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Independent Bank Corp.

INDB

Independent Bank Corp. • NASDAQ
$72.05 ▼ -1.06% (-0.77)
Market Cap $3.57 B
52w High $74.33
52w Low $52.15
Dividend Yield 2.34%
P/E 17.75
Volume 88.64K
Outstanding Shares 49.58M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $832.11M ▲ $375.512M ▲ $129.787M ▲ 15.597% ▼ $2.88 ▲ $180.162M ▲
Q2-2025 $252.5M ▲ $108.798M ▲ $51.101M ▲ 20.238% ▲ $1.2 ▲ $74.967M ▲
Q1-2025 $242.524M ▼ $103.943M ▼ $44.424M ▼ 18.317% ▼ $1.04 ▼ $67.458M ▼
Q4-2024 $246.576M ▼ $104.486M ▲ $50.034M ▲ 20.292% ▲ $1.18 ▲ $72.32M ▲
Q3-2024 $249.459M $99.829M $42.947M 17.216% $1.01 $65.624M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.287B ▼ $24.993B ▲ $21.446B ▲ $3.547B ▲
Q2-2025 $2.188B ▲ $20.049B ▲ $16.974B ▲ $3.075B ▲
Q1-2025 $2.001B ▲ $19.888B ▲ $16.855B ▲ $3.033B ▲
Q4-2024 $367.164M ▼ $19.374B ▼ $16.38B ▼ $2.993B ▲
Q3-2024 $1.672B $19.408B $16.431B $2.977B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $34.262M ▼ $52.164M ▼ $72.516M ▲ $-115.118M ▼ $9.562M ▼ $58.414M ▼
Q2-2025 $51.101M ▲ $106.719M ▲ $-14.68M ▲ $92.351M ▼ $184.39M ▼ $102.501M ▲
Q1-2025 $44.424M ▼ $13.342M ▼ $-19.913M ▲ $503.525M ▲ $496.954M ▲ $11.31M ▼
Q4-2024 $50.034M ▲ $42.89M ▼ $-127.548M ▼ $-119.904M ▼ $-204.562M ▼ $36.507M ▼
Q3-2024 $42.947M $70.237M $62.501M $-22.167M $110.571M $64.382M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
ATM Charge
ATM Charge
 $0 ▲$0 ▲$0 ▲$0 ▲
Credit Card Income
Credit Card Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Credit Card Merchant Discount
Credit Card Merchant Discount
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Deposit Account
Deposit Account
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Investment Advisory Management and Administrative Service
Investment Advisory Management and Administrative Service
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Investment Advisory Retail Investment and Insurance Service
Investment Advisory Retail Investment and Insurance Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Merchant Processing
Merchant Processing
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last few years, which is a positive sign for the underlying franchise. However, profits have not kept pace with that growth: earnings and per‑share profit peaked a couple of years ago and have eased since. This pattern suggests rising costs, pressure on lending margins, or integration and funding headwinds are weighing on profitability even as the business base expands. Overall, the bank looks like it is growing but currently earning less on each dollar of revenue than it did at its peak.

Balance Sheet

Balance Sheet The balance sheet shows a relatively stable asset base with modest growth in shareholder equity over time, which points to a generally solid capital foundation. Cash on hand has come down sharply from earlier highs, while borrowings are higher than they were several years ago, implying greater reliance on wholesale funding or debt relative to immediate liquidity. None of this looks alarming on its face, but it does mean the bank is less cash‑rich and somewhat more levered than in the past, making funding and risk management more important to watch.

Cash Flow

Cash Flow The bank consistently generates positive cash flow from its operations, and its spending on property, technology, and equipment is modest relative to that cash inflow. This results in healthy free cash flow, which gives management flexibility to support lending growth, maintain dividends, or absorb shocks. The peak in operating cash flow a few years ago has eased, in line with softer profitability, but the overall pattern still reflects a business that is self‑funding and not dependent on constant new capital to operate.

Competitive Edge

Competitive Edge Independent Bank, through Rockland Trust, holds a strong regional position in New England built on relationship banking, a loyal and relatively low‑cost deposit base, and a track record of integrating acquisitions. Its focus on specialized niches—such as condo associations and municipal banking—helps it win and keep clients that value tailored service over pure price. Additional services in wealth management, treasury services, and specialized deposit protection deepen relationships and diversify revenue. The main competitive risks are intense regional bank competition, pricing pressure on deposits, and the need to maintain credit quality as it grows.

Innovation and R&D

Innovation and R&D The bank is leaning into technology more aggressively than many traditional regionals. The planned move to a modern FIS core platform and the early use of generative AI tools for internal productivity and fraud detection show a clear effort to modernize infrastructure and operations. Its digital banking offerings are broad, and features like CardSwap and advanced business tools suggest a willingness to experiment beyond basic online banking. The upside is better efficiency and stickier customers; the risk is execution—large core conversions and AI rollouts can be complex and disruptive if not managed carefully.

Summary

Independent Bank Corp. appears to be a solid, relationship‑driven regional bank that has grown its revenue base and maintained a sound capital position, but is currently facing some profitability pressure compared with its recent peak years. Its balance sheet and cash flows look generally healthy, with good internal cash generation offset by lower on‑balance‑sheet cash and higher debt than in the past. Strategically, its strengths lie in niche commercial segments, loyal deposits, and an increasingly modern technology stack, including a major core upgrade and AI initiatives. Key watchpoints include how successfully it integrates recent acquisitions, executes its core conversion, navigates funding and margin pressures, and maintains credit quality as it pursues organic growth in commercial lending.

NEWS

October 16, 2025 · 4:10 PM UTC

Independent Bank Corp. Reports Third Quarter Net Income of $34.3 Million

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October 6, 2025 · 4:10 PM UTC

Independent Bank Corp.'s Announcement of Date of Third Quarter Conference Call

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September 18, 2025 · 4:10 PM UTC

Independent Bank Corp. Announces Quarterly Dividend

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