quarter, as the benefit of asset repricing and a 4 basis point increase in purchase accounting accretion were partially offset by higher deposit costs. Excluding purchase accounting accretion and other non-core items, the adjusted margin of 3.76%
(1)
remained flat with the prior quarter.
•
Total loan yields increased 11 basis points to 5.80% from 5.69%, driven primarily by loan repricing benefit and higher purchase accounting accretion compared to the prior quarter. Excluding purchase accounting accretion and other non-core items, the adjusted loan yield
(1)
increased 6 basis points during the quarter. Securities yields increased 23 basis points to 3.36% compared to the prior quarter, reflecting the impact of higher-yielding new purchases.
•
The Company’s overall cost of funding increased 4 basis points to 1.56% for the third quarter of 2026.
NONINTEREST INCOME
Noninterest income of $41.3 million for the third quarter of 2026 represented a decrease of $1.1 million, or 2.6%, as compared to the prior quarter. Significant changes in noninterest income for the third quarter of 2026 compared to the prior quarter included the following:
•
Service charges increased by $555,000, or 5.9%, driven primarily by higher overdraft fees.
•
Overall investment and advisory income decreased $463,000, or 3.1%, driven primarily by a decrease in seasonal tax preparation fees compared to the prior quarter. Total assets under administration of $9.5 billion increased by $35.8 million, or 0.4%, as of September 30, 2026 compared to June 30, 2026.
3
•
Mortgage banking income decreased by $243,000, or 20.7%, reflecting decreased saleable volume.
•
The Company received proceeds on life insurance policies resulting in gains of $180,000 and $672,000 for the quarters ended September 30, 2026 and June 30, 2026, respectively.
•
Loan level derivative income decreased by $518,000, or 39.3%, due primarily to lower demand.
NONINTEREST EXPENSE
Noninterest expense of $138.4 million for the third quarter of 2026 represented a decrease of $1.9 million, or 1.3%, as compared to the prior quarter. Significant changes in noninterest expense for the third quarter of 2026 compared to the prior quarter included the following:
•
Salaries and employee benefits increased by $1.3 million, or 1.7%, driven primarily by increased incentive compensation and retirement benefit costs, partially offset by decreased split dollar insurance valuations and medical plan insurance expense.
•
Occupancy and equipment expenses decreased by $339,000, or 2.1%, driven primarily by decreases in general maintenance costs, partially offset by increases in office equipment expenses.
•
FDIC assessment decreased by $623,000, or 19.7%, reflecting the benefit of a lower assessment rate.
•
Other noninterest expense decreased by $1.5 million, or 4.6%, driven primarily by decreases in director equity compensation of $916,000, fraud losses of $579,000, and loan workout costs of $300,000. Other noninterest expense for the third quarter was inclusive of $2.2 million in one-time costs associated with the Company’s upcoming core conversion, as compared to $2.1 million of such costs in the prior quarter.
TAX RATE
The Company’s quarterly effective tax rate remained consistent at 23.31% for the third quarter of 2026, compared to 23.37% for the prior quarter.
ASSET QUALITY
During the third quarter, the Company’s key asset quality activity and metrics were as follows:
•
Nonperforming loans increased to $125.7 million at September 30, 2026, as compared to $103.6 million at June 30, 2026, representing 0.68% and 0.56% of total loans, respectively. The increase was driven primarily by one office real estate loan.
•
The third quarter provision for credit losses was $6.5 million, as compared to $6.3 million for the prior quarter, driven primarily by a specific reserve allocation on one office real estate loan that migrated to nonperforming status during the quarter.
•
Net charge-offs of $1.2 million, representing 0.02% of average loans annualized, remained consistent with the prior quarter.
•
Total criticized and classified commercial loans of $550.9 million, or 3.9% of total commercial loans, remained consistent with the prior quarter.
4
•
The allowance for credit losses on total loans increased to $201.2 million at September 30, 2026, compared to $195.9 million at June 30, 2026, and represented 1.08% and 1.06% of total loans at September 30, 2026 and June 30, 2026, respectively.
•
Delinquencies as a percentage of total loans increased 30 basis points from the prior quarter to 0.73% at September 30, 2026.
(1)
Represents a non-GAAP measure. See Appendices A through C for reconciliation of the corresponding GAAP measures.
CONFERENCE CALL INFORMATION
Jeffrey Tengel, President and Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss third quarter earnings at 10:00 a.m. Eastern Time on Friday, October 16, 2026.
Participants may join the webcast by registering prior to the call via this link:
https://events.q4inc.co
m/attendee/687573325
.
A replay of the webcast will be made available on the Company’s website at
https://indb.rocklandtrust.com
by selecting Third Quarter 2026 Earnings Call. The webcast replay will be available until October 16, 2027.
ABOUT INDEPENDENT BANK CORP.
Independent Bank Corp. (Nasdaq Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire, as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
This press release 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,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.
Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:
•
adverse economic conditions in the regional and local economies within the New England region and the Company’s market area;
•
events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits and significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets;
•
the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel;
•
political and policy uncertainties, changes in U.S. and international trade policies, such as tariffs or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service re
venues
;
5
•
the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, including international conflicts and hostilities, such as the ongoing conflict involving Israel, the U.S. and Iran;
•
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events;
•
adverse changes or volatility in the local real estate market, including limitations on rent growth, increases in operating expenses, reductions in property cash flows, reductions in collateral values, and decreased investor demand, which may be exacerbated by legislative or regulatory actions such as rent control or tenant protection laws;
•
changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans;
•
risks related to the Company’s acquisition activities, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; impairment of goodwill and/or other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated;
•
the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy;
•
changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
•
higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws;
•
increased competition in the Company’s market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures;
•
a deterioration in the conditions of the securities markets;
•
a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget;
•
inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence (“AI”);
•
electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector;
•
adverse changes in consumer spending and savings habits;
•
the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or the introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy;
•
changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business and the associated costs of such changes;
•
the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions and the adequacy of the Company’s reserves and insurance coverage for legal matters;
•
changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters;
•
operational risks related to the Company and its customers’ reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party
6
service providers which could lead to interruptions or disruptions of the Company’s operating systems, including systems that are customer facing, and adversely impact the Company’s business; including the Company’s ability to successfully complete and integrate its core system conversion and to do so within the anticipated timeframe, including its reliance on third-party providers in connection with that conversion, as well as its ability to effectively manage any related operational disruptions, customer impacts, data conversion issues, or related internal control issues;
•
risks related to the development and use of AI by the Company, its third-party vendors, clients and counterparties; and
•
any unexpected material adverse changes in the Company’s operations or earnings.
The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.
This press release and the appendices attached to it contain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, adjusted net interest margin (“adjusted margin”) and the associated adjusted loan yield (which is calculated by dividing annualized interest income on loans, plus or minus non-core or other adjustments, by average loans), tangible book value per share and the tangible common equity ratio.
Operating net income, operating EPS, operating return on average assets, and operating return on average common equity exclude items that management believes are unrelated to the Company’s core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its adjusted margin and adjusted loan yield to determine any items t
hat may impact these metrics that m
ay be one-time in nature or not reflective of the core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at an adjusted margin and adjusted loan yield provides additional insight into the operating environment and how management decisions impact the net interest margin.
Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management.  As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles.  Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.
7
These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, adjusted margin and associated adjusted loan yield, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Contacts:
Jeffrey Tengel
President and Chief Executive Officer
(781) 982-6144
Mark J. Ruggiero
Chief Financial Officer and
Executive Vice President of Consumer Lending
(781) 982-6281
Investor Relations:
Gerry Cronin
Director of Investor Relations
(774) 363-9872
Gerard.Cronin@rocklandtrust.com
Category
: Earnings Releases
8
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands)
% Change
% Change
September 30
2026
June 30
2026
September 30
2025
Sept 2026 vs.
