# EDGAR Filing Document

**Accession Number:** 0000776901
**File Stem:** 0000776901-25-000295
**Filing Date:** 2025-9
**Character Count:** 28685
**Document Hash:** cdb6ce7ddccbeac3db160e6dab084379
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000776901-25-000295.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0000776901-25-000295

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250701

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250910

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INDEPENDENT BANK CORP
- **CENTRAL INDEX KEY:** 0000776901
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 042870273
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09047
- **FILM NUMBER:** 251306009

**BUSINESS ADDRESS:**
- **STREET 1:** 288 UNION STREET
- **CITY:** ROCKLAND
- **STATE:** MA
- **ZIP:** 02370
- **BUSINESS PHONE:** 7818786100

**MAIL ADDRESS:**
- **STREET 1:** 288 UNION STREET
- **CITY:** ROCKLAND
- **STATE:** MA
- **ZIP:** 02370

?xml version='1.0' encoding='ASCII'? indb-20250701

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

FORM 8-K/A

Current Report Pursuant to Section 13 or 15 (d) of

The Securities and Exchange Act of 1934

**DATE OF REPORT:**

July 1, 2025

(Date of Earliest Event Reported)

Massachusetts

(State or Other Jurisdiction of Incorporation)

1-9047 04-2870273 <br> (Commission File Number) (I.R.S. Employer identification No.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** |
| Office Address: | 2036 Washington Street, | Hanover, | Massachusetts | 02339 |
| Mailing Address: | 288 Union Street, | Rockland, | Massachusetts | 02370 |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |

---

**NOT APPLICABLE**

(Former Address of Principal Executive Offices)

**(781)-878-6100**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each Class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | INDB | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17CFR 230.405)) or Rule 12b-2 of the Exchange Act (17CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act. ☐

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**EXPLANATORY NOTE**

On July 1, 2025, Independent Bank Corp. ("Independent") filed a Current Report on Form 8-K (the "Original Report") to report under Item 2.01 thereof that on July 1, 2025 (the "Effective Time"), Independent completed its previously announced merger (the "Merger") with Enterprise Bancorp, Inc. ("Enterprise") pursuant to an Agreement and Plan of Merger, dated as of December 8, 2024, by and between Independent, Rockland Trust Company, Enterprise and Enterprise Bank and Trust Company. At the Effective Time of the Merger, Enterprise merged with and into Independent, with Independent as the surviving corporation in the Merger.

In response to Items 9.01(a) and 9.01(b) of the Original Report, Independent stated that it would file the required historical financial statements of Enterprise and the pro forma financial information by amendment. This Amendment No. 1 to Independent's Current Report on Form 8-K is being filed to provide the required financial statements and pro forma financial information.

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| | |
|:---|:---|
| **ITEM 9.01**  | **FINANCIAL STATEMENTS AND EXHIBITS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| a. | Financial Statements of Business Acquired |
|  | The historical audited Consolidated Financial Statements of Enterprise for the years ended December 31, 2024 and 2023 which include the Balance Sheets, Statements of Net Income, Statements of Comprehensive Income, Statements of Changes in Stockholders' Equity, Statement of Cash Flows and Notes to Consolidated Financial Statements, are filed herewith as Exhibit 99.1. |
|  | The historical unaudited combined balance sheet of Enterprise as of June 30, 2025, and the historical unaudited combined income statement of Enterprise for the six months ended June 30, 2025, are included within Exhibit 99.2. |
| b. | Pro Forma Financial Information |
|  | Attached hereto as Exhibit 99.2 and incorporated by reference, are the unaudited pro forma condensed financial statements of the Company as of and for the six month period ended June 30, 2025 and the year ended December 31, 2024. |
| d. | Exhibits |
|  | The following exhibits are included with this Report. |

---

------

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| | |
|:---|:---|
| <u>Exhibit Index</u> |  |
| <u>Exhibit #</u> | <u>Exhibit Description</u> |
| 23.1 | <u>[Consent of RSM US LLP dated September 10, 2025](exhibit231-consentofrsmusl.htm)</u> |
| 99.1 | <u>[Historical audited Consolidated Financial Statements of Enterprise Bancorp, Inc. at December 31, 2024 and 2023 and for each of the years in the three-year period ended December 31, 2024 (incorporated by reference to pages 66 through 119 of Enterprise Annual Report on Form 10-K for the year ended December 31, 2024 (SEC file No. 001-33912), filed with the SEC on March 7, 2025)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001018399/000101839925000013/ebtc-20241231.htm#iffd2a0e45e2e40048518f203eedcab45_124)</u>. |
| 99.2 | <u>[Unaudited Pro Forma Condensed Consolidated Financial Statements for the year ended December 31, 2024 and the six months ended June 30, 2025, and the accompanying notes thereto](exhibit992-proformafinanci.htm)</u>. |
| 104 | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned and hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | **INDEPENDENT BANK CORP.** |
| Date: | September 10, 2025 | By: | /s/Mark J. Ruggiero |
|  |  |  | MARK J. RUGGIERO |
|  |  |  | CHIEF FINANCIAL OFFICER |

---

## Exhibit 23.1

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference on Form 8-K/A of Independent Bank Corp. of our reports dated March 7, 2025, relating to the consolidated financial statements, and the effectiveness of internal control over financial reporting of Enterprise Bancorp, Inc., appearing in the Annual Report on Form 10-K of Enterprise Bancorp, Inc. for the year ended December 31, 2024.

/s/ RSM US LLP

Boston, Massachusetts

September 10, 2025

## Exhibit 99.2

Exhibit 99.2

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

On July 1, 2025, Independent Bank Corp. ("Independent") completed acquisition of Enterprise Bancorp, Inc. ("Enterprise") pursuant to an Agreement and Plan of Merger, dated as of December 8, 2024 (the "merger agreement"), by and among Independent, Rockland Trust Company ("Rockland Trust"), Enterprise and Enterprise Bank and Trust Company ("Enterprise Bank"). Pursuant to the merger agreement, Enterprise merged with and into Independent, with Independent as the surviving corporation (the "Merger"), and each share of Enterprise common stock outstanding was converted into the right to receive 0.60 shares of Independent's common stock and $2.00 in cash, with cash also to be paid in lieu of fractional shares. Total merger consideration payable to equity-holders consisted of approximately 7,478,906 shares of Independent common stock and an aggregate of $25.9 million in cash, which included approximately $902,000 in cash paid for stock option cancellations and $44,000 cash in lieu to fractional shares. The transaction is accounted for as an acquisition and accordingly, Enterprise assets and liabilities are recorded by Independent at their fair market value as of July 1, 2025.

The following unaudited pro forma condensed combined financial information and notes present how the combined financial statements of Independent and Enterprise may have appeared had the Merger been completed at the beginning of the periods presented. The unaudited pro forma condensed combined financial information reflects the impact of the Merger on the combined balance sheets and combined statements of income under the acquisition method of accounting with Independent as the acquirer. Under the acquisition method of accounting, Enterprise assets and liabilities are recorded by Independent at their fair market value as of the date that the Merger is completed. The unaudited pro forma condensed combined balance sheet as of June 30, 2025 assumes the Merger was completed on that date. The unaudited condensed combined statement of income for the six months ended June 30, 2025, and the year ending December 31, 2024 have been prepared as if the Merger was completed on January 1, 2024.

The unaudited pro forma condensed combined financial information is derived from and should be read in conjunction with the historical consolidated financial statements and related notes of Independent, which are available on the Company's 2024 Annual Report on Form 10-K and the financial statements and related notes of Enterprise, which are incorporated into this document by reference and included.

The unaudited pro forma condensed combined financial information is presented for illustrative and informative purposes only and is not necessarily indicative or representative of the financial position or results of operations presented as of the date or for the periods indicated, or the results of operations or financial position that may be achieved in the future. In addition, the unaudited pro forma condensed combined financial information does not reflect any cost savings, operating synergies or revenue enhancements that Independent may achieve as a result of its acquisition of Enterprise, the costs to integrate the operations of Independent and Enterprise or the costs necessary to achieve these cost savings, operating synergies and revenue enhancements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** |
| **Unaudited Pro Forma Condensed Combined Balance Sheet** | **Unaudited Pro Forma Condensed Combined Balance Sheet** | **Unaudited Pro Forma Condensed Combined Balance Sheet** | **Unaudited Pro Forma Condensed Combined Balance Sheet** | **Unaudited Pro Forma Condensed Combined Balance Sheet** | **Unaudited Pro Forma Condensed Combined Balance Sheet** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| | | | | | **Unaudited** |
| | **Independent** | **Enterprise** | **Adjustments** | | **Pro Forma** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Cash and short term investments | $901234 | $123638 | $(25878) | (2(a)) | $998994 |
| Securities | 2695280 | 590267 |  |  | 3285547 |
| Loans, net of deferred fees and costs | 14550620 | 4069850 | (156784) | (2(b)) | 18463686 |
| Allowance for credit losses | (144773) | (61611) | 12437 | (2(c)) | (193947) |
| Bank premises and equipment | 188883 | 40734 | (4988) | (2(d)) | 224629 |
| Goodwill | 985072 | 5656 | 95593 | (2(e)) | 1086321 |
| Identifiable intangible assets | 9742 |  | 136403 | (2(f)) | 146145 |
| Other assets | 862876 | 184921 | (8982) | (2(g)) | 1038815 |
| Total assets | $20048934 | $4953455 | $47801 |  | $25050190 |
| Deposits | $15893740 | $4362710 | $(672) | (2(h)) | 20255778 |
| Borrowings | 759428 | 122446 |  |  | 881874 |
| Other liabilities | 320910 | 85123 | (18556) | (2(i)) | 387477 |
| Stockholders' equity | 3074856 | 383176 | 67029 | (2(j)) | 3525061 |
| Total liabilities and stockholders' equity | $20048934 | $4953455 | $47801 |  | $25050190 |
| Common shares | 42627286 | 12466031 | 7478906 |  | 50106192 |

---

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** |
| **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** |
| **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | | | | | **Unaudited** |
| | **Independent** | **Enterprise** | **Adjustments** | | **Pro Forma** |
|  | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) |
| **INTEREST INCOME** |  |  |  |  |  |
| Interest on Fed Funds Sold and Short Term Investments | $5831 | $1119 | $— |  | $6950 |
| Interest and Dividends on Securities | 31178 | 7166 | 7789 | (3(a)) | 46133 |
| Interest on Loans | 393103 | 112664 | 16009 | (3(b)) | 521776 |
| Total Interest Income | 430112 | 120949 | 23798 |  | 574859 |
| **INTEREST EXPENSE** |  |  |  |  |  |
| Interest on Deposits | 119279 | 37357 |  |  | 156636 |
| Interest on Borrowed Funds | 17832 | 4360 |  |  | 22192 |
| Total Interest Expense | 137111 | 41717 |  |  | 178828 |
| Net Interest Income | 293001 | 79232 | 23798 |  | 396031 |
| Less - Provision for Credit Losses | 22200 | 1400 |  |  | 23600 |
| Net Interest Income after Provision for Credit Losses | 270801 | 77832 | 23798 |  | 372431 |
| **NONINTEREST INCOME** |  |  |  |  |  |
| Deposit account fees | 14194 | 3062 |  |  | 17256 |
| Interchange and ATM Fees | 9619 | 1676 | (1113) | (3(e)) | 10182 |
| Investment Management | 22600 | 4143 |  |  | 26743 |
| Mortgage Banking Income | 1813 | 101 |  |  | 1914 |
| Increase in Cash Surrender Value of Life Insurance Policies | 4103 | 1020 |  |  | 5123 |
| Other Noninterest Income | 14518 | 1517 |  |  | 16035 |
| Total Noninterest Income | 66847 | 11519 | (1113) |  | 77253 |
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| Salaries and Employee Benefits | 124787 | 59741 |  |  | 184528 |
| Occupancy and Equipment Expenses | 27017 | 5010 | (125) | (3(f)) | 31902 |
| Data Processing and Facilities Management | 5425 | 4635 |  |  | 10060 |
| FDIC Assessment | 5361 | 1666 |  |  | 7027 |
| Merger and Acquisition Expenses | 3394 | 6713 |  | (1) | 10107 |
| Other Noninterest Expense | 48692 | 8429 | 10737 | (3(g)) | 67858 |
| Total Noninterest Expense | 214676 | 86194 | 10612 |  | 311482 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| INCOME BEFORE INCOME TAXES | 122972 | 3157 | 33297 |  | 138202 |
| PROVISION FOR INCOME TAXES | 27447 | 2968 | 9113 | (3(h)) | 39528 |
| **NET INCOME** | $95525 | $189 | $24184 |  | $98674 |
| BASIC EARNINGS PER SHARE | $2.24 | $0.02 |  |  | $1.97 |
| DILUTED EARNINGS PER SHARE | $2.24 | $0.02 |  |  | $1.97 |
| BASIC AVERAGE SHARES | 42587330 | 12487949 | (5009043) | (3(i)) | 50066236 |
| DILUTED AVERAGE SHARES | 42607083 | 12513980 | (5035074) | (3(i)) | 50085989 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** | **Independent and Enterprise** |
| **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** | **Unaudited Pro Forma Condensed Combined Income Statement** |
| **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
| | | | | | **Unaudited** |
| | **Independent** | **Enterprise** | **Adjustments** | | **Pro Forma** |
|  | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) | (Dollars in Thousands, Except Per Share Data) |
| **INTEREST INCOME** |  |  |  |  |  |
| Interest on Fed Funds Sold and Short Term Investments | $5669 | $6199 | $— |  | $11868 |
| Interest and Dividends on Securities | 57098 | 15693 | 15578 | (3(a)) | 88369 |
| Interest on Loans | 789986 | 208378 | 32017 | (3(b)) | 1030381 |
| Total Interest Income | 852753 | 230270 | 47595 |  | 1130618 |
| **INTEREST EXPENSE** |  |  |  |  |  |
| Interest on Deposits | 246962 | 76513 | 672 | (3(c)) | 324147 |
| Interest on Borrowed Funds | 44062 | 5893 |  |  | 49955 |
| Total Interest Expense | 291024 | 82406 | 672 |  | 374102 |
| Net Interest Income | 561729 | 147864 | 46923 |  | 756516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less - Provision for Credit Losses | 36250 | 1985 | 37259 | (3(d)) | 75494 |
| Net Interest Income after Provision for Credit Losses | 525479 | 145879 | 9664 |  | 681022 |
| **NONINTEREST INCOME** |  |  |  |  |  |
| Deposit account fees | 26455 | 5352 |  |  | 31807 |
| Interchange and ATM Fees | 19055 | 3523 | (2225) | (3(e)) | 20353 |
| Investment Management | 42744 | 7888 |  |  | 50632 |
| Mortgage Banking Income | 4143 | 156 |  |  | 4299 |
| Increase in Cash Surrender Value of Life Insurance Policies | 8086 | 2001 |  |  | 10087 |
| Other Noninterest Income | 27531 | 3959 |  |  | 31490 |
| Total Noninterest Income | 128014 | 22879 | (2225) |  | 148668 |
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| Salaries and Employee Benefits | 233653 | 78224 |  |  | 311877 |
| Occupancy and Equipment Expenses | 52072 | 9667 | (249) | (3(f)) | 61490 |
| Data Processing and Facilities Management | 9957 | 8778 |  |  | 18735 |
| FDIC Assessment | 10892 | 3571 |  |  | 14463 |
| Merger and Acquisition Expenses | 1902 | 1137 |  | (1) | 3039 |
| Other Noninterest Expense | 97890 | 15755 | 23712 | (3(g)) | 137357 |
| Total Noninterest Expense | 406366 | 117132 | 23463 |  | 546961 |
| INCOME BEFORE INCOME TAXES | 247127 | 51626 | (16024) |  | 282729 |
| PROVISION FOR INCOME TAXES | 55046 | 12893 | (4386) | (3(h)) | 63553 |
| **NET INCOME** | $192081 | $38733 | $(11638) |  | $219176 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BASIC EARNINGS PER SHARE | $4.52 | $3.13 |  |  | $4.39 |
| DILUTED EARNINGS PER SHARE | $4.52 | $3.12 |  |  | $4.38 |
| BASIC AVERAGE SHARES | 42499492 | 12386669 | (4907763) | (3(i)) | 49978398 |
| DILUTED AVERAGE SHARES | 42511801 | 12398062 | (4919156) | (3(i)) | 49990707 |

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**Notes to Pro Forma Condensed Combined Financial Statements (Unaudited)**

**Note 1. Merger Costs**

Actual merger costs incurred for the six months ended June 30, 2025 and twelve months ended December 31, 2024 are included in the pro forma financial statements. Total estimated merger costs of $47.3 million (net of $13.9 million of taxes) are presented in the table below. It is expected that these costs will be recognized over time. These cost estimates for both Independent and Enterprise are forward-looking. The type and amount of actual costs incurred could vary materially from these estimates if future developments differ from the underlying assumptions used by management in determining the current estimate of these costs. The current estimates of the merger costs, primarily comprised of anticipated cash charges, are as follows (amounts in thousands):

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| | |
|:---|:---|
| Change in control contract and severance contracts | $34000 |
| Vendor and system contracts Terminations | 5663 |
| Facilities expenses | 4226 |
| Professional and legal fees | 14713 |
| Other acquisition related expenses | 2650 |
| Pre-tax merger costs | 61252 |
| Taxes | (13947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total merger costs | $47305 |

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**Note 2. Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheets**

Transaction accounting adjustments include the following adjustments related to the unaudited proforma combined balance sheet as of June 30, 2025, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Represents total cash consideration paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Adjustment to reflect acquired loans at their estimated fair value, including current interest rates and liquidity, as well as the credit related adjustment for non-purchased credit-deteriorated ("non-PCD") loans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Adjustments to the allowance for credit losses include the following (amounts in thousands):

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| | |
|:---|:---|
| Reversal of historical Enterprise allowance for credit losses | $61611 |
| Increase in allowance for credit losses for gross-up of estimated lifetime credit losses for purchased credit-deteriorated ("PCD") loans | (11915) |
| Provision for estimate of lifetime credit losses on non-PCD loans | (37259) |
|  | $12437 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Adjustment to reflect bank premises and equipment values to their estimated fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Adjustment to eliminate historical Enterprise goodwill of $5.7 million and to establish $101.2 million of goodwill for amount of consideration paid in excess of fair value of assets received over liabilities assumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Adjustment to reflect approximately $123.1 million of core deposit intangibles and approximately $13.3 million in customer relationship intangibles at their respective preliminary estimated fair values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Adjustment to recognize net deferred tax assets associated with the fair value adjustments recorded in the business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Adjustment to reflect the estimate of fair value on time deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Adjustment to recognize other liabilities at their estimated fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Adjustment to shareholders' equity (amounts in thousands):

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| | |
|:---|:---|
| To eliminate Enterprise shareholders' equity | $(383176) |
| To reflect issuance of Independent common stock in the merger | 477266 |
| Adjustment to record provision for credit losses on non-PCD acquired loans, net of tax | (27061) |
|  | $67029 |

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**Note 3. Adjustments to the Unaudited Pro Forma Condensed Combined Statements of Income**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Represents accretable purchased discount on securities portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Adjustment reflects the yield adjustment for interest income on loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Adjustment reflects the yield adjustment for interest expense on time deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Adjustment to record provision for credit losses on non-purchased credit deteriorated acquired loans and leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Adjustment to reflect the estimated Durbin Amendment impact on transaction fees earned by the combined entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Adjustments reflects the estimated net increase associated with the fair value adjustment for the acquired bank premises and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Adjustment reflects the net increase in amortization of other intangible assets for the acquired other intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Adjustment represents income tax expense on the pro-forma adjustments at an estimated rate of 27.37%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Adjustment to weighted-average shares of Independent's common stock outstanding to eliminate weighted-average shares of Enterprise common stock outstanding and to

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reflect the number of shares of Independent's common stock to be issued to holders of Enterprise common stock using an exchange ratio of 0.60.

**Note 4. Calculation of Merger Consideration and Preliminary Purchase Price Allocation**

***Merger Consideration***

The total merger consideration is calculated as follows:

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| | |
|:---|:---|
| **(Amounts in thousands)** | As of 7/1/2025 |
| Total fair value of Independent common stock issued per merger agreement<sup>(1)</sup> | $477266 |
| Cash consideration paid per merger agreement | 24976 |
| Obligation to settle outstanding Enterprise stock option awards | 902 |
| Total merger consideration | $503144 |

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<sup>(1)</sup> Represents the fair value of 7,478,906 shares of Independent common stock issued to Enterprise shareholders pursuant to the merger agreement. This fair value is based on the number of eligible shares of Enterprise common stock as of June 30, 2025 at a 0.60 exchange ratio and the high trading price of Independent's common stock of $63.82 on June 30, 2025, the last trading day prior to the acquisition date.

***Preliminary Purchase Price Allocation***

The following table sets forth a preliminary allocation of the estimated merger consideration the identifiable tangible and intangible assets acquired and liabilities assumed of Enterprise, with the excess recorded to goodwill:

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| | |
|:---|:---|
| **(Amounts in thousands)** | **As of July 1, 2025** |
| Total purchase consideration | $503144 |
| **Enterprise Net Assets at Fair Value** |  |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and short term investments | 123638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | 590267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans held for investment | 3901151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank premises and equipment | 35746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangible assets | 136403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 165741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets to be acquired** | 4952946 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 4362038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 122446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 66567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities to be assumed** | 4551051 |
| **Net assets to be acquired** | 401895 |
| **Preliminary goodwill** | $101249 |

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