Financial Analysis

ACQUISITIONS Enterprise Bancorp, Inc. On July 1, 2025, the Company completed the acquisition of Enterprise Bancorp, Inc. (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) in the form 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 Companys 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 $39.6 million during the year ended December 31, 2025 related to the Enterprise acquisition. Additionally, the acquisition method requires the acquirer to recognize the assets acquired and …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company enters into various transactions to meet the financing needs of its customers, which, in accordance with GAAP, are not included in its Consolidated Balance Sheets. These transactions include commitments to extend credit and standby letters of credit, and loan exposures with recourse, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the Consolidated Balance Sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of these commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. The Company has certain loan exposures for which there is recourse. These loan relationships could require the Company to repurchase or cover certain losses per agreements for certain loans that are either sold or referred to third parties. Standby letters of credit are written conditional commitments issued to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third pa …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS Pension Plans The Company maintains a multiemployer defined benefit pension plan (the Pension Plan) administered by Pentegra Retirement Services (the Fund or Pentegra Defined Benefit Plan for Financial Institutions). The Fund does not segregate the assets or liabilities of all participating employers and accordingly, disclosure of plan assets, accumulated vested and non-vested benefits is not possible. Effective July 1, 2006, the Company froze the defined benefit plan by eliminating all future benefit accruals. In conjunction with the acquisition of Peoples Federal Bancshares, Inc., the parent of Peoples Federal Savings Bank (Peoples) in 2015, the Company acquired the Peoples Federal Defined Benefit Pension Plan (Peoples Plan). The Peoples Plan was frozen at the date of acquisition and maintained in the same manner as the Pension Plan. The Peoples Plan was also administered by Pentegra Retirement Services under the same Fund as the Pension Plan. Effective July 1, 2024, the Company withdrew The Peoples Bank from the Pension Plan and adopted The Peoples Bank Defined Benefit Pension Plan (the Peoples DBP Plan) as a qualified successor plan, which was fully funded. The Companys Board of Directors voted to terminate the Peoples DBP Plan in 2025. As of December 31, 2025, the Peoples DBP Plan was terminated and all obligations due under the terms of the plan were settled. The Companys participation in the Pension Plan and the Peoples Plan (the Pension Plans) f …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

The following table presents the revenue streams that the Company has disaggregated for the periods indicated: Years Ended December 31 2025 2024 2023 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 32,141 $ 26,455 $ 23,486 Interchange fees 13,977 12,513 11,865 ATM fees 4,563 4,568 4,243 Investment management - wealth management and advisory services 44,989 38,311 34,588 Investment management - retail investments and insurance revenue 5,056 4,433 5,603 Payment processing income 2,142 1,848 1,675 Credit card income 2,843 2,341 2,119 Other non-interest income 7,688 5,343 5,684 Total non-interest income in-scope of ASC 606 113,399 95,812 89,263 Total non-interest income out-of-scope of ASC 606 35,290 32,202 35,346 Total non-interest income $ 148,689 $ 128,014 $ 124,609

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STOCK BASED COMPENSATION The Companys stock based plans include the 2018 Non-Employee Director St ock Plan (the 2018 Plan) and the 2023 Omnibus Incentive Plan (the 2023 Plan), which have been approved by the Companys Board of Directors and shareholders. Shares from the 2018 Plan may be awarded in the form of stock options or restricted stock, and shares from the 2023 Plan may be awarded in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, or other stock-based awards from its pool of authorized but unissued shares. Upon adoption of the 2023 Plan on May 18, 2023, the Second Amended and Restated 2005 Employee Stock Plan (the 2005 Plan) was terminated in its entirety and the Company no longer grants awards under the 2005 Plan. However, awards outstanding under the 2005 Plan will continue to remain outstanding in accordance with their terms. The following table presents the amount of cumulatively granted stock option awards and restricted stock awards, net of forfeitures and expirations, granted through December 31, 2025: Authorized Awards Cumulatively Granted, Net of Forfeitures and Expirations Total Authorized but Unissued Stock Option Awards Restricted Stock Awards 2005 Plan 1,650,000 387,258 1,034,517 1,421,775 n/a 2018 Plan 300,000 77,115 77,115 222,885 2023 Plan 1,126,886 330,199 330,199 796,687 The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits r …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions applied by the Company when determining fair value reflect those that the Company determines market participants would use to price the asset or liability at the measurement date. If there has been a significant decrease in the volume and level of activity for the asset or liability, regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received if the asset were to be sold or that would be paid if the liability were to be transferred in an orderly market transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. When determining fair value, the Company considers pricing information and other inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and other inputs may be reduced for certain instruments, or not available at all. 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 FASB ASC defines fair value and establishes a fair value hierarchy tha …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The following table sets forth the carrying value of goodwill and other intangible assets, net of accumulated amortization, at December 31: 2025 2024 (Dollars in thousands) Balances not subject to amortization Goodwill $ 1,090,610 $ 985,072 Balances subject to amortization Core deposit intangibles 119,074 10,689 Other intangible assets 14,502 1,595 Total other intangible assets 133,576 12,284 Total goodwill and other intangible assets $ 1,224,186 $ 997,356 The changes in the carrying value of goodwill for the periods indicated were as follows: 2025 2024 2023 (Dollars in thousands) Balance at beginning of year $ 985,072 $ 985,072 $ 985,072 Acquisitions 105,538 Balance at end of year $ 1,090,610 $ 985,072 985,072 The gross carrying amount and accumulated amortization of other intangible assets were as follows at the dates indicated: December 31 2025 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Core deposit intangibles $ 167,263 $ (48,189) $ 119,074 $ 44,160 $ (33,471) $ 10,689 Other intangible assets 21,200 (6,698) 14,502 6,100 (4,505) 1,595 Total $ 188,463 $ (54,887) $ 133,576 $ 50,260 $ (37,976) $ 12,284 The following table sets forth the estimated annual amortization expense of intangible assets for each of the next five years: Year Amount (Dollars in thousands) 2026 $ 26,091 2027 $ 22,660 2028 $ 19,272 2029 $ 16,367 2030 $ …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The provision for income taxes is comprised of the following components: Years Ended December 31 2025 2024 2023 (Dollars in thousands) Current expense Federal $ 46,155 $ 47,830 $ 51,771 State 14,176 17,816 21,123 Total current expense 60,331 65,646 72,894 Deferred expense (benefit) Federal (1,748) (7,671) 1,336 State (1,535) (2,929) 1,402 Total deferred expense (benefit) (3,283) (10,600) 2,738 Total expense $ 57,048 $ 55,046 $ 75,632 The difference between the statutory federal income tax rate and the effective income tax rate reported for the last three years is detailed below: Years Ended December 31 2025 2024 2023 (Dollars in thousands) Computed statutory federal income tax provision $ 55,056 21.00 % $ 51,897 21.00 % $ 66,178 21.00 % State and local income tax, net of federal income tax benefit 10,420 3.97 % 12,143 4.91 % 17,992 5.71 % Tax Credits Low income housing tax credits (3,594) (1.37) % (4,496) (1.82) % (3,740) (1.19) % Other (27) (0.01) % % (76) (0.02) % Nontaxable or nondeductible items Tax-exempt interest, net of disallowance (3,716) (1.42) % (3,653) (1.48) % (3,508) (1.11) % Other (1,716) (0.65) % (1,629) (0.66) % (2,260) (0.72) % Changes in unrecognized tax benefits (942) (0.36) % (1,215) (0.49) % (655) (0.21) % Other adjustments 1,567 0.60 % 1,999 0.81 % 1,701 0.54 % Effective income tax rate $ 57,048 21.76 % $ 55,046 22.27 % $ 75,632 24.00 % The tax-effected components of the net deferred tax asset at December 31 of the years presented were as f …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES As of December 31, 2025, the Company had entered into 132 noncancellable operating lease agreements for office space, parking , space for ATM locations and certain branch locations, several of which contain renewal options to extend lease terms for a period of 1 to 20 years. The Company has no material financing leases outstanding and no leases with residual value guarantees. As of December 31, 2025, the Company did not have any material sub-lease agreements. The Companys right-of-use asset related to operating leases totaled $73.2 million and $54.5 million at December 31, 2025 and 2024, respectively, and is recognized in the Companys Consolidated Balance Sheet within other assets . When a decision is made to exit a leased location, the Company may incur certain termination costs and/or lease impairment charges, if applicable. The Company recognized no such exit costs during the year ended December 31, 2025, and $555,000 and $589,000 during the years ended December 31, 2024 and 2023, respectively. The following table provides information related to the Companys lease costs for the periods indicated: Years Ended December 31 2025 2024 2023 (Dollars in thousands) Operating lease costs (1) $ 14,962 $ 14,365 $ 14,472 Short-term lease costs 22 37 28 Variable lease costs 4 Total lease costs $ 14,988 $ 14,402 $ 14,500 Weighted-average remaining lease term - operating leases 6.86 years 5.99 years 5.61 years Weighted-average discount rate - operating leases 3.98 % 3.49 % 2.98 % …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Standards Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815 Derivatives and Hedging Update No. 2025-09. 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 entitys 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 Companys financial statements. FASB ASC Topic 326 Financial Instruments - Credit Losses - Purchased Loans Update No. 2025-08 . 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 receiv …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

TRANSACTIONS WITH RELATED PARTIES Certain directors and officers (including their affiliates, certain family members and entities in which they are principal owners) of the Company are customers of and have had, and are expected to have, transactions with the Company, within the ordinary course of business. These transactions include, but are not limited to, lending activities, deposit services, investment management, and property lease commitments. In the opinion of management, such transactions are consistent with prudent banking practices and are within applicable banking regulations. Lending Activities The following information represents annual activity of loans to related parties for the periods indicated: 2025 2024 2023 (Dollars in thousands) Principal balance of loans outstanding at beginning of year $ 11,408 $ 11,927 $ 26,721 Loan advances (1) 2,070 911 Loan payments/payoffs (515) (519) (1,336) Reduction for retired directors and/or changes in director status (14,369) Principal balance of loans outstanding at end of year $ 12,963 $ 11,408 $ 11,927 (1) The 2025 loan advances were associated with a new director and represent the outstanding loan balance at the effective date of appointment. At December 31, 2025 and 2024, there were no loans to related parties which were past due, on non-accrual status or that had been restructured due to financial difficulty. Deposits At December 31, 2025 and 2024, the amount of deposit balances of related parties totaled $8.0 million …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION 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: Years Ended December 31 2025 2024 2023 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 32,141 $ 26,455 $ 23,486 Interchange fees 13,977 12,513 11,865 ATM fees 4,563 4,568 4,243 Investment management - wealth management and advisory services 44,989 38,311 34,588 Investment management - retail investments and insurance revenue 5,056 4,433 5,603 Payment processing income 2,142 1,848 1,675 Credit card income 2,843 2,341 2,119 Other non-interest income 7,688 5,343 5,684 Total non-interest income in-scope of ASC 606 113,399 95,812 89,263 Total non-interest income out-of-scope of ASC 606 35,290 32,202 35,346 Total non-interest income $ 148,689 $ 128,014 $ 124,609 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. The following table provides the amount of investment management revenue earned but not received as of the dates indicated: December 31, 2025 December 31, 2024 (Dollars in thousands) Receivables, included in o …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION 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. The community banking segment derives revenues primarily from providing loans to individuals and small-to-medium sized businesses in its market area. The accounting policies of the community banking segment are the same as those described in Note 1, Summary of Significant Accounting Policies within the Notes to Consolidated Financial Statements included in Item 8. The Companys reportable segment is determined by the Chief Executive Officer and Chief Financial Officer, who are the Companys designated chief operating decision makers (CODMs), based upon information about the Companys products and services offered to customers as part of its community banking operations. The CODMs assess performance for the community banking segment and decide how to allocate resources based on the Companys consolidated net income and diluted earnings per share, as reported in the Consolidated Statements of Income. The significant expense categories reviewed by the CODMs are also consi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Independent Bank Corp. (the Company) is a bank holding company, the principal subsidiary of which is Rockland Trust Company (Rockland Trust or the Bank). Rockland Trust is a state-chartered commercial bank which provides a variety of banking, investment and financial services through its retail branches, commercial banking centers, investment management offices, and mortgage lending centers located throughout Eastern Massachusetts as well as in Worcester County, southern New Hampshire, and Rhode Island. Rockland Trust deposits are insured by the Federal Deposit Insurance Corporation, subject to regulatory limits. The Companys primary source of income is from providing loans to individuals and small-to-medium sized businesses in its market area. Rockland Trust is a community-oriented commercial bank, and the community banking business is the Companys only reportable operating segment. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank and other wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under GAAP. Voting interest entities are enti …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

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 th …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company enters into various transactions to meet the financing needs of its customers, which, in accordance with GAAP, are not included in its Consolidated Balance Sheets. These transactions include commitments to extend credit and standby letters of credit, and loan exposures with recourse, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the Consolidated Balance Sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of these commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. The Company has certain loan exposures for which there is recourse. These loan relationships could require the Company to repurchase or cover certain losses per agreements for certain loans that are either sold or referred to third parties. Standby letters of credit are written conditional commitments issued to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third pa …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

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 Enterprises 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. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents the revenue streams that the Company has disaggregated for the periods indicated: Three Months Ended Nine Months Ended September 30 2025 September 30 2024 September 30 2025 September 30 2024 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 8,847 $ 6,779 $ 23,041 $ 19,339 Interchange fees 3,987 3,259 10,424 9,255 ATM fees 1,204 1,241 3,373 3,449 Investment management - wealth management and advisory services 12,356 9,664 32,709 28,378 Investment management - retail investments and insurance revenue 1,296 1,369 3,543 3,583 Payment processing income 484 434 1,533 1,421 Credit card income 813 592 2,048 1,721 Other non-interest income 1,987 1,519 5,213 3,999 Total non-interest income in-scope of ASC 606 30,974 24,857 81,884 71,145 Total non-interest income out-of-scope of ASC 606 9,424 8,692 25,361 24,677 Total non-interest income $ 40,398 $ 33,549 $ 107,245 $ 95,822

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STOCK BASED COMPENSATION During the nine months ended September 30, 2025, the Company had the following activity related to stock based compensation: Time-Vested Restricted Stock Awards The Company made the following awards of time vested restricted stock: 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 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 th …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions applied by the Company when determining fair value reflect those that the Company determines market participants would use to price the asset or liability at the measurement date. If there has been a significant decrease in the volume and level of activity for the asset or liability, regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received if the asset were to be sold or that would be paid if the liability were to be transferred in an orderly market transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. When determining fair value, the Company considers pricing information and other inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and other inputs may be reduced for certain instruments, or not available at all. 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 Codif …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION A portion of the Companys 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: 1. Identify the contract(s) with customers 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. 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 September 30 2025 September 30 2024 September 30 2025 September 30 2024 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 8,847 $ 6,779 $ 23,041 $ 19, …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

13 - SEGMENT INFORMATION 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. The community banking segment derives revenues primarily from providing loans to individuals and small-to-medium sized businesses in its market area. The accounting policies of the community banking segment are the same as those described in Note 1, Summary of Significant Accounting Policies within the Notes to Consolidated Financial Statements included in Item 8 of the 2024 Form 10-K . The Companys reportable segment is determined by the Chief Executive Officer and Chief Financial Officer, who are the Companys designated chief operating decision makers (CODMs), based upon information about the Companys products and services offered to customers as part of its community banking operations. The CODMs assess performance for the community banking segment and decide how to allocate resources based on the Companys consolidated net income and diluted earnings per share, as reported in the Consolidated Statements of Income. The significant expense categories reviewed …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing