Q1 net income $44.4M ($1.04 EPS); elevated loan loss provision; Enterprise merger on track

INDEPENDENT BANK CORP

Q1 2025 net income $44.4M, diluted EPS $1.04; operating EPS $1.06 (non-GAAP).
Core net interest margin expanded 6 bps to 3.37%; deposits grew $370M (9.8% annualized).
NPLs $89.5M; criticized & classified loans fell to 3.85% of commercial loans from 4.47%.
$300M sub-debt raised in March 2025; tangible book value per share rose to $47.81.
Enterprise Bancorp acquisition on track; pro forma entity would have $25B assets.

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