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 significant variances in the noninterest income categories shown in the preceding table are noted below:

•Deposit account fees were higher as a result of increases in overdraft and cash management fees.

•Interchange and ATM fees were higher as a result of increased transaction volume.

•Investment management and advisory income increased, driven primarily by higher levels of assets under administration, which increased by $490.0 million, or 7.1%, to $7.4 billion at June 30, 2025, as compared to $6.9 billion at June 30, 2024. These increases were partially offset by lower insurance commission income for the three and six months ended June 30, 2025, as compared to the same prior year periods.

•The Company received proceeds on life insurance policies resulting in a gain of $1.7 million during the first half of 2025 as compared to $263,000 during the first half of 2024.

•Loan level derivative income decreased for the three months ended June 30, 2025 and increased for the six months ended June 30, 2025 when compared to the same respective periods in 2024, driven primarily by fluctuations in customer demand resulting from changes in the macroeconomic environment.

•Other noninterest income was lower for the three and six months ended June 30, 2025, primarily attributable to decreases in FHLB dividend income of $482,000 and $682,000, respectively, and decreases in commercial loan fees of $281,000 and $215,000, respectively. Additionally, realized gains on sales of equity securities decreased by $433,000 for the first half of 2025 as compared to the prior year period.