Exhibit 99.1

Shareholder Relations                 NEWS RELEASE

288 Union Street

Rockland, Ma. 02370

INDEPENDENT BANK CORP. REPORTS THIRD QUARTER NET INCOME OF $71.9 MILLION

Higher revenues drive earnings growth

Rockland, Massachusetts (October 20, 2022) Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2022 third quarter net income of $71.9 million, or $1.57 per diluted share, compared to 2022 second quarter net income of $61.8 million, or $1.32 per diluted share, driven primarily by strong net interest margin expansion and profitable deployment of liquid assets.

The Company generated a return on average assets and a return on average common equity of 1.43% and 9.90%, respectively, for the third quarter of 2022, as compared to 1.24% and 8.49%, respectively, for the prior quarter.

“The strength of our third quarter performance is attributable to our long-term, sustained focus on building core relationships and disciplined growth combined with astute balance sheet management,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “Our results reflect the tireless commitment and dedication of our colleagues, who each day live out our shared mission of forging enduring relationships with each other and with the customers and communities that Rockland Trust serves.”

BALANCE SHEET

Total assets of $19.7 billion at September 30, 2022 decreased by $279.2 million, or 1.4% from the prior quarter due primarily to a decline in cash balances, and increased by $5.2 billion, or 35.6%, as compared to the year ago period, inclusive of the 2021 fourth quarter acquisition of Meridian Bancorp, Inc. ("Meridian") and its subsidiary, East Boston Savings Bank, which closed during the fourth quarter of 2021.

Total loans at September 30, 2022 of $13.7 billion increased by $24.6 million, or 0.7% on an annualized basis compared to the prior quarter level. Excluding $19.4 million of net paydowns associated with the Paycheck Protection Program ("PPP"), the loan portfolio increased by $44.0 million, or 1.3% on an annualized basis, compared to the prior quarter. Strong consumer loan activity continued to be the primary driver of organic loan growth, as the majority of residential real estate loan closings were retained on the balance sheet, resulting in 6.2% growth (24.8% annualized) for the quarter in that portfolio, while increased demand and line utilization fueled 2.0% (8.1% annualized) growth in home equity balances for the quarter. Excluding PPP loans, commercial and industrial balances increased 1.8% (7.0% annualized) during the quarter, driven primarily by increased line utilization and strong closing volumes, but were offset by attrition within the commercial real estate and construction categories resulting in a total commercial portfolio decrease of 1.0%.

Deposit balances of $16.3 billion at September 30, 2022 decreased by $300.6 million, or 1.8%, from the prior quarter primarily attributable to continued runoff in higher-cost time and certain rate sensitive deposits. Despite the reduction in total balances, non-interest bearing deposits rose by $60.1 million, or 1.1%, in the third

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quarter as new core account opening activity remained strong. Core deposits comprised 87.8% of total deposits at September 30, 2022, an increase from 86.8% at June 30, 2022, while the total cost of deposits for the quarter increased 10 basis points to 0.15%.

Total borrowings decreased by $25.0 million, or 18.1% when compared to the prior quarter reflecting primarily the maturity of a short-term Federal Home Loan Bank borrowing.

The securities portfolio increased by $212.2 million, or 7.2%, 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 $325.3 million, offset by an unrealized loss of $55.5 million related to the available for sale portfolio, as well as paydowns, calls, and maturities. Total securities represented 16.0% of total assets at September 30, 2022, as compared to 14.7% at June 30, 2022.

During the third quarter, the Company repurchased an additional 443,000 shares of its common stock for $34.6 million, marking the completion of its previously announced stock repurchase program. In total, the Company repurchased 1.8 million shares of its common stock under the program over the first three quarters of 2022 at an average price of $78.32 per share. Stockholders' equity at September 30, 2022 decreased 1.9% when compared to the prior quarter, primarily attributable to the aforementioned share repurchases executed during the third quarter, along with increased other comprehensive losses of $69.6 million, which were partially offset by strong earnings retention. As a result of this decrease in stockholders' equity, book value per share decreased by $0.59, or 0.9%, to $61.73 during the third quarter as compared to the prior quarter. The Company's ratio of common equity to assets of 14.3% at September 30, 2022 represented a decrease of 7 basis points from the prior quarter and an increase of 18.4% from the year ago period. The Company's tangible book value per share at September 30, 2022 declined by $0.75, or 1.9%, from the prior quarter to $39.56, but represented an increase of 6.2% 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 9.66% at September 30, 2022 represents a decrease of 13 basis points from the prior quarter and an increase of 9.9% from the year ago period. Please refer to Appendix A for a detailed reconciliation of Non-GAAP metrics.

In consideration of the Company’s strong current capital position, the Company is announcing a new stock

repurchase plan, which authorizes repurchases by the Company of up to $120 million in common stock and is scheduled to expire on October 19, 2023.

NET INTEREST INCOME

Net interest income for the third quarter increased 12.2% to $162.6 million compared to $144.9 million for the prior quarter, primarily reflecting the positive impact of asset repricing in the rising interest rate environment in conjunction with relatively modest deposit rate increases, partially offset by a reduction in net PPP fee income of $1.3 million. Average earning asset levels were essentially flat in the third quarter compared to the prior quarter. The reported net interest margin increased by 37 basis points from the prior quarter to 3.64%, and increased 36 basis points to 3.59% 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 $28.2 million for the third quarter of 2022 was $297,000, or 1.1% higher as compared to the prior quarter. Significant changes in noninterest income for the third quarter compared to the prior quarter included the following:

•Deposit account fees and interchange and ATM fees increased by $433,000, or 7.4%, and $304,000, or 7.5%, respectively, both driven primarily by increased transaction volume during the third quarter.

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•Investment management income decreased by $893,000, or 9.6%, primarily driven by a reduction in seasonal tax preparation fees recognized during the second quarter and a decline in overall asset valuations during the third quarter. The decline in market valuations was mitigated by a healthy volume of new asset inflows, resulting in a modest $65.0 million, or 1.3% decrease in assets under administration to $5.1 billion as of September 30, 2022.

•Mortgage banking income decreased by $457,000, or 43.9%, primarily due to overall reduced activity, with the vast majority of originations being retained in portfolio.

•Other noninterest income increased by $509,000, or 9.7%, primarily attributable to a gain on the sale of a vacated office space recently acquired during the Meridian acquisition and increased foreign currency exchange fees.

NONINTEREST EXPENSE

Noninterest expense of $92.7 million for the third quarter of 2022 was $2.2 million, or 2.4%, higher as compared to the prior quarter. Significant changes in noninterest expense for the third quarter compared to the prior quarter included the following:

•Salaries and employee benefits increased by $3.2 million, or 6.4%, primarily due to increases in salaries and incentives.

•Occupancy and equipment increased by $679,000, or 5.8%, due mainly to increases in office equipment costs and equipment maintenance and repairs.

•Other noninterest expense decreased by $1.6 million, or 6.4%, due primarily to decreases in unrealized losses on equity securities, director expenses (which were incurred during the second quarter related primarily to grants of equity compensation), and reduced consultant fees.

The Company’s tax rate for the third quarter of 2022 remained relatively flat at 24.37%, compared to 24.84% for the prior quarter.

ASSET QUALITY

Nonperforming loans remained consistent at $56.0 million, or 0.41% of total loans at September 30, 2022, as compared to $55.9 million, or 0.41% of total loans at June 30, 2022, with minimal net charge-offs recorded during the third quarter of 2022. Delinquency as a percentage of total loans decreased 23 basis points from the prior quarter to 0.17% at September 30, 2022, due primarily to the resolution and full payoff of a non-performing commercial loan.

In conjunction with the category shifts on current nonperforming loans and no significant changes to the overall economic outlook, the Company recorded a $3.0 million provision for credit losses during the third quarter of 2022. The allowance for credit losses on total loans was $147.3 million, or 1.08% of total loans, at September 30, 2022, as compared to $144.3 million, or 1.06% of total loans, at June 30, 2022.

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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 third quarter earnings and other matters at 10:00 a.m. Eastern Time on Friday, October 21, 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: 5395173 and will be available through October 28, 2022. Additionally, a webcast replay will be available on the Company's website until October 21, 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;

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•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, any further resurgences or variants of the COVID-19 virus, the efficacy and availability of vaccines, boosters or other treatments, actions taken by governmental authorities in response thereto, 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.

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 and the appendices attached to it contain 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 unique low-yielding loans originated through government programs in response to the pandemic, or significant purchase accounting adjustments, or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating

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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

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INDEPENDENT BANK CORP. FINANCIAL SUMMARY
CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands)							% Change		% Change
	September 30 2022		June 30 2022		September 30 2021		Sept 2022 vs.		Sept 2022 vs.
							Jun 2022		Sept 2021
Assets
Cash and due from banks	$	172,615	$	202,802	$	138,148	(14.88)	%	24.95	%
Interest-earning deposits with banks	763,681		1,273,465		1,869,683		(40.03)	%	(59.15)	%
Securities
Trading	3,538		3,637		3,504		(2.72)	%	0.97	%
Equities	20,439		21,181		22,794		(3.50)	%	(10.33)	%
Available for sale	1,425,511		1,501,949		1,427,210		(5.09)	%	(0.12)	%
Held to maturity	1,697,635		1,408,189		865,249		20.55	%	96.20	%
Total securities	3,147,123		2,934,956		2,318,757		7.23	%	35.72	%
Loans held for sale	5,100		2,358		33,553		116.28	%	(84.80)	%
Loans
Commercial and industrial	1,548,349		1,541,046		1,640,709		0.47	%	(5.63)	%
Commercial real estate	7,677,917		7,791,757		4,221,259		(1.46)	%	81.89	%
Commercial construction	1,185,157		1,194,577		515,415		(0.79)	%	129.94	%
Small business	209,567		205,953		184,138		1.75	%	13.81	%
Total commercial	10,620,990		10,733,333		6,561,521		(1.05)	%	61.87	%
Residential real estate	1,959,254		1,844,057		1,222,849		6.25	%	60.22	%
Home equity - first position	578,405		587,314		592,564		(1.52)	%	(2.39)	%
Home equity - subordinate positions	508,765		478,196		407,904		6.39	%	24.73	%
Total consumer real estate	3,046,424		2,909,567		2,223,317		4.70	%	37.02	%
Other consumer	32,936		32,864		23,175		0.22	%	42.12	%
Total loans	13,700,350		13,675,764		8,808,013		0.18	%	55.54	%
Less: allowance for credit losses	(147,313)		(144,319)		(92,246)		2.07	%	59.70	%
Net loans	13,553,037		13,531,445		8,715,767		0.16	%	55.50	%
Federal Home Loan Bank stock	5,218		6,249		8,666		(16.50)	%	(39.79)	%
Bank premises and equipment, net	198,408		202,221		123,528		(1.89)	%	60.62	%
Goodwill	985,072		985,072		506,206		—	%	94.60	%
Other intangible assets	26,934		28,845		19,055		(6.63)	%	41.35	%
Cash surrender value of life insurance policies	293,126		292,807		244,573		0.11	%	19.85	%
Other assets	552,955		522,230		555,375		5.88	%	(0.44)	%
Total assets	$	19,703,269	$	19,982,450	$	14,533,311	(1.40)	%	35.57	%
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand deposits	$	5,622,260	$	5,562,174	$	4,590,492	1.08	%	22.48	%
Savings and interest checking accounts	6,094,493		6,347,601		4,484,208		(3.99)	%	35.91	%
Money market	3,443,622		3,419,170		2,399,878		0.72	%	43.49	%
Time certificates of deposit	1,178,619		1,310,603		785,562		(10.07)	%	50.04	%
Total deposits	16,338,994		16,639,548		12,260,140		(1.81)	%	33.27	%
Borrowings
Federal Home Loan Bank borrowings	643		25,652		25,675		(97.49)	%	(97.50)	%
Long-term borrowings, net	—		—		18,750		nm		(100.00)	%
Junior subordinated debentures, net	62,855		62,854		62,853		—	%	—	%
Subordinated debentures, net	49,862		49,838		49,767		0.05	%	0.19	%
Total borrowings	113,360		138,344		157,045		(18.06)	%	(27.82)	%
Total deposits and borrowings	16,452,354		16,777,892		12,417,185		(1.94)	%	32.50	%
Other liabilities	433,714		333,373		360,172		30.10	%	20.42	%
Total liabilities	16,886,068		17,111,265		12,777,357		(1.32)	%	32.16	%
Stockholders' equity
Common stock	454		459		329		(1.09)	%	37.99	%

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Additional paid in capital	2,113,313		2,146,333		949,316		(1.54)	%	122.61	%
Retained earnings	882,503		833,857		787,742		5.83	%	12.03	%
Accumulated other comprehensive income (loss), net of tax	(179,069)		(109,464)		18,567		63.59	%	(1,064.45)	%
Total stockholders' equity	2,817,201		2,871,185		1,755,954		(1.88)	%	60.44	%
Total liabilities and stockholders' equity	$	19,703,269	$	19,982,450	$	14,533,311	(1.40)	%	35.57	%

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
	Three Months Ended
							% Change		% Change
	September 30 2022		June 30 2022		September 30 2021		Sept 2022 vs.		Sept 2022 vs.
							Jun 2022		Sept 2021
Interest income
Interest on federal funds sold and short-term investments	$	6,519	$	2,817	$	815	131.42	%	699.88	%
Interest and dividends on securities	13,244		11,283		7,796		17.38	%	69.88	%
Interest and fees on loans	150,157		133,988		84,212		12.07	%	78.31	%
Interest on loans held for sale	51		35		193		45.71	%	(73.58)	%
Total interest income	169,971		148,123		93,016		14.75	%	82.73	%
Interest expense
Interest on deposits	6,109		2,111		1,633		189.39	%	274.10	%
Interest on borrowings	1,261		1,151		1,292		9.56	%	(2.40)	%
Total interest expense	7,370		3,262		2,925		125.94	%	151.97	%
Net interest income	162,601		144,861		90,091		12.25	%	80.49	%
(Release of) provision for credit losses	3,000		—		(10,000)		100.00%		(130.00)	%
Net interest income after provision for credit losses	159,601		144,861		100,091		10.18	%	59.46	%
Noninterest income
Deposit account fees	6,261		5,828		4,298		7.43	%	45.67	%
Interchange and ATM fees	4,331		4,027		3,441		7.55	%	25.86	%
Investment management	8,436		9,329		9,174		(9.57)	%	(8.04)	%
Mortgage banking income	585		1,042		2,825		(43.86)	%	(79.29)	%
Increase in cash surrender value of life insurance policies	1,883		1,871		1,596		0.64	%	17.98	%
Gain on life insurance benefits	477		123		—		287.80	%	100.00%
Loan level derivative income	471		436		586		8.03	%	(19.62)	%
Other noninterest income	5,751		5,242		4,537		9.71	%	26.76	%
Total noninterest income	28,195		27,898		26,457		1.06	%	6.57	%
Noninterest expenses
Salaries and employee benefits	52,708		49,538		42,235		6.40	%	24.80	%
Occupancy and equipment expenses	12,316		11,637		8,564		5.83	%	43.81	%
Data processing and facilities management	2,259		2,247		1,673		0.53	%	35.03	%
FDIC assessment	1,677		1,743		980		(3.79)	%	71.12	%
Merger and acquisition expense	—		—		1,943		nm		(100.00)	%
Other noninterest expenses	23,768		25,397		17,024		(6.41)	%	39.61	%
Total noninterest expenses	92,728		90,562		72,419		2.39	%	28.04	%
Income before income taxes	95,068		82,197		54,129		15.66	%	75.63	%
Provision for income taxes	23,171		20,421		14,122		13.47	%	64.08	%
Net Income	$	71,897	$	61,776	$	40,007	16.38	%	79.71	%
Weighted average common shares (basic)	45,839,555		46,665,101		33,043,716
Common share equivalents	16,856		14,096		15,554
Weighted average common shares (diluted)	45,856,411		46,679,197		33,059,270
Basic earnings per share	$	1.57	$	1.32	$	1.21	18.94	%	29.75	%
Diluted earnings per share	$	1.57	$	1.32	$	1.21	18.94	%	29.75	%

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Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net income	$	71,897		$	61,776		$	40,007
Noninterest expense components
Add - merger and acquisition expenses	—			—			1,943
Noncore increases to income before taxes	—			—			1,943
Net tax benefit associated with noncore items (1)	—			—			(546)
Noncore increases to net income	—			—			1,397
Operating net income (Non-GAAP)	$	71,897		$	61,776		$	41,404		16.38	%	73.65	%
Diluted earnings per share, on an operating basis	$	1.57		$	1.32		$	1.25		18.94	%	25.60	%
(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)	3.64		%	3.27		%	2.78		%
Return on average assets (GAAP) (calculated by dividing net income by average assets)	1.43		%	1.24		%	1.11		%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)	1.43		%	1.24		%	1.15		%
Return on average common equity (GAAP) (calculated by dividing net income by average common equity)	9.90		%	8.49		%	9.04		%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)	9.90		%	8.49		%	9.35		%
Noninterest income as a % of total revenue (calculated by dividing total noninterest income by net interest income plus total noninterest income)	14.78		%	16.15		%	22.70		%
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)	14.78		%	16.15		%	22.70		%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)	48.60		%	52.42		%	62.14		%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)	48.60		%	52.42		%	60.47		%
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)	15.26		%	13.01		%	12.90		%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)	15.26		%	13.01		%	13.35		%

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
	Nine Months Ended
					% Change
	September 30 2022		September 30 2021		Sept 2022 vs.
					Sept 2021
Interest income
Interest on federal funds sold and short-term investments	$	10,222	$	1,654	518.02	%
Interest and dividends on securities	34,571		21,617		59.93	%
Interest and fees on loans	413,770		265,409		55.90	%
Interest on loans held for sale	150		675		(77.78)	%
Total interest income	458,713		289,355		58.53	%
Interest expense
Interest on deposits	10,327		6,361		62.35	%
Interest on borrowings	3,492		3,965		(11.93)	%
Total interest expense	13,819		10,326		33.83	%
Net interest income	444,894		279,029		59.44	%
(Release of) provision for credit losses	1,000		(17,500)		(105.71)	%

9

Net interest income after provision for credit losses	443,894			296,529			49.70	%
Noninterest income
Deposit account fees	17,582			11,704			50.22	%
Interchange and ATM fees	11,967			9,229			29.67	%
Investment management	26,438			26,350			0.33	%
Mortgage banking income	2,989			11,270			(73.48)	%
Increase in cash surrender value of life insurance policies	5,549			4,508			23.09	%
Gain on life insurance benefits	600			258			132.56	%
Loan level derivative income	1,511			875			72.69	%
Other noninterest income	15,729			12,476			26.07	%
Total noninterest income	82,365			76,670			7.43	%
Noninterest expenses
Salaries and employee benefits	150,957			124,759			21.00	%
Occupancy and equipment expenses	37,255			26,543			40.36	%
Data processing and facilities management	6,878			5,024			36.90	%
FDIC assessment	5,225			2,805			86.27	%
Merger and acquisition expense	7,100			3,674			93.25	%
Other noninterest expenses	71,375			52,598			35.70	%
Total noninterest expenses	278,790			215,403			29.43	%
Income before income taxes	247,469			157,796			56.83	%
Provision for income taxes	60,699			38,506			57.64	%
Net Income	$	186,770		$	119,290		56.57	%
Weighted average common shares (basic)	46,618,209			33,024,386
Common share equivalents	17,221			18,238
Weighted average common shares (diluted)	46,635,430			33,042,624
Basic earnings per share	$	4.01		$	3.61		11.08	%
Diluted earnings per share	$	4.00		$	3.61		10.80	%
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net Income	$	186,770		$	119,290
Noninterest expense components
Add - merger and acquisition expenses	7,100			3,674
Noncore increases to income before taxes	7,100			3,674
Net tax benefit associated with noncore items (1)	(1,995)			(1,033)
Noncore increases to net income	$	5,105		$	2,641
Operating net income (Non-GAAP)	$	191,875		$	121,931		57.36	%
Diluted earnings per share, on an operating basis	$	4.11		$	3.69		11.38	%
(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)	3.33		%	3.00		%
Return on average assets (GAAP) (calculated by dividing net income by average assets)	1.25		%	1.15		%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)	1.28		%	1.17		%
Return on average common equity (GAAP) (calculated by dividing net income by average common equity)	8.51		%	9.20		%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)	8.74		%	9.40		%
Return on average tangible common equity (GAAP) (calculated by dividing net income by average tangible common equity)	13.00		%	13.21		%

10

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing Net operating net income by average tangible common equity)	13.35	%	13.51	%
Noninterest income as a % of total revenue (calculated by dividing total noninterest income by net interest income plus total noninterest income)	15.62	%	21.55	%
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)	15.62	%	21.55	%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)	52.88	%	60.56	%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)	51.53	%	59.52	%
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)	13.00	%	13.21	%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)	13.35	%	13.51	%

11

ASSET QUALITY
(Unaudited, dollars in thousands)	Nonperforming Assets At
	September 30 2022			June 30 2022			September 30 2021
Nonperforming loans
Commercial & industrial loans	$	27,393		$	3,518		$	19,275
Commercial real estate loans	15,982			40,074			11,788
Small business loans	50			31			46
Residential real estate loans	8,891			8,563			10,872
Home equity	3,485			3,514			3,746
Other consumer	216			215			83
Total nonperforming loans	56,017			55,915			45,810
Total nonperforming assets	$	56,017		$	55,915		$	45,810
Nonperforming loans/gross loans	0.41		%	0.41		%	0.52		%
Nonperforming assets/total assets	0.28		%	0.28		%	0.32		%
Allowance for credit losses/nonperforming loans	262.98		%	258.10		%	201.37		%
Allowance for credit losses/total loans	1.08		%	1.06		%	1.05		%
Delinquent loans/total loans	0.17		%	0.40		%	0.21		%
	Nonperforming Assets Reconciliation for the Three Months Ended
	September 30 2022			June 30 2022			September 30 2021
Nonperforming assets beginning balance	$	55,915		$	56,618		$	47,818
New to nonperforming	30,650			2,822			4,613
Loans charged-off	(741)			(545)			(332)
Loans paid-off /sold	(29,450)			(2,239)			(3,488)
Loans restored to performing status	(366)			(738)			(2,813)
Other	9			(3)			12
Nonperforming assets ending balance	$	56,017		$	55,915		$	45,810

12

	Net Charge-Offs (Recoveries)
	Three Months Ended								Nine Months Ended
	September 30 2022		June 30 2022			September 30 2021			September 30 2022			September 30 2021
Net charge-offs (recoveries)
Commercial and industrial loans	$	(2)	$	(29)		$	—		$	(44)		$	3,374
Commercial real estate loans	(268)		—			—			(271)			(57)
Small business loans	(88)		(22)			33			(88)			119
Residential real estate loans	—		—			—			—			(1)
Home equity	(65)		84			(49)			17			(38)
Other consumer	429		166			127			995			249
Total net charge-offs	$	6	$	199		$	111		$	609		$	3,646
Net charge-offs to average loans (annualized)	nm		0.01		%	0.00		%	0.01		%	0.05		%

	Troubled Debt Restructurings At
	September 30 2022			June 30 2022			September 30 2021
Troubled debt restructurings on accrual status	$	11,549		$	11,734		$	15,950
Troubled debt restructurings on nonaccrual status	1,538			1,677			21,104
Total troubled debt restructurings	$	13,087		$	13,411		$	37,054
BALANCE SHEET AND CAPITAL RATIOS
	September 30 2022			June 30 2022			September 30 2021
Gross loans/total deposits	83.85		%	82.19		%	71.84		%
Common equity tier 1 capital ratio (1)	13.98		%	13.90		%	13.53		%
Tier 1 leverage capital ratio (1)	10.51		%	10.42		%	9.36		%
Common equity to assets ratio GAAP	14.30		%	14.37		%	12.08		%
Tangible common equity to tangible assets ratio (2)	9.66		%	9.79		%	8.79		%
Book value per share GAAP	$	61.73		$	62.32		$	53.14
Tangible book value per share (2)	$	39.56		$	40.31		$	37.24

(1) Estimated number for September 30, 2022.

