Latest news with #EnterpriseBank
Yahoo
21-07-2025
- Business
- Yahoo
INDB Q2 Deep Dive: Loan Mix Shift and Enterprise Acquisition Shape Outlook
Regional banking company Independent Bank (NASDAQ:INDB) reported Q2 CY2025 results topping the market's revenue expectations , with sales up 7.6% year on year to $183.2 million. Its non-GAAP profit of $1.25 per share was 3.3% above analysts' consensus estimates. Is now the time to buy INDB? Find out in our full research report (it's free). Independent Bank (INDB) Q2 CY2025 Highlights: Revenue: $183.2 million vs analyst estimates of $177.6 million (7.6% year-on-year growth, 3.2% beat) Adjusted EPS: $1.25 vs analyst estimates of $1.21 (3.3% beat) Market Capitalization: $3.48 billion StockStory's Take Independent Bank's second quarter was met with a positive market response, reflecting management's progress on key strategic initiatives. CEO Jeffrey Tengel attributed the results to stronger-than-expected net interest margin, continued commercial and industrial (C&I) loan growth, and robust deposit trends. The successful resolution of several nonperforming loans and a meaningful reduction in commercial real estate (CRE) exposure also contributed. Tengel noted, 'We were successful in exiting our largest nonperforming loan as well as another of our prior quarter's top 5 problem loans,' highlighting the company's work to de-risk its loan portfolio. Looking forward, Independent Bank's guidance centers on integrating the recently closed Enterprise Bank acquisition, further reducing CRE concentration, and driving organic growth in C&I lending. Management expects near-term headwinds from economic uncertainty and potential impacts of tariffs, with customers pausing significant expansion projects. CFO Mark Ruggiero stated, 'We expect to realize full cost save synergies during the first quarter of 2026,' as the company focuses on system conversions and operational efficiency. Management acknowledged that lowering CRE exposure remains a top priority before returning to higher loan growth rates. Key Insights from Management's Remarks Management highlighted a combination of asset repricing benefits, disciplined deposit management, and progress on strategic priorities as key factors shaping the quarter's performance. Asset repricing and margin improvement: The bank benefited from higher yields on its loan portfolio and managed deposit pricing, leading to a core net interest margin of 3.37%. Ruggiero noted this was supported by both asset repricing and 'another 2 basis points benefit from reduced deposit costs.' CRE concentration deliberately reduced: Independent Bank intentionally reduced its commercial real estate exposure, with balances down 1.7% and concentration at 274% before the Enterprise deal. Management emphasized ongoing efforts to accelerate this reduction, even as the acquisition temporarily increases the metric. C&I loan growth targeted: C&I loans grew 3.4% in the quarter, with management outlining plans to expand in both the community banking and middle market/specialty segments. Tengel described hiring a new executive and team to drive growth in Massachusetts-based C&I lending. Deposit growth and funding stability: Non-time deposits increased 3.6% year-over-year, and the cost of deposits remained low at 1.54%. Ruggiero credited a steady increase in core households for providing a 'differentiated funding base.' Wealth management momentum: Assets under administration in wealth management rose 4% to $7.4 billion, driven by market appreciation. Management sees cross-sell opportunities from the Enterprise acquisition, which adds $1.6 billion in assets to the platform. Drivers of Future Performance Management's outlook is shaped by the integration of Enterprise Bank, CRE reduction goals, and an uncertain economic backdrop, with a focus on operational efficiency and loan mix. Enterprise acquisition integration: The company is focused on system conversion and realizing approximately 30% cost savings from the Enterprise Bank expense base by the first quarter of 2026. Management expects full synergy benefits to support earnings accretion over time. CRE concentration and loan mix: Lowering CRE concentration remains a prerequisite for accelerating loan growth. Management expects loan growth to remain in the low single digits until the CRE ratio falls, with targeted sales and paydowns as drivers. Macro and regulatory headwinds: Management highlighted uncertainty from tariffs and federal policy changes, leading customers to delay expansion plans. This caution could moderate loan demand and influence asset quality, particularly in commercial real estate. Catalysts in Upcoming Quarters In the coming quarters, our analysts will be tracking (1) the pace of Enterprise Bank integration and realization of cost synergies, (2) progress on lowering CRE concentration through paydowns and loan sales, and (3) trends in C&I loan growth as the company seeks to shift its loan mix. Execution on technology system upgrades and successful cross-selling in wealth management will also be important markers. Independent Bank currently trades at $70.55, up from $65.60 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it's free). Now Could Be The Perfect Time To Invest In These Stocks Trump's April 2024 tariff bombshell triggered a massive market selloff, but stocks have since staged an impressive recovery, leaving those who panic sold on the sidelines. Take advantage of the rebound by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Sign in to access your portfolio
Yahoo
19-07-2025
- Business
- Yahoo
Independent Bank Corp (INDB) Q2 2025 Earnings Call Highlights: Strong Loan Growth and Strategic ...
