Independent Bank Corp. (INDB)

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Independent Bank Corp.

INDB • CIK 0000776901

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Interest and Fee Income, Loans and Leases Held-in-portfolio	$730,008	$789,274	$922,225	$1,050,585
Interest Income, Securities, Operating, Taxable	$60,336	$57,092	$79,268	$99,451
Interest Income (Expense), Net	$606,521	$561,729	$708,831	$839,216
Interest and Fee Income, Loans and Leases Held-for-sale	$190	$712	$796	$1,026
Provision for Other Credit Losses	$23,250	$36,250	$65,469	$65,469
Interest Income, Federal Funds Sold	$5,186	$5,669	$19,766	$20,225
Interest Income (Expense), after Provision for Loan Loss	$583,271	$525,479	$643,362	$784,197
Interest and Dividend Income, Operating	$795,726	$852,753	$1,022,400	$1,171,845
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$315,134	$247,127	$262,170	$262,170
Income Tax Expense (Benefit)	$75,632	$55,046	$57,048	$57,048
Net Income (Loss) Attributable to Parent	$239,502	$192,081	$205,122	$271,354
Weighted Average Number of Shares Outstanding, Basic	44,181,540	42,499,492	46,169,692	52,092,068
Weighted Average Number Diluted Shares Outstanding Adjustment	12,007	12,309	21,390	27,651
Weighted Average Number of Shares Outstanding, Diluted	44,193,547	42,511,801	46,191,082	52,119,719
Interest Expense, Deposits	$144,752	$246,962	$274,396	$289,693
Interest Expense, Borrowings	$44,453	$44,062	$39,173	$42,936
InterestExpenseOperating	—	$291,024	$313,569	$332,629
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions	$40,191	$42,744	$50,045	$56,571
Bank Owned Life Insurance Income	$7,868	$8,086	$9,434	$10,679
Derivative, Gain (Loss) on Derivative, Net	$3,327	$2,117	$3,564	$4,683
Noninterest Income, Other Operating Income	$27,012	$24,957	$26,020	$27,403
Noninterest Income	$124,609	$128,014	$148,689	$164,494
Labor and Related Expense	$222,135	$233,653	$287,499	$322,537
Occupancy, Net	$50,582	$52,072	$57,596	$64,055
Information Technology and Data Processing	$9,884	$9,957	$11,180	$12,222
Federal Deposit Insurance Corporation Premium Expense	$11,953	$10,892	$12,500	$13,625
Professional Fees	$8,954	$7,125	$6,613	$6,613
Cost, Amortization	$6,878	$5,905	$16,910	$16,910
Business Combination, Acquisition Related Costs	$0	$1,902	$39,635	$39,265
Other Noninterest Expense	$60,242	$60,078	$65,240	$74,535
Noninterest Expense	$392,746	$406,366	$529,881	$598,394

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Cash and Due from Banks	$178,861	$187,849	$229,770	$251,971
Interest-bearing Deposits in Banks and Other Financial Institutions	$45,469	$32,041	$542,132	$749,255
Debt Securities, Trading	$4,987	$4,245	$4,720	$4,835
Marketable Securities	$2,930,860	$2,711,349	$3,309,575	$3,312,719
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	$6,368	$7,271	$35,909	$21,982
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest	—	$169,984	$189,877	$189,877
Financing Receivable, after Allowance for Credit Loss	—	$14,338,394	$18,313,900	$18,198,428
Federal Home Loan Bank Stock	$43,557	$31,573	$21,835	$13,631
Property, Plant and Equipment, Net	$193,049	$193,320	$218,190	$217,877
Goodwill	$985,072	$985,072	$1,090,610	$1,090,610
Finite-Lived Intangible Assets, Net	$18,190	$12,284	$133,576	$119,896
Bank Owned Life Insurance	$297,387	$303,965	$378,576	$381,230
Other Assets	$512,712	$570,447	$638,823	$616,295
Assets	$19,347,373	$19,373,565	$24,912,896	$24,973,894
Other Liabilities	$368,196	$373,093	$394,531	$367,948
Liabilities	$16,452,122	$16,380,445	$21,347,168	$21,461,531
Commitments and Contingencies	$0	$0	$0	$0
Equity Securities, FV-NI	$22,510	$21,204	$21,581	$21,602
DebtSecuritiesAvailableForSaleExcludingAccruedInterest	$1,334,256	$1,250,944	$2,004,247	$2,075,972
DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss	$1,569,107	$1,434,956	$1,279,027	$1,210,310
Financing Receivable, before Allowance for Credit Loss	$14,278,070	$14,508,378	$18,503,777	$18,394,327
Demand Deposit Accounts	$4,567,083	$4,390,703	$5,600,955	$5,709,647
Deposits, Savings Deposits	$5,298,913	$5,207,548	$6,482,970	$6,503,521
Deposits, Money Market Deposits	$2,818,072	$2,960,381	$4,774,645	$4,929,495
Time Deposits	$2,181,479	$2,747,346	$3,268,220	$3,268,220
Deposits	$14,865,547	$15,305,978	$20,126,790	$20,392,118
Long-term Line of Credit	—	—	$49,953	$124,984
Junior Subordinated Notes	$62,858	$62,860	$62,862	$62,864
Subordinated Debt	$49,980	$0	$296,483	$296,898
Debt and Lease Obligation	$1,218,379	$701,374	$825,847	$701,465
Common Stock, Value, Issued	$427	$423	$490	$473
Common Stock Issued, Employee Stock Trust	$3,298	$3,383	$3,452	$3,508
Additional Paid in Capital	$1,932,163	$1,909,980	$2,335,879	$2,201,250
Retained Earnings (Accumulated Deficit)	$1,077,488	$1,172,724	$1,269,113	$1,369,306
Accumulated Other Comprehensive Income (Loss), Net of Tax	$-114,827	$-90,007	$-39,754	$-58,666
Stockholders' Equity Attributable to Parent	$2,895,251	$2,993,120	$3,565,728	$3,512,363
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss	$1,459,862	$1,353,964	$2,051,822	$2,146,923
Debt Securities, Held-to-maturity, Fair Value	$1,417,608	$1,291,801	$1,190,733	$1,117,644
Preferred Stock, Shares Authorized	1,000,000	1,000,000	1,000,000	1,000,000
Preferred Stock, Shares Outstanding	0	0	0	0
Common Stock, Shares Authorized	75,000,000	75,000,000	75,000,000	75,000,000
Common Stock, Shares, Issued	42,873,187	42,500,611	49,243,813	47,618,626
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	162,812	199,410	254,359	283,135
DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement	$55,695	$57,294	$34,365	$34,365
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement	$108,508	$102,677	$59,830	$59,830
Derivative Liability, Fair Value, Amount Offset Against Collateral	$96,490	$99,783	$51,536	$53,565
Derivative, Collateral, Obligation to Return Cash	$17,076	$33,283	$12,420	$12,060
Derivative Asset, Fair Value, Amount Offset Against Collateral	$26,601	$21,117	$16,781	$15,818
Interest Receivable	$60,200	$55,600	$70,300	$68,300
Derivative, Collateral, Obligation to Return Securities	$12,018	$2,894	$5,164	$3,405
Derivative, Collateral, Right to Reclaim Cash	$0	$0	$3,130	$0

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss) Attributable to Parent	$239,502	$192,081	$205,122	$271,354
Depreciation, Depletion and Amortization, Nonproduction	$36,102	$40,889	$42,142	$43,073
Financing Receivable, Credit Loss, Expense (Reversal)	$23,250	$36,250	$65,469	$55,019
Deferred Income Tax Expense (Benefit)	$2,738	$-10,600	$-3,283	$-3,039
Equity Securities, FV-NI, Gain (Loss)	$1,180	$423	$403	$432
Gain (Loss) on Investments	—	—	$-64	$-64
Gain (Loss) on Disposition of Property Plant Equipment	$-310	$-155	$-130	$-50
Sale and Leaseback Transaction, Gain (Loss), Net	$193	$0	$0	$0
Share-based Payment Arrangement, Noncash Expense	$6,377	$6,523	$8,985	$9,776
Life Insurance, Corporate or Bank Owned, Change in Value	$7,877	$8,086	$9,434	$10,679
Operating Lease, Payments	$13,863	$14,018	$15,339	$15,752
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	$1,099	$-742	$475	$34
Increase (Decrease) in Loans Held-for-sale	$3,468	$923	$27,931	$5,001
Increase (Decrease) in Other Operating Assets	$-23,504	$15,498	$-72,162	$-56,096
Increase (Decrease) in Other Operating Liabilities	$-20,614	$5,543	$-70,118	$-51,129
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	$37,492	$37,840	$46,038	$50,365
Net Cash Provided by (Used in) Operating Activities	$276,994	$229,921	$251,160	$321,719
Increase (Decrease) in Equity Securities, FV-NI	$742	$1,058	$984	$984
Proceeds from Sale of Debt Securities, Available-for-sale	—	—	$74,303	$74,303
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale	$106,713	$235,144	$254,799	$290,253
Payments to Acquire Debt Securities, Available-for-sale	$0	$129,379	$426,161	$542,680
Proceeds from Maturities, Repayments and Calls of Debt Securities, FV-NI, Held-for-investment	$140,888	$138,399	$161,164	$177,187
Payments for (Proceeds from) Federal Home Loan Bank Stock	$38,339	$-11,984	$-16,621	$-14,304
Payment to Acquire Life Insurance Policy, Investing Activities	$162	$114	$117	$70
Proceeds from Life Insurance Policy	$5,531	$1,929	$3,951	$5,153
Payments for (Proceeds from) Loans and Leases	$378,735	$236,519	$125,724	$-65,670
Cash Acquired in Excess of Payments to Acquire Business	$0	—	$97,760	$97,760
Payments to Acquire Property, Plant, and Equipment	$15,844	$20,435	$12,135	$17,922
Proceeds from Sale of Property, Plant, and Equipment	$113	$92	$295	$370
Net Cash Provided by (Used in) Investing Activities	$-211,650	$-33,010	$5,050	$136,924
Increase (Decrease) in Time Deposits	$985,567	$565,752	$-219,128	$-210,714
Increase (Decrease) in Other Deposits	$-1,999,198	$-125,436	$677,185	$346,369
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net	$1,105,000	$-467,000	$-284,373	$-246,146
Proceeds from Lines of Credit	—	—	$49,937	$124,937
Proceeds from Issuance of Subordinated Long-term Debt	—	—	$295,843	$0
Repayments of Subordinated Debt	—	$50,000	$60,000	$60,000
Proceeds from Stock Options Exercised	$80	$80	$0	$0
Proceeds from Stock Plans	$2,662	$3,254	$2,549	$3,033
Payments for Repurchase of Common Stock	$188,910	$30,986	$60,849	$199,111
Payments of Ordinary Dividends, Common Stock	$98,006	$96,200	$103,903	$114,680
Net Cash Provided by (Used in) Financing Activities	$-193,947	$-201,351	$295,802	$-358,651
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$-128,603	$-4,440	$552,012	$99,992
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$224,330	$219,890	$771,902	$784,036
Interest Paid, Excluding Capitalized Interest, Operating Activities	$183,068	$291,692	$307,257	$307,257
Income Taxes Paid	$43,706	$51,079	$34,783	$34,783
Real Estate Owned, Transfer from Real Estate Owned	—	—	$2,100	$2,100
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$7,916	$12,602	$23,075	$18,314
Stock Issued	—	—	$477,266	$477,266
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$0	—	$4,930,778	$4,930,778
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$0	—	$4,551,272	$4,551,272

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Import this data to Google Sheets with:

=jivedata("INDB","financials")

Full statements spill as a table. For one cell: =jivedata("INDB","Revenue") or =jivedata("INDB","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.