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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	792.29	789.99	730.2	578.1	382.29	371.05
Interest Income on Investments	70.67	62.77	65.53	64.75	32.99	31.02
Total Interest Income	862.96	852.75	795.73	642.84	415.28	402.07
Interest Paid on Deposits	250.45	246.96	144.75	24.65	8.33	27.33
Interest Paid on Borrowings	33.14	44.06	44.45	4.94	5.39	7.01
Total Interest Expense	283.59	291.02	189.21	29.59	13.72	34.34
Net Interest Income	579.37	561.73	606.52	613.25	401.56	367.73
Net Interest Income Growth (YoY)	1.58%	-7.38%	-1.10%	52.72%	9.20%	-6.46%
Trust Income	44.42	42.74	40.19	36.83	35.31	29.43
Mortgage Banking Activities	3.84	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	0.09	0.42	1.18	-3.06	0.55	-0.51
Other Non-Interest Income	56.15	54.25	57.43	50.95	39.96	47.41
Total Non-Interest Income	132.59	128.01	124.61	111.61	105.71	110.04
Non-Interest Income Growth (YoY)	3.68%	2.73%	11.65%	5.58%	-3.93%	-3.74%
Revenues Before Loan Losses	711.95	689.74	731.13	724.86	507.27	477.76
Provision for Loan Losses	49.2	36.25	23.25	6.5	18.21	52.5
Revenue	662.75	653.49	707.88	718.36	489.07	425.26
Revenue Growth (YoY)	-2.25%	-7.68%	-1.46%	46.88%	15.00%	-15.19%
Salaries and Employee Benefits	236.78	227.73	216.36	200.92	169.01	149.19
Occupancy Expenses	38.75	37.67	36.08	32.45	21.69	24.35
Federal Deposit Insurance	10.58	10.89	11.95	6.95	3.98	2.52
Amortization of Goodwill & Intangibles	5.42	5.91	6.88	7.66	5.72	6.14
Selling, General & Administrative	58.07	55.56	55.28	53.78	41.47	35.49
Other Non-Interest Expense	66.06	66.11	65.6	61.08	48.96	49.73
Total Non-Interest Expense	416.25	404.46	392.75	363.5	291.55	268.26
EBT Excluding Unusual Items	246.51	249.03	315.13	354.85	197.52	157
Other Unusual Items	-	-	-	-	-	-4.16
Pretax Income	241.21	247.13	315.13	347.75	156.68	152.84
Income Tax Expense	52.71	55.05	75.63	83.94	35.68	31.67
Net Income	188.51	192.08	239.5	263.81	120.99	121.17
Net Income to Common	188.51	192.08	239.5	263.81	120.99	121.17
Net Income Growth	-12.21%	-19.80%	-9.21%	118.04%	-0.14%	-26.64%
Basic Shares Outstanding	43	42	44	46	35	33
Diluted Shares Outstanding	43	43	44	46	35	33
Shares Change (YoY)	-1.41%	-3.81%	-4.74%	32.97%	4.82%	1.31%
EPS (Basic)	4.43	4.52	5.42	5.69	3.47	3.64
EPS (Diluted)	4.43	4.52	5.42	5.69	3.47	3.64
EPS Growth	-10.93%	-16.61%	-4.73%	63.97%	-4.68%	-27.63%
Dividend Per Share	2.320	2.280	2.200	2.080	1.920	1.840
Dividend Growth	3.57%	3.64%	5.77%	8.33%	4.35%	4.54%
Effective Tax Rate	21.85%	22.27%	24.00%	24.14%	22.78%	20.72%

Updated Jul 17, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q