What changed in this filing

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Item 1. Financial Statements

2025-08-05 compared with 2025-05-07 · 236 added, 106 removed, 1186 unchanged (22% of the section changed)

52 unchanged sentences

issued and outstanding:

42,610,271 shares at March 31, 2025 and 42,500,611 shares at December 31, 2024 (includes 237,722 and 199,410 shares of unvested participating restricted stock awards, respectively)

42,627,286 shares at June 30, 2025 and 42,500,611 shares at December 31, 2024 (includes 231,480 and 199,410 shares of unvested participating restricted stock awards, respectively)

Value of shares held in rabbi trust at cost:

80,155 shares at March 31, 2025 and 78,088 shares at December 31, 2024

76,412 shares at June 30, 2025 and 78,088 shares at December 31, 2024

( 3,459 ) ( 3,383 )

9 unchanged sentences

(Unaudited—Dollars in thousands, except per share data)

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

2025 2024 2025 2024

Interest income

29 unchanged sentences

Debit card expense 1,984 1,602 3,919 4,080

Advertising 1,797 1,826 3,242 2,986

Amortization of intangible assets 1,197 1,465 2,541 3,028

Consulting expense 1,018 1,997 2,115 3,425

Merger and acquisition expense 2,239 — 3,394 —

14 unchanged sentences

(Unaudited—Dollars in thousands)

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

2025 2024 2025 2024

Net income $ 51,101 $ 51,330 $ 95,525 $ 99,100

Other comprehensive income (loss), net of tax

Other comprehensive income, net of tax

Net change in fair value of securities available for sale 9,835 3,392 26,229 384

1 unchanged sentence

Net change in other comprehensive income for defined benefit postretirement plans ( 45 ) ( 14 ) ( 90 ) ( 29 )

Total other comprehensive income (loss) 19,805 ( 4,511 )

Total other comprehensive income 12,119 5,113 31,924 602

Total comprehensive income $ 63,220 $ 56,443 $ 127,449 $ 99,702

2 unchanged sentences

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2025 and 2024

Three Months Ended June 30, 2025 and 2024

(Unaudited—Dollars in thousands, except per share data)

Common Stock Outstanding Common Stock Value of Shares Held in Rabbi Trust at Cost Deferred Compensation Obligation Additional Paid in Capital Retained Earnings Accumulated Other

Comprehensive Income (Loss) Total

Balance March 31, 2025 42,610,271 $ 424 $ ( 3,524 ) $ 3,524 $ 1,911,162 $ 1,192,008 $ ( 70,202 ) $ 3,033,392

Net income — — — — — 51,101 — 51,101

Other comprehensive income — — — — — — 12,119 12,119

Common dividend declared ($ 0.59 per share)

— — — — — ( 25,150 ) — ( 25,150 )

Proceeds from exercise of stock options, net of cash paid 380 — — — — — — —

Stock based compensation — — — — 2,948 — — 2,948

Restricted stock awards issued, net of awards surrendered 8,158 — — — ( 25 ) — — ( 25 )

Shares issued under direct stock purchase plan 8,477 — — — 471 — — 471

Deferred compensation and other retirement benefit obligations — — 65 ( 65 ) — — — —

Balance June 30, 2025 42,627,286 $ 424 $ ( 3,459 ) $ 3,459 $ 1,914,556 $ 1,217,959 $ ( 58,083 ) $ 3,074,856

Balance March 31, 2024 42,452,457 $ 422 $ ( 3,403 ) $ 3,403 $ 1,902,063 $ 1,101,061 $ ( 119,338 ) $ 2,884,208

Net income — — — — — 51,330 — 51,330

Other comprehensive income — — — — — — 5,113 5,113

Common dividend declared ($ 0.57 per share)

— — — — — ( 24,209 ) — ( 24,209 )

Stock based compensation — — — — 2,139 — — 2,139

Restricted stock awards issued, net of awards surrendered 4,068 1 — — 4 — — 5

Shares issued under direct stock purchase plan 13,342 — — — 663 — — 663

Deferred compensation and other retirement benefit obligations — — 50 ( 50 ) — — — —

Balance June 30, 2024 42,469,867 $ 423 $ ( 3,353 ) $ 3,353 $ 1,904,869 $ 1,128,182 $ ( 114,225 ) $ 2,919,249

INDEPENDENT BANK CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Six Months Ended June 30, 2025 and 2024

(Unaudited—Dollars in thousands, except per share data)

Common Stock Outstanding Common Stock Value of Shares Held in Rabbi

6 unchanged sentences

— — — — — ( 50,290 ) — ( 50,290 )

Proceeds from exercise of stock options, net of cash paid 380 — — — — — — —

Stock based compensation — — — — 4,844 — — 4,844

2 unchanged sentences

Deferred compensation and other retirement benefit obligations — — ( 76 ) 76 — — — —

Balance March 31, 2025 42,610,271 $ 424 $ ( 3,524 ) $ 3,524 $ 1,911,162 $ 1,192,008 $ ( 70,202 ) $ 3,033,392

Balance June 30, 2025 42,627,286 $ 424 $ ( 3,459 ) $ 3,459 $ 1,914,556 $ 1,217,959 $ ( 58,083 ) $ 3,074,856

Balance December 31, 2023 42,873,187 $ 427 $ ( 3,298 ) $ 3,298 $ 1,932,163 $ 1,077,488 $ ( 114,827 ) $ 2,895,251

Net income — — — — — 99,100 — 99,100

Other comprehensive loss — — — — — — ( 4,511 ) ( 4,511 )

Other comprehensive income — — — — — — 602 602

Common dividend declared ($ 1.14 per share)

5 unchanged sentences

Deferred compensation and other retirement benefit obligations — — ( 55 ) 55 — — — —

Balance March 31, 2024 42,452,457 $ 422 $ ( 3,403 ) $ 3,403 $ 1,902,063 $ 1,101,061 $ ( 119,338 ) $ 2,884,208

(1) Inclusive of $ 311,000 impact of excise tax attributable to shares repurchased under a share repurchase program during the three months ended March 31, 2024 .

Balance June 30, 2024 42,469,867 $ 423 $ ( 3,353 ) $ 3,353 $ 1,904,869 $ 1,128,182 $ ( 114,225 ) $ 2,919,249

(1) Inclusive of $ 311,000 impact of excise tax attributable to shares repurchased under a share repurchase program during the six months ended June 30, 2024 .

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2 unchanged sentences

(Unaudited—Dollars in thousands)

Three Months Ended

Six Months Ended

Cash flow from operating activities

25 unchanged sentences

Proceeds from maturities and principal repayments of securities held to maturity 54,862 51,473

Net redemptions (purchases) of Federal Home Loan Bank stock 5,769 ( 2,747 )

Net redemptions of Federal Home Loan Bank stock 10,521 10,819

Investments in low income housing projects ( 20,379 ) ( 15,393 )

Purchases of life insurance policies ( 55 ) ( 99 )

Proceeds from life insurance policies — 1,566

Net increase in loans ( 73,645 ) ( 122,666 )

4 unchanged sentences

Net (decrease) increase in time deposits ( 27,181 ) 509,883

Net increase (decrease) in other deposits 407,873 ( 73,832 )

Net increase in other deposits 614,909 34,086

Net repayments of Federal Home Loan Bank borrowings ( 238,000 ) ( 475,000 )

6 unchanged sentences

Net cash provided by (used in) financing activities 595,876 ( 59,280 )

Net increase (decrease) in cash and cash equivalents 496,954 ( 3,014 )

Net increase in cash and cash equivalents 681,344 89,551

Cash and cash equivalents at beginning of year 219,890 224,330

1 unchanged sentence

Supplemental schedule of noncash investing and financing activities

Transfer of loans to other real estate owned & foreclosed assets $ 2,100 $ —

Net increase in capital commitments relating to low income housing project investments $ 10,223 $ 29,285

11 unchanged sentences

In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included.

Results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or any other interim period.

Results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or any other interim period.

For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “2024 Form 10-K”).

11 unchanged sentences

Trading Securities

The Company had trading securities of $ 4.8 million and $ 4.2 million as of March 31, 2025 and December 31, 2024, respectively.

The Company had trading securities of $ 4.8 million and $ 4.2 million as of June 30, 2025 and December 31, 2024, respectively.

These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan.

Equity Securities

The Company had equity securities of $ 21.3 million and $ 21.2 million as of March 31, 2025 and December 31, 2024, respectively.

The Company had equity securities of $ 21.3 million and $ 21.2 million as of June 30, 2025 and December 31, 2024, respectively.

These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans.

The following table represents a summary of the gains and losses recognized within non-interest income and non-interest expense within the Consolidated Statements of Income that relate to equity securities for the periods indicated:

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

2025 2024 2025 2024

Dollars in thousands

Net gains recognized during the period on equity securities $ 98 $ 609

Net gains (losses) recognized during the period on equity securities $ 71 $ ( 107 ) $ 169 $ 502

net gains recognized during the period on equity securities sold during the period — 3 6 438

Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 92 $ 174

Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 71 $ ( 110 ) $ 163 $ 64

Available for Sale Securities

The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at the dates indicated:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Gains Gross Unrealized

12 unchanged sentences

Total available for sale securities $ 1,355,331 $ 2,244 $ ( 71,257 ) $ — $ 1,286,318 $ 1,353,964 $ 26 $ ( 103,046 ) $ — $ 1,250,944

Excluded from the table above is accrued interest on available for sale securities of $ 3.2 million and $ 2.9 million at March 31, 2025 and December 31, 2024, respectively, which is included within other assets on the Consolidated Balance Sheets.

The Company did not record any write-offs of accrued interest income on available for sale securities during the three months ended March 31, 2025 and 2024.

Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2025 and December 31, 2024.

Excluded from the table above is accrued interest on available for sale securities of $ 3.0 million and $ 2.9 million at June 30, 2025 and December 31, 2024, respectively, which is included within other assets on the Consolidated Balance Sheets.

The Company did not record any write-offs of accrued interest income on available for sale securities during the three and six months ended June 30, 2025 and 2024.

Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at June 30, 2025 and December 31, 2024.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale.

The Company had no sales of securities available for sale during the three months ended March 31, 2025 and 2024, and therefore no gains or losses were realized for such periods.

The Company had no sales of securities available for sale during the three and six months ended June 30, 2025 and 2024, and therefore no gains or losses were realized for such periods.

The following tables show the gross unrealized losses and fair value of the Company’s available for sale securities in an unrealized loss position as of the dates indicated.

These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position:

March 31, 2025

June 30, 2025

Less than 12 months 12 months or longer Total

29 unchanged sentences

In addition, management does not believe that any of the securities are impaired due to reasons of credit quality.

As a result, the Company did not recognize a provision for credit losses on these investments during the three months ended March 31, 2025 and 2024.

As a result, the Company did not recognize a provision for credit losses on these investments during the three and six months ended June 30, 2025 and 2024.

The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations.

As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category were as follows at March 31, 2025:

As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category were as follows at June 30, 2025:

Government Agency Securities, U.S.

14 unchanged sentences

The following table summarizes the amortized cost, fair value and allowance for credit losses of held to maturity securities and the corresponding amounts of gross unrealized gains and losses recognized at the dates indicated:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Gains Gross Unrealized

11 unchanged sentences

federal government or other government sponsored agencies and have a long history of no credit losses.

As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three months ended March 31, 2025 and 2024.

Excluded from the table above is accrued interest on held to maturity securities of $ 3.2 million and $ 3.8 million at March 31, 2025 and December 31, 2024, respectively, which is included within other assets on the Consolidated Balance Sheets.

The Company did not record any write-offs of accrued interest income on held to maturity securities during the three months ended March 31, 2025 and 2024.

Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2025 and December 31, 2024.

Excluded from the table above is accrued interest on held to maturity securities of $ 3.6 million and $ 3.8 million at June 30, 2025 and December 31, 2024, respectively, which is included within other assets on the Consolidated Balance Sheets.

The Company did not record any write-offs of accrued interest income on held to maturity securities during the three and six months ended June 30, 2025 and 2024.

Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at June 30, 2025 and December 31, 2024.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale.

The Company had no sales of held to maturity securities during the three months ended March 31, 2025 and 2024, and therefore no gains or losses were realized for such periods.

The Company had no sales of held to maturity securities during the three and six months ended June 30, 2025 and 2024, and therefore no gains or losses were realized for such periods.

The Company monitors the credit quality of held to maturity securities through the use of credit ratings.

Credit ratings are monitored by the Company on at least a quarterly basis.

As of March 31, 2025, all held to maturity securities held by the Company were rated investment grade or higher.

As of June 30, 2025, all held to maturity securities held by the Company were rated investment grade or higher.

The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

A schedule of the contractual maturities of securities available for sale and securities held to maturity at March 31, 2025 is presented below:

A schedule of the contractual maturities of securities available for sale and securities held to maturity at June 30, 2025 is presented below:

Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total

20 unchanged sentences

Total $ 223,966 $ 220,285 $ 1,368,418 $ 1,300,032 $ 244,273 $ 221,189 $ 901,577 $ 818,502 $ 2,738,234 $ 2,560,008

Included in the table above is $ 25.1 million of callable securities at March 31, 2025.

The carrying value of securities pledged to secure public funds, trust deposits, and for other purposes, as required or permitted by law, was $ 2.2 billion and $ 2.1 billion at March 31, 2025 and December 31, 2024, respectively.

At March 31, 2025 and December 31, 2024, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated stockholders’ equity.

Included in the table above is $ 25.2 million of callable securities at June 30, 2025.

The carrying value of securities pledged to secure public funds, trust deposits, and for other purposes, as required or permitted by law, was $ 2.1 billion at June 30, 2025 and December 31, 2024.

At June 30, 2025 and December 31, 2024, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated stockholders’ equity.

NOTE 4 - LOANS, ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY

1 unchanged sentence

The following table summarizes the change in allowance for credit losses by loan category, and bifurcates the amount of loans allocated to each loan category for the period indicated:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(Dollars in thousands)

11 unchanged sentences

Ending balance (1) $ 35,309 $ 59,504 $ 8,183 $ 4,565 $ 25,414 $ 10,911 $ 887 $ 144,773

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

(Dollars in thousands)

11 unchanged sentences

Ending balance (1) $ 35,620 $ 65,765 $ 7,804 $ 4,059 $ 24,836 $ 11,755 $ 1,020 $ 150,859

(1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 53.7 million and $ 59.3 million as of March 31, 2025 and March 31, 2024, respectively.

The balance of allowance for credit losses decreased $ 25.9 million to $ 144.1 million as of March 31, 2025, as compared to $ 170.0 million at December 31, 2024, driven primarily by charge-offs on two previously classified commercial loans which had been reserved for in prior periods, partially offset by additional specific reserve allocations on certain commercial loans during the first quarter of 2025 .

Six Months Ended June 30, 2025

(Dollars in thousands)

Commercial and

Industrial Commercial

Real Estate Commercial

Construction Small

Business Residential

Real Estate Home Equity Other Consumer Total

Allowance for credit losses

Beginning balance $ 27,800 $ 92,535 $ 8,166 $ 4,182 $ 25,238 $ 11,007 $ 1,056 $ 169,984

Charge-offs ( 2,810 ) ( 43,344 ) — ( 202 ) — ( 96 ) ( 1,914 ) ( 48,366 )

Recoveries 15 1 — 52 — 67 820 955

Provision for (release of) credit losses 10,304 10,312 17 533 176 ( 67 ) 925 22,200

Ending balance (1) $ 35,309 $ 59,504 $ 8,183 $ 4,565 $ 25,414 $ 10,911 $ 887 $ 144,773

Six Months Ended June 30, 2024

(Dollars in thousands)

Commercial and

Industrial Commercial

Real Estate Commercial

Construction Small

Business Residential

Home Equity Other Consumer Total

Allowance for credit losses

Beginning balance $ 33,317 $ 60,074 $ 7,683 $ 3,963 $ 23,637 $ 12,797 $ 751 $ 142,222

Charge-offs — — — ( 169 ) — ( 11 ) ( 1,509 ) ( 1,689 )

Recoveries 87 — — 51 — 281 657 1,076

Provision for (release of) credit losses 2,216 5,691 121 214 1,199 ( 1,312 ) 1,121 9,250

Ending balance (1) $ 35,620 $ 65,765 $ 7,804 $ 4,059 $ 24,836 $ 11,755 $ 1,020 $ 150,859

(1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 54.5 million and $ 59.2 million as of June 30, 2025 and June 30, 2024, respectively.

The balance of allowance for credit losses decreased $ 25.2 million to $ 144.8 million as of June 30, 2025, as compared to $ 170.0 million at December 31, 2024, driven primarily by charge-offs on several classified commercial loans which had been previously reserved for, partially offset by additional specific reserve allocations on certain commercial loans during the first half of 2025 .

For the purpose of estimating the allowance for credit losses, management segregated the loan portfolio into the portfolio segments detailed in the above tables.

14 unchanged sentences

Consists of short-term construction loans, revolving and nonrevolving credit lines and construction/permanent loans to finance the acquisition, development and construction or rehabilitation of real property.

Project types include residential land development, one-to-four family, condominium, and multi-family home construction,

commercial/retail, office, industrial, hotels, educational and healthcare facilities as well as other specific use properties.

Project types include residential land development, one-to-four family, condominium, and multi-family home construction, commercial/retail, office, industrial, hotels, educational and healthcare facilities as well as other specific use properties.

Loans may be written with non-amortizing or hybrid payment structures depending upon the type of project.

59 unchanged sentences

The following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of the dates indicated below:

March 31, 2025

June 30, 2025

2025 2024 2023 2022 2021 Prior Revolving Loans Revolving converted to Term Total (1)

113 unchanged sentences

LTV (re-valued)(2)(3) 43.5 % 43.9 %

(1) The average FICO scores at March 31, 2025 are based upon rescores from March 2025 as available for previously originated loans, or origination score data for loans booked in March 2025.

(1) The average FICO scores at June 30, 2025 are based upon rescores from March 2025, as available for previously originated loans, or the origination score data for loans booked since March 2025.

The average FICO scores at December 31, 2024 were based upon rescores from December 2024, as available for previously originated loans, or origination score data for loans booked in December 2024.

(2) The combined LTV ratios for March 31, 2025 are based upon updated automated valuations as of February 2025, when available, and/or the most current valuation data available.

The combined LTV ratios for December 31, 2024 were based upon updated automated valuations as of November 2024, when available, and/or the most current valuation data available as of such date.

(2) The combined LTV ratios for June 30, 2025 are based upon updated automated valuations as of May 2025, when available, and/or the most current valuation data available.

The combined LTV ratios for December 31, 2024 were based upon updated automated valuations as of November 2024, when available, and/or the most current valuation data available.

The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained.

3 unchanged sentences

Management evaluates the need for a reserve on unfunded lending commitments in a manner consistent with loans held for investment.

The Company's estimated reserve for unfunded commitments amounted to $ 1.4 million at both March 31, 2025 and December 31, 2024.

The Company's estimated reserve for unfunded commitments amounted to $ 1.4 million at both June 30, 2025 and December 31, 2024.

The Company’s philosophy toward managing its loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations.

4 unchanged sentences

Nonaccrual Balances

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

With Allowance for Credit Losses Without Allowance for Credit Losses (1) Total With Allowance for Credit Losses Without Allowance for Credit Losses (1) Total

8 unchanged sentences

(1) Nonaccrual balances reported above without an allowance for credit losses are attributable to loans evaluated on an individual basis where it was determined that there was no risk of loss due to sufficient underlying collateral values.

It is the Company's policy to reverse any accrued interest when a loan is put on nonaccrual status, and, as such, the Company did not record any interest income on nonaccrual loans during the three months ended March 31, 2025 and 2024, respectively, except for instances where nonaccrual loans were paid off in excess of the recorded book balance.

Total accrued interest reversed against interest income amounted to $ 344,000 and $ 385,000 for the three months ended March 31, 2025 and 2024, respectively.

It is the Company’s policy to reverse any accrued interest when a loan is put on nonaccrual status, and, as such, the Company did not record any interest income on nonaccrual loans during the three and six months ended June 30, 2025 and 2024, respectively, except for instances where nonaccrual loans were paid off in excess of the recorded book balance.

Total accrued interest reversed against interest income amounted to $ 224,000 and $ 112,000 for the three months ended June 30, 2025 and 2024, respectively, and $ 568,000 and $ 497,000 for the six months ended June 30, 2025 and 2024, respectively.

The following table shows information regarding foreclosed residential real estate property at the dates indicated:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(Dollars in thousands)

2 unchanged sentences

The following tables show the age analysis of past due financing receivables as of the dates indicated:

March 31, 2025

June 30, 2025

30-59 days 60-89 days 90 days or more Total Past Due Total

40 unchanged sentences

(1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances.

(2) The amount of net deferred fees/costs on originated loans included in the ending balance was $ 6.0 million and $ 6.1 million at March 31, 2025 and December 31, 2024, respectively.

