INDEPENDENT BANK CORP

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

Table 19 - Noninterest Income

The primary reasons for significant variances in the noninterest income categories shown in the preceding table are noted below:

•Deposit account fees increased year-over-year due primarily to increased overdraft and cash management fees.

•Interchange and ATM fees increased year-over-year due to transaction volumes.

•Investment management and advisory income increased year-over-year, driven largely by higher levels of assets under administration, which increased by $497.4 million, or 7.6%, from $6.5 billion at December 31, 2023 to $7.0 billion at December 31, 2024. This increase was partially offset by lower insurance commissions recognized in 2024 as compared to 2023.

•Mortgage banking income increased year-over-year, driven by a greater portion of new originations being sold in the secondary market versus being retained in the Company’s portfolio in 2024.

•Gain on life insurance benefits decreased year-over-year as the Company received lower levels of proceeds on life insurance policies.

•Loan level derivative decreased year-over-year, reflecting fluctuations in customer demand fueled by changes in the macroeconomic environment.

•Other noninterest income decreased year-over-year, driven primarily by a $1.9 million decrease in discounted purchases of Massachusetts historical tax credits, lower commercial loan fees, and reduced unrealized gains on equity securities. These decreases were partially offset by increases in FHLB dividend income and equity capital gain distributions.