10/17/20240000776901false00007769012024-10-172024-10-170000776901dei:MailingAddressMember2024-10-172024-10-17
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 17, 2024
(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).
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. ☐
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| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On October 17, 2024, Independent Bank Corp. (the "Company") announced by press release its earnings for the quarter ended September 30, 2024. 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, or otherwise subject to the liabilities of that section.
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| 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 Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
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ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
d. The following exhibits are included with this Report:
| | | | | |
| Exhibit Index | |
| |
| Exhibit # | Exhibit Description |
| 99.1 | |
| 99.2 | |
| 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.
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| | | INDEPENDENT BANK CORP. |
| | | |
| Date: | October 17, 2024 | By: | /s/Mark J. Ruggiero |
| | | MARK J. RUGGIERO |
| | | CHIEF FINANCIAL OFFICER |
Exhibit 99.1
Shareholder Relations NEWS RELEASE
288 Union Street
Rockland, Ma. 02370
INDEPENDENT BANK CORP. REPORTS THIRD QUARTER NET INCOME OF $42.9 MILLION
Results marked by higher revenues, increased credit provision, and deposit growth
Rockland, Massachusetts (October 17, 2024) - Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2024 third quarter net income of $42.9 million, or $1.01 per diluted share, compared to 2024 second quarter net income of $51.3 million, or $1.21 per diluted share. The decline in net income was largely attributable to an increase in the Company’s loan loss provision compared to the prior quarter, partially mitigated by higher revenue levels. The increased loan loss provision was primarily attributable to a reserve allocation associated with one commercial real estate loan, while total levels of criticized and classified loans remained stable.
The Company generated a return on average assets of 0.88% and a return on average common equity of 5.75% for the third quarter of 2024, as compared to 1.07% and 7.10%, respectively, for the prior quarter.
“Our employees continue to provide outstanding service to our clients, resulting in continued improvement over many core elements of the bank, as evidenced by strong tangible book value growth, margin expansion, and core deposit growth for the third quarter,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “In addition, we believe that we are well positioned to improve profitability with expectations of future Federal Reserve interest rate cuts.”
BALANCE SHEET
Total assets of $19.4 billion at September 30, 2024 remained essentially flat when compared to the prior quarter and increased $40.0 million, or 0.21% when compared to September 30, 2023 levels, with the change compared to the year ago period reflecting a healthy remix of assets from securities into loans.
Total loans at September 30, 2024 of $14.4 billion decreased slightly by $40.1 million, or 0.3% (1.1% annualized), compared to the prior quarter level. This decrease was driven primarily by continued restraint on commercial real estate and construction portfolio growth combined with lower levels of commercial and industrial line utilization despite strong origination volume. On the consumer side, the total loan portfolio grew $18.5 million, or 0.5% (2.0% annualized), from the prior quarter, reflecting increased home equity utilization. Small business lending remains a focal point with the portfolio having grown by 10.1% from a year ago.
Average deposits for the third quarter increased by $330.0 million, or 2.2% (8.74% annualized), as compared to the prior quarter average balances, while period end balances of $15.4 billion at September 30, 2024 increased by $31.4 million, or 0.2%, from June 30, 2024, reflecting strong growth in business checking balances offset by reductions in municipal deposits. Overall core deposits represented 81.7% of total deposits at September 30, 2024, as compared to 81.9% at June 30, 2024. Total noninterest bearing demand deposits grew by 2.3% versus the prior quarter and represent 29.3% of total deposits at September 30, 2024, compared to 28.7% at
June 30, 2024. The total cost of deposits for the third quarter increased 9 basis points to 1.74% compared to the prior quarter.
In conjunction with deposit growth during the quarter, total period end borrowings declined by $30.0 million, or 4.3%, during the third quarter of 2024, while average borrowings decreased $334.2 million for the quarter, or 32.8%. As such, the overall cost of funding increased by only 1 basis point to 1.86% during the third quarter as increased deposit costs were mitigated by reductions in wholesale borrowing costs.
The securities portfolio balances remained flat at September 30, 2024 compared to June 30, 2024, as new purchases of $47.8 million and unrealized gains of $36.7 million in the available for sale portfolio were offset by maturities, calls and paydowns. Total securities represented 14.2% of total assets at both September 30, 2024 and June 30, 2024.
Stockholders’ equity at September 30, 2024 increased $57.9 million, or 2.0%, compared to June 30, 2024, driven by strong earnings retention as well as unrealized gains on the available for sale investment securities portfolio and interest rate derivative valuations included in other comprehensive income. The Company’s ratio of common equity to assets of 15.34% at September 30, 2024 represented an increase of 30 basis points from June 30, 2024 and an increase of 44 basis points from September 30, 2023. The Company’s book value per share increased by $1.34, or 1.9%, to $70.08 at September 30, 2024 as compared to the prior quarter. The Company’s tangible book value per share at September 30, 2024 rose by $1.38, or 3.1%, from the prior quarter to $46.57, and has grown by 9.3% from the year ago period. The Company’s ratio of tangible common equity to tangible assets of 10.75% at September 30, 2024 represented an increase of 33 basis points from the prior quarter and an increase of 51 basis points from the year ago period. Please refer to Appendix A for a detailed reconciliation of Non-GAAP balance sheet metrics.
NET INTEREST INCOME
Net interest income for the third quarter of 2024 increased to $141.7 million as compared to $137.9 million for the prior quarter. The net interest margin of 3.29% increased 4 basis points when compared to the prior quarter, driven primarily by higher loan yields and securities cash flow deployment, combined with stable overall funding costs.
NONINTEREST INCOME
Noninterest income of $33.5 million for the third quarter of 2024 represented an increase of $1.2 million, or 3.8%, as compared to the prior quarter. Significant changes in noninterest income for the third quarter of 2024 compared to the prior quarter included the following:
•Deposit account fees increased by $447,000, or 7.1%, due primarily to increased overdraft and cash management activity.
•Interchange and ATM fees increased by $217,000, or 4.6%, driven by increased transaction volume during the third quarter of 2024.
•Total assets under administration rose by $290.6 million, or 4.2%, during the quarter to a record level of $7.2 billion at September 30, 2024. The related increase in management fee income was offset partially by a reduction in seasonal tax preparation fees and insurance commissions recognized during the second quarter, resulting in a slight increase in overall investment and advisory income for the third quarter.
•Mortgage banking income decreased by $348,000, or 26.4%, despite higher origination volumes, as a significant portion of the quarter end pipeline remained in an interest rate floating position, affecting the timing of the recognition of the associated expected gain.
•Loan level derivative income rose by $652,000, or 137.8%, reflecting increased customer demand in light of changes in the macroeconomic environment.
•Other noninterest income increased by $199,000, or 3.1%, driven primarily by increased gains on equity securities, partially offset by reduced loan fees and lower FHLB dividend income.
NONINTEREST EXPENSE
Noninterest expense of $100.4 million for the third quarter of 2024 represented an increase of 0.8%, or $829,000, as compared to the prior quarter. Significant changes in noninterest expense for the third quarter compared to the prior quarter included the following:
•Salaries and employee benefits increased by $2.9 million, or 5.15%, as compared to the prior quarter, fueled primarily by outsized interest rate-driven valuation fluctuations on the Company’s split-dollar bank-owned life insurance policies, which resulted in a $1.7 million increase in expense as compared to the prior quarter. Other increases were attributable to timing on retirement contributions and increased base salary costs.
•Occupancy and equipment expenses increased by $262,000, or 2.1%, due mainly to increases in utilities costs and equipment maintenance and repairs, partially offset by reduced cleaning expenses.
•Other noninterest expense decreased by $2.4 million, or 9.7%, due primarily to a one-time credit of $1.1 million on debit card expenses, as well as reduced director equity compensation and consultant fees, partially offset by increased software and subscriptions costs.
The Company’s tax rate for the third quarter of 2024 decreased slightly to 22.35%, compared to 22.69% for the prior quarter.
ASSET QUALITY
The third quarter provision for credit losses was $19.5 million as compared to $4.3 million for the second quarter of 2024, primarily attributable to a reserve allocation associated with one commercial real estate loan from a previously acquired bank that migrated to nonperforming status during the quarter. As such, nonperforming loans increased to $104.2 million at September 30, 2024, as compared to $57.5 million at June 30, 2024, representing 0.73% and 0.40% of total loans at each respective period. Net charge-offs increased to $6.7 million for the third quarter of 2024, as compared to $339,000 for the prior quarter, representing 0.18% and 0.01%, respectfully, of average loans annualized. Net charge-offs for the third quarter were primarily driven by the partial charge-off of one commercial and industrial loan which had been previously reserved for. Delinquencies as a percentage of total loans decreased 4 basis points from the prior quarter to 0.33% at September 30, 2024.
The allowance for credit losses on total loans increased to $163.7 million at September 30, 2024 compared to $150.9 million at June 30, 2024, and represented 1.14% and 1.05% of total loans, at September 30, 2024 and June 30, 2024, respectively.
CONFERENCE CALL INFORMATION
Jeffrey Tengel, 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 18, 2024. Internet access to the call is available on the Company’s website at https://INDB.RocklandTrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 8729400 and will be available through October 25, 2024. Additionally, a webcast replay will be available on the Company’s website until October 15, 2025.
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 and Worcester County as well as commercial banking and investment management offices in Massachusetts and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. The Bank 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, 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;
•the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, whether caused by geopolitical concerns, including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas and the possible expansion of such conflicts, political and policy uncertainties with the approach of the U.S. presidential election, changes in U.S. and international trade policies, 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;
•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;
•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;
•acquisitions may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles;
•the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, including as a result of intensified regulatory scrutiny in the aftermath of regional bank failures 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;
•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 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;
•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;
•any unexpected material adverse changes in the Company’s operations or earnings.
The Company wishes to caution 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 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, core net interest margin (“core margin”), tangible book value per share and the tangible common equity ratio.
Management reviews its core margin to determine any items that may impact the net interest margin 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 a core margin 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 return on average common equity, core 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.
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
Category: Earnings Releases
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| INDEPENDENT BANK CORP. FINANCIAL SUMMARY | | | | | | |
| CONSOLIDATED BALANCE SHEETS | | | | |
| (Unaudited, dollars in thousands) | | | | | | | % Change | | % Change |
| September 30
2024 | | June 30
2024 | | September 30
2023 | | Sept 2024 vs. | | Sept 2024 vs. |
| | | | Jun 2024 | | Sept 2023 |
| Assets | | | | | | | | | |
| Cash and due from banks | $ | 198,987 | | | $ | 192,845 | | | $ | 176,930 | | | 3.18 | % | | 12.47 | % |
| Interest-earning deposits with banks | 225,465 | | | 121,036 | | | 43,198 | | | 86.28 | % | | 421.93 | % |
| Securities | | | | | | | | | |
| Trading | 4,410 | | | 4,384 | | | 4,476 | | | 0.59 | % | | (1.47) | % |
| Equities | 21,639 | | | 21,028 | | | 21,475 | | | 2.91 | % | | 0.76 | % |
| Available for sale | 1,247,211 | | | 1,220,656 | | | 1,353,744 | | | 2.18 | % | | (7.87) | % |
| Held to maturity | 1,492,315 | | | 1,519,655 | | | 1,594,279 | | | (1.80) | % | | (6.40) | % |
| Total securities | 2,765,575 | | | 2,765,723 | | | 2,973,974 | | | (0.01) | % | | (7.01) | % |
| Loans held for sale | 16,259 | | | 17,850 | | | 3,998 | | | (8.91) | % | | 306.68 | % |
| Loans | | | | | | | | | |
| Commercial and industrial | 1,577,861 | | | 1,602,752 | | | 1,653,003 | | | (1.55) | % | | (4.55) | % |
| Commercial real estate | 8,162,020 | | | 8,151,805 | | | 7,896,230 | | | 0.13 | % | | 3.37 | % |
| Commercial construction | 742,042 | | | 786,743 | | | 965,442 | | | (5.68) | % | | (23.14) | % |
| Small business | 270,018 | | | 269,270 | | | 245,335 | | | 0.28 | % | | 10.06 | % |
| Total commercial | 10,751,941 | | | 10,810,570 | | | 10,760,010 | | | (0.54) | % | | (0.07) | % |
| Residential real estate | 2,441,859 | | | 2,439,646 | | | 2,338,102 | | | 0.09 | % | | 4.44 | % |
| Home equity - first position | 498,193 | | | 504,403 | | | 529,938 | | | (1.23) | % | | (5.99) | % |
| Home equity - subordinate positions | 632,242 | | | 612,404 | | | 565,617 | | | 3.24 | % | | 11.78 | % |
| Total consumer real estate | 3,572,294 | | | 3,556,453 | | | 3,433,657 | | | 0.45 | % | | 4.04 | % |
| Other consumer | 36,572 | | | 33,919 | | | 30,568 | | | 7.82 | % | | 19.64 | % |
| Total loans | 14,360,807 | | | 14,400,942 | | | 14,224,235 | | | (0.28) | % | | 0.96 | % |
| Less: allowance for credit losses | (163,696) | | | (150,859) | | | (140,569) | | | 8.51 | % | | 16.45 | % |
| Net loans | 14,197,111 | | | 14,250,083 | | | 14,083,666 | | | (0.37) | % | | 0.81 | % |
| Federal Home Loan Bank stock | 29,926 | | | 32,738 | | | 43,878 | | | (8.59) | % | | (31.80) | % |
| Bank premises and equipment, net | 192,197 | | | 191,303 | | | 191,560 | | | 0.47 | % | | 0.33 | % |
| Goodwill | 985,072 | | | 985,072 | | | 985,072 | | | — | % | | — | % |
| Other intangible assets | 13,701 | | | 15,161 | | | 19,825 | | | (9.63) | % | | (30.89) | % |
| Cash surrender value of life insurance policies | 302,132 | | | 300,111 | | | 295,670 | | | 0.67 | % | | 2.19 | % |
| | | | | | | | | |
| Other assets | 481,692 | | | 539,115 | | | 550,338 | | | (10.65) | % | | (12.47) | % |
| Total assets | $ | 19,408,117 | | | $ | 19,411,037 | | | $ | 19,368,109 | | | (0.02) | % | | 0.21 | % |
| Liabilities and Stockholders’ Equity | | | | | | | | | |
| Deposits | | | | | | | | | |
| Noninterest-bearing demand deposits | $ | 4,519,492 | | | $ | 4,418,891 | | | $ | 4,796,148 | | | 2.28 | % | | (5.77) | % |
| Savings and interest checking | 5,188,303 | | | 5,241,154 | | | 5,398,322 | | | (1.01) | % | | (3.89) | % |
| Money market | 2,969,809 | | | 3,058,109 | | | 2,852,293 | | | (2.89) | % | | 4.12 | % |
| Time certificates of deposit | 2,763,419 | | | 2,691,433 | | | 2,012,763 | | | 2.67 | % | | 37.29 | % |
| Total deposits | 15,441,023 | | | 15,409,587 | | | 15,059,526 | | | 0.20 | % | | 2.53 | % |
| Borrowings | | | | | | | | | |
| Federal Home Loan Bank borrowings | 600,521 | | | 630,527 | | | 887,548 | | | (4.76) | % | | (32.34) | % |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Junior subordinated debentures, net | 62,859 | | | 62,859 | | | 62,857 | | | — | % | | — | % |
| Subordinated debentures, net | — | | | — | | | 49,957 | | | nm | | (100.00) | % |
| Total borrowings | 663,380 | | | 693,386 | | | 1,000,362 | | | (4.33) | % | | (33.69) | % |
| Total deposits and borrowings | 16,104,403 | | | 16,102,973 | | | 16,059,888 | | | 0.01 | % | | 0.28 | % |
| Other liabilities | 326,566 | | | 388,815 | | | 422,813 | | | (16.01) | % | | (22.76) | % |
| Total liabilities | 16,430,969 | | | 16,491,788 | | | 16,482,701 | | | (0.37) | % | | (0.31) | % |
| Stockholders’ equity | | | | | | | | | |
| Common stock | 423 | | | 423 | | | 440 | | | — | % | | (3.86) | % |
| Additional paid in capital | 1,907,012 | | | 1,904,869 | | | 1,999,448 | | | 0.11 | % | | (4.62) | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Retained earnings | 1,146,915 | | | 1,128,182 | | | 1,046,266 | | | 1.66 | % | | 9.62 | % |
| Accumulated other comprehensive loss, net of tax | (77,202) | | | (114,225) | | | (160,746) | | | (32.41) | % | | (51.97) | % |
| Total stockholders' equity | 2,977,148 | | | 2,919,249 | | | 2,885,408 | | | 1.98 | % | | 3.18 | % |
| Total liabilities and stockholders’ equity | $ | 19,408,117 | | | $ | 19,411,037 | | | $ | 19,368,109 | | | (0.02) | % | | 0.21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CONSOLIDATED STATEMENTS OF INCOME | | | | | |
| (Unaudited, dollars in thousands, except per share data) | | | | | |
| Three Months Ended | | | | |
| | | | | | | % Change | | % Change |
| September 30
2024 | | June 30
2024 | | September 30
2023 | | Sept 2024 vs. | | Sept 2024 vs. |
| | | | Jun 2024 | | Sept 2023 |
| Interest income | | | | | | | | | |
| Interest on federal funds sold and short-term investments | $ | 1,635 | | | $ | 397 | | | $ | 905 | | | 311.84 | % | | 80.66 | % |
| Interest and dividends on securities | 14,065 | | | 13,994 | | | 14,818 | | | 0.51 | % | | (5.08) | % |
| Interest and fees on loans | 200,597 | | | 197,274 | | | 187,145 | | | 1.68 | % | | 7.19 | % |
| Interest on loans held for sale | 227 | | | 199 | | | 60 | | | 14.07 | % | | 278.33 | % |
| Total interest income | 216,524 | | | 211,864 | | | 202,928 | | | 2.20 | % | | 6.70 | % |
| Interest expense | | | | | | | | | |
| Interest on deposits | 66,985 | | | 61,469 | | | 40,713 | | | 8.97 | % | | 64.53 | % |
| Interest on borrowings | 7,836 | | | 12,469 | | | 12,335 | | | (37.16) | % | | (36.47) | % |
| Total interest expense | 74,821 | | | 73,938 | | | 53,048 | | | 1.19 | % | | 41.04 | % |
| Net interest income | 141,703 | | | 137,926 | | | 149,880 | | | 2.74 | % | | (5.46) | % |
| Provision for credit losses | 19,500 | | | 4,250 | | | 5,500 | | | 358.82 | % | | 254.55 | % |
| Net interest income after provision for credit losses | 122,203 | | | 133,676 | | | 144,380 | | | (8.58) | % | | (15.36) | % |
| Noninterest income | | | | | | | | | |
| Deposit account fees | 6,779 | | | 6,332 | | | 5,936 | | | 7.06 | % | | 14.20 | % |
| Interchange and ATM fees | 4,970 | | | 4,753 | | | 4,808 | | | 4.57 | % | | 3.37 | % |
| Investment management and advisory | 11,033 | | | 10,987 | | | 10,246 | | | 0.42 | % | | 7.68 | % |
| Mortgage banking income | 972 | | | 1,320 | | | 739 | | | (26.36) | % | | 31.53 | % |
| Increase in cash surrender value of life insurance policies | 2,006 | | | 2,000 | | | 1,983 | | | 0.30 | % | | 1.16 | % |
| Gain on life insurance benefits | — | | | — | | | 1,924 | | | nm | | (100.00) | % |
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| Loan level derivative income | 1,125 | | | 473 | | | 842 | | | 137.84 | % | | 33.61 | % |
| Other noninterest income | 6,664 | | | 6,465 | | | 7,065 | | | 3.08 | % | | (5.68) | % |
| Total noninterest income | 33,549 | | | 32,330 | | | 33,543 | | | 3.77 | % | | 0.02 | % |
| Noninterest expenses | | | | | | | | | |
| Salaries and employee benefits | 60,108 | | | 57,162 | | | 54,797 | | | 5.15 | % | | 9.69 | % |
| Occupancy and equipment expenses | 12,734 | | | 12,472 | | | 12,321 | | | 2.10 | % | | 3.35 | % |
| Data processing and facilities management | 2,510 | | | 2,405 | | | 2,404 | | | 4.37 | % | | 4.41 | % |
| FDIC assessment | 2,628 | | | 2,694 | | | 2,727 | | | (2.45) | % | | (3.63) | % |
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| Other noninterest expenses | 22,463 | | | 24,881 | | | 25,533 | | | (9.72) | % | | (12.02) | % |
| Total noninterest expenses | 100,443 | | | 99,614 | | | 97,782 | | | 0.83 | % | | 2.72 | % |
| Income before income taxes | 55,309 | | | 66,392 | | | 80,141 | | | (16.69) | % | | (30.99) | % |
| Provision for income taxes | 12,362 | | | 15,062 | | | 19,333 | | | (17.93) | % | | (36.06) | % |
| Net Income | $ | 42,947 | | | $ | 51,330 | | | $ | 60,808 | | | (16.33) | % | | (29.37) | % |
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| Weighted average common shares (basic) | 42,481,441 | | | 42,468,658 | | | 44,135,487 | | | | | |
| Common share equivalents | 11,622 | | | 4,308 | | | 11,417 | | | | | |
| Weighted average common shares (diluted) | 42,493,063 | | | 42,472,966 | | | 44,146,904 | | | | | |
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| Basic earnings per share | $ | 1.01 | | | $ | 1.21 | | | $ | 1.38 | | | (16.53) | % | | (26.81) | % |
| Diluted earnings per share | $ | 1.01 | | | $ | 1.21 | | | $ | 1.38 | | | (16.53) | % | | (26.81) | % |
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| Performance ratios | | | | | | | | | |
| Net interest margin (FTE) | 3.29 | % | | 3.25 | % | | 3.47 | % | | | | |
| Return on average assets (calculated by dividing net income by average assets) (GAAP) | 0.88 | % | | 1.07 | % | | 1.25 | % | | | | |
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| Return on average common equity (calculated by dividing net income by average common equity) (GAAP) | 5.75 | % | | 7.10 | % | | 8.35 | % | | | | |
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| Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) | 8.67 | % | | 10.83 | % | | 12.81 | % | | | | |
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| Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income) | 19.14 | % | | 18.99 | % | | 18.29 | % | | | | |
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| Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) | 57.31 | % | | 58.51 | % | | 53.31 | % | | | | |
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| CONSOLIDATED STATEMENTS OF INCOME | | | | | |
| (Unaudited, dollars in thousands, except per share data) | | | | |
| | Nine Months Ended | | |
| | | | | | % Change |
| | September 30
2024 | | September 30
2023 | | Sept 2024 vs. |
| | | | Sept 2023 |
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| Interest income | | | | | | |
| Interest on federal funds sold and short-term investments | | $ | 2,515 | | | $ | 4,882 | | | (48.48) | % |
| Interest and dividends on securities | | 42,291 | | | 45,711 | | | (7.48) | % |
| Interest and fees on loans | | 591,097 | | | 537,830 | | | 9.90 | % |
| Interest on loans held for sale | | 530 | | | 133 | | | 298.50 | % |
| Total interest income | | 636,433 | | | 588,556 | | | 8.13 | % |
| Interest expense | | | | | | |
| Interest on deposits | | 182,774 | | | 95,297 | | | 91.79 | % |
| Interest on borrowings | | 36,591 | | | 31,835 | | | 14.94 | % |
| Total interest expense | | 219,365 | | | 127,132 | | | 72.55 | % |
| Net interest income | | 417,068 | | | 461,424 | | | (9.61) | % |
| Provision for credit losses | | 28,750 | | | 17,750 | | | 61.97 | % |
| Net interest income after provision for credit losses | | 388,318 | | | 443,674 | | | (12.48) | % |
| Noninterest income | | | | | | |
| Deposit account fees | | 19,339 | | | 17,360 | | | 11.40 | % |
| Interchange and ATM fees | | 14,175 | | | 13,470 | | | 5.23 | % |
| Investment management and advisory | | 31,961 | | | 30,373 | | | 5.23 | % |
| Mortgage banking income | | 3,088 | | | 1,717 | | | 79.85 | % |
| Increase in cash surrender value of life insurance policies | | 5,934 | | | 5,777 | | | 2.72 | % |
| Gain on life insurance benefits | | 263 | | | 2,111 | | | (87.54) | % |
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| Loan level derivative income | | 1,678 | | | 2,525 | | | (33.54) | % |
| Other noninterest income | | 19,384 | | | 19,209 | | | 0.91 | % |
| Total noninterest income | | 95,822 | | | 92,542 | | | 3.54 | % |
| Noninterest expenses | | | | | | |
| Salaries and employee benefits | | 174,444 | | | 165,747 | | | 5.25 | % |
| Occupancy and equipment expenses | | 38,673 | | | 37,528 | | | 3.05 | % |
| Data processing and facilities management | | 7,398 | | | 7,461 | | | (0.84) | % |
| FDIC assessment | | 8,304 | | | 8,011 | | | 3.66 | % |
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| Other noninterest expenses | | 71,125 | | | 73,251 | | | (2.90) | % |
| Total noninterest expenses | | 299,944 | | | 291,998 | | | 2.72 | % |
| Income before income taxes | | 184,196 | | | 244,218 | | | (24.58) | % |
| Provision for income taxes | | 42,149 | | | 59,519 | | | (29.18) | % |
| Net Income | | $ | 142,047 | | | $ | 184,699 | | | (23.09) | % |
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| Weighted average common shares (basic) | | 42,501,199 | | | 44,419,731 | | | |
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| Common share equivalents | | 9,602 | | | 12,851 | | | |
| Weighted average common shares (diluted) | | 42,510,801 | | | 44,432,582 | | | |
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| Basic earnings per share | | $ | 3.34 | | | $ | 4.16 | | | (19.71) | % |
| Diluted earnings per share | | $ | 3.34 | | | $ | 4.16 | | | (19.71) | % |
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| Performance ratios | | | | | | |
| Net interest margin (FTE) | | 3.26 | % | | 3.60 | % | | |
| Return on average assets (GAAP) (calculated by dividing net income by average assets) | | 0.98 | % | | 1.28 | % | | |
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| Return on average common equity (GAAP) (calculated by dividing net income by average common equity) | | 6.49 | % | | 8.58 | % | | |
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| Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) | | 9.86 | % | | 13.21 | % | | |
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| Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income) | | 18.68 | % | | 16.71 | % | | |
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| Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) | | 58.48 | % | | 52.71 | % | | |
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nm = not meaningful
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| ASSET QUALITY | | |
| (Unaudited, dollars in thousands) | | Nonperforming Assets At |
| | September 30
2024 | | June 30
2024 | | September 30
2023 |
| Nonperforming loans | | | | | | |
| Commercial & industrial loans | | $ | 12,027 | | | $ | 17,793 | | | $ | 2,953 | |
| Commercial real estate loans | | 77,951 | | | 23,479 | | | 23,867 | |
| Small business loans | | 501 | | | 437 | | | 372 | |
| Residential real estate loans | | 9,744 | | | 10,629 | | | 8,493 | |
| Home equity | | 3,992 | | | 5,090 | | | 3,411 | |
| Other consumer | | 33 | | | 23 | | | 75 | |
| Total nonperforming loans | | 104,248 | | | 57,451 | | | 39,171 | |
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| Other real estate owned | | 110 | | | 110 | | | 110 | |
| Total nonperforming assets | | $ | 104,358 | | | $ | 57,561 | | | $ | 39,281 | |
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| Nonperforming loans/gross loans | | 0.73 | % | | 0.40 | % | | 0.28 | % |
| Nonperforming assets/total assets | | 0.54 | % | | 0.30 | % | | 0.20 | % |
| Allowance for credit losses/nonperforming loans | | 157.03 | % | | 262.59 | % | | 358.86 | % |
| Allowance for credit losses/total loans | | 1.14 | % | | 1.05 | % | | 0.99 | % |
| Delinquent loans/total loans | | 0.33 | % | | 0.37 | % | | 0.22 | % |
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| | Nonperforming Assets Reconciliation for the Three Months Ended |
| | September 30
2024 | | June 30
2024 | | September 30
2023 |
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| Nonperforming assets beginning balance | | $ | 57,561 | | | $ | 57,051 | | | $ | 45,812 | |
| New to nonperforming | | 57,197 | | | 6,201 | | | 3,455 | |
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| Loans charged-off | | (7,006) | | | (808) | | | (6,018) | |
| Loans paid-off | | (2,306) | | | (3,458) | | | (2,915) | |
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| Loans restored to performing status | | (1,058) | | | (1,429) | | | (1,428) | |
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| Other | | (30) | | | 4 | | | 375 | |
| Nonperforming assets ending balance | | $ | 104,358 | | | $ | 57,561 | | | $ | 39,281 | |
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| | Net Charge-Offs (Recoveries) |
| | Three Months Ended | | Nine Months Ended |
| | September 30
2024 | | June 30
2024 | | September 30
2023 | | September 30
2024 | | September 30
2023 |
| Net charge-offs (recoveries) | | | | | | | | | | |
| Commercial and industrial loans | | $ | 5,883 | | | $ | (2) | | | $ | (111) | | | $ | 5,796 | | | $ | 23,339 | |
| Commercial real estate loans | | — | | | — | | | 5,072 | | | — | | | 5,072 | |
| Small business loans | | 160 | | | 48 | | | 77 | | | 278 | | | 125 | |
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| Home equity | | 24 | | | (137) | | | (12) | | | (246) | | | (38) | |
| Other consumer | | 596 | | | 430 | | | 552 | | | 1,448 | | | 1,102 | |
| Total net charge-offs | | $ | 6,663 | | | $ | 339 | | | $ | 5,578 | | | $ | 7,276 | | | $ | 29,600 | |
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| Net charge-offs to average loans (annualized) | | 0.18 | % | | 0.01 | % | | 0.16 | % | | 0.07 | % | | 0.28 | % |
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| BALANCE SHEET AND CAPITAL RATIOS | | | | | | |
| | September 30
2024 | | June 30
2024 | | September 30
2023 |
| Gross loans/total deposits | | 93.00 | % | | 93.45 | % | | 94.45 | % |
| Common equity tier 1 capital ratio (1) | | 14.59 | % | | 14.40 | % | | 14.41 | % |
| Tier 1 leverage capital ratio (1) | | 11.22 | % | | 11.09 | % | | 11.12 | % |
| Common equity to assets ratio GAAP | | 15.34 | % | | 15.04 | % | | 14.90 | % |
| Tangible common equity to tangible assets ratio (2) | | 10.75 | % | | 10.42 | % | | 10.24 | % |
| Book value per share GAAP | | $ | 70.08 | | | $ | 68.74 | | | $ | 65.37 | |
| Tangible book value per share (2) | | $ | 46.57 | | | $ | 45.19 | | | $ | 42.60 | |
(1) Estimated number for September 30, 2024.
(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.
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| INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION |
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| (Unaudited, dollars in thousands) | | Three Months Ended |
| | September 30, 2024 | | June 30, 2024 | | September 30, 2023 |
| | | | 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 | | $ | 129,827 | | | $ | 1,635 | | | 5.01 | % | | $ | 47,598 | | | $ | 397 | | | 3.35 | % | | $ | 89,449 | | | $ | 905 | | | 4.01 | % |
| Securities | | | | | | | | | | | | | | | | | | |
| Securities - trading | | 4,366 | | | — | | | — | % | | 4,739 | | | — | | | — | % | | 4,546 | | | — | | | — | % |
| Securities - taxable investments | | 2,761,758 | | | 14,064 | | | 2.03 | % | | 2,793,145 | | | 13,992 | | | 2.01 | % | | 3,000,736 | | | 14,817 | | | 1.96 | % |
| Securities - nontaxable investments (1) | | 194 | | | 1 | | | 2.05 | % | | 189 | | | 2 | | | 4.26 | % | | 188 | | | 1 | | | 2.11 | % |
| Total securities | | $ | 2,766,318 | | | $ | 14,065 | | | 2.02 | % | | $ | 2,798,073 | | | $ | 13,994 | | | 2.01 | % | | $ | 3,005,470 | | | $ | 14,818 | | | 1.96 | % |
| Loans held for sale | | 15,208 | | | 227 | | | 5.94 | % | | 12,610 | | | 199 | | | 6.35 | % | | 4,072 | | | 60 | | | 5.85 | % |
| Loans | | | | | | | | | | | | | | | | | | |
| Commercial and industrial (1) | | 1,585,801 | | | 28,834 | | | 7.23 | % | | 1,583,858 | | | 28,305 | | | 7.19 | % | | 1,682,000 | | | 30,739 | | | 7.25 | % |
| Commercial real estate (1) | | 8,170,031 | | | 107,735 | | | 5.25 | % | | 8,112,683 | | | 104,449 | | | 5.18 | % | | 7,823,525 | | | 94,861 | | | 4.81 | % |
| Commercial construction | | 749,009 | | | 13,778 | | | 7.32 | % | | 834,876 | | | 15,451 | | | 7.44 | % | | 1,007,814 | | | 16,829 | | | 6.62 | % |
| Small business | | 270,486 | | | 4,486 | | | 6.60 | % | | 265,273 | | | 4,376 | | | 6.63 | % | | 240,782 | | | 3,752 | | | 6.18 | % |
| Total commercial | | 10,775,327 | | | 154,833 | | | 5.72 | % | | 10,796,690 | | | 152,581 | | | 5.68 | % | | 10,754,121 | | | 146,181 | | | 5.39 | % |
| Residential real estate | | 2,443,488 | | | 26,917 | | | 4.38 | % | | 2,427,635 | | | 26,472 | | | 4.39 | % | | 2,276,882 | | | 23,197 | | | 4.04 | % |
| Home equity | | 1,122,750 | | | 19,372 | | | 6.86 | % | | 1,109,979 | | | 18,826 | | | 6.82 | % | | 1,093,479 | | | 18,313 | | | 6.64 | % |
| Total consumer real estate | | 3,566,238 | | | 46,289 | | | 5.16 | % | | 3,537,614 | | | 45,298 | | | 5.15 | % | | 3,370,361 | | | 41,510 | | | 4.89 | % |
| Other consumer | | 35,331 | | | 665 | | | 7.49 | % | | 31,019 | | | 593 | | | 7.69 | % | | 30,775 | | | 608 | | | 7.84 | % |
| Total loans | | $ | 14,376,896 | | | $ | 201,787 | | | 5.58 | % | | $ | 14,365,323 | | | $ | 198,472 | | | 5.56 | % | | $ | 14,155,257 | | | $ | 188,299 | | | 5.28 | % |
| Total interest-earning assets | | $ | 17,288,249 | | | $ | 217,714 | | | 5.01 | % | | $ | 17,223,604 | | | $ | 213,062 | | | 4.98 | % | | $ | 17,254,248 | | | $ | 204,082 | | | 4.69 | % |
| Cash and due from banks | | 182,151 | | | | | | | 178,558 | | | | | | | 184,003 | | | | | |
| Federal Home Loan Bank stock | | 30,513 | | | | | | | 41,110 | | | | | | | 38,252 | | | | | |
| Other assets | | 1,839,389 | | | | | | | 1,876,081 | | | | | | | 1,859,099 | | | | | |
| Total assets | | $ | 19,340,302 | | | | | | | $ | 19,319,353 | | | | | | | $ | 19,335,602 | | | | | |
| Interest-bearing liabilities | | | | | | | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | | | | | | | |
| Savings and interest checking accounts | | $ | 5,163,567 | | | $ | 17,978 | | | 1.39 | % | | $ | 5,166,340 | | | $ | 16,329 | | | 1.27 | % | | $ | 5,393,209 | | | $ | 11,860 | | | 0.87 | % |
| Money market | | 2,998,672 | | | 18,986 | | | 2.52 | % | | 2,909,503 | | | 17,409 | | | 2.41 | % | | 2,945,450 | | | 13,709 | | | 1.85 | % |
| Time deposits | | 2,740,982 | | | 30,021 | | | 4.36 | % | | 2,579,336 | | | 27,731 | | | 4.32 | % | | 1,860,440 | | | 15,144 | | | 3.23 | % |
| Total interest-bearing deposits | | $ | 10,903,221 | | | $ | 66,985 | | | 2.44 | % | | $ | 10,655,179 | | | $ | 61,469 | | | 2.32 | % | | $ | 10,199,099 | | | $ | 40,713 | | | 1.58 | % |
| Borrowings | | | | | | | | | | | | | | | | | | |
| Federal Home Loan Bank borrowings | | 623,053 | | | 6,692 | | | 4.27 | % | | 957,268 | | | 11,329 | | | 4.76 | % | | 869,646 | | | 10,568 | | | 4.82 | % |
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| Junior subordinated debentures | | 62,859 | | | 1,144 | | | 7.24 | % | | 62,859 | | | 1,140 | | | 7.29 | % | | 62,857 | | | 1,150 | | | 7.26 | % |
| Subordinated debentures | | — | | | — | | | — | % | | — | | | — | | | — | % | | 49,944 | | | 617 | | | 4.90 | % |
| Total borrowings | | $ | 685,912 | | | $ | 7,836 | | | 4.54 | % | | $ | 1,020,127 | | | $ | 12,469 | | | 4.92 | % | | $ | 982,447 | | | $ | 12,335 | | | 4.98 | % |
| Total interest-bearing liabilities | | $ | 11,589,133 | | | $ | 74,821 | | | 2.57 | % | | $ | 11,675,306 | | | $ | 73,938 | | | 2.55 | % | | $ | 11,181,546 | | | $ | 53,048 | | | 1.88 | % |
| Noninterest-bearing demand deposits | | 4,442,858 | | | | | | | 4,360,897 | | | | | | | 4,883,009 | | | | | |
| Other liabilities | | 339,075 | | | | | | | 375,629 | | | | | | | 381,483 | | | | | |
| Total liabilities | | $ | 16,371,066 | | | | | | | $ | 16,411,832 | | | | | | | $ | 16,446,038 | | | | | |
| Stockholders’ equity | | 2,969,236 | | | | | | | 2,907,521 | | | | | | | 2,889,564 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total liabilities and stockholders’ equity | | $ | 19,340,302 | | | | | | | $ | 19,319,353 | | | | | | | $ | 19,335,602 | | | | | |
| | | | | | | | | | | | | | | | | | |
| Net interest income | | | | $ | 142,893 | | | | | | | $ | 139,124 | | | | | | | $ | 151,034 | | | |
| | | | | | | | | | | | | | | | | | |
| Interest rate spread (2) | | | | | | 2.44 | % | | | | | | 2.43 | % | | | | | | 2.81 | % |
| | | | | | | | | | | | | | | | | | |
| Net interest margin (3) | | | | | | 3.29 | % | | | | | | 3.25 | % | | | | | | 3.47 | % |
| | | | | | | | | | | | | | | | | | |
| Supplemental Information | | | | | | | | | | | | | | | | | | |
| Total deposits, including demand deposits | | $ | 15,346,079 | | | $ | 66,985 | | | | | $ | 15,016,076 | | | $ | 61,469 | | | | | $ | 15,082,108 | | | $ | 40,713 | | | |
| Cost of total deposits | | | | | | 1.74 | % | | | | | | 1.65 | % | | | | | | 1.07 | % |
| Total funding liabilities, including demand deposits | | $ | 16,031,991 | | | $ | 74,821 | | | | | $ | 16,036,203 | | | $ | 73,938 | | | | | $ | 16,064,555 | | | $ | 53,048 | | | |
| Cost of total funding liabilities | | | | | | 1.86 | % | | | | | | 1.85 | % | | | | | | 1.31 | % |
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.2 million for each of the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively, 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, 2024 | | September 30, 2023 |
| | | | 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 | | $ | 76,199 | | | $ | 2,515 | | | 4.41 | % | | $ | 144,558 | | | $ | 4,882 | | | 4.52 | % |
| Securities | | | | | | | | | | | | |
| Securities - trading | | 4,627 | | | — | | | — | % | | 4,377 | | | — | | | — | % |
