INDEPENDENT BANK CORP

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

Table 14 - Noninterest Income

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

•Deposit account fees were higher for the three and six months ended June 30, 2024 as compared to the same prior year periods driven primarily by increased overdraft and cash management fees.

•Interchange and ATM fees were higher for the three and six months ended June 30, 2024 as compared to the same prior year periods due primarily to increased transaction volumes.

•Investment management and advisory income increased, driven primarily by higher levels of assets under administration, which increased by $566.9 million, or 9.0%, to $6.9 billion at June 30, 2024 as compared to $6.3 billion at June 30, 2023. This increase was partially offset by higher insurance and retail commission income recognized during the first half of 2023 as compared to the first half of 2024.

•Mortgage banking income increased for the three and six months ended June 30, 2024 as compared to the same prior year periods due primarily to a greater portion of new originations being sold in the secondary market versus being retained in the Company's portfolio during the first half of 2024 as compared to the first half of 2023.

•Loan level derivative income decreased for the three and six months ended June 30, 2024 in comparison to the same prior year periods due to lower demand.

•Other noninterest income for the three months ended June 30, 2024 was relatively flat compared to the same prior year period as higher FHLB dividend income and commercial loan fees recognized during the second quarter of 2024 were offset by reductions in interest income recognized from income tax return refunds as well as purchases of Massachusetts historical tax credits during the second quarter of 2023. Other noninterest income for the six months ended June 30, 2024 was higher than the same prior year period, primarily attributable to increased FHLB dividend income, realized gains on sales of equity securities, and commercial loan fees, partially offset by discounted purchases of Massachusetts historical tax credits made during the first half of 2023 and reduced unrealized gains on equity securities during the first half of 2024 compared to the same prior year period.