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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________________________________

FORM 10-Q

___________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


Commission File Number:			1-9047

___________________________________________________

Independent Bank Corp.

(Exact name of registrant as specified in its charter)

___________________________________________________


MA			04-2870273
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Office Address:

2036 Washington Street,

Hanover,

02339

Mailing Address:

288 Union Street,

Rockland,

02370

(Address of principal executive offices, including zip code)

(781) 878-6100

(Registrant’s telephone number, including area code)


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, $0.01 par value per share	INDB	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	x	Accelerated Filer	☐

Non-accelerated Filer	☐	Smaller Reporting Company	☐

		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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)

Yes

☐

☒

As of May 4, 2026, there were 48,327,110 shares of the issuer’s common stock outstanding, par value $0.01 per share.

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			PAGE
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets - March 31, 2026 and December 31, 2025			5
Consolidated Statements of Income - Three months ended March 31, 2026 and 2025			7
Consolidated Statements of Comprehensive Income -Three months ended March 31, 2026 and 2025			8
Consolidated Statements of Stockholders’ Equity - Three months ended March 31, 2026 and 2025			9
Consolidated Statements of Cash Flows - Three months ended March 31, 2026 and 2025			10

Notes to Consolidated Financial Statements - March 31, 2026
Note 1 - Basis of Presentation			12
Note 2 - Recent Accounting Standards Updates			12
Note 3 - Securities			13
Note 4 - Loans, Allowance for Credit Losses and Credit Quality			17
Note 5 - Stock Based Compensation			25
Note 6 - Derivative and Hedging Activities			26
Note 7 - Fair Value Measurements			32
Note 8 - Revenue Recognition			39
Note 9 - Other Comprehensive Income (Loss)			40
Note 10 - Commitments and Contingencies			41
Note 11 - Segment Information			42
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			43
Table 1 - Closed Residential Real Estate Loans			50
Table 2 - Residential Mortgage Loan Sales			50
Table 3 - Mortgage Servicing Asset			51
Table 4 - Non-performing Assets			56
Table 5 - Activity in Non-performing Assets			56
Table 6 - Summary of Net Charge-Offs/(Recoveries) to Average Loans Outstanding			58
Table 7 - Summary of Allocation of Allowance for Credit Losses			59
Table 8 - Company and Bank’s Capital Amounts and Ratios			62
Table 9 - Assets Under Administration			63
Table 10 - Summary of Results of Operations			64
Table 11 - Average Balance, Interest Earned/Paid & Average Yields Quarter-to-Date			65

Table 12 - Volume Rate Analysis			67
Table 13 - Non-interest Income			68
Table 14- Non-interest Expense			69
Table 15 - Tax Provision and Applicable Tax Rates			70
Table 16 - Liquidity Sources			72
Table 17 - Interest Rate Sensitivity			73

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Item 3. Quantitative and Qualitative Disclosures About Market Risk			74
Item 4. Controls and Procedures			74

PART II. OTHER INFORMATION			74
Item 1. Legal Proceedings			74
Item 1A. Risk Factors			75
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			75
Item 3. Defaults Upon Senior Securities			75
Item 4. Mine Safety Disclosures			75
Item 5. Other Information			75
Item 6. Exhibits			76
Signatures			77

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PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements

INDEPENDENT BANK CORP.

CONSOLIDATED BALANCE SHEETS

(Unaudited—Dollars in thousands)


	March 31 2026		December 31 2025
Assets
Cash and due from banks	$	223,291	$	229,770
Interest-earning deposits with banks	505,687		542,132
Securities
Trading	5,525		4,720
Equity	21,518		21,581
Available for sale (amortized cost $2,148,222 and $2,051,822)	2,088,365		2,004,247
Held to maturity (fair value $1,166,302 and $1,190,733)	1,256,566		1,279,027
Total securities	3,371,974		3,309,575
Loans held for sale (at fair value)	16,758		35,909
Loans
Commercial and industrial	4,651,453		4,611,789
Commercial real estate	8,181,340		8,275,408
Commercial construction	1,403,613		1,399,193
Residential real estate	2,842,144		2,873,443
Home equity	1,307,746		1,297,662
Other consumer	39,182		46,282
Total loans	18,425,478		18,503,777
Less: allowance for credit losses	(190,560)		(189,877)
Net loans	18,234,918		18,313,900
Federal Home Loan Bank stock	17,752		21,835
Bank premises and equipment, net	217,695		218,190
Goodwill	1,090,610		1,090,610
Other intangible assets	126,687		133,576
Cash surrender value of life insurance policies	380,423		378,576

Other assets	597,785		638,823
Total assets	$	24,783,580	$	24,912,896
Liabilities and Stockholders' Equity
Deposits
Non-interest-bearing demand deposits	$	5,633,079	$	5,600,955
Savings and interest checking accounts	6,310,870		6,482,970
Money market	4,898,267		4,774,645
Time certificates of deposit	3,255,294		3,268,220
Total deposits	20,097,510		20,126,790
Borrowings
Federal Home Loan Bank and other borrowings	316,734		416,549


Line of credit (less unamortized debt issuance costs of $31 and $47)	99,969		49,953

Junior subordinated debentures (less unamortized debt issuance costs of $25 and $26)	62,863		62,862

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Subordinated debentures (less unamortized debt issuance costs of $3,310 and $3,517)	296,690		296,483
Total borrowings	776,256		825,847
Other liabilities	367,773		394,531
Total liabilities	21,241,539		21,347,168
Commitments and contingencies	—		—
Stockholders' equity
Preferred stock, $0.01 par value, authorized: 1,000,000 shares, outstanding: none	—		—
Common stock, $0.01 par value, authorized: 75,000,000 shares, issued and outstanding: 48,572,237 shares at March 31, 2026 and 49,243,813 shares at December 31, 2025 (includes 297,143 and 254,359 shares of unvested participating restricted stock awards, respectively)	483		490
Value of shares held in rabbi trust at cost: 77,307 shares at March 31, 2026 and 75,247 shares at December 31, 2025	(3,622)		(3,452)
Deferred compensation and other retirement benefit obligations	3,622		3,452
Additional paid in capital	2,272,910		2,335,879
Retained earnings	1,317,946		1,269,113
Accumulated other comprehensive loss, net of tax	(49,298)		(39,754)
Total stockholders’ equity	3,542,041		3,565,728
Total liabilities and stockholders’ equity	$	24,783,580	$	24,912,896

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

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INDEPENDENT BANK CORP.

