Independent Bank Corp. (INDB) Financial Statements (2024 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)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q3
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments334,541528,516377,940960,2731,501,0851,866,926
Cash and cash equivalents308,264502,544352,933936,2961,476,2671,840,359
Short-term investments26,27725,97225,00723,97724,81826,567
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss4,4004,5004,400   
Total current assets:338,941533,016382,340960,2731,501,0851,866,926
Noncurrent Assets
Operating lease, right-of-use asset   58,900   
Property, plant and equipment193,642195,921196,504198,408202,221199,106
Intangible assets, net (including goodwill)1,006,6091,008,3251,010,1401,012,0061,013,9171,015,831
Goodwill985,072985,072985,072985,072985,072985,072
Intangible assets, net (excluding goodwill)21,53723,25325,06826,93428,84530,759
Amortization method qualified affordable housing project investments   139,454129,875133,086131,034
Total noncurrent assets:1,200,2511,204,2461,404,9981,340,2891,349,2241,345,971
Other undisclosed assets17,861,73917,705,14017,506,83617,402,70717,132,14116,946,281
TOTAL ASSETS:19,400,93119,442,40219,294,17419,703,26919,982,45020,159,178
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt  500,000    
Total current liabilities:  500,000    
Noncurrent Liabilities
Long-term debt and lease obligation112,790 112,740   
Long-term debt, excluding current maturities112,790 112,740   
Liabilities, other than long-term debt   57,91363,01464,24166,213
Qualified affordable housing project investments, commitment   57,91363,01464,24166,213
Total noncurrent liabilities:112,790 170,65363,01464,24166,213
Other undisclosed liabilities16,433,22716,111,49316,236,82016,823,05417,047,02417,127,526
Total liabilities:16,546,01716,611,49316,407,47316,886,06817,111,26517,193,739
Equity
Equity, attributable to parent2,854,9142,830,9092,886,7012,817,2012,871,1852,965,439
Common stock440439455454459472
Additional paid in capital1,997,6741,995,0772,114,8882,113,3132,146,3332,247,518
Accumulated other comprehensive loss(152,935)(135,945)(163,084)(179,069)(109,464)(78,202)
Retained earnings1,009,735971,338934,442882,503833,857795,651
Total equity:2,854,9142,830,9092,886,7012,817,2012,871,1852,965,439
TOTAL LIABILITIES AND EQUITY:19,400,93119,442,40219,294,17419,703,26919,982,45020,159,178

Income Statement (P&L) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q3
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues
(Net Investment Income)
198,691186,934184,125169,970148,121140,618
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(5,000)  (3,000)  
Other undisclosed gross profit   (7,655)   
Gross profit:193,691186,934176,470166,970148,121140,618
Operating expenses(18,566)(17,426)(17,588)(19,020)(18,546)(24,524)
Other operating income, net
(Noninterest Income, Other Operating Income)
6,3625,7827,0645,7515,2424,736
Operating income:181,487175,290165,946153,701134,817120,830
Nonoperating income
(Bank Owned Life Insurance Income)
1,9401,8542,1361,8831,8711,795
Interest and debt expense(46,147)(27,937)(15,772)(7,370)(3,262)(3,187)
Other undisclosed loss from continuing operations before equity method investments, income taxes   (52,025)(53,146)(51,229)(49,234)
Income from continuing operations before equity method investments, income taxes:137,280149,207100,28595,06882,19770,204
Other undisclosed loss from continuing operations before income taxes(54,532)(67,878)    
Income from continuing operations before income taxes:82,74881,329100,28595,06882,19770,204
Income tax expense   (83,941) (20,421)(17,107)
Income from continuing operations:82,74881,32916,34495,06861,77653,097
Income before gain (loss) on sale of properties:95,06861,77653,097
Net income:82,74881,32916,34495,06861,77653,097
Other undisclosed net income (loss) attributable to parent(20,104)(20,082)60,699(23,171)  
Net income available to common stockholders, diluted:62,64461,24777,04371,89761,77653,097

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q3
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income:82,74881,32916,34495,06861,77653,097
Other comprehensive income (loss)(16,990)27,13915,985(69,605)(31,262)(80,385)
Comprehensive income (loss):65,758108,46832,32925,46330,514(27,288)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(20,104)(20,082)60,699(23,171)  
Comprehensive income (loss), net of tax, attributable to parent:45,65488,38693,0282,29230,514(27,288)

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.

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