INDEPENDENT BANK CORP

Net Interest Income The amount of net interest income is affected by changes in interest rates and by the volume, mix, and interest rate sensitivity of interest-earning assets and interest-bearing liabilities.

On a fully tax equivalent basis (“FTE”), net interest income for the third quarter of 2025 was $204.7 million, representing an increase of $61.8 million, or 43.3%, when compared to the third quarter of 2024. For the nine months ended September 30, 2025, net interest income on a FTE basis was $500.0 million, representing an increase of $79.4 million, or 18.9%, when compared to the nine months ended September 30, 2024. The 2025 increase in net interest income was primarily attributable to increased average interest earning assets obtained from the Enterprise acquisition, as well as higher yields on interest earning assets, which were positively impacted by the accretion of purchase accounting marks from the Enterprise acquisition, and decreased funding costs. These factors resulted in a net interest margin of 3.62% and 3.49% for the three and nine months ended September 30, 2025, respectively, representing increases of 33 basis points and 23 basis points, respectively, compared to the same prior year periods.