BUILDING A LEGACY ANNUAL REPORT ROCKLAND TRUST, the sole subsidiary of Independent Bank Corp. (INDB), is a full-service commercial bank headquartered in Massachusetts. The Bank employs over 1,700 colleagues and operates from more than 120 branches, 21 commercial lending centers, 11 investment management offices, and 8 mortgage offices. Rockland Trust provides personal and business banking, commercial lending, investment management, insurance, credit cards, mortgage and home equity lending, as well as mobile and online banking. FINANCIAL CONDITION DATA As of and for the year ended December 31 (Dollars in thousands, except per share data) 2022 2021 2020 2019 2018 Loans Total assets Total deposits Stockholders’ equity CAPITAL RATIOS Tier 1 leverage capital ratio FINANCIAL DATA Net interest income Noninterest income Noninterest expenses Net income PER SHARE DATA Net income—diluted Cash dividends declared OPERATING RATIOS Return on average assets Return on average common equity Net interest margin (on a fully tax-equivalent basis) ASSET QUALITY RATIOS Nonperforming loans as a percent of gross loans Nonperforming assets as a percent of total assets $13,928,675 19,294,174 15,879,007 2,886,701 $13,587,286 20,423,405 16,917,044 3,018,449 $ 9,392,866 13,204,301 10,993,170 1,702,685 $ 8,873,639 11,395,165 9,147,367 1,708,143 $ 6,906,194 8,851,592 7,427,120 1,073,490 10.99% 12.03% 9.56% 11.28% 10.69% $613,249 114,667 373,662 263,813 $401,559 105,850 332,529 120,992 $ 367,728 111,440 273,832 121,167 $ 393,135 115,294 284,321 165,175 $ 298,165 88,505 225,969 121,622 $5.69 2.08 1.33% 9.05% 3.46% 0.39% 0.28% $3.47 1.92 0.81% 6.34% 3.02% 0.20% 0.14% $ 3.64 1.84 0.96% 7.13% 3.29% 0.71% 0.51% $ 5.03 1.76 $ 4.40 1.52 1.52% 10.85% 4.04% 0.54% 0.42% 1.46% 12.31% 3.91% 0.66% 0.51% The selected consolidated financial and other data of the Company set forth above does not purport to be complete and should be read in conjunction with, and is qualified in its entirety by the more detailed information, including the Consolidated Financial Statements and related notes, appearing in the Company’s Form 10-K. CHRISTOPHER ODDLEIFSON FORMER CHIEF EXECUTIVE OFFICER INDEPENDENT BANK CORP. & ROCKLAND TRUST TO MY COLLEAGUES, FELLOW CUSTOMERS AND SHAREHOLDERS, It has been my honor to serve as Chief Executive Officer of Independent Bank Corp. and Rockland Trust for the past two decades. I have enjoyed the rare privilege of working alongside a community of colleagues who care deeply about each other, our customers, and the communities we serve. Together we built a relationship-oriented culture of care and respect. That culture and my exceptional colleagues, whose discretionary efforts led to our many accomplishments, make Rockland Trust a truly great place to work. Our culture is the fuel that feeds the cycle of engagement. This virtuous, reinforcing loop has created sustainable, long-term value for our shareholders and significant growth throughout my tenure. OUR PASSION TO EXCEED EXPECTATIONS CREATES A VIRTUOUS CYCLE—ENGAGED EMPLOYEES PROVIDE EXEMPLARY SERVICE TO OUR CUSTOMERS, WHO REWARD US WITH MORE BUSINESS, ENABLING US TO REINVEST IN OUR COLLEAGUES, CUSTOMERS, AND COMMUNITIES. 2 INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT 3 GROWTH OVER TWO DECADES 12/31/2002 - 12/31/2022 ASSETS ANNUAL OPERATING INCOME MARKET CAPITALIZATION $19.3 BILLION $268.9 MILLION $3.9 BILLION $2.3 BILLION $27.6 MILLION $339 MILLION 2002 2022 2002 2022 2002 2022 ASSETS UNDER ADMINISTRATION $5.8 BILLION TANGIBLE BOOK VALUE (per share) $41.12 $434 MILLION $8.64 2002 2022 2002 2022 NUMBER OF COLLEAGUES NUMBER OF BRANCHES 2002: 744 2022: VS. 1,739 2002: 52 VS. 2022: 124 ITAMAR CHALIF, ROCKLAND TRUST BUSINESS BANKER (LEFT) HOLLY DANIELS CHRISTENSEN, DUNE JEWELRY & CO. (RIGHT) I have spent countless hours reflecting on our success and on the leadership lessons I have learned along the way. Cen- tral to my thinking is the understanding that all great orga- nizations have a vision that touches the soul and aligns with the personal purpose of the individuals who work there. Central to my thinking is the understanding that all great organizations have a vision that touches the soul and aligns with the personal purpose of the individuals who work there. A clear mission enables people to tap into extraordinary discretionary effort for a cause they believe in with a clear understanding of how they can make a difference. A mean- ingful purpose is enduring - not a passing trend, a short-term initiative, or a financial target. Our consistent, well-understood, long-term vision to be the Bank Where Each Relationship Matters® inspired another banner year in 2022. Where Each Relationship Matters® Serves as an aspiration and an inspiration Thanks to the continued dedication of my colleagues, in 2022, we had a record year of new business volumes: • Commercial loan originations reached $2.1 billion, 13.7% more than the previous record of $1.9 billion set in 2021. • Investment Management Group new volume reached $1.2 billion, 42.0% more than the previous record of $671.4 million set in 2021. • New consumer checking accounts reached 31,395, 5.2% more than any previous year. • Home Equity reached $453.4 million in closed commitments, 10.2% higher than any previous year. • Mortgage reached $773.7 million in closings, down 33.8% from the prior record-breaking year, but representing strong performance in the current rate environment. • Business Banking new loan commitments reached $78.7 million, 25.7% more than any previous year. • Consumer and business credit cards reached 9,071 and 2,752 in sales, respectively for 2022, compared to 7,777 and 2,225, respectively in 2021. 4 INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT 5 I am pleased to close out my time as CEO with another year of growth and strong performance. Numbers, however, do not define my time or represent my proudest moments at Rockland Trust. I will look back on my career with a profound apprecia- tion for the meaningful connections I have built with an incredible team of colleagues. My effectiveness as a leader is a credit to their unwavering commitment to the people we serve and our collective vision to be the Bank Where Each Relationship Matters®. My professional life has been shaped by the purpose and meaning my colleagues demonstrate through their enthusiasm, passion, resilience, dedication, and unbelievable results. One of my first annual reports ended with this quote: Opportunity is all around us, and we are poised to expand upon our past success. That statement remains true, year after year, and I will believe it well into the future with Jeff Tengel at the helm. With the support of our tremendous colleagues, I have no doubt that Jeff and Rockland Trust continue to be destined for greatness and continued prosperity. I will be forever grateful for your support, confidence, and friendship. All my best, Christopher Oddleifson Former Chief Executive Officer Independent Bank Corp. and Former Chief Executive Officer Rockland Trust Company TO THOSE WHO ARE GETTING TO KNOW ME, I am humbled to follow in Chris Oddleifson’s footsteps. My time with Rockland Trust has been brief, yet long enough to experience how special this place truly is. From the outside, Rockland Trust is a successful, well-run, community-oriented bank that has grown thoughtfully over the last two decades, guided by a disciplined and strategic leadership team. From the inside, it is clear that Rockland Trust’s reputation as a great place to bank is supported by a passionate team of colleagues. A team that takes great responsibility and pride in maintaining the culture and level of service for which we are known. I cherish, and will preserve, the strong foundation Chris, his predecessors, and my new colleagues have worked so hard to build. I have already learned so much from them. While the strategy that has made Rockland Trust one of the most successful banks today will remain largely unchanged, my experience growing strong commercial banks will keep Rockland Trust on the path to a future filled with innovation, opportunity, and continued sustainable, disciplined growth. We have entered 2023 with great momentum, ready to prove once again why we are the Bank and workplace Where Each Relationship Matters®. I look forward to earning your trust. With gratitude, Jeffrey Tengel Chief Executive Officer Independent Bank Corp. and Chief Executive Officer Rockland Trust Company 6 INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT 7 CHRISTOPHER ODDLEIFSON JEFFREY TENGEL 2022 ACCOLADES Ranked #1 in Customer Satisfaction with Retail Banking in New England according to J.D. Power *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. Named by The Boston Globe as one of the “Top Places to Work” in Massachusetts for the 14th consecutive year Designated by the Human Rights Campaign Foundation as a "Best Place to Work for LGBTQ Equality" for the 7th consecutive year Honored by the Boston Business Journal as one of the region’s "Top Corporate Charitable Contributors" for the 9th consecutive year Awarded Gold by Banker & Tradesman for their "Best of" awards in Alternative/Hard Money Lending and Silver for Commercial Lending Rockland Trust’s Investment Management Group was ranked one of the "Largest Independent Investment Advisers in Massachusetts" by the Boston Business Journal for the 8th year in a row Selected as The Patriot Ledger’s Readers’ Choice “Best Community Bank” for two consecutive years 2022 COMMUNITY REPORT ROCKLAND TRUST COLLEAGUES VOLUNTEERING AT SCHOOL ON WHEELS IN EAST BRIDGEWATER GIVING BACK TO THE COMMUNITY Rockland Trust is dedicated to strengthening the communities in which we live and work. Each year, Rockland Trust and its affiliated Charitable Foundations (Rockland Trust Charitable Foundation Inc., Rockland Trust-Blue Hills Charitable Foundation, and Rockland Trust-East Boston Savings Bank Charitable Foundation Inc.)* support hundreds of local and regional organizations. Organizations that improve the quality of life of the individuals and families served by providing access to the services and resources they need to succeed. *As of January 1, 2023, Rockland Trust-Blue Hills Charitable Foundation, Inc. and Rockland Trust-East Boston Savings Bank Charitable Foundation, Inc. merged into the Rockland Trust Charitable Foundation, Inc. 2022 HIGHLIGHTS $3.2 MILLION Donated $3.2 million to local and regional organizations $1.0 MILLION Provided nearly $1.0 million in grants, sponsorships, and contributions to organizations that self-identified as serving majority Black, Indigenous, People of Color (BIPOC) populations 2022 ACCOMPLISHMENTS PROMOTING EDUCATION AND FINANCIAL WELLNESS 8,600 HOURS Volunteered over 8,600 hours to give back to the community $18.9 MILLION Committed $18.9 million in new investments supporting low-income housing $600,000 FINANCIAL EDUCATION AND WELLNESS 10,000 PODCAST LISTENERS Donated over $600,000 to local nonprofits in support of educational and financial wellness programming Produced 16 episodes of the “No Shame in this Money Game: Mini Money Minute” podcast, which reached 10,000 listeners 52 $48,000 CREDIT FOR LIFE FAIRS IN COMBINED SCHOLARSHIPS Participated in 52 credit for life fairs through our partnership with the Massachusetts Financial Literacy Initiative Awarded renewable college scholarships to 16 students in need 10 INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT 11 SUPPORTING SMALL BUSINESSES ADVOCATING FOR AFFORDABLE HOUSING $30 million IN SMALL BUSINESS FINANCING Provided over $30 million in financing to over 35 small businesses across Massachusetts and Rhode Island, in conjunction with the SBA Pictured (left to right): Marc Catanese, owner of X-Golf in Worcester and Elyson Dos Santos, Rockland Trust Business Community Liaison $55 million IN FLEXIBLE LENDING LOANS Provided over $55 million in flexible lending loans, such as FHA and Mass Housing Partnership’s ONE and ONE+Boston Mortgage programs, to nearly 150 individuals and families $114 million IN AFFORDABLE HOUSING FINANCING Partnered with clients across Massachusetts and Rhode Island to provide over $114 million in commercial financing toward 13 affordable housing projects 45 seminars FOR FIRST-TIME HOMEBUYERS Participated in over 45 first-time homebuyer seminars across Massachusetts $20,000 TO OUR SMALL BUSINESS CONTEST WINNER Awarded $20,000 to Nazr El-Scari, owner of A Sneakerheads Paradise, as part of our 5th Annual Small Business, Big Dreams contest Pictured (left to right): Nazr El-Scari, 2022 Small Business, Big Dreams Contest Winner, and Naziold Islamaj, Rockland Trust Business Banker 12 INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT 13 REVITALIZING OUR COMMUNITIES $240 MILLION Provided nearly $240 million in financing toward 54 community development lending projects $1.4 MILLION Donated over $1.4 million to nearly 300 organizations focusing on community development $29 million HEYWOOD HOSPITAL | GARDNER, MA Led a $29 million financing package to Waterstone Properties Group, Inc. for the construction of a 44,000 square foot expansion to the hospital’s Surgical Pavilion $11.2 million FATHER BILL’S & MAINSPRING | QUINCY, MA Provided $11.2 million in financing for the construction of a new state-of-the-art facility in Quincy that will include a day center with wraparound supports, 75 emergency shelter beds, and 30 affordable housing units The photograph to the left was taken in February 2023. The project is scheduled to be completed in summer 2023. $13 million MAB COMMUNITY SERVICES | BROOKLINE, MA Provided over $13 million in financing for the purchase of 16 group homes $30.6 million THREE BOSTON WAY | NEWBURYPORT, MA Partnered with Newburyport Bank to provide a $30.6 million loan to MINCO Development Corporation for the construction of their energy- efficient Passive House, a residential development at 3 Boston Way $7.4 million LAFAYETTE LOFTS | FALL RIVER, MA Provided $7.4 million in financing for the redevelopment of the vacant three-story former Notre Dame Grammar School, which will soon be converted into a 48-unit apartment building 14 INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT INDEPENDENT BANK CORP. | 2022 ANNUAL REPORT 15 288 Union Street | Rockland, MA 02370 | 508.732.7072 Directors of Independent Bank Corp. and Rockland Trust Company Donna L. Abelli Board Chair Officers of Independent Bank Corp. and/or Rockland Trust Company Jeffrey Tengel Chief Executive Officer Patricia M. Natale Deputy General Counsel and Corporate Secretary Warren Q. Fields Michael P. Hogan Kevin J. Jones Mary L. Lentz Eileen C. Miskell John J. Morrissey James O'Shanna Morton Gerard F. Nadeau Daniel F. O’Brien Susan Perry O'Day Christopher Oddleifson Scott K. Smith Jeffrey Tengel Thomas R. Venables Gerard F. Nadeau President Maureen Gaffney Controller and Principal Accounting Officer Maria S. Harris Chief Human Resources Officer Alastair Ironside Chief Marketing Officer Barry H. Jensen Chief Technology and Operations Officer Timothy C. Lane Chief Internal Auditor Jonathan Nelson Treasurer Kathryn O’Malley Chief Credit Officer James Rizzo Chief Commercial Banking Officer Mark J. Ruggiero Chief Financial Officer and Executive Vice President of Consumer Lending Edward H. Seksay General Counsel David B. Smith, CFA Chief Investment Officer and Managing Director of Rockland Trust’s Investment Management Group Margaret McCarthy Chief Retail Banking Officer Debra Smith Director of Banking and Digital Operations Dawn Mugford Chief Risk Officer