Independent Bank Corp. (INDB)

Independent Bank Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	783.86	730.2	578.1	382.29	371.05	412.35
Interest Income on Investments	59.74	65.53	64.75	32.99	31.02	34.66
Total Interest Income	843.6	795.73	642.84	415.28	402.07	447.01
Interest Paid on Deposits	232.23	144.75	24.65	8.33	27.33	41.19
Interest Paid on Borrowings	49.21	44.45	4.94	5.39	7.01	12.69
Total Interest Expense	281.44	189.21	29.59	13.72	34.34	53.88
Net Interest Income	562.17	606.52	613.25	401.56	367.73	393.14
Net Interest Income Growth (YoY)	-10.74%	-1.10%	52.72%	9.20%	-6.46%	31.85%
Trust Income	41.78	40.19	36.83	35.31	29.43	28.72
Mortgage Banking Activities	3.7	2.33	3.52	13.28	18.95	11.45
Gain (Loss) on Sale of Assets	-0.31	-0.31	0.58	-0.14	-0.37	0.47
Gain (Loss) on Sale of Investments	2.1	1.18	-3.06	0.55	-0.51	0.1
Other Non-Interest Income	54.85	57.43	50.37	39.96	47.41	53.52
Total Non-Interest Income	127.58	124.3	111.61	105.71	110.04	114.31
Non-Interest Income Growth (YoY)	4.76%	11.37%	5.58%	-3.93%	-3.74%	30.96%
Revenues Before Loan Losses	689.74	730.82	724.86	507.27	477.76	507.44
Provision for Loan Losses	34.25	23.25	6.5	18.21	52.5	6
Revenue	655.49	707.57	718.36	489.07	425.26	501.44
Revenue Growth (YoY)	-10.00%	-1.50%	46.88%	15.00%	-15.19%	31.73%
Salaries and Employee Benefits	224.82	216.36	200.92	169.01	149.19	145.49
Occupancy Expenses	37.23	36.08	32.45	21.69	24.35	22.37
Federal Deposit Insurance	12.25	11.95	6.95	3.98	2.52	1.39
Amortization of Goodwill & Intangibles	6.12	6.88	7.66	5.72	6.14	6.38
Selling, General & Administrative	54.39	52.23	51.08	41.47	35.49	37.43
Other Non-Interest Expense	64.98	68.34	63.77	48.96	49.73	43.11
Total Non-Interest Expense	400.38	392.44	363.5	291.55	268.26	256.9
EBT Excluding Unusual Items	255.11	315.13	354.85	197.52	157	244.54
Other Unusual Items	-	-	-	-	-4.16	-
Pretax Income	255.11	315.13	347.75	156.68	152.84	218.11
Income Tax Expense	58.26	75.63	83.94	35.68	31.67	52.93
Net Income	196.85	239.5	263.81	120.99	121.17	165.18
Net Income to Common	196.85	239.5	263.81	120.99	121.17	165.18
Net Income Growth	-24.79%	-9.22%	118.04%	-0.14%	-26.64%	35.81%
Basic Shares Outstanding	43	44	46	35	33	33
Diluted Shares Outstanding	43	44	46	35	33	33
Shares Change (YoY)	-4.44%	-4.73%	32.97%	4.82%	1.31%	18.81%
EPS (Basic)	4.61	5.42	5.69	3.47	3.64	5.03
EPS (Diluted)	4.60	5.42	5.69	3.47	3.64	5.03
EPS Growth	-21.39%	-4.73%	63.97%	-4.68%	-27.63%	14.32%
Dividend Per Share	2.260	2.200	2.080	1.920	1.840	1.760
Dividend Growth	2.73%	5.77%	8.33%	4.35%	4.55%	15.79%
Effective Tax Rate	22.84%	24.00%	24.14%	22.78%	20.72%	24.27%

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