INDEPENDENT BANK CORP

Noninterest Expense The following table sets forth information regarding non-interest expense for the periods shown:

Table 15 - Noninterest Expense

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

•The increases in salaries and employee benefits was primarily attributable to increases in general salaries, incentive programs, medical plan insurance, and payroll taxes, partially offset by an outsized benefit related to the valuation of the Company’s split-dollar BOLI policies recognized during the second quarter of 2024 as well as reduced commissions expense over the first half of 2024 as compared to the first half of 2023.

•Occupancy and equipment expenses were relatively flat for the three months ended June 30, 2024 as compared to the same prior year period, and were higher for the first half of 2024 compared to the first half of 2023, driven primarily by one-time lease exit costs associated with acquired leased locations and increased depreciation expense, partially offset by decreased utilities costs.

•FDIC assessment was flat for the second quarter of 2024 as compared to the same prior year quarter, and increased for the six months ended June 30, 2024 compared to the same prior year period due primarily to an increase in the estimated FDIC special assessment recognized by the Company during the first quarter of 2024.

•Debit card expense decreased for the three and six months ended June 30, 2024, due primarily to reduced processing costs.

•Consulting expense was relatively flat for the second quarter of 2024, as compared to the same prior year quarter, and decreased for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023, due primarily to the timing of strategic initiatives.

•Other noninterest expense was higher for the second quarter of 2024 compared to the same prior year quarter, driven primarily by software and subscriptions, examinations and audit fees, and communications expenses. Other noninterest expense decreased for the six months ended June 30, 2024, as compared to the same prior year period, primarily due to decreases in recruitment expense, legal costs and contract labor, partially offset by increases in software and subscriptions, card issuance costs, internet banking, and communication fees.

Income Taxes The tax effect of all income and expense transactions is recognized by the Company in each year’s consolidated statements of income, regardless of the year in which the transactions are reported for income tax purposes. The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated: