8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15 (d) of

The Securities and Exchange Act of 1934

DATE OF REPORT:

July 21, 2022

(Date of Earliest Event Reported)

Massachusetts

(State or Other Jurisdiction of Incorporation)

1-9047	04-2870273
(Commission File Number)	(I.R.S. Employer identification No.)		INDEPENDENT BANK CORP.
---	---	---	---	---
Office Address:	2036 Washington Street,	Hanover,	Massachusetts	02339
Mailing Address:	288 Union Street,	Rockland,	Massachusetts	02370
(Address of principal executive offices, including zip code)

NOT APPLICABLE

(Former Address of Principal Executive Offices)

(781)-878-6100

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))		Securities registered pursuant to Section 12(b) of the Act:
---	---	---
Title of each Class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.01 par value per share	INDB	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17CFR 230.405)) or Rule 12b-2 of the Exchange Act (17CFR 240.12b-2).

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act. ☐

ITEM 2.02	RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 21, 2022, Independent Bank Corp. (the "Company") announced by press release its earnings for the quarter ended June 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02 (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

ITEM 7.01	REGULATION FD DISCLOSURE

The Company is furnishing presentation materials to be discussed during its earnings conference call which are included as Exhibit 99.2 to this report pursuant to Item 7.01.

The information in this Item 7.01 (including Exhibit 99.2) shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

ITEM 9.01	FINANCIAL STATEMENTS AND EXHIBITS

d. The following exhibits are included with this Report:

Exhibit Index
Exhibit #	Exhibit Description
99.1	Q2 2022 Earnings Press Release dated July 21, 2022
99.2	Q2 2022 Earnings Presentation
101	The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
104	Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned and hereunto duly authorized.

			INDEPENDENT BANK CORP.
Date:	July 21, 2022	By:	/s/Mark J. Ruggiero
			MARK J. RUGGIERO
			CHIEF FINANCIAL OFFICER

Document

Exhibit 99.1

Shareholder Relations                 NEWS RELEASE

288 Union Street

Rockland, Ma. 02370

INDEPENDENT BANK CORP. REPORTS SECOND QUARTER NET INCOME OF $61.8 MILLION

Performance driven by higher revenues

Rockland, Massachusetts (July 21, 2022) Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2022 second quarter net income of $61.8 million, or $1.32 per diluted share, compared to 2022 first quarter net income of $53.1 million, or $1.12 per diluted share, and 2022 first quarter operating net income of $58.2 million, or $1.23 per diluted share, which excluded pre-tax merger-related costs of $7.1 million associated with the acquisition of Meridian Bancorp, Inc. ("Meridian") and its subsidiary, East Boston Savings Bank ("EBSB"). There were no such costs included in 2022 second quarter results. Please refer to "Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)" below for a reconciliation of net income to operating net income.

“We generated solid results while continuing our focus on disciplined growth. Our core fundamentals were on full display this quarter as evidenced by revenue and loan growth along with a continuing sound balance sheet,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “Our ongoing success is a testament to the dedication of my talented colleagues and the enduring relationships they forge with each other and with the customers and communities that Rockland Trust serves. In these uncertain economic times, we remain committed to serving the needs of all our constituents and being the bank Where Each Relationship Matters®.”

BALANCE SHEET

Total assets of $20.0 billion at June 30, 2022 decreased by $176.7 million, or 0.9%, from the prior quarter due primarily to the decline in liquid assets, and increased by $5.8 billion, or 40.8%, as compared to the year ago period, inclusive of the 2021 fourth quarter acquisition of Meridian.

Total loans at June 30, 2022 of $13.7 billion increased by $95.7 million, or 2.8% on an annualized basis compared to the prior quarter level. Excluding $69.0 million of net paydowns associated with the Paycheck Protection Program ("PPP"), the loan portfolio increased by $164.7 million, or 4.9% on an annualized basis, compared to the prior quarter. Organic loan growth was driven primarily by strong consumer loan activity, as the majority of residential real estate loan closings were retained on the balance sheet, resulting in 8.1% growth (32.4% annualized) for the quarter in that portfolio, while increased demand and line utilization fueled 3.9% (15.5% annualized) growth in home equity balances. On the commercial side, increased line utilization and higher closing volumes drove solid growth in both the commercial and industrial and construction categories, while elevated attrition outpaced strong closing activity within commercial real estate. Robust small business origination activity led to solid 2.8% growth for the quarter.

Deposit balances of $16.6 billion at June 30, 2022 decreased by $123.8 million, or 0.7%, from the prior quarter primarily attributable to continued runoff in higher-cost time deposits, while growth in municipal deposits was offset by personal and business deposit declines within the core categories. Core deposits comprised 86.8% of

total deposits at June 30, 2022, an increase from 85.8% at March 31, 2022. The total cost of deposits for the quarter remained at 0.05%.

The securities portfolio increased by $73.2 million, or 2.6%, when compared to the prior quarter, reflecting the Company's ongoing strategy to deploy a portion of excess cash balances into investment securities. Total purchases for the quarter were $196.7 million, offset by an unrealized loss of $30.7 million related to the available for sale portfolio, as well as paydowns, calls, and maturities. Total securities represented 14.7% of total assets as of June 30, 2022, as compared to 14.2% at March 31, 2022

Stockholders' equity at June 30, 2022 decreased 3.2% when compared to the prior quarter, which decrease is primarily attributable to the Company's repurchase of approximately 1.3 million in shares during the second quarter of 2022 under the Company's buyback program, which totaled $103.4 million, along with elevated levels of unrealized losses on available for sale investment securities included in other comprehensive income, which were partially offset by strong earnings retention. As a result of this decrease in stockholders' equity, book value per share decreased by $0.27, or 0.4%, to $62.32 during the second quarter as compared to the prior quarter. The Company's ratio of common equity to assets of 14.37% at June 30, 2022 represented a decrease of 34 basis points from the prior quarter and an increase of 210 basis points from the year ago period. The Company's tangible book value per share at June 30, 2022 declined by $0.84, or 2.0%, from the prior quarter to $40.31, but represented an increase of 9.6% from the year ago period inclusive of the accretive impact of the Meridian acquisition. The Company's ratio of tangible common equity to tangible assets of 9.79% at June 30, 2022 represents a decrease of 39 basis points from the prior quarter and an increase of 90 basis points from the year ago period. Please refer to Appendix A for a detailed reconciliation of Non-GAAP metrics.

NET INTEREST INCOME

Net interest income for the second quarter increased 5.4% to $144.9 million compared to $137.4 million for the prior quarter, primarily reflecting the positive impact of asset repricing in the rising interest rate environment in conjunction with relatively stable funding costs, offset by reduced net PPP fee income of $1.7 million. The reported net interest margin increased by 18 basis points from the prior quarter to 3.27%, and increased 23 basis points to 3.23% on a core basis when excluding PPP fees, purchase accounting, and other non-recurring items. Please refer to Appendix C for additional details regarding the net interest margin.

NONINTEREST INCOME

Noninterest income of $27.9 million for the second quarter of 2022 was $1.6 million, or 6.2% higher compared to the prior quarter. Significant changes in noninterest income for the second quarter compared to the prior quarter included the following:

•Deposit account fees and interchange and ATM fees increased by $335,000, or 6.1%, and $418,000, or 11.6%, respectively, both driven by increased transaction volume during the second quarter.

•Investment management income increased by $656,000, or 7.6%, compared to the prior quarter primarily due to seasonal tax preparation fees as well as strong retail and insurance performance, offset partially by depressed market valuations during the second quarter. As of June 30, 2022, total assets under administration had decreased $568.0 million, or 9.9% to $5.2 billion, primarily due to declines in market values.

•Mortgage banking income decreased by $320,000, or 23.5%, despite stronger origination volumes, as a greater portion of new originations were retained in the Company's portfolio versus being sold in the secondary market as compared to the prior quarter.

•Loan level derivative income decreased by $168,000, or 27.8%, to $436,000, due primarily to lower customer volume.

•Other noninterest income increased by $506,000, or 10.7%, primarily attributable to increases in rental income from equipment leases and discounted purchases of Massachusetts historical tax credits.

NONINTEREST EXPENSE

Noninterest expense of $90.6 million for the second quarter of 2022 represented a $4.9 million, or 5.2%, decrease compared to the prior quarter. Significant changes in noninterest expense for the second quarter compared to the prior quarter included the following:

•Salaries and employee benefits increased by $827,000, or 1.7%, primarily due to increases in general salary expenses and incentive programs, partially offset by decreases in payroll taxes and retirement costs.

•Occupancy and equipment decreased by $1.7 million, or 12.5%, due mostly to decreased snow removal costs from the prior quarter of $1.2 million, utility expenses, and reduced rent related to several terminated locations acquired from EBSB.

•The Company incurred merger related costs of $7.1 million associated with the Meridian acquisition during the first quarter of 2022. No such costs were recorded during the second quarter.

•Other noninterest expense increased by $3.2 million, or 14.3%, due primarily to increases in consultant fees, elevated unrealized losses on equity securities, director expenses related to equity compensation granted during the quarter, advertising costs, and recruitment expense.

The Company generated a return on average assets and a return on average common equity of 1.24% and 8.49%, respectively, for the second quarter of 2022, as compared to 1.06% and 7.16%, respectively, or 1.17% and 7.85%, respectively, on an operating basis, for the prior quarter.

The Company’s tax rate for the second quarter of 2022 was 24.8%, compared to 24.4% for the prior quarter.

ASSET QUALITY

During the second quarter of 2022, the Company recorded total net charge-offs of $199,000, equating to 0.01% of average loans on an annualized basis. Nonperforming loans declined slightly to $55.9 million, or 0.41% of total loans at June 30, 2022, as compared to $56.6 million, or 0.42% of total loans at March 31, 2022. Delinquency as a percentage of total loans increased 11 basis points from the prior quarter to 0.40% at June 30, 2022.

In addition, total loans subject to a COVID-19 related payment deferral decreased significantly to $197.4 million, or 1.4% of total loans, at June 30, 2022, as compared to $304.5 million, or 2.2% of total loans, at March 31, 2022. All loans subject to a payment deferral at June 30, 2022 were performing in accordance with the modified terms.

The Company recorded no provision for credit losses during the second quarter of 2022 as continued strong credit quality metrics countered additional provisioning for net loan growth. The allowance for credit losses on total loans was $144.3 million, or 1.06% of total loans, at June 30, 2022, as compared to $144.5 million, or 1.06% of total loans, at March 31, 2022.

CONFERENCE CALL INFORMATION

Christopher Oddleifson, Chief Executive Officer, Robert Cozzone, Chief Operating Officer, and Mark Ruggiero, Chief Financial Officer, will host a conference call to discuss second quarter earnings at 10:00 a.m. Eastern Time on Friday, July 22, 2022. Internet access to the call is available on the Company’s website at https://INDB.RocklandTrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 9471677 and will be available through July 29, 2022. Additionally, a webcast replay will be available on the Company's website until July 22, 2023.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's "Top Places to Work" 2021 list, an honor earned for the 13th consecutive year. *In 2022, Rockland Trust was ranked #1 in Customer Satisfaction with Retail Banking in New England. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through over 120 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, South Shore, North Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank "Where Each Relationship Matters®," please visit RocklandTrust.com.

*Rockland Trust received the highest score in a tie in the New England Region of the J.D. Power 2022 U.S. Retail Banking Satisfaction Study of customers’ satisfaction with their primary bank. Visit jdpower.com/awards for more details.

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

•further weakening in the United States economy in general and the regional and local economies within the New England region and the Company’s market area, including any future weakening caused by the COVID-19 pandemic and any uncertainty regarding the length and extent of economic contraction as a result of the pandemic;

•the potential effects of inflationary pressures, labor market shortages and supply chain issues;

•the instability or volatility in financial markets and unfavorable general economic or business conditions, globally, nationally or regionally, caused by geopolitical concerns, including as a result of the conflict between Russia and Ukraine;

•unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other external events;

•adverse changes or volatility in the local real estate market;

•adverse changes in asset quality and any unanticipated credit deterioration in our loan portfolio including those related to one or more large commercial relationships;

•acquisitions may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles;

•additional regulatory oversight and related compliance costs;

•changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;

•higher than expected tax expense, resulting from failure to comply with general tax laws and changes in tax laws;

•changes in market interest rates for interest earning assets and/or interest bearing liabilities and changes related to the phase-out of LIBOR;

•increased competition in the Company’s market areas;

•adverse weather, changes in climate, natural disasters, geopolitical concerns, including those arising from the conflict between Russia and Ukraine;

•the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic, other public health crises or man-made events, and their impact on the Company's local economies or the Company's operations;

•a deterioration in the conditions of the securities markets;

•a deterioration of the credit rating for U.S. long-term sovereign debt;

•inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery;

•electronic fraudulent activity within the financial services industry, especially in the commercial banking sector;

•adverse changes in consumer spending and savings habits;

•the effect of laws and regulations regarding the financial services industry;

•changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business;

•the Company's potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic;

•changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters including, but not limited to, changes to how the Company accounts for credit losses;

•cyber security attacks or intrusions that could adversely impact our businesses; and

•other unexpected material adverse changes in our operations or earnings.

Further, the foregoing factors may be exacerbated by the ultimate impact of the COVID-19 pandemic, which remains unknown at this time due to factors and future developments that are uncertain, unpredictable and, in many cases, beyond the Company's control, including the scope, duration and extent of the pandemic and any further resurgences, the efficacy, availability and public acceptance of vaccines, boosters or other treatments, actions taken by governmental authorities in response to the pandemic and the direct and indirect impact of these actions and the pandemic generally on the Company’s employees, customers, business and third-parties with which the Company conducts business.

The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information includes operating net income and operating earnings per share ("EPS"), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, core net interest margin ("core margin"), tangible book value per share and the tangible common equity ratio.

Operating net income, operating EPS, operating return on average assets and operating return on average common equity, exclude items that management believes are unrelated to the Company's core banking business such as merger and acquisition expenses, provision for credit losses on acquired loan portfolios, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength

of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as out-sized cash balances, unique low-yielding loans originated through government programs in response to the pandemic, or significant purchase accounting adjustments. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Similarly, management reviews certain loan metrics such as growth rates and allowance as a percentage of total loans, adjusted to exclude loans that are not considered part of its core portfolio, which includes loans originated in association with government sponsored and guaranteed programs in response to the pandemic, to arrive at adjusted numbers more representative of the core growth of the portfolio and core reserve to loan ratio.

Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity", by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets", defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management.  As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles.  Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Contacts:

Chris Oddleifson

President and Chief Executive Officer

(781) 982-6660

Mark J. Ruggiero

Chief Financial Officer and

Chief Accounting Officer

(781) 982-6281

Category: Earnings Releases

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands)								% Change		% Change
	June 30<br>2022		March 31<br>2022			June 30<br>2021		Jun 2022 vs.		Jun 2022 vs.
					Mar 2022			Jun 2021
Assets
Cash and due from banks	$	202,802	$	173,779		$	141,953	16.70	%	42.87	%
Interest-earning deposits with banks	1,273,465		1,666,580			2,114,477		(23.59)	%	(39.77)	%
Securities
Trading	3,637		3,956			3,439		(8.06)	%	5.76	%
Equities	21,181		22,611			22,975		(6.32)	%	(7.81)	%
Available for sale	1,501,949		1,552,731			794,516		(3.27)	%	89.04	%
Held to maturity	1,408,189		1,282,441			861,821		9.81	%	63.40	%
Total securities	2,934,956		2,861,739			1,682,751		2.56	%	74.41	%
Loans held for sale	2,358		6,144			25,561		(61.62)	%	(90.78)	%
Loans
Commercial and industrial	1,541,046		1,566,192			1,726,498		(1.61)	%	(10.74)	%
Commercial real estate	7,791,757		7,897,616			4,251,543		(1.34)	%	83.27	%
Commercial construction	1,194,577		1,153,945			496,539		3.52	%	140.58	%
Small business	205,953		200,405			182,863		2.77	%	12.63	%
Total commercial	10,733,333		10,818,158			6,657,443		(0.78)	%	61.22	%
Residential real estate	1,844,057		1,706,045			1,240,279		8.09	%	48.68	%
Home equity - first position	587,314		577,881			606,332		1.63	%	(3.14)	%
Home equity - subordinate positions	478,196		447,934			412,076		6.76	%	16.05	%
Total consumer real estate	2,909,567		2,731,860			2,258,687		6.50	%	28.82	%
Other consumer	32,864		30,009			22,858		9.51	%	43.77	%
Total loans	13,675,764		13,580,027			8,938,988		0.70	%	52.99	%
Less: allowance for credit losses	(144,319)		(144,518)			(102,357)		(0.14)	%	41.00	%
Net loans	13,531,445		13,435,509			8,836,631		0.71	%	53.13	%
Federal Home Loan Bank stock	6,249		11,407			9,079		(45.22)	%	(31.17)	%
Bank premises and equipment, net	202,221		199,106			117,435		1.56	%	72.20	%
Goodwill	985,072		985,072			506,206		—	%	94.60	%
Other intangible assets	28,845		30,759			20,370		(6.22)	%	41.61	%
Cash surrender value of life insurance policies	292,807		291,192			242,963		0.55	%	20.52	%
Other assets	522,230		497,891			496,781		4.89	%	5.12	%
Total assets	$	19,982,450	$	20,159,178		$	14,194,207	(0.88)	%	40.78	%
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand deposits	$	5,562,174	$	5,537,156		$	4,370,852	0.45	%	27.26	%
Savings and interest checking accounts	6,347,601		6,247,806			4,445,903		1.60	%	42.77	%
Money market	3,419,170		3,579,820			2,352,897		(4.49)	%	45.32	%
Time certificates of deposit	1,310,603		1,398,610			817,319		(6.29)	%	60.35	%
Total deposits	16,639,548		16,763,392			11,986,971		(0.74)	%	38.81	%
Borrowings
Federal Home Loan Bank borrowings	25,652		25,660			35,693		(0.03)	%	(28.13)	%
Long-term borrowings, net	—		—			23,425		n/a		(100.00)	%
Junior subordinated debentures, net	62,854		62,854			62,852		—	%	—	%
Subordinated debentures, net	49,838		49,814			49,743		0.05	%	0.19	%
Total borrowings	138,344		138,328			171,713		0.01	%	(19.43)	%
Total deposits and borrowings	16,777,892		16,901,720			12,158,684		(0.73)	%	37.99	%
Other liabilities	333,373		292,019			293,901		14.16	%	13.43	%
Total liabilities	17,111,265		17,193,739			12,452,585		(0.48)	%	37.41	%
Stockholders' equity
Common stock	459		472			329		(2.75)	%	39.51	%
Additional paid in capital	2,146,333		2,247,518		948,130		(4.50)	%	126.38	%
---	---	---	---	---	---	---	---	---	---	---
Retained earnings	833,857		795,651		763,596		4.80	%	9.20	%
Accumulated other comprehensive income (loss), net of tax	(109,464)		(78,202)		29,567		39.98	%	(470.22)	%
Total stockholders' equity	2,871,185		2,965,439		1,741,622		(3.18)	%	64.86	%
Total liabilities and stockholders' equity	$	19,982,450	$	20,159,178	$	14,194,207	(0.88)	%	40.78	%
CONSOLIDATED STATEMENTS OF INCOME
---	---	---	---	---	---	---	---	---	---	---	---
(Unaudited, dollars in thousands, except per share data)
	Three Months Ended
								% Change		% Change
	June 30<br>2022		March 31<br>2022			June 30<br>2021		Jun 2022 vs.		Jun 2022 vs.
					Mar 2022			Jun 2021
Interest income
Interest on federal funds sold and short-term investments	$	2,817	$	886		$	513	217.95	%	449.12	%
Interest and dividends on securities	11,283		10,044			7,189		12.34	%	56.95	%
Interest and fees on loans	133,988		129,625			88,814		3.37	%	50.86	%
Interest on loans held for sale	35		64			186		(45.31)	%	(81.18)	%
Total interest income	148,123		140,619			96,702		5.34	%	53.17	%
Interest expense
Interest on deposits	2,111		2,107			2,017		0.19	%	4.66	%
Interest on borrowings	1,151		1,080			1,331		6.57	%	(13.52)	%
Total interest expense	3,262		3,187			3,348		2.35	%	(2.57)	%
Net interest income	144,861		137,432			93,354		5.41	%	55.17	%
Provision for credit losses	—		(2,000)			(5,000)		(100.00)	%	(100.00)	%
Net interest income after provision for credit losses	144,861		139,432			98,354		3.89	%	47.29	%
Noninterest income
Deposit account fees	5,828		5,493			3,822		6.10	%	52.49	%
Interchange and ATM fees	4,027		3,609			3,068		11.58	%	31.26	%
Investment management	9,329		8,673			8,872		7.56	%	5.15	%
Mortgage banking income	1,042		1,362			2,705		(23.49)	%	(61.48)	%
Increase in cash surrender value of life insurance policies	1,871		1,795			1,589		4.23	%	17.75	%
Gain on life insurance benefits	123		—			—		100.00%		100.00%
Loan level derivative income	436		604			116		(27.81)	%	275.86	%
Other noninterest income	5,242		4,736			4,795		10.68	%	9.32	%
Total noninterest income	27,898		26,272			24,967		6.19	%	11.74	%
Noninterest expenses
Salaries and employee benefits	49,538		48,711			42,635		1.70	%	16.19	%
Occupancy and equipment expenses	11,637		13,302			8,706		(12.52)	%	33.67	%
Data processing and facilities management	2,247		2,372			1,686		(5.27)	%	33.27	%
FDIC assessment	1,743		1,805			775		(3.43)	%	124.90	%
Merger and acquisition expense	—		7,100			1,731		(100.00)	%	(100.00)	%
Other noninterest expenses	25,397		22,210			17,769		14.35	%	42.93	%
Total noninterest expenses	90,562		95,500			73,302		(5.17)	%	23.55	%
Income before income taxes	82,197		70,204			50,019		17.08	%	64.33	%
Provision for income taxes	20,421		17,107			12,447		19.37	%	64.06	%
Net Income	$	61,776	$	53,097		$	37,572	16.35	%	64.42	%
Weighted average common shares (basic)	46,665,101		47,366,753			33,033,578
Common share equivalents	14,096		20,711			21,270
Weighted average common shares (diluted)	46,679,197		47,387,464			33,054,848
Basic earnings per share	$	1.32	$	1.12		$	1.14	17.86	%	15.79	%
Diluted earnings per share	$	1.32	$	1.12		$	1.14	17.86	%	15.79	%
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Net income	$	61,776		$	53,097		$	37,572
Noninterest expense components
Add - merger and acquisition expenses	—			7,100			1,731
Noncore increases to income before taxes	—			7,100			1,731
Net tax benefit associated with noncore items (1)	—			(1,995)			(487)
Noncore increases to net income	—			5,105			1,244
Operating net income (Non-GAAP)	$	61,776		$	58,202		$	38,816		6.14	%	59.15	%
Diluted earnings per share, on an operating basis	$	1.32		$	1.23		$	1.17		7.32	%	12.82	%
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.
Performance ratios
Net interest margin (FTE)	3.27		%	3.09		%	2.99		%
Return on average assets (GAAP) (calculated by dividing net income by average assets)	1.24		%	1.06		%	1.08		%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)	1.24		%	1.17		%	1.12		%
Return on average common equity (GAAP) (calculated by dividing net income by average common equity)	8.49		%	7.16		%	8.70		%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)	8.49		%	7.85		%	8.98		%
Noninterest income as a % of total revenue (calculated by dividing total noninterest income by net interest income plus total noninterest income)	16.15		%	16.05		%	21.10		%
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)	16.15		%	16.05		%	21.10		%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)	52.42		%	58.34		%	61.95		%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)	52.42		%	54.00		%	60.49		%
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)	13.01		%	10.82		%	12.50		%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)	13.01		%	11.86		%	12.91		%
CONSOLIDATED STATEMENTS OF INCOME
---	---	---	---	---	---	---	---
(Unaudited, dollars in thousands, except per share data)
	Six Months Ended
						% Change
	June 30<br>2022		June 30<br>2021			Jun 2022 vs.
					Jun 2021
Interest income
Interest on federal funds sold and short-term investments	$	3,703	$	839		341.36	%
Interest and dividends on securities	21,327		13,821			54.31	%
Interest and fees on loans	263,613		181,197			45.48	%
Interest on loans held for sale	99		482			(79.46)	%
Total interest income	288,742		196,339			47.06	%
Interest expense
Interest on deposits	4,218		4,728			(10.79)	%
Interest on borrowings	2,231		2,673			(16.54)	%
Total interest expense	6,449		7,401			(12.86)	%
Net interest income	282,293		188,938			49.41	%
Provision for credit losses	(2,000)		(7,500)			(73.33)	%
Net interest income after provision for credit losses	284,293			196,438			44.72	%
---	---	---	---	---	---	---	---	---
Noninterest income
Deposit account fees	11,321			7,406			52.86	%
Interchange and ATM fees	7,636			5,788			31.93	%
Investment management	18,002			17,176			4.81	%
Mortgage banking income	2,404			8,445			(71.53)	%
Increase in cash surrender value of life insurance policies	3,666			2,912			25.89	%
Gain on life insurance benefits	123			258			(52.33)	%
Loan level derivative income	1,040			289			259.86	%
Other noninterest income	9,978			7,939			25.68	%
Total noninterest income	54,170			50,213			7.88	%
Noninterest expenses
Salaries and employee benefits	98,249			82,524			19.06	%
Occupancy and equipment expenses	24,939			17,979			38.71	%
Data processing and facilities management	4,619			3,351			37.84	%
FDIC assessment	3,548			1,825			94.41	%
Merger and acquisition expense	7,100			1,731			310.17	%
Other noninterest expenses	47,607			35,574			33.83	%
Total noninterest expenses	186,062			142,984			30.13	%
Income before income taxes	152,401			103,667			47.01	%
Provision for income taxes	37,528			24,384			53.90	%
Net Income	$	114,873		$	79,283		44.89	%
Weighted average common shares (basic)	47,013,989			33,014,561
Common share equivalents	17,403			25,085
Weighted average common shares (diluted)	47,031,392			33,039,646
Basic earnings per share	$	2.44		$	2.40		1.67	%
Diluted earnings per share	$	2.44		$	2.40		1.67	%
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net Income	$	114,873		$	79,283
Noninterest expense components
Add - merger and acquisition expenses	7,100			1,731
Noncore increases to income before taxes	7,100			1,731
Net tax benefit associated with noncore items (1)	(1,995)			(487)
Noncore increases to net income	$	5,105		$	1,244
Operating net income (Non-GAAP)	$	119,978		$	80,527		48.99	%
Diluted earnings per share, on an operating basis	$	2.55		$	2.44		4.51	%
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.
Performance ratios
Net interest margin (FTE)	3.18		%	3.12		%
Return on average assets (GAAP) (calculated by dividing net income by average assets)	1.15		%	1.17		%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)	1.21		%	1.19		%
Return on average common equity (GAAP) (calculated by dividing net income by average common equity)	7.82		%	9.28		%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)	8.16		%	9.42		%
Return on average tangible common equity (GAAP) (calculated by dividing net income by average tangible common equity)	11.89		%	13.38		%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing Net operating net income by average tangible common equity)	12.42	%	13.59	%
---	---	---	---	---
Noninterest income as a % of total revenue (calculated by dividing total noninterest income by net interest income plus total noninterest income)	16.10	%	21.00	%
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)	16.10	%	21.00	%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)	55.30	%	59.79	%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)	53.19	%	59.06	%
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)	11.89	%	13.38	%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)	12.42	%	13.59	%
ASSET QUALITY
---	---	---	---	---	---	---	---	---	---
(Unaudited, dollars in thousands)	Nonperforming Assets At
	June 30<br>2022			March 31<br>2022			June 30<br>2021
Nonperforming loans
Commercial & industrial loans	$	3,518		$	3,517		$	20,831
Commercial real estate loans	40,074			40,470			9,031
Small business loans	31			20			558
Residential real estate loans	8,563			8,457			12,786
Home equity	3,514			3,761			4,517
Other consumer	215			393			95
Total nonperforming loans	55,915			56,618			47,818
Total nonperforming assets	$	55,915		$	56,618		$	47,818
Nonperforming loans/gross loans	0.41		%	0.42		%	0.53		%
Nonperforming assets/total assets	0.28		%	0.28		%	0.34		%
Allowance for credit losses/nonperforming loans	258.10		%	255.25		%	214.06		%
Allowance for credit losses/total loans	1.06		%	1.06		%	1.15		%
Delinquent loans/total loans	0.40		%	0.29		%	0.11		%
	Nonperforming Assets Reconciliation for the Three Months Ended
	June 30<br>2022			March 31<br>2022			June 30<br>2021
Nonperforming assets beginning balance	$	56,618		$	27,820		$	59,201
New to nonperforming	2,822			33,754			2,233
Loans charged-off	(545)			(706)			(481)
Loans paid-off /sold	(2,239)			(1,485)			(10,364)
Loans restored to performing status	(738)			(2,702)			(2,771)
Other	(3)			(63)			—
Nonperforming assets ending balance	$	55,915		$	56,618		$	47,818
	Net Charge-Offs (Recoveries)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Three Months Ended									Six Months Ended
	June 30<br>2022			March 31<br>2022			June 30<br>2021			June 30<br>2022			June 30<br>2021
Net charge-offs (recoveries)
Commercial and industrial loans	$	(29)		$	(13)		$	107		$	(42)		$	3,374
Commercial real estate loans	—			(3)			—			(3)			(57)
Small business loans	(22)			22			31			—			86
Residential real estate loans	—			—			—			—			(1)
Home equity	84			(2)			24			82			11
Other consumer	166			400			30			566			122
Total net charge-offs	$	199		$	404		$	192		$	603		$	3,535
Net charge-offs to average loans (annualized)	0.01		%	0.01		%	0.01		%	0.01		%	0.08		%
	Troubled Debt Restructurings At
---	---	---	---	---	---	---	---	---	---
	June 30<br>2022			March 31<br>2022			June 30<br>2021
Troubled debt restructurings on accrual status	$	11,734		$	13,288		$	19,495
Troubled debt restructurings on nonaccrual status	1,677			1,972			20,212
Total troubled debt restructurings	$	13,411		$	15,260		$	39,707
BALANCE SHEET AND CAPITAL RATIOS
	June 30<br>2022			March 31<br>2022			June 30<br>2021
Gross loans/total deposits	82.19		%	81.01		%	74.57		%
Common equity tier 1 capital ratio (1)	13.90		%	14.45		%	13.31		%
Tier 1 leverage capital ratio (1)	10.42		%	10.62		%	9.41		%
Common equity to assets ratio GAAP	14.37		%	14.71		%	12.27		%
Tangible common equity to tangible assets ratio (2)	9.79		%	10.18		%	8.89		%
Book value per share GAAP	$	62.32		$	62.59		$	52.72
Tangible book value per share (2)	$	40.31		$	41.15		$	36.78

(1) Estimated number for June 30, 2022.

(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited, dollars in thousands)	Three Months Ended
	June 30, 2022						March 31, 2022						June 30, 2021
			Interest						Interest						Interest
	Average		Earned/		Yield/		Average		Earned/		Yield/		Average		Earned/		Yield/
	Balance		Paid (1)		Rate		Balance		Paid (1)		Rate		Balance		Paid (1)		Rate
Interest-earning assets
Interest-earning deposits with banks, federal funds sold, and short term investments	$	1,377,286	$	2,817	0.82	%	$	1,906,164	$	886	0.19	%	$	1,882,285	$	513	0.11	%
Securities
Securities - trading	3,863		—		—	%	3,732		—		—	%	3,359		—		—	%
Securities - taxable investments	2,889,245		11,281		1.57	%	2,726,281		10,043		1.49	%	1,514,336		7,184		1.90	%
Securities - nontaxable investments (1)	197		3		6.11	%	201		1		2.02	%	555		6		4.34	%
Total securities	$	2,893,305	$	11,284	1.56	%	$	2,730,214	$	10,044	1.49	%	$	1,518,250	$	7,190	1.90	%
Loans held for sale	3,842		35		3.65	%	9,475		64		2.74	%	28,279		186		2.64	%
Loans
Commercial and industrial (1)	1,537,883		17,496		4.56	%	1,535,619		17,031		4.50	%	1,944,026		20,351		4.20	%
Commercial real estate (1)	7,827,442		76,771		3.93	%	7,911,349		76,030		3.90	%	4,196,171		41,532		3.97	%
Commercial construction	1,193,353		13,456		4.52	%	1,190,659		12,268		4.18	%	514,935		4,777		3.72	%
Small business	203,947		2,656		5.22	%	194,819		2,416		5.03	%	178,525		2,302		5.17	%
Total commercial	10,762,625		110,379		4.11	%	10,832,446		107,745		4.03	%	6,833,657		68,962		4.05	%
Residential real estate	1,761,986		14,879		3.39	%	1,649,157		13,697		3.37	%	1,226,520		11,058		3.62	%
Home equity	1,046,933		9,178		3.52	%	1,032,308		8,662		3.40	%	1,024,798		8,591		3.36	%
Total consumer real estate	2,808,919		24,057		3.44	%	2,681,465		22,359		3.38	%	2,251,318		19,649		3.50	%
Other consumer	31,554		507		6.44	%	29,814		489		6.65	%	22,471		411		7.34	%
Total loans	$	13,603,098	$	134,943	3.98	%	$	13,543,725	$	130,593	3.91	%	$	9,107,446	$	89,022	3.92	%
Total interest-earning assets	$	17,877,531	$	149,079	3.34	%	$	18,189,578	$	141,587	3.16	%	$	12,536,260	$	96,911	3.10	%
Cash and due from banks	190,501						171,533						142,198
Federal Home Loan Bank stock	6,249						11,407						9,410
Other assets	1,855,351						1,851,196						1,258,056
Total assets	$	19,929,632					$	20,223,714					$	13,945,924
Interest-bearing liabilities
Deposits
Savings and interest checking accounts	$	6,192,761	$	710	0.05	%	$	6,255,843	$	598	0.04	%	$	4,339,645	$	384	0.04	%
Money market	3,486,017		607		0.07	%	3,608,793		559		0.06	%	2,347,852		429		0.07	%
Time deposits	1,356,507		794		0.23	%	1,466,651		950		0.26	%	843,090		1,204		0.57	%
Total interest-bearing deposits	$	11,035,285	$	2,111	0.08	%	$	11,331,287	$	2,107	0.08	%	$	7,530,587	$	2,017	0.11	%
Borrowings
Federal Home Loan Bank borrowings	25,654		123		1.92	%	25,696		133		2.10	%	35,704		191		2.15	%
Long-term borrowings	—		—		—	%	9,063		31		1.39	%	23,417		94		1.61	%
Junior subordinated debentures	62,854		410		2.62	%	62,853		299		1.93	%	62,852		429		2.74	%
Subordinated debentures	49,825		618		4.97	%	49,800		617		5.02	%	49,730		618		4.98	%
Total borrowings	$	138,333	$	1,151	3.34	%	$	147,412	$	1,080	2.97	%	$	171,703	$	1,332	3.11	%
Total interest-bearing liabilities	$	11,173,618	$	3,262	0.12	%	$	11,478,699	$	3,187	0.11	%	$	7,702,290	$	3,349	0.17	%
Noninterest-bearing demand deposits	5,546,041						5,443,465						4,237,135
Other liabilities	290,467						293,597						273,449
Total liabilities	$	17,010,126					$	17,215,761					$	12,212,874
Stockholders' equity	2,919,506						3,007,953						1,733,050
Total liabilities and stockholders' equity	$	19,929,632					$	20,223,714					$	13,945,924
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Net interest income			$	145,817					$	138,400					$	93,562
Interest rate spread (2)					3.22	%					3.05	%					2.93	%
Net interest margin (3)					3.27	%					3.09	%					2.99	%
Supplemental Information
Total deposits, including demand deposits	$	16,581,326	$	2,111			$	16,774,752	$	2,107			$	11,767,722	$	2,017
Cost of total deposits					0.05	%					0.05	%					0.07	%
Total funding liabilities, including demand deposits	$	16,719,659	$	3,262			$	16,922,164	$	3,187			$	11,939,425	$	3,349
Cost of total funding liabilities					0.08	%					0.08	%					0.11	%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $956,000, $968,000, and $209,000 for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively, determined by applying the Company's marginal tax rates in effect during each respective quarter.

(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

	Six Months Ended
	June 30, 2022						June 30, 2021
			Interest						Interest
	Average		Earned/		Yield/		Average		Earned/		Yield/
	Balance		Paid		Rate		Balance		Paid		Rate
Interest-earning assets
Interest earning deposits with banks, federal funds sold, and short term investments	$	1,640,264	$	3,703	0.46	%	$	1,603,407	$	839	0.11	%
Securities
Securities - trading	3,798		—		—	%	3,150		—		—	%
Securities - taxable investments	2,808,213		21,324		1.53	%	1,383,122		13,811		2.01	%
Securities - nontaxable investments (1)	199		4		4.05	%	599		12		4.04	%
Total securities	$	2,812,210	$	21,328	1.53	%	$	1,386,871	$	13,823	2.01	%
Loans held for sale	6,643		99		3.01	%	38,907		482		2.50	%
Loans
Commercial and industrial (1)	1,536,757		34,527		4.53	%	2,029,075		43,397		4.31	%
Commercial real estate (1)	7,869,164		152,800		3.92	%	4,176,202		81,908		3.96	%
Commercial construction	1,192,013		25,724		4.35	%	534,933		10,060		3.79	%
Small business	199,408		5,072		5.13	%	176,434		4,583		5.24	%
Total commercial	10,797,342		218,123		4.07	%	6,916,644		139,948		4.08	%
Residential real estate	1,705,883		28,576		3.38	%	1,248,778		23,494		3.79	%
Home equity	1,039,661		17,840		3.46	%	1,037,446		17,348		3.37	%
Total consumer real estate	2,745,544		46,416		3.41	%	2,286,224		40,842		3.60	%
Other consumer	30,690		996		6.54	%	22,087		843		7.70	%
Total loans	$	13,573,576	$	265,535	3.94	%	$	9,224,955	$	181,633	3.97	%
Total interest-earning assets	$	18,032,693	$	290,665	3.25	%	$	12,254,140	$	196,777	3.24	%
Cash and due from banks	181,069						148,499
Federal Home Loan Bank stock	8,814						9,828
Other assets	1,853,285						1,249,898
Total assets	$	20,075,861					$	13,662,365
Interest-bearing liabilities
Deposits
Savings and interest checking accounts	$	6,224,128	$	1,308	0.04	%	$	4,225,331	$	807	0.04	%
Money market	3,547,066		1,166		0.07	%	2,318,106		950		0.08	%
Time deposits	1,411,275		1,744		0.25	%	874,676		2,971		0.68	%
Total interest-bearing deposits	$	11,182,469	$	4,218	0.08	%	$	7,418,113	$	4,728	0.13	%
Borrowings
Federal Home Loan Bank borrowings	25,675		256		2.01	%	35,746		379		2.14	%
Long-term borrowings	4,506		31		1.39	%	25,818		205		1.60	%
Junior subordinated debentures	62,854		709		2.27	%	62,851		855		2.74	%
Subordinated debentures	49,813		1,235		5.00	%	49,717		1,235		5.01	%
Total borrowings	$	142,848	$	2,231	3.15	%	$	174,132	$	2,674	3.10	%
Total interest-bearing liabilities	$	11,325,317	$	6,449	0.11	%	$	7,592,245	$	7,402	0.20	%
Noninterest-bearing demand deposits	5,495,036						4,067,235
Other liabilities	292,023						279,620
Total liabilities	$	17,112,376					$	11,939,100
Stockholders' equity	2,963,485						1,723,265
Total liabilities and stockholders' equity	$	20,075,861					$	13,662,365
---	---	---	---	---	---	---	---	---	---	---	---	---
Net interest income			$	284,216					$	189,375
Interest rate spread (2)					3.14	%					3.04	%
Net interest margin (3)					3.18	%					3.12	%
Supplemental Information
Total deposits, including demand deposits	$	16,677,505	$	4,218			$	11,485,348	$	4,728
Cost of total deposits					0.05	%					0.08	%
Total funding liabilities, including demand deposits	$	16,820,353	$	6,449			$	11,659,480	$	7,402
Cost of total funding liabilities					0.08	%					0.13	%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $1.9 million and $438,000 for the six months ended June 30, 2022 and 2021, respectively.

(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

Certain amounts in prior year financial statements have been reclassified to conform to the current year's presentation.

APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics

(Unaudited, dollars in thousands, except per share data)

The following table summarizes the calculation of the Company's tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:

	June 30<br>2022			March 31<br>2022			June 30<br>2021
Tangible common equity	(Dollars in thousands, except per share data)
Stockholders' equity (GAAP)	$	2,871,185		$	2,965,439		$	1,741,622		(a)
Less: Goodwill and other intangibles	1,013,917			1,015,831			526,576
Tangible common equity	$	1,857,268		$	1,949,608		$	1,215,046		(b)
Tangible assets
Assets (GAAP)	$	19,982,450		$	20,159,178		$	14,194,207		(c)
Less: Goodwill and other intangibles	1,013,917			1,015,831			526,576
Tangible assets	$	18,968,533		$	19,143,347		$	13,667,631		(d)
Common Shares	46,069,761			47,377,125			33,037,859			(e)
Common equity to assets ratio (GAAP)	14.37		%	14.71		%	12.27		%	(a/c)
Tangible common equity to tangible assets ratio (Non-GAAP)	9.79		%	10.18		%	8.89		%	(b/d)
Book value per share (GAAP)	$	62.32		$	62.59		$	52.72		(a/e)
Tangible book value per share (Non-GAAP)	$	40.31		$	41.15		$	36.78		(b/e)

APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics

(Unaudited, dollars in thousands)

The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated:

	Three Months Ended									Six Months Ended
	June 30<br>2022			March 31<br>2022			June 30<br>2021			June 30<br>2022			June 30<br>2021
Net interest income (GAAP)	$	144,861		$	137,432		$	93,354		$	282,293		$	188,938		(a)
Noninterest income (GAAP)	$	27,898		$	26,272		$	24,967		$	54,170		$	50,213		(b)
Noninterest income on an operating basis (Non-GAAP)	$	27,898		$	26,272		$	24,967		$	54,170		$	50,213		(c)
Noninterest expense (GAAP)	$	90,562		$	95,500		$	73,302		$	186,062		$	142,984		(d)
Less:
Merger and acquisition expense	—			7,100			1,731			7,100			1,731
Noninterest expense on an operating basis (Non-GAAP)	$	90,562		$	88,400		$	71,571		$	178,962		$	141,253		(e)
Total revenue (GAAP)	$	172,759		$	163,704		$	118,321		$	336,463		$	239,151		(a+b)
Total operating revenue (Non-GAAP)	$	172,759		$	163,704		$	118,321		$	336,463		$	239,151		(a+c)
Net income (GAAP)	$	61,776		$	53,097		$	37,572		$	114,873		$	79,283
Operating net income (Non-GAAP) (See income statement for reconciliation of GAAP to Non-GAAP)	$	61,776		$	58,202		$	38,816		$	119,978		$	80,527
Average common equity (GAAP)	$	2,919,506		$	3,007,953		$	1,733,050		$	2,963,485		$	1,723,265
Less: Average goodwill and other intangibles	1,014,953			1,017,040			527,337			1,015,991			528,050
Tangible average tangible common equity (Non-GAAP)	$	1,904,553		$	1,990,913		$	1,205,713		$	1,947,494		$	1,195,215
Ratios
Noninterest income as a % of total revenue (GAAP)	16.15		%	16.05		%	21.10		%	16.10		%	21.00		%	(b/(a+b))
Noninterest income as a % of total revenue on an operating basis (Non-GAAP)	16.15		%	16.05		%	21.10		%	16.10		%	21.00		%	(c/(a+c))
Efficiency ratio (GAAP)	52.42		%	58.34		%	61.95		%	55.30		%	59.79		%	(d/(a+b))
Efficiency ratio on an operating basis (Non-GAAP)	52.42		%	54.00		%	60.49		%	53.19		%	59.06		%	(e/(a+c))
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)	13.01		%	10.82		%	12.50		%	11.89		%	13.38		%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)	13.01		%	11.86		%	12.91		%	12.42		%	13.59		%

APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin

	Three Months Ended
	June 30, 2022						March 31, 2022
	Volume		Interest		Margin Impact		Volume		Interest		Margin Impact
	(Dollars in thousands)
Reported total interest earning assets	$	17,877,531	$	145,817	3.27	%	$	18,189,578	$	138,403	3.09	%
Core adjustments:
PPP volume @ 1%	(60,969)		(149)				(148,384)		(362)
PPP fee amortization			(1,762)						(3,486)
Total PPP impact	(60,969)		(1,911)		(0.03)	%	(148,384)		(3,848)		(0.07)	%
Acquisition related:
Loan fair value amortization (accretion)			823						(83)
CD fair market accretion			(437)						(684)
			386		0.01	%			(767)		(0.02)	%
Nonaccrual interest			205		—	%			310		0.01	%
Other noncore adjustments			(1,106)		(0.02)	%			(773)		(0.01)	%
Core margin (Non-GAAP)	$	17,816,562	$	143,391	3.23	%	$	18,041,194	$	133,325	3.00	%

19

earningsreleasepresentat

Exhibit 99.2 Q2 2022 Earnings Presentation July 22, 2022

---

Forward Looking Statements This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” "anticipated," "guidance," "targeted" or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: further weakening in the United States economy in general and the regional and local economies within the New England region and the Company’s market area, including any future weakening caused by the COVID-19 pandemic and any uncertainty regarding the length and extent of economic contraction as a result of the pandemic; the potential effects of inflationary pressures, labor market shortages and supply chain issues; the instability or volatility in financial markets and unfavorable general economic or business conditions, globally, nationally or regionally, caused by geopolitical concerns, including as a result of the conflict between Russia and Ukraine; unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other external events; adverse changes or volatility in the local real estate market; adverse changes in asset quality and any unanticipated credit deterioration in our loan portfolio including those related to one or more large commercial relationships; acquisitions, may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles; additional regulatory oversight and related compliance costs; changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; higher than expected tax expense, resulting from failure to comply with general tax laws and changes in tax laws; changes in market interest rates for interest earning assets and/or interest bearing liabilities and changes related to the phase-out of LIBOR; increased competition in the Company’s market areas; adverse weather, changes in climate, natural disasters, geopolitical concerns, including those arising from the conflict between Russia and Ukraine; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic, other public health crises or man-made events, and their impact on the Company's local economies or disrupt the Company's operations, a deterioration in the conditions of the securities markets; a deterioration of the credit rating for U.S. long-term sovereign debt; inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery; electronic fraudulent activity within the financial services industry, especially in the commercial banking sector; adverse changes in consumer spending and savings habits; the effect of laws and regulations regarding the financial services industry; changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business; the Company's potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic; changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters including, but not limited to, changes to how the Company accounts for credit losses; cyber security attacks or intrusions that could adversely impact our businesses; and other unexpected material adverse changes in our operations or earnings. Further, the foregoing factors may be exacerbated by the ultimate impact of the COVID-19 pandemic, which remains unknown at this time due to factors and future developments that are uncertain, unpredictable and, in many cases, beyond the Company's control, including the scope, duration and extent of the pandemic and any further resurgences, the efficacy, availability and public acceptance of vaccines, boosters or other treatments, actions taken by governmental authorities in response to the pandemic and the direct and indirect impact of these actions and the pandemic generally on the Company’s employees, customers, business and third-parties with which the Company conducts business. The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward- looking statements involve substantial known and unknown risks and uncertainties described in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward- looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors. 2

---

Non-GAAP Financial Measures This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information includes operating net income and operating earnings per share ("EPS"), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, core net interest margin ("core NIM" or "core margin"), tangible book value per share and the tangible common equity ratio. Operating net income, operating EPS, operating return on average assets and operating return on average common equity exclude items that management believes are unrelated to the Company's core banking business such as merger related expenses, provision for credit losses on acquired loan portfolios, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as out-sized cash balances, unique low-yielding loans originated through government programs in response to the pandemic, or significant purchase accounting adjustments. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Similarly, management reviews certain loan metrics such as growth rates and allowance as a percentage of total loans, adjusted to exclude loans that are not considered part of its core portfolio, which includes loans originated in association with government sponsored and guaranteed programs in response to the pandemic, to arrive at adjusted numbers more representative of the core growth of the portfolio and core reserve to loan ratio. Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity", by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets", defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry. These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management deems to be noncore and excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies. 3

---

Key Operating Metrics Q2 2022 Net Income (in millions) $ 61.8 Diluted Earnings Per Share $ 1.32 Return on Average Assets 1.24% Return on Average Equity 8.49% Return on Average Tangible Common Equity* 13.01% 4 Highlights * See Appendix A for reconciliation of non-GAAP earnings metrics ** See slide 8 for reconciliation of non-GAAP core NIM Key Drivers of Q2 2022: • 4.9% annualized net loan growth, excluding PPP runoff • Improved core NIM** when excluding purchase accounting and PPP related impact • Modest cash deployment into the securities portfolio • Strong core deposit account openings • Minimal credit losses, resulting in zero provision • Solid fee income results • Improved efficiency ratio • 1.3 million shares repurchased

---

5 $ in m ill io ns $13,580 $(610) $(69) $607 $181 $(13) $13,676 Balance 3/31/2022 Amortization/Attrition PPP Loan Paydowns New Funding Line Utilization Change Other Balance 6/30/2022 $13,000 Loan Portfolio Period Ended $ Increase % Increase Loan Category 6/30/2022 3/31/2022 (Decrease) (Decrease) ($ in millions) Commercial and industrial $ 1,511 $ 1,467 $ 44 3.0 % Paycheck Protection Program ("PPP") loans 30 99 (69) (69.7) % Commercial real estate 7,792 7,898 (106) (1.3) % Commercial construction 1,195 1,154 41 3.6 % Small business 206 200 6 3.0 % Total commercial 10,734 10,818 (84) (0.8) % Residential real estate 1,844 1,706 138 8.1 % Home equity - first position 587 578 9 1.6 % Home equity - subordinate positions 478 448 30 6.7 % Total consumer real estate 2,909 2,732 177 6.5 % Other consumer 33 30 3 10.0 % Total loans $ 13,676 13,580 $ 96 0.7 %

---

6 Commercial Loans (1) ($ in millions) Q2 2022 commitments closed $557 Approved pipeline $372 (1) Amounts shown above exclude small business category PPP Loan Summary ($ in millions) PPP Q2 2022 outstanding balance $31 PPP Q2 2022 unearned fees, net $0.6 Loan Highlights Residential & Home Equity Closings ($ in millions) Residential real estate $244 Home equity 154 Total $398 Residential Volume Breakout Q2 2022 Closing Activity • CRE and Construction - property types: ◦ Apartment complex - multi-family ◦ 1 - 4 family residential • Commercial & Industrial - by industry: ◦ Retail trade ◦ Construction $ in m ill io ns $226 $181 $19 $37 Retained in Portfolio Sold/To be Sold Q2 2022 Q1 2022 $0 $50 $100 $150 $200 $250 92% 8% 83% 17%

---

Period Ended $ Increase % Increase Deposit Customer Type 6/30/2022 3/31/2022 (Decrease) (Decrease) ($ in millions) Consumer deposits $ 7,918 $ 7,975 $ (57) (0.7) % Time certificates of deposits 1,301 1,389 (88) (6.3) % Business/Commercial deposits 6,073 6,220 (147) (2.4) % Municipal deposits (1) 1,348 1,180 168 14.2 % $ 16,640 $ 16,764 $ (124) (0.7) % (1) Municipal deposits include municipal time certificates of deposits. 7 Period Ended $ Increase % Increase Deposit Product Type 6/30/2022 3/31/2022 (Decrease) (Decrease) ($ in millions) Noninterest-bearing demand deposits $ 5,562 $ 5,537 $ 25 0.5 % Savings and interest checking accounts 6,348 6,248 100 1.6 % Money market deposits 3,419 3,580 (161) (4.5) % Time certificates of deposit 1,311 1,399 (88) (6.3) % $ 16,640 $ 16,764 $ (124) (0.7) % Deposit Balances $ in b ill io ns $12,100 $14,843 $16,775 $16,581 0.05% 0.05% 0.05% 0.05% Average Deposits Cost of Deposits Q3 2021 Q4 2021 Q1 2022 Q2 2022 $0 $5,000 $10,000 $15,000 0.00% 0.05% 0.10% 0.15%

---

Q2 2022 Q1 2022 Volume Interest Margin Impact Volume Interest Margin Impact ($ in millions) Reported Total $ 17,877.5 $ 145.8 3.27 % $ 18,189.6 $ 138.4 3.09 % Core adjustments: PPP volume @1% (61.0) (0.1) (148.4) (0.4) PPP fee amort (1.8) (3.4) Total PPP impact (61.0) (1.9) (0.03) % (148.4) (3.8) (0.07) % Acquisition related: Loan fair value amortization (accretion) 0.8 (0.1) CD fair market accretion (0.4) (0.7) 0.4 0.01 % (0.8) (0.02) % Nonaccrual interest 0.2 — % 0.3 0.01 % Other noncore adjustments (1.1) (0.02) % (0.8) (0.01) % Core Margin (Non-GAAP) $ 17,816.5 143.4 3.23 % $ 18,041.2 $ 133.3 3.00 % 8 Net Interest Margin Analysis Net Interest Margin 2.78% 3.05% 3.09% 3.27% 2.70% 2.83% 3.00% 3.23% Reported NIM Core NIM Q3 2021 Q4 2021 Q1 2022 Q2 2022 2.50% 2.75% 3.00% 3.25% 3.50% Asset Sensitivity: Balances Subject to Reprice Interest earning cash 100% Loans 30-35% Less: Loan hedges (8-9%) Less: In the money floors (0-1%) Strong core deposit funding source = historical low deposit betas

---

9 Nonperforming Loans ($ in millions) $45.8 $27.8 $56.6 $55.9 0.52% 0.20% 0.42% 0.41% NPLs ($Mil) NPL/Loan% Q3 2021 Q4 2021 Q1 2022 Q2 2022 0.00% 0.40% 0.80% $0 $30 $60 Net Charge-offs/(Recoveries) ($ in millions) $0.1 $(2.4) $0.4 $0.2 0.00% (0.09)% 0.01% 0.01% Net Charge-offs (recoveries) Annualized Loss Rate Q3 2021 Q4 2021 Q1 2022 Q2 2022 $(5) $0 $5 $10 (0.10)% 0.00% 0.10% 0.20% COVID-19 Deferrals by Modification Type Deferral of Principal Only Total Portfolio % Deferral ($ in millions) Commercial real estate (1) $ 197 $ 8,986 2.2 % Other portfolios — 4,690 — % Total active deferrals as of June 30, 2022 $ 197 $ 13,676 1.4 % COVID-19 Deferrals Maturity Schedule Q4 2022 2023 2024 Total Commercial real estate (1) $ 137 $ 51 $ 9 $ 197 (1) Balances include commercial construction deferrals. Asset Quality Allowance for Credit Loss & Delinquency Trends 1.05% 1.08% 1.06% 1.06% 0.21% 0.34% 0.29% 0.40% Allowance for Credit Losses/Total Loans Delinquent Loans/Total Loans Q3 2021 Q4 2021 Q1 2022 Q2 2022 0.00% 0.50% 1.00% 1.50%

---

10 Noninterest Income Three Months Ended Noninterst Income June 30 2022 March 31 2022 ($ in thousands) Deposit account fees $5,828 $5,493 Interchange and ATM fees 4,027 3,609 Investment management 9,329 8,673 Mortgage banking income 1,042 1,362 Increase in cash surrender value of life insurance policies 1,871 1,795 Gain on life insurance benefits 123 — Loan level derivative income 436 604 Other noninterest income 5,242 4,736 Total noninterest income $27,898 $26,272 $ in m ill io ns Assets Under Administration $5,435 $5,726 $5,725 $5,157 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $4,000 $5,000 Investment management: Focal Point $ in m ill io ns Gross New Assets $174 $180 $284 $138 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $0 $100 $200 $300

---

11 Efficiency Ratio - Operating Basis* 60.47% 52.71% 54.00% 52.42% Q3 2021 Q4 2021 Q1 2022 Q2 2022 50.00% 55.00% 60.00% 65.00% Noninterest Expense * See Appendix B for reconciliation of non-GAAP earnings metrics Three Months Ended Noninterest Expenses June 30 2022 March 31 2022 ($ in thousands) Salaries and employee benefits $49,538 $48,711 Occupancy and equipment expenses 11,637 13,302 Data processing and facilities management 2,247 2,372 FDIC assessment 1,743 1,805 Merger and acquisition expense — 7,100 Other noninterest expenses 25,397 22,210 Total noninterest expenses $90,562 $95,500 Less: Merger and acquisition expense 0 7,100 Total noninterest expense on an operating basis (Non- GAAP)* $90,562 $88,400 Efficiency Ratio - GAAP Basis 62.14% 77.20% 58.34% 52.42% Q3 2021 Q4 2021 Q1 2022 Q2 2022 50.00% 60.00% 70.00% 80.00%

---

12 Tax Rate Loan Growth Deposit Growth Noninterest Income Asset Quality Full Year 2022 Guidance • Total commercial: Flat to low single digit % growth expected in the 2nd half 2022, resulting in a relatively flat to low single digit % decrease in balances for the full year including attrition of Meridian balances and PPP runoff; • Residential real estate: mid to high single digit % growth expected in the 2nd half of 2022, resulting in approximately 20% growth for the full year; • Home equity: low to mid-single digit % growth expected in the 2nd half of 2022, resulting in mid to high single digit % growth for full year. • Asset sensitivity is expected to benefit net interest income and margin due to recent and anticipated increases in rates. • Time deposit and rate sensitive balance runoff is anticipated, resulting in relatively flat to modest decreases in total deposits in the 2nd half of 2022. • Mortgage closing volume is expected to decrease, with high % retained in portfolio; • Wealth management fee revenue expected to decrease in the near term due to reduced asset levels as of June 30. • Tax rate for the 2nd half of the year is expected to be approximately 25%. Net Interest Income • Though overall asset quality remains strong, economic uncertainty exists; • Based on today's environment, we anticipate current allowance levels to hold steady for the foreseeable future, with future charge-offs serving as a proxy for provision levels. Noninterest Expense • Expected to increase in the 2nd half at low to mid-single digit % rate, driven mostly by wage and other inflationary factors.

---

The following table reconciles net income and diluted EPS, which are GAAP measures, to operating earnings and diluted EPS on an operating basis, which are Non-GAAP measures, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on average tangible common equity, return on average assets on an operating basis and return on average common equity on an operating basis, which are Non-GAAP measures, as of the time periods indicated: Q3 2021 Q4 2021 Q1 2022 Q2 2022 ($ in millions, except per share data) Net income available to common shareholders (GAAP) $ 40.0 $ 1.21 $ 1.7 $ 0.04 $ 53.1 $ 1.12 $ 61.8 $ 1.32 (a) Non-GAAP adjustments Provision for non-PCD acquired loans — — 50.7 1.26 — — — — Noninterest expense components Merger and acquisition expenses 1.9 0.06 37.2 0.92 7.1 0.15 — — Total impact of noncore items 1.9 0.06 87.9 2.18 7.1 0.15 — — Less - net tax benefit associated with noncore items (1) (0.5) (0.02) (23.9) (0.59) (2.0) (0.04) — — Noncore increases to net income 1.4 0.04 64.0 1.59 5.1 0.11 — — Operating net income (Non-GAAP) $ 41.4 $ 1.25 $ 65.7 $ 1.63 $ 58.2 $ 1.23 $ 61.8 $ 1.32 (b) Average assets $ 14,298.9 $ 17,755.7 20,223.7 $ 19,929.6 (c) Average equity 1,756.1 2,424.4 3,008.0 2,919.5 (d) Less: Average goodwill and other intangibles 526.0 786.6 $ 1,017.0 $ 1,015.0 Tangible average common equity 1,230.1 $ 1,637.8 $ 1,991.0 $ 1,904.5 (e) Return on average assets 1.11 % 0.04 % 1.06 % 1.24 % (a/(c)) Return on average assets on an operating basis (Non-GAAP) 1.15 % 1.47 % 1.17 % 1.24 % (b)/(c) Return on average common equity 9.04 % 0.28 % 7.16 % 8.49 % (a)/(d) Return on average common equity on an operating basis (Non-GAAP) 9.35 % 10.75 % 7.85 % 8.49 % (b)/(d) Return on Average Tangible Common Equity (Non-GAAP) 12.90 % 0.41 % 10.82 % 13.01 % (a/e) Return on Average Tangible Common Equity on an operating basis (Non-GAAP) 13.35 % 15.92 % 11.86 % 13.01 % (b/e) Appendix A: Non-GAAP Reconciliation of Earnings Metrics 13 (1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.

---

The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, as well as the impact of noncore items on interest income as a percentage to total revenue and the efficiency ratio for the periods indicated: Q3 2021 Q4 2021 Q1 2022 Q2 2022 ($ in millions) Net interest income (GAAP) $ 90.1 $ 122.5 $ 137.4 $ 144.9 (a) Noninterest income (GAAP) $ 26.5 $ 29.2 $ 26.3 $ 27.9 (b) Noninterest income on an operating basis (Non- GAAP) $ 26.5 $ 29.2 $ 26.3 $ 27.9 (c) Noninterest expense (GAAP) $ 72.4 $ 117.1 $ 95.5 $ 90.6 (d) Less: Merger and acquisition expense 1.9 37.2 7.1 — Noninterest expense on an operating basis (Non-GAAP) $ 70.5 $ 79.9 $ 88.4 $ 90.6 (e) Total revenue (GAAP) $ 116.6 $ 151.7 $ 163.7 $ 172.8 (a+b) Total operating revenue (Non-GAAP) $ 116.6 $ 151.7 $ 163.7 $ 172.8 (a+c) Ratios Noninterest income as a % of total revenue (GAAP based) 22.70 % 19.23 % 16.05 % 16.15 % (b/(a+b)) Noninterest income as a % of total revenue on an operating basis (Non-GAAP) 22.70 % 19.23 % 16.05 % 16.15 % (c/(a+c)) Efficiency ratio (GAAP based) 62.14 % 77.20 % 58.34 % 52.42 % (d/(a+b)) Efficiency ratio on an operating basis (Non- GAAP) 60.47 % 52.71 % 54.00 % 52.42 % (e/(a+c)) Appendix B: Non-GAAP Reconciliation of Earnings Metrics 14

---