Independent Bank Corp. (INDB)

Independent Bank Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	791.84	789.99	730.2	578.1	382.29	371.05
Interest Income on Investments	64.79	62.77	65.53	64.75	32.99	31.02
Total Interest Income	856.63	852.75	795.73	642.84	415.28	402.07
Interest Paid on Deposits	252.08	246.96	144.75	24.65	8.33	27.33
Interest Paid on Borrowings	34.76	44.06	44.45	4.94	5.39	7.01
Total Interest Expense	286.83	291.02	189.21	29.59	13.72	34.34
Net Interest Income	569.8	561.73	606.52	613.25	401.56	367.73
Net Interest Income Growth (YoY)	-2.59%	-7.38%	-1.10%	52.72%	9.20%	-6.46%
Trust Income	44.02	42.74	40.19	36.83	35.31	29.43
Mortgage Banking Activities	4.09	4.14	2.33	3.52	13.28	18.95
Gain (Loss) on Sale of Assets	-	-	-	-	-0.14	-0.37
Gain (Loss) on Sale of Investments	0.42	0.42	1.18	-3.06	0.55	-0.51
Other Non-Interest Income	54.8	54.25	57.43	50.95	39.96	47.41
Total Non-Interest Income	130.61	128.01	124.61	111.61	105.71	110.04
Non-Interest Income Growth (YoY)	3.66%	2.73%	11.65%	5.58%	-3.93%	-3.74%
Revenues Before Loan Losses	700.41	689.74	731.13	724.86	507.27	477.76
Provision for Loan Losses	46.25	36.25	23.25	6.5	18.21	52.5
Revenue	654.16	653.49	707.88	718.36	489.07	425.26
Revenue Growth (YoY)	-5.19%	-7.68%	-1.46%	46.88%	15.00%	-15.19%
Salaries and Employee Benefits	232.49	227.73	216.36	200.92	169.01	149.19
Occupancy Expenses	38.06	37.67	36.08	32.45	21.69	24.35
Federal Deposit Insurance	10.9	10.89	11.95	6.95	3.98	2.52
Amortization of Goodwill & Intangibles	5.91	5.91	6.88	7.66	5.72	6.14
Selling, General & Administrative	55.72	55.56	55.28	53.78	41.47	35.49
Other Non-Interest Expense	65.63	66.11	65.6	61.08	48.96	49.73
Total Non-Interest Expense	409.3	404.46	392.75	363.5	291.55	268.26
EBT Excluding Unusual Items	244.86	249.03	315.13	354.85	197.52	157
Other Unusual Items	-	-	-	-	-	-4.16
Pretax Income	241.8	247.13	315.13	347.75	156.68	152.84
Income Tax Expense	53.06	55.05	75.63	83.94	35.68	31.67
Net Income	188.74	192.08	239.5	263.81	120.99	121.17
Net Income to Common	188.74	192.08	239.5	263.81	120.99	121.17
Net Income Growth	-16.50%	-19.80%	-9.21%	118.04%	-0.14%	-26.64%
Basic Shares Outstanding	42	42	44	46	35	33
Diluted Shares Outstanding	43	43	44	46	35	33
Shares Change (YoY)	-2.45%	-3.81%	-4.74%	32.97%	4.82%	1.31%
EPS (Basic)	4.44	4.52	5.42	5.69	3.47	3.64
EPS (Diluted)	4.44	4.52	5.42	5.69	3.47	3.64
EPS Growth	-14.37%	-16.61%	-4.73%	63.97%	-4.68%	-27.63%
Dividend Per Share	2.300	2.280	2.200	2.080	1.920	1.840
Dividend Growth	3.60%	3.64%	5.77%	8.33%	4.35%	4.54%
Effective Tax Rate	21.95%	22.27%	24.00%	24.14%	22.78%	20.72%

Updated Feb 28, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q