NASDAQ : INDB
Independent Bank Corp. — Financial statements
Financials · Banks - Regional · United States
Last price 82.74 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.88B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 1.06B | 923.02M | 789.99M | 730.20M | 578.10M | 382.29M |
| Interest Income on Investments | 125.09M | 99.38M | 62.77M | 65.53M | 64.75M | 32.99M |
| Total Interest Income | 1.18B | 1.02B | 852.75M | 795.73M | 642.84M | 415.28M |
| Interest Paid on Deposits | 282.54M | 274.40M | 246.96M | 144.75M | 24.65M | 8.33M |
| Interest Paid on Borrowings | 42.41M | 39.17M | 44.06M | 44.45M | 4.94M | 5.39M |
| Total Interest Expense | 324.95M | 313.57M | 291.02M | 189.21M | 29.59M | 13.72M |
| Net Interest Income | 856.53M | 708.83M | 561.73M | 606.52M | 613.25M | 401.56M |
| Trust Income | 57.42M | 50.05M | 42.74M | 40.19M | 36.83M | 35.31M |
| Mortgage Banking Activities | 4.65M | 4.53M | 4.14M | 2.33M | 3.52M | 13.28M |
| Gain (Loss) on Sale of Assets | -139.00K | |||||
| Gain (Loss) on Sale of Investments | 403.00K | 403.00K | 423.00K | 1.18M | -3.06M | 554.00K |
| Other Non-Interest Income | 65.22M | 61.57M | 54.25M | 57.43M | 50.95M | 39.96M |
| Total Non-Interest Income | 165.38M | 148.69M | 128.01M | 124.61M | 111.61M | 105.71M |
| Revenues Before Loan Losses | 1.02B | 857.52M | 689.74M | 731.13M | 724.86M | 507.27M |
| Provision for Loan Losses | 23.00M | 65.47M | 36.25M | 23.25M | 6.50M | 18.20M |
| Revenue | 998.92M | 792.05M | 653.49M | 707.88M | 718.36M | 489.06M |
| Salaries and Employee Benefits | 313.79M | 279.47M | 227.73M | 216.36M | 200.92M | 169.01M |
| Occupancy Expenses | 49.92M | 42.61M | 37.67M | 36.08M | 32.45M | 21.69M |
| Federal Deposit Insurance | 13.08M | 12.50M | 10.89M | 11.95M | 6.95M | 3.98M |
| Amortization of Goodwill & Intangibles | 26.96M | 16.91M | 5.91M | 6.88M | 7.66M | 5.71M |
| Selling, General & Administrative | 66.31M | 65.02M | 55.56M | 55.28M | 53.78M | 41.47M |
| Other Non-Interest Expense | 89.58M | 72.77M | 66.11M | 65.59M | 61.08M | 48.96M |
| Total Non-Interest Expense | 560.61M | 490.25M | 404.46M | 392.75M | 363.50M | 291.55M |
| EBT Excluding Unusual Items | 438.31M | 301.81M | 249.03M | 315.13M | 354.85M | 197.51M |
| Pretax Income | 422.94M | 262.17M | 247.13M | 315.13M | 347.75M | 156.68M |
| Income Tax Expense | 96.10M | 57.05M | 55.05M | 75.63M | 83.94M | 35.68M |
| Net Income | 326.84M | 205.12M | 192.08M | 239.50M | 263.81M | 120.99M |
| Net Income to Common | 326.84M | 205.12M | 192.08M | 239.50M | 263.81M | 120.99M |
| Basic Shares Outstanding | 48.43M | 46.17M | 42.50M | 44.18M | 46.37M | 34.87M |
| Diluted Shares Outstanding | 48.46M | 46.19M | 42.51M | 44.19M | 46.39M | 34.89M |
| EPS (Basic) | 6.75 | 4.44 | 4.52 | 5.42 | 5.69 | 3.47 |
| EPS (Diluted) | 6.74 | 4.44 | 4.52 | 5.42 | 5.69 | 3.47 |
| Dividend Per Share | 2.51 | 2.36 | 2.28 | 2.20 | 2.08 | 1.92 |
| Effective Tax Rate | 22.72% | 21.76% | 22.27% | 24.00% | 24.14% | 22.78% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 244.17M | 771.90M | 219.89M | 224.33M | 352.93M | 2.24B |
| Investment Securities | 2.75B | 1.20B | 1.09B | 1.31B | 1.34B | 1.31B |
| Trading Asset Securities | 34.37M | 57.29M | 55.70M | 70.17M | 92.19M | |
| Mortgage-Backed Securities | 1.16B | 2.11B | 1.62B | 1.62B | 1.79B | 1.35B |
| Total Investments | 3.92B | 3.34B | 2.76B | 2.98B | 3.20B | 2.75B |
