INDEPENDENT BANK CORP

Non-Interest Expense The following table sets forth information regarding noninterest expense for the periods shown:

Table 17 - Non-Interest Expense

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

•Salaries and employee benefits were higher, driven primarily by increases in general salaries, payroll taxes, medical plan insurance, and incentives, including the impact of an expanded employee base as a result of the Enterprise acquisition.

•Occupancy and equipment costs increased, primarily attributable to the expanded branch network, real estate and other fixed assets obtained from the Enterprise acquisition.

•Data processing increases reflect overall increased levels of transactional activity in conjunction with the Company’s growth, including due to the Enterprise acquisition.

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

•Amortization of intangible assets increased, driven by increased amortization attributable to the core deposit intangible, customer list, and other intangible assets established as part of the Enterprise acquisition.

•The Company incurred merger and acquisition expenses of $23.9 million and $27.3 million for the three and nine months ended September 30, 2025, respectively, related to the Company’s acquisition of Enterprise. The majority of the merger expenses related to change in control and severance contracts, vendor and systems contract terminations, as well as legal and professional fees. No such costs were recognized during the same respective periods in 2024.

•For the three months ended September 30, 2025, other non-interest expense increased primarily attributable to increases in debit card expense of $1.5 million, check losses of $440,000, sponsorships of $321,000, director fees of $303,000, consultant fees of $301,000, telecommunications costs of $272,000, card issuance costs of $267,000, and legal fees of $237,000. For the nine months ended September 30, 2025, other non-interest expense increased mainly due to increases in debit card expense of $1.4 million, contract labor of $487,000, loan workout costs of $422,000, internet banking expense of $413,000, sponsorships of $407,000, and telecommunications of $375,000, partially offset by decreases in consultant fees of approximately $1.0 million.

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: