INDEPENDENT BANK CORP

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

Table 15 - 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 for the three and six months ended June 30, 2026, driven primarily by increases in general salaries of $11.1 million and $22.5 million, respectively, including the impact of an expanded employee base as a result of the Enterprise acquisition, as well as increases in medical plan insurance of $2.0 million and $4.2 million, respectively, incentive compensation of $985,000 and $4.5 million, respectively, and payroll taxes of $784,000 and $1.7 million, respectively.

•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 $1.4 million increase in snow removal costs for the six months ended June 30, 2026 as compared to the prior year.

•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.

•Consulting expenses increased, driven primarily by one-time costs of $2.1 million and $3.3 million for the three and six months ended June 30, 2026, respectively, associated with the Company’s upcoming core conversion.

•The Company incurred no merger and acquisition expenses for the three months ended June 30, 2026 and $3.0 million for the six months ended June 30, 2026, as compared to $2.2 million and $3.4 million for the same prior year periods. All of these merger-related costs were associated with the Company’s acquisition of Enterprise.

•Other non-interest expense was higher for the three and six months ended June 30, 2026, as compared to the prior year periods driven primarily by two full quarters of general increases associated with the Enterprise acquisition. Notable activity for the second quarter 2026 included increases in internet banking expenses of $482,000, legal costs of $306,000, and other losses and charge-offs of $298,000. Notable activity for the first half of 2026 included increases in other losses and charge-offs of $1.2 million, state-charter assessments of $431,000, appraisal costs of $425,000, and reciprocal deposit fees of $425,000.

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: