COMP <GO>

INDB vs FBP // 10Y YIELD & FRED MACRO BETA

Independent Bank Corp. (NASDAQ) VS. First BanCorp. (NYSE) • 15-METRIC TALLY: INDB 1 — FBP 6

■ METRIC PARITY

LAST: $83.71 (+1.20%) • MKT CAP: $3.90B

macro-sensitivity

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LAST: $26.70 (+0.08%) • MKT CAP: $4.08B

macro-sensitivity

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (INDB VS. FBP) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	INDB	FBP	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	5.80%	17.50%	-11.70	FBP	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	6.14%	10.73%	-4.59	FBP	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	34.50%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	6.70%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.67%	2.83%	-0.16	FBP	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	6/9	-1.00	FBP	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	57.7	35.2	+22.50	INDB	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	17.7x	11.0x	+6.70	FBP	/forward-pe <GO>
Enterprise Scale & Market Cap	$3.90B	$4.08B	-$181.0M	FBP	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	INDB REV	FBP REV	INDB GROSS %	FBP GROSS %	INDB FCF	FBP FCF
FY 2025	$0	$1.00B	—	—	$239.0M	$437.5M
FY 2024	$0	$938.2M	—	—	$209.5M	$394.1M
FY 2023	$0	$929.8M	—	—	$277.0M	$363.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

INDB // BETA —

FBP // BETA —