Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-27

INDEPENDENT BANK CORP (IEB)

CEO Jeffrey Tengel was paid $3,606,962 in fiscal year 2025, ↑ up 23.3% from fiscal year 2024, the 54th percentile of its disclosed peer group (SEC filing 0000776901-26-000079 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,606,962 ↑
Jeffrey Tengel total, FY2025
54th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
91.72%
Say-on-pay support, latest vote

IEB's next annual pay disclosure, estimated March 26, 2027.est. Filing ↗

The Pay Desk — the free weekly executive pay briefing, one company at a time, every number traceable to a public filing.

You'll confirm on The Pay Desk's sign-up page.

Get INDEPENDENT BANK CORP's free Compensation Brief as a PDF, emailed to you now — plus a few short notes on the deeper IEB reports.

We send the PDF right away, then up to three short notes. Reply “unsubscribe” to any of them, any time.

How we handle your data → Privacy

Companies that benchmark against IEB
2 companies name IEB as a compensation peer

Each company listed discloses IEB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named IEB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jeffrey Tengel$1,097,385$0$1,094,318$0$1,123,669$0$291,590$3,606,962
CEO and President
Mark Ruggiero612,9580430,1560516,8940145,1331,705,141
CFO and EVP of Consumer Lending
Lee Powlus470,9230306,2710312,015094,1011,183,310
EVP and Chief Administrative Officer
Patricia Natale460,8650282,1830295,317094,1691,132,534
EVP and General Counsel and Corporate Secretary
James Rizzo458,9160285,6240308,673073,9921,127,205
EVP and Chief Commercial Banking Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Jeffrey Tengel$3,606,962$2,924,622$5,213,225↑ +682,340
Mark Ruggiero1,705,1411,476,4441,387,473↑ +228,697
Lee Powlus1,183,310853,646—↑ +329,664
Patricia Natale1,132,534826,571—↑ +305,963
James Rizzo1,127,205800,544743,448↑ +326,661

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Lee PowlusPSU2025-02-209001,800—3,600$123,885
James RizzoPSU2025-02-208251,650—3,300113,561
Mark RuggieroRSU2025-02-20——3,750—258,094
Jeffrey TengelPSU2025-02-203,1756,350—12,700437,039
Mark RuggieroPSU2025-02-201,2502,500—5,000172,063
Jeffrey TengelRSU2025-02-20——9,550—657,279
Lee PowlusRSU2025-02-20——2,650—182,386
Patricia NataleRSU2025-02-20——2,450—168,621
Patricia NatalePSU2025-02-208251,650—3,300113,561
James RizzoRSU2025-02-20——2,500—172,063
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Lee Powlus$182,386$123,885$040.4%
James Rizzo172,063113,561039.8%
Mark Ruggiero258,094172,063040.0%
Jeffrey Tengel657,279437,039039.9%
Patricia Natale168,621113,561040.2%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
James RizzoRSU1,134—$82,873
James RizzoRSU3,300—241,164
Jeffrey TengelRSU9,550—697,914
Mark RuggieroRSU3,750—274,050
Patricia NataleRSU3,300—241,164
Patricia NataleRSU180—13,154
Jeffrey TengelRSU12,900—942,732
Jeffrey TengelRSU12,700—928,116
James RizzoRSU738—54,614
Jeffrey TengelRSU7,385—539,696
Jeffrey TengelRSU6,467—472,608
Mark RuggieroRSU5,000—365,400
Jeffrey TengelRSU4,656—344,556
Jeffrey TengelRSU2,517—183,942
Lee PowlusRSU3,600—263,088
Lee PowlusRSU2,650—193,662
Lee PowlusRSU2,500—182,700
James RizzoRSU2,500—182,700
Mark RuggieroRSU2,467—180,288
Patricia NataleRSU2,450—179,046
James RizzoRSU2,300—168,084
Patricia NataleRSU2,200—160,776
Mark RuggieroRSU1,706—126,248
James RizzoRSU190—13,885
Lee PowlusRSU1,234—90,181
Patricia NataleRSU1,100—80,388
Mark RuggieroRSU916—66,941
Mark RuggieroRSU700—51,156
James RizzoRSU400—29,232
James RizzoRSU360—26,309
Patricia NataleRSU333—24,336
Patricia NataleRSU340—24,847
Mark RuggieroRSU190—13,885
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company uses a 'pay for performance' approach that aligns the interests of named executive officers with shareholders to create long-term shareholder value. A significant portion of total compensation varies with the achievement of financial and non-financial objectives, and long-term incentive compensation is designed to closely align with shareholder interests.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMercer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-05-1832,526,6302,937,741115,80991.72%Passed
20222022-05-1935,069,9582,920,118106,03692.31%Passed
20212021-05-2024,532,4421,894,999157,89792.83%Passed
20202020-05-2124,937,8711,673,210186,18993.71%Passed
20192019-05-1621,783,312763,676122,72796.61%Passed
20182018-05-1721,401,505715,88355,16096.76%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20232023-05-1891.72%a
20222022-05-1992.31%b
20212021-05-2092.83%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

