Independent Bank Corp. (INDB)

Independent Bank Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	789.99	730.2	578.1	382.29	371.05
Interest Income on Investments	62.77	65.53	64.75	32.99	31.02
Total Interest Income	852.75	795.73	642.84	415.28	402.07
Interest Paid on Deposits	246.96	144.75	24.65	8.33	27.33
Interest Paid on Borrowings	44.06	44.45	4.94	5.39	7.01
Total Interest Expense	291.02	189.21	29.59	13.72	34.34
Net Interest Income	561.73	606.52	613.25	401.56	367.73
Net Interest Income Growth (YoY)	-7.39%	-1.10%	52.72%	9.20%	-6.46%
Trust Income	42.74	40.19	36.83	35.31	29.43
Mortgage Banking Activities	4.14	2.33	3.52	13.28	18.95
Gain (Loss) on Sale of Assets	-	-0.31	0.58	-0.14	-0.37
Gain (Loss) on Sale of Investments	-	1.18	-3.06	0.55	-0.51
Other Non-Interest Income	54.67	57.43	50.37	39.96	47.41
Total Non-Interest Income	128.01	124.3	111.61	105.71	110.04
Non-Interest Income Growth (YoY)	2.99%	11.37%	5.58%	-3.93%	-3.74%
Revenues Before Loan Losses	689.74	730.82	724.86	507.27	477.76
Provision for Loan Losses	36.25	23.25	6.5	18.21	52.5
Revenue	653.49	707.57	718.36	489.07	425.26
Revenue Growth (YoY)	-7.64%	-1.50%	46.88%	15.00%	-15.19%
Salaries and Employee Benefits	233.65	216.36	200.92	169.01	149.19
Occupancy Expenses	52.07	36.08	32.45	21.69	24.35
Federal Deposit Insurance	10.89	11.95	6.95	3.98	2.52
Amortization of Goodwill & Intangibles	-	6.88	7.66	5.72	6.14
Selling, General & Administrative	9.96	52.23	51.08	41.47	35.49
Other Non-Interest Expense	97.89	68.34	63.77	48.96	49.73
Total Non-Interest Expense	404.46	392.44	363.5	291.55	268.26
EBT Excluding Unusual Items	249.03	315.13	354.85	197.52	157
Other Unusual Items	-	-	-	-	-4.16
Pretax Income	247.13	315.13	347.75	156.68	152.84
Income Tax Expense	55.05	75.63	83.94	35.68	31.67
Net Income	192.08	239.5	263.81	120.99	121.17
Net Income to Common	192.08	239.5	263.81	120.99	121.17
Net Income Growth	-19.80%	-9.22%	118.04%	-0.14%	-26.64%
Basic Shares Outstanding	42	44	46	35	33
Diluted Shares Outstanding	43	44	46	35	33
Shares Change (YoY)	-3.81%	-4.73%	32.97%	4.82%	1.31%
EPS (Basic)	4.52	5.42	5.69	3.47	3.64
EPS (Diluted)	4.52	5.42	5.69	3.47	3.64
EPS Growth	-16.61%	-4.73%	63.97%	-4.68%	-27.63%
Dividend Per Share	2.280	2.200	2.080	1.920	1.840
Dividend Growth	3.64%	5.77%	8.33%	4.35%	4.55%
Effective Tax Rate	22.27%	24.00%	24.14%	22.78%	20.72%

Source: S&P Capital IQ. Banks template. Financial Sources.