| Gross Loans | 18.55B | 18.50B | 14.51B | 14.28B | 13.93B | 13.59B |
| Allowance for Loan Losses | -201.24M | -189.88M | -169.98M | -142.22M | -152.42M | -146.92M |
| Net Loans | 18.35B | 18.31B | 14.34B | 14.14B | 13.78B | 13.44B |
| Property, Plant & Equipment | 218.52M | 291.39M | 247.82M | 247.15M | 255.40M | 255.79M |
| Goodwill | 1.09B | 1.09B | 985.07M | 985.07M | 985.07M | 985.07M |
| Other Intangible Assets | 113.67M | 133.58M | 12.28M | 18.19M | 25.07M | 32.77M |
| Loans Held for Sale | 10.87M | 35.91M | 7.27M | 6.37M | 2.80M | 24.68M |
| Accrued Interest Receivable | 9.00M | 6.70M | 7.70M | 8.00M | 5.00M | |
| Other Receivables | 7.88M | 5.97M | 5.51M | 5.26M | 5.38M | |
| Other Current Assets | 4.90M | 4.72M | 4.25M | 4.99M | 3.89M | 3.72M |
| Other Real Estate Owned & Foreclosed | 455.00K | 110.00K | ||||
| Other Long-Term Assets | 1.05B | 892.95M | 749.95M | 686.99M | 678.70M | 665.21M |
| Total Assets | 25.01B | 24.91B | 19.37B | 19.35B | 19.29B | 20.42B |
| Interest Bearing Deposits | 14.77B | 14.53B | 10.92B | 10.30B | 10.44B | 11.44B |
| Non-Interest Bearing Deposits | 5.76B | 5.60B | 4.39B | 4.57B | 5.44B | 5.48B |
| Total Deposits | 20.53B | 20.13B | 15.31B | 14.87B | 15.88B | 16.92B |
| Short-Term Borrowings | 509.78M | 740.68M | 1.21B | 146.67M | 94.25M | |
| Current Portion of Long-Term Debt | 14.06M | |||||
| Current Portion of Leases | 15.62M | |||||
| Long-Term Debt | 447.04M | 296.48M | 49.98M | 49.88M | 49.79M | |
| Federal Home Loan Bank Debt, Long-Term | 117.25M | 16.55M | 514.00K | 541.00K | 637.00K | 667.00K |
| Long-Term Leases | 59.78M | |||||
| Trust Preferred Securities | 62.86M | 62.86M | 62.86M | 62.86M | 62.85M | 62.85M |
| Other Long-Term Liabilities | 405.18M | 259.30M | 270.42M | 259.69M | 268.42M | 266.29M |
| Total Liabilities | 21.56B | 21.35B | 16.38B | 16.45B | 16.41B | 17.40B |
| Common Stock | 467.00K | 490.00K | 423.00K | 427.00K | 455.00K | 472.00K |
| Additional Paid-In Capital | 2.15B | 2.34B | 1.91B | 1.93B | 2.11B | 2.25B |
| Retained Earnings | 1.43B | 1.27B | 1.17B | 1.08B | 934.44M | 766.72M |
| Comprehensive Income & Other | -123.50M | -39.75M | -90.01M | -114.83M | -163.08M | 2.18M |
| Shareholders' Equity | 3.45B | 3.57B | 2.99B | 2.90B | 2.89B | 3.02B |
| Total Liabilities & Equity | 25.01B | 24.91B | 19.37B | 19.35B | 19.29B | 20.42B |
| Total Debt | 627.15M | 961.08M | 804.05M | 1.33B | 260.04M | 221.62M |
| Net Cash (Debt) | 32.23M | -154.82M | -526.87M | -1.05B | 163.06M | 2.11B |
| Net Cash Per Share | 0.67 | -3.35 | -12.39 | -23.69 | 3.52 | 60.51 |
| Filing Date Shares Outstanding | 46.94M | 48.99M | 42.61M | 42.45M | 45.06M | 47.40M |
| Total Common Shares Outstanding | 46.94M | 49.24M | 42.50M | 42.87M | 45.64M | 47.35M |
| Book Value Per Share | 73.54 | 72.41 | 70.43 | 67.53 | 63.25 | 63.75 |
| Tangible Book Value | 2.25B | 2.34B | 2.00B | 1.89B | 1.88B | 2.00B |
| Tangible Book Value Per Share | 47.89 | 47.55 | 46.96 | 44.13 | 41.12 | 42.25 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 205.12M | 192.08M | 239.50M | 263.81M | 120.99M | |
| Depreciation & Amortization | 42.14M | 40.89M | 36.10M | 38.80M | 32.82M | |
| Gain (Loss) on Sale of Assets | 130.00K | 155.00K | 117.00K | -1.16M | -439.00K | |
| Gain (Loss) on Sale of Investments | -339.00K | -423.00K | -1.18M | 3.06M | -554.00K | |
| Provision for Credit Losses | 65.47M | 36.25M | 23.25M | 6.50M | 18.20M | |
| Change in Trading Asset Securities | -475.00K | 742.00K | -1.10M | -168.00K | -882.00K | |
| Change in Other Net Operating Assets | -25.89M | -10.88M | -578.00K | 141.91M | 66.81M | |
| Other Operating Activities | -43.53M | -35.44M | -25.40M | -36.47M | -52.72M | |
| Operating Cash Flow | 251.16M | 229.92M | 276.99M | 421.20M | 190.22M | |
| Capital Expenditures | -12.13M | -20.43M | -15.84M | -22.07M | -25.20M | |
| Sale of Property, Plant and Equipment | 295.00K | 92.00K | 113.00K | 3.34M | 169.00K | |
| Cash Acquisitions | 97.76M | 787.30M | ||||
| Investment in Securities | 63.12M | 243.11M | 246.86M | -622.25M | -1.53B | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -125.72M | -236.52M | -378.74M | -335.45M | 744.98M | |
| Other Investing Activities | -18.27M | -19.25M | -64.04M | -24.05M | -37.06M | |
| Investing Cash Flow | 5.05M | -33.01M | -211.65M | -1.00B | -63.14M | |
| Long-Term Debt Issued | 345.78M | 1.10B | ||||
| Total Debt Issued | 345.78M | 1.10B | ||||
| Long-Term Debt Repaid | -344.37M | -517.00M | -39.06M | -604.84M | ||
| Total Debt Repaid | -344.37M | -517.00M | -39.06M | -604.84M | ||
| Net Debt Issued (Repaid) | 1.41M | -517.00M | 1.10B | -39.06M | -604.84M | |
| Issuance of Common Stock | 2.55M | 3.33M | 2.74M | 2.36M | 2.02M | |
| Repurchase of Common Stock | -62.31M | -31.80M | -190.05M | -141.03M | -1.25M | |
| Common Dividends Paid | -103.90M | -96.20M | -98.01M | -93.73M | -62.74M | |
| Net Increase (Decrease) in Deposit Accounts | 458.06M | 440.32M | -1.01B | -1.04B | 1.48B | |
| Other Financing Activities | -57.00K | |||||
| Financing Cash Flow | 295.80M | -201.35M | -193.95M | -1.31B | 816.96M | |
| Net Cash Flow | 552.01M | -4.44M | -128.60M | -1.89B | 944.05M | |
| Free Cash Flow | 239.03M | 209.49M | 261.15M | 399.13M | 165.02M | |
| Free Cash Flow Margin | 30.18% | 32.06% | 36.89% | 55.56% | 33.74% | |
| Free Cash Flow Per Share | 5.17 | 4.93 | 5.91 | 8.60 | 4.73 | |
| Cash Interest Paid | 307.26M | 291.69M | 183.07M | 26.42M | 14.00M | |
| Cash Income Tax Paid | 34.78M | 51.08M | 43.71M | 44.27M | 23.35M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.99B | 3.62B | 2.73B | 2.89B | 3.85B | 2.69B |
| Last Close Price | 84.91 | 71.33 | 60.51 | 59.56 | 73.40 | 69.08 |
| PE Ratio | 12.59 | 17.66 | 14.20 | 12.05 | 14.61 | 22.27 |
| PS Ratio | 3.99 | 4.57 | 4.17 | 4.08 | 5.36 | 5.51 |
| PB Ratio | 1.15 | 1.02 | 0.91 | 1.00 | 1.33 | 0.89 |
| P/FCF Ratio | 13.12 | 15.16 | 13.02 | 11.05 | 9.65 | 16.33 |
| P/OCF Ratio | 12.39 | 14.43 | 11.86 | 10.42 | 9.15 | 14.16 |
| Debt / Equity Ratio | 0.18 | 0.27 | 0.27 | 0.46 | 0.09 | 0.07 |
| Debt / FCF Ratio | 4.02 | 3.84 | 5.08 | 0.65 | 1.34 | |
| Net Debt / Equity Ratio | -0.01 | 0.04 | 0.18 | 0.36 | -0.06 | -0.70 |
| Net Debt / FCF Ratio | 0.65 | 2.52 | 4.01 | -0.41 | -12.79 | |
| Return on Equity (ROE) | 9.34% | 6.25% | 6.52% | 8.28% | 8.94% | 5.12% |
| Return on Assets (ROA) | 1.31% | 0.93% | 0.99% | 1.24% | 1.33% | 0.72% |
| Earnings Yield | 7.94% | 5.66% | 7.04% | 8.30% | 6.85% | 4.49% |
| FCF Yield | 7.62% | 6.60% | 7.68% | 9.05% | 10.36% | 6.12% |
| Dividend Yield | 3.02% | 3.21% | 3.55% | 3.27% | 2.46% | 3.37% |
| Payout Ratio | 37.95% | 50.65% | 50.08% | 40.92% | 35.53% | 51.85% |
| Buyback Yield / Dilution | -9.03% | -8.65% | 3.81% | 4.74% | -32.97% | -4.82% |
| Total Shareholder Return | -6.02% | -5.45% | 7.36% | 8.00% | -30.50% | -1.44% |