INDEPENDENT BANK CORP

Noninterest Income The following table sets forth information regarding noninterest income for the periods shown:

Table 13 - Noninterest Income

The primary reasons for the variances in the noninterest income categories shown in the preceding table include:

•Deposit account fees increased during the three months ended March 31, 2024, as compared to the same prior year period driven primarily by increased cash management fees.

•Interchange and ATM fees for the three months ended March 31, 2024 increased as compared to the same prior year period due primarily to higher transaction volumes.

•Investment management and advisory income increased driven primarily by higher levels of assets under administration, which increased by $658.9 million, or 10.7%, to $6.8 billion at March 31, 2024 as compared to $6.1 billion at March 31, 2023. This increase was partially offset by higher insurance and retail commission income recognized during the first quarter of 2023 as compared to the current quarter.

•Mortgage banking income increased for the three months ended March 31, 2024 as compared to the same prior year period due to a greater portion of new originations being sold in the secondary market versus being retained in the Company's portfolio.

•Loan level derivative income decreased for the three months ended March 31, 2024 in comparison to the same prior year periods due to lower demand.

•Other noninterest income increased for the three months ended March 31, 2024, primarily attributable to increased FHLB dividend income and realized gains on sales of equity securities, partially offset by discounted purchases of Massachusetts historical tax credits made during the first quarter of 2023 and reduced unrealized gains on equity securities during the first quarter of 2024 compared to the same prior year period.