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 second quarter of 2026 was $212.4 million, representing an increase of $63.7 million, or 42.9%, when compared to the second quarter of 2025. For the six months ended June 30, 2026, the net interest income on a FTE basis was $426.3 million, representing an increase of $131.0 million, or 44.4%, when compared to the six months ended June 30, 2025. The increases in 2026 net interest income were primarily attributable to increased average interest earning assets obtained from the July 2025 acquisition of Enterprise, 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 3.85% and 3.88% for the three and six months ended June 30, 2026, respectively, representing increases of 48 basis points for the three and six month periods, respectively, compared to the same prior year periods.