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Here are 1-3 brief analogies for Independent Bank (INDB):

• Essentially, it's the PNC Bank of Michigan, providing traditional banking services with a strong local focus.
• Think of it as a regional version of a major bank like JPMorgan Chase or Bank of America, but focused entirely on Michigan.
• It's like a Michigan-based US Bank, tailored for local businesses and consumers.

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• Deposit Accounts: Independent Bank offers a variety of checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Lending Services: The bank provides diverse loan products including residential mortgages, commercial real estate loans, consumer loans, and commercial lines of credit.
• Treasury Management Services: Independent Bank offers business solutions for cash flow management, fraud protection, and efficient payment processing.
• Wealth Management & Investment Services: The bank provides financial planning, investment advisory, and trust and estate services for individuals and institutions.
• Credit Cards: Both personal and business credit card products are available for convenient spending and credit building.

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Independent Bank (symbol: INDB) is a financial institution that serves a broad customer base rather than having a few "major customers" in the traditional sense of a company relying on a small number of large contracts. As a bank, it primarily sells financial services to both individuals and businesses. Therefore, its customer base can be described by the following categories:

• Retail and Personal Customers: This category includes individuals and families who utilize the bank for services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), residential mortgages, home equity loans, personal loans, and various other consumer lending products.
• Commercial and Business Customers: Independent Bank serves a wide range of businesses, including small to medium-sized enterprises (SMEs). Services provided to this segment include commercial loans, lines of credit, term loans, commercial real estate loans, business checking and savings accounts, treasury management services, and other business banking solutions.
• Wealth Management and Trust Customers: This segment typically includes high-net-worth individuals, families, and sometimes institutional clients who seek comprehensive financial planning, investment management, trust and estate services, and other specialized advisory services.

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Jeffrey J. Tengel, President, Chief Executive Officer, and Director

Appointed President, Director, and Chief Executive Officer of Independent Bank Corp. and its subsidiary, Rockland Trust Company, in February 2023. Prior to joining, Mr. Tengel served as Senior Executive Vice President and Head of Commercial Specialty Banking with M&T Bank. Earlier, he was the President of Commercial Banking, Retail Banking, and Wealth Management Divisions at People's United.

Mark J. Ruggiero, Chief Financial Officer and Executive Vice President - Consumer Lending

Serves as Chief Financial Officer of Independent Bank Corp. and Rockland Trust since 2019, also holding the title of Executive Vice President - Consumer Lending for Rockland Trust. Previously, he was the Principal Accounting Officer and Controller of Rockland Trust and the company from 2013 to 2019. Before that, he worked as a Manager at Vitale, Caturano & Co.

Ms. Donna L. Abelli, Independent Chairman of the Board

Chairwoman of Independent Bank Corp. since 2012. Ms. Abelli's previous roles include serving as Chief Financial Officer at various publicly traded companies and as President at the Massachusetts Society of CPAs.

Mr. Lee C. Powlus, Executive Vice President, Chief Technology and Operations Officer

Holds the position of Chief Technology and Operations Officer and Executive Vice President of Rockland Trust since 2023. Before this, Mr. Powlus was a Senior Executive Vice President and Chief Administrative Officer at People's United Bank. He also previously worked at Chittenden Corporation.

Ms. Patricia Natale, Executive Vice President, General Counsel, Company Secretary

Serves as Executive Vice President, General Counsel, and Company Secretary for Independent Bank Corp. and Rockland Trust.

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The key risks for Independent Bank (symbol: INDB) primarily revolve around its asset quality, particularly its exposure to commercial real estate, and the successful integration of recent acquisitions.

1. Elevated Commercial Real Estate (CRE) Exposure and Credit Quality: Independent Bank has an elevated exposure to commercial real estate, which presents a significant risk to its asset quality. The bank has increased its provision for credit losses, partly due to the loan portfolios acquired in recent transactions. The estimation of the allowance for credit losses is also complex and involves subjective judgment.
2. Integration Risks from Acquisitions: The bank recently completed the acquisition of Enterprise Bancorp, which has led to merger-related costs and an increased provision for credit losses, impacting net income in the short term. The successful integration of acquired operations, including a planned core system conversion, is crucial for realizing the anticipated benefits and mitigating potential "integration hiccups."
3. General Economic and Regulatory Environment: As a financial institution, Independent Bank is susceptible to broader economic downturns, fluctuations in interest rates, and changes in the regulatory landscape. Unfavorable economic conditions can lead to decreased loan demand, increased loan delinquencies, and reduced service revenues. Additionally, changes in banking laws, regulations, and accounting standards can result in increased compliance costs and strategic adjustments.

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The clear emerging threat for Independent Bank (INDB), a regional community bank, is the rapid growth and increasing market share of digital-native challenger banks (neobanks) and fintech platforms.