Net unamortized discounts on acquired loans included in the ending balance were $ 7.7 million and $ 8.1 million at March 31, 2025 and December 31, 2024, respectively.

(2) The amount of net deferred fees/costs on originated loans included in the ending balance was $ 6.8 million and $ 6.1 million at June 30, 2025 and December 31, 2024, respectively.

Net unamortized discounts on acquired loans included in the ending balance were $ 7.5 million and $ 8.1 million at June 30, 2025 and December 31, 2024, respectively.

Loan Modifications

The following tables present the period end amortized cost basis of loans modified to borrowers experiencing financial difficulty during the periods indicated, disaggregated by class of financing receivable, type of modification granted and the financial effect of the modifications:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

1 unchanged sentence

Term Extension

Commercial and industrial $ 3,879 0.12 % Extended contractual term on one loan by 1 year

Commercial real estate 1,653 0.03 % Extended contractual term on one loan by 3 months

Small business 239 0.08 % Extended contractual term on one loan by 5.2 years

Home equity 245 0.02 % Added a weighted-average contractual term of 5.2 years to the life of the loans

Total $ 6,016

Other Than Insignificant Payment Delay

Commercial and industrial $ 1,036 0.03 % Modification was made with minimal financial effect

Total $ 1,036

Term Extension and Interest Rate Reduction

Commercial and industrial $ 93 — % Extended the contractual term on one loan by 5.0 years and reduced the interest rate from 9.50 % to 6.69 %

Commercial real estate 13,015 0.20 % Extended the contractual term on one loan by 3.0 years and reduced the interest rate from 7.70 % to 6.25 %

Home equity 229 0.02 % Extended the contractual term on one loan by 17.5 years and reduced the interest rate from 7.24 % to 6.88 %

Total $ 13,337

Term Extension and Other Than Insignificant Payment Delay

Commercial real estate $ 22,248 0.34 % Modification on one loan included an interest rate reduction from 5.91 % to 5.50 % and payment deferral of 13 months

Total $ 22,248

Total Outstanding Modified $ 42,637

Six Months Ended June 30, 2025

Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

(Dollars in thousands)

Term Extension

Commercial and industrial $ 8,986 0.28 % Added a weighted-average contractual term of 11 months to the life of the loans

Commercial real estate 5,028 0.08 % Added a weighted-average contractual term of 5 months to the life of the loans

Small business 239 0.08 % Extended contractual term on one loan by 5.2 years

Residential real estate 272 0.01 % Extended contractual term on one loan by 17.8 years

Home equity 245 0.02 % Added a weighted-average contractual term of 5.2 years to the life of the loans

Total $ 14,770

Other Than Insignificant Payment Delay

Commercial and industrial $ 1,036 0.03 % Modification was made with minimal financial effect

Commercial real estate 11,002 0.17 % Modification was made with minimal financial effect

1 unchanged sentence

Term Extension and Interest Rate Reduction

Commercial real estate $ 12,109 0.18 % Extended the contractual term on one loan by 4.5 years and reduced the interest rate from 8.01 % to 7.45 %

Home equity 958 0.08 % Extended the contractual term on one loan by 25.0 years and reduced the interest rate from 7.25 % to 6.88 %

Commercial and industrial $ 93 — % Extended the contractual term on one loan by 5.0 years and reduced the interest rate from 9.50 % to 6.69 %

Commercial real estate 25,093 0.38 % Added a weighted-average contractual term of 3.7 years to the life of the loans and reduced the weighted-average interest rate from 7.85 % to 6.83 %

Home equity 1,185 0.10 % Added a weighted-average contractual term of 23.6 years to the life of the loans and reduced the weighted-average interest rate from 7.25 % to 6.88 %

Total $ 26,371

Term Extension and Other Than Insignificant Payment Delay

Commercial real estate $ 22,248 0.34 % Modification on one loan included an interest rate reduction from 5.91 % to 5.50 % and payment deferral of 13 months

Total $ 22,248

Total Outstanding Modified $ 75,427

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

1 unchanged sentence

Term Extension

Commercial and industrial $ 9,725 0.33 % Added a weighted-average contractual term of 3 months to the life of the loans

Commercial and industrial $ 12,667 0.42 % Added a weighted-average contractual term of 2.3 years to the life of the loans

Commercial real estate 28,239 0.42 % Added a weighted-average contractual term of 5 months to the life of the loans

Commercial construction 4,452 0.57 % Extended contractual term on one loan by 12 months

Residential real estate 298 0.01 % Extended contractual term on one loan by 6.2 years

Total $ 45,656

Interest Rate Reduction

Home equity $ 65 0.01 % Reduced contractual rate on one loan from 7.99 % to 7.00 %

Term Extension and Interest Rate Reduction

Small business $ 36 0.01 % Extended the contractual term on one loan by 2.5 years and reduced the loan’s contractual interest rate from 10.25 % to 6.50 %

Total Outstanding Modified $ 45,757

Six Months Ended June 30, 2024

Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

(Dollars in thousands)

Term Extension

Commercial and industrial $ 12,670 0.42 % Added a weighted-average contractual term of 2.3 years to the life of the loans

Commercial real estate 31,614 0.47 % Added a weighted-average contractual term of 5 months to the life of the loans

Commercial construction 6,542 0.83 % Added a weighted-average contractual term of 10 months to the life of the loans