| Securities - taxable investments | | 2,807,287 | | | 42,287 | | | 2.01 | % | | 3,062,745 | | | 45,707 | | | 2.00 | % |
| Securities - nontaxable investments (1) | | 191 | | | 5 | | | 3.50 | % | | 191 | | | 5 | | | 3.50 | % |
| Total securities | | $ | 2,812,105 | | | $ | 42,292 | | | 2.01 | % | | $ | 3,067,313 | | | $ | 45,712 | | | 1.99 | % |
| Loans held for sale | | 11,651 | | | 530 | | | 6.08 | % | | 3,180 | | | 133 | | | 5.59 | % |
| Loans | | | | | | | | | | | | |
| Commercial and industrial (1) | | 1,576,580 | | | 84,746 | | | 7.18 | % | | 1,662,459 | | | 86,762 | | | 6.98 | % |
| Commercial real estate (1) | | 8,131,317 | | | 314,260 | | | 5.16 | % | | 7,800,173 | | | 276,255 | | | 4.74 | % |
| Commercial construction | | 808,570 | | | 44,650 | | | 7.38 | % | | 1,061,847 | | | 50,508 | | | 6.36 | % |
| Small business | | 264,283 | | | 13,022 | | | 6.58 | % | | 231,299 | | | 10,472 | | | 6.05 | % |
| Total commercial | | 10,780,750 | | | 456,678 | | | 5.66 | % | | 10,755,778 | | | 423,997 | | | 5.27 | % |
| Residential real estate | | 2,429,963 | | | 79,472 | | | 4.37 | % | | 2,163,130 | | | 63,498 | | | 3.92 | % |
| Home equity | | 1,109,245 | | | 56,642 | | | 6.82 | % | | 1,092,304 | | | 51,951 | | | 6.36 | % |
| Total consumer real estate | | 3,539,208 | | | 136,114 | | | 5.14 | % | | 3,255,434 | | | 115,449 | | | 4.74 | % |
| Other consumer | | 32,350 | | | 1,867 | | | 7.71 | % | | 30,885 | | | 1,751 | | | 7.58 | % |
| Total loans | | $ | 14,352,308 | | | $ | 594,659 | | | 5.53 | % | | $ | 14,042,097 | | | $ | 541,197 | | | 5.15 | % |
| Total interest-earning assets | | $ | 17,252,263 | | | $ | 639,996 | | | 4.96 | % | | $ | 17,257,148 | | | $ | 591,924 | | | 4.59 | % |
| Cash and due from banks | | 179,414 | | | | | | | 181,380 | | | | | |
| Federal Home Loan Bank stock | | 39,576 | | | | | | | 32,615 | | | | | |
| Other assets | | 1,841,696 | | | | | | | 1,843,564 | | | | | |
| Total assets | | $ | 19,312,949 | | | | | | | $ | 19,314,707 | | | | | |
| Interest-bearing liabilities | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | |
| Savings and interest checking accounts | | $ | 5,165,252 | | | $ | 49,163 | | | 1.27 | % | | $ | 5,545,951 | | | $ | 28,758 | | | 0.69 | % |
| Money market | | 2,917,693 | | | 52,386 | | | 2.40 | % | | 3,079,942 | | | 36,433 | | | 1.58 | % |
| Time deposits | | 2,539,915 | | | 81,225 | | | 4.27 | % | | 1,596,889 | | | 30,106 | | | 2.52 | % |
| Total interest-bearing deposits | | $ | 10,622,860 | | | $ | 182,774 | | | 2.30 | % | | $ | 10,222,782 | | | $ | 95,297 | | | 1.25 | % |
| Borrowings | | | | | | | | | | | | |
| Federal Home Loan Bank borrowings | | 920,781 | | | 32,652 | | | 4.74 | % | | 747,640 | | | 26,788 | | | 4.79 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Junior subordinated debentures | | 62,859 | | | 3,431 | | | 7.29 | % | | 62,856 | | | 3,195 | | | 6.80 | % |
| Subordinated debentures | | 13,501 | | | 508 | | | 5.03 | % | | 49,921 | | | 1,852 | | | 4.96 | % |
| Total borrowings | | $ | 997,141 | | | $ | 36,591 | | | 4.90 | % | | $ | 860,417 | | | $ | 31,835 | | | 4.95 | % |
| Total interest-bearing liabilities | | $ | 11,620,001 | | | $ | 219,365 | | | 2.52 | % | | $ | 11,083,199 | | | $ | 127,132 | | | 1.53 | % |
| Noninterest-bearing demand deposits | | 4,414,392 | | | | | | | 4,990,869 | | | | | |
| Other liabilities | | 354,038 | | | | | | | 363,989 | | | | | |
| Total liabilities | | $ | 16,388,431 | | | | | | | $ | 16,438,057 | | | | | |
| Stockholders’ equity | | 2,924,518 | | | | | | | 2,876,650 | | | | | |
| Total liabilities and stockholders’ equity | | $ | 19,312,949 | | | | | | | $ | 19,314,707 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Net interest income | | | | $ | 420,631 | | | | | | | $ | 464,792 | | | |
| | | | | | | | | | | | |
| Interest rate spread (2) | | | | | | 2.44 | % | | | | | | 3.06 | % |
| | | | | | | | | | | | |
| Net interest margin (3) | | | | | | 3.26 | % | | | | | | 3.60 | % |
| | | | | | | | | | | | |
| Supplemental Information | | | | | | | | | | | | |
| Total deposits, including demand deposits | | $ | 15,037,252 | | | $ | 182,774 | | | | | $ | 15,213,651 | | | $ | 95,297 | | | |
| Cost of total deposits | | | | | | 1.62 | % | | | | | | 0.84 | % |
| Total funding liabilities, including demand deposits | | $ | 16,034,393 | | | $ | 219,365 | | | | | $ | 16,074,068 | | | $ | 127,132 | | | |
| Cost of total funding liabilities | | | | | | 1.83 | % | | | | | | 1.06 | % |
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $3.6 million and $3.4 million for the nine months ended September 30, 2024 and 2023, 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
2024 | | June 30
2024 | | September 30
2023 | |
| Tangible common equity | | (Dollars in thousands, except per share data) | |
| Stockholders’ equity (GAAP) | | $ | 2,977,148 | | | $ | 2,919,249 | | | $ | 2,885,408 | | (a) |
| Less: Goodwill and other intangibles | | 998,773 | | | 1,000,233 | | | 1,004,897 | | |
| Tangible common equity (Non-GAAP) | | $ | 1,978,375 | | | $ | 1,919,016 | | | $ | 1,880,511 | | (b) |
| Tangible assets | | | | | | | |
| Assets (GAAP) | | $ | 19,408,117 | | | $ | 19,411,037 | | | $ | 19,368,109 | | (c) |
| Less: Goodwill and other intangibles | | 998,773 | | | 1,000,233 | | | 1,004,897 | | |
| Tangible assets (Non-GAAP) | | $ | 18,409,344 | | | $ | 18,410,804 | | | $ | 18,363,212 | | (d) |
| | | | | | | |
| Common Shares | | 42,480,765 | | | 42,469,867 | | | 44,141,973 | | (e) |
| | | | | | | |
| Common equity to assets ratio (GAAP) | | 15.34 | % | | 15.04 | % | | 14.90 | % | (a/c) |
| Tangible common equity to tangible assets ratio (Non-GAAP) | | 10.75 | % | | 10.42 | % | | 10.24 | % | (b/d) |
| Book value per share (GAAP) | | $ | 70.08 | | | $ | 68.74 | | | $ | 65.37 | | (a/e) |
| Tangible book value per share (Non-GAAP) | | $ | 46.57 | | | $ | 45.19 | | | $ | 42.60 | | (b/e) |
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APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics
(Unaudited, dollars in thousands)
The following table summarizes the calculation of the Company’s return on average tangible common equity for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | |
| September 30
2024 | | June 30
2024 | | September 30
2023 | | September 30
2024 | | September 30
2023 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Net income (GAAP) | $ | 42,947 | | | $ | 51,330 | | | $ | 60,808 | | | $ | 142,047 | | | $ | 184,699 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Average common equity (GAAP) | $ | 2,969,236 | | | $ | 2,907,521 | | | $ | 2,889,564 | | | $ | 2,924,518 | | | $ | 2,876,650 | | |
| Less: Average goodwill and other intangibles | 999,604 | | | 1,000,972 | | | 1,005,778 | | | 1,001,022 | | | 1,007,526 | | |
| Tangible average tangible common equity (Non-GAAP) | $ | 1,969,632 | | | $ | 1,906,549 | | | $ | 1,883,786 | | | $ | 1,923,496 | | | $ | 1,869,124 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity) | 8.67 | % | | 10.83 | % | | 12.81 | % | | 9.86 | % | | 13.21 | % | |
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APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 30, 2024 | | June 30, 2024 |
| Volume | Interest | Margin Impact | | Volume | Interest | Margin Impact |
| (Dollars in thousands) |
| Reported total interest earning assets | $ | 17,288,249 | | $ | 142,893 | | 3.29 | % | | $ | 17,223,604 | | $ | 139,124 | | 3.25 | % |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Acquisition fair value marks: | | | | | | | |
| Loan accretion | | (171) | | — | % | | | (74) | | — | % |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Nonaccrual interest, net | | (156) | | — | % | | | (131) | | — | % |
| | | | | | | |
| Other noncore adjustments | (3,523) | | (145) | | — | % | | (4,020) | | (499) | | (0.01) | % |
| | | | | | | |
| Core margin (Non-GAAP) | $ | 17,284,726 | | $ | 142,421 | | 3.29 | % | | $ | 17,219,584 | | $ | 138,420 | | 3.24 | % |
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| | | | | | | |
Exhibit 99.2 Independent Bank Corp. (INDB) (parent of Rockland Trust Company) Q3 2024 Earnings Presentation October 18, 2024
2 Company Overview Safe & Sound Customer Centric • Strong balance sheet • Prudent interest rate and liquidity risk management • Significant capital buffer • Diversified, low-cost deposit base • Experienced commercial lender with conservative credit culture • Proven operator and acquiror • Full suite of retail banking, commercial banking, and wealth product offerings • Relationship-oriented commercial lending with strong local market knowledge • Exceptional third party customer service recognition both commercial and retail • Strong brand awareness and reputation Attractive Market • Top performing MA-based bank with scale and density • Supported by strong economic growth and vitality in key markets served • Depth of market offers opportunities for continued growth 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
$ 42.9M Net Income $ 1.01 Diluted EPS 0.88% ROAA 5.75% ROACE 8.67% ROATCE 3 Q3 2024 Financial Highlights • Net interest margin expansion of 4 bps to 3.29% • Elevated provision for loan loss driven by one large office loan • Robust core deposit growth; average deposits up $330 million (8.7% annualized) • Strong fee income ◦ Wealth AUA record $7.2B • Focused expense management • Strong capital levels ◦ Tangible book value per share growth of $1.38 to $46.57 Key Metrics Highlights
4 ($ in millions) Period Ended Deposit Product Type Sept 30, 2024 June 30, 2024 $ Increase/ (Decrease) % Increase/ (Decrease) Noninterest-bearing demand deposits $ 4,520 $ 4,419 $ 101 2.3% Savings and interest checking 5,188 5,241 (53) (1.0)% Money market 2,970 3,058 (88) (2.9)% Time certificates of deposit 2,763 2,691 72 2.7% $ 15,441 $ 15,409 $ 32 0.2% Average Deposit Balances $ 15,346 $ 15,016 $ 330 2.2% Deposit Balances $ in b ill io ns Average Balances and Cost of Deposits $15.0 $14.7 $15.0 $15.3 1.31% 1.48% 1.65% 1.74% Deposits Cost of deposits Q4 2023 Q1 2024 Q2 2024 Q3 2024 $0.0 $5.0 $10.0 $15.0 0.00% 0.50% 1.00% 1.50% Deposit Composition Consumer 54.1% Business 37.6% Municipal 8.3%
5 Loan Balances ($ in millions) Period Ended Loan Category Sept 30, 2024 June 30, 2024 $ Increase/ (Decrease) % Increase/ (Decrease) Commercial and industrial $ 1,578 $ 1,603 $ (25) (1.6)% Commercial real estate* 8,162 8,152 10 0.1% Commercial construction 742 787 (45) (5.7)% Small business 270 269 1 0.4% Total commercial 10,752 10,811 (59) (0.5)% Residential real estate 2,442 2,440 2 0.1% Home equity - first position 498 504 (6) (1.2)% Home equity - subordinate positions 632 612 20 3.3% Total consumer real estate 3,572 3,556 16 0.4% Other consumer 37 34 3 8.8% Total loans $14,361 $ 14,401 $ (40) (0.3)% *Includes $1.4 billion of owner occupied balances
6 Nonperforming Loans ($ in millions) $54.4 $56.9 $57.5 $104.2 0.38% 0.40% 0.40% 0.73% NPLs ($Mil) NPL/Loan% Q4 2023 Q1 2024 Q2 2024 Q3 2024 0.25% 0.50% 0.75% $0 $60 $120 Asset Quality Allowance for Credit Loss & Delinquency Trends 1.00% 1.03% 1.05% 1.14% 0.44% 0.52% 0.37% 0.33% Allowance for Credit Losses/Total Loans Delinquent Loans/Total Loans Q4 2023 Q1 2024 Q2 2024 Q3 2024 0.00% 0.50% 1.00% Nonperforming Loans (as of 9/30/2024) ($ in millions) Loan Category Industry Balance Charge- off Specific Reserve Top 5 NPLs: Commercial real estate Office - Class A $ 54.6 $ — $ 22.4 Commercial real estate Office - Class A 11.7 — 4.8 Commercial and industrial Equip Rental 11.7* 5.9** — Commercial real estate Office - Class A 7.4* 2.8 0.2 Commercial real estate Retail 2.3 — — Charge-off and Provisioning Trends ($ in millions) $3.8 $0.3 $0.3 $6.7 $5.5 $5.0 $4.3 $19.5 0.11% 0.01% 0.01% 0.18% Net Charge-offs Provision for Credit Losses Annualized Charge-off Rate Q4 2023 Q1 2024 Q2 2024 Q3 2024 $0.0 $10.0 $20.0 0.00% 0.08% 0.16% 0.24% *Represents balance net of charge-off **Represents a Q3 2024 charge-off of the Q2 2024 specific reserve amount
7 Loan Portfolios 95% CRE & Construction Portfolio $8.9 billion Multi-family - 22.2% Residential related - 12.2% Office - 13.8% Mixed-Use Office - 1.9% Industrial/ warehouse - 13.3% Lodging - 9.0% Retail - 18.2% Healthcare - 2.8% Other - 6.6% C&I Portfolio $1.6 billion Retail Trade - 21.3% Real Estate/Rental and Leasing - 14.2% Construction - 8.8% Wholesale Trade - 8.3% Administrative Support/Waste Mgmt/Remediation Services - 9.0% Manufacturing - 7.2% Accommodation and Food Services - 4.7% Professional, Scientific, and Technical Services - 4.4% All Other (10 Sectors) - 22.1% Consumer Portfolio $3.6 billion Residential real estate - 67.7% Home equity - first position - 13.8% Home equity - subordinate positions - 17.5% Other consumer - 1.0% $8.9 $8.9 $8.9 $8.9 319% 318% 306% 304% CRE NOO CRE/Capital * Q4 2023 Q1 2024 Q2 2024** Q3 2024** $0.0 $4.0 $8.0 $12.0 300% 320% 340% * Rockland Trust Bank only; Non-owner occupied commercial real estate divided by total capital. Ratio for Q3 2024 is an estimated number. **Includes re-classification of $170 million out of NOO CRE. ($Bil) (1) (1) Includes $1.4 billion of owner occupied balances
8 Focal Point: Non-Owner Occupied CRE Office (inclusive of construction) Top 20 Borrowers All Others Total Portfolio ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan Class A $332.5 $30.2 Class A $161.1 $6.0 Class A $493.6 $13.0 Class B/C 193.0 21.4 Class B/C 268.0 1.8 Class B/C 461.0 2.9 Medical — — Medical 87.8 4.0 Medical 87.8 4.0 $525.5 $26.3 $516.9 $2.6 $1,042.4 $4.8 Criticized $15.6 Criticized $44.4 Criticized $60.0 Classified (perf) 50.6 Classified (perf) — Classified (perf) 50.6 Nonperforming 54.5 Nonperforming 19.1 Nonperforming 73.6 • Top 20 loans are actively managed • Majority is RTC originated, conservative underwriting • Primarily Massachusetts based • Approx. $291M came from acquisitions Total Maturity Schedule Past Due 2024 2025 2026 2027 2028+ 3% 5% 19% 11% 16% 46% Short Term Maturity Review ($ in millions) 2024 Q4 2025 Q1 2025 Q2 Pass Rating $21.1 $19.7 $14.7 Criticized — 3.2 — Classified 30.0 54.5 — Total $51.1 $77.4 $14.7 CRE & Construction Portfolio $8.9 billion NOO Office ($1.04B) - 11.7% Other CRE & Construction - 88.3%
9 Focal Point: Multifamily CRE 95% Multifamily Portfolio Period Ended ($ in millions) Sept 30, 2024 June 30, 2024 Total Balances $ 1,983.8 $ 1,961.9 Total Average Loan Size 2.7 2.6 Average Loan Size - Top 20 24.3 23.5 Average Loan Size - All Others 2.1 2.1 Asset Quality Criticized $ 24.5 1.2% $ 24.7 1.3% Classified (perf) 0.9 —% 1.0 0.1% Non-performing — —% — —% Composition Low Income Housing Tax Credit - 8.5% Residential Apart. - Affordable Housing >20% - 13.6% Residential Apart. - Market Rate - 46.9% Mixed Use, Primarily Residential - 31.0% Key Portfolio Characteristics • Strong Boston market asset class • 85% of portfolio Massachusetts based; 99% New England based • No delinquencies • Minimal exposure to luxury properties in Greater Boston Maturity Schedule 2024 2025 2026 2027 2028+ Total ($) 1% 5% 9% 3% 82% $1.984B
10 Net Interest Margin Analysis Net Interest Margin 3.38% 3.23% 3.25% 3.29% Q4 2023 Q1 2024 Q2 2024 Q3 2024 3.20% 3.30% 3.40% Total Loan Portfolio Rate Characteristics 43% 27% 30% Fixed Rate Floating Rate Variable Rate ($ in m ill io ns ) Time Deposit Maturities (and weighted average rate) $1,217 $1,077 $469 Q4 2024 Q1 2025 Thereafter $0 $500 $1,000 $1,500 ($ in m ill io ns ) Loan Hedging Maturities (and weighted average "receive fixed" SOFR rate) $100 $200 $400 $300 Q4 2024 2025 2026 2027+ $— $100 $200 $300 $400 $500 4.59% 4.39% 3.26% 1.67% 2.91% 3.39% 2.46%
11 Noninterest Income/Expense Noninterest Income Noninterest Expense ($ in thousands) Q3 2024 Q2 2024 Q3 2024 Q2 2024 Deposit account fees $ 6,779 $ 6,332 Salaries and employee benefits $ 60,108 $ 57,162 Interchange and ATM fees 4,970 4,753 Occupancy and equipment expenses 12,734 12,472 Investment management and advisory 11,033 10,987 Data processing and facilities management 2,510 2,405 Mortgage banking income 972 1,320 FDIC assessment 2,628 2,694 Increase in cash surrender value of life insurance policies 2,006 2,000 Other noninterest expenses 22,463 24,881 Loan level derivative income 1,125 473 Total noninterest expenses $ 100,443 $ 99,614 Other noninterest income 6,664 6,465 Total noninterest income $ 33,549 $ 32,330
12 Focal Point: Investment Management and Advisory $ in m ill io ns Assets Under Administration $6,538 $6,804 $6,871 $7,161 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $6,000 $6,500 $7,000 $7,500 ($ in thousands) Q3 2024 Q2 2024 % Change Assets under administration $7,161,264 $6,870,636 4.2% Asset based revenue 9,408 9,016 4.3% Other revenue: Retail commission revenue 1,053 985 Insurance commission revenue 316 368 Other advisory revenue 256 618 Total reported revenue $11,033 $10,987 0.4%
13 Securities Portfolio Available for Sale (AFS) Held to Maturity (HTM) Portfolio Composition at September 30, 2024 Book Value Fair Value Unrealized Gain/(Loss) Book Value Fair Value Unrealized Gain/(Loss) ($ in millions) U.S. government agency securities $ 230 $ 214 $ (16) $ 28 $ 28 $ 0 U.S. treasury securities 675 640 (35) 101 94 (7) Agency mortgage-backed securities 347 318 (29) 799 752 (48) Agency collateralized mortgage obligations 32 30 (2) 438 380 (58) Other 51 45 (6) 126 123 (3) Total securities $ 1,335 $ 1,247 $ (88) $ 1,492 $ 1,377 $ (116) Duration of portfolio 3.0 Years 4.3 Years Capital Impact $ % of Tangible Assets ($ in millions) Tangible capital (Non-GAAP) $ 1,978 10.75% Less: HTM unrealized loss, net of tax (83) Tangible capital adjusted for HTM $ 1,895 10.36% ($ in m ill io ns ) Projected Cash Flows $112 $304 $627 2024 2025 2026 $0 $500 Securities as a % of Total Assets 15.4% 15.1% 14.7% 14.2% 14.2% 14.0% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Proforma 13.0% 14.0% 15.0% 16.0%
14 2024 Forward Guidance Loans • 2024 full year: low single digit percentage increase expected • 2024 Q4: low single digit percentage increase expected Deposits • 2024 full year: low to mid-single digit percentage increase expected • 2024 Q4: low single digit percentage increase expected Net Interest Margin • 2024 Q4: margin percentage expected in the 3.23 - 3.27 range* Asset Quality • Provision driven by emerging credit trends Non-interest Income • 2024 full year: low single digit percentage increase expected • 2024 Q4: relatively flat revenue compared to 2024 Q3 levels expected Non-interest Expense • 2024 full year - low single digit percentage increase expected • 2024 Q4: low single digit percentage increase from 2024 Q3 levels expected *Based on current forward Treasury curve
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,” “targeted” 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, 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; • the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, whether caused by geopolitical concerns, including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas and the possible expansion of such conflicts, political and policy uncertainties with the approach of the U.S. presidential election, changes in U.S. and international trade policies, 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; • 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; • 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; • acquisitions may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles; • the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, including as a result of intensified regulatory scrutiny in the aftermath of regional bank failures 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; • 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 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; • 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; • any unexpected material adverse changes in the Company’s operations or earnings. The Company wishes to caution 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 in the Company’s 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 presentation. In addition to the information set forth in this presentation, you should carefully consider the Risk Factors. 15 Forward Looking Statements
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 return on average common equity, operating return on average tangible common equity, core net interest margin (“core NIM” or “core margin”), tangible book value per share, tangible common equity ratio and return on average tangible common equity. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as low-yielding loans originated through government programs in response to the pandemic, or 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 a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Similarly, management reviews certain loan metrics such as growth rates and allowance as a percentage of total loans, adjusted to exclude loans that are not considered part of its core portfolio, which includes loans originated in association with government sponsored and guaranteed programs in response to the pandemic, to arrive at adjusted numbers more representative of the core growth of the portfolio and core reserve to loan ratio. 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 deems to be noncore and 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, core 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. 16 Non-GAAP Financial Measures
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