Sept 2026 vs.
Jun 2026
Sept 2025
Assets
Cash and due from banks
$
244,167
$
251,971
$
203,388
(3.10)
%
20.05
%
Interest-earning deposits with banks
415,213
749,255
707,408
(44.58)
%
(41.31)
%
Securities
Trading
4,897
4,835
4,611
1.28
%
6.20
%
Equities
21,315
21,602
21,567
(1.33)
%
(1.17)
%
Available for sale
2,316,597
2,075,972
1,941,220
11.59
%
19.34
%
Held to maturity
1,162,758
1,210,310
1,357,617
(3.93)
%
(14.35)
%
Total securities
3,505,567
3,312,719
3,325,015
5.82
%
5.43
%
Loans held for sale
10,865
21,982
17,052
(50.57)
%
(36.28)
%
Loans
Commercial and industrial
4,779,871
4,730,827
4,532,294
1.04
%
5.46
%
Commercial real estate
7,859,681
7,944,099
8,241,458
(1.06)
%
(4.63)
%
Commercial construction
1,579,695
1,464,449
1,439,876
7.87
%
9.71
%
Total commercial
14,219,247
14,139,375
14,213,628
0.56
%
0.04
%
Residential real estate
2,909,596
2,870,277
2,917,101
1.37
%
(0.26)
%
Home equity
1,383,719
1,342,797
1,284,139
3.05
%
7.75
%
Total consumer real estate
4,293,315
4,213,074
4,201,240
1.90
%
2.19
%
Other consumer
40,014
41,878
37,575
(4.45)
%
6.49
%
Total loans
18,552,576
18,394,327
18,452,443
0.86
%
0.54
%
Less: allowance for credit losses
(201,238)
(195,899)
(190,476)
2.73
%
5.65
%
Net loans
18,351,338
18,198,428
18,261,967
0.84
%
0.49
%
Federal Home Loan Bank stock
9,527
13,631
21,835
(30.11)
%
(56.37)
%
Bank premises and equipment, net
218,521
217,877
221,165
0.30
%
(1.20)
%
Goodwill
1,090,610
1,090,610
1,090,610
—
%
—
%
Other intangible assets
113,668
119,896
140,632
(5.19)
%
(19.17)
%
Cash surrender value of life insurance policies
383,634
381,230
376,163
0.63
%
1.99
%
Other assets
668,989
616,295
628,004
8.55
%
6.53
%
Total assets
$
25,012,099
$
24,973,894
$
24,993,239
0.15
%
0.08
%
Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing demand deposits
$
5,760,506
$
5,709,647
$
5,635,911
0.89
%
2.21
%
Savings and interest checking
6,450,241
6,503,521
6,492,791
(0.82)
%
(0.66)
%
Money market
5,164,326
4,929,495
4,747,179
4.76
%
8.79
%
Time certificates of deposit
3,152,352
3,249,455
3,419,988
(2.99)
%
(7.83)
%
Total deposits
20,527,425
20,392,118
20,295,869
0.66
%
1.14
%
Borrowings
Federal Home Loan Bank and other borrowings
117,246
216,719
416,240
(45.90)
%
(71.83)
%
Line of credit, net
—
124,984
—
(100.00)
%
nm
Long-term borrowings, net
149,938
—
—
100.00%
100.00%
Junior subordinated debentures, net
62,864
62,864
62,862
—
%
—
%
Subordinated debentures, net
297,106
296,898
296,275
0.07
%
0.28
%
Total borrowings
627,154
701,465
775,377
(10.59)
%
(19.12)
%
Total deposits and borrowings
21,154,579
21,093,583
21,071,246
0.29
%
0.40
%
Other liabilities
405,184
367,948
375,106
10.12
%
8.02
%
Total liabilities
21,559,763
21,461,531
21,446,352
0.46
%
0.53
%
Stockholders’ equity
Common stock
467
473
495
(1.27)
%
(5.66)
%
9
Additional paid in capital
2,146,353
2,201,250
2,371,111
(2.49)
%
(9.48)
%
Retained earnings
1,429,011
1,369,306
1,222,843
4.36
%
16.86
%
Accumulated other comprehensive loss, net of tax
(123,495)
(58,666)
(47,562)
110.51
%
159.65
%
Total stockholders’ equity
3,452,336
3,512,363
3,546,887
(1.71)
%
(2.67)
%
Total liabilities and stockholders’ equity
$
25,012,099
$
24,973,894
$
24,993,239
0.15
%
0.08
%
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
Three Months Ended
% Change
% Change
September 30
2026
June 30
2026
September 30
2025
Sept 2026 vs.
Sept 2026 vs.
Jun 2026
Sept 2025
Interest income
Interest on federal funds sold and short-term investments
$
6,021
$
2,633
$
7,245
128.67
%
(16.89)
%
Interest and dividends on securities
29,591
26,200
23,511
12.94
%
25.86
%
Interest and fees on loans
268,527
260,249
263,772
3.18
%
1.80
%
Interest on loans held for sale
251
210
225
19.52
%
11.56
%
Total interest income
304,390
289,292
294,753
5.22
%
3.27
%
Interest expense
Interest on deposits
73,584
67,641
80,739
8.79
%
(8.86)
%
Interest on borrowings
10,145
10,724
10,670
(5.40)
%
(4.92)
%
Total interest expense
83,729
78,365
91,409
6.84
%
(8.40)
%
Net interest income
220,661
210,927
203,344
4.61
%
8.52
%
Provision for credit losses
6,500
6,250
38,519
4.00
%
(83.13)
%
Net interest income after provision for credit losses
214,161
204,677
164,825
4.63
%
29.93
%
Noninterest income
Deposit account fees
9,948
9,393
8,847
5.91
%
12.44
%
Interchange and ATM fees
5,719
5,686
5,989
0.58
%
(4.51)
%
Investment management and advisory
14,498
14,961
13,652
(3.09)
%
6.20
%
Mortgage banking income
931
1,174
1,444
(20.70)
%
(35.53)
%
Increase in cash surrender value of life insurance policies
2,739
2,636
2,629
3.91
%
4.18
%
Gain on life insurance benefits
180
672
—
(73.21)
%
100.00%
Loan level derivative income
799
1,317
1,224
(39.33)
%
(34.72)
%
Other noninterest income
6,473
6,552
6,613
(1.21)
%
(2.12)
%
Total noninterest income
41,287
42,391
40,398
(2.60)
%
2.20
%
Noninterest expenses
Salaries and employee benefits
80,408
79,088
81,132
1.67
%
(0.89)
%
Occupancy and equipment expenses
15,831
16,170
14,975
(2.10)
%
5.72
%
Data processing and facilities management
3,035
3,208
2,788
(5.39)
%
8.86
%
FDIC assessment
2,535
3,158
3,080
(19.73)
%
(17.69)
%
Amortization of intangible assets
6,227
6,791
7,315
(8.31)
%
(14.87)
%
Merger and acquisition expense
—
—
23,893
nm
(100.00)
%
Other noninterest expenses
30,384
31,857
27,653
(4.62)
%
9.88
%
Total noninterest expenses
138,420
140,272
160,836
(1.32)
%
(13.94)
%
Income before income taxes
117,028
106,796
44,387
9.58
%
163.65
%
Provision for income taxes
27,279
24,958
10,125
9.30
%
169.42
%
Net Income
$
89,749
$
81,838
$
34,262
9.67
%
161.95
%
Weighted average common shares (basic)
47,229,350
48,054,411
49,934,574
10
Common share equivalents
27,262
22,344
22,433
Weighted average common shares (diluted)
47,256,612
48,076,755
49,957,007
Basic earnings per share
$
1.90
$
1.70
$
0.69
11.76
%
175.36
%
Diluted earnings per share
$
1.90
$
1.70
$
0.69
11.76
%
175.36
%
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net income
$
89,749
$
81,838
$
34,262
Provision for non-PCD acquired loans
—
—
34,519
Noninterest expense components
Add - merger and acquisition expenses
—
—
23,893
Noncore increases to income before taxes
—
—
58,412
Net taxes associated with noncore items (1)
—
—
(15,320)
Noncore increases to net income
—
—
43,092
Operating net income (Non-GAAP)
$
89,749
$
81,838
$
77,354
9.67
%
16.02
%
Diluted earnings per share, on an operating basis (Non-GAAP)
$
1.90
$
1.70
$
1.55
11.76
%
22.58
%
(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.
