INDEPENDENT BANK CORP

Excluding the effects of the Enterprise acquisition, the Company’s deposits have increased on an organic basis as compared to the prior year end. The table below summarizes these organic growth/decline by category for the period indicated:

Table 9 - Components of Deposit Growth/(Decline)

Borrowings The Company’s borrowings consist of both short-term and long-term borrowings and provide the Bank with one of its primary sources of funding. Maintaining available borrowing capacity provides the Bank with a contingent source of liquidity. Borrowings were $775.4 million at September 30, 2025, representing an increase of $74.0 million, or 10.6%, as compared to December 31, 2024. The increase was driven by a $300.0 million subordinated debt raise completed by the Company in March 2025, partially offset by $287.0 million in paydowns on FHLB borrowings during the nine months ended September 30, 2025, including the paydown of approximately $50.0 million in FHLB borrowings acquired from Enterprise. Additionally, at the July 15, 2025 call date, the Company redeemed in full $60.0 million in subordinated notes assumed as part of the Enterprise merger. Refer to Note 6, “Borrowings” within the Notes to Consolidated Financial Statements included in Part I. Item 1 of this Report, for further details surrounding the subordinated debt.

The Company had $10.0 billion and $8.7 billion of assets pledged as collateral against borrowings at September 30, 2025 and December 31, 2024, respectively. These assets are primarily pledged to the FHLB of Boston and the Federal Reserve Bank of Boston.

Capital Resources On September 18, 2025 the Company’s Board of Directors declared a cash dividend of $0.59 per share to shareholders of record as of the close of business on September 29, 2025. This dividend was paid on October 7, 2025.

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of Total, Tier 1 Capital and Common Equity Tier 1 Capital (as defined for regulatory purposes) to risk weighted assets (as defined for regulatory purposes) and Tier 1 Capital to average assets (as defined for regulatory purposes). Total capital consists of Tier 1 Capital and Tier 2 Capital, as defined in the regulations. Tier 2 capital includes the permissible portions of qualifying subordinated debt, trust preferred securities, and the allowance for credit losses.