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

nm = not meaningful

13

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited, dollars in thousands)	Three Months Ended
	September 30, 2022						June 30, 2022						September 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	$	1,156,143	$	6,519	2.24	%	$	1,377,286	$	2,817	0.82	%	$	2,135,031	$	815	0.15	%
Securities
Securities - trading	3,730		—		—	%	3,863		—		—	%	3,498		—		—	%
Securities - taxable investments	3,024,802		13,243		1.74	%	2,889,245		11,281		1.57	%	1,880,863		7,792		1.64	%
Securities - nontaxable investments (1)	196		1		2.02	%	197		3		6.11	%	468		5		4.24	%
Total securities	$	3,028,728	$	13,244	1.73	%	$	2,893,305	$	11,284	1.56	%	$	1,884,829	$	7,797	1.64	%
Loans held for sale	4,263		51		4.75	%	3,842		35		3.65	%	30,143		193		2.54	%
Loans
Commercial and industrial (1)	1,520,924		19,289		5.03	%	1,537,883		17,496		4.56	%	1,640,422		15,309		3.70	%
Commercial real estate (1)	7,760,470		85,284		4.36	%	7,827,442		76,771		3.93	%	4,232,575		41,469		3.89	%
Commercial construction	1,157,876		14,875		5.10	%	1,193,353		13,456		4.52	%	507,393		4,916		3.84	%
Small business	207,546		2,819		5.39	%	203,947		2,656		5.22	%	181,953		2,341		5.10	%
Total commercial	10,646,816		122,267		4.56	%	10,762,625		110,379		4.11	%	6,562,343		64,035		3.87	%
Residential real estate	1,909,066		16,533		3.44	%	1,761,986		14,879		3.39	%	1,231,606		10,955		3.53	%
Home equity	1,076,040		11,869		4.38	%	1,046,933		9,178		3.52	%	1,007,371		9,043		3.56	%
Total consumer real estate	2,985,106		28,402		3.77	%	2,808,919		24,057		3.44	%	2,238,977		19,998		3.54	%
Other consumer	31,883		523		6.51	%	31,554		507		6.44	%	25,929		398		6.09	%
Total loans	$	13,663,805	$	151,192	4.39	%	$	13,603,098	$	134,943	3.98	%	$	8,827,249	$	84,431	3.79	%
Total interest-earning assets	$	17,852,939	$	171,006	3.80	%	$	17,877,531	$	149,079	3.34	%	$	12,877,252	$	93,236	2.87	%
Cash and due from banks	192,003						190,501						144,556
Federal Home Loan Bank stock	5,745						6,249						8,904
Other assets	1,854,870						1,855,351						1,268,199
Total assets	$	19,905,557					$	19,929,632					$	14,298,911
Interest-bearing liabilities
Deposits
Savings and interest checking accounts	$	6,224,690	$	2,110	0.13	%	$	6,192,761	$	710	0.05	%	$	4,426,106	$	338	0.03	%
Money market	3,459,212		3,025		0.35	%	3,486,017		607		0.07	%	2,375,492		443		0.07	%
Time deposits	1,246,841		974		0.31	%	1,356,507		794		0.23	%	795,943		852		0.42	%
Total interest-bearing deposits	$	10,930,743	$	6,109	0.22	%	$	11,035,285	$	2,111	0.08	%	$	7,597,541	$	1,633	0.09	%
Borrowings
Federal Home Loan Bank borrowings	12,876		55		1.69	%	25,654		123		1.92	%	31,118		165		2.10	%
Long-term borrowings	—		—		—	%	—		—		—	%	18,742		77		1.63	%
Junior subordinated debentures	62,854		589		3.72	%	62,854		410		2.62	%	62,852		432		2.73	%
Subordinated debentures	49,847		617		4.91	%	49,825		618		4.97	%	49,753		617		4.92	%
Total borrowings	$	125,577	$	1,261	3.98	%	$	138,333	$	1,151	3.34	%	$	162,465	$	1,291	3.15	%
Total interest-bearing liabilities	$	11,056,320	$	7,370	0.26	%	$	11,173,618	$	3,262	0.12	%	$	7,760,006	$	2,924	0.15	%
Noninterest-bearing demand deposits	5,641,742						5,546,041						4,502,045

14

Other liabilities	325,507						290,467						280,754
Total liabilities	$	17,023,569					$	17,010,126					$	12,542,805
Stockholders' equity	2,881,988						2,919,506						1,756,106
Total liabilities and stockholders' equity	$	19,905,557					$	19,929,632					$	14,298,911
Net interest income			$	163,636					$	145,817					$	90,312
Interest rate spread (2)					3.54	%					3.22	%					2.72	%
Net interest margin (3)					3.64	%					3.27	%					2.78	%
Supplemental Information
Total deposits, including demand deposits	$	16,572,485	$	6,109			$	16,581,326	$	2,111			$	12,099,586	$	1,633
Cost of total deposits					0.15	%					0.05	%					0.05	%
Total funding liabilities, including demand deposits	$	16,698,062	$	7,370			$	16,719,659	$	3,262			$	12,262,051	$	2,924
Cost of total funding liabilities					0.18	%					0.08	%					0.09	%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $1.0 million, $956,000, and $220,000 for the three months ended September 30, 2022, June 30, 2022, and September 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.

15

	Nine Months Ended
	September 30, 2022						September 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	$	1,477,117	$	10,222	0.93	%	$	1,782,463	$	1,654	0.12	%
Securities
Securities - trading	3,775		—		—	%	3,267		—		—	%
Securities - taxable investments	2,881,203		34,567		1.60	%	1,550,859		21,603		1.86	%
Securities - nontaxable investments (1)	198		5		3.38	%	555		17		4.10	%
Total securities	$	2,885,176	$	34,572	1.60	%	$	1,554,681	$	21,620	1.86	%
Loans held for sale	5,841		150		3.43	%	35,953		675		2.51	%
Loans
Commercial and industrial (1)	1,531,421		53,816		4.70	%	1,898,100		58,706		4.14	%
Commercial real estate (1)	7,832,534		238,085		4.06	%	4,195,200		123,377		3.93	%
Commercial construction	1,180,509		40,599		4.60	%	525,652		14,976		3.81	%
Small business	202,151		7,891		5.22	%	178,294		6,924		5.19	%
Total commercial	10,746,615		340,391		4.23	%	6,797,246		203,983		4.01	%
Residential real estate	1,774,355		45,109		3.40	%	1,242,991		34,449		3.71	%
Home equity	1,051,921		29,709		3.78	%	1,027,311		26,391		3.43	%
Total consumer real estate	2,826,276		74,818		3.54	%	2,270,302		60,840		3.58	%
Other consumer	31,092		1,519		6.53	%	23,382		1,241		7.10	%
Total loans	$	13,603,983	$	416,728	4.10	%	$	9,090,930	$	266,064	3.91	%
Total interest-earning assets	$	17,972,117	$	461,672	3.43	%	$	12,464,027	$	290,013	3.11	%
Cash and due from banks	184,754						147,269
Federal Home Loan Bank stock	7,780						9,516
Other assets	1,853,818						1,256,066
Total assets	$	20,018,469					$	13,876,878
Interest-bearing liabilities
Deposits
Savings and interest checking accounts	$	6,224,317	$	3,418	0.07	%	$	4,292,992	$	1,145	0.04	%
Money market	3,517,459		4,191		0.16	%	2,337,445		1,393		0.08	%
Time deposits	1,355,861		2,718		0.27	%	848,143		3,823		0.60	%
Total interest-bearing deposits	$	11,097,637	$	10,327	0.12	%	$	7,478,580	$	6,361	0.11	%
Borrowings
Federal Home Loan Bank borrowings	21,361		311		1.95	%	34,185		544		2.13	%
Long-term borrowings	2,988		31		1.39	%	23,434		282		1.61	%
Junior subordinated debentures	62,854		1,298		2.76	%	62,852		1,287		2.74	%
Subordinated debentures	49,824		1,852		4.97	%	49,729		1,852		4.98	%
Total borrowings	$	137,027	$	3,492	3.41	%	$	170,200	$	3,965	3.11	%
Total interest-bearing liabilities	$	11,234,664	$	13,819	0.16	%	$	7,648,780	$	10,326	0.18	%
Noninterest-bearing demand deposits	5,544,476						4,213,764
Other liabilities	303,308						280,002
Total liabilities	$	17,082,448					$	12,142,546
Stockholders' equity	2,936,021						1,734,332

16

Total liabilities and stockholders' equity	$	20,018,469					$	13,876,878
Net interest income			$	447,853					$	279,687
Interest rate spread (2)					3.27	%					2.93	%
Net interest margin (3)					3.33	%					3.00	%
Supplemental Information
Total deposits, including demand deposits	$	16,642,113	$	10,327			$	11,692,344	$	6,361
Cost of total deposits					0.08	%					0.07	%
Total funding liabilities, including demand deposits	$	16,779,140	$	13,819			$	11,862,544	$	10,326
Cost of total funding liabilities					0.11	%					0.12	%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $3.0 million and $658,000 for the nine months ended September 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:

	September 30 2022			June 30 2022			September 30 2021
Tangible common equity	(Dollars in thousands, except per share data)
Stockholders' equity (GAAP)	$	2,817,201		$	2,871,185		$	1,755,954		(a)
Less: Goodwill and other intangibles	1,012,006			1,013,917			525,261
Tangible common equity	$	1,805,195		$	1,857,268		$	1,230,693		(b)
Tangible assets
Assets (GAAP)	$	19,703,269		$	19,982,450		$	14,533,311		(c)
Less: Goodwill and other intangibles	1,012,006			1,013,917			525,261
Tangible assets	$	18,691,263		$	18,968,533		$	14,008,050		(d)
Common Shares	45,634,626			46,069,761			33,043,812			(e)
Common equity to assets ratio (GAAP)	14.30		%	14.37		%	12.08		%	(a/c)
Tangible common equity to tangible assets ratio (Non-GAAP)	9.66		%	9.79		%	8.79		%	(b/d)
Book value per share (GAAP)	$	61.73		$	62.32		$	53.14		(a/e)
Tangible book value per share (Non-GAAP)	$	39.56		$	40.31		$	37.24		(b/e)

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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									Nine Months Ended
	September 30 2022			June 30 2022			September 30 2021			September 30 2022			September 30 2021
Net interest income (GAAP)	$	162,601		$	144,861		$	90,091		$	444,894		$	279,029		(a)
Noninterest income (GAAP)	$	28,195		$	27,898		$	26,457		$	82,365		$	76,670		(b)
Noninterest income on an operating basis (Non-GAAP)	$	28,195		$	27,898		$	26,457		$	82,365		$	76,670		(c)
Noninterest expense (GAAP)	$	92,728		$	90,562		$	72,419		$	278,790		$	215,403		(d)
Less:
Merger and acquisition expense	—			—			1,943			7,100			3,674
Noninterest expense on an operating basis (Non-GAAP)	$	92,728		$	90,562		$	70,476		$	271,690		$	211,729		(e)
Total revenue (GAAP)	$	190,796		$	172,759		$	116,548		$	527,259		$	355,699		(a+b)
Total operating revenue (Non-GAAP)	$	190,796		$	172,759		$	116,548		$	527,259		$	355,699		(a+c)
Net income (GAAP)	$	71,897		$	61,776		$	40,007		$	186,770		$	119,290
Operating net income (Non-GAAP) (See income statement for reconciliation of GAAP to Non-GAAP)	$	71,897		$	61,776		$	41,404		$	191,875		$	121,931
Average common equity (GAAP)	$	2,881,988		$	2,919,506		$	1,756,106		$	2,936,021		$	1,734,332
Less: Average goodwill and other intangibles	1,013,169			1,014,953			526,032			1,015,040			527,370
Tangible average tangible common equity (Non-GAAP)	$	1,868,819		$	1,904,553		$	1,230,074		$	1,920,981		$	1,206,962
Ratios
Noninterest income as a % of total revenue (GAAP)	14.78		%	16.15		%	22.70		%	15.62		%	21.55		%	(b/(a+b))
Noninterest income as a % of total revenue on an operating basis (Non-GAAP)	14.78		%	16.15		%	22.70		%	15.62		%	21.55		%	(c/(a+c))
Efficiency ratio (GAAP)	48.60		%	52.42		%	62.14		%	52.88		%	60.56		%	(d/(a+b))
Efficiency ratio on an operating basis (Non-GAAP)	48.60		%	52.42		%	60.47		%	51.53		%	59.52		%	(e/(a+c))
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)	15.26		%	13.01		%	12.90		%	13.00		%	13.21		%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity)	15.26		%	13.01		%	13.35		%	13.35		%	13.51		%

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

	Three Months Ended
	September 30, 2022						June 30, 2022
	Volume		Interest		Margin Impact		Volume		Interest		Margin Impact
	(Dollars in thousands)
Reported total interest earning assets	$	17,852,939	$	163,636	3.64	%	$	17,877,531	$	145,817	3.27	%
Core adjustments:
PPP volume @ 1%	(20,071)		(46)				(60,969)		(149)
PPP fee amortization			(443)						(1,762)
Total PPP impact	(20,071)		(489)		(0.01)	%	(60,969)		(1,911)		(0.03)	%
Acquisition fair value marks:
Loan amortization (accretion)			(624)						823
CD accretion			(97)						(437)
			(721)		(0.02)	%			386		0.01	%
Nonaccrual interest, net			(556)		(0.01)	%			205		—	%
Other noncore adjustments			(637)		(0.01)	%			(1,106)		(0.02)	%
Core margin (Non-GAAP)	$	17,832,868	$	161,233	3.59	%	$	17,816,562	$	143,391	3.23	%

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