Net Income: $51.1 million for Q2 2025. Diluted EPS: $1.20 for Q2 2025. Return on Assets (ROA): 1.04% for Q2 2025. Return on Average Common Equity: 6.68% for Q2 2025. Return on Average Tangible Common Equity: 9.89% for Q2 2025. Adjusted Operating Net Income: $53.5 million, excluding merger expenses. Adjusted Diluted EPS: $1.25, excluding merger expenses. Net Interest Margin (NIM): 3.37% for Q2 2025. Deposit Growth: Non-time deposits up 3.6% year over year. Cost of Deposits: 1.54% for Q2 2025. Commercial & Industrial (C&I) Loan Growth: Up 3.4% in Q2 2025. Non-Performing Assets: Down 35% from Q1 2025. Tangible Book Value Per Share: Increased by $0.99 during Q2 2025. Assets Under Administration (AUA): Grew by 4% to $7.4 billion in Q2 2025. Investment Management Revenues: Increased 1.4% from Q1 2025 and nearly 4% from Q2 2024. Stock Buyback: Announced $150 million stock buyback plan. Release Date: July 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Independent Bank Corp (NASDAQ:INDB) reported better-than-expected net interest margin (NIM) performance for the second quarter. The company achieved solid commercial and industrial (C&I) loan growth of 3.4% during the quarter. There was a significant reduction in non-performing assets, down 35% from the first quarter. The acquisition of Enterprise Bank was completed successfully, with no branch closures or strategic mismatches. A $150 million stock buyback was announced, reflecting confidence in the company's financial position. Negative Points Higher expenses partly offset the positive financial performance in the second quarter. There is continued runoff in the commercial real estate (CRE) portfolio, impacting loan growth. Economic uncertainty, including the impact of tariffs and federal government actions, is causing customers to pause expansion plans. A significant non-performing office-related loan deal fell through and is being remarketed for sale. The CRE concentration is expected to rise temporarily due to the Enterprise acquisition, with efforts needed to reduce it back to target levels. Q & A Highlights Q: Where were new loan originations during the quarter, and how are competitive dynamics impacting loan pricing and demand? A: Jeffrey Tengel, CEO: We've seen good loan originations across most segments, with a conservative approach to our CRE portfolio. The competitive landscape remains challenging, especially in the C&I portfolio, with many banks interested in growth. Even in the commercial real estate space, some banks are becoming more aggressive. Mark Ruggiero, CFO: On the commercial side, second-quarter closings were in the high-sixes yield range, while the consumer book was in the mid-sixes. Q: Your small business lending continues to be a bright spot. Why have you seen so much success there, and do you expect it to continue? A: Jeffrey Tengel, CEO: We expect it to continue due to our experienced Rockland Trust bankers and a centralized underwriting unit that allows quick loan processing. This combination makes us more nimble than competitors. Q: Can you provide guidance on the third-quarter margin and the impact of potential Fed cuts? A: Mark Ruggiero, CFO: We expect the third-quarter margin to be in the mid-360s. If the Fed cuts rates, we are well-positioned to neutralize the impact on assets and deposits, maintaining margin expansion as long as the longer end of the curve stays elevated. Q: Are you seeing the worst behind for credit, similar to other New England banks? A: Jeffrey Tengel, CEO: It's hard to tell as it is property-specific. While we have made progress, we are not ready to say we are out of the woods. We continue to work constructively with borrowers, but challenges remain. Q: Can you share details on the large loan modification made this quarter? A: Mark Ruggiero, CFO: The large syndicated Downtown Boston loan was restructured into a Note A and Note B structure, with no cash payments until mid-2026. This allows the sponsor to invest in lease-up and tenant improvements, with expectations to return to performing status once cash flow improves. Q: What is your current appetite for M&A? A: Jeffrey Tengel, CEO: M&A is not a priority right now. We are focused on integrating Enterprise Bank, completing a major core conversion, and demonstrating organic growth while reducing office exposure. Q: How do you view the competitive pressures on deposits and their impact on NIM outlook? A: Mark Ruggiero, CFO: The NIM outlook is primarily driven by asset repricing. While competitive pressures on deposits remain, our focus on operating accounts helps maintain stable deposit costs. Margin benefits will mainly come from asset repricing. Q: Can you provide a pro forma CET1 ratio expectation? A: Mark Ruggiero, CFO: With current assumptions, including the CECL double count, we expect the pro forma CET1 ratio to be around 12.5%. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Business Wire
04-06-2025
- Business
- Business Wire
Independent Bank Corp. and Enterprise Bancorp, Inc. Announce the Receipt of All Regulatory Approvals and Anticipated Closing Date
ROCKLAND, Mass. & LOWELL, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (NASDAQ: INDB) ('Independent'), parent of Rockland Trust Company ('Rockland Trust'), and Enterprise Bancorp, Inc. (NASDAQ: EBTC) ('Enterprise'), parent of Enterprise Bank and Trust Company ('Enterprise Bank'), jointly announce the following in connection with Independent's proposed acquisition of Enterprise: All required regulatory approvals relating to the proposed transaction have now been received. The proposed transaction is expected to be completed on July 1, 2025, subject to the satisfaction of the remaining customary closing conditions. 'Securing all required regulatory approvals is a significant milestone and the result of thoughtful collaboration between our two organizations,' said Jeffrey Tengel, Chief Executive Officer at Rockland Trust. 'The success of this combination will come from the people behind it, our colleagues, customers, and communities. We are excited to move forward and grow as a community-oriented bank that is deeply rooted in relationships and ready to meet the evolving needs of those we serve.' 'This integration brings together two banks with shared values and a commitment to serving others,' said Steven Larochelle, Chief Executive Officer at Enterprise Bank. 'I'm incredibly proud of what our Enterprise team has built and am confident that, as part of Rockland Trust, this next chapter will bring expanded opportunities and continued support to the customers and communities we are honored to serve.' 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. With retail branches in Eastern Massachusetts and Worcester County as well as commercial banking and investment management offices in Massachusetts and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. 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. ABOUT ENTERPRISE BANCORP, INC. Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 142 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, Enterprise offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. Enterprise's headquarters and Enterprise Bank's main office are located at 222 Merrimack Street in Lowell, Massachusetts. Enterprise's primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This communication may contain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Independent and Enterprise, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Independent and Enterprise caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Independent's and Enterprise's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: (1) changes in general economic, political, or industry conditions; (2) uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System; (3) volatility and disruptions in global capital and credit markets; (4) movements in interest rates; (5) the resurgence of elevated levels of inflation or inflationary pressures in the United States and the Enterprise and Independent market areas; (6) increased competition in the markets of Independent and Enterprise; (7) success, impact, and timing of business strategies of Independent and Enterprise; (8) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; (9) the expected impact of the proposed transaction between Enterprise and Independent on the combined entities' operations, financial condition, and financial results; (10) the failure to satisfy any of the conditions to the closing of transaction on a timely basis or at all or other delays in completing the proposed transaction; (11) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (12) the outcome of any legal proceedings that may be instituted against Independent or Enterprise; (13) the possibility that the anticipated benefits of the proposed transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Independent and Enterprise do business; (14) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (15) diversion of management's attention from ongoing business operations and opportunities; (16) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (17) the dilution caused by Independent's issuance of additional shares of its capital stock in connection with the proposed transaction; (18) a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding U.S. fiscal debt, deficit and budget matters; (19) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (20) severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade and tariff policies and the resulting impact on Independent and Enterprise and their respective customers; and (21) other factors that may affect the future results of Independent and Enterprise. Additional factors that could cause results to differ materially from those described above can be found in Independent's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of such reports, as well as in subsequent SEC filings, each of which is on file with the U.S. Securities and Exchange Commission (the 'SEC') and available in the 'Investor Relations' section of Independent's website, under the heading 'SEC Filings' and in other documents Independent files with the SEC, and in Enterprise's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of such reports, as well as in subsequent SEC filings, each of which is on file with and available in the 'Investor Relations' section of Enterprise's website, under the heading 'SEC Filings' and in other documents Enterprise files with the SEC. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Independent nor Enterprise assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. All forward-looking statements, express or implied, included in the document are qualified in their entirety by this cautionary statement.
Yahoo
04-06-2025
- Business
- Yahoo
Independent Bank Corp. and Enterprise Bancorp, Inc. Announce the Receipt of All Regulatory Approvals and Anticipated Closing Date
ROCKLAND, Mass. & LOWELL, Mass., June 04, 2025--(BUSINESS WIRE)--Independent Bank Corp. (NASDAQ: INDB) ("Independent"), parent of Rockland Trust Company ("Rockland Trust"), and Enterprise Bancorp, Inc. (NASDAQ: EBTC) ("Enterprise"), parent of Enterprise Bank and Trust Company ("Enterprise Bank"), jointly announce the following in connection with Independent's proposed acquisition of Enterprise: All required regulatory approvals relating to the proposed transaction have now been received. The proposed transaction is expected to be completed on July 1, 2025, subject to the satisfaction of the remaining customary closing conditions. "Securing all required regulatory approvals is a significant milestone and the result of thoughtful collaboration between our two organizations," said Jeffrey Tengel, Chief Executive Officer at Rockland Trust. "The success of this combination will come from the people behind it, our colleagues, customers, and communities. We are excited to move forward and grow as a community-oriented bank that is deeply rooted in relationships and ready to meet the evolving needs of those we serve." "This integration brings together two banks with shared values and a commitment to serving others," said Steven Larochelle, Chief Executive Officer at Enterprise Bank. "I'm incredibly proud of what our Enterprise team has built and am confident that, as part of Rockland Trust, this next chapter will bring expanded opportunities and continued support to the customers and communities we are honored to serve." 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. With retail branches in Eastern Massachusetts and Worcester County as well as commercial banking and investment management offices in Massachusetts and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. 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. ABOUT ENTERPRISE BANCORP, INC. Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 142 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, Enterprise offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. Enterprise's headquarters and Enterprise Bank's main office are located at 222 Merrimack Street in Lowell, Massachusetts. Enterprise's primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This communication may contain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Independent and Enterprise, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Independent and Enterprise caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Independent's and Enterprise's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: (1) changes in general economic, political, or industry conditions; (2) uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System; (3) volatility and disruptions in global capital and credit markets; (4) movements in interest rates; (5) the resurgence of elevated levels of inflation or inflationary pressures in the United States and the Enterprise and Independent market areas; (6) increased competition in the markets of Independent and Enterprise; (7) success, impact, and timing of business strategies of Independent and Enterprise; (8) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; (9) the expected impact of the proposed transaction between Enterprise and Independent on the combined entities' operations, financial condition, and financial results; (10) the failure to satisfy any of the conditions to the closing of transaction on a timely basis or at all or other delays in completing the proposed transaction; (11) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (12) the outcome of any legal proceedings that may be instituted against Independent or Enterprise; (13) the possibility that the anticipated benefits of the proposed transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Independent and Enterprise do business; (14) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (15) diversion of management's attention from ongoing business operations and opportunities; (16) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (17) the dilution caused by Independent's issuance of additional shares of its capital stock in connection with the proposed transaction; (18) a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding U.S. fiscal debt, deficit and budget matters; (19) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (20) severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade and tariff policies and the resulting impact on Independent and Enterprise and their respective customers; and (21) other factors that may affect the future results of Independent and Enterprise. Additional factors that could cause results to differ materially from those described above can be found in Independent's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of such reports, as well as in subsequent SEC filings, each of which is on file with the U.S. Securities and Exchange Commission (the "SEC") and available in the "Investor Relations" section of Independent's website, under the heading "SEC Filings" and in other documents Independent files with the SEC, and in Enterprise's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of such reports, as well as in subsequent SEC filings, each of which is on file with and available in the "Investor Relations" section of Enterprise's website, under the heading "SEC Filings" and in other documents Enterprise files with the SEC. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Independent nor Enterprise assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. All forward-looking statements, express or implied, included in the document are qualified in their entirety by this cautionary statement. Category: Merger Releases View source version on Contacts INDEPENDENT BANK CORP. / ROCKLAND TRUST: Investor Relations: Gerry Cronin, Director of Investor RelationsRockland Trust Company(774) Media: Emily McDonald, Vice President, Corporate MarketingRockland Trust Company(781) ENTERPRISE BANCORP, INC. / ENTERPRISE BANK: Investor Relations: Joe Lussier, Chief Financial Officer & Treasurer, EVPEnterprise Bank(978) Media: Matthew Coggins, Chief Marketing & Communications OfficerEnterprise Bank(978) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