CONSOLIDATED STATEMENTS OF INCOME

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


	Three Months Ended
	March 31
	2026		2025
Interest income
Interest and fees on loans	$	260,982	$	195,093
Taxable interest and dividends on securities	25,260		15,296
Non-taxable interest and dividends on securities	114		1
Interest on loans held for sale	252		92
Interest on federal funds sold and short-term investments	3,657		1,438
Total interest and dividend income	290,265		211,920
Interest expense
Interest on deposits	66,935		59,436
Interest on borrowings	10,871		6,979
Total interest expense	77,806		66,415
Net interest income	212,459		145,505
Provision for credit losses	5,500		15,000
Net interest income after provision for credit losses	206,959		130,505
Non-interest income
Deposit account fees	9,249		7,053
Interchange and ATM fees	5,018		4,622
Investment management and advisory	14,165		11,220
Mortgage banking income	1,270		741
Increase in cash surrender value of life insurance policies	2,712		2,065
Gain on life insurance benefits	346		—
Loan level derivative income	910		1,042


Other non-interest income	6,592		5,796
Total non-interest income	40,262		32,539
Non-interest expenses
Salaries and employee benefits	80,737		61,931
Occupancy and equipment expenses	17,306		13,859
Data processing and facilities management	3,259		2,642
Software and subscriptions	7,068		5,027
FDIC assessment	3,328		2,988
Debit card expense	2,402		1,935

Amortization of intangible assets	6,890		1,344

Merger and acquisition expense	3,024		1,155



Other non-interest expenses	18,904		14,997
Total non-interest expenses	142,918		105,878
Income before income taxes	104,303		57,166
Provision for income taxes	24,384		12,742
Net income	$	79,919	$	44,424
Basic earnings per share	$	1.63	$	1.04
Diluted earnings per share	$	1.63	$	1.04
Weighted average common shares (basic)	48,970,060		42,550,274
Common share equivalents	29,685		22,353
Weighted average common shares (diluted)	48,999,745		42,572,627
Cash dividends declared per common share	$	0.64	$	0.59

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

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INDEPENDENT BANK CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited—Dollars in thousands)


	Three Months Ended
	March 31
	2026		2025
Net income	$	79,919	$	44,424
Other comprehensive income, net of tax
Net change in fair value of securities available for sale	(9,493)		16,394
Net change in fair value of cash flow hedges	(32)		3,456
Net change in other comprehensive income for defined benefit postretirement plans	(19)		(45)
Total other comprehensive (loss) income	(9,544)		19,805
Total comprehensive income	$	70,375	$	64,229

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

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INDEPENDENT BANK CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2026 and 2025

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


	Common Stock Outstanding	Common Stock		Value of Shares Held in Rabbi Trust at Cost		Deferred Compensation Obligation		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance December 31, 2025	49,243,813	$	490	$	(3,452)	$	3,452	$	2,335,879	$	1,269,113	$	(39,754)	$	3,565,728

Net income	—	—		—		—		—		79,919		—		79,919
Other comprehensive loss	—	—		—		—		—		—		(9,544)		(9,544)
Common dividend declared ($0.64 per share)	—	—		—		—		—		(31,086)		—		(31,086)


Stock based compensation	—	—		—		—		2,315		—		—		2,315
Restricted stock awards issued, net of awards surrendered	121,283	1		—		—		(2,131)		—		—		(2,130)
Shares issued under direct stock purchase plan	9,457	—		—		—		734		—		—		734
Shares repurchased under share repurchase program	(802,316)	(8)		—		—		(63,887)		—		—		(63,895)
Deferred compensation and other retirement benefit obligations	—	—		(170)		170		—		—		—		—
Balance March 31, 2026	48,572,237	$	483	$	(3,622)	$	3,622	$	2,272,910	$	1,317,946	$	(49,298)	$	3,542,041

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


Net income	—	—		—		—		—		44,424		—		44,424
Other comprehensive income	—	—		—		—		—		—		19,805		19,805
Common dividend declared ($0.59 per share)	—	—		—		—		—		(25,140)		—		(25,140)


Stock based compensation	—	—		—		—		1,896		—		—		1,896
Restricted stock awards issued, net of awards surrendered	100,430	1		—		—		(1,309)		—		—		(1,308)
Shares issued under direct stock purchase plan	9,230	—		—		—		595		—		—		595

Deferred compensation and other retirement benefit obligations	—	—		(141)		141		—		—		—		—
Balance March 31, 2025	42,610,271	$	424	$	(3,524)	$	3,524	$	1,911,162	$	1,192,008	$	(70,202)	$	3,033,392

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INDEPENDENT BANK CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited—Dollars in thousands)


	Three Months Ended
	March 31
	2026		2025
Cash flow from operating activities
Net income	$	79,919	$	44,424
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	10,208		10,292
Change in unamortized net loan costs and fees	(315)		(338)
Net accretion of acquired loans	(9,186)		(410)
Provision for credit losses	5,500		15,000
Deferred income tax expense	1,331		1,021
Net gain on equity securities	(25)		(98)