These entities, built on entirely digital infrastructure, offer a fundamentally different banking experience. They typically feature superior mobile-first user interfaces, lower operating costs (due to a lack of physical branches), and often attractive fee structures or interest rates. This allows them to acquire customers across geographical boundaries without needing a physical presence, directly competing with INDB for deposits, loans, and primary banking relationships, particularly among younger and digitally-savvy demographics.

This trend is analogous to how Netflix disrupted Blockbuster or how Apple's iPhone challenged Research in Motion's BlackBerry, by offering a new paradigm for service delivery that fundamentally alters customer expectations and preferences, potentially eroding the traditional branch-dependent model.

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Commercial Banking Market (U.S.)

The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is projected to reach USD 915.45 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.56% during this period.

Retail Banking Market (U.S.)

The United States retail banking market is valued at approximately USD 0.87 trillion (or USD 870 billion) in 2025 and is forecasted to reach USD 1.08 trillion by 2030, with a CAGR of 4.22% from 2025 to 2030.

Mortgage Market (U.S.)

Total mortgage balances in the United States reached USD 13.07 trillion at the end of September 2025. Residential mortgage debt in the U.S. was USD 11.92 trillion as of the fourth quarter of 2022.

Wealth Management Market (U.S.)

The United States private banking market, which includes wealth management services, is valued at USD 59.54 billion in 2025 and is expected to grow to USD 94.89 billion by 2030, exhibiting a CAGR of 9.77% during the forecast period.

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Here are 5 expected drivers of future revenue growth for Independent Bank (symbol: INDB) over the next 2-3 years:

1. Strategic Acquisition of Enterprise Bancorp: The acquisition of Enterprise Bancorp, completed on July 1, 2025, is a significant driver of future revenue growth. This integration expands Independent Bank's footprint by adding 27 new branch locations and substantially increasing its loan and deposit portfolios. The full realization of cost synergies from this acquisition is anticipated by the first quarter of 2026, which is expected to bolster net interest income and overall financial performance.
2. Growth in Commercial & Industrial (C&I) and Business Banking Lending: Independent Bank is strategically repositioning its loan portfolio by emphasizing growth in Commercial & Industrial (C&I) and small business lending segments. This strategic shift includes the recruitment of new bankers and has already demonstrated strong annualized growth rates in C&I loans, directly contributing to increased interest income. The company aims for 5-6% loan growth in 2025.
3. Net Interest Margin (NIM) Expansion and Management: Independent Bank has shown consistent improvement in its net interest margin, which directly impacts its primary revenue stream. The bank actively manages its balance sheet to navigate the interest rate environment, with expectations of little impact from future Federal Reserve rate cuts. Analysts project further margin expansion, supported by strategic investments in technology and operational efficiencies designed to enhance net interest income.
4. Robust Deposit Growth and Core Deposit Strategy: Strong and consistent deposit growth, particularly in lower-cost core deposits, provides a stable and economical funding base for Independent Bank's lending operations. This solid deposit franchise is a key differentiator and is crucial for sustaining future loan growth and supporting net interest income.
5. Expansion of Wealth Management Services: The wealth management division is a vital contributor to non-interest income for Independent Bank. This segment continues to experience growth in assets under administration, reaching record levels, partly due to organic growth and contributions from the Enterprise acquisition. The expansion of these comprehensive financial services diversifies the bank's revenue streams and is considered a key value driver.

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Share Repurchases

• Independent Bank Corp. authorized a $150 million stock repurchase program in July 2025, which is valid until July 2026.
• Between July 17, 2025, and September 30, 2025, the company repurchased 365,000 shares for $23.4 million, completing the July 2025 buyback.
• A 2025 share repurchase plan was authorized on December 17, 2024, allowing for the buyback of up to 1,100,000 shares, approximately 5% of its common stock, through December 31, 2025.

Share Issuance

• In July 2025, Independent Bank issued approximately 7.5 million new shares to former shareholders as part of the Enterprise Bancorp acquisition.
• The number of shares outstanding for Independent Bank increased by 3.95% over the past year.
• Analysts anticipate the number of shares outstanding to grow by 7.0% per year for the next three years.

Outbound Investments

• Independent Bank completed the acquisition of Enterprise Bancorp, Inc. on July 1, 2025, a move expected to increase the loan portfolio by approximately 27%.
• In April 2021, Independent Bank acquired East Boston Savings Bank, significantly expanding its presence in metropolitan Boston and increasing its overall asset size.

Capital Expenditures

• Net cash used in investing activities, which includes capital expenditures, was $(7,950) thousand in 2024, $(6,024) thousand in 2023, and $(5,679) thousand in 2022.