09

Board fee structure and ownership guideline

Annual cash retainer$65,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)17,000 / 17,000 / 10,500
Stock ownership guideline$5
10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies INDEPENDENT BANK CORP names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including INDEPENDENT BANK CORP.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Customers Bancorp, Inc.2025Sam Sidhu$725,000$12,077,187$0$0$12,927,331
2United Bankshares, Inc.2025Richard Adams Jr.1,131,7312,643,86502,199,1206,140,650
3Fulton Financial Corporation2025Curtis Myers1,016,9232,558,16201,469,3525,184,944
4WSFS Financial Corporation2025Rodger Levenson1,004,5002,562,29301,550,3125,173,260
5Eastern Bankshares, Inc.2025Denis Sheahan800,0003,371,2970792,0005,069,867
6Atlantic Union Bankshares Corporation2025John Asbury1,018,8752,364,37301,526,1145,066,713
7INDEPENDENT BANK CORP2025Jeffrey Tengel1,097,3851,094,31801,123,6693,606,962
8Provident Financial Services, Inc.2025Anthony Labozzetta998,0771,200,000—1,111,9503,521,400
9Northwest Bancshares, Inc.2025Louis Torchio904,034999,99201,369,1003,396,755
10First Financial Bancorp.2025Archie Brown893,0101,294,8880803,4473,279,532
11OceanFirst Financial Corp.2025Christopher Maher995,0001,036,1590890,7463,124,340
12Community Financial System, Inc.2025Dimitar Karaivanov900,000805,467262,750793,1252,793,781
13Sandy Spring Bancorp, Inc.2023Daniel Schrider875,000787,5010386,4882,090,265
14Beacon Financial Corporation2025Paul Perrault333,333452,6840242,5001,284,440

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
INDEPENDENT BANK CORPnot disclosedPRSU 57 · RSU 43not disclosedMercer
Atlantic Union Bankshares Corporation149%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR) - Relative to KBW Regional Banking IndexMeridian Compensation Partners, LLC
Beacon Financial Corporation100%RSU 100not disclosedMeridian Compensation Partners, LLC
Community Financial System, Inc.117%PSU 50 · RSU 25 · Options 25NoMeridian Compensation Partners, LLC
Customers Bancorp, Inc.122.05%PSU 60 · RSU 40NoAon Consulting, Inc.
Eastern Bankshares, Inc.not disclosedPSU 60 · RSU 40Yes — Relative Total Shareholder Return (“TSR”) vs. KRX BanksPearl Meyer
First Financial Bancorp.100.4%PSU 50 · RSU 50NoMeridian Compensation Partners, LLC
Fulton Financial Corporation144.49%PSU 65 · RSU 35Yes — Relative TSR to 2025 Peer GroupFrederic W. Cook & Co., Inc.
Northwest Bancshares, Inc.190%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)Pearl Meyer
OceanFirst Financial Corp.not disclosedRSU 50 · PSU 50Yes — Relative 3-year Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Provident Financial Services, Inc.123.55%PSU 75 · RSU 25NoFW Cook
Sandy Spring Bancorp, Inc.not disclosedPRSU 50 · RSU 50NoMeridian Compensation Partners, LLC
United Bankshares, Inc.152%PRSU 60 · RSU 40NoAon
WSFS Financial Corporation154%PSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at INDEPENDENT BANK CORP in fiscal 2025?
Jeffrey Tengel, CEO and President, was the highest-paid executive at INDEPENDENT BANK CORP in fiscal 2025 with total compensation of $3,606,962.
How does INDEPENDENT BANK CORP's chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay ranked at the 54th percentile of the disclosed peer group.
What is INDEPENDENT BANK CORP's CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this filing.
How did shareholders vote on INDEPENDENT BANK CORP's executive compensation?
Shareholders supported the executive compensation proposal with a 91.72% vote.
How much does INDEPENDENT BANK CORP spend in total on board compensation for fiscal 2025?
The company reported total board compensation of $0 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jeffrey TengelDEF 14A2026-03-260000776901-26-000079Section “Summary Compensation Table” · page 47. As printed: 3,606,962. Filing ↗machine: span 925147–925156
2Section 01, Mark RuggieroDEF 14A2026-03-260000776901-26-000079Section “Summary Compensation Table” · page 47. As printed: 1,705,141. Filing ↗machine: span 941191–941200
3Section 01, Lee PowlusDEF 14A2026-03-260000776901-26-000079Section “Summary Compensation Table” · page 47. As printed: 1,183,310. Filing ↗machine: span 971516–971525
4Section 01, Patricia NataleDEF 14A2026-03-260000776901-26-000079Section “Summary Compensation Table” · page 47. As printed: 1,132,534. Filing ↗machine: span 958075–958084
5Section 01, James RizzoDEF 14A2026-03-260000776901-26-000079Section “Summary Compensation Table” · page 47. As printed: 1,127,205. Filing ↗machine: span 984744–984753
6Section 03, Lee Powlus PSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1253677–1253684
7Section 03, James Rizzo PSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1264476–1264483
8Section 03, Mark Ruggiero RSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1236561–1236568
9Section 03, Jeffrey Tengel PSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1224965–1224972
10Section 03, Mark Ruggiero PSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1233938–1233945
11Section 03, Jeffrey Tengel RSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1227988–1227995
12Section 03, Lee Powlus RSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1256300–1256307
13Section 03, Patricia Natale RSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1247732–1247739
14Section 03, Patricia Natale PSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1244709–1244716
15Section 03, James Rizzo RSUDEF 14A2026-03-260000776901-26-000079Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1267979–1267986
16Section 06, 2023 voteForm 8-K2023-05-180000776901-23-000134Item 5.07 · say-on-pay result. As reported: 91.72% (votes for as printed: 32,526,630). Filing ↗
17Section 06, 2022 voteForm 8-K2022-05-190000776901-22-000099Item 5.07 · say-on-pay result. As reported: 92.31% (votes for as printed: 35,069,958). Filing ↗
18Section 06, 2021 voteForm 8-K2021-05-240000776901-21-000182Item 5.07 · say-on-pay result. As reported: 92.83% (votes for as printed: 24,532,442). Filing ↗
19Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
20Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
21Customers Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-140001488813-26-000048CEO total compensation as printed in Customers Bancorp, Inc.'s own proxy. As printed: 12,927,331. Filing ↗machine: r5 · c48 · span 1289091–1289101
22United Bankshares, Inc., Section 10b CEO totalDEF 14A2026-04-010001193125-26-135771CEO total compensation as printed in United Bankshares, Inc.'s own proxy. As printed: 6,140,650. Filing ↗
23Fulton Financial Corporation, Section 10b CEO totalDEF 14A2026-04-010001206774-26-000176CEO total compensation as printed in Fulton Financial Corporation's own proxy. As printed: 5,184,944. Filing ↗machine: r1 · c15 · span 682241–682250
24WSFS Financial Corporation, Section 10b CEO totalDEF 14A2026-04-020000828944-26-000009CEO total compensation as printed in WSFS Financial Corporation's own proxy. As printed: 5,173,260. Filing ↗machine: r2 · c7 · span 2047944–2047953
25Eastern Bankshares, Inc., Section 10b CEO totalDEF 14A2026-03-260001193125-26-126283CEO total compensation as printed in Eastern Bankshares, Inc.'s own proxy. As printed: 5,069,867. Filing ↗machine: span 693146–693155
26Atlantic Union Bankshares Corporation, Section 10b CEO totalDEF 14A2026-03-250001104659-26-034176CEO total compensation as printed in Atlantic Union Bankshares Corporation's own proxy. As printed: 5,066,713. Filing ↗machine: t223 · r5 · c14 · span 1303349–1303358
27INDEPENDENT BANK CORP (subject), Section 10b CEO totalDEF 14A2026-03-260000776901-26-000079CEO total compensation as printed in INDEPENDENT BANK CORP's own proxy. As printed: 3,606,962. Filing ↗machine: span 925147–925156
28Provident Financial Services, Inc., Section 10b CEO totalDEF 14A2026-04-080001308179-26-000226CEO total compensation as printed in Provident Financial Services, Inc.'s own proxy. As printed: 3,521,400. Filing ↗machine: r1 · c24 · span 586981–586990
29Northwest Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-148973CEO total compensation as printed in Northwest Bancshares, Inc.'s own proxy. As printed: 3,396,755. Filing ↗machine: t125 · r3 · c35 · span 546597–546606
30First Financial Bancorp., Section 10b CEO totalDEF 14A2026-04-160001104659-26-043973CEO total compensation as printed in First Financial Bancorp.'s own proxy. As printed: 3,279,532. Filing ↗machine: r1 · c48 · span 1395438–1395448
31OceanFirst Financial Corp., Section 10b CEO totalDEF 14A2026-04-270001308179-26-000348CEO total compensation as printed in OceanFirst Financial Corp.'s own proxy. As printed: 3,124,340. Filing ↗
32Community Financial System, Inc., Section 10b CEO totalDEF 14A2026-03-270001140361-26-011565CEO total compensation as printed in Community Financial System, Inc.'s own proxy. As printed: 2,793,781. Filing ↗machine: t320 · r3 · c25 · span 1364896–1364905
33Sandy Spring Bancorp, Inc., Section 10b CEO totalDEF 14A2024-04-100001193125-24-091479CEO total compensation as printed in Sandy Spring Bancorp, Inc.'s own proxy. As printed: 2,090,265. Filing ↗machine: r4 · c39 · span 916757–916766
34Beacon Financial Corporation, Section 10b CEO totalDEF 14A2026-04-020001628280-26-022949CEO total compensation as printed in Beacon Financial Corporation's own proxy. As printed: 1,284,440. Filing ↗machine: span 669887–669896
35Section 10a, First Financial Bancorp. reciprocityDEF 14A—0001104659-26-043973First Financial Bancorp.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
36Section 10a, OceanFirst Financial Corp. reciprocityDEF 14A—0001308179-26-000348OceanFirst Financial Corp.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
37Section 10a, Northwest Bancshares, Inc. reciprocityDEF 14A—0001193125-26-148973Northwest Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
38Section 10a, Fulton Financial Corporation reciprocityDEF 14A—0001206774-26-000176Fulton Financial Corporation's most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
39Section 10a, WSFS Financial Corporation reciprocityDEF 14A—0000828944-26-000009WSFS Financial Corporation's most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
40Section 10a, Provident Financial Services, Inc. reciprocityDEF 14A—0001308179-26-000226Provident Financial Services, Inc.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
41Section 10a, Sandy Spring Bancorp, Inc. reciprocityDEF 14A—0001193125-24-091479Sandy Spring Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
42Section 10a, United Bankshares, Inc. reciprocityDEF 14A—0001193125-26-135771United Bankshares, Inc.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
43Section 10a, Atlantic Union Bankshares Corporation reciprocityDEF 14A—0001104659-26-034176Atlantic Union Bankshares Corporation's most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
44Section 10a, Beacon Financial Corporation reciprocityDEF 14A—0001628280-26-022949Beacon Financial Corporation's most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
45Section 10a, Community Financial System, Inc. reciprocityDEF 14A—0001140361-26-011565Community Financial System, Inc.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
46Section 10a, Eastern Bankshares, Inc. reciprocityDEF 14A—0001193125-26-126283Eastern Bankshares, Inc.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗
47Section 10a, Customers Bancorp, Inc. reciprocityDEF 14A—0001488813-26-000048Customers Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include INDEPENDENT BANK CORP. Filing ↗

Track this company's pay every filing: join the Pro seat waitlist

Velarion Pro: every company page, peer tools and exports, one seat

A confirmation now and one email when Pro opens, and nothing else. Privacy