Performance ratios
Net interest margin (FTE)
3.89
%
3.85
%
3.62
%
Return on average assets (calculated by dividing annualized net income by average assets) (GAAP)
1.42
%
1.34
%
0.55
%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)
1.42
%
1.34
%
1.23
%
Return on average common equity (calculated by dividing annualized net income by average common equity) (GAAP)
10.13
%
9.24
%
3.82
%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)
10.13
%
9.24
%
8.63
%
Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)
15.43
%
14.05
%
5.85
%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)
15.43
%
14.05
%
13.22
%
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)
15.76
%
16.73
%
16.57
%
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)
15.76
%
16.73
%
16.57
%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)
52.84
%
55.37
%
65.99
%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)
52.84
%
55.37
%
56.18
%
11
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
Nine Months Ended
% Change
September 30
2026
September 30
2025
Sept 2026 vs.
Sept 2025
Interest income
Interest on federal funds sold and short-term investments
$
12,311
$
13,076
(5.85)
%
Interest and dividends on securities
81,165
54,689
48.41
%
Interest and fees on loans
789,758
656,643
20.27
%
Interest on loans held for sale
713
457
56.02
%
Total interest income
883,947
724,865
21.95
%
Interest expense
Interest on deposits
208,160
200,018
4.07
%
Interest on borrowings
31,739
28,502
11.36
%
Total interest expense
239,899
228,520
4.98
%
Net interest income
644,048
496,345
29.76
%
Provision for credit losses
18,250
60,719
(69.94)
%
Net interest income after provision for credit losses
625,798
435,626
43.65
%
Noninterest income
Deposit account fees
28,590
23,041
24.08
%
Interchange and ATM fees
16,423
15,608
5.22
%
Investment management and advisory
43,624
36,252
20.34
%
Mortgage banking income
3,375
3,257
3.62
%
Increase in cash surrender value of life insurance policies
8,087
6,732
20.13
%
Gain on life insurance benefits
1,198
1,650
(27.39)
%
Loan level derivative income
3,026
2,332
29.76
%
Other noninterest income
19,616
18,373
6.77
%
Total noninterest income
123,939
107,245
15.57
%
Noninterest expenses
Salaries and employee benefits
240,233
205,919
16.66
%
Occupancy and equipment expenses
49,307
41,992
17.42
%
Data processing and facilities management
9,502
8,213
15.69
%
FDIC assessment
9,021
8,441
6.87
%
Amortization of intangible assets
19,908
9,856
101.99
%
Merger and acquisition expense
3,024
27,287
(88.92)
%
Other noninterest expenses
90,615
73,804
22.78
%
Total noninterest expenses
421,610
375,512
12.28
%
Income before income taxes
328,127
167,359
96.06
%
Provision for income taxes
76,621
37,572
103.93
%
Net Income
$
251,506
$
129,787
93.78
%
Weighted average common shares (basic)
48,078,231
45,063,324
Common share equivalents
26,430
20,646
Weighted average common shares (diluted)
48,104,661
45,083,970
Basic earnings per share
$
5.23
$
2.88
81.60
%
Diluted earnings per share
$
5.23
$
2.88
81.60
%
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net Income
$
251,506
$
129,787
Provision for non-PCD acquired loans
—
34,519
Noninterest expense components
Add - merger and acquisition expenses
3,024
27,287
12
Noncore increases to income before taxes
3,024
61,806
Net taxes associated with noncore items (1)
(830)
(15,913)
Add - adjustment for tax effect of previously incurred merger and acquisition expenses
—
381
Total tax impact
(830)
(15,532)
Noncore increases to net income
2,194
46,274
Operating net income (Non-GAAP)
$
253,700
$
176,061
44.10
%
Diluted earnings per share, on an operating basis (Non-GAAP)
$
5.27
$
3.91
34.78
%
(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.
Performance ratios
Net interest margin (FTE)
3.88
%
3.49
%
Return on average assets (GAAP) (calculated by dividing net income by average assets)
1.36
%
0.81
%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing operating net income by average assets)
1.37
%
1.10
%
Return on average common equity (GAAP) (calculated by dividing net income by average common equity)
9.47
%
5.39
%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing operating net income by average common equity)
9.55
%
7.31
%
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)
14.38
%
8.09
%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing operating net income by average tangible common equity)
14.51
%
10.98
%
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)
16.14
%
17.77
%
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)
16.14
%
17.77
%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)
54.90
%
62.21
%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)
54.50
%
57.69
%
nm = not meaningful
13
ASSET QUALITY
(Unaudited, dollars in thousands)
Nonperforming Assets At
September 30
2026
June 30
2026
September 30
2025
Nonperforming loans
Commercial & industrial loans
$
10,886
$
9,204
$
23,173
Commercial real estate loans
85,314
64,544
29,216
Commercial construction loans
2,569
2,925
15,516
Residential real estate loans
21,684
20,305
14,406
Home equity
5,249
6,648
4,244
Other consumer
12
16
42
Total nonperforming loans
125,714
103,642
86,597
Other real estate owned
455
206
2,100
Total nonperforming assets
$
126,169
$
103,848
$
88,697
Nonperforming loans/gross loans
0.68
%
0.56
%
0.47
%
Nonperforming assets/total assets
0.50
%
0.42
%
0.35
%
Allowance for credit losses/nonperforming loans
160.08
%
189.02
%
219.96
%
Allowance for credit losses/total loans
1.08
%
1.06
%
1.03
%
Delinquent loans/total loans
0.73
%
0.43
%
0.49
%
Nonperforming Assets Reconciliation for the Three Months Ended
September 30
2026
June 30
2026
September 30
2025
Nonperforming assets beginning balance
$
103,848
$
98,743
$
58,317
Enterprise nonperforming assets at July 1, 2025
—
—
24,487
New to nonperforming
31,105
28,377
16,767
Loans charged-off
(1,716)
(1,865)
(2,670)
Loans paid-off
(6,542)
(18,701)
(6,983)
Loans transferred to other real estate owned
(250)
—
—
Loans restored to performing status
(629)
(831)
(1,404)
New to other real estate owned
250
206
—
Sale of other real estate owned
—
(2,100)
—
Other
103
19
183
Nonperforming assets ending balance
$
126,169
$
103,848
$
88,697
14
Net Charge-Offs (Recoveries)
Three Months Ended
Nine Months Ended
September 30
2026
June 30
2026
September 30
2025
September 30
2026
September 30
2025
Net charge-offs (recoveries)
Commercial and industrial loans
$
228
$
464
$
1,178
$
1,003
$
4,123
Commercial real estate loans
—
58
21
4,092
43,364
Commercial construction
498
—
—
498
—
Home equity
(12)
(43)
(12)
(67)
17
Other consumer
447
432
649
1,363
1,743
Total net charge-offs
$
1,161
$
911
$
1,836
$
6,889
$
49,247
Net charge-offs to average loans (annualized)
0.02
%
0.02
%
0.04
%
0.05
%
0.42
%
BALANCE SHEET AND CAPITAL RATIOS
September 30
2026
June 30
2026
September 30
2025
Gross loans/total deposits
90.38
%
90.20
%
90.92
%
Common equity tier 1 capital ratio (1)
12.69
%
12.81
%
12.84
%
Tier 1 leverage capital ratio (1)
10.01
%
10.20
%
10.11
%
Common equity to assets ratio GAAP
13.80
%
14.06
%
14.19
%
Tangible common equity to tangible assets ratio (2)
9.44
%
9.69
%
9.75
%
Book value per share GAAP
$
73.54
$
73.76
$
71.24
Tangible book value per share (2)
$
47.89
$
48.34
$
46.51
(1) Estimated number for September 30, 2026.
