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Independent Bank Corp  (INDB)
Other Ticker:  
 
    Sector  Financial    Industry Regional Banks
   Industry Regional Banks
   Sector  Financial
 
Price: $49.4300 $-0.50 -1.001%
Day's High: $50.57 Week Perf: -2.56 %
Day's Low: $ 49.30 30 Day Perf: -8.45 %
Volume (M): 176 52 Wk High: $ 72.44
Volume (M$): $ 8,705 52 Wk Avg: $54.49
Open: $49.97 52 Wk Low: $43.28



 Market Capitalization (Millions $) 2,184
 Shares Outstanding (Millions) 44
 Employees 1,051
 Revenues (TTM) (Millions $) 708
 Net Income (TTM) (Millions $) 240
 Cash Flow (TTM) (Millions $) 1,759
 Capital Exp. (TTM) (Millions $) 12

Independent Bank Corp

Independent Bank Corp. is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland” or the “Bank”), a Massachusetts trust company chartered in 1907. Rockland is a community-oriented commercial bank, and the community banking business is the Company’s only reportable operating segment. The community banking business is managed as a single strategic unit and derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

The Company is currently the sponsor of Independent Capital Trust V, a Delaware statutory trust, Slades Ferry Statutory Trust I, a Connecticut statutory trust, Central Bancorp Capital Trust I, a Delaware statutory trust, and Central Bancorp Statutory Trust II, a Connecticut statutory trust, each of which was formed to issue trust preferred securities. These statutory trusts are not included in the Companys consolidated financial statements in accordance with the requirements of the consolidation topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).

Periodically, Compass Exchange Advisors LLC, a wholly-owned subsidiary of the Bank, acts as an Exchange Accommodation Titleholder (“EAT”) in connection with customers like-kind exchanges under Section 1031 of the Internal Revenue Code. When Compass Exchange Advisors LLC provides EAT services, it establishes an EAT entity to hold title to property for its customers for up to 180 days in accordance with Internal Revenue Service guidelines. EAT entities are considered the property owner solely for federal income tax purposes, and in no other instances, in order to facilitate a customers like kind exchange. A typical EAT entity is a Massachusetts corporation whose directors are all Rockland Trust officers and which has Compass Exchange Advisors LLC as its sole shareholder. The EAT entity owns all of the membership interest in a LLC which holds title to the property and is managed by the customer. All financial benefits and burdens of property ownership are borne by the customer. EAT entities are therefore not consolidated onto Compass Exchange Advisors LLCs balance sheet in accordance with requirements of the consolidation topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).

The Bank classifies loans as commercial, consumer real estate, or other consumer. Commercial loans consist of commercial and industrial loans, asset-based loans, commercial real estate, commercial construction, and small business loans. Commercial and industrial loans generally consist of loans with credit needs in excess of $250,000 and revenue in excess of $2.5 million, for working capital and other business-related purposes and floor plan financing. Asset-based loans consist primarily of revolving lines of credit but also include term loans. Asset-based revolving lines of credit are typically structured as committed lines with terms of three to five years, have variable rates of interest, and are collateralized by accounts receivable and inventory. Asset based term loans are typically secured by owner occupied commercial real estate and machinery and equipment. Commercial real estate loans are comprised of commercial mortgages, including mortgages for construction purposes that are secured by nonresidential properties, multifamily properties, or one-to-four family rental properties. Small business loans, including real estate loans, generally consist of loans to businesses with commercial credit needs of less than or equal to $250,000 and revenues of less than $2.5 million. Consumer real estate consists of residential mortgages and home equity loans and lines that are secured primarily by owner-occupied residences and mortgages for the construction of residential properties. Other consumer loans are mainly personal loans and automobile loans.


The Bank’s borrowers consist of small-to-medium sized businesses and consumers. Substantially all of the Bank’s commercial, consumer real estate, and other consumer loan portfolios consist of loans made to residents of and businesses located in the Bank’s market area. The majority of the real estate loans in the Bank’s loan portfolio are secured by properties located within this market area.


Interest rates charged on loans may be fixed or variable and vary with the degree of risk, loan term, underwriting and servicing costs, loan amount, and the extent of other banking relationships maintained with customers. Rates are further subject to competitive pressures, the current interest rate environment, availability of funds, and government regulations.


The Bank’s principal earning assets are its loans. Although the Bank judges its borrowers creditworthiness, the risk of deterioration in borrowers’ abilities to repay their loans in accordance with their existing loan agreements is inherent in any lending function. Participating as a lender in the credit market requires a strict underwriting and monitoring process to minimize credit risk. This process requires substantial analysis of the loan application, an evaluation of the customer’s capacity to repay according to the loan’s contractual terms, and an objective determination of the value of the collateral. The Bank also utilizes the services of an independent third-party to provide loan review services, which consist of a variety of monitoring techniques performed after a loan becomes part of the Bank’s portfolio.


The Bank’s Controlled Asset and Consumer Collections departments are responsible for the management and resolution of nonperforming loans. Nonperforming loans consist of nonaccrual loans and loans that are more than 90 days past due but still accruing interest. In the course of resolving nonperforming loans, the Bank may choose to foreclose on the loan or restructure the contractual terms of certain loans, by modifying the terms of the loan to fit the ability of the borrower to repay in line with its current financial status.



   Company Address: 2036 Washington Street, Hanover, 2339 MA
   Company Phone Number: 878-6100   Stock Exchange / Ticker: NASDAQ INDB
   


Customers Net Income grew by INDB's Customers Net Profit Margin grew to

14.09 %

10.52 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
BK   -0.33%    
CFG   -1%    
FCNCA        0.04% 
FITB   -2.51%    
NTRS        1.27% 
TCBI        0.3% 
• View Complete Report
   



Independent Bank Corp

Trouble Ahead: INDB Sees Decrease in Income for Fiscal Year Ending December 2023

The dismal financial performance of Independent Bank Corp in the fourth quarter of 2023 is a clear indication of trouble brewing within the company. With both revenue and profitability taking a hit, investors should be concerned about the long-term outlook for this regional bank.
The fact that revenue fell by over 12% year on year is alarming, especially when compared to the same period in 2022. The decline in revenue from $195.16 million to $171.66 million is significant and shows a lack of growth within the company. This drop in revenue has had a direct impact on profitability, with net profit per share decreasing by over 4% to $1.26 per share.

Independent Bank Corp

Regional Banks Company Faces Steep Deterioration in EPS Amidst Recent Fiscal Period2.



Independent Bank Corp, a financial institution, reported a weak fiscal period with a significant decline in income and revenue. Additionally, a decrease in profitability and a buildup in accounts receivable indicate potential challenges in the company's operations. This article aims to analyze the financial results of Independent Bank Corp's most recent fiscal period, place them into context, and highlight the potential implications for the company's future performance.
Key Points:
1. Declining Income and Revenue:
- Independent Bank Corp experienced a 12.1% decrease in income, with earnings falling to $1.38 per share.
- Revenue declined by 5.257% year-on-year, amounting to $177.92 million.
- Net profit per share decreased by 2.82% sequentially, reaching $1.42 per share, and revenue decreased by 0.213% to $178.30 million.

Independent Bank Corp

Independent Bank Corp Outshines Regional Banking Peers with Stellar 3.209% Revenue Spike in Q2 2023; EPS Jumps by 7.58%

Independent Bank Corp Reports Strong Revenue Improvement in Fiscal Second Quarter of 2023
Independent Bank Corp, a leading regional bank, has announced a significant increase in revenue for the fiscal second quarter of 2023. The company reported a Revenue improvement of 3.209% to $178.30 million from $172.76 million in the same reporting period a year before. This growth is a positive sign for investors, as it shows the company's ability to generate higher sales.
Additionally, INDB saw an increase in earnings per share (EPS) by 7.58% to $1.42, compared to $1.32 in the prior year reporting period. The company's bottom line has improved, and this is expected to have a positive impact on shareholder returns.

Independent Bank Corp

Independent Bank Corp's Impressive Revenue Growth Falters in Q4, Raising Investor Concerns

Independent Bank Corp, a regional bank holding company, posted impressive revenue growth in the most recent fiscal period. However, this growth was not enough to convince investors of the company's long-term growth potential, as the company's Q4 revenue deteriorated sharply by -7.772% relative to the previous year.
While the company's net earnings increased by 21.43% in the most recent fiscal period, it is important to note that this growth was primarily driven by the strong top-line growth. In contrast, the company's Q4 income only improved by a marginal 3.15%, indicating that the company may be struggling to manage its expenses effectively.






 

Independent Bank's Segments
 
 
• View Complete Report
  Company Estimates  
  Revenue Outlook
Independent Bank does not provide revenue guidance.

Earnings Outlook
Independent Bank Corp does not provide earnings estimates.

 
Geographic Revenue Dispersion




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