Net loss on bank premises and equipment	—		74





Stock based compensation	2,315		1,896

Increase in cash surrender value of life insurance policies	(2,712)		(2,065)
Gain on life insurance benefits	(346)		—
Operating lease payments	(3,955)		(3,991)

Change in fair value on loans held for sale	417		(57)
Net change in:
Trading assets	(805)		(571)

Loans held for sale	18,734		(1,196)
Other assets	36,522		(10,384)
Other liabilities	(20,384)		(40,255)
Total adjustments	37,299		(31,082)
Net cash provided by operating activities	117,218		13,342
Cash flows provided by (used in) investing activities


Purchases of equity securities	(185)		(179)

Proceeds from maturities and principal repayments of securities available for sale	79,030		60,035
Purchases of securities available for sale	(168,446)		(70,806)
Proceeds from maturities and principal repayments of securities held to maturity	23,636		26,415

Net decrease in Federal Home Loan Bank stock	4,083		5,769
Investments in low income housing projects	(3,863)		(15,333)
Purchases of life insurance policies	—		(47)
Proceeds from life insurance policies	1,074		—
Net decrease (increase) in loans	82,983		(23,735)

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




Net cash provided by (used in) investing activities	12,708		(19,913)
Cash flows provided by (used in) financing activities
Net decrease in time deposits	(12,926)		(37,852)
Net (decrease) increase in other deposits	(16,354)		407,873

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





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



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

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Restricted stock awards issued, net of awards surrendered	(2,195)		(1,351)
Proceeds from shares issued under direct stock purchase plan	727		589
Payments for shares repurchased under share repurchase program	(63,261)		—
Common dividends paid	(29,055)		(24,225)
Net cash (used in) provided by financing activities	(172,850)		503,525
Net (decrease) increase in cash and cash equivalents	(42,924)		496,954
Cash and cash equivalents at beginning of year	771,902		219,890
Cash and cash equivalents at end of period	$	728,978	$	716,844
Supplemental schedule of non-cash investing and financing activities


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

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

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

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION

Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907.

All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year’s presentation.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or any other interim period.

For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “2025 Form 10-K”).

NOTE 2 - RECENT ACCOUNTING STANDARDS UPDATES

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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 entity’s risk management activities and to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. This standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted on any date on or after the issuance of this update. The Company is currently evaluating the impact of this standard and does not expect the adoption to have an impact on the Company’s financial statements.

FASB ASC Topic 326 “Financial Instruments - Credit Losses - Purchased Loans” Update No. 2025-08. Update No. 2025-08 was issued in November 2025 requires entities to apply the gross-up approach under Topic 326 to all “purchased seasoned loans.” According to the amendments in this update, purchased seasoned loans are loans (excluding purchased financial assets with credit deterioration, credit card receivables, debt securities and trade receivables) that are (1) acquired in a business combination, or (2) obtained through a transfer that is not a business combination or initially recognized through the consolidation of a variable interest entity, if certain seasoning criteria are met. A loan is considered seasoned if it is obtained more than 90 days after its origination date and the transferee was not involved in the origination. This standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption is permitted. This standard will be effective for the Company, on a prospective basis, for loans acquired on or after the adoption date. The Company does not expect the adoption to have an impact on the Company’s current financial statements.

FASB ASC Subtopic 220-40 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” Update No. 2024-03. Update No. 2024-03 was issued in November 2024 and requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses for both interim and annual reporting periods. This standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard and does not expect the adoption to have an impact on the Company’s financial statements.

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NOTE 3 - SECURITIES

Trading Securities

The Company had trading securities of $5.5 million and $4.7 million as of March 31, 2026 and December 31, 2025, respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan.

Equity Securities

The Company had equity securities of $21.5 million and $21.6 million as of March 31, 2026 and December 31, 2025, respectively. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans.

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


	Three Months Ended
	March 31
	2026		2025
	Dollars in thousands
Net gains recognized during the period on equity securities	$	25	$	98
Less: net gains recognized during the period on equity securities sold during the period	—		6
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	25	$	92

Available for Sale Securities

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


	March 31, 2026										December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value
	(Dollars in thousands)

U.S. government agency securities	$	228,507	$	—	$	(9,947)	$	—	$	218,560	$	228,697	$	—	$	(10,025)	$	—	$	218,672
U.S. treasury securities	435,551		—		(13,195)		—		422,356		485,388		32		(14,336)		—		471,084
Agency mortgage-backed securities	944,915		1,909		(27,169)		—		919,655		790,764		4,430		(22,231)		—		772,963
Agency collateralized mortgage obligations	267,747		202		(7,962)		—		259,987		273,321		784		(4,529)		—		269,576

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


Pooled trust preferred securities issued by banks and insurers	1,120		—		(76)		—		1,044		1,120		—		(78)		—		1,042
Small business administration pooled securities	41,259		—		(4,941)		—		36,318		42,480		—		(4,648)		—		37,832
Total available for sale securities	$	2,148,222	$	3,617	$	(63,474)	$	—	$	2,088,365	$	2,051,822	$	8,302	$	(55,877)	$	—	$	2,004,247

Excluded from the table above is accrued interest on available for sale securities of $6.2 million and $5.6 million at March 31, 2026 and December 31, 2025, respectively, which is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest income on available for sale securities during the three months ended March 31, 2026 and 2025. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2026 and December 31, 2025, respectively.

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When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of securities available for sale during the three months ended March 31, 2026 and 2025, and therefore no gains or losses were realized for such periods.

The following tables show the gross unrealized losses and fair value of the Company’s available for sale securities in an unrealized loss position as of the dates indicated. These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position:


	March 31, 2026
		Less than 12 months				12 months or longer				Total
	# of holdings	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. government agency securities	9	$	—	$	—	$	218,560	$	(9,947)	$	218,560	$	(9,947)
U.S. treasury securities	10	6,564		(17)		415,793		(13,178)		422,357		(13,195)
Agency mortgage-backed securities	117	467,011		(5,731)		233,557		(21,438)		700,568		(27,169)
Agency collateralized mortgage obligations	80	224,557		(6,549)		22,206		(1,413)		246,763		(7,962)

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

Pooled trust preferred securities issued by banks and insurers	1	—		—		1,044		(76)		1,044		(76)
Small business administration pooled securities	8	—		—		36,318		(4,941)		36,318		(4,941)
Total	281	$	747,495	$	(12,481)	$	927,478	$	(50,993)	$	1,674,973	$	(63,474)

	December 31, 2025
		Less than 12 months				12 months or longer				Total
	# of holdings	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. government agency securities	9	$	—	$	—	$	218,672	$	(10,025)	$	218,672	$	(10,025)
U.S. treasury securities	10	—		—		464,514		(14,336)		464,514		(14,336)
Agency mortgage-backed securities	106	178,837		(911)		237,923		(21,320)		416,760		(22,231)
Agency collateralized mortgage obligations	54	175,697		(3,216)		23,265		(1,313)		198,962		(4,529)
Municipal securities	8	6,792		(30)		—		—		6,792		(30)

Pooled trust preferred securities issued by banks and insurers	1	—		—		1,042		(78)		1,042		(78)
Small business administration pooled securities	8	—		—		37,832		(4,648)		37,832		(4,648)
Total	196	$	361,326	$	(4,157)	$	983,248	$	(51,720)	$	1,344,574	$	(55,877)

The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As a result, the Company did not recognize a provision for credit losses on these investments during the three months ended March 31, 2026 and 2025. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations.

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As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category were as follows at March 31, 2026:

•U.S. Government Agency Securities, U.S. Treasury Securities, Agency Mortgage-Backed Securities, Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities: These portfolios have contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. Government or one of its agencies.

•Municipal Securities: This portfolio has contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality.

•Pooled Trust Preferred Securities: This portfolio consists of one security which is performing. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic and regulatory environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments.

Held to Maturity Securities

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


	March 31, 2026										December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value
	(Dollars in thousands)

U.S. treasury securities	$	100,892	$	—	$	(3,648)	$	—	$	97,244	$	100,872	$	—	$	(3,748)	$	—	$	97,124
Agency mortgage-backed securities	686,110		249		(36,983)		—		649,376		694,903		339		(35,827)		—		659,415
Agency collateralized mortgage obligations	360,263		—		(45,871)		—		314,392		370,698		—		(44,900)		—		325,798


Small business administration pooled securities	109,301		36		(4,047)		—		105,290		112,554		183		(4,341)		—		108,396

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

All held to maturity securities held by the Company are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three months ended March 31, 2026 and 2025. Excluded from the table above is accrued interest on held to maturity securities of $2.8 million and $3.4 million at March 31, 2026 and December 31, 2025, respectively, which is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest income on held to maturity securities during the three months ended March 31, 2026 and 2025. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2026 and December 31, 2025.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of held to maturity securities during the three months ended March 31, 2026 and 2025, and therefore no gains or losses were realized for such periods.

The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of March 31, 2026, all held to maturity securities held by the Company were rated investment grade or higher.

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The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of securities available for sale and securities held to maturity at March 31, 2026 is presented below:


	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Available for sale securities
U.S. government agency securities	$	67,548	$	66,733	$	160,959	$	151,827	$	—	$	—	$	—	$	—	$	228,507	$	218,560
U.S. treasury securities	195,253		192,669		240,298		229,687		—		—		—		—		435,551		422,356
Agency mortgage-backed securities	23,773		23,441		208,639		201,586		22,738		21,855		689,765		672,773		944,915		919,655
Agency collateralized mortgage obligations	—		—		4,448		4,444		1,800		1,689		261,499		253,854		267,747		259,987

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


Pooled trust preferred securities issued by banks and insurers	—		—		—		—		—		—		1,120		1,044		1,120		1,044
Small business administration pooled securities	—		—		—		—		10,264		9,670		30,995		26,648		41,259		36,318
Total available for sale securities	$	288,497	$	284,768	$	733,619	$	707,351	$	141,268	$	140,438	$	984,838	$	955,808	$	2,148,222	$	2,088,365
Held to maturity securities

U.S. treasury securities	$	99,898	$	96,377	$	994	$	867	$	—	$	—	$	—			$	100,892	$	97,244
Agency mortgage-backed securities	104,300		103,524		377,411		355,833		90,223		82,710		114,176		107,309		686,110		649,376
Agency collateralized mortgage obligations	25,314		25,197		34,695		32,853		12,277		11,231		287,977		245,111		360,263		314,392


Small business administration pooled securities	—		—		—		—		5,106		4,845		104,195		100,445		109,301		105,290

Total held to maturity securities	$	229,512	$	225,098	$	413,100	$	389,553	$	107,606	$	98,786	$	506,348	$	452,865	$	1,256,566	$	1,166,302
Total	$	518,009	$	509,866	$	1,146,719	$	1,096,904	$	248,874	$	239,224	$	1,491,186	$	1,408,673	$	3,404,788	$	3,254,667

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

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

At March 31, 2026 and December 31, 2025, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated stockholders’ equity.

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

Loans Held for Investment and Allowance for Credit Losses

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


	Three Months Ended March 31, 2026
	(Dollars in thousands)
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Residential Real Estate		Home Equity		Other Consumer		Total
Allowance for credit losses
Beginning balance	$	47,976	$	84,916	$	14,254	$	29,254	$	12,376	$	1,101	$	189,877


Charge-offs	(470)		(4,224)		—		—		—		(1,082)		(5,776)
Recoveries	159		190		—		—		12		598		959

Provision for (release of) credit losses	1,617		2,110		(42)		646		880		289		5,500
Ending balance (1)	$	49,282	$	82,992	$	14,212	$	29,900	$	13,268	$	906	$	190,560

	Three Months Ended March 31, 2025
	(Dollars in thousands)
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Residential Real Estate		Home Equity		Other Consumer		Total
Allowance for credit losses
Beginning balance	$	30,799	$	93,718	$	8,166	$	25,238	$	11,007	$	1,056	$	169,984
Charge-offs	(167)		(39,996)		—		—		(96)		(1,141)		(41,400)
Recoveries	15		—		—		—		18		475		508
Provision for (release of) credit losses	6,572		7,694		211		231		(83)		375		15,000
Ending balance (1)	$	37,219	$	61,416	$	8,377	$	25,469	$	10,846	$	765	$	144,092

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

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

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

Commercial Portfolio

•Commercial and Industrial: Consists of revolving, non-revolving, and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment, as well as loans to finance owner-occupied commercial properties. Collateral generally consists of accounts receivable, inventory, plant and equipment, real estate, or other business assets. The primary source of repayment is operating cash flow and, secondarily, liquidation of assets.

•Commercial Real Estate: Consists of mortgage loans to finance investment in real property such as multi-family residential, commercial/retail, office, industrial, hotels, educational and healthcare facilities, as well as other specific use properties and is inclusive of non-owner-occupied commercial properties. Loans are typically written with amortizing payment structures. Collateral values are determined based upon third party appraisals and evaluations. Permissible loan to value ratios at origination are governed by Company policy and regulatory guidelines. The primary source of repayment is cash flow from operating leases and rents and, secondarily, liquidation of assets.

•Commercial Construction: Consists of short-term construction loans, revolving and non-revolving credit lines and construction/permanent loans to finance the acquisition, development and construction or rehabilitation of real property. Project types include residential land development, one-to-four family, condominium, and multi-family home construction, commercial/retail, office, industrial, hotels, educational and healthcare facilities as well as other specific use properties. Loans may be written with non-amortizing or hybrid payment structures depending upon the type of project. Collateral values are determined based upon third party appraisals and evaluations. Permissible loan to value ratios at origination are

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

For the commercial portfolio the Company typically obtains personal guarantees for payment from individuals and/or from other corporate or business entities holding a material ownership interest in the borrowing entities. Guarantees may be either unlimited or limited with respect to guaranteed loan amounts or with respect to other terms and conditions.

Consumer Portfolio

•Residential Real Estate: Residential mortgage loans held in the Company’s portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors such as current and expected income, employment status, current assets, other financial resources, credit history and the value of the collateral. Collateral consists of mortgage liens on one-to-four family residential properties. Residential mortgage loans also include loans to construct owner-occupied one-to-four family residential properties.

•Home Equity: Home equity loans and credit lines are made to qualified individuals and are primarily secured by senior or junior mortgage liens on one-to-four family homes, condominiums or vacation homes. Each home equity loan has a fixed rate and is billed in equal payments comprised of principal and interest. The majority of home equity lines of credit have a variable rate and are billed in interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the then outstanding principal balance plus all accrued interest over a predetermined repayment period, as set forth in the note. Additionally, the Company has the option of renewing each line of credit for additional draw periods. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan to value ratios within established policy guidelines.

•Other Consumer: Other consumer loan products include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. These loans may be secured or unsecured.

Credit Quality

The Company continually monitors the asset quality of the loan portfolio using all available information. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as adversely risk-rated, delinquent, non-performing and/or put on non-accrual status. Additionally, in the course of resolving such loans, the Company may choose to modify the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition.

The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial portfolio, the Company utilizes a 10-point credit risk-rating system, which assigns a risk-grade to each loan obligation based on a number of quantitative and qualitative factors associated with a commercial or small business loan transaction. Factors considered include industry and market conditions, position within the industry, earnings trends, operating cash flow, asset/liability values, debt capacity, guarantor strength, management and controls, financial reporting, collateral, and other considerations. The risk-rating categories for the commercial portfolio are defined as follows:

•Pass: Risk-rating “1” through “6” comprises loans ranging from ‘Substantially Risk Free’ which indicates borrowers are of unquestioned credit standing and the pinnacle of credit quality, well established companies with a very strong financial condition, and loans fully secured by cash collateral, through ‘Acceptable Risk,’ which indicates borrowers may exhibit declining earnings, strained cash flow, increasing or above average leverage and/or weakening market fundamentals that indicate below average asset quality, margins and market share. Collateral coverage is protective.

•Special Mention: Borrowers exhibit potential credit weaknesses or downward trends deserving management’s close attention. If not checked or corrected, these trends will weaken the Company’s asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned.

•Substandard: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Loans may be inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy, although no loss of principal is envisioned. However, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation.

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•Doubtful: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely.

•Loss: Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted.

The Company utilizes a comprehensive, continuous strategy for evaluating and monitoring commercial credit quality. Initially, credit quality is determined at loan origination and is re-evaluated when subsequent actions, such as renewals, modifications or reviews, occur. Actively managed commercial borrowers are required to provide updated financial information at least annually which is carefully evaluated for any changes in credit quality. Larger loan relationships are subject to a full annual credit review by experienced credit professionals, while continuous portfolio monitoring techniques are employed to evaluate changes in credit quality for smaller loan relationships. Any changes in credit quality are reflected in risk-rating changes. Additionally, the Company retains an independent loan review firm to evaluate the credit quality of the commercial loan portfolio. The independent loan review process achieves significant penetration into the commercial loan portfolio and reports the results of these reviews to the Audit Committee of the Board of Directors on a quarterly basis.

For the Company’s consumer portfolio, the quality of the loan is best indicated by the repayment performance of an individual borrower. As a result, for this portfolio the Company utilizes a pass/default risk-rating system, based on an age analysis (i.e., days past due) associated with each consumer loan. Under this structure, consumer loans less than 90 days past due are assigned a “pass” rating, while any consumer loans 90 days or more past due are assigned a “default” rating.

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

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	March 31, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Revolving converted to Term(1)		Total(2)
	(Dollars in thousands)
Commercial and industrial
Pass	$	240,270	$	910,184	$	646,520	$	417,374	$	379,632	$	1,011,104	$	850,197	$	5,398	$	4,460,679
Special mention	2,291		45,856		16,970		8,975		3,553		18,291		17,054		—		112,990
Substandard	8,304		27,626		7,946		391		4,046		5,160		24,036		—		77,509
Doubtful	—		—		—		17		—		—		258		—		275
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	$	250,865	$	983,666	$	671,436	$	426,757	$	387,231	$	1,034,555	$	891,545	$	5,398	$	4,651,453
Current-period gross write-offs	$	—	$	—	$	22	$	20	$	9	$	44	$	375	$	—	$	470



Commercial real estate
Pass	$	290,220	$	1,216,650	$	849,524	$	936,207	$	1,210,410	$	3,258,025	$	134,875	$	—	$	7,895,911
Special mention	17,634		49,888		21,408		11,158		340		57,992		242		—		158,662
Substandard	3,620		8,122		27,083		20,926		2,650		25,853		3,245		—		91,499
Doubtful	—		35,268		—		—		—		—		—		—		35,268
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	$	311,474	$	1,309,928	$	898,015	$	968,291	$	1,213,400	$	3,341,870	$	138,362	$	—	$	8,181,340
Current-period gross write-offs	$	—	$	4,224	$	—	$	—	$	—	$	—	$	—	$	—	$	4,224



Commercial construction
Pass	$	138,378	$	480,477	$	300,597	$	233,531	$	41,758	$	51,915	$	57,582	$	—	$	1,304,238
Special mention	—		49,821		24,459		8,962		—		—		—		—		83,242
Substandard	—		9,827		1,138		—		—		2,992		2,176		—		16,133
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction	$	138,378	$	540,125	$	326,194	$	242,493	$	41,758	$	54,907	$	59,758	$	—	$	1,403,613
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—














Residential real estate
Pass	$	39,122	$	264,756	$	236,732	$	471,141	$	633,673	$	1,192,184	$	—	$	—	$	2,837,608
Default	—		—		—		564		596		3,376		—		—		4,536

Total residential real estate	$	39,122	$	264,756	$	236,732	$	471,705	$	634,269	$	1,195,560	$	—	$	—	$	2,842,144
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Home equity
Pass	$	1,669	$	10,810	$	12,823	$	17,585	$	28,858	$	182,510	$	1,042,381	$	6,412	$	1,303,048
Default	—		—		—		82		—		588		4,000		28		4,698

Total home equity	$	1,669	$	10,810	$	12,823	$	17,667	$	28,858	$	183,098	$	1,046,381	$	6,440	$	1,307,746
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Other consumer(3)
Pass	$	164	$	1,305	$	1,665	$	1,431	$	820	$	1,603	$	32,174	$	—	$	39,162
Default	—		—		—		—		—		20		—		—		20

Total other consumer	$	164	$	1,305	$	1,665	$	1,431	$	820	$	1,623	$	32,174	$	—	$	39,182
Current-period gross write-offs	$	1,065	$	—	$	—	$	—	$	2	$	—	$	15	$	—	$	1,082

Total	$	741,672	$	3,110,590	$	2,146,865	$	2,128,344	$	2,306,336	$	5,811,613	$	2,168,220	$	11,838	$	18,425,478
Total current-period gross write-offs	$	1,065	$	4,224	$	22	$	20	$	11	$	44	$	390	$	—	$	5,776

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


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving converted to Term(1)		Total(2)
	(Dollars in thousands)
Commercial and industrial
Pass	$	1,050,723	$	674,956	$	427,794	$	408,646	$	310,331	$	777,748	$	802,675	$	—	$	4,452,873
Special mention	22,454		8,171		7,458		4,700		10,241		7,253		17,091		—		77,368
Substandard	28,004		15,826		445		5,045		2,358		2,306		27,544		—		81,528
Doubtful	—		—		20		—		—		—		—		—		20
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	$	1,101,181	$	698,953	$	435,717	$	418,391	$	322,930	$	787,307	$	847,310	$	—	$	4,611,789
Current-period gross write-offs	$	—	$	42	$	62	$	98	$	900	$	76	$	7,635	$	—	$	8,813

Commercial real estate
Pass	$	1,254,204	$	868,351	$	991,179	$	1,233,528	$	1,212,646	$	2,323,268	$	153,939	$	—	$	8,037,115
Special mention	56,300		20,655		9,865		697		4,052		29,328		197		—		121,094
Substandard	25,600		32,514		20,927		1,326		10,291		4,266		—		—		94,924
Doubtful	22,275		—		—		—		—		—		—		—		22,275
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	$	1,358,379	$	921,520	$	1,021,971	$	1,235,551	$	1,226,989	$	2,356,862	$	154,136	$	—	$	8,275,408
Current-period gross write-offs	$	8,126	$	—	$	26,862	$	—	$	7,089	$	1,335	$	—	$	—	$	43,412

Commercial construction
Pass	$	509,630	$	362,300	$	237,679	$	69,779	$	62,752	$	23,781	$	57,615	$	—	$	1,323,536
Special mention	29,634		29,516		—		—		—		—		—		—		59,150
Substandard	9,822		848		—		—		—		2,992		—		—		13,662
Doubtful	—		—		—		2,845		—		—		—		—		2,845
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction	$	549,086	$	392,664	$	237,679	$	72,624	$	62,752	$	26,773	$	57,615	$	—	$	1,399,193
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate
Pass	$	273,907	$	252,544	$	487,064	$	640,426	$	405,352	$	807,275	$	—	$	—	$	2,866,568
Default	—		—		742		1,626		301		4,206		—		—		6,875

Total residential real estate	$	273,907	$	252,544	$	487,806	$	642,052	$	405,653	$	811,481	$	—	$	—	$	2,873,443
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity
Pass	$	10,970	$	13,118	$	18,339	$	29,574	$	43,928	$	145,224	$	1,011,854	$	21,027	$	1,294,034
Default	—		—		—		—		—		587		2,991		50		3,628

Total home equity	$	10,970	$	13,118	$	18,339	$	29,574	$	43,928	$	145,811	$	1,014,845	$	21,077	$	1,297,662
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	96	$	—	$	96

Other consumer(3)
Pass	$	1,395	$	1,781	$	1,570	$	906	$	868	$	1,067	$	38,693	$	—	$	46,280
Default	—		—		—		—		—		—		2		—		2

Total other consumer	$	1,395	$	1,781	$	1,570	$	906	$	868	$	1,067	$	38,695	$	—	$	46,282
Current-period gross write-offs	$	4,428	$	22	$	10	$	—	$	—	$	—	$	23	$	—	$	4,483

Total	$	3,294,918	$	2,280,580	$	2,203,082	$	2,399,098	$	2,063,120	$	4,129,301	$	2,112,601	$	21,077	$	18,503,777
Total current-period gross write-offs	$	12,554	$	64	$	26,934	$	98	$	7,989	$	1,411	$	7,754	$	—	$	56,804

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

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

(3)Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances and the associated gross write-offs.

For the Company’s consumer portfolio, the quality of the loan is best indicated by the repayment performance of an individual borrower. However, the Company does supplement performance data with current Fair Isaac Corporation (“FICO”) scores and Loan to Value (“LTV”) estimates. Current FICO data is purchased and appended to all consumer loans on a regular basis. In addition, automated valuation services and broker opinions of value are used to supplement original value data for the residential real estate and home equity portfolios, periodically. The following table shows the weighted average FICO scores and the weighted average combined LTV ratios at the dates indicated below:


	March 31 2026		December 31 2025
Residential real estate portfolio
FICO score (re-scored) (1)	754		754
LTV (re-valued) (1)	57.3	%	57.2	%
Home equity portfolio
FICO score (re-scored) (1)	769		769
LTV (re-valued) (2)(3)	45.9	%	45.3	%

(1)The average FICO scores at March 31, 2026 are based upon rescores from March 2026, as available for previously originated loans, or the origination score data for loans booked in March 2026. The average FICO scores at December 31, 2025 were based upon rescores from December 2025, as available for previously originated loans, or origination score data for loans booked in December 2025.

(2)The combined LTV ratios for March 31, 2026 are based upon updated automated valuations as of February 2026, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2025 were based upon updated automated valuations as of November 2025, when available, and/or the most current valuation data available. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal.

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

The Company’s philosophy toward managing its loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations. Delinquent loans are managed by a team of collection specialists and the Company seeks to make arrangements to resolve any delinquent or default situation over the shortest possible time frame. As a general rule, loans 90 days or more past due with respect to principal or interest are classified as non-accrual loans, or sooner if management considers such action to be prudent. However, loans that are 90 days or more past due may be kept on accruing status if the loan is well secured and/or in process of collection.

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


	Non-accrual Balances
	March 31, 2026						December 31, 2025
	With Allowance for Credit Losses		Without Allowance for Credit Losses (1)		Total		With Allowance for Credit Losses		Without Allowance for Credit Losses (1)		Total
	(Dollars in thousands)
Commercial and industrial	$	8,453	$	—	$	8,453	$	8,173	$	987	$	9,160
Commercial real estate	26,394		38,457		64,851		26,674		23,841		50,515
Commercial construction	698		—		698		848		2,845		3,693
Residential real estate	15,593		—		15,593		15,043		—		15,043
Home equity	7,011		—		7,011		5,102		—		5,102
Other consumer	37		—		37		44		—		44
Total non-accrual loans	$	58,186	$	38,457	$	96,643	$	55,884	$	27,673	$	83,557

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

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It is the Company’s policy to reverse any accrued interest when a loan is put on non-accrual status, and, as such, the Company did not record any interest income on non-accrual loans during the three months ended March 31, 2026 and 2025, respectively, except for instances where non-accrual loans were paid off in excess of the recorded book balance. Total accrued interest reversed against interest income amounted to $215,000 and $344,000 for the three months ended March 31, 2026 and 2025, respectively.

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


	March 31, 2026		December 31, 2025
	(Dollars in thousands)
Foreclosed residential real estate property held by the creditor	$	—	$	—
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure	$	6,282	$	4,102

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


	March 31, 2026
	30-59 days			60-89 days			90 days or more			Total Past Due					Total Financing Receivables (2)
	Number of Loans	Principal Balance		Number of Loans	Principal Balance		Number of Loans	Principal Balance		Number of Loans	Principal Balance		Current
	(Dollars in thousands)
Loan Portfolio
Commercial and industrial	37	$	12,862	23	$	959	40	$	2,693	100	$	16,514	$	4,634,939	$	4,651,453
Commercial real estate	16	18,594		3	763		8	13,331		27	32,688		8,148,652		8,181,340
Commercial construction	1	2,176		—	—		2	698		3	2,874		1,400,739		1,403,613
Residential real estate	31	6,900		16	3,959		19	4,536		66	15,395		2,826,749		2,842,144
Home equity	24	2,228		14	1,512		26	4,698		64	8,438		1,299,308		1,307,746
Other consumer (1)	588	278		13	15		3	20		604	313		38,869		39,182
Total	697	$	43,038	69	$	7,208	98	$	25,976	864	$	76,222	$	18,349,256	$	18,425,478


	December 31, 2025
	30-59 days			60-89 days			90 days or more			Total Past Due					Total Financing Receivables (2)
	Number of Loans	Principal Balance		Number of Loans	Principal Balance		Number of Loans	Principal Balance		Number of Loans	Principal Balance		Current
	(Dollars in thousands)
Loan Portfolio
Commercial and industrial	36	$	7,765	18	$	3,627	35	$	5,776	89	$	17,168	$	4,594,621	$	4,611,789
Commercial real estate	15	7,037		3	619		7	10,103		25	17,759		8,257,649		8,275,408
Commercial construction	1	804		1	488		2	3,693		4	4,985		1,394,208		1,399,193
Residential real estate	20	5,592		16	3,597		18	3,278		54	12,467		2,860,976		2,873,443
Home equity	20	3,247		9	456		24	3,629		53	7,332		1,290,330		1,297,662
Other consumer (1)	624	321		15	27		3	3		642	351		45,931		46,282
Total	716	$	24,766	62	$	8,814	89	$	26,482	867	$	60,062	$	18,443,715	$	18,503,777

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

(2)The amount of net deferred fees/costs on originated loans included in the ending balance was $7.9 million and $7.7 million at March 31, 2026 and December 31, 2025, respectively. Net unamortized discounts on acquired loans included in the ending balance were $147.8 million and $157.0 million at March 31, 2026 and December 31, 2025, respectively.

Unfunded Commitments

Management evaluates the need for a reserve on unfunded lending commitments in a manner consistent with loans held for investment. The Company’s estimated reserve for unfunded commitments amounted to $1.9 million and $1.8 million at March 31, 2026 and December 31, 2025, respectively.

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Loan Modifications

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


	Three Months Ended March 31, 2026
	Amortized Cost Basis		% of Total Class of Financing Receivable		Financial Effect
(Dollars in thousands)
Term Extension
Commercial and industrial	$	1,090	0.02	%	Extended contractual term on one loan by 1 year
Commercial real estate	15,170		0.19	%	Added a weighted-average contractual term of 10 months to the life of the loans




Total	$	16,260






























































































	Three Months Ended March 31, 2025
	Amortized Cost Basis		% of Total Class of Financing Receivable		Financial Effect
(Dollars in thousands)
Term Extension
Commercial and industrial	$	5,204	0.16	%	Added a weighted-average contractual term of 11 months to the life of the loans
Commercial real estate	3,375		0.05	%	Added a weighted-average contractual term of 6 months to the life of the loans

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


Total	$	8,856











Other Than Insignificant Payment Delays

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





Total	$	11,002

Term Extension and Interest Rate Reduction

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


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

Total	$	13,067










Total Outstanding Modified	$	32,925

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The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. At March 31, 2026, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms. At March 31, 2025, all material loans modified to borrowers experiencing financial difficulty during the previous twelve months were performing in accordance with modified terms, with the exception of one $4.6 million commercial real estate loan that was greater than 90 days past due at and was in the process of being resolved.

The Company considers a loan to have defaulted when it reaches 90 days past due. During the three months ended March 31, 2026 and March 31, 2025, respectively, there were no material loans that had a payment default during the period and were modified to a borrower experiencing financial difficulty in the previous twelve months.

At March 31, 2026, the Company had $1.9 million in additional commitments to lend to one borrower experiencing financial difficulty, pertaining to a term extension granted on a commercial and industrial loan during the three months then ended. At March 31, 2025 the Company had no additional commitments to lend to borrowers experiencing financial difficulty whose loans were modified and included in the above tables for the three months then ended.

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

NOTE 5 - STOCK BASED COMPENSATION

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

Time-Vested Restricted Stock Awards

The Company made the following awards of time vested restricted stock:

Date

Shares Granted

Plan

Grant Date Fair Value Per Share

Vesting Period

2/19/2026

142,000

2023 Omnibus Incentive Plan

$80.45

Ratably on February 27th of 2027, 2028 and 2029

Performance-Based Restricted Stock Awards

On February 19, 2026, the Company granted performance-based restricted stock awards to certain executive level employees. These performance-based restricted stock awards were issued from the 2023 Omnibus Incentive Plan and were determined to have a grant date fair value per share of $80.45. The number of shares to be vested is contingent upon the Company’s attainment of certain performance criteria to be measured at the end of a three-year performance period ending December 31, 2028. The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved subsequent to the performance period, or March 15, 2029. Excluding the impact of any forfeitures, achievement of target performance will result in the issuance of 20,150 shares, while achievement of the maximum performance will result in the issuance of 40,300 shares.

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

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NOTE 6 - DERIVATIVE AND HEDGING ACTIVITIES

The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally to manage the Company’s interest rate risk. Additionally, the Company enters into interest rate derivatives, foreign exchange contracts and risk participation agreements to accommodate the business requirements of its customers (“customer related positions”). The Company minimizes the market and liquidity risks of customer related positions by entering into similar offsetting positions with broker-dealers. Derivative instruments are carried at fair value in the Company’s financial statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not it qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship.

The Company does not enter into proprietary trading positions for any derivatives.

The Company is subject to over-the-counter derivative clearing requirements which require certain derivatives to be cleared through central clearing houses. Accordingly, the Company clears certain derivative transactions through the Chicago Mercantile Exchange Clearing House (“CME”). The CME requires the Company to post initial and variation margin to mitigate the risk of non-payment, the latter of which is received or paid daily based on the net asset or liability position of the contracts.

Interest Rate Positions

The Company may utilize various interest rate derivatives as hedging instruments against interest rate risk associated with the Company’s borrowings and loan portfolios. An interest rate derivative is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged.

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

March 31, 2026

Weighted Average Rate

Notional Amount

INDEPENDENT BANK CORP 10-Q