INDEPENDENT BANK CORP

Noninterest Expense The following table sets forth information regarding noninterest expense for the periods shown:

Table 15 - Noninterest Expense

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

•Salaries and employee benefits costs increased, primarily attributable to increases in general salaries, equity compensation, incentive programs, commissions, medical plan insurance, and payroll taxes. Additionally, during the second quarter of 2024, the Company recognized an outsized benefit related to the valuation of the Company’s split-dollar bank owned life insurance policies, which further contributed to the increases.

•Occupancy and equipment costs were higher driven by increases in utilities costs, depreciation on equipment, and equipment maintenance and repairs. Snow removal costs for the first half of 2025 were also higher than the same prior year period. Partially offsetting these period-over-period increases were reductions in cleaning costs.

•Software and subscriptions costs increased driven by the Company’s continued investment in its technology infrastructure.

•Debit card expense increased for the second quarter of 2025 as compared to the same prior year period, driven by higher processing fees, however, overall debit card expense for the first half of 2025 decreased as compared to the same prior year period, driven primarily by a change in fee structure with a third party provider that became effective in the second half of 2024.

•Consulting expense decreased, driven primarily by the timing of strategic initiatives.

•The Company incurred merger and acquisition expenses of $2.2 million and $3.4 million for the three and six months ended June 30, 2025, respectively, related to the Company’s acquisition of Enterprise. No such costs were recognized during the same respective periods in 2024.

•Other noninterest expense was consistent for the first half of 2025 as compared to the prior year, and higher for the second quarter of 2025 as compared to the prior year, driven primarily by increases in loan work-out costs of $289,000 and directors fees of $232,000.

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: