What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-11-05 · 201 added, 463 removed, 1022 unchanged (39% of the section changed)

15 unchanged sentences

Commercial and industrial 4,651,453 4,611,789

4,532,294 3,246,455

Commercial real estate 8,181,340 8,275,408

8,241,458 6,839,705

Commercial construction 1,403,613 1,399,193

Residential real estate 2,842,144 2,873,443

Home equity - first position 511,482 490,115

Home equity - subordinate positions 772,657 650,053

Home equity 1,307,746 1,297,662

Other consumer 39,182 46,282

16 unchanged sentences

Federal Home Loan Bank and other borrowings 316,734 416,549

Line of credit (less unamortized debt issuance costs of $ 31 and $ 47 )

99,969 49,953

Junior subordinated debentures (less unamortized debt issuance costs of $ 25 and $ 26 )

62,863 62,862

Subordinated debentures (less unamortized debt issuance costs of $ 3,725 )

Subordinated debentures (less unamortized debt issuance costs of $ 3,310 and $ 3,517 )

296,690 296,483

Total borrowings 776,256 825,847

8 unchanged sentences

issued and outstanding:

49,787,305 shares at September 30, 2025 and 42,500,611 shares at December 31, 2024 (includes 260,511 and 199,410 shares of unvested participating restricted stock awards, respectively)

48,572,237 shares at March 31, 2026 and 49,243,813 shares at December 31, 2025 (includes 297,143 and 254,359 shares of unvested participating restricted stock awards, respectively)

Value of shares held in rabbi trust at cost:

77,118 shares at September 30, 2025 and 78,088 shares at December 31, 2024

77,307 shares at March 31, 2026 and 75,247 shares at December 31, 2025

( 3,622 ) ( 3,452 )

5 unchanged sentences

Total liabilities and stockholders’ equity $ 24,783,580 $ 24,912,896

(1) Commercial and industrial and commercial real estate balances as of September 30, 2025 presented above vary from amounts previously reported in the Company’s third quarter 2025 earnings release.

These reported amounts reflect a reclassification of commercial and industrial loan balances to the commercial real estate category based upon further review of loan classifications subsequent to the system conversion of Enterprise Bancorp, Inc., parent of Enterprise Bank and Trust Company (collectively “Enterprise”).

Reported amounts throughout this Form 10-Q are reflective of this reclassification, where applicable.

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

2 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 September 30

2025 2024 2025 2024

Three Months Ended

Interest income

28 unchanged sentences

FDIC assessment 3,328 2,988

Debit card expense 2,402 1,935

Amortization of intangible assets 6,890 1,344

15 unchanged sentences

(Unaudited—Dollars in thousands)

Three Months Ended Nine Months Ended

September 30 September 30

2025 2024 2025 2024

Three Months Ended

Net income $ 79,919 $ 44,424

3 unchanged sentences

Net change in other comprehensive income for defined benefit postretirement plans ( 19 ) ( 45 )

Total other comprehensive income 10,521 37,023 42,445 37,625

Total other comprehensive (loss) income ( 9,544 ) 19,805

Total comprehensive income $ 70,375 $ 64,229

2 unchanged sentences

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

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

Net income — — — — — 34,262 — 34,262

Other comprehensive income — — — — — — 10,521 10,521

Common dividend declared ($ 0.59 per share)

— — — — — ( 29,378 ) — ( 29,378 )

Common stock issued for acquisition 7,478,906 75 — — 477,191 — — 477,266

Stock based compensation — — — — 2,247 — — 2,247

Restricted stock awards issued, net of awards surrendered 34,324 — — — ( 53 ) — — ( 53 )

Shares issued under direct stock purchase plan 11,317 — — — 756 — — 756

Shares repurchased under share repurchase program (1) ( 364,528 ) ( 4 ) — — ( 23,586 ) — — ( 23,590 )

Deferred compensation and other retirement benefit obligations — — ( 46 ) 46 — — — —

Balance September 30, 2025 49,787,305 $ 495 $ ( 3,505 ) $ 3,505 $ 2,371,111 $ 1,222,843 $ ( 47,562 ) $ 3,546,887

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

Net income — — — — — 42,947 — 42,947

Other comprehensive income — — — — — — 37,023 37,023

Common dividend declared ($ 0.57 per share)

— — — — — ( 24,214 ) — ( 24,214 )

Stock based compensation — — — — 1,514 — — 1,514

Restricted stock awards issued, net of awards surrendered ( 2,559 ) — — — ( 20 ) — — ( 20 )

Shares issued under direct stock purchase plan 13,457 — — — 649 — — 649

Deferred compensation and other retirement benefit obligations — — ( 46 ) 46 — — — —

Balance September 30, 2024 42,480,765 $ 423 $ ( 3,399 ) $ 3,399 $ 1,907,012 $ 1,146,915 $ ( 77,202 ) $ 2,977,148

(1) Inclusive of $ 234,000 impact of excise tax attributable to shares repurchased under a repurchase program for the three months ended September 30, 2025.

INDEPENDENT BANK CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Nine Months Ended September 30, 2025 and 2024

Three Months Ended March 31, 2026 and 2025

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

4 unchanged sentences

Net income — — — — — 79,919 — 79,919

Other comprehensive income — — — — — — 42,445 42,445

Other comprehensive loss — — — — — — ( 9,544 ) ( 9,544 )

Common dividend declared ($ 0.64 per share)

— — — — — ( 31,086 ) — ( 31,086 )

Common stock issued for acquisition 7,478,906 75 — — 477,191 — — 477,266

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

Stock based compensation — — — — 2,315 — — 2,315

3 unchanged sentences

Deferred compensation and other retirement benefit obligations — — ( 170 ) 170 — — — —

Balance September 30, 2025 49,787,305 $ 495 $ ( 3,505 ) $ 3,505 $ 2,371,111 $ 1,222,843 $ ( 47,562 ) $ 3,546,887

Balance March 31, 2026 48,572,237 $ 483 $ ( 3,622 ) $ 3,622 $ 2,272,910 $ 1,317,946 $ ( 49,298 ) $ 3,542,041

Balance December 31, 2024 42,500,611 $ 423 $ ( 3,383 ) $ 3,383 $ 1,909,980 $ 1,172,724 $ ( 90,007 ) $ 2,993,120

6 unchanged sentences

Shares issued under direct stock purchase plan 9,230 — — — 595 — — 595

Shares repurchased under share repurchase program (1) ( 532,266 ) ( 5 ) — — ( 31,292 ) — — ( 31,297 )

Deferred compensation and other retirement benefit obligations — — ( 141 ) 141 — — — —

Balance September 30, 2024 42,480,765 $ 423 $ ( 3,399 ) $ 3,399 $ 1,907,012 $ 1,146,915 $ ( 77,202 ) $ 2,977,148

(1) Inclusive of $ 234,000 and $ 311,000 impact of excise tax attributable to shares repurchased under a repurchase program for the nine months ended September 30, 2025 and 2024, respectively .

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

INDEPENDENT BANK CORP.

1 unchanged sentence

(Unaudited—Dollars in thousands)

Nine Months Ended

Three Months Ended

Cash flow from operating activities

3 unchanged sentences

Change in unamortized net loan costs and fees ( 315 ) ( 338 )

Accretion of discount (or fair value adjustment) on acquired loans ( 5,255 ) ( 393 )

Net accretion of acquired loans ( 9,186 ) ( 410 )

Provision for credit losses 5,500 15,000

Deferred income tax (benefit) expense ( 102 ) 5,102

Deferred income tax expense 1,331 1,021

Net gain on equity securities ( 25 ) ( 98 )

Net loss on sale of securities 64 —

Net loss on bank premises and equipment — 74

11 unchanged sentences

Net cash provided by operating activities 117,218 13,342

Cash flows provided by investing activities

Cash flows provided by (used in) investing activities

Purchases of equity securities ( 185 ) ( 179 )

Proceeds from sales of securities available for sale 74,303 —

Proceeds from maturities and principal repayments of securities available for sale 79,030 60,035

5 unchanged sentences

Proceeds from life insurance policies 1,074 —

Net increase in loans ( 76,101 ) ( 88,550 )

Net cash acquired in business combinations 97,760 —

Net decrease (increase) in loans 82,983 ( 23,735 )

Purchases of bank premises and equipment ( 5,604 ) ( 2,032 )

Proceeds from the sale of bank premises and equipment — 32

Net cash provided by investing activities 37,923 94,538

Net cash provided by (used in) investing activities 12,708 ( 19,913 )

Cash flows provided by (used in) financing activities

Net (decrease) increase in time deposits ( 67,360 ) 581,845

Net increase (decrease) in other deposits 694,496 ( 6,464 )

Net decrease in time deposits ( 12,926 ) ( 37,852 )

Net (decrease) increase in other deposits ( 16,354 ) 407,873

Net repayments of Federal Home Loan Bank and other borrowings ( 99,786 ) ( 138,000 )

Proceeds from line of credit, net of issuance costs 50,000 —

Proceeds from subordinated debentures, net of issuance costs — 296,491

Repayments of subordinated debentures ( 60,000 ) ( 50,000 )

Restricted stock awards issued, net of awards surrendered ( 2,195 ) ( 1,351 )

2 unchanged sentences

Common dividends paid ( 29,055 ) ( 24,225 )

Net cash provided by (used in) financing activities 480,758 ( 81,447 )

Net increase in cash and cash equivalents 690,906 200,122

Net cash (used in) provided by financing activities ( 172,850 ) 503,525

Net (decrease) increase in cash and cash equivalents ( 42,924 ) 496,954

Cash and cash equivalents at beginning of year 771,902 219,890

1 unchanged sentence

Supplemental schedule of non-cash 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

Recognition of operating lease at commencement and/or at extension $ 972 $ 793

In conjunction with the Company’s acquisitions, assets were acquired and liabilities were assumed as follows:

Common stock issued for acquisition $ 477,266 $ —

Fair value of assets acquired, net of cash acquired $ 4,930,778 $ —

Fair value of liabilities assumed $ 4,551,272 $ —

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

5 unchanged sentences

All material intercompany balances and transactions have been eliminated in consolidation.

Certain previously reported amounts have been reclassified to conform to the current year’s presentation, including a reclassification of the Company’s small business portfolio, with the majority of the portfolio reclassified into the commercial and industrial category, and the remainder of the portfolio, consisting of loans secured by non-owner occupied real estate, reclassified to the commercial real estate category.

Certain previously reported amounts have been reclassified to conform to the current year’s presentation.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.

1 unchanged sentence

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 nine months ended September 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.

Results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 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, 2025, filed with the Securities and Exchange Commission (the “2025 Form 10-K”).

NOTE 2 - RECENT ACCOUNTING STANDARDS UPDATES

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 220-40 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” Update No.

Update No 2024-03 was issued in November 2024 and requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses for both interim and annual reporting periods.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815 “Derivatives and Hedging” Update No.

2025-09 was issued in November 2025 to clarify certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative.

The objective of this update is to more closely align hedge accounting with the economics of an entity’s risk management activities and to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions.

This standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

Early adoption is permitted on any date on or after the issuance of this update.

The Company is currently evaluating the impact of this standard and does not expect the adoption to have an impact on the Company’s financial statements.

FASB ASC Topic 326 “Financial Instruments - Credit Losses - Purchased Loans” Update No.

2025-08 was issued in November 2025 requires entities to apply the gross-up approach under Topic 326 to all “purchased seasoned loans.” According to the amendments in this update, purchased seasoned loans are loans (excluding purchased financial assets with credit deterioration, credit card receivables, debt securities and trade receivables) that are (1) acquired in a business combination, or (2) obtained through a transfer that is not a business combination or initially recognized through the consolidation of a variable interest entity, if certain seasoning criteria are met.

A loan is considered seasoned if it is obtained more than 90 days after its origination date and the transferee was not involved in the origination.

This standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption is permitted.

This standard will be effective for the Company, on a prospective basis, for loans acquired on or after the adoption date.

The Company does not expect the adoption to have an impact on the Company’s current financial statements.

FASB ASC Subtopic 220-40 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” Update No.

2024-03 was issued in November 2024 and requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses for both interim and annual reporting periods.

This standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

1 unchanged sentence

The Company is currently evaluating the impact of this standard and does not expect the adoption to have an impact on the Company’s financial statements.

FASB ASC Topic 740 “Income Taxes” Update No.

2023-09 was issued in December 2023 and aims to enhance the transparency and decision usefulness of income tax disclosures by requiring disaggregated information related to the effective tax rate reconciliation as well as information on income taxes paid.

This standard is effective for annual periods beginning after December 15, 2024 and requires prospective application with the option to apply retrospectively.

The adoption of this standard is not expected to have an impact on the Company’s financial statements.

NOTE 3 - ACQUISITIONS

Enterprise Bancorp, Inc.

On July 1, 2025, the Company completed the acquisition of Enterprise.

For each share of Enterpr ise common stock, Enterprise stockholders had the right to receive 0.60 shares of the Company's common stock and $ 2.00 in cash, with cash paid in lieu of fractional shares.

Total consideration was $ 503.1 million and consisted of $477.2 million of equity ( 7,478,906 shares) of Independent Bank Corp.

common stock, plus $ 25.9 million in cash, including cash paid for stock option cancellations and fractional shares.

The transaction qualified as a tax-free reorganization for federal income tax purposes and provided a tax-free exchange for Enterprise stockholders for the portion of the transaction consideration consisting of the Company's common stock.

In addition to increasing its loan and deposit base, the Company believes it will be able to provide a deeper product set to Enterprise customers, as well as benefit from increased operating synergies, improving the long-term operating and financial results of the Company.

The Company accounted for the Enterprise acquisition using the acquisition method pursuant to the Business Combinations Topic of the FASB ASC.

Accordingly, the Company recorded merger and acquisition expenses of $ 27.3 million during the nine months ended September 30, 2025 related to the Enterprise acquisition.

Additionally, the acquisition method

requires the acquirer to recognize the assets acquired and the liabilities assumed at their fair values as of the acquisition date.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition:

Net Assets Acquired at Fair Value

(Dollars in thousands)

Cash $ 123,638

Investments 590,267

Loans 3,913,112

Allowance for credit losses on purchased credit deteriorated (“PCD”) loans ( 9,020 )

Premises and equipment 35,706

Goodwill 98,302

Core deposit and other intangibles 137,503

Other assets 164,908

Total assets acquired 5,054,416

Deposits 4,362,710

Borrowings 62,472

Subordinated debt 59,974

Other liabilities 66,116

Total liabilities assumed 4,551,272

Purchase price $ 503,144

Fair value adjustments to assets acquired and liabilities assumed are generally amortized using either an effective yield or straight-line basis over periods consistent with the average life, useful life and/or contractual term of the related assets and liabilities.

Fair values of the major categories of assets acquired and liabilities assumed were determined as follows:

Cash and Cash Equivalents

The fair values of cash and cash equivalents approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities.

The fair values of securities were based on quoted market prices for identical securities received from an independent, nationally-recognized, third party pricing service.

Prices provided by the independent pricing service were based on recent trading activity and other observable information including, but not limited to, market interest rate curves, referenced credit spreads and estimated prepayment rates where applicable.

The loans acquired were recorded at fair value.

Fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected, as adjusted for an estimate of future credit losses and prepayments, and then applying a market-based discount rate to those cash flows.

Acquired loans were reviewed to determine if any had experienced a more-than-insignificant deterioration in credit quality since origination.

Loans meeting established criteria to indicate more-than-insignificant deterioration were identified as PCD loans.

In connection with the Enterprise acquisition, the Company recorded an allowance for credit losses on PCD loans of approximately $ 9.0 million.

For PCD loans acquired from Enterprise, a reconciliation of the difference between the purchase price and par value of the

assets acquired is presented below:

As of July 1, 2025

(Dollars in thousands)

Gross amortized cost basis at July 1, 2025 406,135

Allowance for credit losses on PCD loans ( 9,020 )

Interest and liquidity discount ( 10,444 )

Basis in PCD loans at acquisition - estimated fair value 386,671

For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, also referred to as non-PCD loans, the Company estimated an allowance for credit losses based on the Company’s methodology for determining the allowance under CECL.

The resulting allowance on non-PCD loans was $ 34.5 million, which was recorded through a charge to provision for credit losses on the date of acquisition.

Premises and Equipment

The fair value of the premises, including land, buildings and improvements, was determined based upon appraisals by licensed real estate appraisers.

The appraisals were based upon the best and highest use of the property with final values determined based upon an analysis of the cost, sales comparison and income capitalization approaches for each property appraised.

Lease Assets and Lease Liabilities

Lease assets and liabilities were measured using a methodology to estimate the future rental payments over the remaining lease term with discounting using the Company’s incremental borrowing rate.

The lease term was determined for individual leases based on the Company’s assessment of the probability of exercising renewal options.

The net effect of any off-market terms in a lease were also discounted and applied to the balance of the lease asset.

Core Deposit Intangible

The fair value of the core deposit intangible is derived by comparing the interest rate and servicing costs that the financial institution pays on the core deposit liability versus the current market rate for alternative sources of financing, while factoring in estimates over the remaining life and attrition rate of the deposit accounts.

The intangible asset represents the stable and relatively low cost source of funds that the deposits and accompanying relationships provide the Company, when compared to alternative funding sources.

Wealth Management Customer List Intangible

The acquired wealth management division has longstanding relationships with a significant number of its customers which have been developed over time and are essential to the business.

The fair value of the Enterprise wealth management customer relationship intangible was determined utilizing variations and combinations of the income and cost approaches.

Revenue growth and customer attrition assumptions were used to determine projected cash flows, with adjustments made for contributory asset charges and costs associated with new customer development.

The resulting net, or excess, earnings attributable to these relationships was then discounted to present value using an appropriate discount rate.

The fair value of acquired savings and transaction deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand.

Selected Pro Forma Results

The following summarizes the unaudited pro forma results of operations as if the Company acquired Enterprise on January 1, 2025 (2024 amounts represent combined results for the Company and Enterprise).

The selected pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the acquisition actually been completed at the beginning of the period presented, nor does it indicate future results for any other interim or full-year period.

Three Months Ended Nine Months Ended

September 30 September 30

2025 2024 2025 2024

(Dollars in thousands)

Net interest income $ 203,344 $ 179,722 $ 575,576 $ 526,439

Net income $ 34,262 $ 52,934 $ 129,565 $ 170,053

Included in the pro forma net income results for the three and nine months ended September 30, 2025 are merger-related costs of $ 18.0 million and $ 38.0 million, net of tax, recognized by both the Company and Enterprise in the aggregate, respectively.

These costs were primarily made up of severance, contract terminations due to the change in control, legal fees and integration costs.

NOTE 3 - SECURITIES

Trading Securities

The Company had trading securities of $ 4.6 million and $ 4.2 million as of September 30, 2025 and December 31, 2024, respectively.

The Company had trading securities of $ 5.5 million and $ 4.7 million as of March 31, 2026 and December 31, 2025, 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 $ 21.6 million and $ 21.2 million as of September 30, 2025 and December 31, 2024, respectively.

The Company had equity securities of $ 21.5 million and $ 21.6 million as of March 31, 2026 and December 31, 2025, 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 Nine Months Ended

September 30 September 30

2025 2024 2025 2024

Three Months Ended

Dollars in thousands

4 unchanged sentences

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:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Gains Gross Unrealized

8 unchanged sentences

Agency collateralized mortgage obligations 267,747 202 ( 7,962 ) — 259,987 273,321 784 ( 4,529 ) — 269,576

Non-taxable municipal securities 14,611 54 — — 14,665 197 — ( 3 ) — 194

Taxable municipal securities 217,056 2,355 ( 67 ) — 219,344 — — — — —

Municipal securities 229,123 1,506 ( 184 ) — 230,445 230,052 3,056 ( 30 ) — 233,078

Pooled trust preferred securities issued by banks and insurers 1,120 — ( 76 ) — 1,044 1,120 — ( 78 ) — 1,042

1 unchanged sentence

Total available for sale securities $ 2,148,222 $ 3,617 $ ( 63,474 ) $ — $ 2,088,365 $ 2,051,822 $ 8,302 $ ( 55,877 ) $ — $ 2,004,247

Excluded from the table above is accrued interest on available for sale securities of $ 6.0 million and $ 2.9 million at September 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 nine months ended September 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 September 30, 2025 and December 31, 2024.

Excluded from the table above is accrued interest on available for sale securities of $ 6.2 million and $ 5.6 million at March 31, 2026 and December 31, 2025, 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, 2026 and 2025.

Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2026 and December 31, 2025, respectively.

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

During the three and nine months ended September 30, 2025, the Company sold approximately $74.3 million of available for sale securities, largely comprised of securities acquired from the Enterprise acquisition, recognizing a loss of approximately $ 64,000 .

The Company had no sales of securities available for sale during the three and nine months ended September 30, 2024.

The Company had no sales of securities available for sale during the three months ended March 31, 2026 and 2025, 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:

September 30, 2025

March 31, 2026

Less than 12 months 12 months or longer Total

8 unchanged sentences

Agency collateralized mortgage obligations 80 224,557 ( 6,549 ) 22,206 ( 1,413 ) 246,763 ( 7,962 )

Taxable municipal securities 18 15,952 ( 67 ) — — 15,952 ( 67 )

Municipal securities 56 49,363 ( 184 ) — — 49,363 ( 184 )

Pooled trust preferred securities issued by banks and insurers 1 — — 1,044 ( 76 ) 1,044 ( 76 )

12 unchanged sentences

Agency collateralized mortgage obligations 54 175,697 ( 3,216 ) 23,265 ( 1,313 ) 198,962 ( 4,529 )

Non-taxable municipal securities 1 194 ( 3 ) — — 194 ( 3 )

Municipal securities 8 6,792 ( 30 ) — — 6,792 ( 30 )

Pooled trust preferred securities issued by banks and insurers 1 — — 1,042 ( 78 ) 1,042 ( 78 )

3 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 and nine months ended September 30, 2025 and 2024.

As a result, the Company did not recognize a provision for credit losses on these investments during the three months ended March 31, 2026 and 2025.

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 September 30, 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 March 31, 2026:

Government Agency Securities, U.S.

4 unchanged sentences

Government or one of its agencies.

• Taxable Municipal Securities :

• Municipal Securities :

This portfolio has contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment.

7 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:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Gains Gross Unrealized

9 unchanged sentences

Total held to maturity securities $ 1,256,566 $ 285 $ ( 90,549 ) $ — $ 1,166,302 $ 1,279,027 $ 522 $ ( 88,816 ) $ — $ 1,190,733

Substantially all held to maturity securities held by the Company are guaranteed by the U.S.

All held to maturity securities held by the Company are guaranteed by the U.S.

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 and nine months ended September 30, 2025 and 2024.

Excluded from the table above is accrued interest on held to maturity securities of $ 3.0 million and $ 3.8 million at September 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 nine months ended September 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 September 30, 2025 and December 31, 2024.

Excluded from the table above is accrued interest on held to maturity securities of $ 2.8 million and $ 3.4 million at March 31, 2026 and December 31, 2025, 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, 2026 and 2025.

Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2026 and December 31, 2025.

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 and nine months ended September 30, 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 months ended March 31, 2026 and 2025, 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 September 30, 2025, all held to maturity securities held by the Company were rated investment grade or higher.

As of March 31, 2026, 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 September 30, 2025 is presented below:

A schedule of the contractual maturities of securities available for sale and securities held to maturity at March 31, 2026 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

9 unchanged sentences

Agency collateralized mortgage obligations — — 4,448 4,444 1,800 1,689 261,499 253,854 267,747 259,987

Non-taxable municipal securities 2,690 2,692 7,811 7,816 4,110 4,157 — — 14,611 14,665

Taxable municipal securities 500 500 91,242 91,982 123,443 124,968 1,871 1,894 217,056 219,344

Municipal securities 1,923 1,925 119,275 119,807 106,466 107,224 1,459 1,489 229,123 230,445

Pooled trust preferred securities issued by banks and insurers — — — — — — 1,120 1,044 1,120 1,044

8 unchanged sentences

Total $ 518,009 $ 509,866 $ 1,146,719 $ 1,096,904 $ 248,874 $ 239,224 $ 1,491,186 $ 1,408,673 $ 3,404,788 $ 3,254,667

Included in the table above is $ 132.7 million of callable securities at September 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 $ 2.6 billion and $ 2.1 billion at September 30, 2025 and December 31, 2024, respectively.

At September 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.

Included in the table above is $ 130.0 million of callable securities at March 31, 2026.

The carrying value of securities pledged to secure public funds, trust deposits, and for other purposes, as required or permitted by law, was $ 2.8 billion and $ 2.5 billion at March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026 and December 31, 2025, 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 September 30, 2025

Three Months Ended March 31, 2026

(Dollars in thousands)

8 unchanged sentences

Recoveries 159 190 — — 12 598 959

Initial reserve on PCD loans 4,016 2,796 1,739 297 118 54 9,020

Provision for credit losses 13,193 13,381 6,011 4,179 1,146 609 38,519

Ending balance (1) $ 54,482 $ 77,083 $ 15,933 $ 29,890 $ 12,187 $ 901 $ 190,476

Three Months Ended September 30, 2024

(Dollars in thousands)

Commercial and

Industrial Commercial

Real Estate Commercial

Construction Residential

Real Estate Home Equity Other Consumer Total

Allowance for credit losses

Beginning balance $ 38,393 $ 67,051 $ 7,804 $ 24,836 $ 11,755 $ 1,020 $ 150,859

Charge-offs ( 6,049 ) — — — ( 38 ) ( 919 ) ( 7,006 )

Recoveries 6 — — — 14 323 343

Provision for (release of) credit losses 1,617 2,110 ( 42 ) 646 880 289 5,500

Ending balance (1)

Nine Months Ended September 30, 2025

$ 49,282 $ 82,992 $ 14,212 $ 29,900 $ 13,268 $ 906 $ 190,560

Three Months Ended March 31, 2025

(Dollars in thousands)

8 unchanged sentences

Recoveries 15 — — — 18 475 508

Initial reserve on PCD loans 4,016 2,796 1,739 297 118 54 9,020

Provision for credit losses 23,790 23,933 6,028 4,355 1,079 1,534 60,719

Ending balance (1) $ 54,482 $ 77,083 $ 15,933 $ 29,890 $ 12,187 $ 901 $ 190,476

Nine Months Ended September 30, 2024

(Dollars in thousands)

Commercial and

Industrial Commercial

Real Estate Commercial

Construction Residential

Home Equity Other Consumer Total

Allowance for credit losses

Beginning balance $ 36,049 $ 61,305 $ 7,683 $ 23,637 $ 12,797 $ 751 $ 142,222

Charge-offs ( 6,218 ) — — — ( 49 ) ( 2,428 ) ( 8,695 )

Recoveries 144 — — — 295 980 1,419

Provision for (release of) credit losses 6,572 7,694 211 231 ( 83 ) 375 15,000

Ending balance (1)

(1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 70.8 million and $ 55.3 million as of September 30, 2025 and September 30, 2024, respectively.

The balance of allowance for credit losses increased $ 20.5 million to $ 190.5 million as of September 30, 2025, as compared to $ 170.0 million at December 31, 2024.

The increase was driven primarily by $43.5 million in initial allowance

reserves recorded on the acquired Enterprise portfolio, including $34.5 million and $9.0 million attributable to non-PCD and PCD loans, respectively, as well as additional specific reserve allocations on certain commercial loans during the first nine months of 2025.

These increases were partially offset by charge-offs on several classified commercial loans which had been previously reserved for.

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

Each of these loan categories possesses unique risk characteristics that are considered when determining the appropriate level of allowance for each segment.

$ 37,219 $ 61,416 $ 8,377 $ 25,469 $ 10,846 $ 765 $ 144,092

(1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 69.1 million and $ 53.7 million as of March 31, 2026 and March 31, 2025, respectively.

The balance of allowance for credit losses increased $ 683,000 to $ 190.6 million as of March 31, 2026, as compared to $ 189.9 million at December 31, 2025, driven by provision for credit losses of $ 5.5 million, offset by net charge-offs of $4.8 million.

Each of the following loan categories possesses unique risk characteristics that are considered when determining the appropriate level of allowance for each segment.

Some of the characteristics unique to each loan category include:

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Collateral values are determined based upon third party appraisals and evaluations.

Permissible loan to value ratios at origination are governed by Company policy and regulatory guidelines.

Permissible loan to value ratios at origination are

governed by Company policy and regulatory guidelines.

Repayment sources vary depending upon the type of project and may consist of proceeds from the sale or lease of units, operating cash flows or liquidation of other assets.

For the commercial portfolio the Company typically obtains personal guarantees for payment from individuals holding material ownership interests in the borrowing entities.

For the commercial portfolio the Company typically obtains personal guarantees for payment from individuals and/or from other corporate or business entities holding a material ownership interest in the borrowing entities.

Guarantees may be either unlimited or limited with respect to guaranteed loan amounts or with respect to other terms and conditions.

Consumer Portfolio

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Under this structure, consumer loans less than 90 days past due are assigned a “pass” rating, while any consumer loans 90 days or more past due are assigned a “default” rating.

The following tables detail the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of September 30, 2025, and gross charge-offs for the nine month period then ended:

September 30, 2025

The following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year, as of March 31, 2026, and gross charge-offs for the three month period then ended:

March 31, 2026

2026 2025 2024 2023 2022 Prior Revolving Loans Revolving converted to Term (1)

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Total current-period gross write-offs $ 1,065 $ 4,224 $ 22 $ 20 $ 11 $ 44 $ 390 $ — $ 5,776

The following tables detail the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of December 31, 2024, and gross charge-offs for the year then ended:

The following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year, as of December 31, 2025, and gross charge-offs for the year then ended:

December 31, 2025

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Total current-period gross write-offs $ 12,554 $ 64 $ 26,934 $ 98 $ 7,989 $ 1,411 $ 7,754 $ — $ 56,804

(1) Amounts presented represent the amortized cost as of September 30, 2025 and December 31, 2024 of revolving loans that were converted to term loans during the nine and twelve months then ended, respectively.

(1) Amounts presented represent the amortized cost as of March 31, 2026 and December 31, 2025 of revolving loans that were converted to term loans during the three and twelve months then ended, respectively.

(2) Loan origination dates in the tables above reflect the original origination date, or the date of a material modification of a previously originated loan.

9 unchanged sentences

LTV (re-valued) (1)

57.3 % 57.2 %

Home equity portfolio

1 unchanged sentence

LTV (re-valued) (2)(3)

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

45.9 % 45.3 %

(1) The average FICO scores at March 31, 2026 are based upon rescores from March 2026, as available for previously originated loans, or the origination score data for loans booked in March 2026.

The average FICO scores at December 31, 2025 were based upon rescores from December 2025, as available for previously originated loans, or origination score data for loans booked in December 2025.

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

(2) The combined LTV ratios for March 31, 2026 are based upon updated automated valuations as of February 2026, when available, and/or the most current valuation data available.

The combined LTV ratios for December 31, 2025 were based upon updated automated valuations as of November 2025, when available, and/or the most current valuation data available.

2 unchanged sentences

(3) For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines.

Unfunded Commitments

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 $ 1.7 million and $1.4 million at September 30, 2025 and December 31, 2024, respectively.

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.

Delinquent loans are managed by a team of collection specialists and the Company seeks to make arrangements to resolve any delinquent or default situation over the shortest possible time frame.

As a general rule, loans 90 days or more past due with respect to principal or interest are classified as non-accrual loans.

The Company also may use discretion regarding other loans 90 days or more delinquent if the loan is well secured and/or in process of collection.

As a general rule, loans 90 days or more past due with respect to principal or interest are classified as non-accrual loans, or sooner if management considers such action to be prudent.

However, loans that are 90 days or more past due may be kept on accruing status if the loan is well secured and/or in process of collection.

The following table shows information regarding non-accrual loans as of the dates indicated:

Non-accrual Balances

September 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

March 31, 2026 December 31, 2025

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

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

(Dollars in thousands)

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(1) Non-accrual 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 non-accrual status, and, as such, the Company did not record any interest income on non-accrual loans during the three and nine months ended September 30, 2025 and 2024, respectively, except for instances where non-accrual loans were paid off in excess of the recorded book balance.

Total accrued interest reversed against interest income amounted to $ 173,000 and $ 95,000 for the three months ended September 30, 2025 and 2024, respectively, and $ 741,000 and $ 594,000 for the nine months ended September 30, 2025 and 2024, respectively.

It is the Company’s policy to reverse any accrued interest when a loan is put on non-accrual status, and, as such, the Company did not record any interest income on non-accrual loans during the three months ended March 31, 2026 and 2025, respectively, except for instances where non-accrual loans were paid off in excess of the recorded book balance.

Total accrued interest reversed against interest income amounted to $ 215,000 and $ 344,000 for the three months ended March 31, 2026 and 2025, respectively.

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in thousands)

2 unchanged sentences

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

September 30, 2025

March 31, 2026

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

16 unchanged sentences

Other consumer (1)

588 278 13 15 3 20 604 313 38,869 39,182

Total 697 $ 43,038 69 $ 7,208 98 $ 25,976 864 $ 76,222 $ 18,349,256 $ 18,425,478

18 unchanged sentences

Other consumer (1)

624 321 15 27 3 3 642 351 45,931 46,282

Total 716 $ 24,766 62 $ 8,814 89 $ 26,482 867 $ 60,062 $ 18,443,715 $ 18,503,777

(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 $ 7.2 million and $ 6.1 million at September 30, 2025 and December 31, 2024, respectively.

Net unamortized discounts on acquired loans included in the ending balance were $ 163.1 million and $ 8.1 million at September 30, 2025 and December 31, 2024, respectively.

(2) The amount of net deferred fees/costs on originated loans included in the ending balance was $ 7.9 million and $ 7.7 million at March 31, 2026 and December 31, 2025, respectively.

Net unamortized discounts on acquired loans included in the ending balance were $ 147.8 million and $ 157.0 million at March 31, 2026 and December 31, 2025, respectively.

Unfunded Commitments

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 $ 1.9 million and $ 1.8 million at March 31, 2026 and December 31, 2025, 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 September 30, 2025

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

(Dollars in thousands)

Term Extension

Commercial real estate $ 13,151 0.16 % Added a weighted-average contractual term of 1.1 years to the life of the loans

Residential real estate 737 0.03 % Added a weighted-average contractual term of 6.8 years to the life of the loans

Home equity 7 — % Added a weighted-average contractual term of 1.1 years to the life of the loans

Total $ 13,895

Other Than Insignificant Payment Delay

Commercial and industrial $ 161 — % Modification was made with minimal financial effect

Term Extension and Interest Rate Reduction

Home equity $ 102 0.01 % Extended the contractual term on one loan by 15.4 years and reduced the interest rate from 7.24 % to 6.88 %

Total Outstanding Modified $ 14,158

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

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

1 unchanged sentence

Term Extension

Commercial and industrial $ 8,965 0.20 % Added a weighted-average contractual term of 1 year to the life of the loans

Commercial real estate 16,711 0.20 % Added a weighted-average contractual term of 1 year to the life of the loans

Residential real estate 1,008 0.03 % Added a weighted-average contractual term of 9.8 years to the life of the loans

Home equity 251 0.02 % Added a weighted-average contractual term of 5.1 years to the life of the loans

Total $ 26,935

Other Than Insignificant Payment Delay

Commercial and industrial $ 733 0.02 % Modification was made with minimal financial effect

Commercial real estate 11,002 0.13 % Modification was made with minimal financial effect

Total $ 11,735

Term Extension and Interest Rate Reduction

Commercial and industrial $ 89 — % 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 25,060 0.30 % 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 1,285 0.10 % Added a weighted-average contractual term of 22.9 years to the life of the loans and reduced the weighted-average interest rate from 7.25 % to 6.88 %

Total $ 26,434

Term Extension and Other Than Insignificant Payment Delay

Commercial real estate $ 22,248 0.27 % Modification on one loan included an interest rate reduction from 5.91 % to 5.50 % and payment deferral of 13 months

Commercial and industrial $ 1,090 0.02 % Extended contractual term on one loan by 1 year

Commercial real estate 15,170 0.19 % Added a weighted-average contractual term of 10 months to the life of the loans

Total $ 16,260

Total Outstanding Modified $ 87,352

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

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

3 unchanged sentences

Commercial real estate 3,375 0.05 % Added a weighted-average contractual term of 6 months to the life of the loans

Residential real estate 277 0.01 % Extended contractual term on one loan by 17.8 years

Total $ 8,856

Nine Months Ended September 30, 2024

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

(Dollars in thousands)

Term Extension

Commercial and industrial $ 13,161 0.42 % Added a weighted-average contractual term of 1.1 years to the life of the loans

Commercial real estate 32,588 0.47 % Added a weighted-average contractual term of 5 months to the life of the loans

Commercial construction 3,488 0.47 % Added a weighted-average contractual term of 10 months to the life of the loans

Residential real estate 297 — % Extended the contractual term on one loan by 6.2 years

Other Than Insignificant Payment Delays

Commercial real estate $ 11,002 0.16 % Modification was made with minimal financial effect

Total $ 11,002

Interest Rate Reduction

Commercial and industrial $ 42 — % Reduced contractual rate on one loan from 11.00 % to 8.20 %

Home equity 64 0.01 % Reduced contractual rate on one loan from 7.99 % to 7.00 %

Term Extension and Interest Rate Reduction

Commercial and industrial $ 131 — % Added a weighted-average contractual term of 1.8 years to the life of the loans and reduced the weighted-average interest rate from 10.14 % to 7.02 %

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 %

Other Than Insignificant Payment Delay

Commercial and industrial $ 1,809 0.06 % Modification made with minimal financial effect

Commercial real estate 6,350 0.09 % Modification made with minimal financial effect

Total $ 13,067

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 September 30, 2025 and September 30, 2024, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms.

At March 31, 2026, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms.

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 and was in the process of being resolved.

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

During the three and nine months ended September 30, 2025 and September 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 September 30, 2025, the Company had $ 2.5 million in additional commitments to lend to three borrowers experiencing financial difficulty whose loans were modified and included in the above tables for the nine months then ended.

At September 30, 2024, 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 nine months then ended.

During the three months ended March 31, 2026 and March 31, 2025, 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, 2026, the Company had $ 1.9 million in additional commitments to lend to one borrower experiencing financial difficulty, pertaining to a term extension granted on a commercial and industrial loan during the three months then ended.

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.

Loan modifications to borrowers experiencing financial difficulty are evaluated on a collective basis with loans sharing similar risk characteristics in accordance with the CECL methodology.

NOTE 6 - BORROWINGS

On March 25, 2025, the Company completed the issuance of $ 300.0 million of fixed-to-floating rate subordinated notes (“the Notes”).

The Notes mature on April 1, 2035, however, with regulatory approval, the Company may redeem the Notes without penalty at any scheduled payment date on or after April 1, 2030.

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 has used, and intends to use, the net proceeds for general corporate purposes, including the redemption of $ 60.0 million of Enterprise’s 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.

On September 22, 2025, the Company entered into a multi-year advance term loan credit facility with U.S.

Bank National Association for an aggregate principal amount of up to $ 125.0 million, which includes a one-year advance period, after which any amounts outstanding shall convert to a two-year term loan.

The proceeds of this facility will be used primarily to finance share repurchases under the Company's stock buyback plan.

NOTE 5 - STOCK BASED COMPENSATION

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

During the three months ended March 31, 2026, the Company had the following activity related to stock based compensation:

Time-Vested Restricted Stock Awards

1 unchanged sentence

Date Shares Granted Plan Grant Date Fair Value Per Share Vesting Period

2/15/2025 1,090 2023 Omnibus Incentive Plan $ 69.09 Ratably over 3 years from grant date

2/20/2025 113,000 2023 Omnibus Incentive Plan $ 68.83 Ratably over 3 years from grant date

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

7/01/2025 2,814 2018 Non-Employee Director Stock Plan $ 63.67 Immediately upon grant date

7/15/2025 7,620 2023 Omnibus Incentive Plan $ 65.63 At the end of 5 years from grant date

7/15/2025 25,220 2023 Omnibus Incentive Plan $ 65.63 Ratably over 3 years from grant date

9/15/2025 1,430 2023 Omnibus Incentive Plan $ 69.74 Ratably over 3 years from grant date

2/19/2026 142,000 2023 Omnibus Incentive Plan $ 80.45 Ratably on February 27th of 2027, 2028 and 2029

Performance-Based Restricted Stock Awards

On February 20, 2025, the Company granted 43,100 performance-based restricted stock awards, representing the maximum number of shares that may be earned under the awards, to certain executive level employees.

On February 19, 2026, the Company granted performance-based restricted stock awards to certain executive level employees.

These performance-based restricted stock awards were issued from the 2023 Omnibus Incentive Plan and were determined to have a grant date fair value per share of $ 80.45 .

1 unchanged sentence

The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved subsequent to the performance period, or March 15, 2029.

On March 19, 2025, the performance-based restricted stock awards that were awarded on February 17, 2022 vested at 78 % of the maximum target shares awarded, or 10,255 shares, net of forfeitures.

Excluding the impact of any forfeitures, achievement of target performance will result in the issuance of 20,150 shares, while achievement of the maximum performance will result in the issuance of 40,300 shares.

On March 12, 2026, the performance-based restricted stock awards that were awarded on February 16, 2023 vested at 92 % of the target shares awarded, or 11,206 shares, net of forfeitures.

NOTE 6 - DERIVATIVE AND HEDGING ACTIVITIES

7 unchanged sentences

Accordingly, the Company clears certain derivative transactions through the Chicago Mercantile Exchange Clearing House (“CME”).

This clearing house requires the Company to post initial and variation margin to mitigate the risk of non-payment, the latter of which is received or paid daily based on the net asset or liability position of the contracts.

The CME requires the Company to post initial and variation margin to mitigate the risk of non-payment, the latter of which is received or paid daily based on the net asset or liability position of the contracts.

Interest Rate Positions

3 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:

September 30, 2025

March 31, 2026

Weighted Average Rate

23 unchanged sentences

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 $ 176,000 (pre-tax) to be reclassified as an increase to net interest income and $ 5.2 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 September 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 September 30, 2025.

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

The Company expects approximately $ 270,000 (pre-tax) to be reclassified as an increase to net interest income and $ 4.4 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, 2026.

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, 2026.

The Company had no fair value hedges as of March 31, 2026 or December 31, 2025.

Customer Related Positions

17 unchanged sentences

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

September 30, 2025

March 31, 2026

(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 decreased by $ 152,000 and $ 16,000 for the three months ended September 30, 2025 and 2024, respectively.

For the nine months ended September 30, 2025 and 2024, respectively, the fair value of loans held for sale increased by $ 171,000 and $ 167,000 .

The fair value of loans held for sale decreased by $ 417,000 and increased by $ 57,000 for the three months ended March 31, 2026 and 2025, respectively.

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 $ 1.8 million and $ 1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 3.3 million and $ 3.2 million for the nine months ended September 30, 2025 and 2024, respectively.

The aggregate amount of net realized gains on sales of mortgage loans included within mortgage banking income was $ 1.7 million and $ 705,000 for the three months ended March 31, 2026 and 2025, respectively.

Balance Sheet Offsetting

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2026 December 31

2024 September 30

2025 March 31

2026 December 31

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Total derivatives not designated as hedges 52,320 60,053 51,801 59,636

Total 64,764 103,958 73,987 123,755

Total gross derivatives on the balance sheet 52,604 60,130 60,280 67,965

Netting Adjustments (5)

( 25,893 ) ( 25,765 ) 8,178 8,135

Net derivatives on the balance sheet 26,711 34,365 52,102 59,830

Gross amounts not offset on the balance sheet:

Financial instruments (6)

Cash collateral pledged (received) ( 12,284 ) ( 33,283 ) 3,179 —

Net Derivative Amounts $ 19,500 $ 21,117 $ 54,991 $ 99,783

4,528 5,164 4,528 5,164

Cash collateral 8,275 12,420 720 3,130

Net derivatives not offset $ 13,908 $ 16,781 $ 46,854 $ 51,536

(1) All asset derivatives are reflected in other assets on the balance sheet.

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

(3) Approximately $ 97,000 and $ 1.3 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at September 30, 2025, in comparison to accrued interest receivable of approximately $ 195,000 and $ 2.2 million, respectively, at December 31, 2024.

(4) Approximately $ 571,000 and $ 1.3 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at September 30, 2025, in comparison to accrued interest payable of approximately $ 825,000 and $ 2.2 million, respectively, at December 31, 2024.

(3) Approximately $ 14,000 and $ 1.0 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at March 31, 2026, in comparison to accrued interest payable of approximately $ 9,000 and accrued interest receivable of approximately $ 1.2 million, respectively, at December 31, 2025.

(4) Approximately $ 284,000 and $ 1.0 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at March 31, 2026, in comparison to accrued interest payable of approximately $ 363,000 and $ 1.2 million, respectively, at December 31, 2025.

(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.

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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 Nine Months Ended

September 30 September 30

2025 2024 2025 2024

Three Months Ended

(Dollars in thousands)

Derivatives designated as hedges

Gain in OCI on derivatives (effective portion), net of tax $ 1,397 $ 8,753 $ 7,182 $ 9,000

(Loss) gain in OCI on derivatives (effective portion), net of tax $ ( 32 ) $ 3,456

Loss reclassified from OCI into interest income or interest expense (effective portion) $ ( 1,367 ) $ ( 2,670 )

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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 September 30, 2025 and December 31, 2024.

All derivative instruments with credit-risk contingent features were in a net asset position at March 31, 2026 and December 31, 2025.

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

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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 $ 52.0 million and $ 97.0 million at September 30, 2025 and December 31, 2024, respectively.

The Company’s exposure relating to customer counterparties was approximately $ 8.8 million and $ 1.4 million at September 30, 2025 and December 31, 2024, respectively.

The Company’s exposure relating to institutional counterparties was $ 45.4 million and $ 49.7 million at March 31, 2026 and December 31, 2025, respectively.

The Company’s exposure relating to customer counterparties was approximately $ 5.0 million and $ 8.1 million at March 31, 2026 and December 31, 2025, respectively.

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

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The unavailability or reduced availability of pricing or other input information could cause an instrument to be reclassified from one level to another.

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 Fair Value Measurements and Disclosures Topic of the FASB 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:

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Valuation Techniques

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

There were no changes in the valuation techniques used during the three months ended March 31, 2026.

Trading and Equity Securities

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otherwise, they are classified as Level 2.

Non-taxable and Taxable Municipal Securities

Municipal Securities

The fair value is estimated using a valuation matrix with inputs including bond interest rate tables, recent transactions, and yield relationships.

These securities are categorized as Level 2.

Single and Pooled Issuer Trust Preferred Securities

The fair value of trust preferred securities, including pooled and single issuer preferred securities, is estimated using external pricing models, discounted cash flow methodologies or similar techniques.

Pooled Issuer Trust Preferred Securities

The fair value of pooled issuer trust preferred securities is estimated using external pricing models, discounted cash flow methodologies or similar techniques.

The inputs used in these valuations include benchmark yields, reported trades, new issue data, broker dealer quotes, and collateral performance.

If there is at least one significant model assumption or input that is not observable, these securities are classified as Level 3 within the fair value hierarchy;

If there is at least one significant model assumption or input that is

not observable, these securities are classified as Level 3 within the fair value hierarchy;

otherwise, they are classified as Level 2.

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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 September 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.

However, as of March 31, 2026 and December 31, 2025, 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.

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Certain inputs used in appraisals are not always observable, and therefore OREO and Other Foreclosed Assets may be classified as Level 3 within the fair value hierarchy.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets are subject to impairment testing.

The Company conducts an annual impairment test of goodwill in the third quarter of each year, or more frequently if necessary.

Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

To estimate the fair value of goodwill and, if necessary, other intangible assets, the Company utilizes both a comparable analysis of relevant price multiples in recent market transactions and a discounted cash flow analysis.

Both valuation models require a significant degree of management judgment.

In the event the fair value as determined by the valuation model is less than the carrying value, the intangibles may be impaired.

If the impairment testing resulted in impairment, the Company would classify the impaired goodwill and other intangible assets subjected to non-recurring fair value adjustments as Level 3.

Assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows at the dates indicated:

Assets and liabilities measured at fair value on a recurring and non-recurring basis were as follows at the dates indicated:

Fair Value Measurements at Reporting Date Using

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(Level 2) Significant

September 30, 2025

March 31, 2026

(Dollars in thousands)

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Agency collateralized mortgage obligations 259,987 — 259,987 —

Non-taxable municipal securities 14,665 — 14,665 —

Taxable municipal securities 219,344 — 219,344 —

Municipal securities 230,445 — 230,445 —

Pooled trust preferred securities issued by banks and insurers 1,044 — 1,044 —

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Individually assessed collateral dependent loans (1)

$ 73,348 $ — $ — $ 73,348

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

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Agency collateralized mortgage obligations 269,576 — 269,576 —

Non-taxable municipal securities 194 — 194 —

Municipal securities 233,078 — 233,078 —

Pooled trust preferred securities issued by banks and insurers 1,042 — 1,042 —

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Individually assessed collateral dependent loans (1)

$ 79,868 $ — $ — $ 79,868

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

Total non-recurring fair value measurements $ 81,968 $ — $ — $ 81,968

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(Level 2) Significant

September 30, 2025

March 31, 2026

(Dollars in thousands)

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Loans, net of allowance for credit losses (b)

18,161,570 17,831,282 — — 17,831,282

Federal Home Loan Bank stock (c)

17,752 17,752 — 17,752 —

Cash surrender value of life insurance policies (d)

380,423 380,423 — 380,423 —

Financial liabilities

Deposit liabilities, other than time deposits (e)

$ 16,842,216 $ 16,842,216 $ — $ 16,842,216 $ —

Time certificates of deposits (f)

3,255,294 3,248,416 — 3,248,416 —

Federal Home Loan Bank and other borrowings (f)

316,734 317,436 — 317,436 —

Line of credit (f)

99,969 103,723 — 103,723 —

Junior subordinated debentures (g)

Subordinated debentures (f) 296,275 313,553 — — 313,553

62,863 62,520 — 62,520 —

Subordinated debentures (h)

296,690 306,790 — — 306,790

Fair Value Measurements at Reporting Date Using

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Loans, net of allowance for credit losses (b)

18,234,032 17,842,036 — — 17,842,036

Federal Home Loan Bank stock (c)

21,835 21,835 — 21,835 —

Cash surrender value of life insurance policies (d)

378,576 378,576 — 378,576 —

Financial liabilities

Deposit liabilities, other than time deposits (e)

$ 16,858,570 $ 16,858,570 $ — $ 16,858,570 $ —

Time certificates of deposits (f)

3,268,220 3,262,605 — 3,262,605 —

Federal Home Loan Bank and other borrowings (f)

416,549 417,352 — 417,352 —

Line of credit (f)

49,953 52,494 — 52,494 —

Junior subordinated debentures (g)

62,862 62,492 — 62,492 —

Subordinated debentures (f)

296,483 308,794 — — 308,794

(a) The fair values presented are based on quoted market prices, where available.

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Additionally, this amount excludes individually assessed collateral dependent loans, which are deemed to be marked to fair value on a non-recurring basis.

therefore, the carrying amount approximates fair value.

(c) Federal Home Loan Bank stock has no quoted market value and is carried at cost, therefore the carrying amount approximates fair value.

(d) Cash surrender value of life insurance policies is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore, carrying amount approximates fair value.

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NOTE 8 - REVENUE RECOGNITION

A portion of the Company’s noninterest income is derived from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The Company accounts for such revenues in accordance with ASC 606 - Revenue from Contracts with Customers and considers the terms of the contract and all relevant facts and circumstances when applying this guidance.

To ensure its alignment with this core principle, the Company measures revenue and the timing of recognition by applying the following five steps:

Identify the contract(s) with customers

Identify the performance obligations

Determine the transaction price

Allocate the transaction price to the performance obligations

Recognize revenue when (or as) the entity satisfies a performance obligation

The Company has disaggregated its revenue from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

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

Three Months Ended Nine Months Ended

2025 September 30

2024 September 30

2025 September 30

Three Months Ended

2026 March 31

(Dollars in thousands)

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In each of the revenue streams identified above, there were no significant judgments made in determining or allocating the transaction price, as the consideration and service requirements are generally explicitly identified in the associated contracts.

Additional information related to each of the revenue streams is further noted below.

Deposit Account Fees

The Company offers various deposit account products to its customers governed by specific deposit agreements applicable to either personal customers or business customers.

These agreements identify the general conditions and obligations of both parties, and include standard information regarding deposit account related fees.

Deposit account services include providing access to deposit accounts as well as access to the various deposit transactional services of the Company.

These transactional services are primarily those that are identified in the standard fee schedule, and include, but are not limited to, services such as overdraft protection, wire transfer, and check collection.

Revenue is recognized in conjunction with the various services being provided.

For example, the Company may assess monthly fixed service fees associated with the customer having access to a deposit account, which can vary depending on the account type and daily account balance.

In addition, the Company may also assess separate fixed fees associated with and at the time specific transactions are entered into by the customer.

As such, the Company considers its performance obligations to be met concurrently with providing the account access or completing the requested deposit transaction.

Cash Management

Cash management services are a subset of the Deposit account fees revenue stream.

These services primarily include ACH transaction processing, positive pay and remote deposit services.

These services are also governed by separate agreements entered into with the customer.

The fee arrangement for these services is structured to assess fees under one of two scenarios, either a per transaction fee arrangement or an earnings credit analysis arrangement.

Under the per transaction fee arrangement, fixed fees are assessed concurrently with customers executing the transactions, and as such, the Company considers its performance obligations to be met concurrently with completing the requested transaction.

Under the earnings credit analysis arrangement, the Company provides a monthly earnings credit to the customer that is negotiated and determined based on various factors.

The credit is then available to absorb the per transaction fees that are assessed on the customer’s deposit account activity for the month.

Any amount of the transactional fees in excess of the earnings credit is recognized as revenue in that month.

Interchange Fees

The Company earns interchange revenue from its issuance of credit and debit cards granted through its membership in various card payment networks.

The Company provides credit cards and debit cards to its customers which are authorized and settled through these payment networks, and in exchange, the Company earns revenue as determined by each payment network's interchange program.

The revenue is recognized concurrently with the settlement of card transactions within each network.

The Company deploys automated teller machines (ATMs) as part of its overall branch network.

Certain transactions performed at the ATMs require customers to acknowledge and pay a fee for the requested service.

Certain ATM fees are disclosed in the deposit account agreement fee schedules, whereas those assessed to non-Rockland Trust deposit holders are solely determined during the transaction at the machine.

The ATM fee is a fixed dollar per transaction amount, and as such, is recognized concurrently with the overall daily processing and settlement of the ATM activity.

Investment Management - Wealth Management and Advisory Services

The Company offers investment management and trust services to individuals, institutions, small businesses and charitable institutions.

Each investment management product is governed by its own contract along with a separate identifiable fee schedule unique to that product.

The Company also offers additional services, such as estate settlement, financial planning, tax services and other special services quoted at the client’s request.

Asset management and/or custody fees are based upon a percentage of the monthly valuation of the principal assets in the customer’s account, whereas fees for additional or special services are fixed in nature and are charged as services are rendered.

As the fees are dependent on assets under management, which are susceptible to market factors outside of the Company’s control, this variable consideration is constrained and therefore no revenue is estimated at contract initiation.

As such, all revenue is recognized in correlation to the monthly management fee determinations or as transactional services are provided.

Due to the fact that payments are primarily made subsequent to the valuation period, the Company records a receivable for revenue earned but not received.

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in thousands)

Receivables, included in other assets $ 8,011 $ 7,884

Investment Management - Retail Investments and Insurance Revenue

The Company offers the sale of mutual fund shares, unit investment trust shares, third party model portfolios, general securities, fixed and variable annuities and life insurance products through registered representatives who are both employed by the Company and licensed and contracted with various Broker General Agents to offer these products to the Company’s customer base.

As such, the Company performs these services as an agent and earns a fixed commission on the sales of these

products and services.

To a lesser degree, production bonus commissions can also be earned based upon the Company meeting certain volume thresholds.

In general, the Company recognizes commission revenue at the point of sale, and for certain insurance products, may also earn and recognize annual residual commissions commensurate with annual premiums being paid.

Payment Processing Income

The Company refers customers to third party payment processing partners in exchange for commission and fee income.

The income earned is comprised of multiple components, including a fixed referral fee per each referred customer, a rebate amount determined primarily as a percentage of net revenue earned by the third party from services provided to each referred customer, and overall production bonus commissions if certain new account production thresholds are met.

Payment processing income is recognized in conjunction with either completing the referral to earn the fixed fee amount or as the merchant activity is processed to derive the Company’s rebate and/or production bonus amounts.

Credit Card Income

The Company provides consumer and business credit card solutions to its customers by soliciting new accounts on behalf of a third party credit card provider in exchange for a fee.

The income earned is comprised of new account incentive payments as well as a percentage of interchange income earned by the third party provider offering the consumer and business purpose revolving credit accounts.

The credit card income is recognized in conjunction with the establishment of each new credit card member or as the interchange is earned by the third party in connection with net purchase transactions made by the credit card member.

Other Non-interest Income

The Company earns various types of other non-interest income that fall within the scope of the new revenue recognition rules, and have been aggregated into one general revenue stream in the table noted above.

This amount includes, but is not limited to, the following types of revenue with customers:

Safe Deposit Rent

The Company rents out the use of safe deposit boxes to its customers, which can be accessed when the bank is open for business.

The safe deposit box rental fee is paid upfront and is recognized as revenue ratably over the annual term of the contract.

Foreign Currency

The Company earns fee income associated with various transactions related to foreign currency product offerings, including foreign currency bank notes and drafts and foreign currency wires.

The majority of this income is derived from commissions earned related to customers executing the above-mentioned foreign currency transactions through arrangements with third party correspondents.

NOTE 9 - OTHER COMPREHENSIVE INCOME (LOSS)

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Three Months Ended

September 30, 2025 Nine Months Ended

September 30, 2025

Amount Tax (Expense)

Benefit After Tax

Amount Pre-Tax

March 31, 2026

Amount Tax (Expense)

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Net change in other comprehensive income for defined benefit postretirement plans (1)

Total other comprehensive income $ 13,748 $ ( 3,227 ) $ 10,521 $ 55,596 $ ( 13,151 ) $ 42,445

( 26 ) 7 ( 19 )

Total other comprehensive loss $ ( 12,353 ) $ 2,809 $ ( 9,544 )

Three Months Ended

September 30, 2024 Nine Months Ended

September 30, 2024

Amount Tax (Expense)

Benefit After Tax

Amount Pre-Tax

March 31, 2025

Amount Tax (Expense)

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Net change in other comprehensive income for defined benefit postretirement plans (1)

( 62 ) 17 ( 45 )

Total other comprehensive income $ 25,961 $ ( 6,156 ) $ 19,805

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January 1, 2026 $ ( 36,727 ) $ ( 5,509 ) $ 2,482 $ ( 39,754 )

Net change in other comprehensive income (loss) 35,398 7,182 ( 135 ) 42,445

Net change in other comprehensive loss ( 9,493 ) ( 32 ) ( 19 ) ( 9,544 )

Ending balance:

September 30, 2025 $ ( 44,090 ) $ ( 6,680 ) $ 3,208 $ ( 47,562 )

March 31, 2026 $ ( 46,220 ) $ ( 5,541 ) $ 2,463 $ ( 49,298 )

Beginning balance:

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Ending balance:

September 30, 2024 $ ( 67,561 ) $ ( 11,575 ) $ 1,934 $ ( 77,202 )

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

NOTE 10 - COMMITMENTS AND CONTINGENCIES

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in thousands)

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

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.

During the quarter ended March 31, 2026, there were no significant changes in future minimum lease payments payable by the Company.

See the 2025 Form 10-K for information regarding leases and other commitments.

Other Contingencies

At September 30, 2025, the Bank was involved in pending lawsuits, which management has reviewed with legal counsel and has taken into consideration the view of counsel as to their outcome.

At March 31, 2026, the Bank was involved in pending lawsuits, which management has reviewed with legal counsel and has taken into consideration the view of counsel as to their outcome.

In the opinion of management, the final disposition of pending lawsuits is not expected to have a material adverse effect on the Company’s financial position or results of operations.

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The Company is a bank holding company, the principal subsidiary of which is the Bank.

The Bank provides a variety of banking, investment, and financial services through its retail branches, commercial banking centers, investment management offices, and mortgage lending centers throughout Eastern Massachusetts, as well as in Worcester County;

Southern New Hampshire;

and Rhode Island.

The Bank is a community-oriented commercial bank, and has only one reportable segment, which is community banking.

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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