Independent Bank Corp. (INDB) Financial Statements (2025 and earlier)
Company Profile
| Business Address |
288 UNION STREET ROCKLAND, MA 02370 |
| State of Incorp. | MA |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6022 - State Commercial Banks (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 251,827 | 377,940 | 2,267,577 | 1,321,581 | 174,435 | 271,432 | |||
| Cash and cash equivalent | 224,330 | 352,933 | 2,240,684 | 1,296,636 | 150,974 | 250,455 | |||
| Short-term investments | 27,497 | 25,007 | 26,893 | 24,945 | 23,461 | 20,977 | |||
| Debt securities, held-to-maturity, accrued interest, after allowance for credit loss | ✕ | 4,300 | 4,400 | ✕ | ✕ | ||||
| Total current assets: | 256,127 | 382,340 | 2,267,577 | 1,321,581 | 174,435 | 271,432 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 54,100 | 58,900 | 60,200 | 49,700 | 56,600 | ✕ | |||
| Property, plant and equipment | 193,049 | 196,504 | 195,590 | 116,393 | 123,674 | 97,581 | |||
| Intangible assets, net (including goodwill) | 1,003,262 | 1,010,140 | 1,017,844 | 529,313 | 535,492 | 271,355 | |||
| Goodwill | 985,072 | 985,072 | 985,072 | 506,206 | 506,206 | 256,105 | |||
| Intangible assets, net (excluding goodwill) | 18,190 | 25,068 | 32,772 | 23,107 | 29,286 | 15,250 | |||
| Investment, proportional amortization method, elected, amount | 156,984 | 139,454 | 135,497 | 97,435 | 72,510 | 33,681 | |||
| Total noncurrent assets: | 1,407,395 | 1,404,998 | 1,409,131 | 792,841 | 788,276 | 402,617 | |||
| Other undisclosed assets | 17,683,851 | 17,506,836 | 16,746,697 | 11,089,879 | 10,432,454 | 8,177,543 | |||
| TOTAL ASSETS: | 19,347,373 | 19,294,174 | 20,423,405 | 13,204,301 | 11,395,165 | 8,851,592 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Debt | 400,000 | 25,000 | 35,042 | 50,000 | 147,046 | ||||
| Total current liabilities: | 400,000 | 25,000 | 35,042 | 50,000 | 147,046 | ||||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 112,838 | 112,740 | 126,707 | 145,320 | 187,355 | 110,901 | |||
| Long-term debt, excluding current maturities | 112,838 | 112,740 | 126,707 | 145,320 | 187,355 | 110,901 | |||
| Liabilities, other than long-term debt | 58,731 | 57,913 | 73,336 | 49,586 | 34,967 | 3,935 | |||
| Investment program, proportional amortization method, elected, commitment | 58,731 | 57,913 | 73,336 | 49,586 | 34,967 | 3,935 | |||
| Total noncurrent liabilities: | 171,569 | 170,653 | 200,043 | 194,906 | 222,322 | 114,836 | |||
| Other undisclosed liabilities | 15,880,553 | 16,236,820 | 17,179,913 | 11,271,668 | 9,414,700 | 7,516,220 | |||
| Total liabilities: | 16,452,122 | 16,407,473 | 17,404,956 | 11,501,616 | 9,687,022 | 7,778,102 | |||
| Equity | |||||||||
| Equity, attributable to parent | 2,895,251 | 2,886,701 | 3,018,449 | 1,702,685 | 1,708,143 | 1,073,490 | |||
| Common stock | 427 | 455 | 472 | 328 | 342 | 279 | |||
| Additional paid in capital | 1,932,163 | 2,114,888 | 2,249,078 | 945,638 | 1,035,450 | 527,648 | |||
| Accumulated other comprehensive income (loss) | (114,827) | (163,084) | 2,183 | 40,695 | 18,169 | (1,173) | |||
| Retained earnings | 1,077,488 | 934,442 | 766,716 | 716,024 | 654,182 | 546,736 | |||
| Total equity: | 2,895,251 | 2,886,701 | 3,018,449 | 1,702,685 | 1,708,143 | 1,073,490 | |||
| TOTAL LIABILITIES AND EQUITY: | 19,347,373 | 19,294,174 | 20,423,405 | 13,204,301 | 11,395,165 | 8,851,592 | |||
Income Statement (P&L) ($ in thousands)
| 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues (Net Investment Income) | 795,720 | 642,834 | 415,260 | 402,034 | 446,963 | 323,641 | ||
| Cost of revenue | (30,128) | (7,655) | (23,920) | (58,302) | (11,545) | (4,775) | ||
| Cost of product and service sold | (6,878) | (7,655) | (5,715) | (5,802) | (5,545) | |||
| Provision for loan, lease, and other losses | (23,250) | (18,205) | (52,500) | (6,000) | (4,775) | |||
| Gross profit: | 765,592 | 635,179 | 391,340 | 343,732 | 435,418 | 318,866 | ||
| Operating expenses | (69,420) | (75,878) | (96,360) | (57,723) | (77,048) | (52,224) | ||
| Other operating income, net (Noninterest Income, Other Operating Income) | 27,012 | 22,793 | 17,584 | 15,641 | 21,004 | 13,140 | ||
| Operating income: | 723,184 | 582,094 | 312,564 | 301,650 | 379,374 | 279,782 | ||
| Nonoperating income (Bank Owned Life Insurance Income) | 7,868 | 7,685 | 6,431 | 5,362 | 5,013 | 4,060 | ||
| Interest and debt expense | (189,205) | (29,591) | (13,717) | (34,341) | (53,879) | (25,536) | ||
| Other undisclosed loss from continuing operations before equity method investments, income taxes | (226,713) | (212,434) | (119,835) | (112,400) | (102,380) | |||
| Income from continuing operations before equity method investments, income taxes: | 315,134 | 347,754 | 305,278 | 152,836 | 218,108 | 155,926 | ||
| Income from equity method investments | 2,306 | |||||||
| Income from continuing operations before income taxes: | 315,134 | 347,754 | 307,584 | 152,836 | 218,108 | 155,926 | ||
| Income tax expense | (75,632) | (83,941) | (35,683) | (31,669) | (52,933) | (34,304) | ||
| Income from continuing operations: | 239,502 | 263,813 | 271,901 | 121,167 | 165,175 | 121,622 | ||
| Income before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | 271,901 | 121,167 | 165,175 | 121,622 | |
| Net income: | 239,502 | 263,813 | 271,901 | 121,167 | 165,175 | 121,622 | ||
| Other undisclosed net loss attributable to parent | (150,909) | |||||||
| Net income available to common stockholders, diluted: | 239,502 | 263,813 | 120,992 | 121,167 | 165,175 | 121,622 | ||
Comprehensive Income ($ in thousands)
| 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 239,502 | 263,813 | 271,901 | 121,167 | 165,175 | 121,622 | ||
| Other comprehensive income (loss) | 48,257 | (165,267) | (38,512) | 22,526 | 19,342 | 1,886 | ||
| Comprehensive income: | 287,759 | 98,546 | 233,389 | 143,693 | 184,517 | 123,508 | ||
| Other undisclosed comprehensive loss, net of tax, attributable to parent | (150,909) | |||||||
| Comprehensive income, net of tax, attributable to parent: | 287,759 | 98,546 | 82,480 | 143,693 | 184,517 | 123,508 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.