Residential real estate 298 0.01 % Extended the contractual term on one loan by 6.2 years

Total $ 51,124

1 unchanged sentence

Small business $ 47 0.02 % Reduced contractual rate on one loan from 11.00 % to 8.20 %

Other Than Insignificant Payment Delays

Home equity 65 0.01 % Reduced contractual rate on one loan from 7.99 % to 7.00 %

Other Than Insignificant Payment Delay

Commercial and industrial $ 8,159 0.27 % Modification was made with minimal financial effect

2 unchanged sentences

Commercial and industrial $ 152 0.01 % Extended the contractual term on one loan by 1.5 years and reduced the interest rate from 10.10 % to 7.20 %

Small business 36 0.01 % Extended the contractual term on one loan by 2.5 years and reduced the interest rate on one loan from 10.25 % to 6.50 %

Home equity 70 0.01 % Extended the contractual term on one loan by 8.1 years and reduced the interest rate from 10.00 % to 6.80 %

1 unchanged sentence

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

At March 31, 2025, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms, with the exception of one $ 4.6 million commercial real estate loan that was greater than 90 days past due at period end and in the process of being resolved.

At March 31, 2024, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms.

At June 30, 2025, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms, with the exception of one $ 4.6 million commercial real estate loan that was greater than 90 days past due at period end and in the process of being resolved.

At June 30, 2024, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms.

The Company considers a loan to have defaulted when it reaches 90 days past due.

During the three months ended March 31, 2025 and March 31, 2024, respectively, there were no material loans that had a payment default during the period and were modified to a borrower experiencing financial difficulty in the previous twelve months.

At March 31, 2025 the Company had no additional commitments to lend to borrowers experiencing financial difficulty whose loans were modified and included in the above tables for the three months then ended.

At March 31, 2024, the Company had $ 640,000 in additional commitments to lend to one borrower experiencing financial difficulty, pertaining to a construction loan that was modified during the three months then ended with a term extension.

During the three and six months ended June 30, 2025 and June 30, 2024, respectively, there were no material loans that had a payment default during the period and were modified to a borrower experiencing financial difficulty in the previous twelve months.

At June 30, 2025, the Company had $ 4.6 million in additional commitments to lend to one borrower experiencing financial difficulty whose loan was modified and included in the above tables for the six months then ended.

At June 30, 2024, the Company had $ 275,000 in additional commitments to lend to one borrower experiencing financial difficulty, whose loan was modified and included in the above tables for the six months then ended.

Loan modifications to borrowers experiencing financial difficulty are evaluated on a collective basis with loans sharing similar risk characteristics in accordance with the current expected credit loss (“CECL”) methodology.

3 unchanged sentences

The Notes carry interest at a fixed rate of 7.25 % through April 1, 2030, after which the Notes convert to a variable rate.

The Company intends to use the net proceeds for general corporate purposes, which may include redeeming Enterprise Bancorp, Inc.’s (“Enterprise”) fixed-to-floating rate subordinated notes due July 15, 2030 following the consummation of the Company’s merger with Enterprise.

The Company has used, and intends to use, the net proceeds for general corporate purposes, including the redemption of $ 60.0 million of Enterprise Bancorp, Inc.’s (“Enterprise”) fixed-to-floating rate subordinated notes due July 15, 2030, which the Company redeemed in full on July 15, 2025, subsequent to consummating the merger with Enterprise on July 1, 2025.

NOTE 6 - STOCK BASED COMPENSATION

During the three months ended March 31, 2025, the Company had the following activity related to stock based compensation:

During the six months ended June 30, 2025, the Company had the following activity related to stock based compensation:

Time-Vested Restricted Stock Awards

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3/15/2025 2,600 2023 Omnibus Incentive Plan $ 62.84 Ratably over 3 years from February 20, 2025

4/15/2025 1,360 2023 Omnibus Incentive Plan $ 55.25 Ratably over 3 years from grant date

5/15/2025 1,540 2023 Omnibus Incentive Plan $ 65.05 Ratably over 3 years from grant date

5/20/2025 12,194 2018 Non-Employee Director Stock Plan $ 64.03 Immediately upon grant date

6/15/2025 3,380 2023 Omnibus Incentive Plan $ 66.67 Ratably over 3 years from grant date

Performance-Based Restricted Stock Awards

19 unchanged sentences

The following tables reflect information about the Company’s derivative positions at the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:

March 31, 2025

June 30, 2025

Weighted Average Rate

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For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The Company expects approximately $ 952,000 (pre-tax) to be reclassified as an increase to net interest income and $ 8.3 million (pre-tax) to be reclassified as a decrease to net interest income, from other comprehensive income related to the Company’s cash flow hedges in the twelve months following March 31, 2025.

This reclassification is due to anticipated payments that will be made and/or received on the swaps based upon the forward curve at March 31, 2025.

The Company had no fair value hedges as of March 31, 2025 or December 31, 2024.

The Company expects approximately $ 777,000 (pre-tax) to be reclassified as an increase to net interest income and $ 7.1 million (pre-tax) to be reclassified as a decrease to net interest income, from other comprehensive income related to the Company’s cash flow hedges in the twelve months following June 30, 2025.

This reclassification is due to anticipated payments that will be made and/or received on the swaps based upon the forward curve at June 30, 2025.

The Company had no fair value hedges as of June 30, 2025 or December 31, 2024.

