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	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	855.46	789.99	730.2	578.1	382.29	371.05
Interest Income on Investments	85.73	62.77	65.53	64.75	32.99	31.02
Total Interest Income	941.19	852.75	795.73	642.84	415.28	402.07
Interest Paid on Deposits	264.21	246.96	144.75	24.65	8.33	27.33
Interest Paid on Borrowings	35.97	44.06	44.45	4.94	5.39	7.01
Total Interest Expense	300.18	291.02	189.21	29.59	13.72	34.34
Net Interest Income	641.01	561.73	606.52	613.25	401.56	367.73
Net Interest Income Growth (YoY)	14.03%	-7.38%	-1.10%	52.72%	9.20%	-6.46%
Trust Income	47.04	42.74	40.19	36.83	35.31	29.43
Mortgage Banking Activities	4.31	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	-0.22	0.42	1.18	-3.06	0.55	-0.51
Other Non-Interest Income	58.15	54.25	57.43	50.95	39.96	47.41
Total Non-Interest Income	139.44	128.01	124.61	111.61	105.71	110.04
Non-Interest Income Growth (YoY)	9.03%	2.73%	11.65%	5.58%	-3.93%	-3.74%
Revenues Before Loan Losses	780.44	689.74	731.13	724.86	507.27	477.76
Provision for Loan Losses	68.22	36.25	23.25	6.5	18.21	52.5
Revenue	712.22	653.49	707.88	718.36	489.07	425.26
Revenue Growth (YoY)	8.60%	-7.68%	-1.46%	46.88%	15.00%	-15.19%
Salaries and Employee Benefits	257.07	227.73	216.36	200.92	169.01	149.19
Occupancy Expenses	40.99	37.67	36.08	32.45	21.69	24.35
Federal Deposit Insurance	11.03	10.89	11.95	6.95	3.98	2.52
Amortization of Goodwill & Intangibles	11.27	5.91	6.88	7.66	5.72	6.14
Selling, General & Administrative	62.25	55.56	55.28	53.78	41.47	35.49
Other Non-Interest Expense	69.53	66.11	65.6	61.08	48.96	49.73
Total Non-Interest Expense	452.75	404.46	392.75	363.5	291.55	268.26
EBT Excluding Unusual Items	259.48	249.03	315.13	354.85	197.52	157
Other Unusual Items	-	-	-	-	-	-4.16
Pretax Income	230.29	247.13	315.13	347.75	156.68	152.84
Income Tax Expense	50.47	55.05	75.63	83.94	35.68	31.67
Net Income	179.82	192.08	239.5	263.81	120.99	121.17
Net Income to Common	179.82	192.08	239.5	263.81	120.99	121.17
Net Income Growth	-8.65%	-19.80%	-9.21%	118.04%	-0.14%	-26.64%
Basic Shares Outstanding	44	42	44	46	35	33
Diluted Shares Outstanding	44	43	44	46	35	33
Shares Change (YoY)	3.95%	-3.81%	-4.74%	32.97%	4.82%	1.31%
EPS (Basic)	4.05	4.52	5.42	5.69	3.47	3.64
EPS (Diluted)	4.05	4.52	5.42	5.69	3.47	3.64
EPS Growth	-12.01%	-16.61%	-4.73%	63.97%	-4.68%	-27.63%
Dividend Per Share	2.340	2.280	2.200	2.080	1.920	1.840
Dividend Growth	3.54%	3.64%	5.77%	8.33%	4.35%	4.54%
Effective Tax Rate	21.92%	22.27%	24.00%	24.14%	22.78%	20.72%

Updated Oct 16, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q