(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.
15
INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited, dollars in thousands)
Three Months Ended
September 30, 2026
June 30, 2026
September 30, 2025
Interest
Interest
Interest
Average
Earned/
Yield/
Average
Earned/
Yield/
Average
Earned/
Yield/
Balance
Paid (1)
Rate
Balance
Paid (1)
Rate
Balance
Paid (1)
Rate
Interest-earning assets
Interest-earning deposits with banks, federal funds sold, and short term investments
$
662,081
$
6,021
3.61
%
$
304,850
$
2,633
3.46
%
$
688,394
$
7,245
4.18
%
Securities
Securities - trading
4,990
—
—
%
5,549
—
—
%
4,613
—
—
%
Securities - taxable investments
3,479,239
29,492
3.36
%
3,344,236
26,098
3.13
%
3,253,928
23,303
2.84
%
Securities - nontaxable investments (1)
9,942
126
5.03
%
10,334
129
5.01
%
34,803
263
3.00
%
Total securities
$
3,494,171
$
29,618
3.36
%
$
3,360,119
$
26,227
3.13
%
$
3,293,344
$
23,566
2.84
%
Loans held for sale
17,536
251
5.68
%
15,109
210
5.57
%
15,632
225
5.71
%
Loans
Commercial and industrial (1)
4,739,532
74,833
6.26
%
4,684,134
72,323
6.19
%
4,485,053
70,869
6.27
%
Commercial real estate (1)
7,914,965
113,376
5.68
%
8,096,126
111,044
5.50
%
8,270,774
112,855
5.41
%
Commercial construction (1)
1,532,316
25,710
6.66
%
1,455,154
24,051
6.63
%
1,446,615
24,750
6.79
%
Total commercial
14,186,813
213,919
5.98
%
14,235,414
207,418
5.84
%
14,202,442
208,474
5.82
%
Residential real estate
2,886,974
34,569
4.75
%
2,849,629
33,774
4.75
%
2,913,749
34,813
4.74
%
Home equity
1,361,625
20,873
6.08
%
1,327,930
19,847
5.99
%
1,275,945
21,173
6.58
%
Total consumer real estate
4,248,599
55,442
5.18
%
4,177,559
53,621
5.15
%
4,189,694
55,986
5.30
%
Other consumer
39,904
618
6.14
%
42,086
667
6.36
%
40,726
644
6.27
%
Total loans
$
18,475,316
$
269,979
5.80
%
$
18,455,059
$
261,706
5.69
%
$
18,432,862
$
265,104
5.71
%
Total interest-earning assets
$
22,649,104
$
305,869
5.36
%
$
22,135,137
$
290,776
5.27
%
$
22,430,232
$
296,140
5.24
%
Cash and due from banks
243,098
226,735
214,626
Federal Home Loan Bank stock
13,051
16,942
22,206
Other assets
2,205,241
2,196,868
2,263,385
Total assets
$
25,110,494
$
24,575,682
$
24,930,449
Interest-bearing liabilities
Deposits
Savings and interest checking accounts
$
6,502,323
$
17,517
1.07
%
$
6,318,590
$
16,121
1.02
%
$
6,333,611
$
18,927
1.19
%
Money market
5,133,027
29,370
2.27
%
4,830,122
25,328
2.10
%
4,749,763
30,019
2.51
%
Time deposits
3,204,614
26,697
3.31
%
3,231,355
26,192
3.25
%
3,466,139
31,793
3.64
%
Total interest-bearing deposits
$
14,839,964
$
73,584
1.97
%
$
14,380,067
$
67,641
1.89
%
$
14,549,513
$
80,739
2.20
%
Borrowings
Federal Home Loan Bank and other borrowings
200,435
1,888
3.74
%
296,624
2,780
3.76
%
416,074
3,946
3.76
%
Line of Credit
123,904
1,700
5.44
%
104,096
1,423
5.48
%
—
—
—
%
Long-term borrowings
1,359
20
5.84
%
—
—
—
%
—
—
—
%
Junior subordinated debentures
62,864
892
5.63
%
62,863
876
5.59
%
62,861
981
6.19
%
Subordinated debentures
296,995
5,645
7.54
%
296,778
5,645
7.63
%
305,280
5,743
7.46
%
Total borrowings
$
685,557
$
10,145
5.87
%
$
760,361
$
10,724
5.66
%
$
784,215
$
10,670
5.40
%
Total interest-bearing liabilities
$
15,525,521
$
83,729
2.14
%
$
15,140,428
$
78,365
2.08
%
$
15,333,728
$
91,409
2.37
%
16
Noninterest-bearing demand deposits
5,726,231
5,552,302
5,699,765
Other liabilities
344,041
332,250
339,116
Total liabilities
$
21,595,793
$
21,024,980
$
21,372,609
Stockholders’ equity
3,514,701
3,550,702
3,557,840
Total liabilities and stockholders’ equity
$
25,110,494
$
24,575,682
$
24,930,449
Net interest income
$
222,140
$
212,411
$
204,731
Interest rate spread (2)
3.22
%
3.19
%
2.87
%
Net interest margin (3)
3.89
%
3.85
%
3.62
%
Supplemental Information
Total deposits, including demand deposits
$
20,566,195
$
73,584
$
19,932,369
$
67,641
$
20,249,278
$
80,739
Cost of total deposits
1.42
%
1.36
%
1.58
%
Total funding liabilities, including demand deposits
$
21,251,752
$
83,729
$
20,692,730
$
78,365
$
21,033,493
$
91,409
Cost of total funding liabilities
1.56
%
1.52
%
1.72
%
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.5 million for each of the three months ended September 30, 2026 and June 30, 2026, respectively, and $1.4 million for the three months ended September 30, 2025, determined by applying the Company’s marginal tax rates in effect during each respective quarter.
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
17
Nine Months Ended
September 30, 2026
September 30, 2025
Interest
Interest
Average
Earned/
Yield/
Average
Earned/
Yield/
Balance
Paid
Rate
Balance
Paid
Rate
Interest-earning assets
Interest earning deposits with banks, federal funds sold, and short term investments
$
461,724
$
12,311
3.56
%
$
413,974
$
13,076
4.22
%
Securities
Securities - trading
5,215
—
—
%
4,641
—
—
%
Securities - taxable investments
3,383,473
80,850
3.19
%
2,914,567
54,478
2.50
%
Securities - nontaxable investments (1)
10,631
399
5.02
%
11,858
266
3.00
%
Total securities
$
3,399,319
$
81,249
3.20
%
$
2,931,066
$
54,744
2.50
%
Loans held for sale
17,373
713
5.49
%
10,656
457
5.73
%
Loans
Commercial and industrial (1)
4,676,906
217,582
6.22
%
3,704,506
173,050
6.25
%
Commercial real estate (1)
8,082,586
336,886
5.57
%
7,254,708
286,037
5.27
%
Commercial construction (1)
1,464,385
73,687
6.73
%
1,016,344
51,683
6.80
%
Total commercial
14,223,877
628,155
5.90
%
11,975,558
510,770
5.70
%
Residential real estate
2,864,503
103,846
4.85
%
2,618,320
90,608
4.63
%
Home equity
1,330,144
60,149
6.05
%
1,192,583
57,091
6.40
%
Total consumer real estate
4,194,647
163,995
5.23
%
3,810,903
147,699
5.18
%
Other consumer
41,913
1,949
6.22
%
38,406
1,819
6.33
%
Total loans
$
18,460,437
$
794,099
5.75
%
$
15,824,867
$
660,288
5.58
%
Total interest-earning assets
$
22,338,853
$
888,372
5.32
%
$
19,180,563
$
728,565
5.08
%
Cash and due from banks
232,671
202,833
Federal Home Loan Bank stock
16,795
24,231
Other assets
2,209,365
1,990,792
Total assets
$
24,797,684
$
21,398,419
Interest-bearing liabilities
Deposits
Savings and interest checking accounts
$
6,385,424
$
49,521
1.04
%
$
5,594,350
$
51,642
1.23
%
Money market
4,942,753
79,370
2.15
%
3,746,995
66,819
2.38
%
Time deposits
3,234,831
79,269
3.28
%
2,967,856
81,557
3.67
%
Total interest-bearing deposits
$
14,563,008
$
208,160
1.91
%
$
12,309,201
$
200,018
2.17
%
Borrowings
Federal Home Loan Bank and other borrowings
291,716
8,263
3.79
%
464,910
13,745
3.95
%
Line of Credit
94,389
3,878
5.49
%
—
—
—
%
Long-term borrowings
458
20
5.84
%
—
—
—
%
Junior subordinated debentures
62,863
2,642
5.62
%
62,861
2,931
6.23
%
Subordinated debentures
296,784
16,936
7.63
%
209,275
11,826
7.56
%
Total borrowings
$
746,210
$
31,739
5.69
%
$
737,046
$
28,502
5.17
%
Total interest-bearing liabilities
$
15,309,218
$
239,899
2.10
%
$
13,046,247
$
228,520
2.34
%
Noninterest-bearing demand deposits
5,593,126
4,810,799
Other liabilities
343,357
320,237
Total liabilities
$
21,245,701
$
18,177,283
Stockholders’ equity
3,551,983
3,221,136
18
Total liabilities and stockholders’ equity
$
24,797,684
$
21,398,419
Net interest income
$
648,473
$
500,045
Interest rate spread (2)
3.22
%
2.74
%
Net interest margin (3)
3.88
%
3.49
%
Supplemental Information
Total deposits, including demand deposits
$
20,156,134
$
208,160
$
17,120,000
$
200,018
Cost of total deposits
1.38
%
1.56
%
Total funding liabilities, including demand deposits
$
20,902,344
$
239,899
$
17,857,046
$
228,520
Cost of total funding liabilities
1.53
%
1.71
%
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $4.4 million and $3.7 million for the nine months ended September 30, 2026 and 2025, respectively.
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
Certain amounts in prior year financial statements have been reclassified to conform to the current year’s presentation.
APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)
The following table summarizes the calculation of the Company’s tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:
September 30
2026
June 30
2026
September 30
2025
Tangible common equity
(Dollars in thousands, except per share data)
Stockholders’ equity (GAAP)
$
3,452,336
$
3,512,363
$
3,546,887
(a)
Less: Goodwill and other intangibles
1,204,278
1,210,506
1,231,242
Tangible common equity (Non-GAAP)
$
2,248,058
$
2,301,857
$
2,315,645
(b)
Tangible assets
Assets (GAAP)
$
25,012,099
$
24,973,894
$
24,993,239
(c)
Less: Goodwill and other intangibles
1,204,278
1,210,506
1,231,242
Tangible assets (Non-GAAP)
$
23,807,821
$
23,763,388
$
23,761,997
(d)
Common Shares
46,944,467
47,618,626
49,787,305
(e)
Common equity to assets ratio (GAAP)
13.80
%
14.06
%
14.19
%
(a/c)
Tangible common equity to tangible assets ratio (Non-GAAP)
9.44
%
9.69
%
9.75
%
(b/d)
Book value per share (GAAP)
$
73.54
$
73.76
$
71.24
(a/e)
Tangible book value per share (Non-GAAP)
$
47.89
$
48.34
$
46.51
(b/e)
19
APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics
The following table summarizes the impact of noncore items on the Company’s calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated, and the average assets used to calculate return on average assets and operating return on average assets:
(Unaudited, dollars in thousands)
Three Months Ended
Nine Months Ended
September 30
2026
June 30
2026
September 30
2025
September 30
2026
September 30
2025
Net interest income (GAAP)
$
220,661
$
210,927
$
203,344
$
644,048
$
496,345
Noninterest income (GAAP)
$
41,287
$
42,391
$
40,398
$
123,939
$
107,245
Total revenue (GAAP)
$
261,948
$
253,318
$
243,742
$
767,987
$
603,590
Noninterest expense (GAAP)
$
138,420
$
140,272
$
160,836
$
421,610
$
375,512
Less:
Merger and acquisition expense
—
—
23,893
3,024
27,287
Noninterest expense on an operating basis (Non-GAAP)
$
138,420
$
140,272
$
136,943
$
418,586
$
348,225
Average assets
$
25,110,494
$
24,575,682
$
24,930,449
$
24,797,684
$
21,398,419
Average common equity (GAAP)
$
3,514,701
$
3,550,702
$
3,557,840
$
3,551,983
$
3,221,136
Less: Average goodwill and other intangibles
1,207,596
1,214,434
1,236,109
1,214,360
1,076,960
Average tangible common equity (Non-GAAP)
$
2,307,105
$
2,336,268
$
2,321,731
$
2,337,623
$
2,144,176
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)
Net income (GAAP)
$
89,749
$
81,838
$
34,262
$
251,506
$
129,787
Provision for non-PCD acquired loans
—
—
34,519
—
34,519
Noninterest expense components
Add - merger and acquisition expenses
—
—
23,893
3,024
27,287
Noncore increases to income before taxes
—
—
58,412
3,024
61,806
Net taxes associated with noncore items (1)
—
—
(15,320)
(830)
(15,913)
Add - adjustment for tax effect of previously incurred merger and acquisition expenses
—
—
—
—
381
Total tax impact
—
—
(15,320)
(830)
(15,532)
Noncore increases to net income
—
—
43,092
2,194
46,274
Operating net income (Non-GAAP)
$
89,749
$
81,838
$
77,354
$
253,700
$
176,061
(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.
Ratios
Return on average assets (GAAP) (calculated by dividing annualized net income by average assets)
1.42
%
1.34
%
0.55
%
1.36
%
0.81
%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)
1.42
%
1.34
%
1.23
%
1.37
%
1.10
%
Return on average common equity (GAAP) (calculated by dividing annualized net income by average common equity)
10.13
%
9.24
%
3.82
%
9.47
%
5.39
%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)
10.13
%
9.24
%
8.63
%
9.55
%
7.31
%
Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)
15.43
%
14.05
%
5.85
%
14.38
%
8.09
%
20
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)
15.43
%
14.05
%
13.22
%
14.51
%
10.98
%
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by total revenue)
15.76
%
16.73
%
16.57
%
16.14
%
17.77
%
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by total revenue)
15.76
%
16.73
%
16.57
%
16.14
%
17.77
%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)
52.84
%
55.37
%
65.99
%
54.90
%
62.21
%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)
52.84
%
55.37
%
56.18
%
54.50
%
57.69
%
21
APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Adjusted Margin
(Unaudited, dollars in thousands)
Three Months Ended
September 30, 2026
June 30, 2026
Volume
Interest
Margin Impact
Volume
Interest
Margin Impact
Reported total interest earning assets
$
22,649,104
$
222,140
3.89
%
$
22,135,137
$
212,411
3.85
%
Acquisition fair value marks:
Loan accretion
(6,800)
(0.12)
%
(4,439)
(0.08)
%
Nonaccrual interest, net
(516)
(0.01)
%
143
—
%
Other adjustments
(1,308)
(243)
—
%
(1,453)
(497)
(0.01)
%
Adjusted margin (Non-GAAP)
$
22,647,796
$
214,581
3.76
%
$
22,133,684
$
207,618
3.76
%
22

----- q32026erpresentation-fin.htm -----
EX-99.2
3
q32026erpresentation-fin.htm
EX-99.2 - Q3 2026 EARNINGS PRESENTATION
q32026erpresentation-fin
Exhibit 99.2 Q3 2026 Earnings Presentation October 15, 2026
2 Safe & Sound Customer Centric • Full suite of retail banking, commercial banking, and wealth product offerings • Relationship-oriented commercial lending with strong local market knowledge and presence • Exceptional third party customer service recognition in both commercial and retail • Strong brand awareness and reputation Attractive Market • Top performing MA-based bank with scale and density • Supported by strong demographics in key markets served • Depth of market offers opportunities for continued growth • 2025 Enterprise acquisition added density to existing markets and expanded the Rockland franchise into Northern MA and Southern NH Strong, Resilient Franchise; Well Positioned for Growth High Performing • Consistent, strong profitability • Focused on maintaining good margins • Fee income contribution from scalable wealth franchise • Efficient cost structure focused on operating leverage • History of organic capital generation • 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 • Disciplined operator and acquiror Company Overview
3 ($ in millions, except per share) Q3’26 Q3’26 Operating(1) Q2’26 Q2’26 Operating(1) Q3’25 Q3’25 Operating(1) Net Income $ 89.7 $ 89.7 $ 81.8 $ 81.8 $ 34.3 $ 77.4 Diluted EPS $ 1.90 $ 1.90 $ 1.70 $ 1.70 $ 0.69 $ 1.55 ROAA 1.42% 1.42% 1.34% 1.34% 0.55% 1.23% ROACE 10.13% 10.13% 9.24% 9.24% 3.82% 8.63% ROATCE(1) 15.43% 15.43% 14.05% 14.05% 5.85% 13.22% Net Interest Margin 3.89% 3.76% 3.85% 3.76% 3.62% 3.54% Q3 2026 Financial Highlights Key Metrics Highlights • Operating EPS of $1.90, increase of $0.20, or 12%, from prior quarter(1) • Reported net interest margin of 3.89%, adjusted margin of 3.76%(1) • Loans increased $158.2 million, or 0.9%, with growth across most major categories • Deposits increased $135.3 million, or 0.7% (average deposits up $633.8 milion), with solid growth in business and consumer accounts partially offset by seasonality in municipal accounts • Provision of $6.5 million driven primarily by one new non-performing loan • Wealth AUA consistent at $9.5 billion • Approximately 679,000 shares repurchased for $57.4 million (1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures.
4 Earnings Growth & Profitability Enhancement (1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures. Operating Pre-Provision Net Revenue ROAA 1.70% 1.78% 1.85% 1.85% 1.95% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1.00% 1.50% 2.00% Operating ROAA 1.23% 1.34% 1.35% 1.34% 1.42% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1.00% 1.20% 1.40% Operating ROATCE 13.22% 14.30% 14.05% 14.05% 15.43% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 10.00% 12.50% 15.00% Operating EPS $1.55 $1.70 $1.68 $1.70 $1.90 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $1.00 $1.50 $2.00 (1) (1) (1) (1)
5 Deposit Balances (Dollars in millions) September 30 2026 June 30 2026 $ Increase (Decrease) % Increase (Decrease) Deposit Product Type Noninterest-bearing demand deposits $ 5,761 $ 5,710 $ 51 0.9% Savings and interest checking 6,450 6,504 (54) (0.8)% Money market 5,164 4,929 235 4.8% Time certificates of deposit 3,152 3,249 (97) (3.0)% Total deposits $ 20,527 $ 20,392 $ 135 0.7% $ in b ill io ns Average Balances and Cost of Deposits $20.3 $20.0 $19.9 $20.6 1.46% 1.36% 1.36% 1.42% Deposits Cost of deposits Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0.0 $5.0 $10.0 $15.0 $20.0 Deposit Composition DDA -28% Savings/Int. Checking - 32% Money Market - 25% Time Deposits - 15%
6 Linked Quarter Change in Commercial Loans $14,139 $60 $38 $(11) $(7) $14,219 Q2 2026 C&I ex. Dealer Finance CRE ex. Office C&I - Dealer Finance CRE - Office Q3 2026 Loan Balances (Dollars in millions) September 30 2026 June 30 2026 $ Increase (Decrease) % Increase (Decrease) Loan Category Commercial and industrial $ 4,780 $ 4,731 $ 49 1.0% Commercial real estate 7,860 7,944 (84) (1.1)% Commercial construction 1,579 1,464 115 7.9% Total commercial 14,219 14,139 80 0.6% Residential real estate 2,910 2,870 40 1.4% Home equity 1,384 1,343 41 3.1% Total consumer real estate 4,294 4,213 81 1.9% Total other consumer 40 42 (2) (4.8)% Total loans $ 18,553 $ 18,394 $159 0.9% $60 $38
7 Q3 2026 New Commercial Loan Commitments ($ in millions) Institutional CRE Middle Market C&I Regional Banking CRE C&I $— $100 $200 $300 $400 Q3 2026 New Commercial Loan Commitments/Pipeline Approved Commercial Loan Pipeline ($ in millions) $443 $278 $313 $510 $574 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $— $200 $400 $600
8 Nonperforming Loans ($ in millions) $83.6 $96.6 $103.6 $125.7 0.45% 0.52% 0.56% 0.68% NPLs ($Mil) NPL as % of Total Loans Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.25% 0.50% 0.75% $0 $80 $160 Commercial Criticized & Classified Loans ($ in millions) $472.9 $575.5 $545.6 $550.9 3.31% 4.04% 3.86% 3.87% Criticized & Classified Loans Criticized & Classified Loans as a % of Total Commercial Loans Q4 2025 Q1 2026 Q2 2026 Q3 2026 $— $150.0 $300.0 $450.0 $600.0 —% 1.50% 3.00% 4.50% 6.00% Asset Quality Allowance for Credit Loss & Delinquency Trends 1.03% 1.03% 1.06% 1.08% 0.32% 0.41% 0.43% 0.73% Allowance for Credit Losses/Total Loans Delinquent Loans/Total Loans Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.00% 0.50% 1.00%
9 95% CRE & Construction Portfolio $9.4 billion Multi-Family - 31.5% Residential - Related - 16.0% Office - 10.9%Mixed-Use Office - 1.9% Industrial/ Warehouse - 9.9% Lodging - 8.5% Retail - 16.0% Healthcare - 0.7% Other - 4.6% C&I Portfolio $4.8 billion Retail Trade - 15.9% Real Estate/Rental and Leasing - 9.2% Construction - 10.2% Health Care and Social Assistance - 8.8% Wholesale Trade - 10.8% Manufacturing - 8.0% Accommodation and Food Services - 8.3% Educational Services - 3.9% All Other - 24.9% Consumer Portfolio $4.3 billion Residential real estate - 67.1% Home equity - 32.0% Other consumer - 0.9% $9.7 $9.6 $9.4 $9.4 290% 283% 278% 278% CRE CRE/Capital * Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0.0 $4.0 $8.0 $12.0 250% 275% 300% ($Bil) *Rockland Trust Bank only. Ratio for Q3 2026 is an estimated number Loan Portfolios
