Independent Bank Corp. (INDB) financial statements (2021 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)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,322174271214290276178
Cash and cash equivalents1,297151250213289276178
Short-term investments252321110 
Disposal group, including discontinued operation      7
Total current assets:1,322174271214290276185
Noncurrent Assets
Operating lease, right-of-use asset5057
Property, plant and equipment1161249895787664
Intangible assets, net (including goodwill)529535271241231213180
Goodwill506506256232222201170
Intangible assets, net (excluding goodwill)2329159101210
Amortization method qualified affordable housing project investments977334354038
Total noncurrent assets:793788403371349327244
Other undisclosed assets11,09010,4328,1787,4967,0706,6075,935
TOTAL ASSETS:13,20411,3958,8528,0827,7097,2106,365
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt35501472155052148
Total current liabilities:35501472155052148
Noncurrent Liabilities
Long-term debt and lease obligation145187111108108108189
Long-term debt, excluding current maturities145187111108108108189
Liabilities, other than long-term debt5035451215 
Qualified affordable housing project investments, commitment5035451215
Total noncurrent liabilities:195222115112120123189
Other undisclosed liabilities11,2729,4157,5166,8116,6756,2635,388
Total liabilities:11,5029,6877,7787,1386,8456,4395,724
Stockholders' equity
Stockholders' equity attributable to parent, including:1,7031,7081,073944865771641
Common stock0000000
Additional paid in capital9461,035528479452405312
Deferred compensation equity    444
Accumulated other comprehensive income (loss)4118(1)(2)(1)(2)(2)
Retained earnings716654547466414368330
Other undisclosed stockholders' equity attributable to parent    (4)(4)(4)
Total stockholders' equity:1,7031,7081,073944865771641
TOTAL LIABILITIES AND EQUITY:13,20411,3958,8528,0827,7097,2106,365

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

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Revenues402447324301247236220
Net investment income402447324277226215198
Cost of revenue(58)(12)(5)(3)(6)(2)(10)
Cost of goods and services sold(6)(6)     
Provision for loan, lease, and other losses(53)(6)(5)
Financial services costs(3)(6)(2)(10)
Gross profit:344435319298241235209
Operating expenses(58)(77)(52)(159)(151)(152)(149)
Other operating income, net
(Noninterest Income, Other Operating Income)
16211311998
Operating income:3023792801501009269
Nonoperating income5544444
Investment income, nonoperating      1
Losses on sales of other real estate      (1)
Bank owned life insurance income5544443
Interest and debt expense(34)(54)(26)(18)(19)(21)(20)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes(120)(112)(102)(2)271732
Income from continuing operations before income taxes:1532181561351129284
Income tax expense(32)(53)(34)(47)(35)(27)(24)
Net income available to common stockholders, diluted:12116512287776560

Comprehensive Income ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Net income:12116512287776560
Other comprehensive income (loss)23192(0)1(0)5
Comprehensive income, net of tax, attributable to parent:14418512487786565

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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