Customer Related Positions

17 unchanged sentences

(1) Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value

March 31, 2025

June 30, 2025

(Dollars in thousands)

31 unchanged sentences

The change in fair value of loans held for sale is recorded in current period earnings as a component of mortgage banking income in accordance with the Company’s fair value election.

The fair value of loans held for sale increased by $ 57,000 and $ 70,000 for the three months ended March 31, 2025 and 2024, respectively.

The fair value of loans held for sale increased by $ 266,000 and $ 113,000 for the three months ended June 30, 2025 and 2024, respectively.

For the six months ended June 30, 2025 and 2024, respectively, the fair value of loans held for sale increased by $ 323,000 and $ 183,000 .

These amounts were offset in earnings by the change in the fair value of mortgage derivatives.

17 unchanged sentences

The Company expects that these best efforts forward loan sale commitments will experience a net neutral shift in fair value with related derivative loan commitments.

The aggregate amount of net realized gains on sales of mortgage loans included within mortgage banking income was $ 705,000 and $ 593,000 for the three months ended March 31, 2025 and 2024, respectively.

The aggregate amount of net realized gains on sales of mortgage loans included within mortgage banking income was $ 828,000 and $ 947,000 for the three months ended June 30, 2025 and 2024, respectively, and $ 1.5 million for each of the six months ended June 30, 2025 and 2024.

Balance Sheet Offsetting

9 unchanged sentences

2025 December 31

2024 March 31

2025 December 31

20 unchanged sentences

(2) All liability derivatives are reflected in other liabilities on the balance sheet.

(3) Approximately $ 119,000 and $ 1.7 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at March 31, 2025, in comparison to accrued interest receivable of approximately $ 195,000 and $ 2.2 million, respectively, at December 31, 2024.

(4) Approximately $ 656,000 and $ 1.7 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at March 31, 2025, in comparison to accrued interest payable of approximately $ 825,000 and $ 2.2 million, respectively, at December 31, 2024.

(3) Approximately $ 145,000 and $ 1.4 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at June 30, 2025, in comparison to accrued interest receivable of approximately $ 195,000 and $ 2.2 million, respectively, at December 31, 2024.

(4) Approximately $ 649,000 and $ 1.4 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at June 30, 2025, in comparison to accrued interest payable of approximately $ 825,000 and $ 2.2 million, respectively, at December 31, 2024.

(5) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities cleared through CME from a gross basis to a net basis, inclusive of the variation margin payments, in accordance with applicable accounting guidance.

(6) Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet.

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:

Three Months Ended

The table below presents the effect of the Company’s derivative financial instruments included in other comprehensive income (“OCI”) and current earnings for the periods indicated:

Three Months Ended Six Months Ended

June 30 June 30

2025 2024 2025 2024

(Dollars in thousands)

Derivatives designated as hedges

Gain (loss) in OCI on derivatives (effective portion), net of tax $ 3,456 $ ( 1,488 )

Gain in OCI on derivatives (effective portion), net of tax $ 2,329 $ 1,735 $ 5,785 $ 247

Loss reclassified from OCI into interest income or interest expense (effective portion) $ ( 2,509 ) $ ( 5,030 ) $ ( 5,179 ) $ ( 10,886 )

8 unchanged sentences

If the Company fails to meet these conditions, the counterparties could request the Company make immediate payment or demand that the Company provide immediate and ongoing full collateralization on derivative positions in net liability positions.

All derivative instruments with credit-risk contingent features were in a net asset position at March 31, 2025 and December 31, 2024.

All derivative instruments with credit-risk contingent features were in a net asset position at June 30, 2025 and December 31, 2024.

By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required.

4 unchanged sentences

As such, management believes the risk of incurring credit losses on derivative contracts with those counterparties is remote.

The Company’s exposure relating to institutional counterparties was $ 72.1 million and $ 97.0 million at March 31, 2025 and December 31, 2024, respectively.

The Company’s exposure relating to customer counterparties was approximately $ 4.8 million and $ 1.4 million at March 31, 2025 and December 31, 2024, respectively.

The Company’s exposure relating to institutional counterparties was $ 58.8 million and $ 97.0 million at June 30, 2025 and December 31, 2024, respectively.

The Company’s exposure relating to customer counterparties was approximately $ 7.8 million and $ 1.4 million at June 30, 2025 and December 31, 2024, respectively.

Credit exposure may be reduced by the value of collateral pledged by the counterparty.

8 unchanged sentences

The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) defines fair value and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements).

The three levels of the fair value hierarchy under the Fair Value Measurements and Disclosures Topic of the FASB ASC are described below:

6 unchanged sentences

Valuation Techniques

There were no changes in the valuation techniques used during the three months ended March 31, 2025.

There were no changes in the valuation techniques used during the six months ended June 30, 2025.

Trading and Equity Securities

34 unchanged sentences

Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its interest rate derivatives and risk participation agreements may also utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties.

However, as of March 31, 2025 and December 31, 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

However, as of June 30, 2025 and December 31, 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

As a result, the Company has determined that its derivative valuations in their entirety are properly classified as Level 2.