10 Top 20 Borrowers All Others Total Portfolio ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan Class A $272.9 $24.8 Class A $144.4 $4.8 Class A $417.3 $10.2 Class B/C 176.0 22.0 Class B/C 302.3 1.4 Class B/C 478.3 2.2 Medical 26.0 26.0 Medical 94.6 2.3 Medical 120.6 2.8 $474.9 $23.7 $541.3 $2.0 $1,016.2 $3.4 Criticized $66.6 Criticized $42.5 Criticized $109.1 Classified (perf) — Classified (perf) 15.0 Classified (perf) 15.0 Nonperforming 61.6 Nonperforming 0.5 Nonperforming 62.1 Maturity Schedule ($ in millions) Matured 2026 Q4 2027 2028 2029+ Total Pass Rating $6.5 $31.2 $148.6 $84.2 $559.5 $830.0 Criticized 14.3 32.7 31.4 — 30.7 109.1 Classified — 17.3 22.3 — 37.5 77.1 Total $20.8 $81.2 $202.3 $84.2 $627.7 $1,016.2 % of Total 2.0% 8.0% 19.9% 8.3% 61.8% 100% CRE & Construction Portfolio $9.4 billion Office ($1.016B) - 10.8% Other CRE & Construction - 89.2% Focal Point | CRE Office (inclusive of construction)
11 Trend in Asset Yields vs. Funding Costs 2.84% 2.96% 3.08% 3.13% 3.36% 5.61% 5.57% 5.55% 5.58% 5.64% 1.72% 1.60% 1.52% 1.52% 1.56% Security yields Adjusted loan yields(1) Funding costs Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 —% 2.00% 4.00% 6.00% 8.00% Net Interest Margin 3.62% 3.77% 3.90% 3.85% 3.89% 3.54% 3.64% 3.72% 3.76% 3.76% Reported NIM Adjusted NIM Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% Net Interest Margin Dynamics (1) Represents a non-GAAP measure. See Appendices for reconciliation to the corresponding GAAP measures. Total Loan Portfolio Rate Characteristics 34% 26% 40% Fixed Rate Floating Rate Variable Rate -39bp-4bp Avg. Fed Funds Impact -26bp -1bp (1) 4bp
12 Noninterest Income Noninterest Expense ($ in thousands) ($ in thousands) Q3 2026 Q2 2026 Q3 2026 Q2 2026 Deposit account fees $ 9,948 $ 9,393 Salaries and employee benefits $ 80,408 $ 79,088 Interchange and ATM fees 5,719 5,686 Occupancy and equipment expenses 15,831 16,170 Investment management and advisory 14,498 14,961 Data processing and facilities management 3,035 3,208 Mortgage banking income 931 1,174 FDIC assessment 2,535 3,158 Increase in cash surrender value of life insurance policies 2,739 2,636 Amortization of intangible assets 6,227 6,791 Gain on life insurance benefits 180 672 Other noninterest expenses 28,219 29,713 Loan level derivative income 799 1,317 Other - core conversion 2,165 2,144 Other noninterest income 6,473 6,552 Total noninterest expenses $ 138,420 $ 140,272 Total noninterest income $ 41,287 $ 42,391 Reconciliation of operating noninterest expense (Non-GAAP): Less: core conversion 2,165 2,144 Operating noninterest expense, excluding core conversion (Non-GAAP) $ 136,255 $ 138,128 Noninterest Income/Expense
13 $ in m ill io ns Assets Under Administration $9,217 $9,172 $9,470 $9,506 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $— $5,000 $10,000 ($ in thousands) Q3 2026 Q2 2026 % Change Assets under administration $ 9,505,875 $ 9,470,096 0.4% Asset based revenue 13,094 12,852 1.9% Other revenue: Retail commission revenue 1,025 1,296 Insurance commission revenue 71 73 Other advisory revenue 308 740 Total reported revenue $ 14,498 $ 14,961 (3.1)% Focal Point | Investment Management and Advisory
14 Available for Sale (AFS) Held to Maturity (HTM) Portfolio Composition at September 30, 2026 Book Value Fair Value Unrealized Gain/(Loss) Book Value Fair Value Unrealized Gain/(Loss) ($ in millions) U.S. government agency securities $ 198 $ 188 $ (10) $ — $ — $ — U.S. treasury securities 291 280 (11) 101 98 (3) Agency mortgage-backed securities 1,455 1,362 (93) 645 596 (49) Agency collateralized mortgage obligations 254 233 (21) 312 260 (53) Municipal securities 229 220 (9) — — — Other 39 34 (5) 105 94 (11) Total securities $ 2,466 $ 2,317 $ (149) $ 1,163 $ 1,048 $ (116) Duration of portfolio 4.3 Years 3.3 Years Securities Portfolio $ in m ill io ns Projected Quarterly Paydowns and Maturities $184.4 $136.3 $117.6 $93.8 $188.0 $185.3 $191.4 $187.0 $277.0 $97.4 $80.5 $122.6 $122.8 2.18% 2.54% 2.54% 3.47% 1.86% 2.02% 2.26% 2.30% 1.99% 2.95% 3.82% 3.40% 4.05% Paydowns* Yield 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 1Q29 2Q29 3Q29 4Q29 $0.0 $100.0 $200.0 $300.0 0.00% 5.00% 10.00% 15.00%
15 Metric Q4 2026 Expectations Loan Growth • Commercial real estate and Construction: low-single digit annualized percentage increase • Commercial and Industrial: mid-single digit annualized percentage increase • Home equity: high-single digit annualized percentage increase • Residential mortgage: flat to low-single digit annualized percentage increase Deposit Growth • Flat to low-single digit annualized percentage increase Net Interest Income/ Margin • Net interest income: modest increase • Net interest margin: assuming no change in rates, reported margin in the low 3.90% range, including an estimated 10 basis point benefit from purchase loan accretion Loan Loss Provision • Stable asset quality metrics Non-interest Income • Low-single digit annualized percentage increase Non-interest Expense • Expenses excluding core conversion costs: low-single digit annualized percentage increase • Core conversion costs of approximately $1.0-1.5 million Tax Rate • 23.3 - 23.4%, excluding discrete impact from annual tax return filing Q4 2026 Guidance
16 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,” “outlook,” “projected,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” “anticipated,” “guidance,” “target” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: • adverse economic conditions in the regional and local economies within the New England region and the Company’s market area; • events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits and significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets; • the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel; • political and policy uncertainties, changes in U.S. and international trade policies, such as tariffs or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service revenues; • the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, including international conflicts and hostilities, such as the ongoing conflict involving Israel, the U.S. and Iran; • unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events; • adverse changes or volatility in the local real estate market, including limitations on rent growth, increases in operating expenses, reductions in property cash flows, reductions in collateral values, and decreased investor demand, which may be exacerbated by legislative or regulatory actions such as rent control or tenant protection laws; • changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans; • risks related to the Company’s acquisition activities, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; impairment of goodwill and/or other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; • the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy; • changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; • higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws; • increased competition in the Company’s market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures; • a deterioration in the conditions of the securities markets; • a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget; • inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence (“AI”); • electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector; • adverse changes in consumer spending and savings habits; • the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or the introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy; • changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business and the associated costs of such changes; • the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions and the adequacy of the Company’s reserves and insurance coverage for legal