INDEPENDENT BANK CORP

Listed Company

INDBCIK 0000776901NasdaqLarge AcceleratedState Commercial BanksMassachusettsFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$205.12M

Total Assets

$24.91B

Equity

$3.57B

Shares Out

48.99M

Op. Cash Flow

$251.16M

Business

INDEPENDENT BANK CORP is a bank holding company and the sole stockholder of Rockland Trust that provides a broad range of banking, investment and financial services. It offers retail and commercial banking products including deposits, consumer and commercial real estate lending, construction and small business loans, mortgage and home equity products, investment management, trust services and electronic banking. The Company’s only reportable operating segment is Rockland Trust, with major business units such as Retail, Commercial, Operations and Investment Management. It serves customers primarily in Eastern Massachusetts, Worcester County and Rhode Island through over 120 branches, lending centers, investment offices, ATMs and mobile, online and telephone channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	922	789	730	578	381
Interest Income, Securities, Operating, Taxable	79	57	60	50	30
Non-taxable interest and dividends on securities	345,000	6,000	6,000	6,000	16,000
Interest on loans held for sale	796,000	712,000	190,000	172,000	856,000
Interest on federal funds sold and short-term investments	20	6	5	14	2
Total interest and dividend income	1,022	853	796	643	415
Interest on deposits	274	247	145	25	8
Interest on borrowings	39	44	44	5	5
Total interest expense	314	291	189	30	—
Net interest income	709	562	607	613	402
Provision for Loan and Lease Losses	65	36	23	7	18
Net interest income after provision for credit losses	643	525	583	607	383
Deposit account fees	32	26	23	23	17
Interchange and ATM fees	21	19	18	16	13
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions	50	43	40	37	35
Fees and Commission Mortgage Banking	5	4	2	4	13
Increase in cash surrender value of life insurance policies	9	8	8	8	6
Gain Realized on Life Insurance Policies	2	457,000	2	1	258,000
Derivative, Gain (Loss) on Derivative, Net	4	2	3	3	3
Other non-interest income	26	25	27	23	18
Total non-interest income	149	128	125	115	106
Salaries and employee benefits	287	234	222	205	173
Occupancy and equipment expenses	58	52	51	50	36
Data processing & facilities management	11	10	10	9	7
FDIC assessment	13	11	12	7	4
Consulting expense	7	7	9	10	8
Cost, Amortization	17	6	7	8	6
Debit Card Expense	8	7	9	8	5
Merger and acquisition expense	40	2	0	7	41
Software Maintenance	24	18	16	14	8
Other non-interest expenses	65	60	57	57	45
Total non-interest expenses	530	406	393	374	333
Income before income taxes	262	247	315	348	157
Income tax benefit	57	55	76	84	36
Net Income	205	192	240	264	121
Basic earnings per share (in dollars per share)	4.44	4.52	5.42	5.69	3.47
Diluted earnings per share (in dollars per share)	4.44	4.52	5.42	5.69	3.47
Weighted average common shares (basic) (in shares)	46	42	44	46	35
Common share equivalents (in shares)	21,390	12,309	12,007	17,938	16,484
Weighted average common shares (diluted) (in shares)	46	43	44	46	35
Cash dividends declared (in dollars per share)	2.36	2.28	2.2	2.08	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	230	188	179	176	142
Interest-earning deposits with banks	542	32	45	177	2,099
Debt Securities, Trading	5	4	5	4	4
Equity Securities, FV-NI	22	21	23	21	23
Debt Securities, Available-for-Sale	2,004	1,251	1,334	1,399	1,571
Held to maturity (fair value $1,190,733 and $1,291,801)	1,279	1,435	1,569	1,705	1,067
Total securities	3,310	2,711	2,931	3,129	2,665
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group	36	7	6	3	25
Financing Receivable, before Allowance for Credit Loss	18,504	14,508	14,278	13,929	13,587
Less: allowance for credit losses	−190	−170	−142	—	—
Net loans	18,314	14,338	14,136	—	—
Federal Home Loan Bank stock	22	32	44	5	11
Bank premises and equipment, net	218	193	193	197	196
Goodwill	1,091	985	985	985	985
Other intangible assets	134	12	18	25	33
Cash surrender value of life insurance policies	379	304	297	293	289
Other assets	639	570	513	528	539
Total assets	24,913	19,374	19,347	19,294	20,423
Non-interest-bearing demand deposits	5,601	4,391	4,567	5,442	5,480
Savings and interest checking accounts	6,483	5,208	5,299	5,898	6,350
Money market	4,775	2,960	2,818	3,344	3,556
Time certificates of deposit	3,268	2,747	2,181	1,196	1,531
Total deposits	20,127	15,306	14,866	15,879	16,917
Federal Home Loan Bank and other borrowings	417	639	—	—	—
Line of credit (less unamortized debt issuance costs of $47)	50	0	—	—	—
Junior subordinated debentures (less unamortized debt issuance costs of $26 and $28)	63	63	63	63	63
Subordinated debentures (less unamortized debt issuance costs of $3517 and $0)	296	0	50	50	50
Total borrowings	826	701	1,218	113	152
Other liabilities	395	373	368	415	336
Total liabilities	21,347	16,380	16,452	16,407	17,405
Commitments and contingencies	0	0	0	0	0
Preferred stock, $0.01 par value; authorized: 1,000,000 shares, outstanding: none	0	0	0	0	0
Common stock, $0.01 par value; authorized: 75,000,000 shares, issued and outstanding: 49,243,813 shares at December 31, 2025 and 42,500,611 shares at December 31, 2024 (includes 254,359 and 199,410 shares of unvested participating restricted stock awards, respectively)	490,000	423,000	427,000	455,000	472,000
Value of shares held in rabbi trust at cost: 75,247 shares at December 31, 2025 and 78,088 shares at December 31, 2024	−3	−3	−3	−3	−3
Compensation and Benefits Trust	3	3	3	3	3
Additional paid in capital	2,336	1,910	1,932	2,115	2,249
Retained earnings	1,269	1,173	1,077	934	767
Accumulated other comprehensive loss, net of tax	−40	−90	−115	−163	2
Total stockholders equity	3,566	2,993	2,895	2,887	3,018
Liabilities and Equity	24,913	19,374	19,347	19,294	20,423

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, Depletion and Amortization, Nonproduction	42	41	36	39	33
Change In Unamortized Net Loan Costs And Premiums	−2	−2	−2	−7	−25
Accretion of acquired loans	−12	−538,000	−2	175,000	−7
Provision for credit losses	65	36	23	7	—
Deferred income tax (benefit) expense	−3	−11	3	−1	3
Equity Securities, FV-NI, Gain (Loss)	−403,000	−423,000	−1	3	−554,000
Gain (Loss) on Investments	64,000	—	—	—	—
Gain (Loss) on Disposition of Property Plant Equipment	130,000	155,000	310,000	−584,000	139,000
Sale and Leaseback Transaction, Gain (Loss), Net	0	0	193,000	578,000	578,000
Share-based Payment Arrangement, Noncash Expense	9	7	6	4	4
Life Insurance, Corporate or Bank Owned, Change in Value	−9	−8	−8	−8	−6
Operating Lease, Payments	−15	−14	−14	−19	−17
Increase (Decrease) in Loans Held-for-sale	457,000	−20,000	97,000	−452,000	−2
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	−475,000	742,000	−1	−168,000	−882,000
Increase (Decrease) in Loans Held-for-sale	−28	−923,000	−3	21	32
Increase (Decrease) in Other Operating Assets	72	−15	24	65	94
Change in other liabilities	−70	6	−21	55	−59
Total adjustments	46	38	37	157	69
Net cash provided by operating activities	251	230	277	421	190
Increase (Decrease) in Equity Securities, FV-NI	−984,000	−1	−742,000	−2	−2
Proceeds from Sale of Debt Securities, Available-for-sale	74	0	0	—	0
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale	255	235	107	140	96
Payments to Acquire Debt Securities, Available-for-sale	−426	−129	0	−123	−1,285
Proceeds from maturities and principal repayments of securities held to maturity	161	138	141	167	263
Net decrease (increase) in Federal Home Loan Bank stock	17	12	−38	6	25
Investments in low-income housing projects	−39	−33	−31	−33	−22
Purchases of life insurance policies	−117,000	−114,000	−162,000	−163,000	−40
Proceeds from Life Insurance Policy	4	2	6	3	576,000
Payments for (Proceeds from) Loans and Leases	−126	−237	−379	−335	745
Cash Acquired in Excess of Payments to Acquire Business	98	0	0	0	787
Payments to Acquire Property, Plant, and Equipment	−12	−20	−16	−22	−25
Proceeds from Sale of Property, Plant, and Equipment	295,000	92,000	113,000	3	169,000
Net cash provided by (used in) investing activities	5	−33	−212	−1,000	−63
Increase (Decrease) in Time Deposits	−219	566	986	−334	−236
Increase (Decrease) in Other Deposits	677	−125	−1,999	−703	1,719
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net	−284	−467	1,105	−25	0
Proceeds from Lines of Credit	50	0	0	—	0
Proceeds from Issuance of Subordinated Long-term Debt	296	0	0	—	0
Repayments of Subordinated Debt	−60	−50	0	0	0
Cash received from stock option exercises	0	80,000	80,000	0	—
Issuance Of Restricted Stock Awards, Net of Issuance Cost	−1	−815,000	−1	−1	−1
Proceeds from shares issued under direct stock purchase plan	3	3	3	2	2
Payments for Repurchase of Common Stock	−61	−31	−189	−140	0
Common dividends paid	−104	−96	−98	−94	−63
Net cash provided by (used in) financing activities	296	−201	−194	−1,308	817
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	552	−4	−129	−1,888	944
Interest Paid, Excluding Capitalized Interest, Operating Activity	307	292	183	26	14
Income taxes	35	51	44	44	23
Real Estate Owned, Transfer from Real Estate Owned	2	0	0	—	—
Capital commitment relating to Low Income Housing Project investments, noncash	67	46	32	18	34
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	23	13	8	15	8
Common stock issued for acquisition	477	—	—	—	—

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