$INDB

INDEPENDENT BANK CORP

CIK:0000776901|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans	$ 260,249	$ 197,778	$ 521,231	$ 392,871
Interest Income, Securities, Operating, Taxable	26,098	15,879	51,358	31,175
Non-taxable interest and dividends on securities	102	2	216	3
Interest on loans held for sale	210	140	462	232
Interest on federal funds sold and short-term investments	2,633	4,393	6,290	5,831
Total interest and dividend income	289,292	218,192	579,557	430,112
Interest expense
Interest on deposits	67,641	59,843	134,576	119,279
Interest on borrowings	10,724	10,853	21,595	17,832
Interest Expense, Operating, Total	78,365	70,696	156,171	137,111
Net interest income	210,927	147,496	423,386	293,001
Net interest income after provision for credit losses	204,677	140,296	411,636	270,801
Non-interest income
Deposit account fees	9,393	7,141	18,642	14,194
Interchange and ATM fees	5,686	4,997	10,704	9,619
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions	14,961	11,380	29,126	22,600
Mortgage banking income	1,174	1,072	2,444	1,813
Bank Owned Life Insurance Income	2,636	2,038	5,348	4,103
Gain Realized on Life Insurance Policies	(672)	(1,650)	(1,018)	(1,650)
Loan level derivative income	1,317	66	2,227	1,108
Other non-interest income	6,552	5,964	13,143	11,760
Total non-interest income	42,391	34,308	82,652	66,847
Non-interest expenses
Salaries and employee benefits	79,088	62,856	159,825	124,787
Occupancy and equipment expenses	16,170	13,158	33,476	27,017
Data processing & facilities management	3,208	2,783	6,467	5,425
Software Maintenance	7,070	5,166	14,138	10,193
Intangible Asset, Finite-Lived, Amortization Expense	6,791	1,197	13,681	2,541
Consulting expense	3,274	1,018	5,251	2,115
Business Combination, Acquisition-Related Cost, Expense	0	2,239	3,024	3,394
FDIC assessment	3,158	2,373	6,486	5,361
Debit card expense	2,462	1,984	4,864	3,919
Other non-interest expenses	19,051	16,024	35,977	29,924
Total non-interest expenses	140,272	108,798	283,189	214,676
Income before income taxes	106,796	65,806	211,099	122,972
Current Federal, State and Local, Tax Expense (Benefit)	24,958	14,705	49,342	27,447
Net income	$ 81,838	$ 51,101	$ 161,757	$ 95,525
Basic earnings per share (in dollars per share)	$ 1.70	$ 1.20	$ 3.33	$ 2.24
Diluted earnings per share (in dollars per share)	$ 1.70	$ 1.20	$ 3.33	$ 2.24
Weighted average common shares (basic) (in shares)	48,054,411	42,623,978	48,509,706	42,587,330
Common shares equivalents (in shares)	22,344	17,153	26,014	19,753
Weighted average common shares (diluted) (in shares)	48,076,755	42,641,131	48,535,720	42,607,083
Cash dividends declared per common share (in dollars per share)	$ 0.64	$ 0.59	$ 1.28	$ 1.18
Provision for Loan and Lease Losses	$ 6,250	$ 7,200	$ 11,750	$ 22,200
Retained Earnings [Member]
Non-interest expenses
Net income	$ 81,838	$ 51,101	$ 161,757	$ 95,525

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 161,757,000	$ 95,525,000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	20,384,000	19,453,000
Change In Unamortized Net Loan Costs And Premiums	(606,000)	(671,000)
Accretion of acquired loans	(13,627,000)	(645,000)
Provision for Loan and Lease Losses	11,750,000	22,200,000
Deferred income tax expense	691,000	447,000
Equity Securities, FV-NI, Gain (Loss)	(198,000)	(169,000)
Gain (Loss) on Disposition of Property Plant Equipment	12,000	92,000
Gains (Losses) on Sales of Other Real Estate	(51,000)	0
Stock based compensation	5,635,000	4,844,000
Increase in cash surrender value of life insurance policies	(5,348,000)	(4,103,000)
Gain Realized on Life Insurance Policies	(1,018,000)	(1,650,000)
Operating Lease, Payments	(7,841,000)	(7,428,000)
Change in Fair Value on Loans Held for Sale	195,000	(323,000)
Net change in:
Trading assets	(115,000)	(556,000)
Loans held for sale	13,732,000	(9,198,000)
Other assets	16,962,000	33,028,000
Increase (Decrease) in Other Operating Liabilities	(11,796,000)	(30,785,000)
Total adjustments	28,863,000	24,536,000
Net cash provided by operating activities	190,620,000	120,061,000
Cash flows provided by (used in) investing activities
Payments to Acquire Equity Securities, FV-NI	371,000	348,000
Proceeds from maturities and principal repayments of securities available for sale	157,740,000	122,286,000
Payments to Acquire Debt Securities, Available-for-Sale	(238,104,000)	(121,585,000)
Proceeds from maturities and principal repayments of securities held to maturity	70,885,000	54,862,000
Net decrease in Federal Home Loan Bank stock	(8,204,000)	(10,521,000)
Investments in low income housing projects	(10,103,000)	(20,379,000)
Purchases of life insurance policies	(8,000)	(55,000)
Proceeds from Life Insurance Policy	1,202,000	0
Net decrease (increase) in loans	117,749,000	(73,645,000)
Purchases of bank premises and equipment	(12,037,000)	(6,250,000)
Proceeds from Sale of Property, Plant, and Equipment	75,000	0
Proceeds from Sale of Other Real Estate	2,049,000	0
Net cash provided by (used in) investing activities	97,281,000	(34,593,000)
Cash flows (used in) provided by financing activities
Net decrease in time deposits	(18,767,000)	(27,181,000)
Net increase in other deposits	284,093,000	614,909,000
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net	(199,773,000)	(238,000,000)
Proceeds from Lines of Credit	75,000,000	0
Proceeds from Issuance of Subordinated Long-term Debt	0	295,843,000
Restricted stock awards issued, net of awards surrendered	(2,265,000)	(1,385,000)
Proceeds from shares issued under direct stock purchase plan	1,539,000	1,055,000
Payments for shares repurchased under share repurchase program	(138,262,000)	0
Common dividends paid	(60,142,000)	(49,365,000)
Net cash (used in) provided by financing activities	(58,577,000)	595,876,000
Net increase in cash and cash equivalents	229,324,000	681,344,000
Cash and cash equivalents at beginning of year	771,902,000	219,890,000
Cash and cash equivalents at end of period	1,001,226,000	901,234,000
Real Estate Owned, Transfer to Real Estate Owned	206,000	2,100,000
Supplemental schedule of non-cash investing and financing activities
Net increase in capital commitments relating to low income housing project investments	0	10,223,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 1,622,000	$ 6,383,000

Consolidated Balance Sheets (Unaudited)

3 Months Ended

6 Months Ended

Jun. 30, 2026

USD ($)

$ / shares

Jun. 30, 2026

USD ($)

$ / shares

Dec. 31, 2025

USD ($)

Assets

Cash and due from banks

$ 251,971,000

$ 229,770,000

Interest-earning deposits with banks

749,255,000

542,132,000

Securities

Trading

4,835,000

4,720,000

Equity

21,602,000

21,581,000

Debt Securities, Available-for-Sale, Excluding Accrued Interest

2,075,972,000

2,004,247,000

Held to maturity (fair value $1,117,644 and $1,190,733)

1,210,310,000

1,279,027,000

Total securities

3,312,719,000

3,309,575,000

Loans held for sale (at fair value)

21,982,000

35,909,000

Loans

Total loans

18,394,327,000

^[1],[2]

18,394,327,000

^[1],[2]

18,503,777,000

^[1],[2]

Less: allowance for credit losses

(195,899,000)

^[3]

(195,899,000)

^[3]

(189,877,000)

Net loans

18,198,428,000

18,313,900,000

Federal Home Loan Bank stock

13,631,000

21,835,000

Bank premises and equipment, net

217,877,000

218,190,000

Goodwill

1,090,610,000

Other intangible assets

119,896,000

133,576,000

Cash surrender value of life insurance policies

381,230,000

378,576,000

Other assets

616,295,000

638,823,000

Total assets

24,973,894,000

24,912,896,000

Deposits

Non-interest-bearing demand deposits

5,709,647,000

5,600,955,000

Savings and interest checking accounts

6,503,521,000

6,482,970,000

Money market

4,929,495,000

4,774,645,000

Time certificates of deposit

3,249,455,000

3,268,220,000

Total deposits

20,392,118,000

20,126,790,000

Borrowings

Federal Home Loan Bank and other borrowings

216,719,000

416,549,000

Long-Term Line of Credit

124,984,000

49,953,000

Junior Subordinated Notes

62,864,000

62,862,000

Subordinated Debt

296,898,000

296,483,000

Total borrowings

701,465,000

825,847,000

Other liabilities

367,948,000

394,531,000

Total liabilities

21,461,531,000

21,347,168,000

Commitments and contingencies

Stockholders’ equity

Preferred stock, $0.01 par value, authorized: 1,000,000 shares, outstanding: none

Common stock, $0.01 par value, authorized: 75,000,000 shares, issued and outstanding: 47,618,626 shares at June 30, 2026 and 49,243,813 shares at December 31, 2025 (includes 283,135 and 254,359 shares of unvested participating restricted stock awards, respectively)

473,000

490,000

Value of shares held in rabbi trust at cost: 73,303 shares at June 30, 2026 and 75,247 shares at December 31, 2025

(3,508,000)

(3,452,000)

Deferred compensation and other retirement benefit obligations

3,508,000

3,452,000

Additional paid in capital

2,201,250,000

2,335,879,000

Retained earnings

1,369,306,000

1,269,113,000

Accumulated other comprehensive loss, net of tax

(58,666,000)

(39,754,000)

Total stockholders’ equity

3,512,363,000

3,565,728,000

Total liabilities and stockholders’ equity

$ 24,973,894,000

24,912,896,000

Common Stock, Dividends, Per Share, Cash Paid | $ / shares

$ 0.64

$ 1.28

Commercial And Industrial [Member]

Loans

Total loans

$ 4,730,827,000

^[1],[2],[4]

$ 4,730,827,000

^[1],[2],[4]

4,611,789,000

^[1],[2],[4]

Less: allowance for credit losses

(56,880,000)

^[3]

(56,880,000)

^[3]

(47,976,000)

Commercial Real Estate [Member]

Loans

Total loans

7,944,099,000

^[1],[2],[4]

7,944,099,000

^[1],[2],[4]

8,275,408,000

^[1],[2],[4]

Less: allowance for credit losses

(78,879,000)

^[3]

(78,879,000)

^[3]

(84,916,000)

Construction Loans [Member]

Loans

Total loans

1,464,449,000

^[1],[2]

1,464,449,000

^[1],[2]

1,399,193,000

^[1],[2]

Less: allowance for credit losses

(13,871,000)

^[3]

(13,871,000)

^[3]

(14,254,000)

Residential Real Estate [Member]

Loans

Total loans

2,870,277,000

^[1],[2]

2,870,277,000

^[1],[2]

2,873,443,000

^[1],[2]

Less: allowance for credit losses

(31,543,000)

^[3]

(31,543,000)

^[3]

(29,254,000)

Home Equity Loan [Member]

Loans

Total loans

1,342,797,000

^[1],[2]

1,342,797,000

^[1],[2]

1,297,662,000

^[1],[2]

Less: allowance for credit losses

(13,562,000)

^[3]

(13,562,000)

^[3]

(12,376,000)

Consumer Portfolio Segment [Member]

Loans

Total loans

41,878,000

^[2],[5]

41,878,000

^[2],[5]

46,282,000

^[2],[5]

Less: allowance for credit losses

$ (1,164,000)

^[3]

$ (1,164,000)

^[3]

$ (1,101,000)

[1]	(2)Loan origination dates in the tables above reflect the original origination date, or the date of a material modification of a previously originated loan.
[2]	The amount of net deferred fees/costs on originated loans included in the ending balance was $9.6 million and $7.7 million at June 30, 2026 and December 31, 2025, respectively. Net unamortized discounts on acquired loans included in the ending balance were $143.5 million and $157.0 million at June 30, 2026 and December 31, 2025, respectively.
[3]	Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $68.3 million and $54.5 million as of June 30, 2026 and June 30, 2025, respectively.
[4]
[5]	Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. (2)The amount of net deferred fees/costs on originated loans included in the ending balance was $9.6 million and $7.7 million at June 30, 2026 and December 31, 2025, respectively. Net unamortized discounts on acquired loans included in the ending balance were $143.5 million and $157.0 million at June 30, 2026 and December 31, 2025, respectively.