matters; • changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; • operational risks related to the Company and its customers’ reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party service providers which could lead to interruptions or disruptions of the Company’s operating systems, including systems that are customer facing, and adversely impact the Company’s business; including the Company’s ability to successfully complete and integrate its core system conversion and to do so within the anticipated timeframe, including its reliance on third-party providers in connection with that conversion, as well as its ability to effectively manage any related operational disruptions, customer impacts, data conversion issues, or related internal control issues; • risks related to the development and use of AI by the Company, its third-party vendors, clients and counterparties; and • any unexpected material adverse changes in the Company’s operations or earnings. The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this presentation which modify or impact any of the forward-looking statements contained in this presentation will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this earnings presentation, you should carefully consider the Risk Factors. Forward Looking Statements
17 This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on average assets, operating pre-provision net revenue return on average assets, operating return on average common equity, operating return on average tangible common equity, operating noninterest expense, operating noninterest expense, excluding core conversion costs, adjusted net interest margin (“adjusted NIM” or “adjusted margin”) and the associated adjusted loan yield (which is calculated by dividing annualized interest income on loans, plus or minus non-core or other adjustments, by average loans), tangible book value per share, tangible common equity ratio and return on average tangible common equity. Management reviews its adjusted margin and adjusted loan yield to determine any items that may impact these metrics that may be one-time in nature or not reflective of its core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at an adjusted margin and adjusted loan yield provides additional insight into the operating environment and how management decisions impact the net interest margin. Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry. These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating pre-provision net revenue return on average assets, operating return on average common equity, operating return on average tangible common equity, operating noninterest expense, operating noninterest expense, excluding core conversion costs, adjusted margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies. Non-GAAP Financial Measures
18 Appendix
19 Non-GAAP Reconciliation of Capital Metrics (Unaudited, dollars in thousands, except per share data) September 30 2026 June 30 2026 September 30 2025 Tangible common equity Stockholders’ equity (GAAP) $ 3,452,336 $ 3,512,363 $ 3,546,887 (a) Less: Goodwill and other intangibles 1,204,278 1,210,506 1,231,242 Tangible common equity (Non-GAAP) $ 2,248,058 $ 2,301,857 $ 2,315,645 (b) Common Shares 46,944,467 47,618,626 49,787,305 (c) Book value per share (GAAP) $ 73.54 $ 73.76 $ 71.24 (a/c) Tangible book value per share (Non-GAAP) $ 47.89 $ 48.34 $ 46.51 (b/c)
20 Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended September 30 2026 June 30 2026 March 31 2026 December 31 2025 September 30 2025 Net interest income (GAAP) $ 220,661 $ 210,927 $ 212,459 $ 212,486 $ 203,344 Noninterest income (GAAP) $ 41,287 $ 42,391 $ 40,262 $ 41,445 $ 40,398 Total revenue (GAAP) $ 261,948 $ 253,318 $ 252,721 $ 253,931 $ 243,742 Noninterest expense (GAAP) $ 138,420 $ 140,272 $ 142,918 $ 154,370 $ 160,836 Less: Merger and acquisition expense — — 3,024 12,348 23,893 Noninterest expense on an operating basis (Non-GAAP) $ 138,420 $ 140,272 $ 139,894 $ 142,022 $ 136,943 Average assets $ 25,110,494 $ 24,575,682 $ 24,702,391 $ 24,965,043 $ 24,930,449 Average common equity (GAAP) $ 3,514,701 $ 3,550,702 $ 3,591,389 $ 3,568,036 $ 3,557,840 Less: Average goodwill and other intangibles 1,207,596 1,214,434 1,221,201 1,227,889 1,236,109 Average tangible common equity (Non-GAAP) $ 2,307,105 $ 2,336,268 $ 2,370,188 $ 2,340,147 $ 2,321,731 Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP) Net income (GAAP) $ 89,749 $ 81,838 $ 79,919 $ 75,335 $ 34,262 Provision for non-PCD acquired loans — — — — 34,519 Noninterest expense components Add - merger and acquisition expenses — — 3,024 12,348 23,893 Noncore increases to income before taxes — — 3,024 12,348 58,412 Net taxes associated with noncore items (1) — — (830) (3,326) (15,320) Add - adjustment for tax effect of previously incurred merger and acquisition expenses — — — — — Total tax impact — — (830) (3,326) (15,320) Noncore increases to net income — — 2,194 9,022 43,092 Operating net income (Non-GAAP) $ 89,749 $ 81,838 $ 82,113 $ 84,357 $ 77,354 Weighted average common shares (diluted) 47,256,612 48,076,755 48,999,745 49,476,340 49,957,007 Diluted earnings per share (GAAP) $ 1.90 $ 1.70 $ 1.63 $ 1.52 $ 0.69 Diluted earnings per share, on an operating basis (Non-GAAP) $ 1.90 $ 1.70 $ 1.68 $ 1.70 $ 1.55 (1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income. Ratios Return on average assets (GAAP) (calculated by dividing annualized net income by average assets) 1.42% 1.34% 1.31% 1.20% 0.55% Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets) 1.42% 1.34% 1.35% 1.34% 1.23% Return on average common equity (GAAP) (calculated by dividing annualized net income by average common equity) 10.13% 9.24% 9.02% 8.38% 3.82% Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity) 10.13% 9.24% 9.27% 9.38% 8.63% Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity) 15.43% 14.05% 13.67% 12.77% 5.85% Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity) 15.43% 14.05% 14.05% 14.30% 13.22%
21 (Unaudited, dollars in thousands) Three Months Ended September 30 2026 June 30 2026 March 31 2026 December 31 2025 September 30 2025 Pre-provision net revenue (2) $ 123,528 $ 113,046 $ 109,803 $ 99,561 $ 82,906 Pre-provision net revenue on an operating basis Pre-provision net revenue $ 123,528 $ 113,046 $ 109,803 $ 99,561 $ 82,906 Add: merger and acquisition expenses — — 3,024 12,348 23,893 Pre-provision net revenue on an operating basis (Non-GAAP) $ 123,528 $ 113,046 $ 112,827 $ 111,909 $ 106,799 Pre-provision net revenue return on average assets on an operating basis Pre-provision net revenue on an operating basis (Non-GAAP) $ 123,528 $ 113,046 $ 112,827 $ 111,909 $ 106,799 Average Assets $ 25,110,494 $ 24,575,682 $ 24,702,391 $ 24,965,043 $ 24,930,449 Pre-provision net revenue return on average assets on an operating basis (Non-GAAP) 1.95% 1.85% 1.85% 1.78% 1.70% Non-GAAP Reconciliation of Pre-Provision Net Revenue (2) Pre-provision net revenue is calculated as net interest income (GAAP) plus total non-interest income (GAAP) less total non-interest expense (GAAP).
22 Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact (Unaudited, dollars in thousands) Reported total interest earning assets $ 22,649,104 $ 222,140 3.89% $ 22,135,137 $ 212,411 3.85% $ 22,227,686 $ 213,921 3.90% $ 22,484,104 $ 213,856 3.77% $ 22,430,232 $ 204,731 3.62% Acquisition fair value marks: Loan accretion (6,800) (0.12)% (4,439) (0.08)% (9,186) (0.17)% (6,275) (0.11)% (4,729) (0.08)% Nonaccrual interest, net (516) (0.01)% 143 —% (54) —% (1,117) (0.02)% (84) —% Other adjustments (1,308) (243) —% (1,453) (497) (0.01)% (1,626) (667) (0.01)% (1,842) (407) —% (2,088) 129 —% Adjusted margin (Non- GAAP) $ 22,647,796 $ 214,581 3.76% $ 22,133,684 $ 207,618 3.76% $ 22,226,060 $ 204,014 3.72% $ 22,482,262 $ 206,057 3.64% $ 22,428,144 $ 200,047 3.54% Non-GAAP Reconciliation of Adjusted Margin