INDEPENDENT BANK CORP

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

Table 14 - 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 of $11.3 million, including the impact of an expanded employee base as a result of the Enterprise acquisition, as well as increases in medical plan insurance of $2.2 million, incentive programs of $2.9 million, payroll taxes of $947,000, and commissions of $591,000.

•Occupancy and equipment costs increased, primarily attributable to the expanded branch network, real estate and other fixed assets obtained from the Enterprise acquisition, as well as a $1.2 million increase in snow removal costs compared to the first quarter of 2025.

•Data processing and facilities management costs increased, reflecting higher overall 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.

•FDIC assessment expense increased in comparison to the prior year, primarily attributable to an increased assessment rate following the Enterprise acquisition.

•Debit card expense increased compared to the same period prior year driven primarily by increased transaction volume attributable to the Enterprise acquisition.

•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 $3.0 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively, related to the Company’s acquisition of Enterprise. Merger-related expenses were primarily attributable to severance contracts and legal fees for first quarters of 2026 and 2025, respectively.

•Other non-interest expense increased, primarily attributable to increases in consultant fees of $880,000, check fraud losses of $537,000, state-charter assessments of $483,000, loan workout costs of $364,000, internet banking expense of $344,000, appraisals of $255,000, and advertising expense of $234,000.

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: