INDEPENDENT BANK CORP 10-Q

Item 1A. Risk Factors The section titled Risk Factors in Part I, Item 1A of the 2022 Form 10-K, as updated in Part II, Item 1A of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 ("First Quarter 2023 Form 10-Q"), includes a discussion of the material risks and uncertainties the Company faces, any one or more of which could have a material adverse effect on the Company's business, results of operations, or financial condition (including capital and liquidity). As of the date of this Report, there have been no material changes with regard to the Risk Factors disclosed in Item 1A of the 2022 Form 10-K as updated by the below Risk Factor set forth in the First Quarter 2023 Form 10-Q. Risks Related to Recent Events Impacting the Financial Services Industry Recent events impacting the financial services industry, including several high profile bank failures, have resulted in decreased confidence in banks among depositors, investors and other counterparties, as well as significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets. These events occurred during a period of rapidly rising interest rates which, among other things, has resulted in increased unrealized losses on certain investment securities, increased competition for bank deposits and may increase the risk of a potential recession. These recent events have, and could continue to adversely impact the market price and volatility of the Company’s common stock. Additionally, the cost of resolving recent bank failures has prompted the FDIC to recently announce plans to collect an additional special assessments. These recent events may also result in potentially adverse changes to laws or regulations applicable to the Company, which could have a material impact on the Company’s business and result in increased costs necessary to comply with any such changes.