Independent Bank Corp. (INDB) financial statements (2022 and earlier)

Company profile

Business Address 288 UNION STREET
ROCKLAND, MA 02370
State of Incorp. MA
Fiscal Year End December 31
SIC 6022 - State Commercial Banks (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2,2681,322174271214290276
Cash and cash equivalents2,2411,297151250213289276
Short-term investments27252321110
Total current assets:2,2681,322174271214290276
Noncurrent Assets
Operating lease, right-of-use asset605057
Property, plant and equipment19611612498957876
Intangible assets, net (including goodwill)1,018529535271241231213
Goodwill985506506256232222201
Intangible assets, net (excluding goodwill)3323291591012
Amortization method qualified affordable housing project investments135977334354038
Total noncurrent assets:1,409793788403371349327
Other undisclosed assets16,74711,09010,4328,1787,4967,0706,607
TOTAL ASSETS:20,42313,20411,3958,8528,0827,7097,210
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt2535501472155052
Total current liabilities:2535501472155052
Noncurrent Liabilities
Long-term debt and lease obligation127145187111108108108
Long-term debt, excluding current maturities127145187111108108108
Liabilities, other than long-term debt735035451215
Qualified affordable housing project investments, commitment735035451215
Total noncurrent liabilities:200195222115112120123
Other undisclosed liabilities17,18011,2729,4157,5166,8116,6756,263
Total liabilities:17,40511,5029,6877,7787,1386,8456,439
Stockholders' equity
Stockholders' equity attributable to parent, including:3,0181,7031,7081,073944865771
Common stock0000000
Additional paid in capital2,2499461,035528479452405
Deferred compensation equity     44
Accumulated other comprehensive income (loss)24118(1)(2)(1)(2)
Retained earnings767716654547466414368
Other undisclosed stockholders' equity attributable to parent     (4)(4)
Total stockholders' equity:3,0181,7031,7081,073944865771
TOTAL LIABILITIES AND EQUITY:20,42313,20411,3958,8528,0827,7097,210

Income statement (P&L) ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues415402447324301247236
Net investment income415402447324277226215
Cost of revenue(24)(58)(12)(5)(3)(6)(2)
Cost of goods and services sold(6)(6)(6)    
Provision for loan, lease, and other losses(18)(53)(6)(5)
Financial services costs(3)(6)(2)
Gross profit:391344435319298241235
Operating expenses(96)(58)(77)(52)(159)(151)(152)
Other operating income, net
(Noninterest Income, Other Operating Income)
181621131199
Operating income:31330237928015010092
Nonoperating income
(Bank Owned Life Insurance Income)
6554444
Interest and debt expense(14)(34)(54)(26)(18)(19)(21)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes (120)(112)(102)(2)2717
Income from continuing operations before equity method investments, income taxes:30515321815613511292
Income from equity method investments2      
Income from continuing operations before income taxes:30815321815613511292
Income tax expense(36)(32)(53)(34)(47)(35)(27)
Net income:272121165122877765
Other undisclosed net loss attributable to parent(151)      
Net income available to common stockholders, diluted:121121165122877765

Comprehensive Income ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income:272121165122877765
Other comprehensive income (loss)(39)23192(0)1(0)
Comprehensive income:233144185124877865
Other undisclosed comprehensive loss, net of tax, attributable to parent(151)      
Comprehensive income, net of tax, attributable to parent:82144185124877865

Statements sources

The financial statements are based on the company's filings with the 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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