22 unchanged sentences

(Level 2) Significant

March 31, 2025

June 30, 2025

(Dollars in thousands)

16 unchanged sentences

Individually assessed collateral dependent loans (1) $ 35,684 $ — $ — $ 35,684

Other real estate owned and other foreclosed assets 2,100 — — 2,100

Total nonrecurring fair value measurements $ 37,784 $ — $ — $ 37,784

32 unchanged sentences

(Level 2) Significant

March 31, 2025

June 30, 2025

(Dollars in thousands)

61 unchanged sentences

The following table presents the revenue streams that the Company has disaggregated for the periods indicated:

Three Months Ended

2025 March 31

Three Months Ended Six Months Ended

(Dollars in thousands)

47 unchanged sentences

The following table provides the amount of investment management revenue earned but not received as of the dates indicated:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(Dollars in thousands)

26 unchanged sentences

Three Months Ended

March 31, 2025

June 30, 2025 Six Months Ended

June 30, 2025

Amount Tax (Expense)

Benefit After Tax

Amount Pre-Tax

Amount Tax (Expense)

Benefit After Tax

(Dollars in thousands)

10 unchanged sentences

Three Months Ended

March 31, 2024

June 30, 2024 Six Months Ended

June 30, 2024

Amount Tax (Expense)

Benefit After Tax

Amount Pre-Tax

Amount Tax (Expense)

Benefit After Tax

(Dollars in thousands)

8 unchanged sentences

Net change in other comprehensive income for defined benefit postretirement plans (1) ( 20 ) 6 ( 14 ) ( 41 ) 12 ( 29 )

Total other comprehensive loss $ ( 6,021 ) $ 1,510 $ ( 4,511 )

Total other comprehensive income $ 7,726 $ ( 2,613 ) $ 5,113 $ 1,705 $ ( 1,103 ) $ 602

(1) The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in Note 12 - Employee Benefit Plans within the Notes to the Consolidated Financial Statements included in Item 8 of the Company’s 2024 Form 10-K.

7 unchanged sentences

Ending balance:

March 31, 2025 $ ( 63,094 ) $ ( 10,406 ) $ 3,298 $ ( 70,202 )

June 30, 2025 $ ( 53,259 ) $ ( 8,077 ) $ 3,253 $ ( 58,083 )

Beginning balance:

2 unchanged sentences

Ending balance:

March 31, 2024 $ ( 99,239 ) $ ( 22,063 ) $ 1,964 $ ( 119,338 )

June 30, 2024 $ ( 95,847 ) $ ( 20,328 ) $ 1,950 $ ( 114,225 )

NOTE 11 - COMMITMENTS AND CONTINGENCIES

17 unchanged sentences

The following table summarizes the above financial instruments at the dates indicated:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(Dollars in thousands)

6 unchanged sentences

Several of these leases contain renewal options to extend lease terms for a period of 1 to 20 years.

During the quarter ended March 31, 2025, there were no significant changes in future minimum lease payments payable by the Company.

Se e the Company's 2024 Form 10-K for information regarding leases and other commitments.

Additionally, during the second quarter of 2025, a lease agreement for the Company’s new headquarters became effective.

The lease term is expected to commence in the second half of 2026.

See the Company’s 2024 Form 10-K for information regarding leases and other commitments.

Other Contingencies

At March 31, 2025, the Bank was involved in pending lawsuits that arose in the ordinary course of business.

At June 30, 2025, the Bank was involved in pending lawsuits that arose in the ordinary course of business.

Management has reviewed these pending lawsuits with legal counsel and has taken into consideration the view of counsel as to their outcome.

5 unchanged sentences

The community banking segment derives revenues primarily from providing loans to individuals and small-to-medium sized businesses in its market area.

The accounting policies of the community banking segment are the same as those described in Note 1, “Summary of Significant Accounting Policies” within the Notes to Consolidated Financial Statements included in Item 8 of the Company’s 2024 Form 10-K .

The Company’s reportable segment is determined by the Chief Executive Officer and Chief Financial Officer, who are the Company’s designated chief operating decision makers (“CODMs”), based upon information about the Company’s products and services offered to customers as part of its community banking operations.

6 unchanged sentences

A sset details provided to the CODMs are consistent with those reported on the Consolidated Balance Sheets, with an emphasis on interest-earning assets, including loans and investment securities, which provide the majority of revenues generated by the community banking segment.

NOTE 13 - SUBSEQUENT EVENTS

Effective July 1, 2025, the Company completed its merger with Enterprise Bancorp, Inc.

(“Enterprise”), parent of Enterprise Bank and Trust Company (“Enterprise Bank”) pursuant to which Enterprise merged with and into the Company, with the Company as the surviving corporation, and Enterprise Bank was merged into Rockland Trust, with Rockland Trust as the surviving entity (“the acquisition”).

The acquisition resulted in the addition of 27 branch locations in Massachusetts and New Hampshire and approximately $ 3.9 billion in loans and $ 4.4 billion in deposits, each at estimated fair value.

As consideration for the acquisition, each Enterprise share was exchanged for 0.60 of a share of the Company’s common stock and $ 2.00 in cash, with cash paid in lieu of fractional shares at a price of $ 61.61 , an amount determined by the volume-weighted average closing price of a share of the Company’s common stock for the five consecutive trading days ending on the fifth day immediately preceding the closing date of the acquisition.

As a result of the acquisition, former Enterprise shareholders received, in the aggregate, approximately 7.5 million shares of the Company’s common stock and approximately $ 25.8 million in cash, inclusive of the payment made to cash out outstanding stock options and excluding cash paid in lieu of fractional shares.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements